MINNEAPOLIS - Metropolitan Financial Corp. said it would report a before-tax gain of $31.2 million in the current quarter as a result of restructuring its balance sheet.

The Minneapolis-based thrift company sold about $930 million of mortgage-backed securities over the past week in an effort to reduce exposure to interest-rate risk on 30-year fixed-rate mortgages, said Paul A. Lipetzky, president and chief executive officer.

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