TierOne Corp. reported a first-quarter loss of almost $61 million.

Despite the massive losses, TierOne officials say they’re staying positive, even though the company’s stock had has been hitting record lows since the beginning of May. Officials say they have taken several reactionary steps.

”Today’s financial and credit environment is one of the most challenging our country has experienced in decades,” said Gilbert G. Lindstrom, TierOne CEO.

“We have taken a number of steps to address the challenging issues facing TierOne. We remain focused on our fundamental core operations combined with our financially solid capital position, to lead us through this unprecedented period of disruption.”

The company had a $42.1 million impairment charge related to its 2004 purchase of United Nebraska Financial Co. of Grand Island.

The charge, which was required under generally accepted accounting principles, has no impact on the company’s liquidity, cash flows or regulatory capital and is in response to the on-going volatility in the financial industry and the overall impact this volatility has had on market prices of most banking stocks.

Also, the company said it is working with an investment-banking firm that specializes in the sale of mortgage and consumer loan and bank-owned portfolios to try to sell them to another lender. Those loans accounted for $14.5 million of the overall $39.9 million in loan loss provisions TierOne reported in the first quarter.