The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: ChanceIs	4/18/2007 7:25:07 AM
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Downey Financial 1Q Net Income Fell 1.9% >DSL 6:34 AM EDT April 18, 2007 DOW JONES NEWSWIRES Downey Financial Corp.'s (DSL) first-quarter net income fell 1.9% to $42.9 million, or $1.54 a share, from $43.7 million, or $1.57 a share, a year earlier. The Newport Beach, Calif., bank holding company said Wednesday profit fell on more general and administrative costs and lower net gains from loan and mortgage-backed securities sales. The owner of thrift Downey Savings & Loan also said less net interest income, unfavorable change in income from loan servicing activities and lower income from real estate and ventures held for investment also contributed to lower earnings. Downey Financial added that these unfavorable items were partly offset by a decline in provision for credit losses to $617,000 from $10.1 million. -Eamon Beltran, 201-938-5400; AskNewswires@dowjones.com

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