O.C. EARNINGS
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Downey Financial Corp.: The Newport Beach parent of Downey Savings & Loan Assn. said first-quarter profit slipped 30% to $12.3 million, or 44 cents a share, from $17.6 million, or 62 cents a share, during the same period a year ago. Total assets rose about 12% to $6.6 billion from $5.9 billion.
Officials attributed the decrease in net income to two factors that boosted profit a year ago, including a $2.9-million settlement from a former joint venture partner and the sale of real estate assets.
The financial institution’s return on assets--a key measure of strength--slipped from 1.2% to 0.78%.
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