Downey Financial Sees Quarterly Profit Drop 45%

Downey Financial Corp., the Newport Beach parent company of Downey Savings & Loan, recorded a first-quarter profit of $3.2 million, or 20 cents a share, down 45% from $5.8 million, or 36 cents a share, earned for last year’s first quarter. Total assets were $4.7 billion at the end of March, a 34% increase over $3.5 billion in assets a year earlier.