ORANGE COUNTY EARNINGS
Downey Financial Corp.: With the help of a big settlement from a joint venture partner, Downey Financial Corp. of Newport Beach on Wednesday reported earnings of $17.6 million for the first quarter.
The profit, amounting to 65 cents a share, was 43% higher than its net income of $12.3 million, or 46 cents a share, for last year’s first quarter.
The parent company of Downey Savings & Loan in Newport Beach, Orange County’s largest thrift, said its first-quarter earnings included a $5.1-million pretax settlement of loan and real estate investment obligations of a joint venture partner.
Excluding the settlement, the profit would have been $14.6 million, which would have been a 19% increase.
Downey Financial’s quarterly revenue rose 15% to $124.6 this year from $108.6 million last year. At the end of March, its assets stood at $5.9 billion, an increase over $5.5 billion a year earlier.