Downey S & L Parent Sees Income Fall

Downey Financial Corp., the Newport Beach parent company of Downey Savings and Loan Assn., reported that fourth-quarter net income declined 9% to $12.7 million, or 45 cents a share, from $14 million, or 50 cents a share, for the year-earlier period. The company attributed the decline to special items recorded in the 1997 quarter. Net income for the year totaled a record $58 million, or $2.05 a share, up 28% from $45.2 million, or $1.61 a share, the previous year. Total assets increased 9% to $6.3 billion from $5.8 billion.