NEWPORT BEACH, Calif., Feb. 15 /PRNewswire-FirstCall/ -- Downey Financial Corp. today released monthly selected financial data for the thirteen months ended January 31, 2008.
Downey Financial Corp. is the parent company of Downey Savings and Loan Association, F.A., with assets of $13.6 billion and 168 branches throughout California and four in Arizona.
DOWNEY FINANCIAL CORP. AND SUBSIDIARIES
Monthly Selected Financial Data (Unaudited)
(Dollars in Thousands)
Jan. 31, Dec. 31, Nov. 30, Oct. 31,
2008 2007 2007 2007
----------- ----------- ----------- -----------
BALANCE SHEET
SUMMARY
Total assets $13,555,323 $13,409,057 $13,535,656 $14,182,233
Loans receivable
held for
investment, net 10,943,458 11,033,160 11,324,527 11,477,114
Loans held for
sale, at lower
of cost or fair
value 86,075 103,384 79,245 104,265
MBS available
for sale, at
fair value 111 111 111 111
Cash, investment
securities and
FHLB stock 1,935,470 1,710,583 1,690,570 2,173,884
Deposits 10,338,286 10,496,041 10,612,031 10,616,627
FHLB advances and
other borrowings 1,355,679 1,197,100 1,194,828 1,576,505
Senior notes 198,461 198,445 198,429 198,413
NON-PERFORMING
ASSETS AS A % OF
TOTAL ASSETS
Performing trouble
debt
restructurings (a) 3.59% 2.99% 2.05% 1.09%
All other
non-performing assets
assets 5.55 4.78 3.72 2.77
Total non-performing
assets 9.14% 7.77% 5.77% 3.86%
LOAN ACTIVITY FOR
THE MONTH ENDED
Loans for
investment
portfolio:
Originations
and purchases:
Residential
one-to-four
units $127,459 $192,208 $98,410 $103,877
All other 694 19,915 10,862 905
Repayments (185,658) (276,819) (240,038) (231,005)
Loans for sale:
Originations
and purchases 64,116 59,626 59,159 73,268
Sales (81,805) (33,284) (84,441) (58,183)
MORTGAGE LOANS
SERVICED FOR
OTHERS
Total $5,549,517 $5,525,357 $5,553,615 $5,608,891
With capitalized
mortgage
servicing
rights: (b)
Amount 2,422,688 2,436,278 2,429,506 2,418,279
Weighted average
interest rate 5.88% 5.88% 5.86% 5.85%
INTEREST RATE
SPREAD DATA (c)
Weighted average
yield:
Loans and MBS 7.31% 7.41% 7.45% 7.42%
Investment
securities (d) 5.03 5.09 5.23 5.41
------ ------ ------ ------
Interest-earning
assets yield 7.00 7.14 7.18 7.12
------ ------ ------ ------
Weighted average
cost:
Deposits 3.87 3.92 3.93 3.97
FHLB advances and
other borrowings (e) 4.89 5.61 5.75 5.68
Senior notes 6.50 6.50 6.50 6.50
------ ------ ------ ------
Combined funds
cost 4.03 4.14 4.16 4.23
------ ------ ------ ------
Interest rate
spread 2.97% 3.00% 3.02% 2.89%
====== ====== ====== ======
Sep. 30, Aug. 31, Jul. 31,
2007 2007 2007
----------- ----------- -----------
BALANCE SHEET SUMMARY
Total assets $14,417,717 $14,366,680 $14,657,661
Loans receivable held for
investment, net 11,601,845 11,725,121 11,921,877
Loans held for sale, at
lower of cost or fair value 90,228 94,912 145,190
MBS available for sale, at
fair value 112 113 114
Cash, investment securities
and FHLB stock 2,299,959 2,145,314 2,209,551
Deposits 10,662,618 10,804,339 11,005,347
FHLB advances and other
borrowings 1,875,217 1,769,081 1,772,685
Senior notes 198,398 198,382 198,367
NON-PERFORMING ASSETS AS %
OF TOTAL ASSETS
Performing trouble debt
restructurings (a) 0.67% 0.31% 0.04%
All other non-performing
assets 2.27% 1.96% 1.77%
Total non-performing assets 2.94% 2.27% 1.81%
LOAN ACTIVITY FOR THE MONTH
ENDED
Loans for investment
portfolio:
Originations and purchases:
Residential one-to-four
units $165,724 $171,857 $94,681
All other 738 7,755 8,250
Repayments (223,419) (370,405) (385,801)
Loans for sale:
Originations and purchases 64,144 71,983 108,704
Sales (66,137) (120,636) (150,547)
MORTGAGE LOANS SERVICED FOR
OTHERS
Total $5,622,331 $5,743,797 $5,898,401
With capitalized mortgage
servicing rights: (b)
Amount 2,419,432 2,418,387 2,409,926
Weighted average
interest rate 5.83% 5.81% 5.80%
INTEREST RATE SPREAD DATA (c)
Weighted average yield:
Loans and MBS 7.45% 7.47% 7.46%
Investment securities (d) 5.50 5.52 5.51
------ ------ ------
Interest-earning assets
yield 7.15 7.19 7.18
------ ------ ------
Weighted average cost:
Deposits 3.96 3.94 3.97
FHLB advances and other
borrowings (e) 5.71 5.80 5.93
Senior notes 6.50 6.50 6.50
------ ------ ------
Combined funds cost 4.26 4.24 4.28
------ ------ ------
Interest rate spread 2.89% 2.95% 2.90%
====== ====== ======
Jun. 30, May 31, Apr. 30,
2007 2007 2007
----------- ----------- -----------
BALANCE SHEET SUMMARY
Total assets $14,902,970 $15,001,085 $15,140,169
Loans receivable held for
investment, net 12,204,200 12,441,979 12,716,549
Loans held for sale, at
lower of cost or fair value 187,752 232,917 309,782
MBS available for sale, at
fair value 114 115 116
Cash, investment securities
and FHLB stock 2,139,340 1,956,838 1,769,031
Deposits 11,246,806 11,292,781 11,405,411
FHLB advances and other
borrowings 1,691,917 1,638,500 1,954,340
Senior notes 198,351 198,335 198,320
NON-PERFORMING ASSETS AS %
OF TOTAL ASSETS
Performing trouble debt
restructurings (a) 0.00% 0.00% 0.00%
All other non-performing
assets 1.53% 1.30% 1.04%
Total non-performing assets 1.53% 1.30% 1.04%
LOAN ACTIVITY FOR THE MONTH
ENDED
Loans for investment
portfolio:
Originations and purchases:
Residential one-to-four
units $204,552 $236,340 $258,060
All other 4,395 7,871 2,610
Repayments (453,893) (533,008) (503,098)
Loans for sale:
Originations and purchases 123,511 172,508 198,852
Sales (166,223) (247,338) (156,379)
MORTGAGE LOANS SERVICED FOR
OTHERS
Total $6,002,907 $5,968,713 $6,004,347
With capitalized mortgage
servicing rights: (b)
Amount 2,383,290 2,374,452 2,345,736
Weighted average
interest rate 5.79% 5.79% 5.78%
INTEREST RATE SPREAD DATA (c)
Weighted average yield:
Loans and MBS 7.49% 7.55% 7.58%
Investment securities (d) 5.45 5.34 5.37
------ ------ ------
Interest-earning assets
yield 7.22 7.28 7.34
------ ------ ------
Weighted average cost:
Deposits 3.97 3.96 3.96
FHLB advances and other
borrowings (e) 5.94 5.97 5.83
Senior notes 6.50 6.50 6.50
------ ------ ------
Combined funds cost 4.26 4.25 4.27
------ ------ ------
Interest rate spread 2.96% 3.03% 3.07%
====== ====== ======
Mar. 31, Feb. 28, Jan. 31,
2007 2007 2007
----------- ----------- -----------
BALANCE SHEET SUMMARY
Total assets $15,237,869 $15,509,333 $15,785,578
Loans receivable held for
investment, net 12,942,037 13,254,834 13,477,937
Loans held for sale, at
lower of cost or fair value 267,862 249,983 315,785
MBS available for sale, at
fair value 117 118 119
Cash, investment securities
and FHLB stock 1,694,467 1,665,319 1,657,988
Deposits 11,647,431 11,553,635 11,619,776
FHLB advances and other
borrowings 1,845,067 2,081,688 2,330,821
Senior notes 198,305 198,290 198,275
NON-PERFORMING ASSETS AS %
OF TOTAL ASSETS
Performing trouble debt
restructurings (a) 0.00% 0.00% 0.00%
All other non-performing
assets 0.94% 0.88% 0.78%
Total non-performing assets 0.94% 0.88% 0.78%
LOAN ACTIVITY FOR THE MONTH
ENDED
Loans for investment
portfolio:
Originations and purchases:
Residential one-to-four
units $238,848 $211,270 $152,780
All other 6,812 7,814 2,874
Repayments (577,134) (468,436) (514,617)
Loans for sale:
Originations and purchases 219,292 197,503 223,874
Sales (200,424) (252,483) (261,523)
MORTGAGE LOANS SERVICED FOR
OTHERS
Total $6,021,673 $6,094,132 $6,051,650
With capitalized mortgage
servicing rights: (b)
Amount 2,348,060 2,356,824 2,350,553
Weighted average
interest rate 5.77% 5.75% 5.75%
INTEREST RATE SPREAD DATA (c)
Weighted average yield:
Loans and MBS 7.61% 7.62% 7.60%
Investment securities (d) 5.37 5.38 5.38
------ ------ ------
Interest-earning assets
yield 7.40 7.41 7.39
------ ------ ------
Weighted average cost:
Deposits 3.94 3.99 3.99
FHLB advances and other
borrowings (e) 5.89 5.85 5.81
Senior notes 6.50 6.50 6.50
------ ------ ------
Combined funds cost 4.24 4.31 4.33
------ ------ ------
Interest rate spread 3.16% 3.10% 3.06%
====== ====== ======
(a) Represents loans modified pursuant to our borrower retention
program, which are considered TDRs and are on non-accrual status.
To the extent these loans remain current with their loan payments,
we distinguish them from total non-performing assets because their
modified interest rates are no less than those offered new
borrowers at modification. These performing TDR loans will be
removed from both non-accrual status and non-performing assets
after six consecutive months of successful payment history;
however, they will continue to be reported as TDRs. At
January 31, 2008, approximately 94% of loans modified pursuant to
our borrower retention program had made all payments due.
(b) The estimated fair value may exceed book value for certain asset
strata and excluded loans sold or securitized prior to 1996 and
loans sub-serviced without capitalized mortgage servicing rights.
(c) Excludes adjustments for non-accrual loans, amortization of net
deferred costs to originate loans, premiums and discounts,
prepayment and late fees and FHLB stock dividends.
(d) Includes the yield on investment securities accounted for on a
trade-date basis but for which interest income will not be
recognized until settlement. Yields for securities available for
sale are calculated using historical cost balances and are not
adjusted for changes in fair value that are reflected as a
separate component of stockholder's equity.
(e) Includes the impact of interest rate swap contracts, with notional
amounts of $430 million of receive-fixed, pay-3-month LIBOR
variable interest, which contracts serve as permitted hedge against
a portion of our FHLB advances.
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