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Downey Financial Corp. Announces Thirteen Month Selected Financial Data
Downey
Financial Corp. (NYSE: DSL) today released monthly selected financial data
for the thirteen months ended May 31, 2008.
Downey Financial Corp. is the parent company of Downey Savings and Loan
Association, F.A., with assets of $12.8 billion and 169 branches throughout
California and five in Arizona.
DOWNEY FINANCIAL CORP. AND SUBSIDIARIES
Monthly Selected Financial Data (Unaudited)
(Dollars in Thousands)
May 31, Apr. 30, Mar. 31, Feb. 29,
2008 2008 2008 2008
----------- ----------- ----------- -----------
BALANCE SHEET
SUMMARY
Total assets $12,783,866 $13,145,120 $13,131,349 $13,415,108
Loans receivable
held for
investment, net 10,739,610 10,674,245 10,616,503 10,794,894
Loans held for
sale, at lower
of cost or fair
value 113,042 106,635 109,253 116,632
MBS available
for sale, at
fair value 107 108 109 110
Cash, investment
securities and
FHLB stock 1,206,941 1,689,314 1,763,273 1,873,535
Deposits 10,046,208 10,062,116 10,244,289 10,310,251
FHLB advances and
other borrowings 1,428,871 1,752,122 1,537,602 1,507,585
Senior notes 198,526 198,510 198,494 198,477
NON-PERFORMING
ASSETS AS A % OF
TOTAL ASSETS
Performing trouble
debt
restructurings (a) 4.56% 4.59% 4.49% 4.12%
All other
non-performing assets
assets 9.77 8.65 7.41 6.63
Total non-performing
assets 14.33% 13.24% 11.90% 10.75%
LOAN ACTIVITY FOR
THE MONTH ENDED
Loans for
investment
portfolio:
Originations
and purchases:
Residential
one-to-four
units $271,920 $281,780 $232,127 $75,740
All other 13,580 14,949 1,175 1,513
Repayments (130,071) (169,952) (174,645) (192,639)
Loans for sale:
Originations
and purchases 73,954 73,748 83,090 90,150
Sales (65,869) (78,706) (89,024) (58,158)
MORTGAGE LOANS
SERVICED FOR
OTHERS
Total $5,390,280 $5,449,562 $5,431,475 $5,462,334
With capitalized
mortgage
servicing
rights: (b)
Amount 2,440,693 2,436,523 2,428,098 2,416,947
Weighted average
interest rate 5.87% 5.87% 5.88% 5.88%
INTEREST RATE
SPREAD DATA (c)
Weighted average
yield:
Loans and MBS 6.73% 6.96% 7.10% 7.22%
Investment
securities (d) 4.89 4.99 5.01 5.03
------ ------ ------ ------
Interest-earning
assets yield 6.58 6.73 6.84 6.93
------ ------ ------ ------
Weighted average
cost:
Deposits 3.08 3.25 3.47 3.69
FHLB advances and
other borrowings (e) 3.48 3.25 3.46 4.31
Senior notes 6.50 6.50 6.50 6.50
------ ------ ------ ------
Combined funds
cost 3.18 3.31 3.52 3.82
------ ------ ------ ------
Interest rate
spread 3.40% 3.42% 3.32% 3.11%
====== ====== ====== ======
Jan. 31, Dec. 31, Nov. 30,
2008 2007 2007
----------- ----------- -----------
BALANCE SHEET SUMMARY
Total assets $13,555,878 $13,409,057 $13,535,656
Loans receivable held for
investment, net 10,943,458 11,033,160 11,324,527
Loans held for sale, at
lower of cost or fair value 86,075 103,384 79,245
MBS available for sale, at
fair value 111 111 111
Cash, investment securities
and FHLB stock 1,935,470 1,710,583 1,690,570
Deposits 10,338,286 10,496,041 10,612,031
FHLB advances and other
borrowings 1,355,679 1,197,100 1,194,828
Senior notes 198,461 198,445 198,429
NON-PERFORMING ASSETS AS %
OF TOTAL ASSETS
Performing trouble debt
restructurings (a) 3.57% 2.99% 2.05%
All other non-perfroming
assets 5.55% 4.78% 3.72%
Total non-performing assets 9.12% 7.77% 5.77%
LOAN ACTIVITY FOR THE MONTH
ENDED
Loans for investment
portfolio:
Originations and purchases:
Residential one-to-four
units $127,459 $192,208 $98,410
All other 694 19,915 10,862
Repayments (185,658) (276,819) (240,038)
Loans for sale:
Originations and purchases 64,116 59,626 59,159
Sales (81,805) (33,284) (84,441)
MORTGAGE LOANS SERVICED FOR
OTHERS
Total $5,549,517 $5,525,357 $5,553,615
With capitalized mortgage
servicing rights: (b)
Amount 2,431,570 2,436,278 2,429,506
Weighted average
interest rate 5.88% 5.88% 5.86%
INTEREST RATE SPREAD DATA (c)
Weighted average yield:
Loans and MBS 7.31% 7.41% 7.45%
Investment securities (d) 5.03 5.09 5.23
------ ------ ------
Interest-earning assets
yield 7.00 7.14 7.18
------ ------ ------
Weighted average cost:
Deposits 3.87 3.92 3.93
FHLB advances and other
borrowings (e) 4.89 5.61 5.75
Senior notes 6.50 6.50 6.50
------ ------ ------
Combined funds cost 4.03 4.14 4.16
------ ------ ------
Interest rate spread 2.97% 3.00% 3.02%
====== ====== ======
Oct. 31, Sep. 30, Aug. 31,
2007 2007 2007
----------- ----------- -----------
BALANCE SHEET SUMMARY
Total assets $14,182,233 $14,417,717 $14,366,680
Loans receivable held for
investment, net 11,477,114 11,601,845 11,725,121
Loans held for sale, at
lower of cost or fair value 104,265 90,228 94,912
MBS available for sale, at
fair value 111 112 113
Cash, investment securities
and FHLB stock 2,173,884 2,299,959 2,145,314
Deposits 10,616,627 10,662,618 10,804,339
FHLB advances and other
borrowings 1,576,505 1,875,217 1,769,081
Senior notes 198,413 198,398 198,382
NON-PERFORMING ASSETS AS %
OF TOTAL ASSETS
Performing trouble debt
restructurings (a) 1.09% 0.67% 0.31%
All other non-perfroming
assets 2.77% 2.27% 1.96%
Total non-performing assets 3.86% 2.94% 2.27%
LOAN ACTIVITY FOR THE MONTH
ENDED
Loans for investment
portfolio:
Originations and purchases:
Residential one-to-four
units $103,877 $165,724 $171,857
All other 905 738 7,755
Repayments (231,005) (223,419) (370,405)
Loans for sale:
Originations and purchases 73,268 64,144 71,983
Sales (58,183) (66,137) (120,636)
MORTGAGE LOANS SERVICED FOR
OTHERS
Total $5,608,891 $5,622,331 $5,743,797
With capitalized mortgage
servicing rights: (b)
Amount 2,418,279 2,419,432 2,418,387
Weighted average
interest rate 5.85% 5.83% 5.81%
INTEREST RATE SPREAD DATA (c)
Weighted average yield:
Loans and MBS 7.42% 7.45% 7.47%
Investment securities (d) 5.41 5.50 5.52
------ ------ ------
Interest-earning assets
yield 7.12 7.15 7.19
------ ------ ------
Weighted average cost:
Deposits 3.97 3.96 3.94
FHLB advances and other
borrowings (e) 5.68 5.71 5.80
Senior notes 6.50 6.50 6.50
------ ------ ------
Combined funds cost 4.23 4.26 4.24
------ ------ ------
Interest rate spread 2.89% 2.89% 2.95%
====== ====== ======
Jul. 31, Jun. 30, May 31,
2007 2007 2007
----------- ----------- -----------
BALANCE SHEET SUMMARY
Total assets $14,657,661 $14,902,970 $15,001,085
Loans receivable held for
investment, net 11,921,877 12,204,200 12,441,979
Loans held for sale, at
lower of cost or fair value 145,190 187,752 232,917
MBS available for sale, at
fair value 114 114 115
Cash, investment securities
and FHLB stock 2,209,551 2,139,340 1,956,838
Deposits 11,005,347 11,246,806 11,292,781
FHLB advances and other
borrowings 1,772,685 1,691,917 1,638,500
Senior notes 198,367 198,351 198,335
NON-PERFORMING ASSETS AS %
OF TOTAL ASSETS
Performing trouble debt
restructurings (a) 0.04% 0.00% 0.00%
All other non-perfroming
assets 1.77% 1.53% 1.30%
Total non-performing assets 1.81% 1.53% 1.30%
LOAN ACTIVITY FOR THE MONTH
ENDED
Loans for investment
portfolio:
Originations and purchases:
Residential one-to-four
units $94,681 $204,552 $236,340
All other 8,250 4,395 7,871
Repayments (385,801) (453,893) (533,008)
Loans for sale:
Originations and purchases 108,704 123,511 172,508
Sales (150,547) (166,223) (247,338)
MORTGAGE LOANS SERVICED FOR
OTHERS
Total $5,898,401 $6,002,907 $5,968,713
With capitalized mortgage
servicing rights: (b)
Amount 2,409,926 2,383,290 2,374,452
Weighted average
interest rate 5.80% 5.79% 5.79%
INTEREST RATE SPREAD DATA (c)
Weighted average yield:
Loans and MBS 7.46% 7.49% 7.55%
Investment securities (d) 5.51 5.45 5.34
------ ------ ------
Interest-earning assets
yield 7.18 7.22 7.28
------ ------ ------
Weighted average cost:
Deposits 3.97 3.97 3.96
FHLB advances and other
borrowings (e) 5.93 5.94 5.97
Senior notes 6.50 6.50 6.50
------ ------ ------
Combined funds cost 4.28 4.26 4.25
------ ------ ------
Interest rate spread 2.90% 2.96% 3.03%
====== ====== ======
(a) Represents loans modified pursuant to our borrower retention
program, which are considered TDRs and are on non-accrual status.
As 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
May 31, 2008, approximately 86% of loans modified pursuant to our
borrower retention program had made all payments due and
$238 million were returned to accrual status and excluded from
non-performing assets.
(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 for
periods in 2007.
(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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