FDIC Fund Assessment Weighs on Downey Financial’s Net Income
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NEWPORT BEACH — Downey Financial Corp., parent company of Downey Savings and Loan Assn., reported that net income last year fell slightly, mainly because of a one-time assessment for a federal savings insurance fund.
Net income for 1996 totaled $20.7 million, or 81 cents a share, after the assessment of $24.6 million. The institution earned $21.1 million, or 83 cents a share, for the previous year. The assessment was mandated for all institutions insured by the Federal Deposit Insurance Corp.
For the fourth quarter, Downey posted net income of $8.7 million, or 34 cents a share, up 5% from $8.3 million, or 33 cents a share, for the fourth quarter a year earlier. Assets grew 11% to $5.2 billion from $4.7 billion.
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