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O.C. BUSINESS PLUS | O.C. EARNINGS

Downey Financial Reports Net Income of $15.1 Million

July 15, 1999

Downey Financial Corp., Newport Beach parent company of Downey Savings and Loan Assn., said net income for the second quarter totaled $15.1 million, or 53 cents a share. That compares with net income of $15 million, or 53 cents a share, for the year-earlier period, which included $1.8 million from the settlement of loan and real estate investment obligations of a former joint venture partner. Total assets increased 26% to $7.3 billion from $5.8 billion.

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