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Downey Financial Misses 4th Q Target.(Brief Article)
Downey Financial Corp. here reported that net income for the fourth quarter fell to $23.8 million, or $0.85 per share, from $40 million, or $1.43 per share in the fourth quarter of 2002.
Net income for the full year was also down, totaling $101.7 million last year compared with $112.3 million in 2002.
Downey said a decline in the effective interest rate spread, an 11% increase in administrative expense, and a $10 million loss from trading securities that were intended to hedge mortgage servicing rights contributed to the decline.
However, Downey also said that the ...
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Source: HighBeam Research, Downey Financial Misses 4th Q Target.(Brief Article)