Downey S&L; Has Quarterly Profit
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NEWPORT BEACH — Citing sales of its real estate holdings and the recovery of previous loan losses, Downey Savings & Loan on Wednesday reported third-quarter earnings of $5.3 million, contrasted with a $3.7-million loss in the same quarter a year earlier.
The Newport Beach-based S&L; earned $28.7 million in the first nine months, which ended Sept. 30, up 24% from $23.1 million in the year-earlier period. Its assets fell 5% to $4 billion at the end of September.
Downey, which under a year-old federal law must divest its real estate investments, realized gains of $18.9 million in the first nine months on sales of $45.6 million worth of shopping centers and other real estate. An additional $10.8 million in gains was deferred. The sales left Downey with $337.3 million worth of real estate.
The S&L; also recovered $2.3 million that it had set aside in prior years as a reserve for loan losses that didn’t materialize.
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