by Calculated Risk on 4/21/2008 06:41:00 PM

Press Release: Downey Announces First Quarter 2008 Results and Dividend

Downey Financial Corp. reported a net loss for first quarter 2008 of $247.7 million or $8.89 per share ... The Board also decided to suspend future dividend payments.

During the current quarter, the provision for credit losses totaled $236.9 million, up $236.3 million from a year ago.

Non-performing assets increased during the quarter by $521 million to $1.562 billion and represented 11.90% of total assets, compared with 7.77% at year-end 2007 and 0.94% a year ago.

The increase in NPAs is stunning.