Downey Financial 8-K Financial statements and exhibits

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EXHIBIT 99.1

DOWNEY FINANCIAL CORP.
N E W S   R E L E A S E	For further information contact: Thomas E. Prince Chief Financial Officer (949)509-4440

DOWNEY FINANCIAL CORP. ANNOUNCES
THIRTEEN MONTH SELECTED FINANCIAL DATA

          Newport Beach, California – December 16, 2003 – Downey Financial Corp. (NYSE: DSL) today released monthly selected financial data for the thirteen months ended November 30, 2003.

          Downey Financial Corp. is the parent company of Downey Savings and Loan Association, F.A., with assets of $11.3 billion and 169 branches throughout California and three in Arizona.

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DOWNEY FINANCIAL CORP. AND SUBSIDIARIES
Monthly Selected Financial Data (Unaudited)
At November 2003 – November 2002

			Nov. 30,			Oct. 31,			Sep. 30,			Aug. 31,			Jul. 31,			Jun. 30,			May 31,			Apr. 30,			Mar. 31,			Feb. 28,			Jan. 31,			Dec. 31,			Nov. 30,
(Dollars in Thousands)			2003			2003			2003			2003			2003			2003			2003			2003			2003			2003			2003			2002			2002
Balance sheet summary
Total assets			$11,344,790			$11,298,511			$11,159,367			$11,573,154			$11,584,072			$11,947,550			$11,536,822			$11,419,191			$11,437,923			$11,585,462			$11,920,812			$11,978,151			$11,860,286
Loans receivable held for investment			9,754,117			9,648,154			9,650,441			9,740,965			9,922,699			10,049,361			9,667,703			9,845,244			10,040,006			10,197,870			10,262,273			10,322,637			10,317,276
Loans held for sale, at lower of cost or fair value			316,517			374,732			335,437			467,857			732,849			721,929			771,876			777,408			633,676			477,196			614,497			652,052			624,962
Mortgage-backed securities available for sale,
	at fair value		1,264			1,538			1,590			1,608			1,667			1,736			1,757			1,787			1,875			1,936			2,008			2,253			2,284
Cash and investment securities(a)			953,209			965,156			874,714			1,049,918			565,506			689,269			588,861			508,191			477,451			612,344			744,105			707,655			612,735
Trading securities			-			-			-			-			-			201,781			229,824			-			-			-			-			-			-
Deposits			8,388,866			8,514,067			8,608,068			8,948,050			9,074,889			8,895,452			8,996,356			8,988,854			8,997,558			8,900,813			9,131,221			9,238,350			9,346,898
Federal Home Loan Bank advances and
	other borrowings		1,706,917			1,565,622			1,263,328			1,227,034			1,238,568			1,675,971			1,375,977			1,262,850			1,300,850			1,524,550			1,649,050			1,624,084			1,361,323
Capital securities			120,000			120,000			120,000			120,000			120,000			120,000			120,000			120,000			120,000			120,000			120,000			120,000			120,000
Non-performing assets as a % of total assets			0.49	%		0.50	%		0.56	%		0.53	%		0.54	%		0.56	%		0.60	%		0.64	%		0.66	%		0.72	%		0.71	%		0.67	%		0.70	%
Loan activity for the month ended
Loans for investment portfolio:
	Originations and purchases:
		Residential one-to-four units	$ 382,889			$ 410,141			$ 357,156			$ 301,473			$ 294,831			$ 790,359			$ 226,406			$ 206,603			$ 213,936			$ 238,381			$ 253,943			$ 344,259			$ 438,285
		Residential one-to-four units – subprime	31,879			26,467			19,268			17,386			19,743			17,813			21,536			24,627			16,992			30,867			28,629			34,579			31,665
		All other	34,692			51,063			25,913			31,212			45,493			28,887			19,144			30,376			21,340			12,492			17,323			35,037			6,679
	Repayments		(336,092		)	(466,420		)	(497,794		)	(533,809		)	(494,960		)	(458,684		)	(440,605		)	( 453,032		)	( 420,438		)	( 346,609		)	( 360,565		)	( 397,401		)	( 347,365		)
Loans for sale:
	Originations and purchases		263,787			357,749			317,762			477,987			770,674			738,620			702,407			720,127			590,803			450,124			566,220			657,812			614,291
	Sales		(322,390		)	(316,966		)	(465,291		)	(740,832		)	(731,763		)	(785,865		)	( 717,205		)	( 575,301		)	( 432,705		)	( 587,886		)	( 603,575		)	( 632,269		)	( 745,848		)
Mortgage loans serviced for others
Total			$9,241,228			$9,132,863			$9,125,469			$9,010,114			$8,894,054			$8,980,037			$8,745,281			$8,544,614			$8,535,480			$8,568,387			$8,368,485			$8,316,236			$8,116,981
With capitalized mortgage servicing rights:(b)
	Amount		9,193,686			9,080,795			9,068,209			8,949,903			8,835,062			8,916,259			8,677,682			8,472,550			8,460,152			8,490,821			8,257,320			8,036,393			7,786,906
	Weighted average interest rate		5.81	%		5.84	%		5.87	%		5.93	%		6.02	%		6.12	%		6.20	%		6.28	%		6.35	%		6.40	%		6.45	%		6.51	%		6.58	%
Interest rate spread data(c)
Weighted average yield:
	Loans and mortgage-backed securities		4.75	%		4.85	%		4.98	%		5.08	%		5.18	%		5.24	%		5.37	%		5.45	%		5.53	%		5.65	%		5.77	%		5.83	%		5.88	%
	Trading and investment securities(a)		3.14			3.04			2.90			2.52			2.58			2.72			3.12			3.11			3.38			3.63			3.35			3.51			4.28
		Interest-earning assets yield	4.63			4.71			4.84			4.87			5.08			5.08			5.24			5.37			5.46			5.56			5.64			5.72			5.82
Weighted average cost:
	Deposits		1.57			1.59			1.64			1.64			1.71			1.81			1.85			1.95			2.01			2.06			2.23			2.31			2.34
	Federal Home Loan Bank advances and
		other borrowings	3.56			3.79			4.43			4.54			4.50			3.68			4.19			4.54			4.50			4.04			3.83			3.88			4.36
	Capital securities		10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00
		Combined funds cost	2.00			2.03			2.09			2.08			2.14			2.20			2.25			2.36			2.42			2.44			2.56			2.63			2.68
Interest rate spread			2.63	%		2.68	%		2.75	%		2.79	%		2.94	%		2.88	%		2.99	%		3.01	%		3.04	%		3.12	%		3.08	%		3.09	%		3.14	%

(a)  Includes Federal Home Loan Bank stock, at cost.
(b)  Excludes loans sold or securitized prior to 1996 and loans temporarily sub-serviced without capitalized mortgage servicing rights.
(c)  Reflects month end contractual yields and costs and excludes adjustments for non-accrual loans, net deferred costs to originate loans and amortizations of premiums and discounts.