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Downey Financial Corp. (DSL) released monthly selected financial data for the thirteen months ended January 31, 2008.
"Restated NPAs" represents loans modified pursuant to Downey's borrower retention program.
Downey reports NPAs as a percentage of total assets. But not all of a bank's assets are loans. So, to make the NPA statistic more easily comparable across time, you can back out Downey's cash, investment securities, FHLB stock, and other assets that are not loans from the calculation.
The graph above shows NPAs and "adj-NPAs," which is NPAs as a percentage of only loans. (Both data series use Downey's new restated-NPAs numbers.)
They did not break out delinquencies in this report.
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