Downey Financial Doubles Net Income

Downey Financial Corp., the Newport Beach parent company of Downey Savings and Loan Assn., reported that net income for the first quarter totaled $27.4 million, or 97 cents a share, more than double the $12.3 million, or 44 cents a share, a year ago. The recent earnings included a $5.6-million after-tax gain from Downey’s sale of its indirect automobile lending subsidiary, Downey Auto Finance Corp. Total assets grew 52% to $10 billion.