Downey Financial Reports 16% Increase in 1st-Quarter Net Income

NEWPORT BEACH — Downey Financial Corp., the parent company of Downey Savings & Loan, reported that net income for the first quarter climbed 16% to $12.3 million, or 48 cents a share, from $10.6 million, or 41 cents a share, for the first quarter last year. The results this year included a gain of $2.8 million from interest income on a loan repaid during the quarter and the sale of four joint-venture shopping centers. The year-earlier first quarter included an after-tax gain of $2.6 million from the sale of securities. Total assets increased 17% to $5.5 billion from $4.7 million.