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ORANGE COUNTY EARNINGS

Downey S&L's Quarterly Profits Are $11.6 Million

October 30, 1986

Downey Savings & Loan Assn. in Costa Mesa reported net earnings of $11.6 million for its 1986 third quarter--down 9.4% from earnings of $12.8 million for the same period last year.

Earnings for the nine-month period rose 12.5% to $48.7 million, up from $43.3 million for the first nine months of 1985.

As of Sept. 30, the S&L had $2.5 billion in assets, an 8.7% increase over $2.3 billion one year ago. Its loan portfolio was virtually unchanged at $1.6 billion. Despite a $13.2-million drop in assets for the quarter due primarily to selling of loans and securities in secondary markets, John Dennis, marketing director for the 41-office S&L, said the company was "on-track" for the rest of the fiscal year. He predicted that the S&L "might even" reach the level of the record profits it garnered last year.

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