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ORANGE COUNTY EARNINGS

Downey S&L Profits Down 26%

October 18, 1994

Downey Savings & Loan Assn. of Newport Beach reported a third-quarter profit of $5.7 million, or 35 cents a share, down 26% from the $7.7 million, or 48 cents a share, recorded for the 1993 third quarter. For the nine-month period, profit totaled $17.9 million, or $1.11 a share. That compares with a profit of $39.4 million, or $2.44 a share, for the first three quarters last year, which included a gain of $15.1 million in the first quarter from an accounting change. Total assets as of Sept. 30 were up to $4 billion from $3.5 billion.

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