Downey S&L; Quarterly Profit Dips

Downey Savings & Loan Assn. of Newport Beach reported profit of $5.8 million, or 36 cents a share, for the first quarter. That compared to earnings of $22.3 million, or $1.38 a share, for last year’s first quarter, which included a one-time gain of $15.1 million from an accounting change. Downey said that, aside from the extraordinary item, year-to-year earnings declined because of lower interest income and higher operating expenses. Total assets remained at $3.5 billion.