Columbia, Downey S&Ls; Report Sharp Increases

Columbia Savings & Loan reported record earnings of $77.2 million in the first quarter of 1986, more than double the $32.8 million earned a year ago.

The thrift, based in Beverly Hills, said earnings reflected a $78.5-million gain on the sale of mortgage-backed securities and a $21.7-million gain on the sale of other securities. Many savings and loans have reported large gains on sales of mortgage securities, a result of the recent decline in mortgage interest rates.

Columbia Savings said that taking into account a stock issue planned for next month, its earnings per share were $1.85 for the first quarter, compared to 83 cents a year ago.

Meanwhile, Downey Savings & Loan of Costa Mesa also posted record net income of $21.3 million for the first quarter, compared to $11.1 million earned last year. The company attributed its earnings growth to gains on the sale of loans and securities and a decline in the thrift’s cost of funds.