Downey Savings & Loan in Costa Mesa...

Downey Savings & Loan in Costa Mesa reported net income of $4.7 million for the second quarter, a 62% drop from $12.3 million in earnings in last year’s second quarter. Revenue rose 13%, to $70.9 million this year from $62.8 million last year. For the six months, the S & L’s net income fell 54%, to $10.9 million from $23.8 million last year. Revenue grew 8%, to $142.3 million for the period from $132 million last year. Maurice L. McAlister, the S & L’s president, said last year’s earnings were boosted by net gains of $3.8 million from winning a lawsuit and $2.5 million from the sale of securities. At the end of June, Downey’s assets were $3.2 billion, a 19% increase over $2.7 billion a year earlier.