Downey Savings & Loan in Newport Beach...

Downey Savings & Loan in Newport Beach posted net income of $29 million last year, a drop of 13% from $33.2 million in earnings the previous year. Revenue grew 24% to $330.8 million last year from $266.2 million the previous year. For the fourth quarter, the S&L;’s net income was $12.9 million, more than triple the $3.7 million earned in the final quarter of 1987. Quarterly revenue jumped 63% to $111.1 million from $68 million in 1987’s last quarter. Downey’s assets rose 34% to $4.3 billion at the end of December--including $737.3 million in assets from its acquisition of Butterfield Savings & Loan in Santa Ana--from $3.2 billion a year earlier. Total deposits grew 40% to $3.5 billion, including $533.9 million at Butterfield, at the end of the year from $2.5 billion a year earlier. Total loans rose 25% to $3 billion, including $377.6 million at Butterfield, from $2.4 billion. Butterfield is operated as a subsidiary of Downey.