EARNINGS : CalFed’s 2nd-Quarter Net Income Doubles : Thrifts: The results reflect a decline in operating and general expenses and stable loan quality.

With expenses down and loan quality stable, California Federal Savings Bank on Monday reported second-quarter earnings of $21.7 million, up from $10.5 million for the second quarter of 1994.

The higher profit reflects a 21% decline in operating expenses, much of it resulting from the sale, in last year’s third quarter, of the savings and loan’s Florida operations.

General and administrative expenses declined for the sixth consecutive quarter, to $52.8 million for the quarter ended June 30, compared to $66.9 million for the corresponding quarter of 1994. On a yearly basis, “we’ve taken $65 million of costs out of the bank,” spokesman James F. Hurley said.

Although the “spread” between the interest rates that CalFed earns on loans and other investments and those it pays out on deposits has narrowed in the past year, it has begun widening again in recent months.

For the quarter ended June 30, the average spread was 1.93%, down from 2.29% in the year-ago second quarter, but up from 1.77% in this year’s first quarter, CalFed said.

Net interest income was $76.4 million for the most recent quarter, compared to $90.6 million a year ago.

“Assuming a stabilization of the interest rate environment, we would expect the spread to widen further in coming quarters,” CalFed President and Chief Executive Edward G. Harshfield said in a statement.

Non-performing assets totaled $226 million, or 1.58% of total assets, as of June 30. That compares to $211 million, or 1.49% of total assets, on March 31, and $288 million, or 2% of total assets, on June 30, 1994.