A drastic reduction in the amount of...

A drastic reduction in the amount of securities and loan sales caused Downey Savings & Loan in Costa Mesa to post a $6.2-million net income for the first quarter, a 46% drop from $11.5 million earned in last year’s first quarter. Downey’s gains from sales of loans and securities were only $900,000 in the first quarter, contrasted with $5.2 million in last year’s first quarter. Quarterly revenues rose 3% to $71.4 million this year from $69.4 million last year. The S&L;’s assets grew 19% to $3.1 billion at the end of March from $2.6 billion a year earlier. Its deposits increased 18% to $2.6 billion at the end of the quarter, from $2.2 billion a year earlier, while total loans jumped 35% to $2.3 billion from $1.7 billion.