WASHINGTON -- The thrift industry's profits dropped 46% to $1.3 billion in the first quarter from a year ago, the Federal Deposit Insurance Corp. reported Wednesday.

Thrift earnings, off $365 million from the fourth quarter, were dragged down by losses reported by three large institutions. Restructurings by California Federal Bank, Glendale Federal Bank and First Federal of Michigan, drained $547 million from the industry's bottom line.

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