WASHINGTON - The nation's 1,751 thrifts earned $1.28 billion in the second quarter, down from the record $1.8 billion during the first quarter, the office of Thrift Supervision reported Thursday.

Core earnings for the second quarter were $1.25 billion, down from $1.6 billion in the first quarter, When there was a large gain from a one-time accounting change, and nearly even with the second quarter of 1992, when core earnings were $1.26 billion, the OTS said.

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