Lincoln S&L; Has Sixfold Increase in Its Profits

Because of what it called “good results” from all its activities, Lincoln Savings & Loan Assn. in Irvine posted net earnings of $79.8 million last year, more than six times its $12.4 million in profits the previous year.

In its fourth quarter ended Dec. 31, Lincoln earned $17.1 million, nearly three times its net income of $6.8 million in the previous year’s final quarter.

“We got good results in just about everything we did--mortgage portfolios, securities transactions, real estate and other areas,” said Rob S. Symes, executive vice president and managing officer of the S&L.;

Lincoln, a subsidiary of American Continental Corp., a Phoenix real estate developer, also increased its assets and net worth. The 60-year-old savings institution had assets of $3 billion as of Dec. 31, a 36% increase over the year-earlier figure of $2.2 billion.

The S&L; also increased its net worth to 5.6% as of Dec. 31, contrasted with 3.5% a year earlier. Federal regulators, who look to net worth as a measure of an institution’s soundness, require a 3% net worth for S&Ls.;