Lincoln S&L; Reports 50% Income Drop

Lincoln Savings & Loan Assn. reported that its net income for the second quarter fell more than 50% to $11.9 million from $24.1 million in the same quarter last year. Revenues in the quarter rose 38.7% to $193.8 million from $139.7 million in last year’s second quarter.

In the first six months, the Irvine-based S&L;’s net income fell 30.6% to $22.2 million from $32 million. Revenues increased 34.7% to $352.2 million from $261.5 million a year earlier.

Lincoln’s higher net income last year came from an extraordinary gain of $10 million netted in the liquidation of Gulf Broadcast Co. in Dallas, in which Lincoln had an interest, according to Andrew F. Ligget, financial vice president of Lincoln’s $4.7-billion parent holding company, American Continental Corp. in Phoenix.

Lincoln’s total assets at the end of June were $3.8 billion, a 52% increase over $2.5 billion in assets a year earlier. Total deposits rose 25% to $2.66 billion from $2.1 billion, and its loan portfolio grew slightly to $1.08 billion from $1.07 billion.