Lincoln Savings & Loan Assn. said its third-quarter net earnings were $12.75 million, up 70% from operating earnings of $7.5 million a year earlier. A one-time gain of $27 million in last year's third quarter from the sale of Lincoln's stock in the Gulf Broadcast Co. raised net income to $34.5 million.
For the first nine months, the Irvine S&L;, a subsidiary of American Continental Co. of Phoenix, reported net earnings of $34.9 million, up 30% from operating earnings of $26.75 million a year earlier. Proceeds from the Gulf stock sale boosted Lincoln's nine-month net earnings in 1985 to $62.75 million.