Lincoln Bancorp Doubles Profit for 3rd Quarter

Lincoln Bancorp, the parent of Encino-based Lincoln National Bank, reported that its third-quarter profit doubled from a year earlier, from $295,895 to $592,470.

The bank holding company’s per-share earnings climbed to 24 cents from 18 cents in the quarter and were adjusted to reflect a 5% stock dividend Lincoln paid in May.

Lincoln, with $281 million in assets as of Sept. 30, attributed the improvement partly to a 62% jump in net interest income (interest earned minus interest paid on deposits), from $2.1 million a year ago to $3.4 million.

For the first nine months of 1987, Lincoln’s profit climbed 56% to $1.3 million, or 65 cents a share, from $840,722, or 50 cents a share, in the comparable 1986 period.