Lincoln Bancorp Profits Double, Hit $1.41 Million
Lincoln Bancorp, the Encino parent of Lincoln National Bank, said its first-quarter profit more than doubled from a year earlier, to $1.41 million from $616,561.
Lincoln, whose customers are mostly businesses, attributed the gains in part to a surge in net interest income, which is the amount of interest a bank earns on its loans minus the interest it pays for deposits. Lincoln’s net interest income rose to $6.23 million in the quarter ended March 31 from $3.77 million a year earlier.
Lincoln’s assets as of March 31 totaled $393.7 million, up 38% from $285.6 million a year ago.