Lincoln Bancorp Profit Up 82% From Last Year

Lincoln Bancorp, the Encino-based parent company of Lincoln National Bank, said its second-quarter profit rose 82% from a year earlier.

In the three months ended June 30, Lincoln’s profit climbed to $1.6 million from $881,965 a year earlier. For the first half of 1989, Lincoln’s earnings doubled, to $3 million, from a year ago.

The company, with $395.7 million in assets as of June 30, provides financial services for businesses and wealthy individuals. Lincoln attributed the higher profits largely to increased net interest income, which is the bank’s interest income from loans and investments minus the interest it pays for deposits. In the second quarter, Lincoln’s net interest income jumped from a year earlier, to $6.3 million from $4 million.