Lincoln National Bancorp said its earnings were up 9.4% in the second quarter from the same period a year ago.
In the second quarter, the Encino-based bank company earned $298,000, or 19 cents a share, on revenue from earnings assets of $3.3 million. In the second quarter of 1985, earnings were $272,000, or 19 cents a share, on revenue from earning assets of $3.2 million. The company completed a public offering in September and issued a 5% stock dividend in May.
Assets totaled $158.6 million, up 13.6% from 12 months before, while regulatory net worth stood at $10.9 million, up 31.8%.
Alton Cogert, the bank's controller, said the improved showing was mostly because of an increased loan volume. Lincoln's second branch, in Beverly Hills, now has been open for more than a year, he said, and the bank added two senior commercial loan officers who brought in new business.