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EARNINGS

Lincoln S & L Holds Position as No. 2 in County

February 22, 1987

Lincoln Savings & Loan Assn. in Irvine saw its 1986 net income slide 38.7% to $48.95 million from $79.85 million in 1985--a year in which the S&L realized a one-time gain of $27 million from the sale of investment securities. Lincoln's gross revenues for 1986 grew 33% to $712.3 million from $535.4 million the previous year.

In the fourth quarter, the 26-branch S&L posted a net income of $14 million, a 5.3% increase over net earnings of $13.3 million for the final period of 1985. Revenues in the quarter rose 39.5% to $184.5 million from $132.3 million in 1985's last quarter.

Lincoln's higher net income in 1985 came from an extraordinary gain of $27 million in the liquidation of Gulf Broadcast Co. in Dallas, in which Lincoln had an interest, said Rob S. Symes, the S&L's executive vice president.

With $3.97 billion in assets at the end of the year, Lincoln Savings maintained its position as the 18th largest S&L in the state and the second largest in Orange County. A year earlier, it had $3.2 billion in assets.

Total deposits at the end of the year rose 16.7% to $2.8 billion from $2.4 billion a year earlier, while total loans grew 14.8% to $1 billion from $871 million.

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