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VALLEY EARNINGS

2nd-Quarter Profit Climbs 37% at Lincoln Bancorp

July 14, 1987

Lincoln Bancorp, the Encino-based parent of Lincoln National Bank, reported that its second-quarter profits climbed 37% from a year earlier and that first-half 1987 earnings were up 31%.

Sharp gains in the dollar value of the bank's deposits and loans outstanding contributed to the growth in earnings, John J. Keating, chairman and chief executive, said in a statement.

Lincoln's second-quarter net income rose to $408,250, or 23 cents a share, from $297,756, or 17 cents a share, a year earlier.

First-half profit increased to $716,394, or 41 cents a share, from $544,828, or 32 cents a share, in the comparable 1986 period.

As of June 30, Lincoln's assets totaled $271.3 million, a 71% jump from $158.6 million a year earlier. The bank's total deposits soared 70%, from $147.2 million to $249.9 million.

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