Lincoln Savings & Loan Assn. posted net income of $17.4 million for the third quarter, a 37% increase from $12.8 million earned in the same period last year. Revenues for the quarter fell 5% to $173 million from $182 million in last year's third quarter.
For the first nine months, the Irvine-based S&L reported a $42.6-million profit, a 22% increase from the $35 million earned in the same period in 1986. Nine-month revenues fell 6% to $498 million from $528 million a year earlier.
Lincoln Savings, which is owned by American Continental Corp. in Phoenix, said its earnings were boosted partly by a lower income tax rate and an increase in investment tax credits.
The S&L's assets rose 18% to $4.6 billion at the end of September from $3.9 billion a year earlier. The S&L's deposits increased 11% to $3.1 billion from $2.8 billion a year earlier, while loans grew 46% to $1.6 billion from $1.1 billion.