Lincoln Bancorp, parent of Lincoln National Bank, reported a 44% jump in fourth-quarter profit and said full-year earnings rose 51% from 1986.
Lincoln, based in Encino, said net income for the quarter ended Dec. 31 climbed to $807,496, or 32 cents a share, from $560,590, or 33 cents a share, a year earlier. Although total profit rose, Lincoln's per-share earnings fell because Lincoln had 53% more common shares outstanding in the latest period compared with a year earlier.
For all of 1987, Lincoln's profit rose to $2.12 million, or 97 cents a share, from $1.40 million, or 82 cents a share, the previous year.
Lincoln, which ended 1987 with $301 million in assets, said the profit gains reflected strong demand for commercial loans and increased deposits and interest income during the year.