Lincoln S&L; Reports Record Quarter Profits
Strong results from loans, investments and real estate operations propelled Lincoln Savings & Loan Assn. to record third-quarter profits of $34.5 million, up from $1.5 million a year ago, and a nine-month profit of $66.5 million, up from $5.6 million.
The Irvine-based S&L; said assets as of Sept. 30 were $2.7 billion, up from $1.7 billion a year ago. Lincoln’s net worth at the end of the third quarter was 7%, well above the 3% minimum that federal regulators require, said Robin S. Symes, executive vice president.
As of Sept. 30, Lincoln had deposits of $2.3 billion, up from $1.4 billion a year ago and total loans of $1.1 billion were almost unchanged from the $1 billion reported a year earlier.
The S&L; also is recovering its $132 million investment in Gulf Broadcast Co., a Dallas firm that is liquidating. Lincoln and its parent, American Continental Corp. of Phoenix, Ariz., a diversified holding company, expect to earn a $50 million profit from the liquidation, Symes said.
Lincoln, acquired by American Continental in February, 1984, operates 25 branches in Southern California.
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