Earnings, Revenue Rise 30% for Lincoln Savings

Lincoln Savings & Loan Assn. of Irvine posted net income of $10.3 million for the first quarter, a 30% increase from $7.9 million a year earlier. Revenue also jumped 30%, to $158.4 million from $121.8 million.

The S&L;’s earnings included a $1.6-million profit from American Founders Life Insurance Co., which Lincoln acquired Jan. 28.

Lincoln’s profitability bolstered its parent company, American Continental Corp. in Phoenix, which posted consolidated net earnings of $6.2 million for the quarter.

The S&L;, with 21 branches throughout Southern California, hiked its total assets 52% to $3.5 billion at the end of the quarter, from $2.3 billion a year earlier. Its net worth increased 86% to $157.2 million from $84.5 million. Total loans dropped 16.6% to $1 billion from $1.2 billion, and total deposits grew 26.3% to $2.4 billion from $1.9 billion.