Lincoln Doubles Its Profit in 2nd Quarter

Lincoln Bancorp, the Encino-based holding company for Lincoln National Bank, said its profit in the second quarter ended June 30 more than doubled from a year earlier, to $881,965, or 31 cents a share, from $408,250, or 22 cents a share.

The per-share earnings did not show as big a percentage gain as total net income because Lincoln, which caters mostly to corporate clients, had more shares outstanding in the latest period. The results also were adjusted for 5% stock dividends paid by Lincoln in May, 1987, and last month.

Lincoln attributed the gains largely to a surge in its net-interest income--the difference between the interest it pays on deposits and the interest it earns on loans--to $4.4 million in the latest quarter from $2.9 million a year earlier.

For the first half of 1988, Lincoln’s profit rose to $1.5 million, or 51 cents a share, from $716,394, or 39 cents a share. Lincoln’s assets as of June 30 were $355.4 million, up from $271.3 million a year earlier.