Source Capital Posts Higher Earnings

Source Capital Corp. Monday reported a 33 percent increase in net income for 1994 compared with 1993.

The Spokane commercial lender said income reached $936,000 on revenues of $2.9 million. In 1993, the company earned $704,000 on revenues of $1.7 million.

Income per share increased only modestly, to 12 cents from 11 cents. The number of shares jumped 13 percent to 7.6 million due to employee exercise of stock options, conversion of Class B shares to Class A, and a 5 percent stock dividend distributed July 1.

For the quarter ended Dec. 31, Source earned $184,000 on $663,000 in revenues, vs. $132,000 on revenues of $385,000 a year ago. Per share, results were the same: 2 cents.

Outstanding loans at year-end were $12.9 million, up 111 percent for the year. Assets grew 29 percent to $20.2 million.

Chairman Alvin Wolff Jr., noted Source has opened an office in Renton to scout for opportunities on the West Side of Washington.

“The company is poised to steadily grow its assets and profits in 1995,” he said.