Source Capital Shows Profit

Source Capital Corp. Monday reported improved fourth-quarter earnings but a downturn for the year.

The Spokane-based commercial lender earned $212,426, or 3 cents per share, in the fourth quarter on revenues of $550,917.

During the same period a year ago, the company earned $183,547, or 2 cents per share, on revenues of $513,948.

Source net income for all of 1995 was $643,745, or 9 cents per share, on revenues of $2 million.

In 1994, the company’s net was $935,819, or 12 cents per share, on revenues of $2.5 million.

The company attributed the year-to-year decline to a $755,000 reduction in gains on the resale of loans and a $194,000 reduction in gains on the sale of real estate.

But net interest and rental income grew $476,000 based on an increase in assets of $5.8 million, to $18.3 million.

Chairman Alvin J. Wolff Jr. said the report reflects a company in transition away from reliance on transaction income to more traditional lending activities. , DataTimes