Source Capital Sees Improved Earnings

Source Capital Corp. Thursday reported improved earnings and the formation of a new subsidiary.

Net income for the Spokane-based commercial lender was $201,281, or 15 cents per share, for the quarter ended Sept. 30.

For the same period last year, the company earned $171,450, or 12 cents per share.

Net income for the first nine months of the year was $529,201, or 38 cents per share, compared with $432,521, or 30 cents per share, for the first nine months of 1996.

Loans and lease receivables soared 77 percent to $34.6 million compared with year-ago levels, as the company’s leasing subsidiary moved into the black after six months of activity.

Also, there have been no loan losses so far this year.

Total assets increased to $38.9 million on Sept. 30, $10 million more than a year ago.

The new subsidiary, Source Capital Finance Corp., will finance account receivables. Start-up costs will be a drag on Source earnings initially, but the operation is expected to contribute to profits over the long term while diversifying company credit risk. , DataTimes