Source Capital Earnings Edge Up

Source Capital Corp. Friday reported a modest increase in quarterly earnings despite start-up costs for its leasing and factoring operations.

Net income for the Spokane commercial lender rose to $168,350, or 12 cents per share, compared with $163,675, or 12 cents per share, for the same period ending March 31.

Leasing and factoring expenses cut first-quarter income for 1998 by about $17,000. Those businesses were not in operation in early 1997.

Revenues grew 50 percent, to $1.5 million, compared with $1 million a year ago.

Total assets at the end of the quarter were $45.5 million, up from $29.8 million a year ago.