Source Capital Reports Decline

Sat., Oct. 24, 1998

From Staff

Source Capital Corp. reported a 16 percent drop in net income for the quarter ended Sept. 30.

The Spokane-based commercial lender and leasing company said Friday in had net income of $169,298 or 12 cents per share, for the three-month period, compared with $281,281, or 15 cents per share, for the quarter in 1997.

For the first nine months of 1998, Source earned $506,728, or 37 cents per share, compared with $529,201, or 38 cents per share, in 1997.

President D. Michael Jones said results were bolstered by a leasing portfolio that has increased ten-fold in the past year, to $11.6 million.

In 1997, startup costs from those operations impaired the company’s overall performance. But leasing contributed $67,000 in net income for the third quarter, and $91,000 so far this year.

However, real estate results fell below expectations because loan originations lagged while premature payoffs climbed. Jones attributed both trends to increased competition from commercial banks.

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Source Capital Reports Decline

Jesse Tinsley

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