Source Capital Earnings Decline

Source Capital Corp. reported a slight decrease in third quarter earnings Thursday. Source, a Spokane-based commercial lender, had net income or $256,394, or 20 cents a share, for the quarter ended Sept. 30. The company earned $305,158, or 22 cents a share, in third quarter 1999.

For the first nine months of 2000, Source earned $798,640, or 60 cents a share, compared with $796,128, or 59 cents a share, a year ago.

On a fully diluted basis, nine month earnings were 53 cents, compared with 49 cents a year ago.

But the company also disclosed a problem with a lease carrying a $135,000 balance. The entire sum may have to be written off, which will reduce fourthquarter performance.

Loans outstanding at the end of the quarter, at $56.1 million, were up 22 percent compared with last year. Leases were down 7 percent, to $13.6 million, as credit standards tightened.

Delinquencies of principal and interest 90 days past due dropped to 2.44 percent from 3.98 percent a year ago.