Source Capital Posts Lower Profit

Source Capital Corp. on Wednesday reported slightly lower earnings for the third quarter ended Sept 30.

Net income for the period was $171,450, or 12 cents per share, compared with $195,667, or 14 cents per share, a year ago.

Although income increased to $887,934 from $822,429, the gain was erased by higher expenses primarily associated with the hiring of new employees to bolster loan production.

For the nine-month period ended Sept. 30, revenues were $2.4 million, up from $2.2 million in 1995. Net income was $432,521, barely ahead of 1995’s $431,318.

A share earned 30 cents during both periods.

Assets have climbed to $28.3 million from $20.5 million at the end of 1995.

Source Capital is a commercial lending company based in Spokane.

, DataTimes