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Source Capital Profits Down Slightly for Quarter

SPOKANE, WA-The publicly-traded commercial real estate lending firm reports a 2% drop in net income for the quarter, and an overall increase for the first half of the year.

By Brian K. Miller | Updated on July 29, 2000

Source Capital Corporation reported net income of $251,557 or $.19 per basic share for the quarter ended June 30, 2000, a two percent decrease from the second quarter of 1999, when net income was $256,411 or 19 cents a share.

Thanks to a stronger first quarter however, net income for first six months as a whole was $542,246 or 41 cents a basic share, a 10% increase over net income of $490,970 or $.36 per share for the first six months of 1999. Fully diluted earnings per share rose 16 percent, from 31 cents a share for the first six months of 1999 to 36 cents a share for the first six months of 2000.

Loans outstanding at June 30, 2000 increased 26% to $55.6 million from $44.1 million outstanding a year earlier. Leases, however, declined 19% from $16.6 million in 1999 to $13.5 million at June 30, 2000, due primarily to the sale of $3.9 million of leases between June 30, 1999 to June 30, 2000. A tightening of underwriting standards undertaken by the company also contributed.

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