Hersha Hospitality Trust and two bank holding companies — Franklin Financial Services Corp. and Codorus Valley Bancorp Inc. — reported first-quarter earnings today.
Hersha, a hotel real estate investment trust with corporate offices in Harrisburg and Philadelphia, posted funds from operations of $13.7 million, or 7 cents per diluted share, compared to $11.6 million, or 6 cents per diluted share, in the first quarter of 2014.
Analysts had expected 6 cents per diluted share, according to Yahoo Finance.
Funds from operations is a measurement of net income that adds back items such as depreciation and amortization. It is a key measurement used in the REIT industry.
Hersha reported a net loss of $7.5 million, or 4 cents per diluted share, compared to a net loss of $9.6 million, or 5 cents per diluted share, in the first quarter of 2014.
The company, which trades its shares on the New York Stock Exchange under the ticker symbol HT, owns 51 upscale hotels with a total of 8,259 rooms.
Franklin Financial, the parent company of F&M Trust, reported net income of $2.9 million, or 68 cents per diluted share, compared to $1.8 million, or 44 cents per diluted share, in the first quarter of 2014.
The bank holding company reported a $171,000 gain from a liquidation of an offshore insurance company in which it held an ownership interest, as well as a $728,000 gain on the conversion of equity securities held by the bank as a result of an acquisition.
Franklin, which has assets of more than $1 billion and total deposits and repurchase agreements of $905.4 million, trades its shares over the counter under the ticker symbol FRAF.
Codorus Valley, the parent company of PeoplesBank, reported net income of $2.4 million, or 41 cents per diluted share, compared to $2.9 million, or 56 cents per diluted share, in the first quarter of 2014.
The company acquired Madison Bancorp Inc. in January, which added four additional financial centers to its Maryland footprint in Baltimore and Harford counties. That deal was reflected in the first-quarter results, said Larry Miller, Codorus Valley’s president and CEO.
Codorus Valley also opened financial centers in Shrewsbury and Camp Hill.
Noninterest expenses totaled $9.6 million, an increase of $1.9 million from the first quarter of 2014. Personnel costs accounted for $944,000 of the increase. The six additional centers contributed to a $369,000 increase in occupancy and equipment costs, the company said. And $425,000 was spent on nonrecurring acquisition costs, including expenses for systems and data conversion, external legal support and severance payments.
Total assets were more than $1.3 billion, with deposits of nearly $1.1 billion.
Codorus Valley shares are traded on the NASDAQ under the ticker symbol CVLY.