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Select Medical up; two midstate banks also report Q1 earnings

Three midstate companies announced first-quarter earnings Thursday:

Select Medical Holdings

Lower Allen-based Select Medical Holdings Corp., which operates specialty hospitals and outpatient rehabilitation clinics across the country, announced first-quarter adjusted earnings of $98.9 million, a 2.2 percent rise from the $96.8 adjusted income of the first quarter of 2014.

The company beat analyst estimates by earning 27 cents per common share after analysts pegged the target at 23, according to Yahoo Finance.

Select Medical reported income from operations of $79.3 million, up from $78.4 million for 2014’s first quarter. Operating revenue rose 4.3 percent from $762.6 million to $795.3 million.

The company’s board of directors also has authorized a $500 million stock repurchase plan that will remain in effect until Dec. 31. Because of capital requirements in the pending acquisition of Concentra Inc., the board decided not to extend a stock dividend for the quarter.

“It is not known whether future dividends will be declared or the timing or amount of any future dividend,” according to the earnings release.

The company has 112 long-term acute care hospitals and 17 acute medical rehabilitation hospitals in 28 states. It also operates 1,028 outpatient rehabilitation clinics in 31 states and Washington, D.C.

It trades its shares on the New York Stock Exchange at the ticker symbol SEM.

Mid Penn Bancorp

The holding company for Mid Penn Bank, of Millersburg, announced first-quarter net income was affected by one-time acquisition expenses but otherwise would have been ahead of 2014’s first quarter by more than 5 percent.

The company reported net income of $876,000 for the quarter, which was offset by the expense of $909,000 for its acquisition of Phoenix Bancorp Inc. of Minersville.

Without the acquisition costs, Mid Penn had net income of about $1.5 million, which would have been about 5.5 percent higher than the $1.4 million from the first quarter of 2014.

With the acquisition of Phoenix — the former bank holding company for Miners Bank — total assets rose to about $895,000 (almost a 25 percent rise from the first quarter of 2014), total loans jumped about 26.5 percent to $695,000 and total deposits rose 25.1 percent to about $759,000.

Mid Penn Bancorp trades on the NASDAQ exchange at the ticker symbol MPB.

ACNB

ACNB Corp. reported an increase in net income of about 3 percent compared to the first quarter of 2014, from $2.47 million to $2.54 million.

Net earnings per share went up a penny over that time, from 41 cents to 42 cents.

Gettysburg-based ACNB Corp., the holding company for ACNB Bank, said assets rose 6 percent to $1.1 billion.

ACNB, which has branches in Cumberland and York counties, trades on the NASDAQ exchange at the ticker symbol ACNB.

Michael Sadowski

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