Acadia Healthcare announced a first quarter profit of $22.5 million, up from $12.3 million in the second quarter of 2013. Per diluted share, adjusted net income from continuing operations was 32 cents, beating analysts' expectations by a penny.
The behavioral health company posted revenues of $213 million, an increase of 20 percent from Q2 '13. In a release, CEO Joey Jacobs said revenue growth was primarily driven by the addition of 675 beds in the past year, reflected in an 11.5 percent growth in same-facility revenue. Admissions in the quarter increased by 16 percent and EBITDA margins increased to 26.3 percent from 24.8 percent.
"Acadia continues to evaluate potential acquisitions and develop new beds in existing facility," Jacobs said. "We are well positioned to finance these growth strategies, with availability under our revolving credit facility of approximately $175 million subsequent to the completion of the PiC acquisition and with substantial net cash flows from continuing operations, which totaled approximately $22 million for the second quarter."
First Farmers & Merchants Bank posted a second-quarter profit of $2.6 million, an increase of 9 percent from the year before. The Columbia-based lender ended June with assets of a little more than $1.1 billion, up 5 percent year over year, and a loan book of $618 million, which is up 7 percent from mid-2013 but down slightly from the end of March.
"We have a strong team that continues to do all the right things to further fuel our growth throughout our Middle Tennessee markets," said T. Randy Stevens, chairman and CEO of the parent company First Farmers and Merchants Corp. "Our key performance indicators are strong and our new mobile banking products and services that we're offering to consumers and businesses have been well received, two of the reasons our numbers have continued to climb. We're also controlling our non-interest expenses in a volatile marketplace. All of that is helping us remain nicely positioned for continued growth."
Lebanon-based First Freedom Bank earned $806,000 in the second quarter, a jump of 69 percent from the year before and the second straight quarter of record profits. Year to date, earnings are up 33 percent from 2013.
Total assets at eight-year-old First Freedom grew 7 percent from the year prior to $290 million while loans rose 9 percent to $222 million. The bank's net interest margin ended the first half at 4.71 percent.
“We are extremely pleased with our operating results,” said President and CEO John Lancaster. “A multitude of positive items contributed to this performance including improvement in our core deposit base, quality loan growth, and prudent management of our expenses and liquidity. We continue to explore technological advancements in pursuit of enhancing the customer experience and effectively managing costs.”
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