Earnings wrap: Symbion, Community First

Per-case revenue growth lifts surgery center owner; loss provision reversal helps bank holding company

Symbion Inc. announced second-quarter net income of $6.6 million, up from $1.4 million the year prior. The surgery center operator posted revenues of $142 million, a 7 percent increase from Q2 2013. Operating profits rose to $22.3 million from $13.2 million.

Symbion handled more than 55,000 cases in the quarter, a slight decrease from the year prior. However, the company said in its quarterly report that it is benefiting from the industry migration of surgeries from hospitals to ambulatory facilities and that revenues per case increased 11 percent. The company also incurred $2.3 million in transaction costs related to its pending $792 million acquisition by Surgery Center Holdings, announced in the quarter.

The parent of Community First Bank & Trust posted a second-quarter net profit of $1.6 million, up from $593,000 in the spring of 2013, thanks in large part to the $800,000 reversal of loan loss provisions.

Columbia-based Community First, which has been recovering for several years from the effects of the real estate bust, finished the first half of the year with $264 million in loans, down from $274 million a year earlier. Total assets stood at $452 million versus $448 million. Executives cut expenses by about $200,000 but net interest income also dropped by almost that amount before the loan loss provision reversal.