Cass Information Systems, Inc. Completes Record-Setting 2011; Posts Annual Earnings of $23 Million, 13% Higher Than 2010
Declares Regular Quarterly Cash Dividend
4th Quarter |
% |
YTD |
% |
|||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | |||||||
Transportation Dollar Volume | $5.3 billion | $4.5 billion | 19.2% | $20.6 billion | $17.0 billion | 21.4% | ||||||
Utility Dollar Volume | $2.5 billion | $2.5 billion | (0.2)% | $10.7 billion | $10.5 billion | 2.3% | ||||||
Revenues | $26.5 million | $25.0 million | 6.1% | $106.5 million | $96.2 million | 10.7% | ||||||
Net Income | $5.5 million | $5.1 million | 8.1% | $23.0 million | $20.3 million | 13.3% | ||||||
Diluted Earnings per Share | $.53 | $.48 | 10.4% | $2.21 | $1.95 | 13.3% |
2011 4th Quarter Recap
The company ended 2011 with fourth quarter earnings of
Fueling earnings growth was increased activity from both base and new
customers which helped transportation transaction dollar volume surge
more than 19%. Utility transaction dollar volume was on par with 2010.
Overall, revenues grew to
Net investment income was up slightly from 2010.
Operating expenses were up 6.7%, or
2011 Revenues Exceed
Revenues for the year ended
Net investment income was up 9.1%, or
Operating expenses were up 9.9%, or
“Surpassing the
Cash Dividend Declared
On
About
Note to Investors
Certain matters set forth in this news release may contain
forward-looking statements that are provided to assist in the
understanding of anticipated future financial performance. However,
such performance involves risks and uncertainties that may cause actual
results to differ materially from those in such statements. For a
discussion of certain factors that may cause such forward-looking
statements to differ materially from the company’s actual results, see
the company’s reports filed from time to time with the
Selected Consolidated Financial Data |
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The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended December 31, 2011 and 2010. |
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Quarter |
Quarter |
Year |
Year |
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|
|
|
|
|
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Transportation Invoice Volume |
7,197 | 6,668 | 29,025 | 26,287 | ||||||||||||
Transportation Dollar Volume | $ | 5,326,457 | $ | 4,468,924 | $ | 20,599,503 | $ | 16,966,003 | ||||||||
Utility Transaction Volume | 3,333 | 3,086 | 13,441 | 12,247 | ||||||||||||
Utility Dollar Volume | $ | 2,517,495 | $ | 2,521,812 | $ | 10,702,242 | $ | 10,460,333 | ||||||||
Payment and Processing Fees | $ | 15,316 | $ | 14,010 | $ | 60,688 | $ | 54,183 | ||||||||
Net Investment Income | 10,759 | 10,447 | 43,711 | 40,071 | ||||||||||||
Gain (Loss) on Sale of Securities |
(5 |
) |
— |
43 |
— |
|||||||||||
Other | 451 | 542 | 2,093 | 1,963 | ||||||||||||
Total Revenues | $ | 26,521 | $ | 24,999 | $ | 106,535 | $ | 96,217 | ||||||||
Salaries and Benefits | $ | 14,296 | $ | 13,169 | $ | 56,573 | $ | 51,368 | ||||||||
Occupancy | 532 | 644 | 2,318 | 2,485 | ||||||||||||
Equipment | 944 | 860 | 3,525 | 3,561 | ||||||||||||
Other | 3,575 | 3,466 | 12,613 | 10,870 | ||||||||||||
Total Operating Expenses | $ | 19,347 | $ | 18,139 | $ | 75,029 | $ | 68,284 | ||||||||
Income from Operations before Income Taxes |
$ |
7,174 |
$ |
6,860 |
$ |
31,506 |
$ |
27,933 |
||||||||
Income Tax Expense | 1,683 | 1,779 | 8,497 | 7,623 | ||||||||||||
Net Income | $ | 5,491 | $ | 5,081 | $ | 23,009 | $ | 20,310 | ||||||||
Basic Earnings per Share | $ | .53 | $ | .50 | $ | 2.23 | $ | 1.98 | ||||||||
Diluted Earnings per Share | $ | .53 | $ | .48 | $ | 2.21 | $ | 1.95 | ||||||||
Average Earning Assets | $ | 1,236,331 | $ | 1,135,125 | $ | 1,188,283 | $ | 1,060,559 | ||||||||
Net Interest Margin | 3.99 | % | 4.47 | % | 4.31 | % | 4.61 | % | ||||||||
Allowance for Loan Losses to Loans | 1.93 | % | 1.68 | % | 1.93 | % | 1.68 | % | ||||||||
Non-performing Loans to Total Loans | .26 | % | .08 | % | .26 | % | .08 | % | ||||||||
Net Loan Charge-offs to Loans | .05 | % | — |
.16 |
% |
.07 | % | |||||||||
Provision for Loan Losses | $ | 300 | $ | 1,100 | $ | 2,150 | $ | 4,100 | ||||||||
Source:
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com