Cass Information Systems, Inc. Reports 2nd Quarter 2012 Earnings
Declares Regular Quarterly Dividend
2nd Quarter |
% |
YTD |
% |
||||||||||||||||
2012 | 2011 | Change | 2012 | 2011 | Change | ||||||||||||||
Transportation Dollar Volume | $5.7 billion | $5.3 billion | 7.7 | $11.0 billion | $9.8 billion | 12.4 | |||||||||||||
Utility Dollar Volume | $2.5 billion | $2.6 billion | (4.1) | $5.0 billion | $5.2 billion | (3.9) | |||||||||||||
Revenues | $28.4 million | $26.6 million | 6.8 | $56.8 million | $52.7 million | 7.9 | |||||||||||||
Net Income | $6.0 million | $5.7 million | 3.9 | $11.9 million | $11.5 million | 3.6 | |||||||||||||
Diluted Earnings per Share | $.57 | $.55 | 3.6 | $1.13 | $1.10 | 2.7 | |||||||||||||
2012 2nd Quarter Recap
Transportation dollar volume increased more than 7%. Utility dollar
volume was down 4% primarily due to generally mild weather across most
of
Net investment income decreased
Overall operating expenses were up
Six-Month 2012 Recap
For the six-month period ended
Operating expenses were up 10%, or
“Although sluggish economic activity and historically low interest rates
present a difficult operating environment,” said
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 | |||||||||||||||||
The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended June 30, 2012 and 2011: |
|||||||||||||||||
Quarter
Ended June 30, 2012 |
Quarter
Ended June 30, 2011 |
Six Months
Ended June 30, 2012 |
Six Months
Ended June 30, 2011 |
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Transportation Invoice Volume | 7,295 | 7,288 | 14,168 | 13,799 | |||||||||||||
Transportation Dollar Volume | $ | 5,665,600 | $ | 5,260,144 | $ | 11,047,691 | $ | 9,829,074 | |||||||||
Utility Transaction Volume | 3,422 | 3,340 | 7,029 | 6,698 | |||||||||||||
Utility Dollar Volume | $ | 2,453,245 | $ | 2,559,095 | $ | 5,045,731 | $ | 5,248,330 | |||||||||
Payment and Processing Fees | $ | 16,625 | $ | 15,219 | $ | 33,112 | $ | 29,566 | |||||||||
Net Investment Income | 10,170 | 10,820 | 20,721 | 22,068 | |||||||||||||
Gain on Sales of Securities | 1,168 | 48 | 2,134 | 48 | |||||||||||||
Other | 444 | 516 | 874 | 1,001 | |||||||||||||
Total Revenues | $ | 28,407 | $ | 26,603 | $ | 56,841 | $ | 52,683 | |||||||||
Salaries and Benefits | $ | 15,498 | $ | 14,146 | $ | 31,059 | $ | 27,852 | |||||||||
Occupancy | 559 | 557 | 1,091 | 1,205 | |||||||||||||
Equipment | 884 | 848 | 1,747 | 1,695 | |||||||||||||
Other | 3,299 | 3,084 | 6,684 | 6,017 | |||||||||||||
Total Operating Expenses |
$ | 20,240 | $ | 18,635 | $ | 40,581 | $ | 36,769 | |||||||||
Income from Operations before Income Taxes | $ | 8,167 | $ | 7,968 | $ | 16,260 | $ | 15,914 | |||||||||
Income Tax Expense | 2,205 | 2,229 | 4,390 | 4,456 | |||||||||||||
Net Income | $ | 5,962 | $ | 5,739 | $ | 11,870 | $ | 11,458 | |||||||||
Basic Earnings per Share | $ | .58 | $ | .56 | $ | 1.15 | $ | 1.11 | |||||||||
Diluted Earnings per Share | $ | .57 | $ | .55 | $ | 1.13 | $ | 1.10 | |||||||||
Average Earning Assets | $ | 1,176,084 | $ | 1,146,708 | $ | 1,184,918 | $ | 1,148,130 | |||||||||
Net Interest Margin | 4.13% | 4.55% | 4.11% | 4.58% | |||||||||||||
Allowance for Loan Losses to Loans | 1.82% | 1.84% | 1.82% | 1.84% | |||||||||||||
Non-performing Loans to Total Loans | .86% | 1.09% | .86% | 1.09% | |||||||||||||
Net Loan (Recoveries) Charge-offs to Loans | .13% |
-- |
.16% | (.01)% | |||||||||||||
Provision for Loan Losses | $ | 600 | $ | 850 | $ | 800 | $ | 1,300 |
Source:
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com