Cass Information Systems, Inc. Wraps Up 2014 on a High Note, Posting 10% Increase in 4th Quarter Net Income
4th Quarter | YTD | |||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||
Transportation Dollar Volume | $6.7 billion | $6.1 billion | 9.9% | $26.0 billion | $23.5 billion | 10.6% | ||||||||||||||
Facility Expense Dollar Volume* |
$2.9 billion | $3.0 billion | (2.5)% | $12.5 billion | $11.6 billion | 7.7% | ||||||||||||||
Revenues | $29.6 million | $28.1 million | 5.1% | $117.2 million | $114.8 million | 2.1% | ||||||||||||||
Net Income | $5.8 million | $5.3 million | 10.1% | $24.0 million | $23.5 million | 2.3% | ||||||||||||||
Diluted Earnings per Share | $.49 | $.45 | 8.9% | $2.06 | $2.02 | 2.0% | ||||||||||||||
*Includes Energy, Telecom and Environmental |
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2014 4th Quarter Recap
A 9.9% increase in transportation volume, mainly attributed to a large number of new customers plus heightened activity from core clients, fueled the earnings surge. Conversely, quarterly dollar volume at the company’s facility expense operation was slightly lower than a year earlier – despite a high number of new customer wins as competitor consolidation in the energy sector continued to impair customer retention.
Operating expenses increased
“The strong performance of the transportation payment processing group
in the fourth quarter pushed Cass into annual record earnings territory
in 2014,” summarized
2014 Earnings Up 2% to
For the year ended
Operating expenses were up 1.6%, or
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
Quarter | Quarter | Year | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Transportation Invoice Volume | 8,652 | 8,227 | 34,141 | 31,895 | ||||||||||||
Transportation Dollar Volume | $ | 6,710,949 | $ | 6,107,706 | $ | 25,993,966 | $ | 23,506,097 | ||||||||
Facility Expense Transaction Volume | 5,136 | 5,106 | 20,600 | 19,502 | ||||||||||||
Facility Expense Dollar Volume | $ | 2,893,433 | $ | 2,966,966 | $ | 12,478,534 | $ | 11,583,611 | ||||||||
Payment and Processing Fees | $ | 19,733 | $ | 18,383 | $ | 77,427 | $ | 70,805 | ||||||||
Net Investment Income | 9,418 | 9,287 | 37,299 | 38,245 | ||||||||||||
Gain on Sales of Securities | - | 21 | 23 | 4,024 | ||||||||||||
Other | 424 | 441 | 2,457 | 1,743 | ||||||||||||
Total Revenues | $ | 29,575 | $ | 28,132 | $ | 117,206 | $ | 114,817 | ||||||||
Salaries and Benefits | $ | 16,934 | $ | 16,724 | $ | 66,100 | $ | 65,722 | ||||||||
Occupancy | 827 | 765 | 3,172 | 2,874 | ||||||||||||
Equipment | 1,038 | 1,009 | 4,130 | 3,810 | ||||||||||||
Other | 3,088 | 2,798 | 12,012 | 11,680 | ||||||||||||
Total Operating Expenses |
$ | 21,887 | $ | 21,296 | $ | 85,414 | $ | 84,086 | ||||||||
Income from Operations before Income Taxes | $ | 7,688 | $ | 6,836 | $ | 31,792 | $ | 30,731 | ||||||||
Income Tax Expense | 1,902 | 1,582 | 7,759 | 7,234 | ||||||||||||
Net Income | $ | 5,786 | $ | 5,254 | $ | 24,033 | $ | 23,497 | ||||||||
Basic Earnings per Share | $ | .50 | $ | .45 | $ | 2.09 | $ | 2.05 | ||||||||
Diluted Earnings per Share | $ | .49 | $ | .45 | $ | 2.06 | $ | 2.02 | ||||||||
Average Earning Assets | $ | 1,270,479 | $ | 1,240,394 | $ | 1,242,549 | $ | 1,198,710 | ||||||||
Net Interest Margin | 3.37% | 3.36% | 3.43% | 3.63% | ||||||||||||
Allowance for Loan Losses to Loans | 1.78% | 1.79% | 1.78% | 1.79% | ||||||||||||
Non-performing Loans to Total Loans | .07% | .27% | .07% | .27% | ||||||||||||
Net Loan (Recoveries) Charge-offs to Loans | (.01%) |
-- |
(.03%) | .18% | ||||||||||||
Provision for Loan Losses | $ |
-- |
$ |
-- |
$ |
-- |
$ | 500 |
Source:
Casey Communications
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com
http://www.cassinfo.com