Cass Information Systems, Inc. Grows 2012 Earnings to $23.3 Million, Surpasses 2011 Results
Reports 4th Quarter Earnings and Declares Regular Quarterly Cash Dividend
4th Quarter |
% |
YTD |
% |
|||||||||
2012 | 2011 | Change | 2012 | 2011 | Change | |||||||
Transportation Dollar Volume | $5.6 billion | $5.3 billion | 5.4% | $22.3 billion | $20.6 billion | 8.1% | ||||||
Facility Expense Dollar Volume* | $2.6 billion | $2.7 billion | (3.8)% | $10.9 billion | $11.3 billion | (3.5)% | ||||||
Revenues | $26.8 million | $26.5 million | .9% | $111.5 million | $106.5 million | 4.7% | ||||||
Net Income | $5.3 million | $5.5 million | (2.7)% | $23.3 million | $23.0 million | 1.3% | ||||||
Diluted Earnings per Share | $.46 | $.48 | (4.2)% | $2.02 | $2.01 | .5% |
* Includes
2012 4th Quarter Recap
Cass fourth quarter earnings were
During the fourth quarter the 5.4% volume increase in transportation
transaction volume was fueled by increased activity from both
established and new customers. Conversely, facility expense dollar
volumes declined 3.8% owing to lower pricing for electricity and natural
gas as well as customer turnover. Overall, revenues grew to
Operating expenses were up 2.5%, or
2012 Fiscal Benchmarks
Revenues for the year ended
Net investment income declined 7.6%, or
Operating expenses were up 7.1%, or
“As long-time shareholders know, a prolonged period of low interest
rates reduces the earnings contribution of our investable assets,”
commented
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, 2012 and 2011. |
||||||||||||
Quarter
Ended 12/31/12 |
Quarter
Ended 12/31/11 |
Year
Ended 12/31/12 |
Year
Ended 12/31/11 |
|||||||||
Transportation Invoice Volume | 7,321 | 6,998 | 28,790 | 28,279 | ||||||||
Transportation Dollar Volume | $ | 5,614,573 | $ | 5,326,457 | $ | 22,261,815 | $ | 20,599,503 | ||||
Facility Expense Transaction Volume* | 4,611 | 4,388 | 18,277 | 17,147 | ||||||||
Facility Expense Dollar Volume* | $ | 2,587,490 | $ | 2,690,126 | $ | 10,899,294 | $ | 11,299,991 | ||||
Payment and Processing Fees | $ | 16,983 | $ | 15,316 | $ | 66,695 | $ | 60,688 | ||||
Net Investment Income | 9,054 | 10,759 | 40,385 | 43,711 | ||||||||
Gain (Loss) on Sale of Securities |
234 |
(5) |
2,635 |
43 |
||||||||
Other | 500 | 451 | 1,808 | 2,093 | ||||||||
Total Revenues | $ | 26,771 | $ | 26,521 | $ | 111,523 | $ | 106,535 | ||||
Salaries and Benefits | $ | 15,585 | $ | 14,296 | $ | 62,563 | $ | 56,573 | ||||
Occupancy | 569 | 532 | 2,157 | 2,318 | ||||||||
Equipment | 890 | 944 | 3,516 | 3,525 | ||||||||
Other | 2,779 | 3,575 | 12,097 | 12,613 | ||||||||
Total Operating Expenses | $ | 19,823 | $ | 19,347 | $ | 80,333 | $ | 75,029 | ||||
Income from Operations before Income Taxes |
$ |
6,948 |
$ |
7,174 |
$ |
31,190 |
$ |
31,506 |
||||
Income Tax Expense | 1,607 | 1,683 | 7,887 | 8,497 | ||||||||
Net Income | $ | 5,341 | $ | 5,491 | $ | 23,303 | $ | 23,009 | ||||
Basic Earnings per Share | $ | .47 | $ | .48 | $ | 2.05 | $ | 2.03 | ||||
Diluted Earnings per Share | $ | .46 | $ | .48 | $ | 2.02 | $ | 2.01 | ||||
Average Earning Assets | $ | 1,207,492 | $ | 1,236,331 | $ | 1,201,846 | $ | 1,188,283 | ||||
Net Interest Margin | 3.95% | 3.99% | 4.00% | 4.31% | ||||||||
Allowance for Loan Losses to Loans | 1.80% | 1.93% | 1.80% | 1.93% | ||||||||
Non-performing Loans to Total Loans | .96% | .26% | .96% | .26% | ||||||||
Net Loan Charge-offs to Loans | .23% | .05% | .44% | .16% | ||||||||
Provision for Loan Losses | $ | 1,600 | $ | 300 | $ | 2,400 | $ | 2,150 | ||||
* Includes Energy, Telecom and Environmental |
Source:
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com