Cass Information Systems, Inc. Reports 1st Quarter 2014 Earnings
2014 1st Quarter Recap |
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March 31, 2014 | March 31, 2013 | % Change | ||||||
Transportation Dollar Volume | $5.9 billion | $5.4 billion | 8.8% | ||||||
Facility Expense Dollar Volume* |
$3.3 billion | $2.6 billion | 24% | ||||||
Revenues | $28.7 million | $28.4 million | 1% | ||||||
Net Income | $5.8 million | $6.0 million | (3.7%) | ||||||
Diluted Earnings per Share | $.50 | $.52 | (3.8%) | ||||||
*Includes Energy, Telecom and Environmental |
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Cass posted modestly lower first quarter earnings despite strong growth
of 11% in payment and processing fee revenue. The increase in processing
activity and related fees was driven mainly by a large number of new
customers added during the past year. This growth is key to future
performance showing the continued acceptance of Cass’ processing
services. Growth was across the board as both the transportation and
facilities groups posted strong increases in transaction and revenue
activity. Those gains were offset by an 8% or
Operating expenses increased by
“Our transportation and facility expense invoice processing operations
turned in strong performances and helped to partially overcome the
earnings drag presented by the stagnant interest rate environment,” said
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 March 31, 2014 and 2013: |
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Quarter Ended March 31, 2014 |
Quarter Ended March 31, 2013 |
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Transportation Invoice Volume | 7,759 | 7,344 | |||||||||
Transportation Dollar Volume | $ | 5,892,571 | $ | 5,415,365 | |||||||
Facility Expense Transaction Volume | 5,095 | 4,618 | |||||||||
Facility Expense Dollar Volume | $ | 3,274,553 | $ | 2,640,243 | |||||||
Payment and Processing Fees | $ | 18,397 | $ | 16,576 | |||||||
Net Investment Income | 9,147 | 9,969 | |||||||||
Gains on Sales of Securities |
-- |
1,453 | |||||||||
Other | 1,178 | 436 | |||||||||
Total Revenues | $ | 28,722 | $ | 28,434 | |||||||
Salaries and Benefits | $ | 16,187 | $ | 16,258 | |||||||
Occupancy | 806 | 609 | |||||||||
Equipment | 1,026 | 908 | |||||||||
Other | 3,006 | 2,614 | |||||||||
Total Operating Expenses | $ | 21,025 | $ | 20,389 | |||||||
Income from Operations before Income Tax Expense | $ | 7,697 | $ | 8,045 | |||||||
Income Tax Expense | 1,886 | 2,013 | |||||||||
Net Income | $ | 5,811 | $ | 6,032 | |||||||
Basic Earnings per Share | $ | .51 | $ | .53 | |||||||
Diluted Earnings per Share | $ | .50 | $ | .52 | |||||||
Average Earning Assets | $ | 1,235,622 | $ | 1,165,993 | |||||||
Net Interest Margin | 3.42 | % | 3.96 | % | |||||||
Allowance for Loan Losses to Loans | 1.78 | % | 1.62 | % | |||||||
Non-performing Loans to Total Loans | .24 | % | .13 | % | |||||||
Net Loan (Recoveries) / Charge-offs to Loans | (.02 | %) | .22 | % | |||||||
Provision for Loan Losses | $ |
-- |
$ | 200 | |||||||
Source:
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com