Cass Information Systems, Inc. Reports 2nd Quarter 2014 Earnings
2nd Quarter | YTD | |||||||||||||||||
2014 | 2013 |
% |
2014 | 2013 |
% |
|||||||||||||
Transportation Dollar Volume | $6.7 billion | $5.9 billion | 13.5% | $12.6 billion | $11.3 billion | 11.3% | ||||||||||||
Facility Expense Dollar Volume* |
$3.1 billion | $2.8 billion | 10.8% | $6.3 billion | $5.4 billion | 17.3% | ||||||||||||
Revenues | $29.3 million | $29.2 million | .4% | $58.0 million | $57.6 million | .7% | ||||||||||||
Net Income | $6.0 million | $6.1 million | (.6%) | $11.8 million | $12.1 million | (2.1%) | ||||||||||||
Diluted Earnings per Share | $.52 | $.52 |
-- |
$1.02 | $1.04 | (1.9%) | ||||||||||||
*Includes Energy, Telecom and Environmental |
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2014 2nd Quarter Recap
Transportation and facility expense dollar volumes increased 14% and
11%, respectively. The increases were driven by growth in processing
activity associated with the large number of new customers added in the
past year plus increased activity from core transportation clients.
Despite solid growth in activity, second quarter earnings essentially
matched year-earlier results as the operational gains were off-set by a
3% or
Operating expenses increased by
“Our transportation and facility expense invoice processing operations
turned in admirable performances, enabling us to largely overcome the
earnings drag posed by current interest rate levels,” said
Six-Month 2014 Recap
For the six-month period ended
Operating expenses were up 2%, 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
Ended June 30, 2014 |
Quarter
Ended June 30, 2013 |
Six Months
Ended June 30, 2014 |
Six Months
Ended June 30, 2013 |
|||||||||||||
Transportation Invoice Volume | 8,874 | 7,935 | 16,633 | 15,279 | ||||||||||||
Transportation Dollar Volume | $ | 6,664,922 | $ | 5,869,694 | $ | 12,557,493 | $ | 11,285,059 | ||||||||
Facility Expense Transaction Volume | 5,181 | 4,800 | 10,276 | 9,418 | ||||||||||||
Facility Expense Dollar Volume | $ | 3,060,418 | $ | 2,762,513 | $ | 6,334,971 | $ | 5,402,756 | ||||||||
Payment and Processing Fees | $ | 19,554 | $ | 17,448 | $ | 37,951 | $ | 34,024 | ||||||||
Net Investment Income | 9,347 | 9,629 | 18,494 | 19,598 | ||||||||||||
Gain on Sales of Securities |
-- |
1,684 |
-- |
3,137 | ||||||||||||
Other | 398 | 435 | 1,576 | 871 | ||||||||||||
Total Revenues | $ | 29,299 | $ | 29,196 | $ | 58,021 | $ | 57,630 | ||||||||
Salaries and Benefits | $ | 16,464 | $ | 16,280 | $ | 32,651 | $ | 32,538 | ||||||||
Occupancy | 756 | 735 | 1,562 | 1,344 | ||||||||||||
Equipment | 1,121 | 923 | 2,147 | 1,831 | ||||||||||||
Other | 2,965 | 3,079 | 5,971 | 5,693 | ||||||||||||
Total Operating Expenses |
$ | 21,306 | $ | 21,017 | $ | 42,331 | $ | 41,406 | ||||||||
Income from Operations before Income Taxes | $ | 7,993 | $ | 8,179 | $ | 15,690 | $ | 16,224 | ||||||||
Income Tax Expense | 1,958 | 2,106 | 3,844 | 4,119 | ||||||||||||
Net Income | $ | 6,035 | $ | 6,073 | $ | 11,846 | $ | 12,105 | ||||||||
Basic Earnings per Share | $ | .52 | $ | .53 | $ | 1.03 | $ | 1.06 | ||||||||
Diluted Earnings per Share | $ | .52 | $ | .52 | $ | 1.02 | $ | 1.04 | ||||||||
Average Earning Assets | $ | 1,220,326 | $ | 1,176,943 | $ | 1,227,932 | $ | 1,171,498 | ||||||||
Net Interest Margin | 3.50% | 3.77% | 3.46% | 3.86% | ||||||||||||
Allowance for Loan Losses to Loans | 1.78% | 1.69% | 1.78% | 1.69% | ||||||||||||
Non-performing Loans to Total Loans | .23% | .13% | .23% | .13% | ||||||||||||
Net Loan (Recoveries) Charge-offs to Loans |
-- |
-- |
(.03%) | .22% | ||||||||||||
Provision for Loan Losses | $ |
-- |
$ | 300 | $ |
-- |
$ | 500 |
Source:
Casey Communications
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com
http://www.cassinfo.com