Net investment income increased $1.7 million, or 18%, primarily due to the increase in average earning assets.
Overall operating expenses were up $1.9 million, or 12%, primarily due to the increase in processing activity.
“We are pleased to get 2011 off to a record start and remain committed to the core strategies that helped us weather the economic downturn and that are now generating notably positive results,” said Eric H. Brunngraber, Cass president and chief executive officer. “We will continue to invest in initiatives that broaden and strengthen our relationships with clients as we remain optimistic about the future.”
About Cass Information SystemsCass Information Systems, Inc. is the leading provider of transportation, utility and telecom invoice payment and information services. The company, which has been involved in the payables services and information support business since 1956, disburses over $27 billion annually on behalf of customers from locations in St. Louis, Mo., Columbus, Ohio, Boston, Mass., Greenville, S.C. and Wellington, Kansas. The support of Cass Commercial Bank , founded in 1906, makes Cass Information Systems unique in the industry. Cass is part of the Russell 2000® Index . Note to Investors Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the company’s actual results, see the company’s reports filed from time to time with the Securities and Exchange Commission including the company’s annual report on Form 10-K for the year ended December 31, 2010.
|Selected Consolidated Financial Data The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended March 31, 2011 and 2010:|
|Quarter Ended March 31, 2011||Quarter Ended March 31, 2010|
|Transportation Invoice Volume||6,670||6,017|
|Transportation Dollar Volume||$||4,568,930||$||3,768,941|
|Utility Transaction Volume||3,358||3,055|
|Utility Dollar Volume||$||2,689,235||$||2,608,099|
|Payment and Processing Fees||$||14,347||$||12,745|
|Net Investment Income||11,248||9,552|
|Salaries and Benefits||$||13,706||$||12,490|
|Total Operating Expenses||$||18,134||$||16,197|
|Income from Operations before Income Tax Expense||$||7,946||$||6,580|
|Income Tax Expense||2,227||1,831|
|Basic Earnings per Share||$||.61||$||.51|
|Diluted Earnings per Share||$||.60||$||.50|
|Average Earning Assets||$||1,149,715||$||984,700|
|Net Interest Margin||4.60%||4.78%|
|Allowance for Loan Losses to Loans||1.74%||1.35%|
|Non-performing Loans to Total Loans||.08%||.21%|
|Net Loan (Recoveries) Charge-offs to Loans||-.01%||.03%|
|Provision for Loan Losses||$||450||$||900|
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