About Cass Information Systems
Cass Information Systems is the leading provider of transportation, utility, telecom and environmental invoice payment and information services. The company, which has been involved in the payables services and information support business since 1956, disburses $32 billion annually on behalf of customers from locations in St. Louis, Mo., Columbus, Ohio, Boston, Mass., Greenville, S.C., Wellington, Kansas and Jacksonville, Fla. The support of Cass Commercial Bank, founded in 1906, makes Cass Information Systems unique in the industry. Cass is part of the Russell 2000® Index .
Note to Investors
Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the company’s actual results, see the company’s reports filed from time to time with the Securities and Exchange Commission including the company’s annual report on Form 10-K for the year ended December 31, 2010.
|Selected Consolidated Financial Data|
|The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended December 31, 2011 and 2010.|
|Quarter Ended 12/31/11||Quarter Ended 12/31/10||Year Ended 12/31/11||Year Ended 12/31/10|
|Transportation Invoice Volume||7,197||6,668||29,025||26,287|
|Transportation Dollar Volume||$||5,326,457||$||4,468,924||$||20,599,503||$||16,966,003|
|Utility Transaction Volume||3,333||3,086||13,441||12,247|
|Utility Dollar Volume||$||2,517,495||$||2,521,812||$||10,702,242||$||10,460,333|
|Payment and Processing Fees||$||15,316||$||14,010||$||60,688||$||54,183|
|Net Investment Income||10,759||10,447||43,711||40,071|
|Gain (Loss) on Sale of Securities||(5||)||—||43||—|
|Salaries and Benefits||$||14,296||$||13,169||$||56,573||$||51,368|
|Total Operating Expenses||$||19,347||$||18,139||$||75,029||$||68,284|
|Income from Operations before Income Taxes||$||7,174||$||6,860||$||31,506||$||27,933|
|Income Tax Expense||1,683||1,779||8,497||7,623|
|Basic Earnings per Share||$||.53||$||.50||$||2.23||$||1.98|
|Diluted Earnings per Share||$||.53||$||.48||$||2.21||$||1.95|
|Average Earning Assets||$||1,236,331||$||1,135,125||$||1,188,283||$||1,060,559|
|Net Interest Margin||3.99||%||4.47||%||4.31||%||4.61||%|
|Allowance for Loan Losses to Loans||1.93||%||1.68||%||1.93||%||1.68||%|
|Non-performing Loans to Total Loans||.26||%||.08||%||.26||%||.08||%|
|Net Loan Charge-offs to Loans||.05||%||—||.16||%||.07||%|
|Provision for Loan Losses||$||300||$||1,100||$||2,150||$||4,100|
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