Cass Information Systems, Inc. Reports 25% Increase in Fourth Quarter Diluted EPS
The following table contains key figures for the fourth quarter and year-to-date 2021 and 2020: |
||||||
(Numbers in thousands except EPS and ROE) |
4th Quarter |
%
|
YTD |
%
|
||
|
2021 |
2020 |
2021 |
2020 |
||
Transportation Invoice Volume |
9,202 |
8,950 |
2.8 |
36,783 |
33,184 |
10.8 |
Transportation Dollar Volume |
|
|
38.7 |
|
|
38.9 |
Facility-related Transaction Volume* |
6,757 |
6,962 |
(2.9) |
27,256 |
27,292 |
(0.1) |
Facility-related Dollar Volume* |
|
|
28.1 |
|
|
17.9 |
Revenues |
|
|
7.6 |
|
|
6.3 |
Net Income |
|
|
20.1 |
|
|
13.6 |
Diluted Earnings per Share |
|
|
25.0 |
|
|
15.6 |
Return on Equity |
|
|
n/a |
|
|
n/a |
*Includes Energy, Telecom and Waste
2021 4th Quarter Recap
Revenue and net income increased
Transportation volumes for invoices and dollars increased
Facility-related (electricity, gas, waste and telecom expense management) dollar volumes grew
The increase in dollar volumes assisted in driving the increase in average interest-earning assets of
The provision for credit losses was
Consolidated operating expenses rose
2021 Full Year Recap
For the year ended
Summary and Outlook
“I am exceptionally proud of the results achieved by our team in 2021 despite the continued headwinds of the COVID-19 pandemic and historically low interest rates,” noted
Cash Dividend Declared
On
Stock Repurchases
During the fourth quarter of 2021 and full year 2021, the company repurchased 278,919 and 713,857 shares of common stock for a total of
“Our dividend rate combined with stock repurchase activity over the past 12 months reflects our solid operating performance, strong capital base, and the board’s continued optimism about the company’s long-term prospects,” said Brunngraber.
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. These risks and uncertainties include the scope, duration and ultimate impact of the COVID-19 pandemic as well as economic and market conditions, risks of credit deterioration, interest rate changes, governmental actions, market volatility, security breaches and technology interruptions, energy prices and competitive factors, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed 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
|
|
|
Quarter
|
|
|
Year
|
|
|
Year
|
||||
Payment and Processing Fees |
$ |
28,014 |
|
|
$ |
24,664 |
|
|
$ |
106,455 |
|
|
$ |
97,204 |
|
Net Interest Income |
|
11,738 |
|
|
|
11,977 |
|
|
|
44,326 |
|
|
|
45,325 |
|
(Provision for) Release of Credit / Loan Losses |
(740 |
) |
(85 |
) |
130 |
|
(810 |
) |
|||||||
Other |
|
938 |
|
|
|
576 |
|
|
|
3,236 |
|
|
|
3,237 |
|
Total Revenues |
$ |
39,950 |
|
|
$ |
37,132 |
|
|
$ |
154,147 |
|
|
$ |
144,956 |
|
Personnel |
$ |
23,466 |
|
|
$ |
22,223 |
|
|
$ |
92,155 |
|
|
$ |
88,062 |
|
Occupancy |
|
965 |
|
|
|
930 |
|
|
|
3,824 |
|
|
|
3,739 |
|
Equipment |
|
1,717 |
|
|
|
1,668 |
|
|
|
6,745 |
|
|
|
6,568 |
|
Other |
|
5,160 |
|
|
|
4,828 |
|
|
|
17,602 |
|
|
|
16,246 |
|
Total Operating Expenses |
$ |
31,308 |
|
|
$ |
29,649 |
|
|
$ |
120,326 |
|
|
$ |
114,615 |
|
Income from Operations before Income Taxes |
$ |
8,642 |
|
|
$ |
7,483 |
|
|
$ |
33,821 |
|
|
$ |
30,341 |
|
Income Tax Expense |
|
940 |
|
|
|
1,072 |
|
|
|
5,217 |
|
|
|
5,165 |
|
Net Income |
$ |
7,702 |
|
|
$ |
6,411 |
|
|
$ |
28,604 |
|
|
$ |
25,176 |
|
Basic Earnings per Share |
$ |
.56 |
|
|
$ |
.45 |
|
|
$ |
2.03 |
|
|
$ |
1.75 |
|
Diluted Earnings per Share |
$ |
.55 |
|
|
$ |
.44 |
|
|
$ |
2.00 |
|
|
$ |
1.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average Earning Assets |
$ |
2,099,414 |
|
|
$ |
1,847,652 |
|
|
$ |
1,999,609 |
|
|
$ |
1,674,297 |
|
Net Interest Margin |
|
2.30 |
% |
|
|
2.68 |
% |
|
|
2.31 |
% |
|
|
2.82 |
% |
Allowance for Credit Losses /Allowance for Loan Losses to Loans |
|
1.25 |
% |
|
|
1.34 |
% |
|
|
1.25 |
% |
|
|
1.34 |
% |
Non-performing Loans to Total Loans |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005263/en/
kentringer@caseycomm.com
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