Cass Information Systems, Inc. Profits Rise 25% in 2000.Business Editors ST. LOUIS--(BUSINESS WIRE)--Jan. 23, 2001 Cass Information Systems, Inc. (Nasdaq:CASS) reported 2000 fourth quarter earnings of 54 cents diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , a 32% increase over 1999 fourth quarter earnings of 41 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . For the year ended Dec. 31, 2000, Cass had earnings of $2.02 diluted earnings per share, a 25% increase from earnings of $1.61 per share for the same period in 1999. Total net income for the fourth quarter of 2000 was $1,851,000, a 20% increase from $1,544,000 reported in the fourth quarter of 1999. Total net income for 2000 was $7,147,000, a 15% increase from $6,198,000 posted in 1999. The increase in net income was primarily a result of increased earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin funded by freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or and utility payment processing operations, an increase in loans, which are originated by the company's bank subsidiary, and a rise in the general level of interest rates. Average funds provided by the Company's freight and utility payment operations for investment increased $29,956,000 or 12.6% over 1999. Net loans originated by the company's bank subsidiary increased $93,262,000 or 34% from the end of 1999 to Dec. 31, 2000. This increase in earnings occurred despite significant expenditures for additional staff and equipment in the freight processing division. These expenditures relate to the continuing development and implementation of new Internet-based processing and information systems. The division also reported that the backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of new business remains strong as major corporations find the outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. of payables Payables Related: Accounts payable a compelling alternative. The utility processing division reported that it processed 1,730,000 invoices during 2000, a 70% increase over 2000. This division, which was formalized for·mal·ize tr.v. for·mal·ized, for·mal·iz·ing, for·mal·iz·es 1. To give a definite form or shape to. 2. a. To make formal. b. last year, continues to show significant growth. It recorded an incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. pretax loss pretax loss A loss reported before tax benefits are considered. of $500,000 in 2000. Certain matters set forth in this news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1999.
(Unaudited)
CASS INFORMATION SYSTEMS, INC.
CASS/NASDAQ
THREE THREE
MONTHS MONTHS
ENDED ENDED
12/31/00 12/31/99
Summary of Operations ($000s):
Interest income (FTE) $ 10,315 $ 8,346
Interest expense 1,676 1,072
--------- ---------
Net interest income (FTE) 8,639 7,274
Less: Provision for loan losses 400 --
--------- ---------
Net interest income after
provision for loan losses 8,239 7,274
Non-interest income:
Information services revenue 4,588 4,821
Services charges on deposit accounts 237 176
Non-recurring (gain on security sales) -- --
Other operating 207 307
--------- ---------
Total non-interest income 5,032 5,304
Non-interest expense:
Salaries and benefits 7,393 6,872
Occupancy and equipment 1,160 1,238
Amortization of intangibles 25 25
Other 1,856 2,039
--------- ---------
Total non-interest expense 10,434 10,174
--------- ---------
Income before taxes 2,837 2,404
Less: (FTE) adjustment 59 61
Less: Income taxes 927 799
--------- ---------
Net income $ 1,851 $ 1,544
-------- --------
Balance Sheet Summary ($000s):
Cash and cash equivalents
AFS securities - fair value
HTM securities - amortized cost
Loans:
Commercial
Real estate commercial mortgage
Real estate residential mortgage
Construction
Industrial revenue bonds
Installment
Other
Allowance for loan losses
Total net loans
Goodwill (tax-deductible)
Other intangibles
Other assets
Total assets
Non-interest bearing deposits
Interest bearing deposits
Time deposits >$100,000
Total deposits
Accounts and drafts payable
Short-term borrowings
Other liabilities
Total liabilities
Shareholder's equity
Unrealized gain (loss) on securities
Total liabilities and shareholders equity
Average Balance Sheet Data ($000s):
Loans $ 348,647 $ 281,364
Allowance for loan losses (4,563) (4,281)
Total earning assets 516,341 472,267
Total assets 552,368 508,861
Time deposits >$100,000 2,588 3,075
Other interest-bearing liabilities 122,872 107,626
NIB demand deposits 80,745 80,787
Accounts and drafts payable 285,955 255,357
Total liabilities 498,709 452,124
Total shareholders' equity 53,659 56,737
Other Summary Information ($000s):
HTM Securities - fair value
Reserve for loan losses:
Beginning reserve $ 4,512 $ 4,277
Provisions 400 --
Charge-offs 30 --
Recoveries 15 5
--------- ---------
Ending reserve $ 4,897 $ 4,282
-------- --------
Non-performing loans:
Non-accrual loans
Renegotiated loans
Past-due 90-day loans
Total non-performing
Tier 1 capital
Tier 2 capital
Risk weighted total assets
Tier 1 capital ratio
Risk-based ratio
Leverage ratio
Return on average assets 1.33% 1.20%
Return on average shareholders' equity 13.72 10.80
Shares outstanding:
Average 3,364,628 3,748,636
Period ending
Per share data:
Basic EPS $ .55 $ .41
Diluted EPS .54 .41
Dividends .20 .19
Book value
Number of FTE Employees
(Unaudited)
CASS INFORMATION SYSTEMS, INC.
CASS/NASDAQ
TWELVE TWELVE
MONTHS MONTHS
ENDED ENDED
12/31/00 12/31/99
Summary of Operations ($000s):
Interest income (FTE) $ 37,297 $ 31,087
Interest expense 5,185 4,366
-------- ---------
Net interest income (FTE) 32,112 26,721
Less: Provision for loan losses 750 --
-------- ---------
Net interest income after
provision for loan losses 31,362 26,721
Non-interest income:
Information services revenue 19,424 20,026
Services charges on deposit accounts 839 680
Non-recurring (gain on security sales) -- --
Other operating 851 738
-------- ---------
Total non-interest income 21,114 21,444
Non-interest expense:
Salaries and benefits 28,499 25,974
Occupancy and equipment 4,785 4,494
Amortization of intangibles 97 97
Other 7,855 7,779
-------- ---------
Total non-interest expense 41,236 38,344
-------- ---------
Income before taxes 11,240 9,821
Less: (FTE) adjustment 232 212
Less: Income taxes 3,861 3,411
-------- ---------
Net income $ 7,147 $ 6,198
------- ---------
Balance Sheet Summary ($000s):
Cash and cash equivalents $115,931 $ 124,217
AFS securities - fair value 62,675 57,442
HTM securities - amortized cost 6,650 25,554
Loans:
Commercial 133,900 106,444
Real estate commercial mortgage 177,034 120,732
Real estate residential mortgage 7,228 8,750
Construction 30,981 29,633
Industrial revenue bonds 15,805 7,265
Installment 1,873 1,541
Other 5,399 3,978
Allowance for loan losses (4,897) (4,282)
--------- ----------
Total net loans 367,323 274,061
Goodwill (tax-deductible) 253 282
Other intangibles 61 128
Other assets 23,383 19,161
-------- ---------
Total assets $576,276 $ 500,845
------- ---------
Non-interest bearing deposits $ 99,941 $ 91,672
Interest bearing deposits 109,683 94,453
Time deposits >$100,000 3,042 2,611
-------- ---------
Total deposits 212,666 188,736
Accounts and drafts payable 302,840 249,894
Short-term borrowings -- 208
Other liabilities 6,950 5,444
-------- ---------
Total liabilities 522,456 444,282
Shareholder's equity 53,661 56,980
Unrealized gain (loss) on securities 159 (417)
-------- ----------
Total liabilities and shareholders equity $ 576,276 $ 500,845
----------------------
Average Balance Sheet Data ($000s):
Loans $327,962 $ 258,742
Allowance for loan losses (4,447) (4,389)
Total earning assets 478,122 455,187
Total assets 515,306 491,450
Time deposits >$100,000 2,491 3,479
Other interest-bearing liabilities 104,716 110,287
NIB demand deposits 79,749 77,170
Accounts and drafts payable 267,963 238,007
Total liabilities 460,999 434,332
Total shareholders' equity 54,307 57,118
Other Summary Information ($000s):
HTM Securities - fair value $ 6,682 $ 25,381
Reserve for loan losses:
Beginning reserve $ 4,282 $ 4,428
Provisions 750 --
Charge-offs 183 256
Recoveries 48 110
-------- ---------
Ending reserve $ 4,897 $ 4,282
--------- ---------
Non-performing loans:
Non-accrual loans $ 1,127 $ 170
Renegotiated loans -- 70
Past-due 90-day loans 4 167
-------- ---------
Total non-performing $ 1,131 $ 407
--------- ---------
Tier 1 capital $ 53,348 $ 56,570
Tier 2 capital 58,245 60,736
Risk weighted total assets 425,875 333,177
Tier 1 capital ratio 12.53% 16.98%
Risk-based ratio 13.68 18.23
Leverage ratio 10.36 11.53
Return on average assets 1.39% 1.26%
Return on average shareholders' equity 13.16 10.85
Shares outstanding:
Average 3,485,789 3,791,250
Period ending 3,334,911 3,722,851
Per share data:
Basic EPS $ 2.05 $ 1.63
Diluted EPS 2.02 1.61
Dividends .80 .76
Book value 16.14 15.19
Number of FTE Employees 660 605
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