Cass Information Systems Inc (CASS, Financial) filed Quarterly Report for the period ended 2009-09-30.
Cass is a leading provider of payables services and information support systems to companies throughout North America. Cass Information Systems Inc has a market cap of $268.5 million; its shares were traded at around $29.1 with a P/E ratio of 16 and P/S ratio of 2.9. The dividend yield of Cass Information Systems Inc stocks is 1.8%. Cass Information Systems Inc had an annual average earning growth of 23% over the past 5 years.
Three Months Ended Nine Months Ended
September 30, September 30,
- -
% %
(In thousands except per share data) 2009 2008 Change 2009 2008 Change
-
Net income $ 4,318 $ 5,228 (17.4)% $ 11,902 $ 13,813 (13.8)%
Diluted earnings per share $ .46 $ .56 (17.9)% $ 1.27 $ 1.47 (13.6)%
Return on average assets 1.68% 2.16% - 1.69% 2.02% -
Return on average equity 14.44% 19.90% - 13.84% 17.86% -
Three Months Ended Nine Months Ended
September 30, September 30,
- -
% %
(In thousands) 2009 2008 Change 2009 2008 Change
-
Freight Core Invoice Transaction 5,962 6,772 (12.0)% 17,073 19,509 (12.5)%
Volume*
Freight Invoice Dollar Volume $ 3,573,371 $ 4,936,507 (27.6)% $10,351,933 $13,149,602 (21.3)%
Utility Transaction Volume 2,903 2,702 7.4% 8,556 7,852 9.0%
Utility Transaction Dollar Volume $ 2,546,747 $ 2,633,438 (3.3)% $ 7,305,848 $ 7,126,799 2.5%
Payment and Processing Fees $ 12,302 $ 13,116 (6.2)% $ 36,282 $ 37,907 (4.3)%
*Core invoices exclude parcel shipments.
Three Months Ended Nine Months Ended
September 30, September 30,
- -
% %
(In thousands) 2009 2008 Change 2009 2008 Change
-
Average earnings assets $ 938,566 $ 864,685 8.5% $ 858,557 $ 822,980 4.3%
Average interest-bearing
liabilities 308,980 150,667 105.1% 255,875 152,247 68.1%
Net interest income* 10,652 11,608 (8.2)% 31,584 33,473 (5.6)%
Net interest margin* 4.50% 5.34% - 4.92% 5.43% -
Yield on earning assets* 5.09% 5.66% - 5.49% 5.86% -
Rate on interest bearing
liabilities 1.80% 1.83% - 1.92% 2.32% -
Third Quarter of 2009 Third Quarter of 2008
- -
Interest Interest
Average Income/ Yield/ Average Income/ Yield/
(In thousands) Balance % Expense Rate Balance % Expense Rate
-
Assets(1)
Earning assets
Loans(2,) (3):
Taxable $ 617,368 $ 9,093 5.84% $ 566,571 $ 8,721 6.12%
Tax-exempt(4) 3,054 49 6.37 3,796 66 6.92
Debt and equity securities(5):
Taxable 3,425 15 1.74 2,785 13 1.86
Tax-exempt(4) 184,312 2,837 6.11 200,930 3,034 6.01
Federal funds sold and other
short-term investments 130,407 57 .17 90,603 466 2.05
-
Total earning assets 938,566 12,051 5.09 864,685 12,300 5.66
Non-earning assets
Cash and due from banks 10,028 23,931
Premise and equipment, net 10,996 12,368
Bank owned life insurance 13,446 12,864
Goodwill and other
intangibles 7,901 8,181
Other assets 45,167 47,275
Allowance for loan losses (7,075) (6,029)
-
Total assets $ 1,019,029 $ 963,275
-
Liabilities and Shareholders' Equity(1)
Interest-bearing liabilities
Interest-bearing demand
deposits $ 141,077 $ 499 1.40% $ 78,659 $ 245 1.24%
Savings deposits 30,356 104 1.36 21,584 66 1.22
Time deposits >=$100 46,503 264 2.25 28,399 204 2.86
Other time deposits 89,056 505 2.25 18,458 131 2.82
-
Total interest-bearing deposits 306,992 1,372 1.77 147,100 646 1.75
Short-term borrowings 13 - - 103 - -
Subordinated debentures 1,975 27 5.42 3,464 46 5.28
-
Total interest bearing liabilities 308,980 1,399 1.80 150,667 692 1.83
Non-interest bearing liabilities
Demand deposits 106,685 90,279
Accounts and drafts payable 464,933 604,491
Other liabilities 19,804 13,338
-
Total liabilities 900,402 858,775
Shareholders' equity 118,627 104,500
Total liabilities and share-
holders' equity $ 1,019,029 $ 963,275
-
Net interest income $ 10,652 $ 11,608
Interest spread 3.29% 3.83%
Net interest margin 4.50 5.34
-
First Nine Months of 2009 First Nine Months of 2008
- -
Interest Interest
Average Income/ Yield/ Average Income/ Yield/
(In thousands) Balance % Expense Rate Balance % Expense Rate
-
Assets(1)
Earning assets
Loans(2,) (3):
Taxable $ 604,413 $ 26,557 5.87% $ 540,134 $ 25,436 6.29%
Tax-exempt(4) 3,184 160 6.72 3,949 207 7.00
Debt and equity securities(5):
Taxable 3,490 33 1.26 3,103 63 2.71
Tax-exempt(4) 182,845 8,403 6.14 192,795 8,718 6.04
Federal funds sold and other
short-term investments 64,625 101 .21 82,999 1,691 2.72
-
Total earning assets 858,557 35,254 5.49 822,980 36,115 5.86
Non-earning assets
Cash and due from banks 9,517 22,903
Premise and equipment, net 11,322 12,584
Bank owned life insurance 13,306 12,728
Goodwill and other
intangibles 7,969 8,252
Other assets 47,197 41,355
Allowance for loan losses (6,803) (6,192)
-
Total assets $ 941,065 $ 914,610
-
Liabilities and Shareholders' Equity(1)
Interest-bearing liabilities
Interest-bearing demand
deposits $ 107,397 $ 1,181 1.47% $ 77,131 $ 864 1.50%
Savings deposits 23,617 242 1.37 19,615 214 1.46
Time deposits >=$100 43,206 827 2.56 32,185 876 3.64
Other time deposits 74,006 1,291 2.33 19,010 534 3.75
-
Total interest-bearing deposits 248,226 3,541 1.91 147,941 2,488 2.25
Short-term borrowings 5,000 23 .62 431 13 4.03
Subordinated debentures 2,649 106 5.35 3,875 141 5.35
-
Total interest bearing liabilities 255,875 3,670 1.92 152,247 2,642 2.32
Non-interest bearing liabilities
Demand deposits 98,090 87,290
Accounts and drafts payable 452,898 559,109
Other liabilities 19,247 12,642
-
Total liabilities 826,110 811,288
Shareholders' equity 114,955 103,322
Total liabilities and share-
holders' equity $ 941,065 $ 914,610
-
Net interest income $ 31,584 $ 33,473
Interest spread 3.57% 3.54%
Net interest margin 4.92 5.43
-
Loans charged off 146 397 400 1,732
Recoveries on loans previously charged off 3 76 81 121
- - - -
Net loans charged off 143 321 319 1,611
- - - -
Allowance at end of period $ 7,232 $ 6,269 $ 7,232 $ 6,269
- - - -
Loans outstanding:
Average $ 620,422 $ 570,367 $ 607,597 $ 544,083
September 30, 620,843 575,118 620,843 575,118
Ratio of allowance for loan losses to loans
outstanding:
Average 1.17% 1.10% 1.19% 1.15%
September 30, 1.16 1.09 1.16 1.09
Nonperforming loans:
Nonaccrual loans $ 1,232 $ 1,672 $ 1,232 $ 1,672
Loans past due 90 days or more - - - -
Renegotiated loans 556 - 556 -
- - - -
Total nonperforming loans $ 1,788 $ 1,672 $ 1,788 $ 1,672
Foreclosed assets 2,177 2,177 2,177 2,177
-
Nonperforming loans as a % of average loans .29% .29% .29% .31%
-
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Cass is a leading provider of payables services and information support systems to companies throughout North America. Cass Information Systems Inc has a market cap of $268.5 million; its shares were traded at around $29.1 with a P/E ratio of 16 and P/S ratio of 2.9. The dividend yield of Cass Information Systems Inc stocks is 1.8%. Cass Information Systems Inc had an annual average earning growth of 23% over the past 5 years.
Highlight of Business Operations:
Three Months Ended Nine Months Ended
September 30, September 30,
- -
% %
(In thousands except per share data) 2009 2008 Change 2009 2008 Change
-
Net income $ 4,318 $ 5,228 (17.4)% $ 11,902 $ 13,813 (13.8)%
Diluted earnings per share $ .46 $ .56 (17.9)% $ 1.27 $ 1.47 (13.6)%
Return on average assets 1.68% 2.16% - 1.69% 2.02% -
Return on average equity 14.44% 19.90% - 13.84% 17.86% -
Three Months Ended Nine Months Ended
September 30, September 30,
- -
% %
(In thousands) 2009 2008 Change 2009 2008 Change
-
Freight Core Invoice Transaction 5,962 6,772 (12.0)% 17,073 19,509 (12.5)%
Volume*
Freight Invoice Dollar Volume $ 3,573,371 $ 4,936,507 (27.6)% $10,351,933 $13,149,602 (21.3)%
Utility Transaction Volume 2,903 2,702 7.4% 8,556 7,852 9.0%
Utility Transaction Dollar Volume $ 2,546,747 $ 2,633,438 (3.3)% $ 7,305,848 $ 7,126,799 2.5%
Payment and Processing Fees $ 12,302 $ 13,116 (6.2)% $ 36,282 $ 37,907 (4.3)%
*Core invoices exclude parcel shipments.
Three Months Ended Nine Months Ended
September 30, September 30,
- -
% %
(In thousands) 2009 2008 Change 2009 2008 Change
-
Average earnings assets $ 938,566 $ 864,685 8.5% $ 858,557 $ 822,980 4.3%
Average interest-bearing
liabilities 308,980 150,667 105.1% 255,875 152,247 68.1%
Net interest income* 10,652 11,608 (8.2)% 31,584 33,473 (5.6)%
Net interest margin* 4.50% 5.34% - 4.92% 5.43% -
Yield on earning assets* 5.09% 5.66% - 5.49% 5.86% -
Rate on interest bearing
liabilities 1.80% 1.83% - 1.92% 2.32% -
Third Quarter of 2009 Third Quarter of 2008
- -
Interest Interest
Average Income/ Yield/ Average Income/ Yield/
(In thousands) Balance % Expense Rate Balance % Expense Rate
-
Assets(1)
Earning assets
Loans(2,) (3):
Taxable $ 617,368 $ 9,093 5.84% $ 566,571 $ 8,721 6.12%
Tax-exempt(4) 3,054 49 6.37 3,796 66 6.92
Debt and equity securities(5):
Taxable 3,425 15 1.74 2,785 13 1.86
Tax-exempt(4) 184,312 2,837 6.11 200,930 3,034 6.01
Federal funds sold and other
short-term investments 130,407 57 .17 90,603 466 2.05
-
Total earning assets 938,566 12,051 5.09 864,685 12,300 5.66
Non-earning assets
Cash and due from banks 10,028 23,931
Premise and equipment, net 10,996 12,368
Bank owned life insurance 13,446 12,864
Goodwill and other
intangibles 7,901 8,181
Other assets 45,167 47,275
Allowance for loan losses (7,075) (6,029)
-
Total assets $ 1,019,029 $ 963,275
-
Liabilities and Shareholders' Equity(1)
Interest-bearing liabilities
Interest-bearing demand
deposits $ 141,077 $ 499 1.40% $ 78,659 $ 245 1.24%
Savings deposits 30,356 104 1.36 21,584 66 1.22
Time deposits >=$100 46,503 264 2.25 28,399 204 2.86
Other time deposits 89,056 505 2.25 18,458 131 2.82
-
Total interest-bearing deposits 306,992 1,372 1.77 147,100 646 1.75
Short-term borrowings 13 - - 103 - -
Subordinated debentures 1,975 27 5.42 3,464 46 5.28
-
Total interest bearing liabilities 308,980 1,399 1.80 150,667 692 1.83
Non-interest bearing liabilities
Demand deposits 106,685 90,279
Accounts and drafts payable 464,933 604,491
Other liabilities 19,804 13,338
-
Total liabilities 900,402 858,775
Shareholders' equity 118,627 104,500
Total liabilities and share-
holders' equity $ 1,019,029 $ 963,275
-
Net interest income $ 10,652 $ 11,608
Interest spread 3.29% 3.83%
Net interest margin 4.50 5.34
-
First Nine Months of 2009 First Nine Months of 2008
- -
Interest Interest
Average Income/ Yield/ Average Income/ Yield/
(In thousands) Balance % Expense Rate Balance % Expense Rate
-
Assets(1)
Earning assets
Loans(2,) (3):
Taxable $ 604,413 $ 26,557 5.87% $ 540,134 $ 25,436 6.29%
Tax-exempt(4) 3,184 160 6.72 3,949 207 7.00
Debt and equity securities(5):
Taxable 3,490 33 1.26 3,103 63 2.71
Tax-exempt(4) 182,845 8,403 6.14 192,795 8,718 6.04
Federal funds sold and other
short-term investments 64,625 101 .21 82,999 1,691 2.72
-
Total earning assets 858,557 35,254 5.49 822,980 36,115 5.86
Non-earning assets
Cash and due from banks 9,517 22,903
Premise and equipment, net 11,322 12,584
Bank owned life insurance 13,306 12,728
Goodwill and other
intangibles 7,969 8,252
Other assets 47,197 41,355
Allowance for loan losses (6,803) (6,192)
-
Total assets $ 941,065 $ 914,610
-
Liabilities and Shareholders' Equity(1)
Interest-bearing liabilities
Interest-bearing demand
deposits $ 107,397 $ 1,181 1.47% $ 77,131 $ 864 1.50%
Savings deposits 23,617 242 1.37 19,615 214 1.46
Time deposits >=$100 43,206 827 2.56 32,185 876 3.64
Other time deposits 74,006 1,291 2.33 19,010 534 3.75
-
Total interest-bearing deposits 248,226 3,541 1.91 147,941 2,488 2.25
Short-term borrowings 5,000 23 .62 431 13 4.03
Subordinated debentures 2,649 106 5.35 3,875 141 5.35
-
Total interest bearing liabilities 255,875 3,670 1.92 152,247 2,642 2.32
Non-interest bearing liabilities
Demand deposits 98,090 87,290
Accounts and drafts payable 452,898 559,109
Other liabilities 19,247 12,642
-
Total liabilities 826,110 811,288
Shareholders' equity 114,955 103,322
Total liabilities and share-
holders' equity $ 941,065 $ 914,610
-
Net interest income $ 31,584 $ 33,473
Interest spread 3.57% 3.54%
Net interest margin 4.92 5.43
-
Loans charged off 146 397 400 1,732
Recoveries on loans previously charged off 3 76 81 121
- - - -
Net loans charged off 143 321 319 1,611
- - - -
Allowance at end of period $ 7,232 $ 6,269 $ 7,232 $ 6,269
- - - -
Loans outstanding:
Average $ 620,422 $ 570,367 $ 607,597 $ 544,083
September 30, 620,843 575,118 620,843 575,118
Ratio of allowance for loan losses to loans
outstanding:
Average 1.17% 1.10% 1.19% 1.15%
September 30, 1.16 1.09 1.16 1.09
Nonperforming loans:
Nonaccrual loans $ 1,232 $ 1,672 $ 1,232 $ 1,672
Loans past due 90 days or more - - - -
Renegotiated loans 556 - 556 -
- - - -
Total nonperforming loans $ 1,788 $ 1,672 $ 1,788 $ 1,672
Foreclosed assets 2,177 2,177 2,177 2,177
-
Nonperforming loans as a % of average loans .29% .29% .29% .31%
-
Read the The complete Report
