Insight. Expertise. Execution.
2011 SUMMARY ANNUAL REPORT
CASS INFORMATION SYSTEMS, INC.
Corporate Profile
Cass Information Systems, Inc. is the leading provider of
transportation, utility and telecom expense management
and related business intelligence services, disbursing
$32 billion annually on behalf of its clients. With total
assets of $1.3 billion, Cass is a business process
outsourcer focused on invoice processing, auditing
and payment services. Cass is uniquely supported by
Cass Commercial Bank, founded in 1906. Today, Cass
Commercial Bank is a wholly owned subsidiary, providing
sophisticated financial exchange services to the parent
organization and its clients.
Table of Contents
Insight. Expertise. Execution.
1 2011 Year in Review
14 Report of Independent Registered
2 Letter to Shareholders
5 Cass Leadership
6 Insight. Expertise. Execution.
12 Condensed Consolidated
Statements of Income
13 Condensed Consolidated
Balance Sheets
Public Accounting Firm
14 Forward-Looking Statements
15 Board of Directors and
Executive Officers
15 Shareholder Information
2011 SUMMARY ANNUAL REPORT
2011 Year
in Review
For the Year Ended December 31,
2011
Total Net Revenues
Net Income
Basic Earnings per Common Share
Diluted Earnings per Common Share
Dividends Paid per Common Share
$ $106,535,000
$
$
$
$
$23,009,000
2.23
2.21
0.61
2010
96,217,000
20,310,000
1.98
1.95
0.53
$
$
$
$
$
Total Number of Transactions Processed
42,466,000
38,534,000
Total Dollar Volume Paid
$ 31,945,761,000
$ 27,426,336,000
Return on Average Total Shareholders’ Equity
Return on Average Assets
As of December 31,
Total Assets
Total Shareholders’ Equity
Book Value per Common Share
15.17%
1.77%
2011
14.74%
1.76%
2010
$ 1,319,301,000
$ 1,188,035,000
$
$
160,548,000
15.50
$
$
142,094,000
13.76
DILUTED EARNINGS PER COMMON SHARE
NET INCOME
(in dollars)
(in millions of dollars)
BOOK VALUE PER SHARE
(in dollars)
2.2
2.0
1.7
1.9
1.6
23.0
20.3
17.8
19.0
16.1
15.5
13.8
12.6
9.8
10.5
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
PAGE 1
LETTER TO SHAREHOLDERS
Eric Brunngraber
President and CEO
$23
MILLION NET PROFIT
Dear Fellow
Shareholders,
Record-Setting Performance
In 2011, for the second consecutive year, Cass achieved record per-
broaden service lines, expand geographically and penetrate new markets
formance in total revenues and earnings. In so doing, our Company
in business process outsourcing for complex payables.
surpassed $100 million in revenues for the first time in its 106-year
history. It is a milestone figure that attests to our growing presence and
stature in expanding niche markets involving complex payables. Our
Financial Highlights
In 2011, Cass posted revenues of $106.5 million, a $10.3 million or
extensive experience differentiates us in these markets, providing the
10.7% increase over the $96.2 million in revenues recorded in 2010. As
insight and expertise necessary for superior execution.
noted above, it is the first time that Cass has surpassed the $100 million
revenue plateau after more than 100 years in business.
Our record-setting operating results were attributable to significant new
contract wins, additional services provided to existing customers and a
The Company also set a new all-time record for net income, earning
recovering global economy. These factors combined to boost both Cass
$23 million in 2011 – a 13.3% increase over the $20.3 million earned
fee revenue and dollars processed, which increased earning assets and net
in 2010. As measured by diluted earnings, 2011 net income was $2.21/
interest income. The market share increase we realized by adding more
share compared to $1.95/share in 2010. Profit margins were robust with
customers and securing more business from existing clients is particularly
a return on average assets of 1.77% and a return on average shareholders’
satisfying. It attests to our ongoing success in truly understanding their
equity of 15.17%. These results allowed us to declare a 10% stock dividend
challenges and requirements, and then applying our expertise to develop
and increase the quarterly cash dividend one cent per share, effectively
unique, effective solutions.
increasing the dividend by 17%.
As longtime shareholders know, investing in the people and technology
Cass generates revenue from two main sources – fees for its payables
deemed critical to fueling future growth is central to our core strategy
and information processing services and net investment income resulting
and a key multiplier in the Cass formula for long-term profitability. The
from the balances produced by payment processing plus net interest
Company remained true to that tradition in 2011 as it set the stage to
income earned by our subsidiary, Cass Commercial Bank.
PAGE 2
letter to shareholders
Continuing to leverage our core systems and competencies during
the year, Cass made its presence felt in a new market, medical claim
With Profound Gratitude
The theme of this year’s shareholder report – “Insight. Expertise.
reimbursement. A Cass payment engine that links claims payers and
Execution.” – is in large measure a tribute to our employees. Without
multiple providers executed more than $200 million in payments in
their acumen in discerning client needs, ability to devise solutions
support of a major U.S. healthcare management company. That figure is
based on sound business principles, and resolve to implement
expected to grow substantially in 2012.
solutions with utmost efficiency, it would not have been possible
for our Company to achieve the record results of 2011.
Finally, in January 2012, Cass acquired Waste Reduction Consultants, Inc.,
one of the fastest-growing providers of environmental expense management
While our employees define our Company, our customers are the
services in the U.S. Purchasing the Jacksonville, Florida-based firm, which helps
reason Cass exists. Cass is privileged to serve a remarkably diverse
multi-site companies optimize the cost of waste removal and recycling,
array of clients – from multi-national corporations to regional
broadens our portfolio of services for controlling facility-related expenses
retailers to faith-based organizations. Regardless of their stature or
and enhances our national standing as a back-office business processor.
standing, our clients challenge us to find new ways to be of greater
Looking Ahead
Although the U.S. economy is beginning to exhibit stronger signs of
recovery, our outlook for 2012 remains cautious. We see debt uncertainty
service to them. The innovative solutions we present in response to
the needs they express ultimately enhance our capability to serve
new customers in the future.
in Europe, slow worldwide growth and political indecision in
To our board of directors, we extend special thanks for its guidance,
Washington, D.C. as drags on today’s tepid U.S. economic recovery.
counsel and ongoing support of the core values and culture that make
Further, the commitment of the U.S. Federal Reserve to hold interest
Cass so unique in the domain of publicly traded companies.
rates at historic lows means that Cass net investment income will
continue to be negatively impacted. While we are encouraged by our
Equally exceptional and rare is the loyalty of so many of our shareholders.
demonstrated ability to win new business in a variety of economic climates,
It is notable that a number of families and institutions have held Cass
an economic environment marked by slow growth and interest rates that
stock for decades.
hover just above zero percent will present a stiff headwind.
Yet, we remain optimistic. Our balance sheet remains strong. It enables us
spiritual foundation on which we base our plan. As media reports
to continue to invest in the human and physical infrastructure that will
detailed throughout 2011, it appears increasingly difficult for a publicly
position us to strategically enter into new payables markets, add services and
held company to conduct business in a moral and wholly ethical manner.
expand geographically. Also robust is the pipeline of new business prospects
Yet, that remains the goal to which we aspire. As 2012 unfolds, our
for each of our operating units. Fortunate for Cass is that, in a cost-
belief in His sovereignty will continue to inspire and guide us.
Finally, we express our gratitude to God for providing us with the solid
conscious environment such as today’s, our services carry a high value.
While the bottom-line benefits of our internal advances may be muted
while short-term interest rates remain historically low, when interest rates
return to previous norms, Cass will be well-positioned to profit and to
reward shareholders with even stronger per-share earnings.
Eric H. Brunngraber
President and Chief Executive Officer
Cass Information Systems, Inc.
FROM THE FULLNESS OF HIS GRACE, WE ALL HAVE RECEIVED ONE BLESSING AFTER ANOTHER.
JOHN 1:16
PAGE 4
CASS INFORMATION SYSTEMS, INC.
$32
BILLION PAID
Insight. Expertise. Execution.
As a premier business process outsourcer, Cass has built a national
reputation for managing complex payables. We’re an organization that
partners with some of the largest companies in the world by providing
insight, expertise and execution into challenging payment types such as
freight, utility, small parcel, telecom, waste and others.
In 2011, Cass processed more than 42 million invoices and paid
47,000 separate client vendors. It takes impeccable execution – and
“ Cass provides
clients with powerful
business intelligence
tools that can be
leveraged in a variety
of ways.”
extremely sophisticated business
systems – to manage such high
volume. With over five decades
of experience, Cass has amassed
deep domain expertise surrounding
our products in select back-office
process areas, giving our customers
confidence to entrust $32 billion
in payables to us in 2011, a
new record.
At the heart of our products’ value
proposition is the insight provided to clients from the information
harvested from the invoices – insight that drives significant enterprise
cost savings through logistics, sourcing, auditing and targeted
Insight. With in-
depth knowledge
of the niches we
serve, we bring
unique perspective
to everything
we do.
equipment investment – insight that supports sustainability initiatives
– insight that empowers employees to help their organization curtail
resource consumption – insight that makes Cass a leader.
Strategic Initiatives in 2011
Cass recorded another year of exceptional growth in the transportation
marketplace. We exceeded our previous high of freight bills processed,
and for the first time, Cass reached $20 billion in payments made to
carriers on behalf of our customers.
Another milestone was reached with the release of a new global
processing system and the opening of our European office in Breda,
The Netherlands. In addition to Europe, we have added business in
Mexico on our global platform and expect that South America will
be the next opportunity in our global expansion plans. We continue
to focus on automation and scalability that will allow our customers
to economically expand their relationship with us to gain processing
control and visibility to their global supply chain expenses.
Cass Transportation Indexes
In the process of managing $20 billion in payments to freight carriers,
we extract information that is exceedingly valuable to our customers
in managing their supply chain expenses. When this information is
aggregated, it becomes a useful tool for transportation economists who
PAGE 6
2011 SUMMARY ANNUAL REPORT
gauge overall economic trends in business growth and carrier pricing.
In 2011, Cass began publishing two new mode-specific freight cost
Minimizing Environmental Impact
Automation and the elimination of paper continue to be a major
indexes that offer reliable market indicators. The Cass Truckload
initiative. Where we cannot process completely electronically, we have
Linehaul Index™ and Cass Intermodal Linehaul Index™ measure
developed unique processes that combine electronic images of invoices
changes in U.S. domestic freight rates.
and automation that have proven very successful. With the help of the
carrier community, this approach is gaining momentum as a preferred
In 1990, Cass began publishing its first barometer, the Cass Freight
Index™, which tracks all modes of North American freight. The index
method of processing freight bills to eliminate paper transactions.
Our efforts were recognized with our third Green Award by Supply &
is based on Cass clients’ monthly shipments. Like same-store sales
Demand Chain Executive magazine. Cass’ products continue to be a key
comparisons, the customer data is normalized to enable a statistically
component of sustainability initiatives for large companies throughout
valid comparison of freight bills (shipment volume) and freight dollars
the U.S. With data warehouses built from accurately entered invoices,
from one period to another. Cass industry data has been well-received
and insight provided by sophisticated portals and skilled analysts,
by the media, economists, financial analysts and others. Bloomberg,
decisions are made daily to minimize the environmental impact of
CNBC and The Journal of Commerce are among the media outlets
running a business.
that have reported Cass Index results to describe transportation
industry trends.
Total Invoices Processed
Total Dollars Paid
42.5 million
38.5 million
34.6 million
$ 31.9 billion
$ 27.4 billion
$ 23.7 billion
2009
2010
2011
2009
2010
2011
Environmental Cost
Management
In January 2012, Cass acquired Waste Reduction Consultants, Inc., one of the fastest-growing
providers of environmental expense management services. The acquisition adds to Cass’
industry-leading suite of services for controlling facility-related expenses and accelerates our
leadership position as a back-office business processor. Waste Reduction Consultants assists
clients in effectively managing the storage, collection and disposal or recycling of a myriad of
waste material types, including medical waste.
Combining its proprietary technology platform with the knowledge gained from managing
thousands of waste service plans, Waste Reduction Consultants helps multi-location businesses
control their expenses through information-driven optimization and procurement of waste
removal services. By automating the auditing and processing of waste invoices and managing
the dispatch of on-demand hauling, Waste Reduction Consultants helps its clients maintain
optimal service efficiencies.
PAGE 7
PAGE 7
CASS INFORMATION SYSTEMS, INC.
106
YEARS IN BUSINESS
Expertise. Our
knowledge is
unmatched
by any other
business process
outsourcer.
Utility Invoices Processed
Freight Invoices Processed
13.4 million
12.2 million
11.5 million
29.0 million
26.3 million
23.1 million
2009
2010
2011
2009
2010
2011
No.1 for Client Satisfaction
In 2011, Cass received exceptional client feedback through an independent study of large
enterprises using telecom expense management (TEM) services. Nearly 1,000 professionals
at more than 450 organizations participated in the study conducted by AOTMP, a leading
industry authority on driving efficiency and performance into enterprise fixed and mobile telecom
environments. Participants were asked to rate their TEM providers on a number of service
components including invoice processing, reporting & analysis, auditing, optimization, asset
inventory management, and service inventory management.
Cass outperformed all other TEM business process outsourcers. Not only did Cass clients
indicate a high level of satisfaction, but the highest ratings came from senior management in
these organizations. These study results directly reflect our highest organizational priorities:
delivering results while serving our clients with accuracy, efficiency and responsiveness.
PAGE 8
2011 SUMMARY ANNUAL REPORT
Executing New Processes
Less than a day. That’s been the goal – and the result – for turning around
Cass excels in client-focused solutions. A large regional banking
company wanted Cass to provide insight into fees paid for false alarms,
a utility or telecom invoice at Cass for years. In the world of complex
which are generally levied by cities when police or fire departments are
payables outsourcing, processing speed is a critical component of success,
dispatched erroneously, either by equipment malfunction or human
and Cass delivered in 2011 with an average receipt-to-bill entry of .68
error. These fees/fines can easily reach $100 per occurrence. By adding
business days. And we are not done yet. A recent process refinement
these bills to the facility-payables solution at Cass, and aided by reports
put in production for a subset of clients in 2011 ensures that 100% of
that highlight locations incurring the charges, the customer gains visibility
bills have key billing determinants entered within 12 hours of receipt.
and control. In total, Cass processes and pays invoices for more than
This allows intelligence-driven scheduling of downstream data capture,
50 discrete services related to facilities across its customer base.
prioritizing keying by due date and/or invoice amount and by service
type. Executing new processes such as these continues to drive quality
improvement and further cut into unnecessary late fees.
Wireless Optimization Delivers Value
Wireless expense management continues to drive double-digit growth
of the telecom product. Unlike competitors that have expanded
“ Cass helps clients
visualize the true
costs associated
with various steps
in the supply chain.”
As another example
horizontally through acquisition, Cass’ telecom wireless product was
of Cass leveraging its
developed internally, leveraging Cass’ expertise in the wireless arena.
core business systems
Just as importantly, Cass’ portal seamlessly integrates wired and wireless
and expertise, it has
expense management, inventory controls, and usage reporting with a
continued to build a
single application and single logon.
niche product in medical
claim reimbursement. It
Optimization is a key value proposition of Cass’ wireless expense
provides a sophisticated
management service. Wireless carriers compete intensely to capture large
payment engine that
enterprise accounts. However, making sure each employee is on the correct
links claims payers and
plan, or contributing the optimal amount of voice and data services to
multiple providers in
shared pools, requires continuous monitoring and management of actual
support of one of the largest healthcare revenue and payment cycle
consumption. Unfortunately, choosing the right plan is only the start. Very
management companies in the U.S. Claims worth more than $200
often, subsequent invoices don’t accurately reflect the newly negotiated rate.
million were paid via this product in 2011, a number that is expected
Given the volume of invoices and the complexity of rate structures, these
to grow substantially in 2012 as more providers adopt this electronic
errors aren’t easily identified without the right automation and business
method of payment that eliminates the need for paper checks and
process expertise. Cass’ systems and service teams execute time-tested
facilitates reconciliation of accounts receivable.
procedures to ensure the recovery of overcharges.
Client-Focused Solutions
Utility customers use Expense$mart®, Cass’ industry-leading business
intelligence platform, and services of skilled energy engineers in its
For wireless expense management clients, Cass integrates with
customers’ Human Resource Information Systems (HRIS). HRIS
integration enables Cass to keep an accurate roster of employees with
partner network to cost-effectively deploy capital toward making
wireless devices, enabling near real-time management of employee
their stores or plants more energy efficient and to measure the results
of those investments. Freight customers use CassPort®, our portal
that consolidates logistical data into an organized online analytical
turnover and change. Reporting can be delivered via email to managers,
supervisors and employees (with hierarchical roll-ups of direct reports,
as well) providing insight into equipment, usage and costs. New devices
processing (OLAP) cube, for sophisticated cost-reduction analysis.
can be provisioned through the portal, using customer-specific business
Customers will also rely on Cass’ expertise in waste reduction to remove
rules based on an employee’s role in the organization. HRIS integration
items from their waste stream, spurring recycling and lowering pressure
also allows automated workflow such as the routing of service requests
on landfills.
and accurate chargeback of wireless costs to appropriate cost centers.
PAGE 9
CASS INFORMATION SYSTEMS, INC.
47
THOUSAND VENDORS
Execution. We
execute back-
office processes
with speed,
accuracy and
reliability.
Utility Dollars Paid
Freight Dollars Paid
$ 10.7 billion
$ 10.5 billion
$ 9.7 billion
$ 20.6 billion
$ 17.0 billion
$ 14.0 billion
2009
2010
2011
2009
2010
2011
We Help Cass Clients
Leverage Their ERP Systems
In 2011, Cass worked on numerous system integrations, allowing our clients to further leverage
their investments in enterprise resource planning solutions such as SAP and Oracle, as well as
other systems.
We integrate with our clients’ financial applications to provide a seamless connection to their
enterprise platform. Cass experts apply their in-depth understanding of cost accounting to
create custom business rules for sophisticated cost allocations. Automated general ledger
accounting eliminates manual coding and data entry. Automated accounting processes
produce extraordinary time savings and increased information accuracy, however, these
benefits are predicated on Cass’ systems integration knowledge and ability to address the
sophistication of our clients’ business logic.
PAGE 10
PAGE 10
2011 SUMMARY ANNUAL REPORT
Key Role of Cass Commercial Bank
Cass Commercial Bank is embarking on its 106th year of providing
over the past two years. Perhaps no area represents Cass insight and
experience more than our over 20-year commitment to lending and
expertise and banking services for its clients. From its beginning as a
expertise in the faith-based community. Working together, our office
one-location bank on the north side of downtown St. Louis, the bank
in Orange County, California, our new presence in Colorado and
has evolved into a critical risk management role within the Company
our St. Louis/Eastern U.S. team provide national coverage for serving
while continuing to serve businesses and faith-based organizations.
congregations and faith-based organizations.
The bank serves as both the primary asset generator and risk manager
The bank also plays a pivotal role in providing execution for financial
for the corporate financial assets – loans and investments. We have had
transaction services both for our bank clients and importantly for Cass’
a favorable loan loss experience for many years – especially during the
own payables services. As a member of the Federal Reserve System,
economic and financial crisis of the past four years. Our losses have been
we processed payments of $32 billion for Cass alone to over 47,000
less than 1/10th those experienced by our peer group. As a result, the bank
suppliers. This high level of execution capability provides efficient
has continued to provide loans and expertise to our customers through
service to our Company internally and leading-edge financial service
this difficult economic period. Loans have grown an average of over 8%
to our bank clients.
a year for the past three
“ Delivering what we
promise is a cultural
value at Cass.”
years. We have identified
Insight. Expertise. Execution. It’s what Cass is all about. Our specialized
specific market niches
domain expertise, our insight from years in complex payables and our
where we can bring our
skilled execution differentiate Cass from others in the marketplace.
insight and expertise
In addition to driving customer value, we believe these traits create
as a trusted advisor. In
shareholder value. We leverage these attributes to win new business,
addition to our long
satisfy our existing base of clients and even drive costs out of our own
history of serving private
operations. Cass insight, expertise and execution – we believe these
companies in greater
characteristics position us well for whatever we confront during our
St. Louis, we also provide specific lending expertise to McDonald’s
106th year in business. ■
restaurant franchises – a key source of growth in our loan portfolio
Strong Bank
Payment Operations
As a wholly owned subsidiary of Cass Information Systems, Inc., Cass Commercial Bank
provides the investment management expertise and financial exchange infrastructure that
protects the Company’s assets and supports its payment operations – the movement of
$32 billion to 47,000 suppliers in 2011. We process payments through our bank’s operations
center, providing cost efficiencies that benefit our customers and provide competitive
advantage. Cass delivers payment and remittance data electronically, executes payment timing
with precision, and consolidates payments to suppliers. A single automated clearing house
transfer of several million dollars to one supplier might include several payments on behalf
of multiple Cass clients. Such intricate payment processing creates efficiencies for Cass, its
clients and their suppliers.
PAGE 11
PAGE 11
CASS INFORMATION SYSTEMS, INC.
Condensed Consolidated
Statements of Income
(in thousands of dollars, except share and per share information)
For the Year Ended December 31,
2011
2010
2009
REVENUES
Payment and Processing
Net Investment Income
Gain on Sales of Securities
Other
Total Net Revenues
EXPENSES
Salaries and Employee Benefits
Occupancy
Equipment
Other
Total Expenses
Income Before Income Tax Expense
Income Tax Expense
Net Income
EARNINGS PER SHARE
Basic
Diluted
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic
Diluted
PAGE 12
$
60,688
$
54,183
$
48,665
43,711
43
2,093
106,535
56,573
2,318
3,525
12,613
75,029
31,506
8,497
40,071
—
1,963
96,217
51,368
2,485
3,561
10,870
68,284
27,933
7,623
36,681
697
1,876
87,919
50,614
2,396
3,348
10,027
66,385
21,534
5,405
$
23,009
$
20,310
$ $16,129
$
2.23
2.21
$
1.98
1.95
$
1.60
1.57
10,297,244
10,432,382
10,268,811
10,392,333
10,072,340
10,311,476
2011 SUMMARY ANNUAL REPORT
Condensed Consolidated
Balance Sheets
(in thousands of dollars, except share and per share information)
As of December 31,
ASSETS
Cash and Cash Equivalents
Loans and Investments, Net
Premises and Equipment, Net
Other Assets
Total Assets
LIABILITIES
Deposits
Accounts and Drafts Payable
Other Liabilities
Total Liabilities
SHAREHOLDERS’ EQUITY
2011
2010
$ 235,962
$ 138,929
969,223
9,587
104,529
961,311
9,617
78,178
$1,319,301
$1,188,035
$ 548,368
$ 518,590
595,201
15,184
516,107
11,244
1,158,753
1,045,941
Preferred Stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued
–
–
Common Stock, par value $.50 per share; 20,000,000 shares authorized; 10,890,163
and 9,949,324 shares issued at December 31, 2011 and 2010, respectively
Additional Paid in Capital
Retained Earnings
Common Shares in Treasury, at cost (532,233 and 561,533 shares
at December 31, 2011 and 2010, respectively)
Accumulated Other Comprehensive Loss
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity
5,445
80,971
89,853
4,975
46,653
107,263
(12,968)
(13,549)
(2,753)
160,548
(3,248)
142,094
$1,319,301
$1,188,035
PAGE 13
CASS INFORMATION SYSTEMS, INC.
Report of Independent Registered
Public Accounting Firm
The Board of Directors and
Shareholders of Cass Information
Systems, Inc.
We have audited, in accordance with the standards of the Public
In our opinion, the information set forth in the accompanying
condensed consolidated financial statements is fairly stated, in all
Company Accounting Oversight Board (United States), the
material respects, in relation to the consolidated financial statements
consolidated balance sheets of Cass Information Systems, Inc. and
from which it has been derived.
subsidiaries (the Company) as of December 31, 2011 and 2010, and
the related consolidated statements of income, shareholders’ equity
and comprehensive income, and cash flows for each of the years in the
three-year period ended December 31, 2011 (not presented herein);
and in our report dated March 9, 2012, we expressed an unqualified
St. Louis, Missouri
March 9, 2012
opinion on those consolidated financial statements.
Forward-Looking Statements
Factors That May Affect Future
Results
This report may contain or incorporate by reference forward-looking
performance to be materially different from expected performance
statements made pursuant to the safe harbor provisions of Section
summarized in the forward-looking statements. These risks,
27A of the Securities Act of 1933, as amended, and Section 21E
uncertainties and other factors are discussed in Part I, Item 1A, “Risk
of the Securities Exchange Act of 1934, as amended. Although we
Factors” section of the Company’s Annual Report on Form 10-K,
believe that, in making any such statements, our expectations are
filed with the Securities and Exchange Commission. We undertake no
based on reasonable assumptions, forward-looking statements are not
obligation to publicly update or revise any forward-looking statements
guarantees of future performance and involve risks, uncertainties and
to reflect changed assumptions, the occurrence of anticipated or
other factors beyond our control, which may cause future
unanticipated events, or changes to future results over time.
PAGE 14
2011 SUMMARY ANNUAL REPORT
Board of Directors
Executive Officers
ERIC H. BRUNNGRABER
President & Chief
Executive Officer
P. STEPHEN APPELBAUM
Executive Vice President &
Chief Financial Officer
HARRY M. MURRAY
Executive Vice President,
Corporate Development
JOHN F. PICKERING
President, Transportation
Information Services
GARY B. LANGFITT
President, Expense
Management Services
ROBERT J. MATHIAS
President & Chief Operating
Officer, Cass Commercial Bank
LAWRENCE A. COLLETT
Chairman of the Board
K. DANE BROOKSHER
Retired Chairman & Chief
Executive Officer, ProLogis
ERIC H. BRUNNGRABER
President & Chief Executive Officer
BRYAN S. CHAPELL
President, Covenant
Theological Seminary
ROBERT A. EBEL
Chief Executive Officer,
Universal Printing Company
BENJAMIN F. EDWARDS, IV
Chairman, Chief Executive
Officer & President,
Benjamin F. Edwards
& Company
JOHN L. GILLIS, JR.
Retired, Armstrong Teasdale LLP
WAYNE J. GRACE
Retired Managing Director,
UHY Advisors MO, Inc.
JAMES J. LINDEMANN
Executive Vice President,
Emerson Electric Co.
RANDALL L. SCHILLING
President & Chief Executive
Officer, Candlestiq
ANDREW J. SIGNORELLI
President, Hope Educational
& Research Center
FRANKLIN D. WICKS, JR., PH. D.
Executive Vice President & President,
Research S.B.U., Sigma-Aldrich
Shareholder Information
CORPORATE HEADQUARTERS
Cass Information Systems, Inc.
13001 Hollenberg Drive
Bridgeton, Missouri 63044
314.506.5500
cass@cassinfo.com
www.cassinfo.com
COMMON STOCK
The company’s common stock trades on the
NASDAQ stock market under the symbol CASS.
ANNUAL MEETING
The annual meeting of shareholders will be held
Monday, April 16, 2012 at 11 a.m. at the Charles
F. Knight Executive Education and Conference
Center, Olin Business School at Washington
University, St. Louis, Missouri.
INVESTOR RELATIONS
Security analysts, investment managers and others
seeking financial information about the company
should contact:
TRANSFER AGENT
Shareholders with inquiries regarding stock accounts,
dividends, change of ownership or address, lost
certificates or consolidation of accounts should contact:
Investor Relations Department
Cass Information Systems, Inc.
13001 Hollenberg Drive
Bridgeton, Missouri 63044
314.506.5500
10-K AND OTHER PUBLICATIONS
A copy of the company’s Form 10-K, as filed with
the Securities and Exchange Commission, will be
furnished without charge upon written request to
the address above or from the company’s website
at: www.cassinfo.com
Computershare Shareowner Services LLC
480 Washington Boulevard
Jersey City, New Jersey 07310
866.323.8170
www.bnymellon.com/shareowner/equityaccess
INDEPENDENT AUDITORS
KPMG LLP
10 South Broadway, Suite 900
St. Louis, Missouri 63102
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13001 HOLLENBERG DRIVE
BRIDGETON, MISSOURI 63044
314.506.5500