Cass Information Systems Inc - CASS STOCK NEWS

Cass Information Systems reported third quarter 2024 earnings of $0.21 per diluted share, down from $0.54 in Q3 2023. Net income was $2.9 million, compared to $7.4 million in Q3 2023. Results were impacted by $6.6 million of bad debt expense on a facility client's funding receivable. Despite this, the company saw positive trends:

- Net interest margin increased to 3.55% from 3.24% in Q3 2023
- Facility expense transaction volumes up 26.3% year-over-year
- Transportation transaction volumes up 2.6% year-over-year
- Quarterly dividend increased to $0.31 per share
- 64,471 shares of company stock repurchased

The company maintained its employee count while processing higher volumes, demonstrating improved efficiency. Cass also received a Multiple Award Schedule contract for Freight Audit and Payment with the General Services Administration, opening new opportunities in Transportation.

Cass Information Systems, Inc. (Nasdaq: CASS) has been awarded a Multiple Award Schedule contract by the General Services Administration (GSA). This pre-approval allows U.S. government and federal agencies to easily contract Cass for freight audit and payment services across all transportation modes.

As a leading global payment solutions provider, Cass processed $90 billion in payables in 2023, including $38 billion in transportation payables. Mark Campbell, president of Cass Government Payables, highlighted the benefits for agencies adopting this solution, including enhanced financial control, complete spend visibility, and an optimized, automated process from invoice receipt to payment and reporting.

The contract also offers improved cash flow for both agencies and their transportation service providers. For more information, interested parties can visit the Cass Government Payables website.

Cass Information Systems (Nasdaq: CASS) reported Q2 2024 earnings of $0.32 per diluted share, down from $0.52 in Q2 2023. Net income was $4.5 million, compared to $7.1 million in Q2 2023. Key highlights:

• Facility expense transaction volumes increased 25.1%
• Processing fee growth of 8.9%
• Transportation dollar volumes decreased 6.5% to $9.1 billion
• Net interest income decreased 0.5%
• Provision for credit losses of $400,000

The company faced challenges including the loss of over $100 million in non-interest bearing funding due to a client's cyber event and $3.4 million in one-time expenses. However, Cass successfully onboarded new facility clients and launched new initiatives in transportation and waste management.

Cass Information Systems and FreightWaves SONAR have announced a strategic partnership aimed at enhancing supply chain intelligence for the freight and logistics industry.

Cass, a leader in freight audit and payment solutions, will serve as a critical channel partner for the SONAR Supply Chain Intelligence (SCI) tool, allowing its customers to access industry rate information and benchmark their data effectively.

The partnership will enable Cass customers to integrate their data within the SCI platform, thereby streamlining processes, improving cost and service dynamics benchmarking, assessing financial risk, and evaluating Scope 3 carbon emissions.

Cass President Tony Urban and FreightWaves SONAR COO & CFO Spencer Piland emphasize that this partnership will optimize transportation costs and enhance supply chain planning for their mutual clients.

Cass Commercial Bank celebrates its 118th anniversary, highlighting a legacy of financial excellence and community service since its founding in 1906. President Dwight Erdbruegger emphasized the dedication of the bank's team and the loyalty of its customers as key contributors to its success. Over the years, Cass Commercial Bank has evolved from Cass Bank and Trust Company to meet changing customer needs while maintaining core principles of integrity and reliability. The anniversary celebration included a breakfast event with customers and community members. Cass Commercial Bank, headquartered in St. Louis, Missouri, focuses on personalized service and innovative solutions to help businesses achieve their financial goals.

Cass Information Systems, Inc. (Nasdaq: CASS) has launched Amplify by Cass™, an addition to the Cass Financial Suite® aimed at improving working capital levels for enterprises and their freight carriers. This solution bridges the gap between shippers' efficiency and carriers' need for timely payments, promoting a healthier financial ecosystem within the supply chain.

Cass Information Systems, Inc. (Nasdaq: CASS) reported first quarter 2024 earnings of $0.52 per diluted share, with net income of $7.2 million. The company maintained exceptional credit quality, with no non-performing loans or charge-offs. Despite a freight recession impacting revenue and profitability, Cass onboarded new facility clients successfully. Transportation dollar volumes decreased, but processing fees and facility expense dollar volumes increased. The company saw growth in loans, but a decrease in average deposits and accounts payable.

Cass Commercial Bank introduces Equipment Finance Division to provide tailored leasing solutions for businesses, offering cost-effective access to capital assets. President Dwight Erdbruegger emphasizes the flexibility and expertise of the new division, ensuring quick approvals and efficient solutions.

Cass Information Systems, Inc. (Nasdaq: CASS) reported a net income of $8.4 million, or $0.61 per diluted common share, for the fourth quarter of 2023. The return on average equity was 16.06%, and there was an increase in net interest margin to 3.30% from 3.15%. The company maintained exceptional credit quality with no non-performing loans or charge-offs. Despite the decrease in transportation dollar volumes, there was a 9.7% increase in facility expense transaction volumes. The company also reported a decrease in net income compared to the same period in 2022, but an increase compared to the third quarter of 2023. Transportation dollar volumes and facility expense dollar volumes experienced fluctuations during the fourth quarter of 2023. Processing fees and financial fees increased, while net interest income decreased. The company also recorded a release of credit losses and an increase in personnel and non-personnel expenses. Despite these fluctuations, total shareholders' equity has increased since December 31, 2022.