Cass Information Systems Reports First Quarter 2025 Results
Cass Information Systems (NASDAQ: CASS) reported strong Q1 2025 results with earnings of $0.66 per diluted share, up from $0.52 in Q1 2024. Net income reached $9.0 million, marking a 25.4% increase year-over-year.
Key highlights include an improved net interest margin of 3.75%, a 17% increase in net interest income, and maintained exceptional credit quality with no non-performing loans. The company announced the sale of its Telecom Expense Management (TEM) business to Asignet USA Inc.
Transportation invoice volumes declined 4.7% to 8.36 million, while facility expense invoice volumes increased 2.7% to 4.2 million. The company repurchased 116,109 shares at an average price of $42.86 and received $2.0 million from a litigation settlement.
Cass Information Systems (NASDAQ: CASS) ha riportato risultati solidi nel primo trimestre 2025 con utili di 0,66 $ per azione diluita, in aumento rispetto a 0,52 $ nel primo trimestre 2024. L'utile netto ha raggiunto 9,0 milioni di dollari, segnando un incremento del 25,4% su base annua.
I punti chiave includono un miglioramento del margine di interesse netto al 3,75%, un aumento del 17% del reddito da interessi netti e il mantenimento di un'eccellente qualità del credito senza prestiti in sofferenza. L'azienda ha annunciato la vendita della sua divisione Telecom Expense Management (TEM) a Asignet USA Inc.
I volumi delle fatture di trasporto sono diminuiti del 4,7% a 8,36 milioni, mentre i volumi delle fatture per spese di struttura sono aumentati del 2,7% a 4,2 milioni. La società ha riacquistato 116.109 azioni a un prezzo medio di 42,86 $ e ha ricevuto 2,0 milioni di dollari da una causa legale risolta.
Cass Information Systems (NASDAQ: CASS) reportó sólidos resultados en el primer trimestre de 2025 con ganancias de 0,66 $ por acción diluida, un aumento desde 0,52 $ en el primer trimestre de 2024. El ingreso neto alcanzó 9,0 millones de dólares, marcando un incremento del 25,4% interanual.
Los aspectos destacados incluyen una mejora en el margen neto de interés al 3,75%, un aumento del 17% en los ingresos netos por intereses y el mantenimiento de una calidad crediticia excepcional sin préstamos incobrables. La empresa anunció la venta de su negocio de Gestión de Gastos de Telecomunicaciones (TEM) a Asignet USA Inc.
Los volúmenes de facturas de transporte disminuyeron un 4,7% a 8,36 millones, mientras que los volúmenes de facturas por gastos de instalaciones aumentaron un 2,7% a 4,2 millones. La compañía recompró 116,109 acciones a un precio promedio de 42,86 $ y recibió 2,0 millones de dólares por un acuerdo legal.
Cass Information Systems (NASDAQ: CASS)는 2025년 1분기에 주당 희석 이익이 0.66달러로 2024년 1분기 0.52달러에서 상승한 강력한 실적을 보고했습니다. 순이익은 900만 달러에 달해 전년 동기 대비 25.4% 증가했습니다.
주요 내용으로는 순이자마진이 3.75%로 개선되고, 순이자수익이 17% 증가했으며, 부실대출 없이 우수한 신용 품질을 유지한 점이 포함됩니다. 회사는 텔레콤 비용 관리(TEM) 사업부를 Asignet USA Inc.에 매각한다고 발표했습니다.
운송 청구서 수량은 4.7% 감소한 836만 건인 반면, 시설 비용 청구서 수량은 2.7% 증가한 420만 건을 기록했습니다. 회사는 평균 가격 42.86달러에 116,109주를 자사주로 매입했으며, 소송 합의금으로 200만 달러를 받았습니다.
Cass Information Systems (NASDAQ : CASS) a publié de solides résultats pour le premier trimestre 2025 avec un bénéfice de 0,66 $ par action diluée, en hausse par rapport à 0,52 $ au premier trimestre 2024. Le revenu net a atteint 9,0 millions de dollars, soit une augmentation de 25,4 % d'une année sur l'autre.
Les points clés incluent une amélioration de la marge nette d'intérêt à 3,75 %, une hausse de 17 % des revenus nets d'intérêts, et le maintien d'une qualité de crédit exceptionnelle sans prêts non performants. L'entreprise a annoncé la vente de son activité de gestion des dépenses télécom (TEM) à Asignet USA Inc.
Les volumes de factures de transport ont diminué de 4,7 % pour atteindre 8,36 millions, tandis que les volumes de factures des frais d'installation ont augmenté de 2,7 % pour atteindre 4,2 millions. La société a racheté 116 109 actions à un prix moyen de 42,86 $ et a reçu 2,0 millions de dollars dans le cadre d'un règlement judiciaire.
Cass Information Systems (NASDAQ: CASS) meldete starke Ergebnisse für das erste Quartal 2025 mit einem Gewinn von 0,66 $ je verwässerter Aktie, gegenüber 0,52 $ im ersten Quartal 2024. Der Nettogewinn erreichte 9,0 Millionen Dollar, was einem Anstieg von 25,4 % im Jahresvergleich entspricht.
Wichtige Highlights sind eine verbesserte Nettozinsmarge von 3,75 %, ein Anstieg der Nettozinserträge um 17 % sowie die Aufrechterhaltung einer hervorragenden Kreditqualität ohne notleidende Kredite. Das Unternehmen kündigte den Verkauf seines Geschäftsbereichs Telecom Expense Management (TEM) an Asignet USA Inc. an.
Die Transportrechnungsvolumen sanken um 4,7 % auf 8,36 Millionen, während die Volumen der Rechnungen für Anlagenkosten um 2,7 % auf 4,2 Millionen zunahmen. Das Unternehmen kaufte 116.109 Aktien zu einem Durchschnittspreis von 42,86 $ zurück und erhielt 2,0 Millionen Dollar aus einem Rechtsstreit.
- Net income increased 25.4% YoY to $9.0 million
- Net interest margin improved to 3.75% from 3.26%
- Net interest income grew 17% ($2.8 million increase)
- Facility expense dollar volumes up 16.1% YoY to $5.8 billion
- Exceptional credit quality with zero non-performing loans
- Received $2.0 million from litigation settlement
- Transportation invoice volumes declined 4.7% YoY
- Processing fees decreased 2.3% YoY
- Financial fees dropped 6.0%
- Average deposits decreased 4.3% ($46.1 million)
- Transportation dollar volumes decreased 3.3% to $8.6 billion
Insights
Cass delivered strong Q1 results with 25.4% higher earnings, improved margins, and a strategic business divestiture that positions them for focused growth.
Cass Information Systems' Q1 2025 results demonstrate robust financial performance with earnings per share of $0.66, a significant 26.9% increase from $0.52 in Q1 2024 and nearly double the $0.33 reported in Q4 2024. Net income grew 25.4% year-over-year to $9.0 million.
The company's net interest margin expanded impressively to 3.75% from 3.26% a year ago, driving a 17% increase in net interest income. This margin improvement stems from both higher loan yields (up 55 basis points) and lower deposit costs (down 31 basis points) – a powerful combination that reflects excellent asset-liability management in a changing rate environment.
The announced sale of their Telecom Expense Management business represents a strategic sharpening of focus on their core competencies in financial exchange and information processing. This divestiture, combined with their continued technology investments, positions Cass to enhance operational efficiency and profitability in their primary business segments.
While transportation volumes declined 4.7% year-over-year, facility expense dollar volumes grew an impressive 16.1% to $5.8 billion, demonstrating successful client acquisition efforts. The company's credit quality remains exceptional with zero non-performing loans or charge-offs, a remarkable achievement in the current economic landscape.
The return on equity of 15.91% signals strong capital efficiency, while their share repurchase program (116,109 shares at $42.86) indicates management confidence in the company's future. With loan growth of 5.5% since year-end and strategic technology initiatives yielding cost efficiencies, Cass appears well-positioned for continued financial strength through 2025.
Cass's Q1 shows banking model strength with expanded interest margins, pristine credit quality, and strategic refocusing that enhances long-term profitability potential.
Cass's Q1 performance reveals the advantages of its specialized banking model that combines payment processing with traditional banking services. The expansion of net interest margin to 3.75% stands out in the current banking environment, where many institutions are struggling with margin compression. This 49 basis point improvement year-over-year translates directly to bottom-line growth.
The company's funding structure deserves particular attention – Cass benefits from significant non-interest-bearing deposits generated through its payment processing operations, creating a structural advantage that becomes more valuable as rates remain elevated. The 5.7% increase in non-interest-bearing accounts and drafts payable strengthens this competitive moat.
What's truly exceptional is maintaining zero non-performing loans and zero charge-offs in an environment where credit quality concerns are rising across the banking sector. This pristine credit quality suggests superior underwriting standards and reflects the niche markets Cass serves.
The strategic decision to divest the TEM business demonstrates disciplined capital allocation and focus on higher-margin core operations. This move should enhance return metrics going forward and allows management to concentrate resources on areas with the strongest competitive advantages.
The efficiency initiatives are bearing fruit with personnel expenses increasing just 1.4% despite the AcuAudit acquisition and higher transaction volumes. This operational leverage combined with the 16.1% growth in facility dollar volumes creates a compelling growth equation. With ROE at 15.91% and ROA at 1.51%, Cass is generating returns well above banking sector averages, justifying a premium valuation relative to peers.
First Quarter Results
All comparisons refer to the first quarter of 2024, except as noted. On April 7, 2025, the Company signed an Asset Purchase Agreement providing for the sale of its Telecom Expense Management & Managed Mobility Services (“TEM”) business to Asignet
-
Net income of
$9.0 million $0.66 -
Return on average equity and assets of
15.91% and1.51% , respectively. -
Increase in net interest margin to
3.75% from3.26% . -
Increase in net interest income of
$2.8 million 17.0% . - Announced signing of an Asset Purchase Agreement providing for the sale of the TEM business.
-
Limited personnel expense growth to
1.4% despite AcuAudit acquisition and facility expense transaction volume increase. - Maintained exceptional credit quality, with no non-performing loans or charge-offs.
-
Received
$2.0 million -
Repurchased 116,109 shares of Company stock at weighted average price of
$42.86
Martin Resch, the Company’s President and Chief Executive Officer, noted, “Our quality financial results for the first quarter show progress toward our strategic plan and I am proud of the team’s execution. The positive results reflect our ongoing successful implementation of efficiency initiatives powered by technology, combined with an increase in our revenue driven by net interest income.” Resch added, “The combination of continued efficiencies via technology, improvement in our net interest margin and the closure of pipeline opportunities in our Transportation and Facility lines of business should result in meaningful profitability improvement over recent quarters. In addition, the successful sale of our TEM business will enable us to concentrate on our strengths in financial exchange and information processing.”
First Quarter 2025 Highlights
Transportation Invoice and Dollar Volumes – Transportation invoice volumes of 8.36 million declined
Facility Expense Invoice and Dollar Volumes – Facility expense invoice volumes of 4.2 million increased
Processing Fees – Processing fees decreased
Financial Fees – Financial fees, earned on a transactional level basis for invoice payment services when making customer payments, decreased
Net Interest Income – Net interest income increased
The Company’s net interest margin improvement was driven by increases in the average yield on loans and investment securities of 55 and 15 basis points, respectively, combined with a decline in the average cost of total deposits of 31 basis points. The increase in loan yield was driven by loan growth at current market interest rates and continued maturing and re-pricing of existing fixed rate loans to current market interest rates. The decline in the cost of total deposits was driven by the reduction in short-term interest rates in the last four months of 2024. The Company generally benefits from a higher interest rate environment due to a large percentage of its funding sources being non-interest bearing.
Provision for Credit Losses - The Company recorded a provision of credit losses of
Personnel Expenses - Personnel expenses increased
Equipment Expense - Equipment expense increased
Bad Debt Recovery - The Company recorded a bad debt recovery of
Loans - When compared to December 31, 2024, ending loans increased
Payments in Advance of Funding - Average payments in advance of funding decreased
Deposits – Average deposits decreased
Accounts and Drafts Payable - Average accounts and drafts payable increased
Shareholders’ Equity - Total shareholders’ equity increased
About Cass Information Systems
Cass Information Systems, Inc. is a leading provider of integrated information and payment management solutions. Cass enables enterprises to achieve visibility, control and efficiency in their supply chains, communications networks, facilities and other operations. Disbursing over
Forward Looking Information
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include the impact of economic and market conditions, inflationary pressures, 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 Securities and Exchange Commission. Actual results may differ materially from those set forth in the forward-looking statements.
Note to Investors
The Company has used, and intends to continue using, the Investors portion of its website to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors are encouraged to monitor Cass’s website in addition to following press releases, SEC filings, and public conference calls and webcasts.
Consolidated Statements of Income (unaudited) |
|||||||||||
($ and numbers in thousands, except per share data) |
|||||||||||
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||
Processing fees |
$ |
16,469 |
|
|
$ |
15,680 |
|
|
$ |
16,859 |
|
Financial fees |
|
9,961 |
|
|
|
10,509 |
|
|
|
10,598 |
|
Total fee revenue |
$ |
26,430 |
|
|
$ |
26,189 |
|
|
$ |
27,457 |
|
|
|
|
|
|
|
||||||
Interest and fees on loans |
|
15,350 |
|
|
|
14,428 |
|
|
|
12,776 |
|
Interest and dividends on securities |
|
4,147 |
|
|
|
4,104 |
|
|
|
4,437 |
|
Interest on short-term investments |
|
3,893 |
|
|
|
3,844 |
|
|
|
4,441 |
|
Total interest income |
$ |
23,390 |
|
|
$ |
22,376 |
|
|
$ |
21,654 |
|
Interest expense |
|
4,116 |
|
|
|
4,612 |
|
|
|
5,178 |
|
Net interest income |
$ |
19,274 |
|
|
$ |
17,764 |
|
|
$ |
16,476 |
|
Provision for credit losses |
|
(905 |
) |
|
|
(93 |
) |
|
|
(95 |
) |
Loss on sale of investment securities |
|
(18 |
) |
|
|
(33 |
) |
|
|
-- |
|
Other |
|
1,626 |
|
|
|
1,757 |
|
|
|
1,267 |
|
Total revenues |
$ |
46,407 |
|
|
$ |
45,584 |
|
|
$ |
45,105 |
|
Salaries and commissions |
|
21,165 |
|
|
|
21,400 |
|
|
|
20,971 |
|
Share-based compensation |
|
1,241 |
|
|
|
545 |
|
|
|
1,195 |
|
Net periodic pension cost |
|
— |
|
|
|
3,588 |
|
|
|
195 |
|
Other benefits |
|
4,873 |
|
|
|
4,128 |
|
|
|
4,546 |
|
Total personnel expenses |
$ |
27,279 |
|
|
$ |
29,661 |
|
|
$ |
26,907 |
|
Occupancy |
|
721 |
|
|
|
679 |
|
|
|
676 |
|
Equipment |
|
2,294 |
|
|
|
2,275 |
|
|
|
1,831 |
|
Amortization of intangible assets |
|
293 |
|
|
|
174 |
|
|
|
173 |
|
Bad debt (recovery) expense |
|
(2,000 |
) |
|
|
-- |
|
|
|
-- |
|
Other |
|
6,943 |
|
|
|
7,575 |
|
|
|
6,621 |
|
Total operating expenses |
$ |
35,530 |
|
|
$ |
40,364 |
|
|
$ |
36,208 |
|
Income from continuing operations, before income tax expense |
$ |
10,877 |
|
|
$ |
5,220 |
|
|
$ |
8,897 |
|
Income tax expense |
|
2,326 |
|
|
|
1,060 |
|
|
|
1,833 |
|
Net income from continuing operations |
$ |
8,551 |
|
|
$ |
4,160 |
|
|
$ |
7,064 |
|
Income from discontinued operations, net of tax |
|
415 |
|
|
|
434 |
|
|
|
88 |
|
Net income |
$ |
8,966 |
|
|
$ |
4,594 |
|
|
$ |
7,152 |
|
|
|
|
|
|
|
||||||
Basic earnings per share from continuing operations |
$ |
.64 |
|
|
$ |
.31 |
|
|
$ |
.52 |
|
Basic earnings per share from discontinued operations |
|
.03 |
|
|
|
.03 |
|
|
|
.01 |
|
Basic earnings per share |
$ |
.67 |
|
|
$ |
.34 |
|
|
$ |
.53 |
|
|
|
|
|
|
|
||||||
Diluted earnings per share from continuing operations |
$ |
.63 |
|
|
$ |
.30 |
|
|
$ |
.51 |
|
Diluted earnings per share from discontinued operations |
|
.03 |
|
|
|
.03 |
|
|
|
.01 |
|
Diluted earnings per share |
$ |
.66 |
|
|
$ |
.33 |
|
|
$ |
.52 |
|
|
|
|
|
|
|
||||||
Share data: |
|
|
|
|
|
||||||
Weighted-average common shares outstanding |
|
13,398 |
|
|
|
13,436 |
|
|
|
13,530 |
|
Weighted-average common shares outstanding assuming dilution |
|
13,643 |
|
|
|
13,718 |
|
|
|
13,785 |
|
Consolidated Balance Sheets (unaudited) |
|||||||||||
($ in thousands) |
|||||||||||
|
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
||||||
Assets: |
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
220,674 |
|
|
$ |
349,728 |
|
|
$ |
192,802 |
|
Securities available-for-sale, at fair value |
|
576,510 |
|
|
|
528,021 |
|
|
|
621,929 |
|
Loans |
|
1,141,874 |
|
|
|
1,081,989 |
|
|
|
1,036,997 |
|
Less: Allowance for credit losses |
|
(14,286 |
) |
|
|
(13,395 |
) |
|
|
(13,299 |
) |
Loans, net |
$ |
1,127,588 |
|
|
$ |
1,068,594 |
|
|
$ |
1,023,698 |
|
Payments in advance of funding |
|
175,326 |
|
|
|
208,530 |
|
|
|
221,552 |
|
Premises and equipment, net |
|
31,748 |
|
|
|
30,576 |
|
|
|
29,496 |
|
Investments in bank-owned life insurance |
|
50,767 |
|
|
|
50,325 |
|
|
|
49,496 |
|
Goodwill and other intangible assets |
|
20,786 |
|
|
|
21,247 |
|
|
|
15,323 |
|
Accounts and drafts receivable from customers |
|
40,465 |
|
|
|
55,906 |
|
|
|
32,856 |
|
Other assets |
|
60,536 |
|
|
|
67,741 |
|
|
|
91,700 |
|
Assets of discontinued operations |
|
14,057 |
|
|
|
14,413 |
|
|
|
14,727 |
|
Total assets |
$ |
2,318,457 |
|
|
$ |
2,395,081 |
|
|
$ |
2,293,579 |
|
|
|
|
|
|
|
||||||
Liabilities and shareholders’ equity: |
|
|
|
|
|
||||||
Deposits |
|
|
|
|
|
||||||
Non-interest bearing |
$ |
363,798 |
|
|
$ |
251,230 |
|
|
$ |
412,879 |
|
Interest-bearing |
|
636,277 |
|
|
|
716,686 |
|
|
|
666,213 |
|
Total deposits |
$ |
1,000,075 |
|
|
$ |
967,916 |
|
|
$ |
1,079,092 |
|
Accounts and drafts payable |
|
1,016,324 |
|
|
|
1,129,610 |
|
|
|
923,276 |
|
Other liabilities |
|
48,823 |
|
|
|
46,211 |
|
|
|
37,303 |
|
Liabilities of discontinued operations |
|
18,988 |
|
|
|
22,314 |
|
|
|
24,421 |
|
Total liabilities |
$ |
2,084,210 |
|
|
$ |
2,166,051 |
|
|
$ |
2,064,092 |
|
|
|
|
|
|
|
||||||
Shareholders’ equity: |
|
|
|
|
|
||||||
Common stock |
$ |
7,753 |
|
|
$ |
7,753 |
|
|
$ |
7,753 |
|
Additional paid-in capital |
|
203,755 |
|
|
|
205,593 |
|
|
|
204,361 |
|
Retained earnings |
|
153,278 |
|
|
|
148,487 |
|
|
|
148,845 |
|
Common shares in treasury, at cost |
|
(91,025 |
) |
|
|
(87,615 |
) |
|
|
(82,316 |
) |
Accumulated other comprehensive loss |
|
(39,514 |
) |
|
|
(45,188 |
) |
|
|
(49,156 |
) |
Total shareholders’ equity |
$ |
234,247 |
|
|
$ |
229,030 |
|
|
$ |
229,487 |
|
Total liabilities and shareholders’ equity |
$ |
2,318,457 |
|
|
$ |
2,395,081 |
|
|
$ |
2,293,579 |
|
Average Balances (unaudited) |
||||||||
($ in thousands) |
||||||||
|
Quarter
|
|
Quarter
|
|
Quarter
|
|||
Average interest-earning assets |
$ |
2,104,603 |
|
$ |
2,022,794 |
|
$ |
2,063,239 |
Average loans |
|
1,109,526 |
|
|
1,065,944 |
|
|
1,016,246 |
Average securities available-for-sale |
|
554,905 |
|
|
555,674 |
|
|
635,422 |
Average short-term investments |
|
383,836 |
|
|
348,632 |
|
|
352,163 |
Average payments in advance of funding |
|
173,590 |
|
|
200,963 |
|
|
194,338 |
Average assets |
|
2,394,013 |
|
|
2,353,770 |
|
|
2,367,212 |
Average non-interest bearing deposits |
|
405,183 |
|
|
399,778 |
|
|
447,900 |
Average interest-bearing deposits |
|
628,214 |
|
|
638,180 |
|
|
631,622 |
Average interest-bearing liabilities |
|
628,225 |
|
|
638,191 |
|
|
631,633 |
Average accounts and drafts payable |
|
1,072,013 |
|
|
1,036,212 |
|
|
1,014,067 |
Average shareholders’ equity |
$ |
228,615 |
|
$ |
231,993 |
|
$ |
226,669 |
Consolidated Financial Highlights (unaudited) |
|||||||||||
($ and numbers in thousands, except ratios and average full-time equivalent employees) |
|||||||||||
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||
Return on average equity |
|
15.91 |
% |
|
|
7.88 |
% |
|
|
12.66 |
% |
Return on average assets |
|
1.51 |
% |
|
|
0.77 |
% |
|
|
1.20 |
% |
Net interest margin (1) |
|
3.75 |
% |
|
|
3.55 |
% |
|
|
3.26 |
% |
Average interest-earning assets yield (1) |
|
4.54 |
% |
|
|
4.46 |
% |
|
|
4.27 |
% |
Average loan yield |
|
5.61 |
% |
|
|
5.38 |
% |
|
|
5.06 |
% |
Average investment securities yield (1) |
|
2.86 |
% |
|
|
2.87 |
% |
|
|
2.71 |
% |
Average short-term investment yield |
|
4.11 |
% |
|
|
4.39 |
% |
|
|
5.07 |
% |
Average cost of total deposits |
|
1.62 |
% |
|
|
1.77 |
% |
|
|
1.93 |
% |
Average cost of interest-bearing deposits |
|
2.66 |
% |
|
|
2.88 |
% |
|
|
3.30 |
% |
Average cost of interest-bearing liabilities |
|
2.66 |
% |
|
|
2.87 |
% |
|
|
3.30 |
% |
Allowance for credit losses to loans |
|
1.25 |
% |
|
|
1.24 |
% |
|
|
1.28 |
% |
Non-performing loans to total loans |
|
-- | % |
|
|
-- |
% |
|
|
-- |
% |
Net loan charge-offs (recoveries) to loans |
|
-- |
% |
|
|
-- |
% |
|
|
-- |
% |
Common equity tier 1 ratio |
|
14.11 |
% |
|
|
13.84 |
% |
|
|
14.84 |
% |
Total risk-based capital ratio |
|
14.94 |
% |
|
|
14.61 |
% |
|
|
15.60 |
% |
Leverage ratio |
|
10.39 |
% |
|
|
10.57 |
% |
|
|
11.34 |
% |
(1) Yields are presented on tax-equivalent basis assuming a tax rate of |
|||||||||||
|
|
|
|
|
|
||||||
Transportation invoice volume |
|
8,355 |
|
|
|
8,919 |
|
|
|
8,771 |
|
Transportation dollar volume |
$ |
8,643,138 |
|
|
$ |
8,994,440 |
|
|
$ |
8,939,646 |
|
Facility expense transaction volume |
|
4,225 |
|
|
|
4,085 |
|
|
|
4,114 |
|
Facility expense dollar volume |
$ |
5,822,935 |
|
|
$ |
5,032,620 |
|
|
$ |
5,016,208 |
|
Average full-time equivalent employees |
|
1,008 |
|
|
|
1,008 |
|
|
|
1,044 |
|
Assets and Liabilities of Discontinued Operations (unaudited) |
||||||||
($ in thousands) |
||||||||
|
March 31,
|
|
December 31,
|
|
March 31,
|
|||
Assets: |
|
|
|
|
|
|||
Premises and equipment, net |
$ |
3,605 |
|
$ |
3,598 |
|
$ |
3,117 |
Goodwill and other intangible assets, net |
|
5,102 |
|
|
5,112 |
|
|
5,140 |
Other assets |
|
5,350 |
|
|
5,703 |
|
|
6,470 |
Assets of discontinued operations |
$ |
14,057 |
|
$ |
14,413 |
|
$ |
14,727 |
|
|
|
|
|
|
|||
Liabilities: |
|
|
|
|
|
|||
Accounts and drafts payable |
|
16,465 |
|
|
19,665 |
|
|
21,517 |
Other liabilities |
|
2,523 |
|
|
2,649 |
|
|
2,904 |
Liabilities of discontinued operations |
$ |
18,988 |
|
$ |
22,314 |
|
$ |
24,421 |
Income from Discontinued Operations (unaudited) |
||||||||
($ in thousands) |
||||||||
|
March 31,
|
|
December 31,
|
|
March 31,
|
|||
Fee revenue: |
|
|
|
|
|
|||
Processing fees |
$ |
4,205 |
|
$ |
4,582 |
|
$ |
4,394 |
Financial fees |
|
413 |
|
|
205 |
|
|
179 |
Total fee revenue |
|
4,618 |
|
|
4,787 |
|
|
4,573 |
|
|
|
|
|
|
|||
Operating expense: |
|
|
|
|
|
|||
Salaries and commissions |
|
2,756 |
|
|
2,871 |
|
|
3,005 |
Share-based compensation |
|
43 |
|
|
25 |
|
|
31 |
Other benefits |
|
616 |
|
|
504 |
|
|
664 |
Total personnel expenses |
|
3,415 |
|
|
3,400 |
|
|
3,700 |
Occupancy |
|
180 |
|
|
189 |
|
|
185 |
Equipment |
|
51 |
|
|
53 |
|
|
51 |
Amortization of intangible assets |
|
9 |
|
|
9 |
|
|
18 |
Other |
|
435 |
|
|
592 |
|
|
508 |
Total operating expense |
|
4,090 |
|
|
4,243 |
|
|
4,462 |
Income from discontinued operations, before income tax expense |
|
528 |
|
|
544 |
|
|
111 |
Income tax expense |
|
113 |
|
|
110 |
|
|
23 |
Net income from discontinued operations |
$ |
415 |
|
$ |
434 |
|
$ |
88 |
Other Information from Discontinued Operations (unaudited) |
||||||||
($ and numbers in thousands, except average full-time equivalent employees) |
||||||||
|
Quarter
|
|
Quarter
|
|
Quarter
|
|||
Facility expense transaction volume |
|
133 |
|
|
133 |
|
|
150 |
Facility expense dollar volume |
$ |
256,844 |
|
$ |
258,523 |
|
$ |
313,358 |
Average full-time equivalent employees |
|
129 |
|
|
135 |
|
|
150 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250417451328/en/
Cass Investor Relations
ir@cassinfo.com
Source: Cass Information Systems, Inc.
FAQ
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