$CASS

CASS INFORMATION SYSTEMS INC

CIK:0000708781|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fee Revenue and Other Income:
Fee revenues	$ 27,435	$ 27,211	$ 53,966	$ 53,977
Gain (Loss) on Sale of Investments	5	(3,558)	10	(3,576)
Other	1,885	1,645	3,667	3,271
Total fee revenue and other income	28,927	24,948	56,873	52,986
Interest Income:
Interest and fees on loans	15,956	15,837	31,233	31,187
Interest and dividends on investment securities:
Taxable	5,724	3,990	11,318	7,505
Exempt from federal income taxes	1,355	809	2,756	1,441
Interest on federal funds sold and other short-term investments	2,570	3,003	5,402	6,895
Total interest income	25,605	23,639	50,709	47,028
Interest Expense:
Interest on deposits	3,916	4,164	7,744	8,280
Interest on short-term borrowings	142	0	202	0
Interest Expense, Operating	4,058	4,164	7,946	8,280
Net interest income	21,547	19,475	42,763	38,748
Provision for credit losses	531	25	592	930
Net interest income after provision for credit losses	21,016	19,450	42,171	37,818
Total net revenue	49,943	44,398	99,044	90,804
Operating Expense:
Total personnel expenses	27,085	27,752	54,364	55,031
Occupancy	703	669	1,384	1,390
Equipment	2,776	2,562	5,208	4,856
Amortization of intangible assets	293	293	586	586
Other operating expense	7,671	6,843	15,204	13,786
Total operating expense	36,769	38,119	74,987	73,649
Income from continuing operations, before income tax expense	13,174	6,279	24,057	17,155
Income tax expense	2,599	1,119	4,743	3,445
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	10,575	5,160	19,314	13,710
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	12	3,695	105	4,111
Net income	$ 10,587	$ 8,855	$ 19,419	$ 17,821
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.83	$ 0.39	$ 1.50	$ 1.03
Basic earnings per share (in dollars per share)	0.83	0.67	1.51	1.34
Income (Loss) from Continuing Operations, Per Diluted Share	0.81	0.38	1.47	1.01
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	0.28	0.01	0.31
Diluted earnings per share (in dollars per share)	0.81	0.66	1.48	1.31
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	$ 0	$ 0.28	$ 0.01	$ 0.30
Salaries and commissions	$ 20,241	$ 20,638	$ 39,509	$ 40,301
Share-based compensation expense	1,130	918	2,569	2,159
Profit Sharing Expense	1,959	1,583	3,593	3,085
Other benefits	3,755	4,613	8,693	9,486
Bad debt expense	(1,759)	0	(1,759)	(2,000)
Processing fees
Fee Revenue and Other Income:
Fee revenues	16,086	16,700	31,814	33,169
Financial fees
Fee Revenue and Other Income:
Fee revenues	$ 10,951	$ 10,161	$ 21,382	$ 20,122

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income	$ 19,419	$ 17,821
Amortization of intangible assets	586	586
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion (Amortization) of Discounts and Premiums, Investments	(537)	(782)
Depreciation	2,997	3,029
(Gain) loss on sale of investment securities	(10)	3,576
Share-based compensation expense	2,569	2,159
Provision for credit losses	592	930
Increase in current income tax liability	5,749	71
Decrease (increase) in accounts receivable	3	(169)
Other operating activities, net	118	(3,136)
Cash Provided by (Used in) Operating Activity, Continuing Operation	31,381	21,538
Cash Provided by (Used in) Operating Activity, Discontinued Operation	105	(1,264)
Net cash provided by operating activities	31,486	20,274
Cash Flows From Investing Activities:
Proceeds from sales of investment securities available-for-sale	31,621	53,134
Proceeds from maturities of investment securities available-for-sale	38,959	40,037
Purchase of investment securities available-for-sale	(42,294)	(153,209)
Net increase in loans	(41,822)	(35,015)
Proceeds from Divestiture of Businesses	0	18,000
(Increase) decrease in payments in advance of funding	(85,100)	30,929
Purchases of premises and equipment, net	(4,992)	(3,914)
Cash Provided by (Used in) Investing Activity, Continuing Operation	(103,628)	(50,038)
Cash Provided by (Used in) Investing Activity, Discontinued Operation	0	(99)
Net cash used in investing activities	(103,628)	(50,137)
Net (decrease) increase in noninterest-bearing demand deposits	(31,582)	119,377
Cash Flows From Financing Activities:
Proceeds from Issuance of Debt	80,000	0
Net (Increase) Decrease In Accounts and Drafts Receivable From Customers	24,735	(4,371)
Net (decrease) increase in noninterest-bearing demand deposits	(31,582)	119,377
Net decrease in interest-bearing demand and savings deposits	(70,525)	(88,138)
Net increase in time deposits	18,642	4,641
Net decrease (increase) in accounts and drafts receivable from customers	(96,760)	(92,816)
Cash dividends paid	(8,224)	(8,303)
Purchase of common shares for treasury	(5,995)	(10,996)
Other financing activities, net	(1,944)	(1,429)
Cash Provided by (Used in) Financing Activity, Continuing Operation	(91,653)	(82,035)
Cash Provided by (Used in) Financing Activity, Discontinued Operation	0	(19,665)
Net cash used in financing activities	(91,653)	(101,700)
Net decrease in cash and cash equivalents	(163,795)	(131,563)
Cash and cash equivalents at beginning of period	392,268	349,728
Cash and cash equivalents at end of period	228,473	218,165
Supplemental information:
Cash paid for interest	8,124	8,481
Cash paid for income taxes	1,187	4,673
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	105	4,111
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	$ 19,314	$ 13,710

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 41,124	$ 26,129
Short-term investments	187,349	366,139
Cash and cash equivalents	228,473	392,268
Investment securities available-for-sale, at fair value	736,790	770,772
Loans	1,103,039	1,061,217
Less: Allowance for credit losses	14,374	13,597
Loans, net	1,088,665	1,047,620
Payments in advance of funding	249,614	164,514
Premises and equipment, net	29,848	29,449
Investment in bank-owned life insurance	53,161	52,195
Goodwill	16,164	16,164
Other intangible assets, net	3,142	3,728
Receivable from Customer in Brokerage	44,690	69,425
Other assets	65,665	59,889
Total assets	2,516,212	2,606,024
Deposits:
Noninterest-bearing	481,852	513,434
Interest-bearing	634,716	686,599
Total deposits	1,116,568	1,200,033
Accounts and drafts payable	1,028,098	1,124,858
Other Short-Term Borrowings	80,000	0
Other liabilities	46,882	38,135
Total liabilities	2,271,548	2,363,026
Shareholders’ Equity:
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued	0	0
Common Stock, Value, Outstanding	7,753	7,753
Additional paid-in capital	206,971	207,052
Retained earnings	178,287	167,092
Common shares in treasury, at cost (2,699,623 shares at June 30, 2026 and 2,588,135 shares at December 31, 2025)	117,437	112,148
Accumulated other comprehensive loss	(30,910)	(26,751)
Total shareholders’ equity	244,664	242,998
Total liabilities and shareholders’ equity	$ 2,516,212	$ 2,606,024