(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act. | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act. | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Nominee | Votes For | Votes Against | Abstentions | Broker Non-Votes | ||||||||||
Robert A. Ebel | 8,865,545 | 218,445 | 81,598 | 2,043,407 | ||||||||||
Randall L. Schilling | 8,877,378 | 206,294 | 81,916 | 2,043,407 | ||||||||||
Franklin D. Wicks, Jr. | 7,958,810 | 1,123,580 | 83,198 | 2,043,407 |
Votes For | Votes Against | Abstentions | Broker Non-Votes | ||||||||
8,807,549 | 178,200 | 179,839 | 2,043,407 |
Votes For | Votes Against | Abstentions | ||||||
11,073,391 | 108,064 | 27,540 |
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
CASS INFORMATION SYSTEMS, INC. | ||||||||
By: | /s/ Martin H. Resch | |||||||
Name: | Martin H. Resch | |||||||
Title: | President and Chief Executive Officer | |||||||
By: | /s/ Michael J. Normile | |||||||
Name: | Michael J. Normile | |||||||
Title: | Executive Vice President and Chief Financial Officer |
Quarter Ended March 31, 2024 | Quarter Ended December 31, 2023 | Quarter Ended March 31, 2023 | |||||||||||||||
Processing fees | $ | 21,253 | $ | 20,728 | $ | 19,513 | |||||||||||
Financial fees | 10,777 | 11,467 | 11,259 | ||||||||||||||
Total fee revenue | $ | 32,030 | $ | 32,195 | $ | 30,772 | |||||||||||
Interest and fees on loans | 12,776 | 12,796 | 12,235 | ||||||||||||||
Interest and dividends on securities | 4,437 | 4,352 | 4,794 | ||||||||||||||
Interest on federal funds sold and other short-term investments | 4,441 | 4,573 | 3,113 | ||||||||||||||
Total interest income | $ | 21,654 | $ | 21,721 | $ | 20,142 | |||||||||||
Interest expense | 5,178 | 4,687 | 3,244 | ||||||||||||||
Net interest income | $ | 16,476 | $ | 17,034 | $ | 16,898 | |||||||||||
(Provision for) release of credit losses | (95) | 215 | 340 | ||||||||||||||
(Loss) gain on sale of investment securities | — | (13) | 39 | ||||||||||||||
Other | 1,267 | 1,305 | 1,296 | ||||||||||||||
Total revenues | $ | 49,678 | $ | 50,736 | $ | 49,345 | |||||||||||
Salaries and commissions | 23,976 | 23,861 | 22,605 | ||||||||||||||
Share-based compensation | 1,226 | 342 | 1,950 | ||||||||||||||
Net periodic pension cost | 195 | 434 | 100 | ||||||||||||||
Other benefits | 5,210 | 4,963 | 5,371 | ||||||||||||||
Total personnel expenses | $ | 30,607 | $ | 29,600 | $ | 30,026 | |||||||||||
Occupancy | 861 | 890 | 855 | ||||||||||||||
Equipment | 1,881 | 1,950 | 1,650 | ||||||||||||||
Other | 7,322 | 7,941 | 7,841 | ||||||||||||||
Total operating expenses | $ | 40,671 | $ | 40,381 | $ | 40,372 | |||||||||||
Income from operations before income taxes | $ | 9,007 | $ | 10,355 | $ | 8,973 | |||||||||||
Income tax expense | 1,855 | 1,945 | 1,856 | ||||||||||||||
Net income | $ | 7,152 | $ | 8,410 | $ | 7,117 | |||||||||||
Basic earnings per share | $ | .53 | $ | .62 | $ | .52 | |||||||||||
Diluted earnings per share | $ | .52 | $ | .61 | $ | .51 | |||||||||||
Share data: | |||||||||||||||||
Weighted-average common shares outstanding | 13,530 | 13,467 | 13,599 | ||||||||||||||
Weighted-average common shares outstanding assuming dilution | 13,785 | 13,755 | 13,863 |
(unaudited) March 31, 2024 | December 31, 2023 | (unaudited) March 31, 2023 | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 192,803 | $ | 372,468 | $ | 210,478 | ||||||||||||||
Securities available-for-sale, at fair value | 621,929 | 627,117 | 703,037 | |||||||||||||||||
Loans | 1,036,997 | 1,014,318 | 1,070,373 | |||||||||||||||||
Less: Allowance for credit losses | (13,299) | (13,089) | (13,254) | |||||||||||||||||
Loans, net | $ | 1,023,698 | $ | 1,001,229 | $ | 1,057,119 | ||||||||||||||
Payments in advance of funding | 221,552 | 198,861 | 259,819 | |||||||||||||||||
Premises and equipment, net | 32,613 | 30,093 | 20,967 | |||||||||||||||||
Investments in bank-owned life insurance | 49,496 | 49,159 | 48,278 | |||||||||||||||||
Goodwill and other intangible assets | 20,463 | 20,654 | 21,240 | |||||||||||||||||
Accounts and drafts receivable from customers | 32,856 | 110,651 | 37,288 | |||||||||||||||||
Other assets | 98,169 | 68,390 | 69,163 | |||||||||||||||||
Total assets | $ | 2,293,579 | $ | 2,478,622 | $ | 2,427,389 | ||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Non-interest bearing | $ | 412,879 | $ | 524,359 | $ | 585,323 | ||||||||||||||
Interest-bearing | 666,213 | 616,455 | 530,827 | |||||||||||||||||
Total deposits | $ | 1,079,092 | $ | 1,140,814 | $ | 1,116,150 | ||||||||||||||
Accounts and drafts payable | 944,793 | 1,071,369 | 1,051,435 | |||||||||||||||||
Other liabilities | 40,207 | 36,630 | 42,304 | |||||||||||||||||
Total liabilities | $ | 2,064,092 | $ | 2,248,813 | $ | 2,209,889 | ||||||||||||||
Shareholders’ equity: | ||||||||||||||||||||
Common stock | $ | 7,753 | $ | 7,753 | $ | 7,753 | ||||||||||||||
Additional paid-in capital | 204,361 | 208,007 | 206,614 | |||||||||||||||||
Retained earnings | 148,845 | 145,782 | 134,822 | |||||||||||||||||
Common shares in treasury, at cost | (82,316) | (84,264) | (79,419) | |||||||||||||||||
Accumulated other comprehensive loss | (49,156) | (47,469) | (52,270) | |||||||||||||||||
Total shareholders’ equity | $ | 229,487 | $ | 229,809 | $ | 217,500 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,293,579 | $ | 2,478,622 | $ | 2,427,389 |
Quarter Ended March 31, 2024 | Quarter Ended December 31, 2023 | Quarter Ended March 31, 2023 | |||||||||||||||
Average interest-earning assets | $ | 2,063,239 | $ | 2,075,651 | $ | 2,162,734 | |||||||||||
Average loans | 1,016,246 | 1,025,259 | 1,076,221 | ||||||||||||||
Average securities available-for-sale | 635,422 | 615,666 | 724,839 | ||||||||||||||
Average short-term investments | 352,163 | 356,887 | 295,150 | ||||||||||||||
Average payments in advance of funding | 194,338 | 209,364 | 240,890 | ||||||||||||||
Average assets | 2,381,582 | 2,414,665 | 2,499,341 | ||||||||||||||
Average non-interest bearing deposits | 447,900 | 464,924 | 553,644 | ||||||||||||||
Average interest-bearing deposits | 631,622 | 592,055 | 591,102 | ||||||||||||||
Average borrowings | 11 | 11 | 5,834 | ||||||||||||||
Average interest-bearing liabilities | 631,633 | 592,066 | 596,936 | ||||||||||||||
Average accounts and drafts payable | 1,035,833 | 1,110,415 | 1,095,182 | ||||||||||||||
Average shareholders’ equity | $ | 226,669 | $ | 207,834 | $ | 209,791 |
Quarter Ended March 31, 2024 | Quarter Ended December 31, 2023 | Quarter Ended March 31, 2023 | |||||||||||||||
Return on average equity | 12.66% | 16.06% | 13.76% | ||||||||||||||
Return on average assets | 1.20% | 1.38% | 1.15% | ||||||||||||||
Net interest margin (1) | 3.26% | 3.30% | 3.23% | ||||||||||||||
Average interest-earning assets yield (1) | 4.27% | 4.20% | 3.84% | ||||||||||||||
Average loan yield | 5.06% | 4.95% | 4.61% | ||||||||||||||
Average investment securities yield (1) | 2.71% | 2.63% | 2.62% | ||||||||||||||
Average short-term investment yield | 5.07% | 5.08% | 4.28% | ||||||||||||||
Average cost of total deposits | 1.93% | 1.76% | 1.15% | ||||||||||||||
Average cost of interest-bearing deposits | 3.30% | 3.14% | 2.18% | ||||||||||||||
Average cost of interest-bearing liabilities | 3.30% | 3.14% | 2.20% | ||||||||||||||
Allowance for credit losses to loans | 1.28% | 1.29% | 1.24% | ||||||||||||||
Non-performing loans to total loans | —% | —% | —% | ||||||||||||||
Net loan charge-offs (recoveries) to loans | —% | —% | —% | ||||||||||||||
Common equity tier 1 ratio | 14.84% | 14.73% | 13.76% | ||||||||||||||
Total risk-based capital ratio | 15.60% | 15.49% | 14.49% | ||||||||||||||
Leverage ratio | 11.34% | 10.71% | 10.01% | ||||||||||||||
(1) Yields are presented on tax-equivalent basis assuming a tax rate of 21%. | |||||||||||||||||
Transportation invoice volume | 8,771 | 8,733 | 9,098 | ||||||||||||||
Transportation dollar volume | $ | 8,939,646 | $ | 9,044,772 | $ | 10,268,451 | |||||||||||
Facility expense transaction volume | 4,264 | 3,505 | 3,468 | ||||||||||||||
Facility expense dollar volume | $ | 5,329,566 | $ | 4,848,064 | $ | 5,313,385 |
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