8-K
CASS INFORMATION SYSTEMS INC (CASS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): April 15, 2025
______________________
CASS INFORMATION SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
______________________
| Missouri | 000-20827 | 43-1265338 | |||
|---|---|---|---|---|---|
| (State or other jurisdiction of<br>incorporation or organization) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) | 12444 Powerscourt Drive, Suite 550<br><br>St. Louis, Missouri | 63131 | |
| --- | --- | ||||
| (Address of principal executive offices) | (Zip Code) |
(314) 506-5500
(Registrant’s telephone number, including area code)
______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | 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. |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol | Name of each exchange<br>on which registered |
|---|---|---|
| Common Stock, par value $0.50 per share | CASS | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 17, 2025, Cass Information Systems, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of fiscal 2025. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
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 the Company’s website in addition to following press releases, SEC filings, and public conference calls and webcasts.
The information reported under this Item 2.02 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On April 15, 2025, the Company held its 2025 Annual Meeting of Shareholders (the “Annual Meeting”). The following is a summary of the matters voted on at the Annual Meeting:
(a) Election of four directors to serve a one-year term ending in 2026, as follows:
| Nominee | Votes For | Votes Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| Ralph W. Clermont | 8,864,421 | 426,804 | 84,542 | 1,811,595 |
| Wendy J. Henry | 9,156,415 | 137,213 | 82,139 | 1,811,595 |
| James J. Lindemann | 9,117,297 | 199,394 | 59,076 | 1,811,595 |
| Sally H. Roth | 9,043,813 | 253,258 | 84,206 | 1,811,595 |
All director nominees were elected.
(b) Advisory approval of the Company’s executive compensation:
| Votes For | Votes Against | Abstentions | Broker Non-Votes |
|---|---|---|---|
| 9,137,145 | 154,416 | 84,206 | 1,811,595 |
The Company’s executive compensation was approved by advisory vote.
(c) Ratification of the selection of KPMG LLP as the Company’s independent registered public accounting firm
for 2025:
| Votes For | Votes Against | Abstentions |
|---|---|---|
| 10,975,341 | 186,756 | 25,265 |
The selection of KPMG LLP to serve as the Company’s independent registered public accounting firm for 2025 was ratified.
Item 8.01. Other Events.
On April 15, 2025, the Company’s Board of Directors declared a second quarter dividend of $0.31 per share payable on June 13, 2025 to shareholders of record on June 3, 2025.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description |
|---|---|
| 99.1 | Press release issued by Cass Information Systems, Inc. dated April 17, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 17, 2025
| 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 |
3
Document
Exhibit 99.1
Contact: Cass Investor Relations
ir@cassinfo.com
April 17, 2025
Cass Information Systems reports First Quarter 2025 Results
ST. LOUIS – Cass Information Systems, Inc. (Nasdaq: CASS), (the Company or Cass) reported first quarter 2025 earnings of $0.66 per diluted share, as compared to $0.52 in the first quarter of 2024 and $0.33 in the fourth quarter of 2024. Net income for the period was $9.0 million, an increase of 25.4% from $7.2 million in the same period in 2024 and an increase of $4.4 million, or 95.2%, as compared to the fourth quarter of 2024.
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 USA Inc. The Company has applied discontinued operations accounting in accordance with FASB Accounting Standards Codification (“ASC”), Topic 205-20, “Presentation of Financial Statements – Discontinued Operations,” to the assets and liabilities being sold related to the Company's TEM Business Unit as of March 31, 2025 and December 31, 2024, and for the three-months ended March 31, 2025, December 31, 2024 and March 31, 2024, as applicable. All financial information in this earnings release is reported on a continuing operations basis, unless otherwise noted.
•Net income of $9.0 million, or $0.66 per diluted common share.
•Return on average equity and assets of 15.91% and 1.51%, respectively.
•Increase in net interest margin to 3.75% from 3.26%.
•Increase in net interest income of $2.8 million, or 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 as partial consideration in a litigation settlement.
•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 4.7% as compared to the first quarter of 2024 and 6.3% as compared to the fourth quarter of 2024. The decline in invoice volumes is reflective of an overall decline in shipments as well as severe weather in January 2025. Transportation dollar volumes were $8.6 billion during the first quarter of 2025, decreases of 3.3% as compared to the first quarter of 2024 and 3.9% as compared to the fourth quarter of 2024. The decline in dollar volumes was primarily due to the decline in invoice volume, partially offset by a slight increase in average dollars per invoice.
Facility Expense Invoice and Dollar Volumes – Facility expense invoice volumes of 4.2 million increased 2.7%. as compared to the first quarter of 2024 and 3.4% as compared to the fourth quarter of 2024. Facility expense dollar volumes totaled $5.8 billion during the first quarter of 2025, increases of 16.1% as compared to the first quarter of 2024 and 15.7% as compared to the fourth quarter of 2024. The increases are largely reflective of new client volume.
Processing Fees – Processing fees decreased $390,000, or 2.3%, over the same period in the prior year. The decrease in processing fees was largely driven by the decrease in transportation invoice volumes of 4.7%, partially offset by the increase in facility expense invoice volumes of 2.7%.
Financial Fees – Financial fees, earned on a transactional level basis for invoice payment services when making customer payments, decreased $637,000, or 6.0%. The decrease in financial fees was primarily due to a decline in transportation dollar volumes of 3.3% and related decline in average payments in advance of funding of 10.7%.
Net Interest Income – Net interest income increased $2.8 million, or 17.0%. The increase in net interest income was attributable to the net interest margin improving to 3.75% as compared to 3.26% in the same period last year, in addition to an increase in average interest-earning assets of $41.4 million, or 2.0%.
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 $905,000 during the first quarter of 2025 as compared to $95,000 in the first quarter of 2024. The provision for credit losses for the first quarter of 2025 was largely driven by the increase in total loans of $59.9 million, or 5.5%, as compared to December 31, 2024.
Personnel Expenses - Personnel expenses increased $372,000, or 1.4%. Salaries and commissions increased 0.9%, as a result of merit increases and the December 2024 acquisition of AcuAudit, partially offset by a decrease in average full-time equivalent employees (“FTEs”) of 3.4% due to strategic investments in various technology initiatives. Net periodic pension cost was $0 for the first quarter of 2025 as compared to $195,000 in the first quarter of 2024 and $3.6 million in the fourth quarter of 2024 due to the termination of the Company’s noncontributory defined-benefit pension plan in the fourth quarter of 2024. Other benefits increased $327,000, or 7.2%, due to higher health insurance costs, partially offset by the decline in average FTEs.
Equipment Expense - Equipment expense increased $463,000 primarily due to an increase in depreciation expense on software related to recently completed technology initiatives.
Bad Debt Recovery - The Company recorded a bad debt recovery of $2.0 million related to partial consideration received in a litigation settlement.
Loans - When compared to December 31, 2024, ending loans increased $59.9 million, or 5.5%. The Company experienced growth in its commercial and industrial and faith-based loan portfolios during the first quarter of 2025.
Payments in Advance of Funding – Average payments in advance of funding decreased $20.7 million, or 10.7%, primarily due to a 3.3% decrease in transportation dollar volumes, which led to fewer dollars advanced to freight carriers, in addition to the continued consolidation of freight carriers.
Deposits – Average deposits decreased $46.1 million, or 4.3%, when compared to the first quarter of 2024. The Company has experienced deposit attrition due to a decrease in the overall level of some larger commercial deposits due to client funding needs for acquisitions and other purposes.
Accounts and Drafts Payable - Average accounts and drafts payable increased $57.9 million, or 5.7%. The increase in these balances, which are non-interest bearing, are primarily reflective of the increase in facility dollar volumes of 16.1%. Accounts and drafts payable are a significant source of funding generated by payment float from transportation and facility clients.
Shareholders’ Equity - Total shareholders’ equity increased $5.2 million since December 31, 2024 as a result of net income of $9.0 million and a decrease in accumulated other comprehensive loss of $5.7 million primarily related to the fair value of available-for-sale investment securities, partially offset by the repurchase of Company stock of $5.0 million and dividends of $4.2 million.
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 $90 billion annually on behalf of clients, and with total assets of $2.3 billion, Cass is uniquely supported by Cass Commercial Bank. Founded in 1906 and a wholly owned subsidiary, Cass Commercial Bank provides sophisticated financial exchange services to the parent organization and its clients. Cass is part of the Russell 2000®. More information is available at www.cassinfo.com.
Forward Looking Information
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include the impact of economic and market conditions, inflationary pressures, risks of credit deterioration, interest rate changes, governmental actions, market volatility, security breaches and technology interruptions, energy prices and competitive factors, among others, as set forth in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Actual results may differ materially from those set forth in the forward-looking statements.
Note to Investors
The Company has used, and intends to continue using, the Investors portion of its website to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors are encouraged to monitor Cass’s website in addition to following press releases, SEC filings, and public conference calls and webcasts.
Consolidated Statements of Income (unaudited)
($ and numbers in thousands, except per share data)
| Quarter<br>Ended<br>March 31, 2025 | Quarter<br>Ended<br>December 31, 2024 | Quarter<br>Ended<br>March 31, 2024 | ||||
|---|---|---|---|---|---|---|
| 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 <br> 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<br> 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<br>Ended<br>March 31, 2025 | Quarter<br>Ended<br>December 31, 2024 | Quarter<br>Ended<br>March 31, 2024 | ||||
|---|---|---|---|---|---|---|
| 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<br>Ended<br>March 31, 2025 | Quarter<br>Ended<br>December 31, 2024 | Quarter<br>Ended<br>March 31, 2024 | ||||
|---|---|---|---|---|---|---|
| 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 21%. | ||||||
| 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, 2025 | December 31, 2024 | March 31, 2024 | ||||
|---|---|---|---|---|---|---|
| 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, 2025 | December 31, 2024 | March 31, 2024 | ||||
|---|---|---|---|---|---|---|
| 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<br>Ended<br>March 31, 2025 | Quarter<br>Ended<br>December 31, 2024 | Quarter<br>Ended<br>March 31, 2024 | ||||
|---|---|---|---|---|---|---|
| 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 |