Cass Information Systems Inc 10-Q for FY2024 Q1

Cass Information Systems Inc (CASS)

10-Q 2024-05-03 For: 2024-03-31

Added on April 06, 2026

About this 10-Q

Cass Information Systems Inc filed this 10-Q on May 3, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $49.68M; up 0.7% from $49.35M a year earlier
Net income: $7.15M; up 0.5% from net income of $7.12M a year earlier
Diluted EPS: $0.52; up 2.0% from $0.51 a year earlier

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x			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the quarterly period ended March 31, 2024

OR

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the transition period from __________ to __________


Missouri			43-1265338
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
12444 Powerscourt Drive, Suite 550 St. Louis, Missouri			63131
(Address of principal executive offices)			(Zip Code)


PART I – Financial Information
Item 1.	FINANCIAL STATEMENTS
	Consolidated Balance Sheets March 31, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Income Three Months Ended March 31, 2024 and 202 3 (unaudited)	4
	Consolidated Statements of Comprehensive Income Three Months Ended March 31 , 202 4 and 202 3 (unaudited)	5
	Consolidated Statements of Cash Flows Three Months Ended March 31, 2024 and 2023 (unaudited)	6
	Consolidated Statements of Shareholders’ Equity Three Months Ended March 31, 2024 and 202 3 (unaudited)	6
	Notes to Consolidated Financial Statements (unaudited)	8
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	21
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	31
Item 4.	CONTROLS AND PROCEDURES	31
PART II – Other Information – Items 1. – 6.		32
SIGNATURES		34


	March 31, 2024 (Unaudited)		December 31, 2023
Assets
Cash and due from banks	$	17,323	$	20,908
Short-term investments	175,480		351,560
Cash and cash equivalents	192,803		372,468
Securities available-for-sale, at fair value	621,929		627,117

Loans	1,036,997		1,014,318
Less: Allowance for credit losses	13,299		13,089
Loans, net	1,023,698		1,001,229
Payments in advance of funding	221,552		198,861
Premises and equipment, net	32,613		30,093
Investment in bank-owned life insurance	49,496		49,159
Goodwill	17,309		17,309
Other intangible assets, net	3,154		3,345
Accounts and drafts receivable from customers	32,856		110,651
Other assets	98,169		68,390
Total assets	$	2,293,579	$	2,478,622

Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	412,879	$	524,359
Interest-bearing	666,213		616,455
Total deposits	1,079,092		1,140,814
Accounts and drafts payable	944,793		1,071,369
Other liabilities	40,207		36,630
Total liabilities	2,064,092		2,248,813

Shareholders’ Equity:
Preferred stock, par value $.50 per share; 2,000,000 shares authorized and no shares issued	—		—
Common stock, par value $.50 per share; 40,000,000 shares authorized and 15,505,772 shares issued at March 31, 2024 and December 31, 2023; 13,627,848 and 13,582,375 shares outstanding at March 31, 2024 and December 31, 2023, respectively.	7,753		7,753
Additional paid-in capital	204,361		208,007
Retained earnings	148,845		145,782
Common shares in treasury, at cost (1,877,924 shares at March 31, 2024 and 1,923,397 shares at December 31, 2023)	(82,316)		(84,264)
Accumulated other comprehensive loss	(49,156)		(47,469)
Total shareholders’ equity	229,487		229,809
Total liabilities and shareholders’ equity	$	2,293,579	$	2,478,622


	Three Months Ended March 31,
	2024		2023
Fee Revenue and Other Income:
Processing fees	$	21,253	$	19,513
Financial fees	10,777		11,259
Other	1,267		1,335
Total fee revenue and other income	33,297		32,107

Interest Income:
Interest and fees on loans	12,776		12,235
Interest and dividends on securities:
Taxable	3,519		3,586
Exempt from federal income taxes	918		1,208
Interest on federal funds sold and other short-term investments	4,441		3,113
Total interest income	21,654		20,142

Interest Expense:
Interest on deposits	5,178		3,171
Interest on short-term borrowings	—		73
Total interest expense	5,178		3,244
Net interest income	16,476		16,898
Provision for (release of) credit losses	95		(340)
Net interest income after provision for (release of) credit losses	16,381		17,238
Total net revenue	49,678		49,345

Operating Expense:
Personnel	30,607		30,026
Occupancy	861		855
Equipment	1,881		2,082
Amortization of intangible assets	191		195
Other operating expense	7,131		7,214
Total operating expense	40,671		40,372
Income before income tax expense	9,007		8,973
Income tax expense	1,855		1,856
Net income	$	7,152	$	7,117

Basic earnings per share	$	.53	$	.52
Diluted earnings per share	.52		.51


	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
Balance, December 31, 2022	$	7,753	$	207,422	$	131,682	$	(81,211)	$	(59,321)	$	206,325
Net income					7,117						7,117
Cash dividends ($0.29 per share)					(3,977)						(3,977)
Issuance of 61,534 common shares pursuant to stock-based compensation plans, net			(2,520)				1,670				(850)
Exercise of SARs			(238)				122				(116)
Stock-based compensation expense			1,950								1,950

Other comprehensive gain									7,051		7,051
Balance, March 31, 2023	$	7,753	$	206,614	$	134,822	$	(79,419)	$	(52,270)	$	217,500


Balance, December 31, 2023	$	7,753	$	208,007	$	145,782	$	(84,264)	$	(47,469)	$	229,809
Net income					7,152						7,152
Cash dividends ($0.30 per share)					(4,089)						(4,089)
Issuance of 105,686 common shares pursuant to stock-based compensation plans, net			(4,904)				3,034				(1,870)

Stock-based compensation expense			1,258				(32)				1,226
Purchase of 23,271 common shares							(1,054)				(1,054)
Other comprehensive loss									(1,687)		(1,687)
Balance, March 31, 2024	$	7,753	$	204,361	$	148,845	$	(82,316)	$	(49,156)	$	229,487


	March 31, 2024				December 31, 2023
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Assets eligible for amortization:
Customer lists	$	6,470	$	(4,919)	$	6,470	$	(4,851)
Patents	72		(37)		72		(36)
Software	3,212		(2,040)		3,212		(1,933)
Trade name	373		(77)		373		(70)
Other	500		(400)		500		(392)
Unamortized intangible assets:
Goodwill	17,309		—		17,309		—
Total intangible assets	$	27,936	$	(7,473)	$	27,936	$	(7,282)


(In thousands except share and per share data)	Three Months Ended March 31,
	2024		2023
Basic
Net income	$	7,152	$	7,117
Weighted-average common shares outstanding	13,530,228		13,599,472
Basic earnings per share	$	0.53	$	0.52

Diluted
Net income	$	7,152	$	7,117
Weighted-average common shares outstanding	13,530,228		13,599,472
Effect of dilutive restricted stock and stock appreciation rights	255,049		263,926
Weighted-average common shares outstanding assuming dilution	13,785,277		13,863,398
Diluted earnings per share	$	0.52	$	0.51


(In thousands)	Information Services		Banking Services		Corporate, Eliminations and Other		Total
Three Months Ended March 31, 2024:
Fee income	$	32,321	$	640	$	336	$	33,297
Interest income	10,191		13,884		(2,421)		21,654
Interest expense	598		7,890		(3,310)		5,178
Intersegment income (expense)	(1,038)		1,038		—		—
Pre-tax income	5,964		1,818		1,225		9,007
Goodwill	17,173		136		—		17,309
Other intangible assets, net	3,154		—		—		3,154
Total assets	1,386,858		1,122,954		(216,233)		2,293,579
Average funding sources	$	1,315,614	$	799,740	$	—	$	2,115,354
Three Months Ended March 31, 2023:
Fee income	$	31,077	$	711	$	319	$	32,107
Interest income	9,447		13,177		(2,482)		20,142
Interest expense	98		5,433		(2,287)		3,244
Intersegment income (expense)	(914)		914		—		—
Pre-tax income	4,991		3,859		123		8,973
Goodwill	17,173		136		—		17,309
Other intangible assets, net	3,931		—		—		3,931
Total assets	1,526,001		1,167,979		(266,591)		2,427,389
Average funding sources	$	1,357,035	$	882,892	$	—	$	2,239,927


(In thousands)	March 31, 2024		December 31, 2023
Commercial and industrial	$	526,486	$	498,502
Real estate:
Commercial:
Mortgage	114,200		118,371
Construction	8,812		8,233
Faith-based:
Mortgage	378,158		381,368
Construction	9,336		7,790
Other	5		54
Total loans	$	1,036,997	$	1,014,318


	Performing						Nonperforming
(In thousands)	Current		30-59 Days		60-89 Days		90 Days and Over		Non- accrual		Total Loans
March 31, 2024
Commercial and industrial	$	526,486	$	—	$	—	$	—	$	—	$	526,486
Real estate
Commercial:
Mortgage	114,200		—		—		—		—		114,200
Construction	8,812		—		—		—		—		8,812
Faith-based:
Mortgage	378,158		—		—		—		—		378,158
Construction	9,336		—		—		—		—		9,336

Other	5		—		—		—		—		5
Total	$	1,036,997	$	—	$	—	$	—	$	—	$	1,036,997
December 31, 2023
Commercial and industrial	$	498,502	$	—	$	—	$	—	$	—	$	498,502
Real estate
Commercial:
Mortgage	118,371		—		—		—		—		118,371
Construction	8,233		—		—		—		—		8,233
Faith-based:
Mortgage	381,368		—		—		—		—		381,368
Construction	7,790		—		—		—		—		7,790

Other	54		—		—		—		—		54
Total	$	1,014,318	$	—	$	—	$	—	$	—	$	1,014,318


(In thousands)	Loans Subject to Normal Monitoring1		Performing Loans Subject to Special Monitoring2		Nonperforming Loans Subject to Special Monitoring2		Total Loans
March 31, 2024
Commercial and industrial	$	526,486	$	—	$	—	$	526,486
Real estate
Commercial:
Mortgage	110,407		3,793		—		114,200
Construction	8,812		—		—		8,812
Faith-based:
Mortgage	371,711		6,447		—		378,158
Construction	9,336		—		—		9,336

Other	5		—		—		5
Total	$	1,026,757	$	10,240	$	—	$	1,036,997
December 31, 2023
Commercial and industrial	$	498,502	$	—	$	—	$	498,502
Real estate
Commercial:
Mortgage	118,371		—		—		118,371
Construction	8,233		—		—		8,233
Faith-based:
Mortgage	375,865		5,503		—		381,368
Construction	7,790		—		—		7,790

Other	54		—		—		54
Total	$	1,008,815	$	5,503	$	—	$	1,014,318


1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations.
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.


(In thousands)	Payment Delay		Term Extension		Interest Rate Reduction		Combination Term Extension and Interest Rate Reduction		Percentage of Total Loans Held for Investment












Commercial and industrial	$	—	$	11,225	$	—	$	—	2.04	%








Total	$	—	$	11,225	$	—	$	—	1.05	%


(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due

Commercial and industrial	$	11,686	$	—	$	—	$	—	$	—








Total	$	11,686	$	—	$	—	$	—	$	—


	Three Months Ended March 31,
	2024		2023
Comprehensive Income:
Net income	$	7,152	$	7,117
Other comprehensive income:
Net unrealized (loss) gain on securities available-for-sale	(2,096)		9,181
Tax effect	499		(2,185)
Reclassification adjustments for gains included in net income	—		(39)
Tax effect	—		9
Foreign currency translation adjustments	(90)		85
Total comprehensive income	$	5,465	$	14,168


	Three Months Ended March 31,
	2024		2023
Cash Flows From Operating Activities:
Net income	$	7,152	$	7,117
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	191		195
Net amortization of premium/discount on investment securities	1,037		1,219
Depreciation	1,141		945
Gains on sales of securities	—		(39)
Stock-based compensation expense	1,226		1,950
Provision for (release of) for credit losses	95		(340)

Increase in current income tax liability	1,786		1,704
Increase in pension liability	212		101
Increase in accounts receivable	(1,601)		(1,878)
Other operating activities, net	(1,412)		(1,681)
Net cash provided by operating activities	9,827		9,293

Cash Flows From Investing Activities:
Proceeds from sales of securities available-for-sale	—		61,418
Proceeds from maturities of securities available-for-sale	14,559		13,164
Purchase of securities available-for-sale	(37,504)		(15,190)
Net (increase) decrease in loans	(22,679)		12,533


(Increase) decrease in payments in advance of funding	(22,691)		33,956
Purchases of premises and equipment, net	(3,661)		(1,954)
Net cash (used in) provided by investing activities	(71,976)		103,927

Cash Flows From Financing Activities:
Net decrease in noninterest-bearing demand deposits	(111,480)		(57,434)
Net increase (decrease) in interest-bearing demand and savings deposits	51,116		(106,201)
Net (decrease) increase in time deposits	(1,358)		22,568
Net decrease in accounts and drafts receivable from customers	77,795		58,491

Net decrease in accounts and drafts payable	(126,576)		(16,165)
Cash dividends paid	(4,089)		(3,977)
Purchase of common shares for treasury	(1,054)		—
Other financing activities, net	(1,870)		(966)


	Three Months Ended March 31, 2024
	Shares	Fair Value
Balance at December 31, 2023	237,780	$	42.17
Granted	36,852	44.39
Vested	(37,577)	40.49
Forfeitures	(710)	43.70
Balance at March 31, 2024	236,345	$	42.79


	Three Months Ended March 31, 2024
	Shares	Fair Value
Balance at December 31, 2023	159,073	$	42.74
Granted	51,261	48.19
Vested	(50,840)	40.74
Forfeitures	(1,066)	43.70
Balance at March 31, 2024	158,428	$	43.87


(In thousands)	C&I		CRE		Faith-based CRE		Construction		Total
Balance at December 31, 2022	$	5,978	$	940	$	6,437	$	184	$	13,539
Provision for (release of) credit losses	(566)		153		39		(76)		(450)

Balance at December 31, 2023	$	5,412	$	1,093	$	6,476	$	108	$	13,089

(Release of) provision for credit losses (1)	215		(58)		38		15		210

Balance at March 31, 2024	$	5,627	$	1,035	$	6,514	$	123	$	13,299


(1)			For the three month period ended March 31, 2024 and year-ended December 31, 2023, there was a release of credit losses of $115,000 and $100,000, respectively, for unfunded commitments.


	Shares	Weighted- Average Exercise Price		Average Remaining Contractual Term Years	Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2023	30,409	$	46.70	0.08	$	—

Forfeited	(30,409)	46.70		0.00	—
Exercisable at March 31, 2024	—	$	—	0.00	$	—


(In thousands)	Estimated 2024		Actual 2023

Interest cost on projected benefit obligations	$	4,291	$	4,314
Expected return on plan assets	(3,512)		(3,735)
Net amortization	—		154
Net periodic pension cost	$	779	$	733


(In thousands)	Estimated 2024		Actual 2023

Interest cost on projected benefit obligation	$	451	$	472

Net periodic pension cost	$	451	$	472


	March 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	227,068	$	6	$	(17,370)	$	209,704
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	208,586		—		(32,218)		176,368
Corporate bonds	119,048		27		(9,162)		109,913
Treasury securities	84,922		—		(400)		84,522
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	42,201		—		(779)		41,422
Total	$	681,825	$	33	$	(59,929)	$	621,929


	March 31, 2024
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	26,244	$	164	$	175,899	$	17,206	$	202,143	$	17,370
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	29,086		92		147,282		32,126		176,368		32,218
Corporate bonds	12,600		401		82,269		8,761		94,869		9,162
Treasury securities	—		—		84,522		400		84,522		400
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		41,422		779		41,422		779
Total	$	67,930	$	657	$	531,394	$	59,272	$	599,324	$	59,929


	March 31, 2024
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	199,175	$	197,437
Due after 1 year through 5 years	94,092		92,440
Due after 5 years through 10 years	208,628		183,284
Due after 10 years	179,930		148,768
Total	$	681,825	$	621,929


	For the Three Months Ended March 31,
(In thousands)	2024		2023
Fee revenue and other income
In-scope of FASB ASC 606
Processing fees	$	21,253	$	19,513
Financial fees	10,777		11,259
Information services payment and processing revenue	32,030		30,772
Bank service fees	281		264
Fee revenue (in-scope of FASB ASC 606)	32,311		31,036
Other income (out-of-scope of FASB ASC 606)	986		1,071
Total fee revenue and other income	$	33,297	$	32,107


(In thousands)	March 31, 2024
Lease payments due
Less than 1 year	$	1,325
1-2 years	1,352
2-3 years	1,347
3-4 years	1,364
4-5 years	1,287
Over 5 years	2,588
Total undiscounted cash flows	9,263
Discount on cash flows	1,046
Total lease liability	$	8,217


(In thousands except per share data)	First Quarter of
	2024			2023			% Change
Processing fees	$	21,253		$	19,513		8.9	%
Financial fees	10,777			11,259			(4.3)	%
Net interest income	16,476			16,898			(2.5)	%
Provision for (release of) credit loss	95			(340)			(127.9)	%
Other	1,267			1,335			(5.1)	%
Total net revenue	49,678			49,345			0.7	%
Operating expense	40,671			40,372			0.7	%
Income before income tax expense	9,007			8,973			0.4	%
Income tax expense	1,855			1,856			(0.1)	%
Net income	$	7,152		$	7,117		0.5	%
Diluted earnings per share	$	0.52		$	0.51		2.0	%
Return on average assets	1.20		%	1.15		%	—
Return on average equity	12.66		%	13.76		%	—


(In thousands)	First Quarter of 2024						First Quarter of 2023
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets1
Interest-earning assets
Loans2:	$	1,016,246	$	12,776	5.06	%	$	1,076,221	$	12,235	4.61	%
Investment securities3:
Taxable	521,144		3,519		2.72	%	571,673		3,586		2.54	%
Tax-exempt4	173,685		1,162		2.69	%	219,690		1,529		2.82	%

Short-term investments	352,163		4,441		5.07	%	295,150		3,113		4.28	%
Total interest-earning assets	2,063,238		21,898		4.27	%	2,162,734		20,463		3.84	%
Non-interest-earning assets
Cash and due from banks	23,226						22,044
Premises and equipment, net	31,531						20,433
Bank-owned life insurance	49,284						48,111
Goodwill and other intangibles	20,574						21,355
Payments in advance of funding	194,338						240,890
Unrealized loss on investment securities	(59,407)						(66,525)
Other assets	71,889						63,834
Allowance for credit losses	(13,091)						(13,535)
Total assets	$	2,381,582					$	2,499,341
Liabilities and Shareholders’ Equity1
Interest-bearing liabilities
Interest-bearing demand deposits	$	548,071	$	4,404	3.23	%	$	523,410	$	2,824	2.19	%
Savings deposits	7,445		32		1.73	%	7,102		22		1.26	%
Time deposits >= $100	27,627		257		3.74	%	23,803		110		1.87	%
Other time deposits	48,479		485		4.02	%	36,787		215		2.37	%
Total interest-bearing deposits	631,622		5,178		3.30	%	591,102		3,171		2.18	%
Short-term borrowings	11		—		—	%	5,833		73		5.08	%
Total interest-bearing liabilities	631,633		5,178		3.30	%	596,935		3,244		2.20	%
Non-interest bearing liabilities
Demand deposits	447,900						553,644
Accounts and drafts payable	1,035,833						1,095,182
Other liabilities	39,547						43,789
Total liabilities	2,154,913						2,289,550
Shareholders’ equity	226,669						209,791
Total liabilities and shareholders’ equity	$	2,381,582					$	2,499,341
Net interest income			$	16,720					$	17,219
Net interest margin					3.26	%					3.23	%
Interest spread					0.97	%					1.64	%


(In thousands)	First Quarter of 2024 Compared to First Quarter of 2023
	Volume		Rate		Total
Increase (decrease) in interest income:
Loans1:	$	(677)	$	1,218	$	541
Investment securities:
Taxable	(316)		249		(67)
Tax-exempt2	(300)		(67)		(367)

Short-term investments	677		651		1,328
Total interest income	(616)		2,051		1,435
Increase (decrease) in interest expense:
Interest-bearing demand deposits	142		1,438		1,580
Savings deposits	1		9		10
Time deposits >=$100	20		127		147
Other time deposits	85		185		270
Short-term borrowings	(36)		(37)		(73)
Total interest expense	212		1,722		1,934
Net interest income	$	(828)	$	329	$	(499)


	Actual				Capital Requirements				Requirement to be Well-Capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount	Ratio
At March 31, 2024
Total capital (to risk-weighted assets)
Cass Information Systems, Inc.	$	271,145	15.60	%	$	139,011	8.00	%	$ N/A	N/A %
Cass Commercial Bank	205,707		18.68		88,109		8.00		110,137	10.00
Common Equity Tier I Capital (to risk-weighted assets)
Cass Information Systems, Inc.	257,826		14.84		78,194		4.50		N/A	N/A
Cass Commercial Bank	193,197		17.54		49,562		4.50		71,589	6.50
Tier I capital (to risk-weighted assets)
Cass Information Systems, Inc.	257,826		14.84		104,258		6.00		N/A	N/A
Cass Commercial Bank	193,197		17.54		66,082		6.00		88,109	8.00
Tier I capital (to average assets)
Cass Information Systems, Inc.	257,826		10.92		94,445		4.00		N/A	N/A
Cass Commercial Bank	193,197		12.83		60,240		4.00		75,300	5.00
At December 31, 2023
Total capital (to risk-weighted assets)
Cass Information Systems, Inc.	$	269,580	15.49	%	$	139,266	8.00	%	$ N/A	N/A %
Cass Commercial Bank	204,584		19.04		85,964		8.00		107,455	10.00
Common Equity Tier I Capital (to risk-weighted assets)
Cass Information Systems, Inc.	256,359		14.73		78,337		4.50		N/A	N/A
Cass Commercial Bank	192,104		17.88		48,355		4.50		69,846	6.50
Tier I capital (to risk-weighted assets)
Cass Information Systems, Inc.	256,359		14.73		104,449		6.00		N/A	N/A
Cass Commercial Bank	192,104		17.88		64,473		6.00		85,964	8.00
Tier I capital (to average assets)
Cass Information Systems, Inc.	256,359		10.71		95,760		4.00		N/A	N/A
Cass Commercial Bank	192,104		12.49		61,526		4.00		76,908	5.00


	% change in projected net interest income
		March 31, 2024		December 31, 2023
+200 basis points		11.5	%	14.7	%
+100 basis points		6.7	%	6.5	%
Flat rates		—	%	—	%
-100 basis points		(0.9)	%	(3.2)	%
-200 basis points		(1.4)	%	(6.0)	%


Period	Total Number of Shares Purchased(1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2024–January 31, 2024	43,942	$	44.01	—	486,036
February 1, 2024–February 29, 2024	18,765	44.94		18,765	467,271
March 1, 2024–March 31, 2024	4,506	46.79		4,506	462,765
Total	67,213	$	44.46	23,271	462,765


Exhibit 31.1 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.2 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101.INS XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

Exhibit 101.SCH Inline XBRL Taxonomy Extension Schema Document.

Exhibit 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.

Exhibit 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.

Exhibit 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.

Exhibit 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.

Exhibit 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*Management contract or compensatory plan arrangement.


	CASS INFORMATION SYSTEMS, INC.

DATE: May 3, 2024	By	/s/ Martin H. Resch
		Martin H. Resch
		President and Chief Executive Officer
		(Principal Executive Officer)



DATE: May 3, 2024	By	/s/ Michael J. Normile
		Michael J. Normile
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)