Cass Information Systems Inc 10-Q for FY2023 Q1

Cass Information Systems Inc (CASS)

10-Q 2023-05-09 For: 2023-03-31

Added on April 06, 2026

About this 10-Q

Cass Information Systems Inc filed this 10-Q on May 9, 2023, covering the quarter ended March 31, 2023 (FY2023 Q1).

Headline figures

Quarter ended March 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $49.35M; up 17.2% from $42.1M a year earlier
Net income: $7.12M; down 13.8% from net income of $8.26M a year earlier
Diluted EPS: $0.51; down 15.0% from $0.60 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, 2023

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, 2023 (unaudited) and December 31, 20 2 2	3
	Consolidated Statements of Income Three Months Ended March 31, 2023 and 202 2 (unaudited)	4
	Consolidated Statements of Comprehensive Income Three Months Ended March 31, 202 3 and 202 2 (unaudited)	5
	Consolidated Statements of Cash Flows Three Months Ended March 31, 2023 and 202 2 (unaudited)	6
	Consolidated Statements of Shareholders’ Equity Three Months Ended March 31, 2023 and 202 2 (unaudited)	7
	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	32
Item 4.	CONTROLS AND PROCEDURES	32
PART II – Other Information – Items 1. – 6.		33
SIGNATURES		35


	March 31, 2023 (Unaudited)		December 31, 2022
Assets
Cash and due from banks	$	28,118	$	20,995
Short-term investments	182,360		179,947
Cash and cash equivalents	210,478		200,942
Securities available-for-sale, at fair value	703,037		754,468

Loans	1,070,373		1,082,906
Less: Allowance for credit losses	13,254		13,539
Loans, net	1,057,119		1,069,367
Payments in advance of funding	259,819		293,775
Premises and equipment, net	20,967		19,958
Investment in bank-owned life insurance	48,278		47,998
Goodwill	17,309		17,309
Other intangible assets, net	3,931		4,126
Accounts and drafts receivable from customers	37,288		95,779
Other assets	69,163		69,301
Total assets	$	2,427,389	$	2,573,023

Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	585,323	$	642,757
Interest-bearing	530,827		614,460
Total deposits	1,116,150		1,257,217
Accounts and drafts payable	1,051,435		1,067,600
Other liabilities	42,304		41,881
Total liabilities	2,209,889		2,366,698

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, 2023 and December 31, 2022; 13,712,093 and 13,669,656 shares outstanding at March 31, 2023 and December 31, 2022, respectively.	7,753		7,753
Additional paid-in capital	206,614		207,422
Retained earnings	134,822		131,682
Common shares in treasury, at cost (1,793,679 shares at March 31, 2023 and 1,836,116 shares at December 31, 2022)	(79,419)		(81,211)
Accumulated other comprehensive loss	(52,270)		(59,321)
Total shareholders’ equity	217,500		206,325
Total liabilities and shareholders’ equity	$	2,427,389	$	2,573,023


	Three Months Ended March 31,
	2023		2022
Fee Revenue and Other Income:
Processing fees	$	19,513	$	19,036
Financial fees	11,259		10,532
Other	1,335		862
Total fee revenue and other income	32,107		30,430

Interest Income:
Interest and fees on loans	12,235		8,777
Interest and dividends on securities:
Taxable	3,586		1,456
Exempt from federal income taxes	1,208		1,677
Interest on federal funds sold and other short-term investments	3,113		216
Total interest income	20,142		12,126

Interest Expense:
Interest on deposits	3,171		223
Interest on short-term borrowings	73		—
Total interest expense	3,244		223
Net interest income	16,898		11,903
(Release of) provision for credit losses	(340)		230
Net interest income after (release of) provision for credit losses	17,238		11,673
Total net revenue	49,345		42,103

Operating Expense:
Personnel	30,026		24,718
Occupancy	855		915
Equipment	2,082		1,711
Amortization of intangible assets	195		135
Other operating expense	7,214		4,349
Total operating expense	40,372		31,828
Income before income tax expense	8,973		10,275
Income tax expense	1,856		2,017
Net income	$	7,117	$	8,258

Basic earnings per share	$	.52	$	.61
Diluted earnings per share	.51		.60


	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total
Balance, December 31, 2021	$	7,753	$	204,276	$	112,220	$	(78,904)	$	453	$	245,798
Net income					8,258						8,258
Cash dividends ($.28 per share)					(3,832)						(3,832)
Issuance of 58,272 common shares pursuant to stock-based compensation plan, net			(1,889)				1,399				(490)
Exercise of SARs			(328)				243				(85)
Stock-based compensation expense			1,090								1,090
Purchase of 124,874 common shares							(5,086)				(5,086)
Other comprehensive loss									(28,575)		(28,575)
Balance, March 31, 2022	$	7,753	$	203,149	$	116,646	$	(82,348)	$	(28,122)	$	217,078


Balance, December 31, 2022	$	7,753	$	207,422	$	131,682	$	(81,211)	$	(59,321)	$	206,325
Net income					7,117						7,117
Cash dividends ($.29 per share)					(3,977)						(3,977)
Issuance of 61,534 common shares pursuant to stock-based compensation plan, 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


	March 31, 2023				December 31, 2022
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Assets eligible for amortization:
Customer lists	$	6,470	$	(4,633)	$	6,470	$	(4,561)
Patents	72		(33)		72		(32)
Software	3,212		(1,614)		3,212		(1,508)
Trade name	373		(49)		373		(42)
Other	500		(367)		500		(358)
Unamortized intangible assets:
Goodwill	17,309		—		17,309		—
Total intangible assets	$	27,936	$	(6,696)	$	27,936	$	(6,501)


(In thousands except share and per share data)	Three Months Ended March 31,
	2023		2022
Basic
Net income	$	7,117	$	8,258
Weighted-average common shares outstanding	13,599,472		13,577,991
Basic earnings per share	$	0.52	$	0.61

Diluted
Net income	$	7,117	$	8,258
Weighted-average common shares outstanding	13,599,472		13,577,991
Effect of dilutive restricted stock and stock appreciation rights	263,926		236,233
Weighted-average common shares outstanding assuming dilution	13,863,398		13,814,224
Diluted earnings per share	$	0.51	$	0.60


(In thousands)	Information Services		Banking Services		Corporate, Eliminations and Other		Total
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		—		—
Tax-equivalized 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
Three Months Ended March 31, 2022:
Fee income	$	29,184	$	953	$	293	$	30,430
Interest income*	4,350		8,853		(1,077)		12,126
Interest expense	6		225		(8)		223
Intersegment income (expense)	(764)		764		—		—
Tax-equivalized pre-tax income*	5,890		5,161		(776)		10,275
Goodwill	14,126		136		—		14,262
Other intangible assets, net	2,429		—		—		2,429
Total assets	1,338,342		1,088,025		(4,324)		2,422,043
Average funding sources	1,288,407		966,820		—		2,255,227


(In thousands)	March 31, 2023		December 31, 2022
Commercial and industrial	$	548,923	$	561,616
Real estate:
Commercial:
Mortgage	116,202		108,166
Construction	19,075		17,874
Faith-based:
Mortgage	376,630		387,114
Construction	9,538		8,094
Other	5		42
Total loans	$	1,070,373	$	1,082,906


	Performing						Nonperforming
(In thousands)	Current		30-59 Days		60-89 Days		90 Days and Over		Non- accrual		Total Loans
March 31, 2023
Commercial and industrial	$	548,923	$	—	$	—	$	—	$	—	$	548,923
Real estate
Commercial:
Mortgage	116,202		—		—		—		—		116,202
Construction	19,075		—		—		—		—		19,075
Faith-based:
Mortgage	376,630		—		—		—		—		376,630
Construction	9,538		—		—		—		—		9,538

Other	5		—		—		—		—		5
Total	$	1,070,373	$	—	$	—	$	—	$	—	$	1,070,373
December 31, 2022
Commercial and industrial	$	560,466	$	—	$	—	$	—	$	1,150	$	561,616
Real estate
Commercial:
Mortgage	108,166		—		—		—		—		108,166
Construction	17,874		—		—		—		—		17,874
Faith-based:
Mortgage	387,114		—		—		—		—		387,114
Construction	8,094		—		—		—		—		8,094

Other	42		—		—		—		—		42
Total	$	1,081,756	$	—	$	—	$	—	$	1,150	$	1,082,906


(In thousands)	Loans Subject to Normal Monitoring1		Performing Loans Subject to Special Monitoring2		Nonperforming Loans Subject to Special Monitoring2		Total Loans
March 31, 2023
Commercial and industrial	$	537,698	$	11,225	$	—	$	548,923
Real estate
Commercial:
Mortgage	116,202		—		—		116,202
Construction	19,075		—		—		19,075
Faith-based:
Mortgage	372,951		3,679		—		376,630
Construction	9,538		—		—		9,538

Other	5		—		—		5
Total	$	1,055,469	$	14,904	$	—	$	1,070,373
December 31, 2022
Commercial and industrial	$	549,241	$	11,225	$	1,150	$	561,616
Real estate
Commercial:
Mortgage	108,166		—		—		108,166
Construction	17,874		—		—		17,874
Faith-based:
Mortgage	386,169		945		—		387,114
Construction	8,094		—		—		8,094

Other	42		—		—		42
Total	$	1,069,586	$	12,170	$	1,150	$	1,082,906


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
March 31, 2023
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
March 31, 2023
Commercial and industrial	$	11,225	$	—	$	—	$	—	$	—









Total	$	11,225	$	—	$	—	$	—	$	—


	Three Months Ended March 31,
	2023		2022
Comprehensive Income:
Net income	$	7,117	$	8,258
Other comprehensive income (loss):
Net unrealized gain (loss) on securities available-for-sale	9,181		(37,499)
Tax effect	(2,185)		8,925
Reclassification adjustments for gains included in net income	(39)		—
Tax effect	9		—
Foreign currency translation adjustments	85		(1)
Total comprehensive income (loss)	$	14,168	$	(20,317)


	Three Months Ended March 31,
	2023		2022
Cash Flows From Operating Activities:
Net income	$	7,117	$	8,258
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	195		135
Net amortization of premium/discount on investment securities	1,219		1,748
Depreciation	945		1,029
Gains on sales of securities	(39)		—
Stock-based compensation expense	1,950		1,340
(Release of) provision for credit losses	(340)		230

Increase in current income tax liability	1,704		1,911
Increase (decrease) in pension liability	101		(640)
Increase in accounts receivable	(1,878)		(726)
Other operating activities, net	(1,681)		1,451
Net cash provided by operating activities	9,293		14,736

Cash Flows From Investing Activities:
Proceeds from sales of securities available-for-sale	61,418		—
Proceeds from maturities of securities available-for-sale	13,164		16,194
Purchase of securities available-for-sale	(15,190)		(156,597)
Net decrease (increase) in loans	12,533		(16,500)
Purchase of bank-owned life insurance	—		(4,000)

Decrease (increase) in payments in advance of funding	33,956		(38,195)
Purchases of premises and equipment, net	(1,954)		(2,002)
Net cash provided by (used in) investing activities	103,927		(201,100)

Cash Flows From Financing Activities:
Net (decrease) increase in noninterest-bearing demand deposits	(57,434)		39,177
Net decrease in interest-bearing demand and savings deposits	(106,201)		(80,002)
Net increase (decrease) in time deposits	22,568		(3,743)
Net decrease (increase) in accounts and drafts receivable from customers	58,491		(22,391)

Net decrease in accounts and drafts payable	(16,165)		(60,663)
Cash dividends paid	(3,977)		(3,832)
Purchase of common shares for treasury	—		(5,086)
Other financing activities, net	(966)		(575)


	Shares	Weighted- Average Exercise Price		Average Remaining Contractual Term Years	Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2022	46,325	$	41.62	0.73	$	192
Exercised	(15,916)	31.92		—	—

Exercisable at March 31, 2023	30,409	$	46.70	0.84	$	—


(In thousands)	Estimated 2023		Actual 2022

Interest cost on projected benefit obligations	$	4,375	$	3,293
Expected return on plan assets	(3,977)		(5,857)

Net periodic pension cost (benefit)	$	398	$	(2,564)


(In thousands)	C&I		CRE		Faith-based CRE		Construction		Total
Balance at December 31, 2021	$	5,034	$	1,031	$	5,684	$	292	$	12,041
Provision for (release of) credit losses	931		(91)		753		(108)		1,485
Recoveries	13		—		—		—		13
Balance at December 31, 2022	$	5,978	$	940	$	6,437	$	184	$	13,539

(Release of) provision for credit losses (1)	(68)		77		(314)		20		(285)
Recoveries	—		—		—		—		—
Balance at March 31, 2023	$	5,910	$	1,017	$	6,123	$	204	$	13,254


(1)			For the three-month period ended March 31, 2023 and year-ended December 31, 2022, there was a release of credit losses of $55,000 and $135,000, respectively, for unfunded commitments.


	Three Months Ended March 31, 2023
	Shares	Fair Value
Balance at December 31, 2022	205,565	$	42.64
Granted	35,035	48.68
Vested	(20,233)	54.02
Forfeitures	—	—
Balance at March 31, 2023	220,367	$	42.56


(In thousands)	Estimated 2023		Actual 2022

Interest cost on projected benefit obligation	$	472	$	318
Net amortization	—		108
Net periodic pension cost	$	472	$	426


	March 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	247,798	$	52	$	17,568	$	230,282
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	201,094		—		29,554		171,540
Corporate bonds	111,290		19		9,643		101,666
Treasury securities	159,244		—		2,769		156,475
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	45,048		—		1,974		43,074
Total	$	764,474	$	71	$	61,508	$	703,037


	March 31, 2023
	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	$	80,551	$	387	$	114,603	$	17,181	$	195,154	$	17,568
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	12,346		443		159,194		29,111		171,540		29,554
Corporate bonds	5,000		—		81,647		9,643		86,647		9,643
Treasury securities	156,474		2,769		—		—		156,474		2,769
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		43,075		1,974		43,075		1,974
Total	$	254,371	$	3,599	$	398,519	$	57,909	$	652,890	$	61,508


	March 31, 2023
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	86,522	$	85,645
Due after 1 year through 5 years	221,691		218,313
Due after 5 years through 10 years	205,475		182,676
Due after 10 years	250,786		216,403
Total	$	764,474	$	703,037


	For the Three Months Ended March 31,
(In thousands)	2023		2022
Fee revenue and other income
In-scope of FASB ASC 606
Processing fees	$	19,513	$	19,036
Financial fees	11,259		10,532
Information services payment and processing revenue	30,772		29,568
Bank service fees	264		429
Fee revenue (in-scope of FASB ASC 606)	31,036		29,997
Other income (out-of-scope of FASB ASC 606)	1,071		433
Total fee revenue and other income	$	32,107	$	30,430


(In thousands)	March 31, 2023
Lease payments due
Less than 1 year	$	1,349
1-2 years	1,326
2-3 years	1,352
3-4 years	1,347
4-5 years	1,364
Over 5 years	3,875
Total undiscounted cash flows	10,613
Discount on cash flows	1,363
Total lease liability	$	9,250


(In thousands except per share data)	First Quarter of
	2023			2022			% Change
Processing fees	$	19,513		$	19,036		2.5	%
Financial fees	11,259			10,532			6.9	%
Net interest income	16,898			11,903			42.0	%
(Release of) provision for credit loss	(340)			230			(247.8)	%
Other	1,335			862			54.9	%
Total revenues	49,345			42,103			17.2	%
Operating expense	40,372			31,828			26.8	%
Income before income tax expense	8,973			10,275			(12.7)	%
Income tax expense	1,856			2,017			(8.0)	%
Net income	$	7,117		$	8,258		(13.8)	%
Diluted earnings per share	$	0.51		$	0.60		(15.0)	%
Return on average assets	1.15		%	1.32		%	—
Return on average equity	13.76		%	14.21		%	—


(In thousands)	First Quarter of 2023						First Quarter of 2022
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets1
Interest-earning assets
Loans2:	$	1,076,221	$	12,235	4.61	%	$	959,851	$	8,777	3.71	%
Investment securities3:
Taxable	571,673		3,586		2.54	%	395,233		1,456		1.49	%
Tax-exempt4	219,690		1,529		2.82	%	295,152		2,123		2.92	%

Short-term investments	295,150		3,113		4.28	%	472,679		216		0.19	%
Total interest-earning assets	2,162,734		20,463		3.84	%	2,122,915		12,572		2.40	%
Non-interest-earning assets
Cash and due from banks	22,044						22,781
Premises and equipment, net	20,433						18,706
Bank-owned life insurance	48,111						43,167
Goodwill and other intangibles	21,355						16,772
Payments in advance of funding	240,890						279,479
Unrealized loss on investment securities	(66,525)						(1,347)
Other assets	63,834						37,836
Allowance for credit losses	(13,535)						(12,046)
Total assets	$	2,499,341					$	2,528,263
Liabilities and Shareholders’ Equity1
Interest-bearing liabilities
Interest-bearing demand deposits	$	523,410	$	2,824	2.19	%	$	530,491	$	136	0.10	%
Savings deposits	7,102		22		1.26	%	17,488		2		0.05	%
Time deposits >= $100	23,803		110		1.87	%	17,928		41		0.93	%
Other time deposits	36,787		215		2.37	%	27,150		44		0.66	%
Total interest-bearing deposits	591,102		3,171		2.18	%	593,057		223		0.15	%
Short-term borrowings	5,833		73		5.08	%	—		—		—	%
Total interest-bearing liabilities	596,935		3,244		2.20	%	593,057		223		0.15	%
Non-interest bearing liabilities
Demand deposits	553,644						574,064
Accounts and drafts payable	1,095,182						1,088,105
Other liabilities	43,789						37,317
Total liabilities	2,289,550						2,292,543
Shareholders’ equity	209,791						235,720
Total liabilities and shareholders’ equity	$	2,499,341					$	2,528,263
Net interest income			$	17,219					$	12,349
Net interest margin					3.23	%					2.36	%
Interest spread					1.64	%					2.25	%


(In thousands)	First Quarter of 2023 Compared to First Quarter of 2022
	Volume		Rate		Total
Increase (decrease) in interest income:
Loans1:	$	1,150	$	2,308	$	3,458
Investment securities:
Taxable	827		1,303		2,130
Tax-exempt2	(527)		(67)		(594)

Short-term investments	(111)		3,008		2,897
Total interest income	1,339		6,552		7,891
Interest expense on:
Interest-bearing demand deposits	(2)		2,690		2,688
Savings deposits	(2)		22		20
Time deposits >=$100	17		52		69
Other time deposits	20		151		171
Short-term borrowings	37		36		73
Total interest expense	70		2,951		3,021
Net interest income	$	1,269	$	3,601	$	4,870


	Actual				Capital Requirements				Requirement to be Well-Capitalized
(In thousands)	Amount		Ratio		Amount		Ratio		Amount	Ratio
At March 31, 2023
Total capital (to risk-weighted assets)
Cass Information Systems, Inc.	$	261,432	14.49	%	$	144,307	8.00	%	$ N/A	N/A %
Cass Commercial Bank	184,901		15.98		92,549		8.00		115,686	10.00
Common Equity Tier I Capital (to risk-weighted assets)
Cass Information Systems, Inc.	248,178		13.76		81,172		4.50		N/A	N/A
Cass Commercial Bank	172,384		14.90		52,059		4.50		75,196	6.50
Tier I capital (to risk-weighted assets)
Cass Information Systems, Inc.	248,178		13.76		108,230		6.00		N/A	N/A
Cass Commercial Bank	172,384		14.90		69,412		6.00		92,549	8.00
Tier I capital (to average assets)
Cass Information Systems, Inc.	248,178		10.01		99,124		4.00		N/A	N/A
Cass Commercial Bank	172,384		11.30		61,009		4.00		76,261	5.00
At December 31, 2022
Total capital (to risk-weighted assets)
Cass Information Systems, Inc.	$	257,313	13.52	%	$	152,306	8.00	%	$ N/A	N/A %
Cass Commercial Bank	186,075		16.00		93,044		8.00		116,305	10.00
Common Equity Tier I Capital (to risk-weighted assets)
Cass Information Systems, Inc.	243,774		12.80		85,672		4.50		N/A	N/A
Cass Commercial Bank	172,848		14.86		52,337		4.50		75,598	6.50
Tier I capital (to risk-weighted assets)
Cass Information Systems, Inc.	243,774		12.80		114,229		6.00		N/A	N/A
Cass Commercial Bank	172,848		14.86		69,783		6.00		93,044	8.00
Tier I capital (to average assets)
Cass Information Systems, Inc.	243,771		9.52		102,386		4.00		N/A	N/A
Cass Commercial Bank	172,848		10.77		64,196		4.00		80,245	5.00


	% change in projected net interest income
		March 31, 2023		December 31, 2022
+200 basis points		10.8	%	10.6	%
+100 basis points		4.7	%	4.2	%
Flat rates		—	%	—	%
-100 basis points		(1.1)	%	—	%
-200 basis points		(1.3)	%	(1.5)	%


Exhibit 10.1 Amended and Restated Omnibus Stock and Performance Compensation Plan, incorporated by reference to Exhibit 10.1 to the current report on Form 8-K, filed with the SEC on April 21, 2023.*

Exhibit 10.2 Form of Restricted Stock Award Agreement for Employees , incorporated by reference to Exhibit 10.8 to the current report on Form 8-K, filed with the SEC on April 21, 2023.*

Exhibit 10.3 Form of Restricted Stock Award Agreement for Non-Employee Directors.

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 9, 2023	By	/s/ Martin H. Resch
		Martin H. Resch
		President and Chief Executive Officer
		(Principal Executive Officer)



DATE: May 9, 2023	By	/s/ Michael J. Normile
		Michael J. Normile
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)


CASS INFORMATION SYSTEMS, INC.			PARTICIPANT



Signature			Signature
By: ______			Date:
Title:
Date: