Third Quarter Results
(All comparisons refer to the third quarter of 2022, except as noted)
- Net income of $7.4 million, or $0.54 per diluted common share.
- Increase in total revenues of $2.0 million, or 4.3%.
- Return on average equity of 13.80%.
- Increase in net interest margin to 3.24% from 2.90%.
- Maintained exceptional credit quality, with no non-performing loans or charge-offs.
- Continued to make progress on technology initiatives to increase operational efficiency.
- Signed several new large facility clients.
- Repurchased 73,272 shares of Company stock.
- Increased quarterly dividend to $0.30 per share.
- Authorized the repurchase of up to 500,000 shares of common stock.
ST. LOUIS - (BUSINESS WIRE) - Oct. 19, 2023-Cass Information Systems, Inc. (Nasdaq: CASS), (the Company or Cass) reported third quarter 2023 earnings of $0.54 per diluted share, as compared to $0.64 in the third quarter of 2022 and $0.52 in the second quarter of 2023. Net income for the period was $7.4 million, a decrease of 16.0% from $8.8 million in the same period in 2022 and an increase of $256,000, or 3.6%, as compared to the second quarter of 2023.