CASS INFORMATION SYSTEMS INC Files 2023 Annual Report on Form 10-K

TL;DR

<b>CASS INFORMATION SYSTEMS INC filed its 2023 annual report (10-K) on February 28, 2024, detailing its financial performance for the fiscal year ending December 31, 2023.</b>

AI Summary

CASS INFORMATION SYSTEMS INC (CASS) filed a Annual Report (10-K) with the SEC on February 28, 2024. CASS INFORMATION SYSTEMS INC filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 12444 Powerscourt Drive, St. Louis, MO. CASS INFORMATION SYSTEMS INC was formerly known as CASS COMMERCIAL CORP. The company is incorporated in Missouri (MO).

Why It Matters

For investors and stakeholders tracking CASS INFORMATION SYSTEMS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CASS INFORMATION SYSTEMS INC's financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's revenue streams, profitability, and any potential risks or opportunities moving forward.

Risk Assessment

Risk Level: low — CASS INFORMATION SYSTEMS INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not indicate any immediate or significant new risks beyond those typically associated with a publicly traded company in the business services sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand CASS INFORMATION SYSTEMS INC's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-02-28 — Filing Date (Date Filed)
• 0000708781 — Central Index Key (Filer Identification)
• 7389 — Standard Industrial Classification (Industry Code)

Key Players & Entities

• CASS INFORMATION SYSTEMS INC (company) — Filer
• 2023-12-31 (date) — Fiscal Year End
• 2024-02-28 (date) — Filing Date
• 12444 POWERSCOURT DRIVE (address) — Business Address
• ST. LOUIS (location) — Business Address City
• MO (location) — Business Address State
• CASS COMMERCIAL CORP (company) — Former Company Name
• MO (location) — State of Incorporation

FAQ

Industry Context

CASS INFORMATION SYSTEMS INC operates in the business services sector, specifically within services like processing and financial fees.

Regulatory Implications

The filing is a standard SEC Form 10-K, adhering to regulations set forth by the Securities and Exchange Commission for annual financial reporting.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and EPS trends.
2. Examine the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics to previous years to identify performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period, so no comparison to a previous filing is available within this data.

Key Financial Figures

• $0.50 — ich registered Common Stock, par value $0.50 per share CASS The Nasdaq Global Select
• $38.78 — he closing price of the common stock of $38.78 on June 30, 2023, as reported by The Na
• $100 billion — ll domestic bank holding companies with $100 billion or more in total consolidated assets to
• $50 billion — icly traded bank holding companies with $50 billion or more in total consolidated assets to
• $10 billion — cable to publicly traded companies with $10 billion or more in consolidated assets. Divide

Filing Documents

• cass-20231231.htm (10-K) — 2719KB
• cass-20231231x10xkexs23.htm (EX-23) — 2KB
• cass-20231231x10xkexs311.htm (EX-31.1) — 10KB
• cass-20231231x10xkexs312.htm (EX-31.2) — 10KB
• cass-20231231x10xkexs321.htm (EX-32.1) — 5KB
• cass-20231231x10xkexs322.htm (EX-32.2) — 5KB
• exhibit97clawbackpolicy.htm (EX-97) — 41KB
• cass-20231231_g1.jpg (GRAPHIC) — 6KB
• cass-20231231_g2.jpg (GRAPHIC) — 471KB
• 0000708781-24-000023.txt (&nbsp;) — 14827KB
• cass-20231231.xsd (EX-101.SCH) — 83KB
• cass-20231231_cal.xml (EX-101.CAL) — 149KB
• cass-20231231_def.xml (EX-101.DEF) — 410KB
• cass-20231231_lab.xml (EX-101.LAB) — 976KB
• cass-20231231_pre.xml (EX-101.PRE) — 710KB
• cass-20231231_htm.xml (XML) — 2610KB

BUSINESS

BUSINESS 1 Item 1A.

RISK FACTORS

RISK FACTORS 11 Item 1B. UNRESOLVED STAFF COMMENTS 19 Item 1C. CYBERSECURITY 19 Item 2.

PROPERTIES

PROPERTIES 21 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 21 Item 4. MINE SAFETY DISCLOSURES 21 PART II. Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22 Item 6. RESERVED 23 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 38 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 40 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 79 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 79 Item 9B. OTHER INFORMATION 81 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 81 PART III. Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 82 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 82 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 82 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 83 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 83 PART IV. Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 84 Item 16. FORM 10-K SUMMARY 84

Forward-looking Statements - Factors That May Affect Future Results

Forward-looking Statements - Factors That May Affect Future Results This report may contain or incorporate by reference forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although we believe that, in making any such statements, our expectations are based on reasonable assumptions, forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and other factors beyond our control, which may cause future performance to be materially different from expected performance summarized in the forward-looking statements. These risks, uncertainties and other factors are discussed in the section Part I, Item 1A, "Risk Factors." We undertake no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, or changes to future results over time. Table of Contents PART I.

BUSINESS

ITEM 1. BUSINESS Description of Business Cass Information Systems, Inc. ("Cass" or the "Company") provides payment and information processing services to large manufacturing, distribution and retail enterprises across the United States. The Company's services include freight invoice rating, payment processing, auditing, and the generation of accounting and transportation information. Cass also processes and pays facility-related invoices, which include electricity and gas as well as waste and telecommunications expenses, and is a provider of telecom expense management solutions. Cass solutions include integrated payments, a B2B payment platform for clients that require an agile fintech partner. Additionally, the Company offers a church management software solution and an on-line platform to provide generosity services for faith-based and non-profit organizations. The Company's bank subsidiary, Cass Commercial Bank (the "Bank"), supports the Company's payment operations. The Bank also provides banking services to its target markets, which include privately held businesses in the St. Louis metropolitan area and restaurant franchises and faith-based ministries within the United States. Company Strategy and Core Competencies Cass is an information services company with a primary focus on processing payables and payables-related transactions for large corporations located in the United States. Cass possesses four core competencies that encompass most of its processing services. Data acquisition – This refers to the gathering of data elements from diverse, heterogeneous sources and the building of complete databases for our customers. Data is the raw material of the information economy. Cass gathers vital data from complex and diverse input documents, electronic media, proprietary databases and data feeds, including data acquired from vendor invoices as well as customer procurement and sales systems. Through its numerous methods of obtaining streams and pieces of raw

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