CASS Information Systems Files Q2 2024 Report

Ticker: CASS · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 708781

Cass Information Systems Inc 10-Q Filing Summary
FieldDetail
CompanyCass Information Systems Inc (CASS)
Form Type10-Q
Filed DateAug 6, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$50,000, $100,000
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing

Related Tickers: CASS

TL;DR

CASS filed its 10-Q for June 30, 2024. All good on filings.

AI Summary

CASS INFORMATION SYSTEMS, INC. filed its quarterly report for the period ended June 30, 2024. The company, incorporated in Missouri with file number 000-20827, is registered under the Nasdaq Global Select Market under the ticker CASS. The filing confirms that CASS has met all reporting requirements for the preceding 12 months and the past 90 days, and has submitted all Interactive Data Files.

Why It Matters

This filing provides investors with an update on CASS Information Systems' financial and operational status, ensuring transparency and compliance with SEC regulations.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain any immediate red flags or significant negative developments.

Key Players & Entities

  • CASS INFORMATION SYSTEMS, INC. (company) — Registrant
  • June 30, 2024 (date) — Quarterly period end date
  • Missouri (location) — State of incorporation
  • 000-20827 (other) — Commission File Number
  • CASS (ticker) — Trading symbol for common stock
  • The Nasdaq Global Select Market (exchange) — Exchange where common stock is registered

FAQ

What is the primary purpose of this Form 10-Q filing?

The primary purpose is to provide a quarterly report on the financial condition and operations of CASS INFORMATION SYSTEMS, INC. for the period ended June 30, 2024.

What is the company's stock trading symbol and where is it listed?

The company's common stock trades under the symbol CASS on The Nasdaq Global Select Market.

Has CASS INFORMATION SYSTEMS, INC. met its filing obligations for the past 12 months?

Yes, the filing indicates that the registrant has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has the company submitted all required Interactive Data Files?

Yes, the company has submitted electronically every Interactive Data File required pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

In which state was CASS INFORMATION SYSTEMS, INC. incorporated?

CASS INFORMATION SYSTEMS, INC. was incorporated in Missouri.

Filing Stats: 4,738 words · 19 min read · ~16 pages · Grade level 19.1 · Accepted 2024-08-06 15:52:47

Key Financial Figures

  • $50,000 — there was a release of credit losses of $50,000 and $100,000, respectively, for unfunde
  • $100,000 — release of credit losses of $50,000 and $100,000, respectively, for unfunded commitments

Filing Documents

– Financial Information

PART I – Financial Information Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Consolidated Balance Sheets June 30 , 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income Three and Six - Month Periods Ended June 30 , 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income Three and S ix - Month Periods Ended June 30 , 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows Six - Month Periods Ended June 30 , 2024 and 2023 (unaudited) 6 Consolidated Statements of Shareholders' Equity Three and Six - Month Periods Ended June 30 , 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Item 2.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 35 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 35

– Other Information – Items 1. – 6

PART II – Other Information – Items 1. – 6. 37

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 Part I, Item 1A, "Risk Factors" of the Company's 2023 Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC"), which may be updated from time to time in our future filings with the SEC. 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. -2- Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CASS INFORMATION SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in Thousands except Share and Per Share Data) June 30, 2024 (Unaudited) December 31, 2023 Assets Cash and due from banks $ 5,755 $ 20,908 Short-term investments 217,972 351,560 Cash and cash equivalents 223,727 372,468 Securities available-for-sale, at fair value 540,802 627,117 Loans 1,061,991 1,014,318 Less: Allowance for credit losses 13,634 13,089 Loans, net 1,048,357 1,001,229 Payments in advance of funding 214,581 198,861 Premises and equipment, net 33,469 30,093 Investment in bank-owned life insurance 49,840 49,159 Goodwill 17,309 17,309 Other intangible assets, net 2,972 3,345 Accounts and drafts receivable from customers 78,407 110,651 Other assets 73,132 68,390 Total assets $ 2,282,596 $ 2,478,622 Liabilities and Shareholders' Equity Liabilities: Deposits: Noninterest-bearing $ 372,031 $ 524,359 Interest-bearing 640,315 616,455 Total deposits 1,012,346 1,140,814 Accounts and drafts payable 996,832 1,071,369 Other liabilities 43,493 36,630 Total liabilities 2,052,671 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 June 30, 2024 and December 31, 2023; 13,645,248 and 13,582,375 shares outstanding at June 30, 2024 and December 31, 2023, respectively. 7,753 7,753 Additional paid-in capital 204,128 208,007 Retained earnings 149,236 145,782 Common shares in treasury, at cost ( 1,860,524 shares at June 30, 2024 and 1,923,397 shares at December 31, 2023) ( 81,554 ) ( 84,264 ) Accumulated other comprehensive loss ( 49,638 ) ( 47,469 ) Total shareholders' equity 229,925 229,809 Total liabilities and shareholders' equity $ 2,282,596 $ 2,478,622 See accompanying notes to unaudited consolidated financial statements. -3- Table o

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Certain amounts in prior-period financial statements have been reclassified to conform to the current period's presentation. Such reclassifications have no effect on previously reported net income or shareholders' equity. For further information, refer to the audited consolidated financial statements and related footnotes included in Cass Information System, Inc.'s (the "Company" or "Cass") Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"). Note 2 – Intangible Assets The Company accounts for intangible assets in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350, Goodwill and Other Intangible Assets , which requires that intangibles with indefinite useful lives be tested annually for impairment, or when management deems there is a triggering event, and those with finite useful lives be amortized over their useful lives. Details of the Company's intangible assets are as follows: June 30, 2024 December 31, 2023 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Assets eligible for amortization: Customer lists $ 6,470 $ ( 4,979 ) $ 6,470 $ ( 4,851 ) Patents 72 ( 38 ) 72 ( 36 ) Software 3,212 ( 2,146 ) 3,212 ( 1,933 ) Trade name 373 ( 84 ) 373 ( 70 ) Other 500 ( 408 )

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