Third Quarter Results
(All comparisons refer to the third quarter of 2023, except as noted)
- Net income of $2.9 million, or $0.21 per diluted common share (includes $6.6 million of bad debt expense on a funding receivable related to a facility client).
- Increase in net interest margin to 3.55%.
- Increase in facility expense transaction volumes of 26.3%.
- Increased quarterly dividend to $0.31 per share.
- Repurchased 64,471 shares of Company stock.
ST. LOUIS--(BUSINESS WIRE)--Oct. 17, 2024 - Cass Information Systems, Inc. (Nasdaq: CASS), (the Company or Cass) reported third quarter 2024 earnings of $0.21 per diluted share, as compared to $0.54 in the third quarter of 2023 and $0.32 in the second quarter of 2024. Net income for the period was $2.9 million, as compared to $7.4 million in the third quarter of 2023 and $4.5 million in the second quarter of 2024. Net income and earnings per diluted share were negatively impacted by $6.6 million of bad debt expense taken on a funding receivable related to a facility client.
