Business
Cass Information Systems Announces Quarterly Earnings Per Share and Revenue Growth of 33.3% and 22.1%, Respectively
Third Quarter Results (All comparisons refer to the third quarter of 2021, except as noted) Earned record quarterly net income and diluted earnings per
About this update from Cass Information Systems, Inc
[{"type":"text","content":"\nThird Quarter Results\n\n(All comparisons refer to the third quarter of 2021, except as noted)\n\n\nEarned record quarterly net income and diluted earnings per share.\n\n\nIncrease in diluted earnings per share of 33.3%, to $.64 from $.48.\n\n\nIncrease in net income of 29.3%, to $8.8 million from $6.8 million.\n\n\nIncrease in return on average equity to 16.84% from 10.83%.\n\n\nProcessed record quarterly transportation dollar volumes of $11.5 billion, a 21.1% increase.\n\n\nIncrease in financial fees of $2.6 million, or 30.5%.\n\n\nIncrease in average payments in advance of funding of $63.8 million, or 29.8%.\n\n\nIncrease in average loans, excluding PPP loans, of $147.3 million, or 17.6%.\n\n\nIncrease in net interest margin to 2.90% from 2.32%\n\n\nMaintained exceptional credit quality.\n\n\n ST. LOUIS--(BUSINESS WIRE)--\nCass Information Systems, Inc. (Nasdaq: CASS), (the Company or Cass) reported third quarter 2022 earnings of $.64 per diluted share, an increase of 33.3% from the $.48 per diluted share it earned in the third quarter of 2021. Net income for the period was $8.8 million, an increase of 29.3% from the $6.8 million earned in the same period in 2021. Diluted earnings per share and net income also increased 3.2% and 2.8%, respectively as compared to the second quarter of 2022.\n\nEric Brunngraber, the Company’s chairman and chief executive officer, noted, “Experiencing another quarter of record net income and EPS is exciting to see. We are utilizing a large portion of our revenue growth to fund ongoing and new technology initiatives which should allow us to both more efficiently consume data through automation and onboard new customers faster. We believe these technology initiatives will assist our operating leverage beginning in late 2023.”\n\nThird Quarter 2022 Highlights\n\nProcessing Fees – Processing fees increased $503,000, or 2.7%, over the same period in the prior year. The increase in processing fee income was largely driven by the increase in facility transaction volumes of 6.8%. Transportation invoice volumes increased 0.6% over the same period.\n\nFinancial Fees – Financial fees, earned on a transactional level basis for invoice payment services when making customer payments, increased $2.6 million, or 30.5%, over the same period in the prior year. The increase in financial fee income was largely dr...