Cass Information Systems, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
January 25, 2024 at 08:33 am EST
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Cass Information Systems, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net income was USD 8.41 million compared to USD 9.29 million a year ago. Basic earnings per share from continuing operations was USD 0.62 compared to USD 0.69 a year ago. Diluted earnings per share from continuing operations was USD 0.61 compared to USD 0.67 a year ago.
For the full year, revenue was USD 197.51 million compared to USD 182.48 million a year ago. Net income was USD 30.06 million compared to USD 34.9 million a year ago. Basic earnings per share from continuing operations was USD 2.22 compared to USD 2.58 a year ago. Diluted earnings per share from continuing operations was USD 2.18 compared to USD 2.53 a year ago.
Cass Information Systems, Inc. is a provider of integrated information and payment management solutions. The Company enables enterprises to control their supply chains, communications networks, facilities and other operations. Its segments include Information Services and Banking Services. The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. In addition, this segment provides church management software and on-line generosity services primarily for faith-based ministries. The Banking Services segment provides banking services primarily to privately held businesses, franchise restaurants and faith-based ministries, as well as supporting the banking needs of the Information Services segment. The Company's bank subsidiary, Cass Commercial Bank, supports its payment operations. The Company offers various loans, including Commercial Real Estate (CRE) and Faith-based CRE.