Cass Q1 2023 EPS falls 15% to $0.51; revenue up 17% on higher NIM

CASS INFORMATION SYSTEMS INC

2023-Q1 EPS reported $0.51 revenue$49,345,000

Net income of $7.1M ($0.51 diluted EPS) vs $8.3M ($0.60) in Q1 2022, down 13.8% and 15%.
Total revenues up $7.2M (+17.2%); net interest margin expanded to 3.23% from 2.36%.
Total expenses rose 26.8%, including ~$1.5M nonrecurring tech transition costs.
Average loans increased 12.1%; ending loans down 1.2% from Dec. 31, 2022.
Short-term investments $210.5M; no borrowings; CET1 ratio 13.76%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CASS INFORMATION SYSTEMS INC reported financial results for first quarter of fiscal 2023.

Period: first quarter of fiscal 2023
Result: reported results

Exact text from the filing

On April 17, 2023, Cass Information Systems, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of fiscal 2023. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

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Source: SEC EDGAR

accession 0000708781-23-000015

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