Cass Q3 EPS $0.21 vs $0.54 YoY; $6.6M bad debt hits; dividend raised to $0.31

CASS INFORMATION SYSTEMS INC

2024-Q3 EPS reported $1.06 revenue$148,818,000

Q3 net income $2.9M ($0.21 diluted) vs. $7.4M ($0.54) in Q3 2023; miss largely due to $6.6M bad debt on a facility funding receivable.
Bad debt expense related to a facility client; full write-off recorded; company pursuing litigation to collect.
Net interest margin expanded to 3.55% from 3.24%; loan yield rose to 5.40% from 4.88%.
Facility transaction volumes up 26.3% YoY; transportation dollar volumes down 1.8% but transaction volumes up 2.6%.
Quarterly dividend raised to $0.31 from $0.30 per share, payable Dec 13 to holders of record Dec 3.

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