CASS INFORMATION SYSTEMS INC [CASS] reports annual net loss of $30.1 million
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Company Reports Revenue of $126.6 million
CASS INFORMATION SYSTEMS INC [CASS] has reported a net loss of $30.1 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $126.6 million
Based in ST. LOUIS, Missouri, CASS INFORMATION SYSTEMS INC operates in the SERVICES sector.
In the consolidated statements of income for the 12 months ended December 31, 2023, fee revenue and other income totaled $130,467,000 compared to $124,982,000 in the previous period and $109,691,000 in the corresponding period of 2021. This indicates a steady increase in fee revenues over the years.
Interest income also showed significant growth, with a total of $82,760,000 for the current period compared to $62,326,000 in the previous year and $45,497,000 in 2021. This increase can be attributed to higher interest and fees on loans and securities.
Net interest income amounted to $66,494,000 for the current period, up from $58,844,000 in the previous year and $44,326,000 in 2021. This growth in net interest income reflects the positive performance of the company's interest-related activities.
Total net revenue reached $197,511,000 in the current period, showing a consistent rise from $182,476,000 in the previous year and $154,147,000 in 2021. This overall increase in revenue demonstrates the company's strong financial performance.
On the expense side, operating expenses totaled $160,155,000 for the current period, compared to $139,576,000 in the previous year and $120,326,000 in 2021. This increase in operating expenses may have impacted the company's bottom line.
Income before income tax expense amounted to $37,356,000 in the current period, slightly down from $42,900,000 in the previous year but higher than $33,821,000 in 2021. This indicates a stable operating income for the company.
Net income for the period was reported at $30,059,000, a decrease from $34,904,000 in the previous year but an improvement from $28,604,000 in 2021. This shows that despite the increase in expenses, the company has been able to maintain a positive net income.
In terms of earnings per share, the basic earnings per share for the current period stood at $2.22, down from $2.58 in the previous year but higher than $2.03 in 2021. Similarly, the diluted earnings per share was $2.18 for the current period, compared to $2.53 in the previous year and $2.00 in 2021. This indicates a consistent performance in terms of earnings per share over the years.
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