Cass Information Systems (CASS) investor relations material

Executive summary

• Achieved record net income of $35.1M and diluted EPS of $2.61 for FY2025, up 83.2% and 87.8% year-over-year, and Q1 2026 net income of $8.8M and EPS of $0.67, up 23.7% and 26.9% year-over-year.

• Return on average equity reached 14.98% for FY2025 and 14.63% for Q1 2026; return on average assets was 1.43% and 1.42%, respectively.

• Net interest margin expanded to 3.95% in Q1 2026, up from 3.75% year-over-year, and was 3.83% for FY2025.

• Maintained strong expense control, with personnel expenses flat or growing minimally due to automation and efficiency initiatives.

• Asset quality remained robust, with no loan charge-offs and a 55.1% reduction in non-performing loans since December 2025.

Financial highlights

• FY2025 net income: $35.1M (+83.2% YoY); Q1 2026 net income: $8.8M (+23.7% YoY); Diluted EPS: $2.61 (FY2025), $0.67 (Q1 2026).

• Total revenue: $190.8M (+5.3% YoY FY2025); Net interest income up 19.8% FY2025 and 10.1% in Q1 2026.

• ROE: 14.98% (FY2025), 14.63% (Q1 2026); ROA: 1.43% (FY2025), 1.42% (Q1 2026).

• Net interest margin: 3.83% (FY2025), 3.95% (Q1 2026).

• Repurchased 617,415 shares in FY2025 and 64,802 shares in Q1 2026; $7.0M and $2.9M returned to shareholders, respectively.

Outlook and guidance

• Net interest margin expected to benefit as fixed-rate assets reprice in a higher interest rate environment.

• Management expects continued net interest margin expansion if 3-5 year Treasury rates remain stable or rise.

• Loan growth for full year 2026 is projected at 6-8%.

• Ongoing focus on automation and AI-enabled systems is expected to gradually reduce FTEs.

• Anticipates further share repurchases, targeting a leverage ratio of ~10%.