# EDGAR Filing Document

**Accession Number:** 0000708781
**File Stem:** 0000708781-25-000078
**Filing Date:** 2025-7
**Character Count:** 58271
**Document Hash:** a66159b25ce9eb9c5533c02a97c2b3eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000708781-25-000078.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0000708781-25-000078

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250717

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CASS INFORMATION SYSTEMS INC
- **CENTRAL INDEX KEY:** 0000708781
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 431265338
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20827
- **FILM NUMBER:** 251128913

**BUSINESS ADDRESS:**
- **STREET 1:** 12444 POWERSCOURT DRIVE
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63131
- **BUSINESS PHONE:** 314-506-5500

**MAIL ADDRESS:**
- **STREET 1:** 12444 POWERSCOURT DRIVE
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CASS COMMERCIAL CORP
- **DATE OF NAME CHANGE:** 19950518

?xml version='1.0' encoding='ASCII'? cass-20250715

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________

**FORM 8-K**

______________________

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): July 15, 2025**

______________________

**CASS INFORMATION SYSTEMS, INC.**

**(Exact name of registrant as specified in its charter)**

______________________

---

| | | |
|:---|:---|:---|
| **Missouri** | **000-20827** | **43-1265338** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **12444 Powerscourt Drive, Suite 550**<br>**St. Louis, Missouri** | **63131** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(314) 506-5500**

**(Registrant's telephone number, including area code)**

______________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act.

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act.

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol** | **Name of each exchange<br>on which registered** |
| **Common Stock, par value $0.50 per share** | **CASS** | **Nasdaq Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02.**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition.**

On July 17, 2025, Cass Information Systems, Inc. (the "Company") issued a press release announcing its financial results for the second quarter of fiscal 2025. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Also on July 17, 2025, the Company made available on the Investors section of the Company's website at www.cassinfo.com, an investor presentation that includes information about the Company's business and developments and certain financial information relating to the second quarter of fiscal 2025. The information contained in the investor presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission filings and other public announcements that the Company may make, by press release or otherwise, from time to time. A copy of this investor presentation is attached hereto as Exhibit 99.2 and incorporated herein by reference.

The Company has used, and intends to continue using, the Investors portion of its website to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors are encouraged to monitor the Company's website in addition to following press releases, SEC filings, and public conference calls and webcasts.

The information reported under this Item 2.02 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 8.01.**&nbsp;&nbsp;&nbsp;&nbsp;**Other Events.**

On July 15, 2025, the Company's Board of Directors declared a third quarter dividend of $0.31 per share payable on September 15, 2025 to shareholders of record on September 5, 2025. Additionally, the Board of Directors voted to authorize the repurchase of up to 500,000 shares. Repurchases will be made in the open market or through negotiated transactions from time to time, depending on market conditions.

**Item 9.01.**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;*Exhibits.*

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press release issued by Cass Information Systems, Inc. dated](cass-20250630xexx991.htm)[July](cass-20250630xexx991.htm)[17, 2025.](cass-20250630xexx991.htm)</u> |
| 99.2 | <u>[Investor presentation made available on the Investors section of the Company's website.](investorpresentationq220.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 17, 2025

---

| | |
|:---|:---|
| CASS INFORMATION SYSTEMS, INC. | CASS INFORMATION SYSTEMS, INC. |
| By: | /s/ Martin H. Resch |
| Name: | Martin H. Resch |
| Title: | President and Chief Executive Officer |
| By: | /s/ Michael J. Normile |
| Name: | Michael J. Normile |
| Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![g19798g42m88.jpg](g19798g42m88.jpg)

**Contact**: Cass Investor Relations

ir@cassinfo.com

July 17, 2025

**<u>Cass Information Systems reports Second Quarter 2025 Results</u>**

ST. LOUIS **– <u>Cass Information Systems, Inc. (Nasdaq: CASS</u>)** (the Company or Cass) today reported its second quarter 2025 earnings as follows:

*($ in thousands, except per share data)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter<br>Ended<br>June 30, 2025** | **Quarter<br>Ended<br>June 30, 2025** | **Quarter<br>Ended<br>March 31, 2025** | **Quarter<br>Ended<br>March 31, 2025** | **Quarter<br>Ended<br>June 30, 2024** | **Quarter<br>Ended<br>June 30, 2024** | **Six-Months<br>Ended<br>June 30, 2025** | **Six-Months<br>Ended<br>June 30, 2025** | **Six-Months<br>Ended<br>June 30, 2024** | **Six-Months<br>Ended<br>June 30, 2024** |
| Net income | $| 8855 | $| 8966 | $| 4484 | $| 17821 | $| 11636 |
| Diluted earnings per share | $| 0.66 | $| 0.66 | $| 0.32 | $| 1.31 | $| 0.84 |
| Return on average equity | 15.35% | 15.35% | 15.91% | 15.91% | 8.01% | 8.01% | 15.62% | 15.62% | 10.36% | 10.36% |
| Return on average assets | 1.48% | 1.48% | 1.51% | 1.51% | 0.78% | 0.78% | 1.49% | 1.49% | 1.00% | 1.00% |
| Net interest margin | 3.78% | 3.78% | 3.75% | 3.75% | 3.32% | 3.32% | 3.76% | 3.76% | 3.29% | 3.29% |

---

In announcing these results, Martin Resch, the Company's President and Chief Executive Officer, noted, "We continue to see year over year improvement in our quarterly results. The growth in interest-earning assets, combined with the continued improvement in net interest margin, is driving significant net interest income gains. This revenue improvement, combined with ongoing efficiency initiatives, led to the profitability growth reported." Resch added, "The upward momentum in freight rates, the addition of enhanced freight product offerings and onboarding of new clients should provide support to fees. In addition, the successful closing of our TEM business sale will enable us to concentrate on our strengths in financial exchange and information processing and provide capital for other purposes."

**Second Quarter Financial Highlights**

(All comparisons refer to the second quarter of 2024, except as noted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $8.9 million, or $0.66 per diluted common share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on average equity and assets of 15.35% and 1.48%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase in net interest margin to 3.78% from 3.32%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase in net interest income of $3.5 million, or 22.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed on sale of the TEM business resulting in a gain on sale of $3.6 million, combined with a reduction of goodwill and other intangible assets of $5.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold $34.0 million of corporate investment securities yielding 2.29% at a pretax loss of $3.6 million in an effort to reposition the investment portfolio and improve the net interest margin in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased 140,269 shares of Company stock at weighted average price of $41.79.

**Second Quarter 2025 Financial Commentary**

On April 7, 2025, the Company signed an Asset Purchase Agreement providing for the sale of its Telecom Expense Management & Managed Mobility Services ("TEM") business to Asignet USA Inc. The sale closed on June 30, 2025. The Company has applied discontinued operations accounting in accordance with FASB Accounting Standards Codification ("ASC"), Topic 205-20, "Presentation of Financial Statements – Discontinued Operations," to the assets and liabilities being sold related to the Company's TEM Business Unit as of June 30, 2025 and December 31, 2024, and for the periods

------

ended June 30, 2025, March 31, 2025 and June 30, 2024, as applicable. All financial information in this earnings release is reported on a continuing operations basis, unless otherwise noted.

**Transportation Invoice and Dollar Volumes** – Transportation invoice volumes of 8.84 million declined 0.5% as compared to the second quarter of 2024 and increased 5.7% as compared to the first quarter of 2025. Transportation dollar volumes were $9.4 billion during the second quarter of 2025, increases of 3.2% as compared to the second quarter of 2024 and 8.4% as compared to the first quarter of 2025. The average dollars per invoice increased to $1,060 in the second quarter of 2025, compared to $1,034 in the first quarter of 2025 and $1,023 in the second quarter of 2024.

**Facility Expense Invoice and Dollar Volumes** – Facility expense invoice volumes of 4.1 million decreased 1.4% as compared to the second quarter of 2024. Facility expense dollar volumes totaled $5.5 billion during the second quarter of 2025, an increase of 16.1% as compared to the second quarter of 2024. The increase in dollar volumes was due to a combination of higher energy prices and onboarding new clients with high dollar volumes as compared to the related transaction count.

**Processing Fees** – Processing fees increased $266,000, or 1.6% over the same period in the prior year reflecting flat transportation and facility transaction volumes when comparing the periods.

**Financial Fees** – Financial fees, earned on a transactional level basis for invoice payment services when making customer payments, decreased $299,000, or 2.9%. The decrease in financial fees was primarily due to a decline in average payments in advance of funding of 17.4%.

**Net Interest Income** – Net interest income increased $3.5 million, or 22.3%. The increase in net interest income was attributable to the net interest margin improving to 3.78% as compared to 3.32% in the same period last year, in addition to an increase in average interest-earning assets of $131.9 million, or 6.7%.

The Company's net interest margin improvement was driven by increases in the average yield on loans and investment securities of 38 and 18 basis points, respectively, combined with a decline in the average cost of total deposits of 38 basis points. The increase in loan yield was driven by loan growth at current market interest rates and continued maturing and re-pricing of existing fixed rate loans to current market interest rates. The decline in the cost of total deposits was driven by the reduction in short-term interest rates in the last four months of 2024. The Company generally benefits from a higher interest rate environment due to a large percentage of its funding sources being non-interest bearing.

**Provision for Credit Losses** - The Company recorded a provision of credit losses of $25,000 during the second quarter of 2025 as compared to $400,000 in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was largely driven by a $3.4 million increase in nonaccrual loans, partially offset by the decrease in total loans of $24.9 million, or 2.2%, as compared to March 31, 2025.

**Loss on Sale of Investment Securities -** The Company sold $34.0 million of corporate investment securities with a weighted-average yield of 2.29% at a loss of $3.6 million. These sales occurred at the end of June 2025. The proceeds from these sales will be redeployed into higher yielding interest-earning assets.

**Personnel Expenses -** Personnel expenses increased $1.5 million, or 5.7%. Salaries and commissions increased 1.2% as a result of merit increases and the December 2024 acquisition of AcuAudit, partially offset by a decrease in average full-time equivalent employees ("FTEs") of 5.9% due to strategic investments in various technology initiatives. Share-based compensation and employee profit sharing increased $468,000 and $678,000, respectively, due to the improvement in earnings. Other benefits increased $304,000, or 7.1%, due to higher health insurance costs, partially offset by the decline in average FTEs.

**Equipment Expense** - Equipment expense increased $626,000 primarily due to an increase in depreciation expense on software related to recently completed technology initiatives.

**Income from Discontinued Operations -** Income from discontinued operations includes a $3.6 million gain on the sale of the TEM business. In addition, the TEM business recognized $1.5 million of other non-recurring fee income during the second quarter of 2025. The Company expects that ongoing consolidated earnings will be neutral from a profitability perspective as the projected net income of the TEM business is expected to be offset by increased interest income from the deployment of the purchase price of $18.0 million into interest-earning assets and the sale of below market yield corporate investment securities

**Loans** - When compared to March 31, 2025, ending loans decreased $24.9 million, or 2.2%. The Company elected not to replace runoff in its lease financing portfolio during the second quarter of 2025 to generate liquidity for other purposes. Ending loans have increased $35.0 million, or 3.2%, as compared to December 31, 2024.

------

**Payments in Advance of Funding –** Average payments in advance of funding decreased $37.0 million, or 17.4%, primarily due to the continued consolidation of freight carriers, partially offset by a 3.2% increase in transportation dollar volumes.

**Deposits** – Average deposits decreased $36.4 million, or 3.5%, when compared to the second quarter of 2024. The Company has experienced deposit attrition due to a decrease in the overall level of some larger commercial deposits due to client funding needs for acquisitions and other purposes.

**Accounts and Drafts Payable** - Average accounts and drafts payable increased $147.3 million, or 15.1%. The increase in these balances, which are non-interest bearing, are primarily reflective of the increase in facility and transportation dollar volumes of 16.1% and 3.2%, respectively. Accounts and drafts payable are a significant source of funding generated by payment float from transportation and facility clients.

**Shareholders' Equity** - Total shareholders' equity increased $6.6 million since March 31, 2025 as a result of net income of $8.9 million and a decrease in accumulated other comprehensive loss of $6.8 million primarily related to the fair value of available-for-sale investment securities, partially offset by the repurchase of Company stock of $5.9 million and dividends of $4.1 million.

On July 15, 2025, the Company's Board of Directors approved a quarterly dividend of $0.31 per share with the dividend payable on September 15, 2025 to shareholders of record on September 5, 2025. The Company's Board of Directors also authorized the repurchase of up to 500,000 shares of common stock in future periods.

**About Cass Information Systems**

Cass Information Systems, Inc. is a leading provider of integrated information and payment management solutions. Cass enables enterprises to achieve visibility, control and efficiency in their supply chains, communications networks, facilities and other operations. Disbursing over $90 billion annually on behalf of clients, and with total assets of $2.3 billion, Cass is uniquely supported by Cass Commercial Bank. Founded in 1906 and a wholly owned subsidiary, Cass Commercial Bank provides sophisticated financial exchange services to the parent organization and its clients. Cass is part of the **<u>Russell 2000</u>**<sup>®</sup>**.** More information is available at www.cassinfo.com**.**

**Forward Looking Information**

This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include the impact of economic and market conditions, inflationary pressures, risks of credit deterioration, interest rate changes, governmental actions, market volatility, security breaches and technology interruptions, energy prices and competitive factors, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Actual results may differ materially from those set forth in the forward-looking statements.

**Note to Investors**

The Company has used, and intends to continue using, the Investors portion of its website to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors are encouraged to monitor Cass's website in addition to following press releases, SEC filings, and public conference calls and webcasts.

------

**Consolidated Statements of Income (unaudited)**

*($ and numbers in thousands, except per share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter<br>Ended<br>June 30, 2025** | **Quarter<br>Ended<br>March 31, 2025** | **Quarter<br>Ended<br>June 30, 2024** | **Six-Months<br>Ended<br>June 30, 2025** | **Six-Months<br>Ended<br>June 30, 2024** |
| Processing fees | $17082 | $16469 | $16816 | $33551 | $33675 |
| Financial fees | 10161 | 9961 | 10460 | 20122 | 21058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee revenue | $27243 | $26430 | $27276 | $53673 | $54733 |
| Interest and fees on loans | 15837 | 15350 | 13592 | 31187 | 26368 |
| Interest and dividends on securities | 4799 | 4147 | 4382 | 8946 | 8819 |
| Interest on short-term investments | 3003 | 3893 | 3267 | 6895 | 7708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | $23639 | $23390 | $21241 | $47028 | $42895 |
| Interest expense | 4164 | 4116 | 5312 | 8280 | 10490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $19475 | $19274 | $15929 | $38748 | $32405 |
| Provision for credit losses | (25) | (905) | (400) | (930) | (495) |
| Loss on sale of investment securities | (3558) | (18) | (13) | (3576) | (13) |
| Other | 1263 | 1626 | 1185 | 2889 | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $44398 | $46407 | $43977 | $90804 | $89082 |
| Salaries and commissions | 20638 | 19663 | 20393 | 40301 | 39915 |
| Share-based compensation | 918 | 1241 | 450 | 2159 | 1645 |
| Employee profit sharing | 1583 | 1502 | 901 | 3085 | 2351 |
| Net periodic pension cost |  |  | 191 |  | 386 |
| Other benefits | 4613 | 4873 | 4309 | 9486 | 8854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total personnel expenses | $27752 | $27279 | $26244 | $55031 | $53151 |
| Occupancy | 669 | 721 | 641 | 1390 | 1317 |
| Equipment | 2562 | 2294 | 1936 | 4856 | 3767 |
| Amortization of intangible assets | 293 | 293 | 173 | 586 | 346 |
| Bad debt (recovery) expense |  | (2000) | 1288 | (2000) | 1288 |
| Other | 6843 | 6943 | 8127 | 13786 | 14748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $38119 | $35530 | $38409 | $73649 | $74617 |
| Income from continuing operations, before <br>&nbsp;&nbsp;&nbsp;&nbsp; income tax expense | $6279 | $10877 | $5568 | $17155 | $14465 |
| Income tax expense | 1119 | 2326 | 1260 | 3445 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations | $5160 | $8551 | $4308 | $13710 | $11372 |
| Income from discontinued operations, net of tax | 3695 | 415 | 176 | 4111 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $8855 | $8966 | $4484 | $17821 | $11636 |
| Basic earnings per share from continuing operations | $.39 | $.64 | $.32 | $1.03 | $.84 |
| Basic earnings per share from discontinued operations | .28 | .03 | .01 | .31 | .02 |
| Basic earnings per share | $.67 | $.67 | $.33 | $1.34 | $.86 |
| Diluted earnings per share from continuing operations | $.38 | $.63 | $.31 | $1.01 | $.82 |
| Diluted earnings per share from discontinued operations | .28 | .03 | .01 | .30 | .02 |
| Diluted earnings per share | $.66 | $.66 | $.32 | $1.31 | $.84 |
| Share data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding | 13269 | 13398 | 13538 | 13333 | 13534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding assuming<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dilution | 13518 | 13643 | 13822 | 13580 | 13804 |

---

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**Consolidated Balance Sheets (unaudited)**

*($ in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $218165 | $220674 | $349728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available-for-sale, at fair value | 599541 | 576510 | 528021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | 1117004 | 1141874 | 1081989 |
| &nbsp;&nbsp; Less: Allowance for credit losses | (14296) | (14286) | (13395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $1102708 | $1127588 | $1068594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments in advance of funding | 177601 | 175326 | 208530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 30700 | 31748 | 30576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in bank-owned life insurance | 51224 | 50767 | 50325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other intangible assets | 20493 | 20786 | 21247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and drafts receivable from customers | 60276 | 40465 | 55906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 55310 | 60536 | 67741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets of discontinued operations |  | 14057 | 14413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2316018 | $2318457 | $2395081 |
| Liabilities and shareholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-interest bearing | $370606 | $363798 | $251230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing | 633189 | 636277 | 716686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $1003795 | $1000075 | $967916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and drafts payable | 1036795 | 1016324 | 1129610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 34606 | 48823 | 46211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities of discontinued operations |  | 18988 | 22314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $2075196 | $2084210 | $2166051 |
| Shareholders' equity: |  |  |  |
| Common stock | $7753 | $7753 | $7753 |
| Additional paid-in capital | 204842 | 203755 | 205593 |
| Retained earnings | 158005 | 153278 | 148487 |
| Common shares in treasury, at cost | (97103) | (91025) | (87615) |
| Accumulated other comprehensive loss | (32675) | (39514) | (45188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | $240822 | $234247 | $229030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $2316018 | $2318457 | $2395081 |

---

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**Average Balances (unaudited)**

*($ in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter<br>Ended<br>June 30, 2025** | **Quarter<br>Ended<br>March 31, 2025** | **Quarter<br>Ended<br>June 30, 2024** | **Six-Months<br>Ended<br>June 30, 2025** | **Six-Months<br>Ended<br>June 30, 2024** |
| Average interest-earning assets | $2090366 | $2104603 | $1958427 | $2097445 | $2010833 |
| Average loans | 1125899 | 1109526 | 1039461 | 1117758 | 1027854 |
| Average securities available-for-sale | 613782 | 554905 | 589480 | 584506 | 612451 |
| Average short-term investments | 298875 | 383836 | 265291 | 341121 | 308727 |
| Average payments in advance of funding | 176191 | 173590 | 213185 | 174898 | 203761 |
| Average assets | 2402508 | 2408406 | 2308045 | 2405441 | 2344813 |
| Average non-interest bearing deposits | 393054 | 405183 | 407079 | 399085 | 427489 |
| Average interest-bearing deposits | 615921 | 628214 | 638328 | 622034 | 634975 |
| Average interest-bearing liabilities | 615932 | 628225 | 638339 | 622045 | 634986 |
| Average accounts and drafts payable | 1122739 | 1072013 | 975468 | 1107031 | 994709 |
| Average shareholders' equity | $231414 | $228615 | $225265 | $230022 | $225967 |

---

**Consolidated Financial Highlights (unaudited)**

*($ and numbers in thousands, except ratios and average full-time equivalent employees)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter<br>Ended<br>June 30, 2025** | **Quarter<br>Ended<br>March 31, 2025** | **Quarter<br>Ended<br>June 30, 2024** | | **Six-Months<br>Ended<br>June 30, 2025** | **Six-Months<br>Ended<br>June 30, 2024** |
| Return on average equity | 15.35% | 15.91% | 8.01% |  | 15.62% | 10.36% |
| Return on average assets | 1.48% | 1.51% | 0.78% |  | 1.49% | 1.00% |
| Net interest margin <sup>(1)</sup> | 3.78% | 3.75% | 3.32% |  | 3.76% | 3.29% |
| Average interest-earning assets yield <sup>(1)</sup> | 4.58% | 4.54% | 4.41% |  | 4.56% | 4.34% |
| Average loan yield | 5.64% | 5.61% | 5.26% | 5 | 5.63% | 5.16% |
| Average investment securities yield <sup>(1)</sup> | 3.02% | 2.86% | 2.84% |  | 2.95% | 2.77% |
| Average short-term investment yield | 4.03% | 4.11% | 4.95% |  | 4.08% | 5.02% |
| Average cost of total deposits | 1.66% | 1.62% | 2.04% |  | 1.64% | 1.99% |
| Average cost of interest-bearing deposits | 2.71% | 2.66% | 3.35% |  | 2.68% | 3.32% |
| Allowance for credit losses to loans | 1.28% | 1.25% | 1.28% |  | 1.28% | 1.28% |
| Non-performing loans to total loans | 0.30% | —% | —% |  | 0.30% | —% |
| Net loan charge-offs to loans | —% | —% | —% |  | —% | —% |
| Common equity tier 1 ratio | 14.82% | 14.11% | 14.32% |  | 14.82% | 14.32% |
| Total risk-based capital ratio | 15.67% | 14.94% | 15.08% |  | 15.67% | 15.08% |
| Leverage ratio | 10.62% | 10.39% | 11.32% |  | 10.62% | 11.32% |
| <sup>(1)</sup> Yields are presented on tax-equivalent basis assuming a tax rate of 21%. | <sup>(1)</sup> Yields are presented on tax-equivalent basis assuming a tax rate of 21%. | <sup>(1)</sup> Yields are presented on tax-equivalent basis assuming a tax rate of 21%. | <sup>(1)</sup> Yields are presented on tax-equivalent basis assuming a tax rate of 21%. | <sup>(1)</sup> Yields are presented on tax-equivalent basis assuming a tax rate of 21%. | <sup>(1)</sup> Yields are presented on tax-equivalent basis assuming a tax rate of 21%. | <sup>(1)</sup> Yields are presented on tax-equivalent basis assuming a tax rate of 21%. |
| Transportation invoice volume | 8837 | 8355 | 8879 |  | 17192 | 17649 |
| Transportation dollar volume | $9370535 | $8643138 | $9081343 |  | $18013673 | $18020989 |
| Facility expense transaction volume | 4141 | 4225 | 4197 |  | 8366 | 8311 |
| Facility expense dollar volume | $5513143 | $5822935 | $4750511 |  | $11366078 | $9766719 |
| Average full-time equivalent employees | 989 | 1008 | 1051 |  | 999 | 1048 |

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**Assets and Liabilities of Discontinued Operations (unaudited)**

*($ in thousands)*

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| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | $— | $3605 | $3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other intangible assets, net |  | 5102 | 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | 5350 | 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets of discontinued operations | $— | $14057 | $14413 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and drafts payable |  | 16465 | 19665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | 2523 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities of discontinued operations | $— | $18988 | $22314 |

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**Income from Discontinued Operations (unaudited)**

*($ in thousands)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter<br>Ended<br>June 30, 2025** | **Quarter<br>Ended<br>March 31, 2025** | **Quarter<br>Ended<br>June 30, 2024** | **Six-Months<br>Ended<br>June 30, 2025** | **Six-Months<br>Ended<br>June 30, 2024** |
| Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Processing fees | $3807 | $3823 | $3941 | $7630 | $8178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial fees | 475 | 413 | 169 | 888 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | 1454 | 382 | 503 | 1836 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of TEM business | 3550 |  |  | 3550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 9286 | 4618 | 4613 | 13904 | 9186 |
| Operating expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and commissions | 2858 | 2756 | 2965 | 5614 | 5969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | (16) | 43 | 24 | 28 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other benefits | 525 | 616 | 624 | 1141 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total personnel expenses | 3367 | 3415 | 3613 | 6783 | 7313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy | 180 | 181 | 185 | 361 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | 49 | 51 | 51 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9 | 9 | 9 | 18 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 754 | 434 | 527 | 1186 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | 4359 | 4090 | 4385 | 8448 | 8847 |
| &nbsp;&nbsp;Income from discontinued operations, before income tax expense | 4927 | 528 | 228 | 5456 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 1232 | 113 | 52 | 1345 | 74 |
| &nbsp;&nbsp; Net income from discontinued operations | $3695 | $415 | $176 | $4111 | $265 |

---

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**Other Information from Discontinued Operations (unaudited)**

*($ and numbers in thousands, except average full-time equivalent employees)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter<br>Ended<br>June 30, 2025** | **Quarter<br>Ended<br>March 31, 2025** | **Quarter<br>Ended<br>June 30, 2024** | **Six-Months<br>Ended<br>June 30, 2025** | **Six-Months<br>Ended<br>June 30, 2024** |
| Facility expense transaction volume | 126 | 133 | 139 | 259 | 289 |
| Facility expense dollar volume | $244782 | $256844 | $288772 | $501626 | $602130 |
| Average full-time equivalent employees | 116 | 129 | 151 | 123 | 149 |

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## Exhibit 99.2

![](investorpresentationq220001.jpg)

The Power to Deliver Solutions Around the world, leading enterprises rely on Cass for our vertical expertise, processing power, and global payment network to execute critical financial transactions while driving greater control and efficiency across critical business expenses. Q2 2025 INVESTOR PRESENTATION

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![](investorpresentationq220002.jpg)

Forward-Looking Statements Cass at a Glance Financial Performance Revenue & Expenses Balance Sheet Capital Leadership and Shareholder Information **TABLE OF CONTENTS** 2 3 4 7 10 17 23 24 www.cassinfo.com /© 2025 Cass Information Systems

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This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain words such as "anticipate," "believe," "can," "would," "should," "could," "may," "predict," "seek," "potential," "will," "estimate," "target," "plan," "project," "continuing," "ongoing," "expect," "intend" or similar expressions that relate to the Company's strategy, plans or intentions. Forward-looking statements involve certain important risks, uncertainties, and other factors, any of which could cause actual results to differ materially from those in such statements. Such factors include, without limitation, the "Risk Factors" referenced in our most recent Form 10-K filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, and the following factors: ability to execute our business strategy; business and economic conditions; effects of a prolonged government shutdown; economic, market, operational, liquidity, credit and interest rate risks associated with the Company's business; effects of any changes in trade, monetary and fiscal policies and laws; changes imposed by regulatory agencies to increase capital standards; effects of inflation, as well as, interest rate, securities market and monetary supply fluctuations; changes in the economy or supply-demand imbalances affecting local real estate values; changes in consumer and business spending; the Company's ability to realize anticipated benefits from enhancements or updates to its core operating systems from time to time without significant change in client service or risk to the Company's control environment; the Company's dependence on information technology and telecommunications systems of third-party service providers and the risk of systems failures, interruptions or breaches of security; the Company's ability to achieve organic fee income, loan and deposit growth and the composition of such growth; changes in sources and uses of funds; increased competition in the payments and banking industries; the effect of changes in accounting policies and practices; the share price of the Company's stock; the Company's ability to realize deferred tax assets or the need for a valuation allowance; ability to maintain or increase market share and control expenses; costs and effects of changes in laws and regulations and of other legal and regulatory developments; technological changes; the timely development and acceptance of new products and services; the Company's continued ability to attract, hire and maintain qualified personnel; ability to implement and/or improve operational management and other internal risk controls and processes and reporting system and procedures; regulatory limitations on dividends from the Company's bank subsidiary; changes in estimates of future loan reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; widespread natural and other disasters, pandemics, dislocations, political instability, acts of war or terrorist activities, cyberattacks or international hostilities; impact of reputational risk; and success at managing the risks involved in the foregoing items. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved, and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of original publication of this presentation, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. This presentation is a high-level summary of our recent and historical financial results and current business developments. For more detailed information, please refer to our press releases and filings with the SEC. FORWARD LOOKING STATEMENTS 3www.cassinfo.com /© 2025 Cass Information Systems

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4www.cassinfo.com /© 2025 Cass Information Systems CASS AT A GLANCE

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+ Cass is an information services company that processes freight and facility payments for a number of the largest global companies + The information systems business has a 70-year legacy + As a result of its $90B of payments, Cass generates $1B+ of average non-interest bearing float + Cass continues to operate a strong and profitable commercial bank founded in 1906 Note: Balance sheet metrics as of June 30, 2025. Income statement metrics are through period ended June 30, 2025 as indicated. Market. Cap. $600M Assets $2.3B YTD ROE 15.62% YTD NI $17.8M YTD % Fees/ Rev. 61.4% % AVG NIB Funding 71.1% INFORMATION SYSTEMS / PAYMENTS + Transportation information systems provides freight invoice audit and payment services + Facilities expense management provides invoice management, payment and business intelligence for all types of utility and facility related expenses + CassPay provides complex treasury management and payment services for fintech and other payment companies COMMERCIAL BANK + Cass Commercial Bank operates in three primary niches ‒ St. Louis C&I market ‒ Faith based organizations across the U.S. ‒ McDonalds' franchisees + Strong track record of asset quality $90B Annual payments volume 50M Annual invoice volume $107M TTM fee revenue $1.1B YTD average float $1.1B Loans $1.0B Deposits 1.64% YTD cost of deposits $0 Charge-offs OVERVIEW 5www.cassinfo.com /© 2025 Cass Information Systems

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SALE OF TELECOM EXPENSE MANAGEMENT & MANAGED MOBILITY SERVICES ("TEM") BUSINESS 6www.cassinfo.com /© 2025 Cass Information Systems + On April 7, 2025, the Company signed an Asset Purchase Agreement providing for the sale of its TEM business to Asignet USA Inc for $18.0 million in cash. The transaction closed on June 30, 2025. + During the second quarter of 2025, the Company reported pretax and net income from discontinued operations of $4.9 million and $3.7 million, respectively. These amounts include a $3.6 million pretax gain on sale of the TEM business and $1.5 million of other non-recurring fee revenue. + The Company expects that ongoing consolidated earnings will be neutral from a profitability perspective as the projected net income of the TEM business is expected to be offset by increased interest income from the deployment of the purchase price of $18.0 million into interest-earning assets and the sale of below market investment securities as discussed later in this presentation. + The Company has applied discontinued operations accounting in accordance with FASB Accounting Standards Codification ("ASC"), Topic 205-20, "Presentation of Financial Statements – Discontinued Operations," to the assets and liabilities being sold related to the Company's TEM Business Unit for all periods presented, as applicable. All financial information in this investor presentation is reported on a continuing operations basis, unless otherwise noted.

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7www.cassinfo.com /© 2025 Cass Information Systems FINANCIAL PERFORMANCE

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Q2 2025 FINANCIAL HIGHLIGHTS 8www.cassinfo.com /© 2025 Cass Information Systems $4.48M $8.86M Q2 '24 Q2 '25 $0.32 $0.66 Q2 '24 Q2 '25 8.01% 15.35% Q2 '24 Q2 '25 NET INCOME DILUTED EPS RETURN ON EQUITY + Net income of $8.9 million, or $0.66 per common share. + Return on average equity and assets of 15.35% and 1.48%, respectively. + Increase in net interest margin to 3.78% from 3.32%. + Closed on sale of TEM business resulting in a gain on sale of $3/6 million, combined with a reduction of intangible assets of $5.1 million. + Sold $34.0 million of corporate investment securities yielding 2.29% at a pretax loss of $3.6 million. + Repurchased 140,269 shares of Company stock. $38.4M $38.1M Q2 '24 Q2 '25 NET INTEREST INCOME TOTAL OPERATING EXPENSE 3.32% 3.78% Q2 '24 Q2 '25 NET INTEREST MARGIN $15.9M $19.5M Q2 '24 Q2 '25

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QUARTERLY FINANCIAL PERFORMANCE 9www.cassinfo.com /© 2025 Cass Information Systems $38.4M $42.8M $40.4M $35.5M $38.1M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 $4.48M $2.94M $4.59M $8.97M $8.86M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 8.01% 5.04% 7.88% 15.91% 15.35% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 0.78% 0.50% 0.77% 1.51% 1.48% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 TOTAL OPERATING EXPENSE NET INCOME RETURN ON EQUITY ROAA $44.0M $46.5M $45.6M $46.4M $48.0M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 TOTAL REVENUE, EXCL INV LOSSES $0.32 $0.21 $0.33 $0.66 $0.66 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 DILUTED EPS

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![](investorpresentationq220010.jpg)

10www.cassinfo.com /© 2025 Cass Information Systems REVENUE & EXPENSES

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![](investorpresentationq220011.jpg)

FINANCIAL FEES 11www.cassinfo.com /© 2025 Cass Information Systems + Financial fees declined $299,000, or 2.9%, from Q2 2024 due to a lower average balance of payments in advance of funding of 17.4%. + The Company expects its new working capital solution and other initiatives to increase the average balance of payments in advance of funding in future quarters. These programs have been sold to clients and are in process of implementation. $9.08B $9.10B $8.99B $8.64B $9.37B Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 $4.75B $5.47B $5.03B $5.82B $5.51B Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 $213.2M $203.0M $201.0M $173.6M $176.2M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 TRANSPORTATION DOLLAR VOLUMES FACILITY DOLLAR VOLUMES AVERAGE PAYMENTS IN ADVANCE OF FUNDING $10.5M $11.0M $10.5M $10.0M $10.2M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 FINANCIAL FEES

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![](investorpresentationq220012.jpg)

PROCESSING FEES 12www.cassinfo.com /© 2025 Cass Information Systems + The change quarter to quarter is generally correlated to transportation and facility invoice volumes. + Processing fees increased 1.6% as compared to 2Q 2024 reflecting relatively flat transportation and facility transaction volumes. 8.88M 9.16M 8.92M 8.36M 8.84M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 4.20M 4.18M 4.09M 4.23M 4.14M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 $16.8M $16.7M $15.7M $16.5M $17.1M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 TRANSPORTATION INVOICE VOLUMES FACILITY INVOICE VOLUMES PROCESSING FEES

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![](investorpresentationq220013.jpg)

NET INTEREST INCOME 13www.cassinfo.com /© 2025 Cass Information Systems + The net interest margin (NIM) improved 46 basis points from Q2 2024 largely driven by increases in the average yield on loans and investment securities of 38 and 18 basis points, respectively, combined with a decline in the average cost of total deposits of 38 basis points. + The Company generally benefits from a higher interest rate environment due to a large percentage of its funding sources being non- interest bearing. $15.9M $17.6M $17.8M $19.3M $19.5M Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 $1.96B $2.00B $2.02B $2.10B $2.09B Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 3.32% 3.55% 3.55% 3.75% 3.78% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 NET INTEREST INCOME AVERAGE INTEREST-EARNING ASSETS NET INTEREST MARGIN

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![](investorpresentationq220014.jpg)

NET INTEREST INCOME (CONTINUED) 14www.cassinfo.com /© 2025 Cass Information Systems + As can be seen in the graph below, the Company's net interest margin has historically trended above the average 5-year UST. With the rise in short and long-term bond yields over the last 3-4 years, the yield on many of the Company's fixed rate loans and investment securities is below current market interest rates. If mid and longer-term bond yields remain at or close to current levels, as the Company's interest-earning assets mature and re-price to current market rates over the coming quarters and years, the Company's NIM should benefit, thereby increasing net interest income.

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PERSONNEL EXPENSE 15www.cassinfo.com /© 2025 Cass Information Systems + Salaries and commissions increased 1.2% compared to 2Q2024. The increase compared to 1Q2025 was due to merit increases and severance. + Employee profit sharing and share-based compensation increased due to improvement in earnings. + The termination of the defined benefit pension plan resulted in a one-time non-cash expense of $3.5 million during Q4 2024. + Other benefits increased primarily due to higher health insurance costs. + Average FTEs declined 5.9% compared to 2Q2024 due to strategic investments in various technology initiatives. Expense 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Salaries and commissions $20.4 $20.5 $19.9 $19.7 $20.6 Employee profit sharing 0.9 0.6 1.5 1.5 1.6 Share-based compensation 0.4 0.9 0.5 1.2 0.9 Net periodic pension cost 0.2 0.2 3.6 0.0 0.0 Other benefits 4.3 4.3 4.1 4.9 4.6 Total personnel expense $26.2 $26.5 $29.6 $27.3 $27.7 Average full-time equivalent employees (FTEs) 1,051 1,038 1,008 1,008 989 ($$ in millions)

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![](investorpresentationq220016.jpg)

NON-PERSONNEL EXPENSE 16www.cassinfo.com /© 2025 Cass Information Systems + Equipment expense has increased as a result of an increase in depreciation expense related to technology projects now in production. + Bad debt expense (recovery) relates to a full write-off of a funding receivable related to a facility client during 2Q2024 and 3Q2024 and a subsequent partial recovery in 1Q2025. + Other expense during Q2 2024 included $1.3 million of late fees incurred on facility transactions as described in the Q2 2024 earnings release. Expense 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Occupancy expense $0.6 $0.7 $0.7 $0.7 $0.7 Equipment expense 1.9 2.1 2.3 2.3 2.6 Bad debt expense (recovery) 1.3 6.6 0.0 (2.0) 0.0 Other expense 8.3 6.9 7.7 7.2 7.1 Total non-personnel expense $12.1 $16.3 $10.7 $8.2 $10.4 ($$ in millions)

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17www.cassinfo.com /© 2025 Cass Information Systems BALANCE SHEET

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LOANS 18www.cassinfo.com /© 2025 Cass Information Systems + Loans have increased $35.0 million, or 3.2%, as compared to December 31, 2024. The Company experienced solid growth in faith-based and other C&I loans. The Company elected to not replace runoff in its lease financing portfolio during the second quarter of 2025 to generate liquidity for other purposes, leading to the decline in loans. Portfolio Composition 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Franchise $229.6 $237.1 $257.8 $258.5 $260.3 Faith-Based 382.2 401.3 394.5 403.5 410.9 Leases 131.4 118.3 122.1 124.3 111.7 Other C&I 187.6 193.1 179.3 229.5 211.6 Other CRE 131.2 128.6 128.3 126.0 122.5 Ending Loans $1,062.0 $1,078.4 $1,082.0 $1,141.8 $1,117.0 Loan Yield 5.26% 5.40% 5.38% 5.61% 5.64% ACL/Loans 1.28% 1.27% 1.24% 1.25% 1.28% Net Charge-Offs — — — — — Non-Performing Loans/Loans — — — — 0.30% Franchise 23% Faith-Based 37% Leases 10% Commercial and Industrial 19% Commercial Real Estate 11% PORTFOLIO COMPOSITION 6/30/25 ($$ in millions)

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![](investorpresentationq220019.jpg)

INVESTMENT PORTFOLIO COMPOSITION 19www.cassinfo.com /© 2025 Cass Information Systems + All investment securities are classified as available-for-sale. The overall weighted-average repricing term is 4.2 years and the average yield for 2Q2025 was 3.02%. The portfolio had unrealized losses of $43.8 million at June 30, 2025 resulting in a total fair value for the portfolio of $599.5 million. + The asset-backed securities are backed by student loans in the FFELP program with a minimum 97% guaranty by the U.S. Department of Education. Theses securities have long maturities but are floating rate assets. + The corporate bonds are all high investment grade. The Company sold $34.0 million of corporate bonds with a weighted-average yield of 2.29% during late June 2025. These funds will be redeployed into higher yielding interest-earning assets. + The mortgage-backed securities portfolio has an estimated average life of 4.6 years. + 99% of the municipal securities are an investment grade of "A" or higher. PORTFOLIO COMPOSITION (BOOK VALUE) State and Political $208.7M MBS $365.9M Corporate Bonds $39.0M Asset-Backed $29.8M

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![](investorpresentationq220020.jpg)

LOANS & SECURITIES (BOOK VALUE)-REPRICING OR MATURITY 20www.cassinfo.com /© 2025 Cass Information Systems 1 Year > 1 to 3 >3 to 5 > 5 Floating Fixed or Less Years Years Years Total Rate Rate Commercial and Industrial: Franchise 12,968 31,368 27,418 188,528 260,282 12,204 248,078 Leases 30,202 30,160 31,804 20,121 112,287 - 112,287 Other 111,603 30,690 56,757 11,779 210,829 91,395 119,434 Total C&I 154,773 92,218 115,979 220,428 583,398 103,599 479,799 Real Estate: Faith-based CRE 133,989 89,992 116,380 70,891 411,252 15,222 396,030 Commercial 48,834 48,761 20,676 1,783 120,054 33,746 86,308 Other 1,400 87 813 - 2,300 - 2,300 Total real estate 184,223 138,840 137,869 72,674 533,606 48,968 484,638 Total loans 338,996 231,058 253,848 293,102 1,117,004 152,567 964,437 % of total 30% 21% 23% 26% 100% 14% 86% Weighted-average coupon rate 5.69% 5.03% 5.70% 5.73% 1 Year > 1 to 3 >3 to 5 > 5 Floating Fixed or Less Years Years Years Total Rate Rate Mortgage-backed 51,652 81,860 82,446 149,902 365,860 - 365,860 State and political 40,177 31,254 27,987 109,291 208,709 - 208,709 Corporate - 6,167 26,910 5,947 39,024 5,945 33,079 Asset-backed 8,269 7,053 3,926 10,547 29,795 29,795 - Total investment securities 100,098 126,334 141,269 275,687 643,388 35,740 607,648 % of total 16% 20% 22% 43% 100% 6% 94% Total Loans at June 30, 2025 Repricing or Maturity Term Rate Structure Total Investment Securities (Book Value) at June 30, 2025 Maturity and Projected Principal Cash Flow Rate Structure

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![](investorpresentationq220021.jpg)

FUNDING 21www.cassinfo.com /© 2025 Cass Information Systems + For 2Q2025, 71.1% of average funding was non-interest bearing, a strategic advantage in the current interest rate environment. + Average accounts and drafts payable increased $147.3 million, or 15.1%, during 2Q2025 primarily reflective of the increase in facility and transportation dollar volumes of 16.1% and 3.2%, respectively. AVERAGE DEPOSITS AND ACCOUNTS & DRAFTS PAYABLE FUNDING COMPOSITION $1.4B IN NON- INTEREST FUNDING $976M $1.01B $1.04B $1.07B $1.12B $1.05B $1.03B $1.04B $1.03B $1.01B Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 AVERAGE DEPOSITS AVERAGE ACCOUNTS & DRAFTS PAYABLE $2.03B $2.04B $2.08B $2.13B$2.10B Int-DDA, MM, Savings $547.1M Non-Interest $370.6M Accts & Drafts Payable $1,036.8M Time Deposits $86.1M

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![](investorpresentationq220022.jpg)

KEY FUNDING POINTS 22www.cassinfo.com /© 2025 Cass Information Systems + Accounts and drafts payable represents float generated by our payments businesses and have proven a very stable source of funding over a long period of time. + Deposits are generated from core Bank and CassPay clients. These deposits almost entirely consist of operating accounts from core faith-based and other C&I clients as well as CassPay clients where the Company generates float. + The average cost of total deposits for the second quarter of 2025 was 1.66%. + The Bank participates in the CDARS and ICS programs offered by Promontory Interfinancial Network, LLC, enabling FDIC insurance up to $150 million on money market accounts, $200 million on checking accounts, and $50 million on certificates of deposit, up to a total limit of $285 million. + There are no brokered deposits or wholesale borrowings. + The Bank has a $224.8 million secured line of credit with the FHLB collateralized by commercial mortgage loans. + The Company has $225.0 million of unused lines of credit collateralized by investment securities.

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![](investorpresentationq220023.jpg)

CAPITAL 23www.cassinfo.com /© 2025 Cass Information Systems + The Company maintains excess capital to support organic balance sheet growth and opportunistic acquisitions + Dividend of $0.31 per share + Cass has continuously paid regularly scheduled cash dividends since 1934 + The Company repurchased 140,269 shares of Company stock during Q2 2025 at a weighted average price of $41.79 Tier 1 leverage ratio at 6/30/25 10.62% Common equity tier 1 risk- based ratio at 6/30/25 14.82% Tier 1 risk-based ratio at 6/30/25 14.82% Total risk-based ratio at 6/30/25 15.67%

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LEADERSHIP AND SHAREHOLDER INFORMATION 24www.cassinfo.com /© 2025 Cass Information Systems

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BOARD OF DIRECTORS 25 Eric H. Brunngraber Chairman Ralph W. Clermont Retired Managing Partner, KPMG LLP, Saint Louis, Missouri Robert A. Ebel Retired Chief Executive Officer, Universal Printing Company Wendy J. Henry Retired Managing Partner, BKD, LLP James J. Lindemann Retired Executive Vice President, Emerson Sally H. Roth Retired Area President — Upper Midwest, Regions Bank Joseph D. Rupp Lead Director and Retired Chairman, President, and Chief Executive Officer, Olin Corporation Randall L. Schilling Chief Executive Officer, OPO Startups, LLC Franklin D. Wicks, Jr., Ph.D. Retired Executive Vice President and President, Applied Markets, Sigma-Aldrich Benjamin F. (Tad) Edwards, IV Chairman, Chief Executive Officer, and President, Benjamin F. Edwards & Company www.cassinfo.com /© 2025 Cass Information Systems Ann W. Marr Retired Executive Vice President of Global Human Resources, World Wide Technology Martin H. Resch President and Chief Executive Officer

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LEADERSHIP COUNCIL 26www.cassinfo.com /© 2025 Cass Information Systems Cory J. Bricker Senior Vice President and President - CassPay Dwight D. Erdbruegger President and Chief Operating Officer, Cass Commercial Bank Ross M. Miller Senior Vice President and President - TouchPoint Martin H. Resch President and Chief Executive Officer Todd J. Wills Senior Vice President and President - Utility Expense Management Mark A. Campbell Senior Vice President, Strategy & Business Operations Carl N. Friedholm Senior Vice President, Strategy & Business Operations Sean M. Mullins Vice President – Chief Information Security Officer Jeanne M. Scannell Chief Credit Officer - Cass Commercial Bank James M. Cavellier Executive Vice President and Chief Information Officer Nicole M. Jennings Vice President - Chief Operational Risk Management Officer Michael J. Normile Executive Vice President and Chief Financial Officer Matthew S. Schuckman Executive Vice President, General Counsel, and Corporate Secretary Sarah J. Duran Vice President – Internal Audit Teresa D. Meares Senior Vice President and President - Waste Expense Management Christi A. Reiter Senior Vice President – Chief HR Officer Anthony G. Urban Executive Vice President - Transportation Information Services

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SHAREHOLDER INFORMATION 27www.cassinfo.com /© 2025 Cass Information Systems CORPORATE HEADQUARTERS Cass Information Systems, Inc. 12444 Powerscourt Drive, Suite 550 Saint Louis, Missouri 63131 314.506.5500 www.cassinfo.com INVESTOR RELATIONS ir@cassinfo.com COMMON STOCK The company's common stock trades on the NASDAQ stock market under the symbol CASS. INDEPENDENT AUDITORS KPMG LLP 10 South Broadway, Suite 900 Saint Louis, Missouri 63102 TRANSFER AGENT Shareholder correspondence should be mailed to: Computershare P.O. Box 43006 Providence, RI 02940-3006 Overnight correspondence should be mailed to: Computershare 150 Royall St, Suite 101 Canton, MA 02021 SHAREHOLDER WEBSITE www.computershare.com/investor SHAREHOLDER ONLINE INQUIRIES www-us.computershare.com /investor/Contact TOLL-FREE PHONE 866.323.8170

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Thank You for Your Time

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