1. Like ADP for complex corporate bills: Imagine ADP or Paychex, but instead of managing payroll, they specialize in automating, auditing, and processing a company's complex bills for things like freight, utilities, and telecommunications, providing detailed data.

2. A WEX for B2B invoice management that also owns a bank: They provide specialized B2B payment solutions and expense management for complex corporate invoices (like freight and utilities), similar to WEX, but they also operate their own commercial bank, offering traditional banking services to businesses and ministries.

• Freight Invoice Processing & Management: Provides services for rating, processing, auditing, and generating accounting and transportation information for freight invoices.
• Facility Invoice Processing & Management: Manages and pays facility-related invoices, including electricity, gas, waste, and other utility expenses.
• Telecom Expense Management (TEM): Offers solutions to manage and optimize telecommunications expenses.
• Deposit Accounts: Provides various banking deposit accounts such as checking, savings, and time deposits.
• Commercial Lending: Offers commercial, industrial, and real estate loans to privately-owned businesses and faith-related ministries.
• Cash Management Services: Delivers services to help businesses manage their cash flow efficiently.
• B2B Payment Platform: Operates a B2B payment platform designed for clients seeking an agile fintech partner.

Based on the provided background, Cass Information Systems (CASS) primarily serves other companies and organizations. The background does not list specific names of major customer companies. Instead, it describes the following categories of customers:

• Manufacturing, distribution, and retail enterprises (for payment and information processing services, including freight, facility expenses, and telecom expense management).
• Privately-owned businesses (served by its banking subsidiary, Cass Commercial Bank, for banking products, commercial and industrial loans, real estate loans, and cash management services).
• Faith-related ministries (served by its banking subsidiary, Cass Commercial Bank, for banking products, loans, and cash management services).

Additionally, the company provides a B2B payment platform for clients that require an agile fintech partner, which would typically fall within the categories of businesses mentioned above.

Martin H. Resch, President and Chief Executive Officer

Martin H. Resch was appointed President and Chief Executive Officer of Cass Information Systems, Inc., effective April 18, 2023, and also joined the Board of Directors at that time. He joined Cass in November 2020, serving as President and Chief Operating Officer since February 2022. Prior to joining Cass, Mr. Resch was a senior executive at Bank of the West in San Francisco, California, where he held the position of executive vice president and served as the commercial banking group's chief administrative officer/chief operating officer. In this role, he was responsible for strategy, operations, finance, technology, and collaboration with a B2B FinTech incubator.

Michael J. Normile, Executive Vice President and Chief Financial Officer

Michael J. Normile serves as the Executive Vice President and Chief Financial Officer of Cass Information Systems.

James M. Cavellier, Executive Vice President and Chief Information Officer

James M. Cavellier is the Executive Vice President and Chief Information Officer at Cass Information Systems.

Dwight D. Erdbruegger, President and Chief Operating Officer, Cass Commercial Bank

Dwight D. Erdbruegger holds the position of President and Chief Operating Officer of Cass Commercial Bank, the company's banking subsidiary.

Mark A. Campbell, Senior Vice President, Strategy & Business Operations

Mark A. Campbell is the Senior Vice President, Strategy & Business Operations at Cass Information Systems. He has also been noted as Senior Vice President and President, Government Payables and President of Transportation Information Services.

Key Risks to Cass Information Systems (CASS)

Cass Information Systems (symbol: CASS) faces several key risks to its business, primarily stemming from its reliance on the logistics sector, intense competition within the financial technology space, and the ever-present threat of cybersecurity breaches.

1. Weakening Core Logistics Market: A significant portion of Cass Information Systems' revenue is derived from its Information Services segment, which includes freight invoice rating, payment processing, and auditing. The company is vulnerable to slowdowns or recessions in the transport and logistics sector. Management has noted a weakening core logistics market, which directly impacts transaction volumes and profitability in its main operations.

2. Competition and Technological Advancements (Fintech Disruption): Cass operates in a dynamic and highly competitive financial technology (fintech) sector. It faces competition from both established financial institutions and innovative newcomers offering specialized expense management and payment processing solutions. Rapid technological advancements, particularly in artificial intelligence (AI) and automation, are transforming the industry. Failure to continuously innovate and adapt to these technological shifts could lead to a loss of market share and reduced profitability.

3. Cybersecurity Threats: As a provider of payment and information processing services and a financial exchange platform, Cass Information Systems is a prime target for cybersecurity attacks. The risk is not theoretical; a cybersecurity incident involving a CassPay client in early 2024 resulted in a significant indirect balance sheet reduction. Such incidents can lead to substantial financial losses, legal liabilities, and severe reputational damage, requiring continuous and significant investment in robust security measures.

The following are clear emerging threats for Cass Information Systems:

• Disruption in B2B Payments and Expense Management by Advanced Fintech Solutions: Cass Information Systems provides specialized services for freight, facility, and telecommunications expense processing and payment. The broader B2B payments and financial operations landscape is experiencing rapid innovation driven by fintech companies. These new entrants often offer highly automated, AI-powered, and integrated platforms that streamline entire procure-to-pay cycles, provide real-time analytics, and can potentially offer greater efficiency and lower costs than traditional or specialized point solutions. This fundamental shift towards more holistic and technologically advanced financial operations platforms could disintermediate Cass's specialized information services.
• Increased Competition and Disintermediation in Traditional Commercial Banking: Through Cass Commercial Bank, the company offers traditional banking services like loans, deposits, and cash management to businesses and ministries. This segment faces an emerging threat from digital-only banks (neobanks) and the rise of embedded finance. Neobanks can offer more competitive rates and superior digital user experiences due to lower overheads. Embedded finance involves non-financial companies integrating banking services directly into their core platforms (e.g., ERP systems offering credit, e-commerce platforms providing payment solutions), potentially siphoning away customers for commercial loans, deposits, and cash management services from traditional community banks.

The addressable markets for Cass Information Systems' main products or services are sized as follows:

• Freight Payment Services: The global Freight Audit and Payment (FAP) market was estimated at USD 16.08 billion in 2023 and is projected to grow to USD 34.2 billion by 2032. North America is noted as holding the largest market share in the freight audit and payment market.
• Utility Expense Management: The United States Utility Bill Management System Market was valued at USD 6.68 billion in 2024 and is expected to reach USD 10.81 billion by 2030.
• Telecom Expense Management (TEM): The U.S. telecom expense management market generated a revenue of USD 870.5 million in 2022 and is expected to reach USD 1,968.5 million by 2030.
• Commercial Banking Services: The U.S. commercial banking market size stands at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030.
• B2B Payment Platform: The U.S. B2B payments transaction market size was evaluated at USD 460 billion in 2024 and is projected to be worth around USD 1,160 billion by 2034.

Cass Information Systems (CASS) is expected to drive future revenue growth over the next 2-3 years through a combination of factors across its Information Services and Banking Services segments:

1. Net Interest Income (NII) and Net Interest Margin (NIM) Expansion: The company anticipates continued growth in net interest income, primarily from its banking subsidiary, Cass Commercial Bank. This growth is fueled by an expanding net interest margin, which benefits from higher yields on loans and investment securities, and the effective utilization of "free float" generated from its payment processing activities.
2. Recovery in Freight Volumes: After experiencing a "freight recession" that impacted its transportation invoice volumes, Cass Information Systems expects a recovery in the freight market. This rebound in freight volumes is poised to increase transaction fees and generate high-margin incremental revenue for its Information Services segment.
3. Growth in Facility Expense Transaction Volumes and New Client Onboarding: The company has demonstrated success in increasing its facility expense transaction volumes and is actively onboarding new clients in this area. This consistent growth in facility-related invoice processing contributes significantly to its fee-based revenue.
4. Enhanced Freight Product Offerings and Technology Investments (including AI): Cass is investing in technology and launching enhanced freight product offerings, such as the Amplify solution through its partnership with Lupeon, and has acquired platforms like AcuAudit. These initiatives, along with the expanded use of AI-enabled systems for automated invoice processing, aim to improve efficiency, attract new clients, and support revenue growth in the transportation sector.
5. Strategic Focus on Higher-Margin Businesses: Cass Information Systems is strategically pruning lower-margin business lines, such as the sale of its Telecom Expense Management (TEM) business, to concentrate on its core, higher-margin operations within its dual-engine model of payment processing and banking. This focus is expected to lead to a more profitable revenue mix and improved overall financial performance.

Share Repurchases

• On November 10, 2025, Cass Information Systems' board of directors authorized the repurchase of up to 1,000,000 shares of common stock, replacing a prior program for 500,000 shares. This authorization has no expiration date and would cost approximately $40 million if fully utilized based on the stock's closing price on November 7, 2025.
• Over the four quarters preceding November 10, 2025, the company repurchased approximately 496,000 shares.
• In the third quarter of 2025, Cass repurchased 159,587 shares at a weighted average price of $41.96, totaling $6.7 million.

Share Issuance

• The average diluted shares outstanding increased from 14,517 in 2021 to 16,603 in 2024.
• As of March 2026, the company had 13,182,000 shares outstanding, compared to 13,116,000 shares outstanding at the end of 2025, indicating a slight increase.
• The company's equity incentive plans aim to attract, retain, and motivate employees, consultants, and directors through stock-based compensation awards.

Outbound Investments

• At the end of 2024, Cass completed the acquisition of AcuAudit, an audit platform specializing in maritime and international air transport accounts.
• In February 2026, Cass Information Systems announced a strategic partnership with Caspian, an AI command center focused on customs refunds.

Capital Expenditures

• Cass Information Systems' capital expenditures were approximately $5.87 million in 2022, $14 million in 2023, and $9.33 million in 2024.
• Over the last five years, the company's capital expenditures have ranged from a low of $2.5 million to a high of $16.03 million, with an average of $7.87 million.
• The company continues to make strategic investments in technology, including optical character recognition, artificial intelligence, and machine learning, to digitize documents and process data, with an expectation of improved operating leverage starting in the second quarter of 2024.