Reports another quarter of strong EPS growth
Continued net interest margin expansion
Strong expense control
ST. LOUIS, April 23, 2026 (GLOBE NEWSWIRE) -- Cass Information Systems, Inc. (Nasdaq: CASS) (the Company or Cass) today reported its first quarter 2026 earnings.
First Quarter Financial Highlights
- Net income and diluted earnings per share of $8.8 million and $0.67, respectively.
- Adjusted net income and adjusted diluted earnings per share from continuing operations of $8.7 million and $0.66, respectively, increases of 23.7% and 26.9%, respectively, compared to the prior year quarter.
- Increase in net interest margin to 3.95%, compared to 3.75% in the prior year quarter.
- Increase in facility dollar volumes of 7.4% compared to the prior year quarter.
- Personnel expense levels flat compared to the prior year quarter as a result of ongoing automation and efficiency initiatives.
- Continued strong asset quality with no loan charge-offs and an allowance for credit losses to loans ratio of 1.27%. In addition, reduced non-performing loans by $3.9 million, or 55.1% as compared to December 31, 2025.
- Repurchased 64,802 shares of Company stock at a weighted average price of $44.34.
Martin Resch, the Company’s President and Chief Executive Officer, noted, “The management team is proud of how we have started the year. We continue to drive revenue growth while keeping core expenses relatively flat compared to prior periods.” Resch added, “Going forward in 2026, we see opportunities to grow net interest income driven by rising funding balances and the deployment of those funds into loans and investment securities, as well as increasing financial fees from higher demand for advances through Amplify and other quick pay solutions. The ability to combine revenue growth with expense control, primarily due to automation and the ongoing consolidation within our Facilities division, offers very compelling earnings momentum for us in coming periods."
Earnings for the first quarter of 2026 are summarized as follows:
($ in thousands, except per share data)Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25Net income from continuing operations$ 8,739 $ 8,189 $ 9,212 $ 5,160 $ 8,551 Net income$ 8,832 $ 8,189 $ 9,106 $ 8,855 $ 8,966 Diluted earnings per share from continuing operations$ 0.66 $ 0.62 $ 0.69 $ 0.38 $ 0.63 Diluted earnings per share$ 0.67 $ 0.62 $ 0.68 $ 0.66 $ 0.66 Return on average equity 14.63% 13.45% 15.29% 15.35% 15.91%Return on average assets 1.42% 1.28% 1.44% 1.48% 1.51%Net interest margin 3.95% 3.93% 3.87% 3.78% 3.75%First Quarter 2026 Financial Commentary
(All comparisons refer to the first quarter of 2025, except as noted)
Transportation Invoice and Dollar Volumes – Transportation invoice volumes of 8.1 million decreased 3.1% as compared to the first quarter of 2025. Transportation dollar volumes of $9.0 billion increased 4.5% as compared to the first quarter of 2025. The average dollars per invoice were $1,115 in the first quarter of 2026, compared to $1,093 in the fourth quarter of 2025 and $1,034 in the first quarter of 2025. Invoice volumes remain lower than prior periods primarily due to the ongoing freight recession. Dollars per invoice increased as compared to the first quarter of 2025 due to an increase in overall freight rates, as well as the impact of tariffs. A more detailed analysis of Cass Freight Index® changes can be found at www.cassinfo.com.
Facility Expense Invoice and Dollar Volumes – Facility expense invoice volumes of 4.0 million decreased 4.4% as compared to the first quarter of 2025. Facility expense dollar volumes totaled $6.3 billion, an increase of 7.4% as compared to the first quarter of 2025. The increase in facility dollar volumes was primarily driven by rising energy prices.
Processing Fees – Processing fees decreased $741,000, or 4.5% over the same period in the prior year due to lower transportation and facility transaction volumes.
Financial Fees – Financial fees, earned on a transactional level basis for invoice payment services when making customer payments, increased $470,000, or 4.7%. The increase in financial fees was primarily due to an increase in average payments in advance of funding of 2.0%. The Company has recently seen increased demand for its quick pay solutions and continues to focus on the rollout of its Amplify working capital solution as well as other opportunities to increase payments in advance of funding and resulting financial fees in future quarters.
Net Interest Income – Net interest income increased $1.9 million, or 10.1%. The increase in net interest income was attributable to the net interest margin improving to 3.95% as compared to 3.75% in the same period last year, in addition to an increase in average interest-earning assets of $110.2 million, or 5.2%.
The Company’s net interest margin improvement was driven by increases in the average yield on loans and investment securities of 20 and 83 basis points, respectively, combined with a decrease in the average cost of total deposits of 15 basis points, partially offset by a decrease in the yield on short-term investments of 73 basis points. The increase in loan yield was driven by the continued maturity and subsequent re-pricing of fixed rate loans originated in the years 2021 and 2022 to current market interest rates as well as the payoff of a non-performing loan which increased the loan yield by seven basis points. The increase in the investment securities yield was driven by the partial repositioning of the portfolio at the end of the second quarter of 2025 as well as purchases of investments at current market rates. The decline in the cost of total deposits and yield on short-term investments was driven by the reduction in the federal funds rate.
The Company would expect continued expansion in its net interest margin in future quarters to the extent 3-5 year U.S. Treasury interest rates stay relatively consistent or increase as compared to current levels.
Provision for Credit Losses - The Company recorded a provision for credit losses of $61,000 during the first quarter of 2026 as compared to $905,000 in the first quarter of 2025. The provision for credit losses for the first quarter of 2026 was largely driven by loan growth.
Personnel Expenses - Personnel expenses were flat as compared to the first quarter of 2025. Salaries and commissions decreased $395,000, or 2.0%, as a result of the decrease in average full-time equivalent employees (“FTEs”) of 7.9% due to automation and the ongoing consolidation within our Facilities division, partially offset by merit increases. Share-based compensation and employee profit sharing increased $198,000 and $132,000, respectively, due to the improvement in net income from continuing operations. Other benefits increased $65,000, or 1.3%, due to higher health insurance costs, partially offset by the decrease in average FTEs.
The Company continues to expect a gradual decline in its FTEs in future quarters as a result of the continued focus on AI-enabled systems and other operational efficiency opportunities.
Equipment Expense - Equipment expense increased $138,000 as compared to the first quarter of 2025 primarily due to an increase in depreciation and licensing and maintenance expense on software related to recently completed technology initiatives.
Other Expense - Other expense increased $590,000, or 8.5%, as compared to the first quarter of 2025. The increase is primarily due to higher business development, postage and professional fees.
Loans - When compared to December 31, 2025, loans increased $27.5 million, or 2.6%. Other commercial and industrial loans increased $22.7 million during the first quarter of 2026. The Company expects loan growth of 6-8% for full year 2026.
Payments in Advance of Funding – Average payments in advance of funding increased $3.4 million, or 2.0%, as compared to the first quarter of 2025, primarily due to a 4.5% increase in transportation dollar volumes. The ending balance of payments in advance of funding increased $96.1 million, or 58.4%, as compared to December 31, 2025. The increase is due to a recent higher level of demand for the Company’s quick pay solutions as well as timing of quarter end advances.
Deposits – Average deposits increased $36.6 million, or 3.5%, when compared to the first quarter of 2025.
Accounts and Drafts Payable - Average accounts and drafts payable increased $100.1 million, or 9.3%, as compared to the first quarter of 2025. The increase in these balances, which are non-interest bearing, are primarily reflective of the increase in transportation and facility dollar volumes of 4.5% and 7.4%, respectively.
Short-term Borrowings - The Company had outstanding borrowings of $145.0 million on its lines of credit at March 31, 2026 primarily in order to fund a $96.1 million increase in payments in advance of funding as compared to December 31, 2025.
Shareholders’ Equity - Total shareholders’ equity decreased $1.2 million as compared to December 31, 2025 as a result of the repurchase of Company stock of $2.9 million, dividends of $4.1 million, and an increase in accumulated other comprehensive loss of $3.4 million, partially offset by net income of $8.8 million.
Dividend - On April 21, 2026, the Company’s Board of Directors approved a quarterly dividend of $0.32 per share with the dividend payable on June 15, 2026 to shareholders of record on June 5, 2026.
Repurchase of Common Stock - The Company repurchased 64,802 shares of common stock during the current quarter. The Company anticipates further repurchases in coming quarters with an overall objective of maintaining a leverage ratio of approximately 10.00%. Future levels of repurchases will depend on market conditions, earnings, balance sheet growth and potential acquisition opportunities.
Asset Quality - Non-performing loans totaled $3.1 million at March 31, 2026, a decrease of $3.9 million as compared to December 31, 2025. The Company received a full payoff on one of its three non-performing loans during the first quarter of 2026 and does not believe there is more than nominal loss exposure on the remaining two loans based on collateral position.
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 $94 billion annually on behalf of clients, and with total assets of $2.5 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 Russell 2000®. More information is available at www.cassinfo.com.
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 sold related to the Company's TEM Business Unit as of and for the periods ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, as applicable. All financial information in this earnings release is reported on a continuing operations basis, unless otherwise noted.
About Non-GAAP Financial Measures
Certain of the financial measures and ratios the Company presents, including “adjusted net income from continuing operations,” and “adjusted diluted earnings per share from continuing operations,” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). The Company refers to these financial measures and ratios as “non-GAAP financial measures.” The Company considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain revenue and expense items that the Company believes are not indicative of its primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. The Company believes that management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning, forecasting, analyzing and comparing past, present and future periods.
These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of the Company’s performance. The non-GAAP financial measures the Company presents may differ from non-GAAP financial measures used by the Company’s peers or other companies. The Company compensates for these differences by providing the equivalent GAAP measures whenever the Company presents the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing the Company’s performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
Forward Looking Information
All statements other than statements of historical fact included in this release, including without limitation the Company’s future prospects and performance, the business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “estimate,” “could,” “should,” “would,” “likely,” “may,” “will,” “plan,” “intend,” “believes,” “expects,” “anticipates,” “projected,” and variations of these terms and similar expressions. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Actual results or business conditions may differ materially from those projected or suggested in forward-looking statements as a result of various factors including, but not limited to, those described below and in Part I, Item 1A, “Risk Factors” of our most recent Annual Report.
Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to general economic, market or business conditions unrelated to the Company’s operating performance, including inflation, changes in interest rates, changes in energy prices, supply chain disruptions, financial institution disruptions, geopolitical conflicts, public health emergencies and declines in consumer confidence and discretionary spending; the Company’s ability to compete with its competitors and increase market share; the Company’s ability to maintain compliance with rules and regulations applicable to our business operations and industry; increased regulatory examination scrutiny or new regulatory requirements; whether the Company’s customers continue to utilize its payment processing and related services; unfavorable developments concerning customer credit quality; risk associated with lending concentrations including, but not limited to, faith-based ministries and franchise restaurants; liquidity risk; and risks associated with cyber-attacks and data breaches.
Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date of this release. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
Consolidated Statements of Income (unaudited)
($ and numbers in thousands, except per share data)
Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25Processing fees$ 15,728 $ 16,304 $ 16,655 $ 16,700 $ 16,469 Financial fees 10,431 9,860 10,416 10,161 9,961 Total fee revenue$ 26,159 $ 26,164 $ 27,071 $ 26,861 $ 26,430 Interest and fees on loans 15,277 15,521 15,632 15,837 15,350 Interest and dividends on investment securities 6,995 6,767 5,679 4,799 4,147 Interest on short-term investments 2,832 3,078 3,860 3,003 3,893 Total interest income$ 25,104 $ 25,366 $ 25,171 $ 23,639 $ 23,390 Interest expense 3,888 3,895 4,151 4,164 4,116 Net interest income$ 21,216 $ 21,471 $ 21,020 $ 19,475 $ 19,274 (Provision for) release of credit losses (61) 389 193 (25) (905)Gain (loss) on sale of investment securities 5 38 4 (3,558) (18)Other 1,782 1,827 1,768 1,645 1,626 Total revenues$ 49,101 $ 49,889 $ 50,056 $ 44,398 $ 46,407 Salaries and commissions 19,268 20,304 20,105 20,638 19,663 Share-based compensation 1,439 1,009 1,018 918 1,241 Employee profit sharing 1,634 1,514 1,685 1,583 1,502 Other benefits 4,938 4,602 4,798 4,613 4,873 Total personnel expenses$ 27,279 $ 27,429 $ 27,606 $ 27,752 $ 27,279 Occupancy 681 643 734 669 721 Equipment 2,432 2,548 2,513 2,562 2,294 Amortization of intangible assets 293 293 293 293 293 Bad debt recovery — — — — (2,000)Other 7,533 8,988 7,295 6,843 6,943 Total operating expenses$ 38,218 $ 39,901 $ 38,441 $ 38,119 $ 35,530 Income from continuing operations, before income tax expense$ 10,883 $ 9,988 $ 11,615 $ 6,279 $ 10,877 Income tax expense 2,144 1,799 2,403 1,119 2,326 Net income from continuing operations$ 8,739 $ 8,189 $ 9,212 $ 5,160 $ 8,551 Income (loss) from discontinued operations, net of tax 93 — (106) 3,695 415 Net income$ 8,832 $ 8,189 $ 9,106 $ 8,855 $ 8,966 Basic earnings per share from continuing operations$ .68 $ .63 $ .70 $ .39 $ .64Basic earnings (loss) per share from discontinued operations .01 — (.01) .28 .03Basic earnings per share$ .69 $ .63 $ .69 $ .67 $ .67 Diluted earnings per share from continuing operations$ .66 $ .62 $ .69 $ .38 $ .63Diluted earnings (loss) per share from discontinued operations .01 — (.01) .28 .03Diluted earnings per share$ .67 $ .62 $ .68 $ .66 $ .66
Consolidated Balance Sheets (unaudited)
($ in thousands)
As of 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25Assets: Cash and cash equivalents$ 244,343 $ 392,268 $ 258,634 $ 218,165 $ 220,674 Investment securities available-for-sale, at fair value 785,343 770,772 717,369 599,541 576,510 Loans 1,088,730 1,061,217 1,088,347 1,117,004 1,141,874 Less: Allowance for credit losses (13,861) (13,597) (14,066) (14,296) (14,286)Loans, net$ 1,074,869 $ 1,047,620 $ 1,074,281 $ 1,102,708 $ 1,127,588 Payments in advance of funding 260,624 164,514 188,040 177,601 175,326 Premises and equipment, net 29,903 29,449 30,287 30,700 31,748 Investments in bank-owned life insurance 52,670 52,195 51,700 51,224 50,767 Goodwill and other intangible assets 19,599 19,892 20,200 20,493 20,786 Accounts and drafts receivable from customers 4,950 69,425 49,798 60,276 40,465 Other assets 61,490 59,889 63,313 55,310 60,536 Assets of discontinued operations — — — — 14,057 Total assets$ 2,533,791 $ 2,606,024 $ 2,453,622 $ 2,316,018 $ 2,318,457 Liabilities and shareholders’ equity: Deposits Non-interest bearing$ 406,113 $ 513,434 $ 407,169 $ 370,606 $ 363,798 Interest-bearing 699,570 686,599 627,491 633,189 636,277 Total deposits$ 1,105,683 $ 1,200,033 $ 1,034,660 $ 1,003,795 $ 1,000,075 Accounts and drafts payable 1,000,154 1,124,858 1,130,371 1,036,795 1,016,324 Short-term borrowings 145,000 — — — — Other liabilities 41,162 38,135 45,142 34,606 48,823 Liabilities of discontinued operations — — — — 18,988 Total liabilities$ 2,291,999 $ 2,363,026 $ 2,210,173 $ 2,075,196 $ 2,084,210 Shareholders’ equity: Common stock$ 7,753 $ 7,753 $ 7,753 $ 7,753 $ 7,753 Additional paid-in capital 206,807 207,052 205,925 204,842 203,755 Retained earnings 171,797 167,092 163,038 158,005 153,278 Common shares in treasury, at cost (114,366) (112,148) (103,835) (97,103) (91,025)Accumulated other comprehensive loss (30,199) (26,751) (29,432) (32,675) (39,514)Total shareholders’ equity$ 241,792 $ 242,998 $ 243,449 $ 240,822 $ 234,247 Total liabilities and shareholders’ equity$ 2,533,791 $ 2,606,024 $ 2,453,622 $ 2,316,018 $ 2,318,457
Consolidated Financial Summary (unaudited)
($ in thousands)
As of or for Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25LOAN PORTFOLIO Commercial & Industrial: Franchise$233,088 $235,718 $249,855 $260,283 $258,539 Leases 123,914 119,186 123,601 111,657 124,290 Other 220,863 198,194 196,273 211,629 229,514 Commercial Real Estate: Faith-Based 396,758 397,608 407,074 410,917 403,525 Other 114,107 110,511 111,544 122,518 126,006 Total loans$1,088,730 $1,061,217 $1,088,347 $1,117,004 $1,141,874 AVERAGE BALANCES Interest-earning assets$2,214,838 $2,207,672 $2,189,384 $2,090,366 $2,104,603 Loans 1,066,371 1,081,819 1,095,412 1,125,899 1,109,526 Investment securities 777,777 755,004 667,271 613,782 554,905 Short-term investments 339,667 334,824 382,250 298,875 383,836 Payments in advance of funding 176,987 175,009 175,705 176,191 173,590 Assets 2,523,860 2,529,068 2,499,914 2,402,508 2,408,406 Non-interest bearing deposits 421,702 421,548 406,241 393,054 405,183 Interest-bearing deposits 648,261 614,165 610,403 615,921 628,214 Accounts and drafts payable 1,172,102 1,214,865 1,209,416 1,122,739 1,072,013 Shareholders’ equity$244,850 $241,525 $236,208 $231,414 $228,615 YIELDS (tax equivalent)1 Net interest margin 3.95% 3.93% 3.87% 3.78% 3.75%Interest-earning assets 4.67% 4.63% 4.62% 4.58% 4.54%Loans 5.81% 5.69% 5.66% 5.64% 5.61%Investment securities 3.69% 3.59% 3.34% 3.02% 2.86%Short-term investments 3.38% 3.65% 4.01% 4.03% 4.11%Total deposits 1.47% 1.49% 1.62% 1.66% 1.62%Interest-bearing deposits 2.43% 2.52% 2.70% 2.71% 2.66% ASSET QUALITY Allowance for credit losses to loans 1.27% 1.28% 1.29% 1.28% 1.25%Non-performing loans$3,139 $6,992 $7,074 $3,380 $— Non-performing loans to total loans 0.29% 0.66% 0.65% 0.30% —%Net loan charge-offs to loans —% —% —% —% —%1 Yields are presented on a tax-equivalent basis assuming a tax rate of 21%.Consolidated Financial Summary (unaudited) (continued)
($ and numbers in thousands, except average full-time equivalent employees)
As of or for Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25SHARE DATA Weighted average common shares outstanding 12,875 12,939 13,116 13,269 13,398 Weighted average common shares outstanding assuming dilution 13,152 13,219 13,399 13,562 13,653 Period end common shares outstanding 12,843 12,871 13,073 13,233 13,351 CAPITAL Common equity tier 1 ratio 14.80% 15.10% 15.04% 14.82% 14.11%Total risk-based capital ratio 15.63% 15.95% 15.90% 15.67% 14.94%Leverage ratio 10.05% 9.91% 10.17% 10.62% 10.39% OTHER INFORMATION Transportation invoice volume 8,098 8,376 8,884 8,837 8,355 Transportation dollar volume$9,032,515 $9,156,077 $9,277,722 $9,370,535 $8,643,138 Facility expense invoice volume 4,038 4,058 4,084 4,141 4,225 Facility expense dollar volume$6,253,208 $5,686,642 $6,233,369 $5,513,143 $5,822,935 Average full-time equivalent employees 923 939 958 985 1,002
Assets and Liabilities of Discontinued Operations (unaudited)
($ in thousands)
As of 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25Assets: Premises and equipment, net$ — $ — $ — $ — $ 3,605Goodwill and other intangible assets, net — — — — 5,102Other assets — — — — 5,350Assets of discontinued operations$ — $ — $ — $ — $ 14,057 Liabilities: Accounts and drafts payable$ — $ — $ — $ — $ 16,465Other liabilities — — — — 2,523Liabilities of discontinued operations$ — $ — $ — $ — $ 18,988
Income from Discontinued Operations (unaudited)
($ in thousands)
Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25Revenue: Processing fees$ — $ — $ — $ 3,807 $ 3,823Financial fees — — — 475 413Other fees 733 794 772 1,454 382Gain on sale of TEM business — — — 3,550 —Total revenue$ 733 $ 794 $ 772 $ 9,286 $ 4,618 Operating expense: Salaries and commissions 433 487 536 2,858 2,756Share-based compensation — — — (16) 43Other benefits 72 90 183 525 616Total personnel expenses$ 505 $ 577 $ 719 $ 3,367 $ 3,415Occupancy 23 24 23 180 181Equipment — 9 1 49 51Amortization of intangible assets — — — 9 9Other 81 184 170 754 434Total operating expense$ 609 $ 794 $ 913 $ 4,359 $ 4,090Income (loss) from discontinued operations, before income tax expense (benefit)$ 124 $ — $ (141) $ 4,927 $ 528Income tax expense (benefit) 31 — (35) 1,232 113Net income (loss) from discontinued operations$ 93 $ — $ (106) $ 3,695 $ 415
Other Information from Discontinued Operations (unaudited)
($ and numbers in thousands, except average full-time equivalent employees)
Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25Facility expense invoice volume — — — 126 133Facility expense dollar volume$— $— $— $244,782 $256,844Average full-time equivalent employees 23 26 27 120 135
Reconciliation of GAAP to Non-GAAP Financial Information (unaudited)
($ in thousands, except per share data)
Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25Net income from continuing operations (GAAP)$8,739 $8,189 $9,212 $5,160 $8,551 Adjustments: (Gain) loss on sale of investment securities (5) (38) (4) 3,558 18 Bad debt recovery — — — — (2,000)Restructuring expense — 1,131 — — — Tax effect1 1 (272) 1 (884) 493 Adjusted net income from continuing operations (Non-GAAP)$8,735 $9,010 $9,209 $7,834 $7,062 Diluted earnings per share from continuing operations (GAAP)$0.66 $0.62 $0.69 $0.38 $0.63 Adjusted diluted earnings per share from continuing operations (Non-GAAP)$0.66 $0.68 $0.69 $0.58 $0.521 The tax effect is calculated using the Company’s effective statutory rate of 21% plus the state tax effect.
Contact: Cass Investor Relations
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