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Bill.com for large companies' freight, utility, and telecom bills.

A specialized Coupa Software for enterprise freight and utility expense management.

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• Freight Audit & Payment: Provides services to manage, audit, and pay freight invoices for businesses, ensuring accuracy and providing spend visibility.
• Utility Expense Management: Offers services to process, audit, and pay utility bills (electricity, gas, water) for enterprises, providing data and cost control.
• Telecom Expense Management: Handles the processing, auditing, and payment of telecommunication invoices (wireline, wireless, data) for businesses.
• Waste Expense Management: Manages the auditing and payment of waste and recycling invoices, helping companies control disposal costs and identify savings.

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Martin H. Resch, President and Chief Executive Officer

Martin H. Resch was appointed CEO on April 18, 2023, and joined Cass in November 2020. Prior to his tenure at Cass, Mr. Resch served as a senior executive at Bank of the West in San Francisco, California. As executive vice president, he was the commercial banking group's chief administrative officer/chief operating officer, overseeing strategy, operations, finance, technology, and human resources, and collaborating with a B2B FinTech incubator. His roles at Bank of the West also included corporate treasurer and leading the regulatory response to Dodd-Frank and Volcker legislation. Mr. Resch holds a bachelor's degree in computer science from Oregon State University and a master's degree in business administration from Cornell University.

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

Michael J. Normile was named EVP and CFO of Cass Information Systems in March 2021. Before joining Cass, he served as CFO of FB Corporation/First Bank starting in 2015. He began his time at First Bank in 2007 as controller and director of profit improvement and strategic development. Earlier in his career, Mr. Normile spent nine years as a senior manager in the financial services audit practice at KPMG LLP's St. Louis office, where Cass was one of his clients. He is a Certified Public Accountant and earned his bachelor's degree in accounting from Saint Louis University.

Eric H. Brunngraber, Executive Chairman

Eric H. Brunngraber has served as Executive Chairman since his retirement as CEO on April 18, 2023. He held the position of CEO from 2008 until April 2023 and President from 2006 to 2022. His extensive career at Cass began in 1979, and he also served as CFO from 1997 to 2006. Mr. Brunngraber was an Executive Vice President of Cass Commercial Bank, the Company's bank subsidiary, and has been Chairman of the Board of Directors since 2015.

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

James M. Cavellier holds the position of Executive Vice President and Chief Information Officer.

Matthew S. Schuckman, Executive Vice President, General Counsel, & Corporate Secretary

Matthew S. Schuckman serves as Executive Vice President, General Counsel, and Corporate Secretary. He joined Cass Information Systems as General Counsel.

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The key risks to Cass Information Systems (CASS) include a weakening core logistics market, fluctuations in interest rates, and cybersecurity threats coupled with operational challenges.

1. Weakening Core Logistics Market: The company faces significant headwinds from a slowdown in the transport and logistics sector, characterized by an ongoing freight recession. This has led to a decrease in transportation invoice volumes and dollar volumes, directly impacting the revenue generated by Cass's primary Information Services segment.
2. Interest Rate Fluctuations: As a financial holding company with a banking subsidiary, Cass's net interest income is highly sensitive to changes in interest rates. While higher rates have recently contributed to increased net interest margin, a decline in interest rates could negatively impact the company's profitability.
3. Cybersecurity Risks and Operational Challenges: Cass is vulnerable to cybersecurity threats, which could lead to operational disruptions, data compromise, and reputational damage. The company experienced a cyberattack in 2024 affecting a client, resulting in a loss of approximately $100 million in balances. Additionally, operational challenges have included significant bad debt expenses, such as a $7.8 million loss in 2024 related to a facility client.

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The following clear emerging threats have been identified for Cass Information Systems (CASS):

• Advanced AI and Automation in Enterprise Expense Management: The rapid advancement and adoption of artificial intelligence, machine learning, and robotic process automation (RPA) are enabling companies to increasingly automate their complex expense management, invoice processing, and auditing functions, either internally or through broader enterprise software suites. This trend creates competitive pressure by offering alternative, often more efficient, solutions that could diminish the unique value proposition of specialized third-party services like those offered by Cass, or intensify competition from new entrants and existing software providers offering highly automated, data-driven solutions.
• Integration of Procure-to-Pay (P2P) and ERP Systems: Major enterprise software vendors (e.g., SAP, Oracle, Coupa, Workday) are continuously enhancing their end-to-end procure-to-pay (P2P) and enterprise resource planning (ERP) systems. These integrated platforms aim to manage the entire process from procurement to payment, often incorporating advanced analytics and automation. As these systems become more comprehensive and sophisticated, large enterprises might opt for a single, integrated vendor solution, potentially reducing the need for specialized external providers like Cass for discrete expense management or payment services.
• Evolution of B2B Payment Systems by Fintech Innovators: The B2B payments landscape is undergoing significant transformation driven by fintech companies and new payment technologies (e.g., real-time payments, distributed ledger technology, API-driven payment platforms). These innovations promise faster, more transparent, and potentially lower-cost payment processing. While Cass offers payment services, a broad shift towards these newer, more agile payment rails by businesses could challenge their traditional payment processing models and revenue streams if Cass does not adapt effectively to these emerging standards and technologies.

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Freight Audit & Payment Services

Utility Bill Management

Accounts Payable Automation (encompassing general expense management and payment platforms like CassPay)

Waste Expense Management

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Cass Information Systems (CASS) is expected to experience future revenue growth driven by several key factors over the next 2-3 years:

1. Net Interest Income Growth from Banking Services: The company has consistently demonstrated improvement in its net interest margin (NIM) and growth in interest-earning assets, which directly contributes to increased net interest income. This has been a significant driver of financial results and profitability.
2. Growth in Facility Management Services: Cass has shown a notable increase in facility dollar volumes, indicating an expansion in its services related to processing facility-related invoices, such as utilities, waste, and telecommunications.
3. Expansion of Freight Payment and Information Processing Services: Through the addition of enhanced freight product offerings and the onboarding of new clients, Cass anticipates bolstered fee-based revenue. The acquisition of the AcuAudit Platform further supports this strategy by enhancing their offerings in this core area.
4. Operational Efficiencies through AI and Automation: Technological advancements, particularly the integration of AI-enabled automated systems in processing facility invoices, are leading to greater efficiencies in data ingestion. While primarily a cost-saving measure, these improvements can enhance service delivery, support increased processing volumes, and potentially attract new clients seeking advanced, efficient solutions.

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Share Repurchases

• Between July 1, 2025, and September 30, 2025, Cass Information Systems repurchased 159,587 shares for $6.7 million. This contributed to a total of 1,143,254 shares repurchased for $47.98 million under a buyback plan announced on October 21, 2021.
• In the second quarter of 2025, the company repurchased 140,269 shares at a weighted average price of $41.79, amounting to approximately $5.9 million.
• On July 15, 2025, the Board of Directors authorized the repurchase of up to 500,000 shares of common stock in future periods.

Share Issuance

• As of February 15, 2024, Cass Information Systems had 13,649,223 shares of common stock outstanding.
• The number of issued shares remained constant at 15,505,772 between December 31, 2024, and September 30, 2025, while outstanding shares decreased from 13,504,104 to 13,120,318 during the same period.

Inbound Investments

• In the first quarter of 2025, the company received $2.0 million as partial consideration in a litigation settlement.
• During the third quarter of 2025, a $2.0 million bad debt recovery from a settlement was recognized.

Outbound Investments

• On September 17, 2025, Cass announced the acquisition of the AcuAudit Platform from Acuitive Solutions.
• On June 30, 2025, Cass sold its Telecom Expense Management (TEM) business to Asignet USA Inc. for $18.0 million in cash, resulting in a gain on sale of $3.6 million.

Capital Expenditures

• In 2023, Cass continued strategic investments in technology, with expenses increasing by 14.7%. These investments focused on initiatives such as optical character recognition, artificial intelligence, machine learning, and other processes to digitize documents and produce data, with anticipated improved operating leverage from Q2 2024.
• Equipment expense in the second quarter of 2025 increased by $626,000, primarily due to higher depreciation related to recently completed technology initiatives.
• In the third quarter of 2025, the company reported technological improvements in its facility line of business, leading to over 80% of invoices being processed in AI-enabled, automated systems to achieve greater data ingestion efficiencies and anticipated savings in 2026.