Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The Company’s common stock is quoted on The Nasdaq Global Select Market® under the symbol “CASS.” As of February 27, 2026, there were approximately 3,833 holders of record of the Company’s common stock.
The Company has continuously paid regularly scheduled cash dividends since 1934 and expects to continue to pay quarterly cash dividends in the future. However, future dividend payments will depend on the Company’s earnings, capital requirements, financial condition, applicable banking regulatory requirements and other factors considered relevant by the Company’s Board of Directors.
The Company maintains a treasury stock buyback program approved by the Board of Directors in November 2025 pursuant to which, the Board of Directors has authorized the repurchase of up to 1,000,000 shares of the Company’s common stock and has no expiration date. Repurchases may be made through a variety of methods, which could include open market purchases, privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company has repurchased 125,030 shares under this treasury stock buyback program and therefore has 874,970 shares remaining for repurchase.
The Company repurchased a total of 617,415 shares at an aggregate cost of $26.0 million during the year ended December 31, 2025 and 167,455 shares at an aggregate cost of $7.2 million during the year ended December 31, 2024. A portion of the repurchased shares may be used for the Company’s employee benefit plans and the balance will be available for other general corporate purposes. The pace of repurchase activity will depend on factors such as levels of regulatory capital, net income, dividends, acquisition and divestiture activity, cash generation from operations, cash requirements for investments, repayment of debt, current stock price, business and market conditions, and other factors. The Company may repurchase shares from time to time on the open market or in private transactions, including structured transactions. The stock repurchase program may be modified or discontinued at any time.
During the three months ended December 31, 2025, the Company repurchased shares of its common stock as follows:
Period Total Number of Shares Purchased (1)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Maximum Number of Shares that May Yet
Be Purchased Under the Plans or Programs
October 1, 2025 –
October 31, 2025 36,039 $ 40.20 36,039 304,374
November 1, 2025 –
November 30, 2025 128,911 40.81 128,911 911,470
December 1, 2025 –
December 31, 2025 36,500 43.27 36,500 874,970
Total 201,450 $ 41.15 201,450 874,970
(1) During the quarter ended December 31, 2025, there were 201,450 shares repurchased pursuant to the Company's publicly announced treasury stock buyback programs and no shares transferred from employees in satisfaction of tax withholding obligations upon the vesting of restricted stock.
(2) On July 15, 2025, the Board of Directors authorized the repurchase of up to 500,000 shares of the Company's common stock with no expiration date. On November 6, 2025, the Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company’s common stock with no expiration date, replacing the July 15, 2025 authorization. During the quarter ended December 31, 2025, the Company repurchased 125,030 shares under the November 6, 2025 authorization and 76,420 shares under the July 15, 2025 authorization.
21
Table of Contents
Performance Quoted on The Nasdaq Stock Market for the Last Five Fiscal Years
The following graph compares the cumulative total returns over the last five fiscal years of a hypothetical investment of $100 in shares of common stock of the Company with a hypothetical investment of $100 in The Nasdaq Stock Market (“Nasdaq”), the index of Nasdaq computer and data processing stocks, and the index of Nasdaq bank stocks. The graph assumes $100 was invested on December 31, 2020, with dividends reinvested. Returns are based on period end prices.
ITEM 6. RESERVED