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    Byline Bancorp, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

    1/23/25 4:15:00 PM ET
    $BY
    Major Banks
    Finance
    Get the next $BY alert in real time by email

    Fourth quarter net income of $30.3 million, $0.69 diluted earnings per share

    Full year net income of $120.8 million, $2.75 diluted earnings per share

    Byline Bancorp, Inc. (NYSE:BY), today reported:

     

     

     

    At or For the quarter

     

    Full Year Highlights

    (compared to prior year)

     

     

    4Q24

     

    3Q24

     

    4Q23

    Financial Results ($ in thousands)

     

     

     

     

     

     

     

     

     

     

    • Net income increased $12.9 million, or 11.9%

    Net interest income

     

    $

    88,524

     

    $

    87,455

     

    $

    86,285

     

     

    Non-interest income

     

     

    16,149

     

     

    14,385

     

     

    14,503

     

    • Net interest income up $17.4 million, or 5.3%; NIM of 3.97%

    Total revenue(1)

     

     

    104,673

     

     

    101,840

     

     

    100,788

     

     

    Non-interest expense (NIE)

     

     

    57,431

     

     

    54,327

     

     

    53,584

     

     

    Pre-tax pre-provision net income (PTPP)(1)

     

     

    47,242

     

     

    47,513

     

     

    47,204

     

    • PTPP net income of $188.1 million(1), up 6.1%

    Provision for credit losses

     

     

    6,878

     

     

    7,475

     

     

    7,235

     

     

    Provision for income taxes

     

     

    10,044

     

     

    9,710

     

     

    10,365

     

    • NIE/AA: 2.38%, down 22 bps

    Net Income

     

    $

    30,320

     

    $

    30,328

     

    $

    29,604

     

     

     

     

     

     

     

     

     

     

     

     

     

    • Total assets of $9.5 billion, an increase of $614.6 million, or 6.9%

    Per Share

     

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share (EPS)

     

    $

    0.69

     

    $

    0.69

     

    $

    0.68

     

     

    Dividends declared per common share

     

     

    0.09

     

     

    0.09

     

     

    0.09

     

    • TBV per share of $20.09(1), up 11.7%

    Book value per share

     

     

    24.55

     

     

    24.70

     

     

    22.62

     

     

    Tangible book value (TBV) per share(1)

     

     

    20.09

     

     

    20.21

     

     

    17.98

     

     

     

     

    4Q24 Highlights

    (compared to prior quarter)

    Balance Sheet & Credit Quality ($ in thousands)

     

     

     

     

     

     

     

     

     

     

    • Net interest income of $88.5 million, an increase of $1.1 million, or 1.2%

    Total deposits

     

    $

    7,458,628

     

    $

    7,497,887

     

    $

    7,176,999

     

     

    Total loans and leases

     

     

    6,910,022

     

     

    6,899,401

     

     

    6,702,311

     

     

    Net charge-offs

     

     

    7,792

     

     

    8,467

     

     

    12,186

     

    • NIM of 4.01%, up 13 bps

    Allowance for credit losses (ACL)

     

     

    97,988

     

     

    98,860

     

     

    101,686

     

     

    ACL to total loans and leases held for investment

     

     

    1.42%

     

     

    1.44%

     

     

    1.52%

     

    • Non-interest income of $16.1 million, an increase of $1.8 million, or 12.3%

     

     

     

     

     

     

     

     

     

     

     

     

    Select Ratios (annualized where applicable)

     

     

     

     

     

     

     

     

     

     

     

    Efficiency ratio(1)

     

     

    53.58%

     

     

    52.02%

     

     

    51.63%

     

    • PTPP net income of $47.2 million(1)

    Return on average assets (ROAA)

     

     

    1.31%

     

     

    1.29%

     

     

    1.34%

     

     

    Return on average stockholders' equity

     

     

    11.03%

     

     

    11.39%

     

     

    12.56%

     

    • PTPP ROAA of 2.04%(1), 9th consecutive quarter greater than 2.00%

    Return on average tangible common equity(1)

     

     

    13.92%

     

     

    14.49%

     

     

    16.68%

     

     

    Net interest margin (NIM)

     

     

    4.01%

     

     

    3.88%

     

     

    4.08%

     

     

    Common equity to total assets

     

     

    11.49%

     

     

    11.63%

     

     

    11.15%

     

    • NPA/total assets 0.71%, down 4 bps

    Tangible common equity to tangible assets(1)

     

     

    9.61%

     

     

    9.72%

     

     

    9.06%

     

     

    Common equity tier 1

     

     

    11.70%

     

     

    11.35%

     

     

    10.35%

     

    • CET1 of 11.70%, up 35 bps

     

    (1) Represents non-GAAP financial measures. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

    CEO/President Commentary

     

    Roberto R. Herencia, Executive Chairman and CEO of Byline Bancorp, commented, "We continued to execute our strategy of becoming the preeminent commercial bank in Chicago throughout 2024, characterized by delivering record full-year financial results, adding new banking talent, attracting new commercial customers to the Bank and executing our M&A strategy with our pending acquisition of First Security Bancorp, Inc. As we enter 2025, we are committed to advancing our strategy, strengthening our franchise, and creating lasting value for our stockholders."

     

    Alberto J. Paracchini, President of Byline Bancorp, added, "Our results in the fourth quarter, highlighted by strong earnings and profitability, cap off a successful 2024, underscoring the momentum we've built and our commitment to driving long-term value. Our business units performed well during the year, and we're pleased with our progress and excited about the opportunities ahead. We believe we are well positioned to support our continued growth and I want to thank all our employees who enabled our strong performance for their dedication, talent and contributions."

    Board Declares Cash Dividend of $0.10 per Share

    On January 21, 2025, the Company's Board of Directors declared a cash dividend of $0.10 per share which represents an 11.1% increase from the previous quarterly dividend of $0.09 per share. The dividend will be paid on February 18, 2025, to stockholders of record of the Company's common stock as of February 4, 2025.

    STATEMENTS OF OPERATIONS HIGHLIGHTS

    Net Interest Income

    Quarterly results

    Net interest income for the fourth quarter of 2024 was $88.5 million, an increase of $1.1 million, or 1.2%, from the third quarter of 2024. The increase in net interest income was primarily due to decreases in interest expense on deposits and interest expense on other borrowings primarily due to the lower interest rate environment. These were offset by decreases in interest and fees on loans and leases primarily due to lower yields as a result of the lower interest rate environment.

    Tax-equivalent net interest margin(1) for the fourth quarter of 2024 was 4.02%, an increase of 13 basis points compared to the third quarter of 2024. Net loan accretion income positively contributed 12 basis points to the net interest margin for the current quarter compared to 13 basis points for the prior quarter.

    The average cost of total deposits was 2.48% for the fourth quarter of 2024, a decrease of 28 basis points compared to the third quarter of 2024, as a result of lower rates paid on interest bearing deposits. Average non-interest-bearing demand deposits were 23.8% of average total deposits for the current quarter compared to 23.2% during the prior quarter.

    Full-year results

    Net interest income for the year ended December 31, 2024 was $348.0 million, an increase of $17.4 million, or 5.3%, for the year ended December 31, 2023. The increase in net interest income was primarily due to increases in interest and dividend income due to growth in the loan and lease portfolio, offset by increases in deposit interest expense due to growth in the deposit base.

    Tax-equivalent net interest margin(1) for the year ended December 31, 2024 was 3.98%, a decrease of 34 basis points compared to 4.32% the year ended December 31, 2023. Net loan accretion income positively contributed 15 basis points to the net interest margin during 2024 compared to 22 basis points during 2023.

    The average cost of total deposits was 2.61% for the year ended December 31, 2024, an increase of 71 basis points compared to the year ended December 31, 2023, as a result of deposit growth, shift in deposit mix, and higher average rates paid on time deposits and money market accounts. Average non-interest-bearing demand deposits were 24.4% of average total deposits for the year ended December 31, 2024 compared to 30.7% during the prior year.

    Provision for Credit Losses

    Quarterly results

    The provision for credit losses was $6.9 million for the fourth quarter of 2024, a decrease of $597,000 compared to $7.5 million for the third quarter of 2024, mainly attributed to decreases in non-performing loans and leases. The provision for credit losses for the quarter is comprised of a provision for loan and lease losses of $6.9 million compared to $7.6 million in the third quarter of 2024, and a recapture of the provision for unfunded commitments of $42,000 compared to $122,000 in the third quarter of 2024.

    Full-year results

    The provision for credit losses was $27.0 million for the year ended December 31, 2024, a decrease of $4.6 million compared to $31.7 million for the year ended December 31, 2023, mainly attributable to lower non-performing loans and leases, and no day one provision resulting from acquisition accounting. The provision for credit losses for the current year was comprised of a provision for loan and lease losses of $28.3 million compared to $32.2 million in the prior year, and a recapture of the provision for unfunded commitments of $1.2 million compared to $567,000 in the prior year.

    Non-interest Income

    Quarterly results

    Non-interest income for the fourth quarter of 2024 was $16.1 million, an increase of $1.8 million, or 12.3%, compared to $14.4 million for the third quarter of 2024. The increase in total non-interest income was primarily due to increases in net gains on sales of loans, and increased net loan servicing income. The increase in net gains on sales of loans was primarily due to higher volumes and premiums.

    Net gains on sales of loans were $7.1 million for the current quarter, an increase of $1.2 million, or 21.2% compared to the prior quarter. During the fourth quarter of 2024, we sold $88.9 million of U.S. government guaranteed loans compared to $79.5 million during the third quarter of 2024.

    Full-year results

    Non-interest income for the year ended December 31, 2024 was $58.9 million, an increase of $2.5 million, or 4.5%, compared to $56.3 million for the year ended December 31, 2023. The increase in total non-interest income was primarily due to increases in other non-interest income due to increased swap fee activity and increases in net gains on sales of loans due to higher premiums; offset by lower net loan servicing income.

    Net gains on sales of loans were $24.5 million for the year ended December 31, 2024, an increase of $1.7 million or 7.6% compared to the prior year. During the year ended December 31, 2024, we sold $314.8 million of U.S. government guaranteed loans compared to $348.4 million during the prior year.

    Non-interest Expense

    Quarterly results

    Non-interest expense for the fourth quarter of 2024 was $57.4 million, an increase of $3.1 million, or 5.7%, compared to $54.3 million for the third quarter of 2024. The increase in non-interest expense was mainly due to increases in salaries and employee benefits and net loss recognized on other real estate owned and other related expenses. The increases in salaries and employee benefits were due to higher incentive and equity-based compensation expense, and enhancements to our employee benefits. The increase in net loss recognized on other real estate owned and other related expenses due to additions to the other real estate owned portfolio.

    Our efficiency ratio was 53.58% for the fourth quarter of 2024 compared to 52.02% for the third quarter of 2024, an increase of 156 basis points. Our adjusted efficiency ratio was 53.37%(1) for the fourth quarter of 2024 compared to 51.62%(1) for the third quarter of 2024, an increase of 175 basis points.

    Full-year results

    Non-interest expense for the year ended December 31, 2024 was $218.8 million, an increase of $9.2 million, or 4.4%, compared to $209.6 million for the year ended December 31, 2023. The increase in non-interest expense was mainly due to increased salaries and employee benefits, due to higher salaries and incentives; partially offset by lower data processing expenses due to merger-related data processing expenses incurred during 2023.

    Our efficiency ratio was 52.45% for the year ended December 31, 2024 compared to 52.62% for the year ended December 31, 2023, a decrease of 17 basis points. Our adjusted efficiency ratio was 52.24%(1) for the year ended December 31, 2024 compared to 49.61%(1) for the year ended December 31, 2023, an increase of 263 basis points.

    Income Taxes

    Quarterly results

    We recorded income tax expense of $10.0 million during the fourth quarter of 2024, compared to $9.7 million during the third quarter of 2024. The effective tax rates were 24.9% and 24.3% for the fourth quarter of 2024 and third quarter of 2024, respectively. The increase in the effective tax rate was due to income tax benefits related to share-based compensation taken in the third quarter.

    Full-year results

    We recorded income tax expense of $40.3 million during the year ended December 31, 2024, compared to $37.8 million during the year ended December 31, 2023. The effective tax rates were 25.0% and 25.9% for the current year and prior year, respectively. The decrease in the effective tax rate was due to higher income tax benefits related to share-based compensation.

    STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS

    Assets

    Total assets were $9.5 billion as of December 31, 2024, an increase of $72.2 million, or 0.8%, compared to $9.4 billion at September 30, 2024, and an increase of $614.6 million from $8.9 billion as of December 31, 2023.

    The increase for the current quarter was mainly due to an increase in cash and cash equivalents of $110.5 million, primarily due to higher FHLB advances, offset by decreases in securities available-for-sale of $86.4 million.

    The increase for the current year was mainly due to an increase in cash and cash equivalents of $337.0 million due to higher FHLB advances, an increase in net loans and leases of $226.2 million due to organic growth, and an increase in securities available-for-sale of $73.2 million due to purchases of securities.

    Asset and Credit Quality

    The ACL was $98.0 million as of December 31, 2024, a decrease of $872,000, or 0.9%, from $98.9 million at September 30, 2024, mainly due to net charge-offs. The ACL decreased $3.7 million from $101.7 million as of December 31, 2023, primarily due to lower provision for credit losses and higher charge-offs during 2024 compared to 2023.

    Net charge-offs of loans and leases during the fourth quarter of 2024 were $7.8 million, or 0.45% of average loans and leases, on an annualized basis. This was a decrease of $675,000 compared to net charge-offs of $8.5 million, or 0.49% of average loans and leases, during the third quarter of 2024. The decrease for the quarter was primarily due to higher recoveries compared to the prior quarter.

    Net charge-offs of loans and leases during the year ended December 31, 2024 were $32.0 million, or 0.47% of average loans and leases, an increase of $8.9 million, compared to $23.1 million, or 0.38% of average loans and leases, during the year ended December 31, 2023. The increase for the current year was due to resolution of several non-performing loans.

    Non-performing assets were $67.2 million, or 0.71% of total assets, as of December 31, 2024, a decrease of $3.8 million from $71.0 million, or 0.75% of total assets, at September 30, 2024. The decrease was primarily in non-accrual conventional loans due to active resolutions. The government guaranteed portion of non-performing loans included in non-performing assets was $9.9 million at December 31, 2024 compared to $11.3 million at September 30, 2024, a decrease of $1.5 million.

    Non-performing assets increased $1.9 million compared to December 31, 2023, primarily due to increases in other real estate owned. The government guaranteed portion of non-performing loans included in non-performing assets at December 31, 2024 increased $5.7 million compared to $4.1 million at December 31, 2023.

    Deposits and Other Liabilities

    Total deposits decreased $39.3 million to $7.5 billion at December 31, 2024 compared to $7.5 billion at September 30, 2024, and increased $281.6 million from $7.2 billion at December 31, 2023. The decrease in deposits in the current quarter was due to decreases in time deposits, offset by increases in money market demand accounts. The increase in deposits for the full year was primarily due to increased money market demand accounts and interest bearing checking accounts.

    Total borrowings and other liabilities were $946.4 million at December 31, 2024, an increase of $116.3 million from $830.1 million at September 30, 2024, and an increase of $231.6 million compared to $714.8 million at December 31, 2023. The increases were primarily driven by increased FHLB advances.

    Stockholders' Equity

    Total stockholders' equity was $1.1 billion at December 31, 2024, a decrease of $4.8 million, or 0.4%, from September 30, 2024, primarily due to an increase in accumulated other comprehensive loss, offset by increases to retained earnings from net income. Total stockholders' equity increased by $101.3 million, or 10.2% compared to $990.2 million at December 31, 2023, primarily due to retained earnings from net income.

    (1) Represents non-GAAP financial measures. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

    Conference Call, Webcast and Slide Presentation

    We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, January 24, 2025, to discuss our quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (833) 470-1428; passcode 861322. A recorded replay can be accessed through February 7, 2025, by dialing (866) 813-9403; passcode: 409178.

    A slide presentation relating to our fourth quarter 2024 results will be accessible prior to the conference call. The slide presentation and webcast of the conference call can be accessed on our investor relations website at www.bylinebancorp.com.

    About Byline Bancorp, Inc.

    Headquartered in Chicago, Byline Bancorp, Inc. is the parent company of Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $9.5 billion in assets and operates 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services including small ticket equipment leasing solutions and is one of the top Small Business Administration lenders in the United States.

    Forward-Looking Statements

    This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as "may," ‘‘might," "should," "could," ‘‘predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would," "annualized," "target" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgment and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication.

    No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.

    Certain risks and important factors that could affect Byline's future results are identified in our Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws.

     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) 

     

     

     

    December 31,

     

    September 30,

     

    December 31,

    (dollars in thousands)

     

    2024

     

    2024

     

    2023

    ASSETS

     

     

     

     

     

     

    Cash and due from banks

     

    $

    58,759

     

     

    $

    77,047

     

     

    $

    60,431

     

    Interest bearing deposits with other banks

     

     

    504,379

     

     

     

    375,549

     

     

     

    165,705

     

    Cash and cash equivalents

     

     

    563,138

     

     

     

    452,596

     

     

     

    226,136

     

    Equity and other securities, at fair value

     

     

    9,865

     

     

     

    9,132

     

     

     

    8,743

     

    Securities available-for-sale, at fair value

     

     

    1,415,696

     

     

     

    1,502,108

     

     

     

    1,342,480

     

    Securities held-to-maturity, at amortized cost

     

     

    605

     

     

     

    605

     

     

     

    1,157

     

    Restricted stock, at cost

     

     

    27,452

     

     

     

    22,743

     

     

     

    16,304

     

    Loans held for sale

     

     

    3,200

     

     

     

    19,955

     

     

     

    18,005

     

    Loans and leases:

     

     

     

     

     

     

    Loans and leases

     

     

    6,906,822

     

     

     

    6,879,446

     

     

     

    6,684,306

     

    Allowance for credit losses - loans and leases

     

     

    (97,988

    )

     

     

    (98,860

    )

     

     

    (101,686

    )

    Net loans and leases

     

     

    6,808,834

     

     

     

    6,780,586

     

     

     

    6,582,620

     

    Servicing assets, at fair value

     

     

    18,952

     

     

     

    18,945

     

     

     

    19,844

     

    Premises and equipment, net

     

     

    60,502

     

     

     

    63,135

     

     

     

    66,627

     

    Other real estate owned, net

     

     

    5,170

     

     

     

    532

     

     

     

    1,200

     

    Goodwill and other intangible assets, net

     

     

    198,098

     

     

     

    199,443

     

     

     

    203,478

     

    Bank-owned life insurance

     

     

    100,083

     

     

     

    99,295

     

     

     

    96,900

     

    Deferred tax assets, net

     

     

    56,458

     

     

     

    37,737

     

     

     

    50,058

     

    Accrued interest receivable and other assets

     

     

    228,476

     

     

     

    217,504

     

     

     

    248,415

     

    Total assets

     

    $

    9,496,529

     

     

    $

    9,424,316

     

     

    $

    8,881,967

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    LIABILITIES

     

     

     

     

     

     

    Non-interest-bearing demand deposits

     

    $

    1,756,098

     

     

    $

    1,729,908

     

     

    $

    1,905,876

     

    Interest-bearing deposits

     

     

    5,702,530

     

     

     

    5,767,979

     

     

     

    5,271,123

     

    Total deposits

     

     

    7,458,628

     

     

     

    7,497,887

     

     

     

    7,176,999

     

    Other borrowings

     

     

    618,773

     

     

     

    518,786

     

     

     

    395,190

     

    Subordinated notes, net

     

     

    74,040

     

     

     

    73,997

     

     

     

    73,866

     

    Junior subordinated debentures issued to capital trusts, net

     

     

    70,890

     

     

     

    70,783

     

     

     

    70,452

     

    Accrued expenses and other liabilities

     

     

    182,701

     

     

     

    166,551

     

     

     

    175,309

     

    Total liabilities

     

     

    8,405,032

     

     

     

    8,328,004

     

     

     

    7,891,816

     

    STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Common stock

     

     

    455

     

     

     

    454

     

     

     

    451

     

    Additional paid-in capital

     

     

    717,763

     

     

     

    714,864

     

     

     

    710,488

     

    Retained earnings

     

     

    533,901

     

     

     

    507,576

     

     

     

    429,036

     

    Treasury stock

     

     

    (46,935

    )

     

     

    (47,904

    )

     

     

    (49,707

    )

    Accumulated other comprehensive loss, net of tax

     

     

    (113,687

    )

     

     

    (78,678

    )

     

     

    (100,117

    )

    Total stockholders' equity

     

     

    1,091,497

     

     

     

    1,096,312

     

     

     

    990,151

     

    Total liabilities and stockholders' equity

     

    $

    9,496,529

     

     

    $

    9,424,316

     

     

    $

    8,881,967

     

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) 

     

     

     

    Three Months Ended

     

    Year Ended

    (dollars in thousands,

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    except per share data)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    INTEREST AND DIVIDEND INCOME

     

     

     

     

     

     

     

     

     

     

    Interest and fees on loans and leases

     

    $

    123,702

     

     

    $

    128,336

     

     

    $

    124,042

     

     

    $

    502,353

     

     

    $

    440,984

     

    Interest on securities

     

     

    11,710

     

     

     

    11,260

     

     

     

    9,227

     

     

     

    43,218

     

     

     

    30,801

     

    Other interest and dividend income

     

     

    4,191

     

     

     

    6,840

     

     

     

    2,345

     

     

     

    20,358

     

     

     

    7,693

     

    Total interest and dividend income

     

     

    139,603

     

     

     

    146,436

     

     

     

    135,614

     

     

     

    565,929

     

     

     

    479,478

     

    INTEREST EXPENSE

     

     

     

     

     

     

     

     

     

     

    Deposits

     

     

    46,725

     

     

     

    52,076

     

     

     

    43,252

     

     

     

    192,366

     

     

     

    121,436

     

    Other borrowings

     

     

    1,466

     

     

     

    3,919

     

     

     

    3,051

     

     

     

    13,669

     

     

     

    17,161

     

    Subordinated notes and debentures

     

     

    2,888

     

     

     

    2,986

     

     

     

    3,026

     

     

     

    11,848

     

     

     

    10,260

     

    Total interest expense

     

     

    51,079

     

     

     

    58,981

     

     

     

    49,329

     

     

     

    217,883

     

     

     

    148,857

     

    Net interest income

     

     

    88,524

     

     

     

    87,455

     

     

     

    86,285

     

     

     

    348,046

     

     

     

    330,621

     

    PROVISION FOR CREDIT LOSSES

     

     

    6,878

     

     

     

    7,475

     

     

     

    7,235

     

     

     

    27,041

     

     

     

    31,653

     

    Net interest income after provision for credit losses

     

     

    81,646

     

     

     

    79,980

     

     

     

    79,050

     

     

     

    321,005

     

     

     

    298,968

     

    NON-INTEREST INCOME

     

     

     

     

     

     

     

     

     

     

    Fees and service charges on deposits

     

     

    2,648

     

     

     

    2,591

     

     

     

    2,486

     

     

     

    10,214

     

     

     

    9,211

     

    Loan servicing revenue

     

     

    3,151

     

     

     

    3,174

     

     

     

    3,377

     

     

     

    12,905

     

     

     

    13,503

     

    Loan servicing asset revaluation

     

     

    (1,350

    )

     

     

    (2,183

    )

     

     

    (1,234

    )

     

     

    (6,704

    )

     

     

    (5,089

    )

    ATM and interchange fees

     

     

    1,083

     

     

     

    1,143

     

     

     

    1,082

     

     

     

    4,464

     

     

     

    4,462

     

    Net realized losses on securities available-for-sale

     

     

    (699

    )

     

     

    —

     

     

     

    —

     

     

     

    (699

    )

     

     

    —

     

    Change in fair value of equity securities, net

     

     

    732

     

     

     

    388

     

     

     

    841

     

     

     

    1,122

     

     

     

    1,071

     

    Net gains on sales of loans

     

     

    7,107

     

     

     

    5,864

     

     

     

    5,480

     

     

     

    24,540

     

     

     

    22,805

     

    Wealth management and trust income

     

     

    1,110

     

     

     

    1,101

     

     

     

    1,256

     

     

     

    4,310

     

     

     

    4,158

     

    Other non-interest income

     

     

    2,367

     

     

     

    2,307

     

     

     

    1,215

     

     

     

    8,699

     

     

     

    6,194

     

    Total non-interest income

     

     

    16,149

     

     

     

    14,385

     

     

     

    14,503

     

     

     

    58,851

     

     

     

    56,315

     

    NON-INTEREST EXPENSE

     

     

     

     

     

     

     

     

     

     

    Salaries and employee benefits

     

     

    37,281

     

     

     

    34,974

     

     

     

    31,974

     

     

     

    140,119

     

     

     

    126,979

     

    Occupancy and equipment expense, net

     

     

    4,407

     

     

     

    4,373

     

     

     

    4,346

     

     

     

    18,703

     

     

     

    18,508

     

    Impairment charge on assets held for sale

     

     

    —

     

     

     

    —

     

     

     

    1,980

     

     

     

    —

     

     

     

    2,000

     

    Loan and lease related expenses

     

     

    660

     

     

     

    703

     

     

     

    649

     

     

     

    2,789

     

     

     

    2,936

     

    Legal, audit, and other professional fees

     

     

    3,358

     

     

     

    3,643

     

     

     

    2,352

     

     

     

    13,428

     

     

     

    12,946

     

    Data processing

     

     

    4,473

     

     

     

    4,215

     

     

     

    4,982

     

     

     

    16,869

     

     

     

    19,509

     

    Net loss recognized on other real estate owned and other related expenses

     

     

    654

     

     

     

    74

     

     

     

    89

     

     

     

    568

     

     

     

    385

     

    Other intangible assets amortization expense

     

     

    1,345

     

     

     

    1,345

     

     

     

    1,550

     

     

     

    5,380

     

     

     

    6,011

     

    Other non-interest expense

     

     

    5,253

     

     

     

    5,000

     

     

     

    5,662

     

     

     

    20,921

     

     

     

    20,329

     

    Total non-interest expense

     

     

    57,431

     

     

     

    54,327

     

     

     

    53,584

     

     

     

    218,777

     

     

     

    209,603

     

    INCOME BEFORE PROVISION FOR INCOME TAXES

     

     

    40,364

     

     

     

    40,038

     

     

     

    39,969

     

     

     

    161,079

     

     

     

    145,680

     

    PROVISION FOR INCOME TAXES

     

     

    10,044

     

     

     

    9,710

     

     

     

    10,365

     

     

     

    40,320

     

     

     

    37,802

     

    NET INCOME

     

    $

    30,320

     

     

    $

    30,328

     

     

    $

    29,604

     

     

    $

    120,759

     

     

    $

    107,878

     

    EARNINGS PER COMMON SHARE

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.69

     

     

    $

    0.70

     

     

    $

    0.69

     

     

    $

    2.78

     

     

    $

    2.69

     

    Diluted

     

    $

    0.69

     

     

    $

    0.69

     

     

    $

    0.68

     

     

    $

    2.75

     

     

    $

    2.67

     

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    SELECTED FINANCIAL DATA (unaudited) 

     

     

    As of or For the Three Months Ended

     

    As of or For the Year Ended

    (dollars in thousands, except share

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    and per share data)

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    Earnings per Common Share

     

     

     

     

     

     

     

     

     

    Basic earnings per common share

    $

    0.69

     

     

    $

    0.70

     

     

    $

    0.69

     

     

    $

    2.78

     

     

    $

    2.69

     

    Diluted earnings per common share

    $

    0.69

     

     

    $

    0.69

     

     

    $

    0.68

     

     

    $

    2.75

     

     

    $

    2.67

     

    Adjusted diluted earnings per common share(1)(3)

    $

    0.69

     

     

    $

    0.70

     

     

    $

    0.73

     

     

    $

    2.76

     

     

    $

    2.89

     

    Weighted average common shares outstanding (basic)

     

    43,656,793

     

     

     

    43,516,006

     

     

     

    43,065,294

     

     

     

    43,448,856

     

     

     

    40,045,208

     

    Weighted average common shares outstanding (diluted)

     

    44,179,818

     

     

     

    43,966,189

     

     

     

    43,537,778

     

     

     

    43,853,939

     

     

     

    40,445,553

     

    Common shares outstanding

     

    44,459,584

     

     

     

    44,384,706

     

     

     

    43,764,056

     

     

     

    44,459,584

     

     

     

    43,764,056

     

    Cash dividends per common share

    $

    0.09

     

     

    $

    0.09

     

     

    $

    0.09

     

     

    $

    0.36

     

     

    $

    0.36

     

    Dividend payout ratio on common stock

     

    13.04

    %

     

     

    13.04

    %

     

     

    13.24

    %

     

     

    13.09

    %

     

     

    13.48

    %

    Book value per common share

    $

    24.55

     

     

    $

    24.70

     

     

    $

    22.62

     

     

    $

    24.55

     

     

    $

    22.62

     

    Tangible book value per common share(1)

    $

    20.09

     

     

    $

    20.21

     

     

    $

    17.98

     

     

    $

    20.09

     

     

    $

    17.98

     

    Key Ratios and Performance Metrics

    (annualized where applicable)

     

     

     

     

     

     

     

     

     

    Net interest margin

     

    4.01

    %

     

     

    3.88

    %

     

     

    4.08

    %

     

     

    3.97

    %

     

     

    4.31

    %

    Net interest margin, fully taxable equivalent (1)(4)

     

    4.02

    %

     

     

    3.89

    %

     

     

    4.09

    %

     

     

    3.98

    %

     

     

    4.32

    %

    Average cost of deposits

     

    2.48

    %

     

     

    2.76

    %

     

     

    2.42

    %

     

     

    2.61

    %

     

     

    1.90

    %

    Efficiency ratio(1)(2)

     

    53.58

    %

     

     

    52.02

    %

     

     

    51.63

    %

     

     

    52.45

    %

     

     

    52.62

    %

    Adjusted efficiency ratio(1)(2)(3)

     

    53.37

    %

     

     

    51.62

    %

     

     

    48.64

    %

     

     

    52.24

    %

     

     

    49.61

    %

    Non-interest income to total revenues(1)

     

    15.43

    %

     

     

    14.13

    %

     

     

    14.39

    %

     

     

    14.46

    %

     

     

    14.55

    %

    Non-interest expense to average assets

     

    2.48

    %

     

     

    2.31

    %

     

     

    2.42

    %

     

     

    2.38

    %

     

     

    2.60

    %

    Adjusted non-interest expense to average assets(1)(3)

     

    2.47

    %

     

     

    2.29

    %

     

     

    2.28

    %

     

     

    2.37

    %

     

     

    2.46

    %

    Return on average stockholders' equity

     

    11.03

    %

     

     

    11.39

    %

     

     

    12.56

    %

     

     

    11.61

    %

     

     

    12.50

    %

    Adjusted return on average stockholders' equity(1)(3)

     

    11.10

    %

     

     

    11.53

    %

     

     

    13.50

    %

     

     

    11.68

    %

     

     

    13.53

    %

    Return on average assets

     

    1.31

    %

     

     

    1.29

    %

     

     

    1.34

    %

     

     

    1.31

    %

     

     

    1.34

    %

    Adjusted return on average assets(1)(3)

     

    1.32

    %

     

     

    1.30

    %

     

     

    1.44

    %

     

     

    1.32

    %

     

     

    1.45

    %

    Pre-tax pre-provision return on average assets(1)

     

    2.04

    %

     

     

    2.02

    %

     

     

    2.13

    %

     

     

    2.05

    %

     

     

    2.20

    %

    Adjusted pre-tax pre-provision return on average assets(1)(3)

     

    2.05

    %

     

     

    2.03

    %

     

     

    2.27

    %

     

     

    2.06

    %

     

     

    2.35

    %

    Return on average tangible common stockholders' equity(1)

     

    13.92

    %

     

     

    14.49

    %

     

     

    16.68

    %

     

     

    14.85

    %

     

     

    16.46

    %

    Adjusted return on average tangible common stockholders' equity(1)(3)

     

    14.02

    %

     

     

    14.67

    %

     

     

    17.89

    %

     

     

    14.94

    %

     

     

    17.76

    %

    Non-interest-bearing deposits to total deposits

     

    23.54

    %

     

     

    23.07

    %

     

     

    26.56

    %

     

     

    23.54

    %

     

     

    26.56

    %

    Loans and leases held for sale and loans and lease held for investment to total deposits

     

    92.64

    %

     

     

    92.02

    %

     

     

    93.39

    %

     

     

    92.64

    %

     

     

    93.39

    %

    Deposits to total liabilities

     

    88.74

    %

     

     

    90.03

    %

     

     

    90.94

    %

     

     

    88.74

    %

     

     

    90.94

    %

    Deposits per branch

    $

    162,144

     

     

    $

    162,998

     

     

    $

    149,521

     

     

    $

    162,144

     

     

    $

    149,521

     

    Asset Quality Ratios

     

     

     

     

     

     

     

     

     

    Non-performing loans and leases to total loans and leases held for investment, net before ACL

     

    0.90

    %

     

     

    1.02

    %

     

     

    0.96

    %

     

     

    0.90

    %

     

     

    0.96

    %

    Total non-performing assets as a percentage of total assets

     

    0.71

    %

     

     

    0.75

    %

     

     

    0.74

    %

     

     

    0.71

    %

     

     

    0.74

    %

    ACL to total loans and leases held for investment, net before ACL

     

    1.42

    %

     

     

    1.44

    %

     

     

    1.52

    %

     

     

    1.42

    %

     

     

    1.52

    %

    Net charge-offs to average total loans and leases held for investment, net before ACL - loans and leases

     

    0.45

    %

     

     

    0.49

    %

     

     

    0.73

    %

     

     

    0.47

    %

     

     

    0.38

    %

    Capital Ratios

     

     

     

     

     

     

     

     

     

    Common equity to total assets

     

    11.49

    %

     

     

    11.63

    %

     

     

    11.15

    %

     

     

    11.49

    %

     

     

    11.15

    %

    Tangible common equity to tangible assets(1)

     

    9.61

    %

     

     

    9.72

    %

     

     

    9.06

    %

     

     

    9.61

    %

     

     

    9.06

    %

    Leverage ratio

     

    11.74

    %

     

     

    11.18

    %

     

     

    10.86

    %

     

     

    11.74

    %

     

     

    10.86

    %

    Common equity tier 1 capital ratio

     

    11.70

    %

     

     

    11.35

    %

     

     

    10.35

    %

     

     

    11.70

    %

     

     

    10.35

    %

    Tier 1 capital ratio

     

    12.73

    %

     

     

    12.39

    %

     

     

    11.39

    %

     

     

    12.73

    %

     

     

    11.39

    %

    Total capital ratio

     

    14.74

    %

     

     

    14.41

    %

     

     

    13.38

    %

     

     

    14.74

    %

     

     

    13.38

    %

     

    (1) Represents a non-GAAP financial measure. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. 

    (2) Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income. 

    (3) Calculation excludes merger-related expenses and impairment charges on ROU assets. 

    (4) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. 

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited) 

     

     

    For the Three Months Ended

     

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2023

    (dollars in thousands)

    Average

    Balance(5)

     

    Interest

    Inc / Exp

     

    Avg.

    Yield /

    Rate

     

    Average

    Balance(5)

     

    Interest

    Inc / Exp

     

    Avg.

    Yield /

    Rate

     

    Average

    Balance(5)

     

    Interest

    Inc / Exp

     

    Avg.

    Yield /

    Rate

    ASSETS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

    $

    272,409

     

     

    $

    2,721

     

     

    3.97

    %

     

    $

    468,852

     

     

    $

    5,771

     

     

    4.90

    %

     

    $

    201,862

     

     

    $

    1,822

     

     

    3.58

    %

    Loans and leases(1)

     

    6,828,128

     

     

     

    123,702

     

     

    7.21

    %

     

     

    6,827,726

     

     

     

    128,336

     

     

    7.48

    %

     

     

    6,632,827

     

     

     

    124,042

     

     

    7.42

    %

    Taxable securities

     

    1,529,134

     

     

     

    12,317

     

     

    3.20

    %

     

     

    1,508,987

     

     

     

    11,467

     

     

    3.02

    %

     

     

    1,389,580

     

     

     

    8,848

     

     

    2.53

    %

    Tax-exempt securities(2)

     

    155,505

     

     

     

    1,093

     

     

    2.80

    %

     

     

    156,085

     

     

     

    1,091

     

     

    2.78

    %

     

     

    163,608

     

     

     

    1,142

     

     

    2.77

    %

    Total interest-earning assets

    $

    8,785,176

     

     

    $

    139,833

     

     

    6.33

    %

     

    $

    8,961,650

     

     

    $

    146,665

     

     

    6.51

    %

     

    $

    8,387,877

     

     

    $

    135,854

     

     

    6.43

    %

    Allowance for credit losses - loans and leases

     

    (100,281

    )

     

     

     

     

     

     

    (101,001

    )

     

     

     

     

     

     

    (106,474

    )

     

     

     

     

    All other assets

     

    516,740

     

     

     

     

     

     

     

    513,200

     

     

     

     

     

     

     

    506,233

     

     

     

     

     

    TOTAL ASSETS

    $

    9,201,635

     

     

     

     

     

     

    $

    9,373,849

     

     

     

     

     

     

    $

    8,787,636

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deposits

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest checking

    $

    717,222

     

     

    $

    3,478

     

     

    1.93

    %

     

    $

    754,586

     

     

    $

    4,439

     

     

    2.34

    %

     

    $

    570,706

     

     

    $

    2,335

     

     

    1.62

    %

    Money market accounts

     

    2,480,805

     

     

     

    19,951

     

     

    3.20

    %

     

     

    2,386,909

     

     

     

    21,371

     

     

    3.56

    %

     

     

    2,159,841

     

     

     

    18,730

     

     

    3.44

    %

    Savings

     

    486,262

     

     

     

    130

     

     

    0.11

    %

     

     

    495,541

     

     

     

    190

     

     

    0.15

    %

     

     

    560,372

     

     

     

    208

     

     

    0.15

    %

    Time deposits

     

    2,020,225

     

     

     

    23,166

     

     

    4.56

    %

     

     

    2,134,587

     

     

     

    26,076

     

     

    4.86

    %

     

     

    1,861,279

     

     

     

    21,979

     

     

    4.68

    %

    Total interest-bearing deposits

     

    5,704,514

     

     

     

    46,725

     

     

    3.26

    %

     

     

    5,771,623

     

     

     

    52,076

     

     

    3.59

    %

     

     

    5,152,198

     

     

     

    43,252

     

     

    3.33

    %

    Other borrowings

     

    301,959

     

     

     

    1,466

     

     

    1.93

    %

     

     

    474,498

     

     

     

    3,919

     

     

    3.29

    %

     

     

    395,711

     

     

     

    3,051

     

     

    3.06

    %

    Subordinated notes and debentures

     

    144,853

     

     

     

    2,888

     

     

    7.93

    %

     

     

    144,702

     

     

     

    2,986

     

     

    8.21

    %

     

     

    144,230

     

     

     

    3,026

     

     

    8.32

    %

    Total borrowings

     

    446,812

     

     

     

    4,354

     

     

    3.88

    %

     

     

    619,200

     

     

     

    6,905

     

     

    4.44

    %

     

     

    539,941

     

     

     

    6,077

     

     

    4.47

    %

    Total interest-bearing liabilities

    $

    6,151,326

     

     

    $

    51,079

     

     

    3.30

    %

     

    $

    6,390,823

     

     

    $

    58,981

     

     

    3.67

    %

     

    $

    5,692,139

     

     

    $

    49,329

     

     

    3.44

    %

    Non-interest-bearing demand deposits

     

    1,777,273

     

     

     

     

     

     

     

    1,741,250

     

     

     

     

     

     

     

    1,950,644

     

     

     

     

     

    Other liabilities

     

    179,011

     

     

     

     

     

     

     

    182,148

     

     

     

     

     

     

     

    209,656

     

     

     

     

     

    Total stockholders' equity

     

    1,094,025

     

     

     

     

     

     

     

    1,059,628

     

     

     

     

     

     

     

    935,197

     

     

     

     

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $

    9,201,635

     

     

     

     

     

     

    $

    9,373,849

     

     

     

     

     

     

    $

    8,787,636

     

     

     

     

     

    Net interest spread(3)

     

     

     

     

     

    3.03

    %

     

     

     

     

     

     

    2.84

    %

     

     

     

     

     

     

    2.99

    %

    Net interest income, fully taxable equivalent

     

     

    $

    88,754

     

     

     

     

     

    $

    87,684

     

     

     

     

     

    $

    86,525

     

     

    Net interest margin, fully taxable equivalent(2)(4)

     

     

     

     

     

    4.02

    %

     

     

     

     

     

     

    3.89

    %

     

     

     

     

     

     

    4.09

    %

    Less: Tax-equivalent adjustment

     

     

     

    230

     

     

    0.01

    %

     

     

     

     

    229

     

     

    0.01

    %

     

     

     

     

    240

     

     

    0.01

    %

    Net interest income

     

     

    $

    88,524

     

     

     

     

     

    $

    87,455

     

     

     

     

     

    $

    86,285

     

     

    Net interest margin(4)

     

     

     

     

     

    4.01

    %

     

     

     

     

     

     

    3.88

    %

     

     

     

     

     

     

    4.08

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loan accretion impact on margin

     

     

    $

    2,590

     

     

    0.12

    %

     

     

     

    $

    2,982

     

     

    0.13

    %

     

     

     

    $

    5,110

     

     

    0.24

    %

     

    (1) Loan and lease balances are net of deferred origination fees and costs and initial direct costs. Non-accrual loans and leases are included in total loan and lease balances. 

    (2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. 

    (3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. 

    (4) Represents net interest income (annualized) divided by total average earning assets. 

    (5) Average balances are average daily balances. 

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    YEAR-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited) 

     

     

     

    For the Year Ended

     

     

    December 31, 2024

     

    December 31, 2023

    (dollars in thousands)

     

    Average

    Balance(4)

     

    Interest

    Inc / Exp

     

    Average

    Yield /

    Rate

     

    Average

    Balance(4)

     

    Interest

    Inc / Exp

     

    Average

    Yield /

    Rate

    ASSETS

     

     

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    346,777

     

     

    $

    15,635

     

     

    4.51

    %

     

    $

    157,754

     

     

    $

    5,029

     

     

    3.19

    %

    Loans and leases(1)

     

     

    6,786,547

     

     

     

    502,353

     

     

    7.40

    %

     

     

    6,038,797

     

     

     

    440,984

     

     

    7.30

    %

    Taxable securities

     

     

    1,483,640

     

     

     

    44,476

     

     

    3.00

    %

     

     

    1,322,379

     

     

     

    30,068

     

     

    2.27

    %

    Tax-exempt securities(2)

     

     

    157,050

     

     

     

    4,386

     

     

    2.79

    %

     

     

    158,918

     

     

     

    4,300

     

     

    2.71

    %

    Total interest-earning assets

     

    $

    8,774,014

     

     

    $

    566,850

     

     

    6.46

    %

     

    $

    7,677,848

     

     

    $

    480,381

     

     

    6.26

    %

    Allowance for credit losses - loans and leases

     

     

    (101,695

    )

     

     

     

     

     

     

    (98,067

    )

     

     

     

     

    All other assets

     

     

    515,023

     

     

     

     

     

     

     

    468,550

     

     

     

     

     

    TOTAL ASSETS

     

    $

    9,187,342

     

     

     

     

     

     

    $

    8,048,331

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

     

     

     

     

     

    Deposits

     

     

     

     

     

     

     

     

     

     

     

     

    Interest checking

     

    $

    695,156

     

     

    $

    14,442

     

     

    2.08

    %

     

    $

    574,335

     

     

    $

    9,212

     

     

    1.60

    %

    Money market accounts

     

     

    2,344,309

     

     

     

    80,960

     

     

    3.45

    %

     

     

    1,802,675

     

     

     

    53,933

     

     

    2.99

    %

    Savings

     

     

    506,889

     

     

     

    711

     

     

    0.14

    %

     

     

    585,820

     

     

     

    883

     

     

    0.15

    %

    Time deposits

     

     

    2,024,942

     

     

     

    96,253

     

     

    4.75

    %

     

     

    1,468,836

     

     

     

    57,408

     

     

    3.91

    %

    Total interest-bearing deposits

     

     

    5,571,296

     

     

     

    192,366

     

     

    3.45

    %

     

     

    4,431,666

     

     

     

    121,436

     

     

    2.74

    %

    Other borrowings

     

     

    442,364

     

     

     

    13,648

     

     

    3.09

    %

     

     

    484,984

     

     

     

    17,125

     

     

    3.53

    %

    Federal funds purchased

     

     

    348

     

     

     

    21

     

     

    6.05

    %

     

     

    685

     

     

     

    36

     

     

    5.30

    %

    Subordinated notes and debentures

     

     

    144,624

     

     

     

    11,848

     

     

    8.19

    %

     

     

    127,825

     

     

     

    10,260

     

     

    8.03

    %

    Total borrowings

     

     

    587,336

     

     

     

    25,517

     

     

    4.34

    %

     

     

    613,494

     

     

     

    27,421

     

     

    4.47

    %

    Total interest-bearing liabilities

     

    $

    6,158,632

     

     

    $

    217,883

     

     

    3.54

    %

     

    $

    5,045,160

     

     

    $

    148,857

     

     

    2.95

    %

    Non-interest-bearing demand deposits

     

     

    1,802,258

     

     

     

     

     

     

     

    1,965,663

     

     

     

     

     

    Other liabilities

     

     

    185,937

     

     

     

     

     

     

     

    174,416

     

     

     

     

     

    Total stockholders' equity

     

     

    1,040,515

     

     

     

     

     

     

     

    863,092

     

     

     

     

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

     

    $

    9,187,342

     

     

     

     

     

     

    $

    8,048,331

     

     

     

     

     

    Net interest spread(3)

     

     

     

     

     

     

    2.92

    %

     

     

     

     

     

     

    3.31

    %

    Net interest income, fully taxable equivalent

     

     

     

    $

    348,967

     

     

     

     

     

    $

    331,524

     

     

    Net interest margin, fully taxable equivalent(2)(4)

     

     

     

     

     

     

    3.98

    %

     

     

     

     

     

     

    4.32

    %

    Less: Tax-equivalent adjustment

     

     

     

     

    921

     

     

    0.01

    %

     

     

     

     

    903

     

     

    0.01

    %

    Net interest income

     

     

     

    $

    348,046

     

     

     

     

     

    $

    330,621

     

     

    Net interest margin(4)

     

     

     

     

     

     

    3.97

    %

     

     

     

     

     

     

    4.31

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loan accretion impact on margin

     

     

     

    $

    13,511

     

     

    0.15

    %

     

     

     

    $

    16,726

     

     

    0.22

    %

     

    (1) Loan and lease balances are net of deferred origination fees and costs and initial direct costs. Non-accrual loans and leases are included in total loan and lease balances. 

    (2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. 

    (3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. 

    (4) Average balances are average daily balances. 

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    SELECTED BALANCE SHEET TABLES AND FINANCIAL RATIOS (unaudited) 

     

    The following table presents our allocation of originated, purchased credit deteriorated (PCD), and acquired non-credit-deteriorated loans and leases at the dates indicated: 

     

     

     

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2023

    (dollars in thousands)

     

    Amount

     

    % of Total

     

    Amount

     

    % of Total

     

    Amount

     

    % of Total

    Originated loans and leases:

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    $

    2,071,952

     

     

     

    30.0

    %

     

    $

    2,040,072

     

     

     

    29.7

    %

     

    $

    1,907,029

     

     

     

    28.5

    %

    Residential real estate

     

     

    513,422

     

     

     

    7.4

    %

     

     

    497,034

     

     

     

    7.2

    %

     

     

    465,133

     

     

     

    7.0

    %

    Construction, land development, and other land

     

     

    429,596

     

     

     

    6.2

    %

     

     

    415,636

     

     

     

    6.0

    %

     

     

    415,162

     

     

     

    6.2

    %

    Commercial and industrial

     

     

    2,509,083

     

     

     

    36.3

    %

     

     

    2,476,177

     

     

     

    36.0

    %

     

     

    2,311,563

     

     

     

    34.6

    %

    Installment and other

     

     

    3,847

     

     

     

    0.1

    %

     

     

    3,839

     

     

     

    0.1

    %

     

     

    2,919

     

     

     

    0.0

    %

    Leasing financing receivables

     

     

    715,899

     

     

     

    10.4

    %

     

     

    711,233

     

     

     

    10.3

    %

     

     

    665,239

     

     

     

    10.0

    %

    Total originated loans and leases

     

    $

    6,243,799

     

     

     

    90.4

    %

     

    $

    6,143,991

     

     

     

    89.3

    %

     

    $

    5,767,045

     

     

     

    86.3

    %

    Purchased credit deteriorated loans:

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    $

    82,934

     

     

     

    1.2

    %

     

    $

    95,240

     

     

     

    1.4

    %

     

    $

    137,807

     

     

     

    2.1

    %

    Residential real estate

     

     

    30,515

     

     

     

    0.4

    %

     

     

    31,362

     

     

     

    0.5

    %

     

     

    42,510

     

     

     

    0.6

    %

    Construction, land development, and other land

     

     

    —

     

     

     

    0.0

    %

     

     

    4

     

     

     

    0.0

    %

     

     

    25,331

     

     

     

    0.4

    %

    Commercial and industrial

     

     

    14,081

     

     

     

    0.2

    %

     

     

    14,526

     

     

     

    0.2

    %

     

     

    19,460

     

     

     

    0.3

    %

    Installment and other

     

     

    105

     

     

     

    0.0

    %

     

     

    110

     

     

     

    0.0

    %

     

     

    125

     

     

     

    0.0

    %

    Total purchased credit deteriorated loans

     

    $

    127,635

     

     

     

    1.8

    %

     

    $

    141,242

     

     

     

    2.1

    %

     

    $

    225,233

     

     

     

    3.4

    %

    Acquired non-credit-deteriorated loans and leases:

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    $

    199,531

     

     

     

    2.9

    %

     

    $

    227,035

     

     

     

    3.3

    %

     

    $

    275,476

     

     

     

    4.1

    %

    Residential real estate

     

     

    182,165

     

     

     

    2.6

    %

     

     

    181,976

     

     

     

    2.6

    %

     

     

    211,887

     

     

     

    3.2

    %

    Construction, land development, and other land

     

     

    59,673

     

     

     

    0.9

    %

     

     

    84,172

     

     

     

    1.2

    %

     

     

    86,344

     

     

     

    1.3

    %

    Commercial and industrial

     

     

    93,969

     

     

     

    1.4

    %

     

     

    100,852

     

     

     

    1.5

    %

     

     

    117,538

     

     

     

    1.7

    %

    Installment and other

     

     

    14

     

     

     

    0.0

    %

     

     

    32

     

     

     

    0.0

    %

     

     

    156

     

     

     

    0.0

    %

    Leasing financing receivables

     

     

    36

     

     

     

    0.0

    %

     

     

    146

     

     

     

    0.0

    %

     

     

    627

     

     

     

    0.0

    %

    Total acquired non-credit-deteriorated loans and leases

     

    $

    535,388

     

     

     

    7.8

    %

     

    $

    594,213

     

     

     

    8.6

    %

     

    $

    692,028

     

     

     

    10.3

    %

    Total loans and leases

     

    $

    6,906,822

     

     

     

    100.0

    %

     

    $

    6,879,446

     

     

     

    100.0

    %

     

    $

    6,684,306

     

     

     

    100.0

    %

    Allowance for credit losses - loans and leases

     

     

    (97,988

    )

     

     

     

     

    (98,860

    )

     

     

     

     

    (101,686

    )

     

     

    Total loans and leases, net of allowance for credit losses - loans and leases

     

    $

    6,808,834

     

     

     

     

    $

    6,780,586

     

     

     

     

    $

    6,582,620

     

     

     

     
     

    The following table presents the balance and activity within the allowance for credit losses - loans and lease for the periods indicated: 

     

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    (dollars in thousands)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    ACL - loans and leases, beginning of period

     

    $

    98,860

     

     

    $

    99,730

     

     

    $

    105,696

     

     

    $

    101,686

     

     

    $

    81,924

     

    Adjustment for acquired PCD loans

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    10,596

     

    Provision for credit losses - loans and leases

     

     

    6,920

     

     

     

    7,597

     

     

     

    8,176

     

     

     

    28,286

     

     

     

    32,220

     

    Net charge-offs - loans and leases

     

     

    (7,792

    )

     

     

    (8,467

    )

     

     

    (12,186

    )

     

     

    (31,984

    )

     

     

    (23,054

    )

    ACL - loans and leases, end of period

     

    $

    97,988

     

     

    $

    98,860

     

     

    $

    101,686

     

     

    $

    97,988

     

     

    $

    101,686

     

    Net charge-offs - loans and leases to average total loans and leases held for investment, net before ACL

     

     

    0.45

    %

     

     

    0.49

    %

     

     

    0.73

    %

     

     

    0.47

    %

     

     

    0.38

    %

    Provision for credit losses - loans and leases to net charge-offs - loans and leases during the period

     

     

    0.89

    x

     

     

    0.90

    x

     

     

    0.67

    x

     

     

    0.88

    x

     

     

    1.40

    x

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    SELECTED BALANCE SHEET TABLES AND FINANCIAL RATIOS (unaudited) 

     

    The following table presents the amounts of non-performing loans and leases and other real estate owned at the date indicated: 

     

     

     

     

     

     

     

     

     

    December 31, 2024

     

     

     

     

     

     

     

     

    Change from

    (dollars in thousands)

     

    December 31,

    2024

     

    September 30,

    2024

     

    December 31,

    2023

     

    September 30,

    2024

     

    December 31,

    2023

    Non-performing assets:

     

     

     

     

     

     

     

     

     

     

    Non-accrual loans and leases

     

    $

    62,076

     

     

    $

    70,507

     

     

    $

    64,107

     

     

     

    (12.0

    )%

     

     

    (3.2

    )%

    Past due loans and leases 90 days or more and still accruing interest

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

    %

     

    —

    %

    Total non-performing loans and leases

     

    $

    62,076

     

     

    $

    70,507

     

     

    $

    64,107

     

     

     

    (12.0

    )%

     

     

    (3.2

    )%

    Other real estate owned

     

     

    5,170

     

     

     

    532

     

     

     

    1,200

     

     

     

    871.2

    %

     

     

    330.7

    %

    Total non-performing assets

     

    $

    67,246

     

     

    $

    71,039

     

     

    $

    65,307

     

     

     

    (5.3

    )%

     

     

    3.0

    %

    Total non-performing loans and leases as a percentage of total loans and leases

     

     

    0.90

    %

     

     

    1.02

    %

     

     

    0.96

    %

     

     

     

     

    Total non-performing assets as a percentage of total assets

     

     

    0.71

    %

     

     

    0.75

    %

     

     

    0.74

    %

     

     

     

     

    Allowance for credit losses - loans and lease as a percentage of non-performing loans and leases

     

     

    157.85

    %

     

     

    140.21

    %

     

     

    158.62

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-performing assets guaranteed by U.S. government:

     

     

     

     

     

     

     

     

     

     

    Non-accrual loans guaranteed

     

    $

    9,862

     

     

    $

    11,332

     

     

    $

    4,154

     

     

     

    (13.0

    )%

     

     

    137.4

    %

    Past due loans 90 days or more and still accruing interest guaranteed

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

    %

     

    —

    %

    Total non-performing loans guaranteed

     

    $

    9,862

     

     

    $

    11,332

     

     

    $

    4,154

     

     

     

    (13.0

    )%

     

     

    137.4

    %

    Total non-performing loans and leases not guaranteed as a percentage of total loans and leases

     

     

    0.76

    %

     

     

    0.86

    %

     

     

    0.90

    %

     

     

     

     

    Total non-performing assets not guaranteed as a percentage of total assets

     

     

    0.60

    %

     

     

    0.63

    %

     

     

    0.69

    %

     

     

     

     

     
     

    The following table presents the composition of deposits at the dates indicated: 

     

     

     

     

     

     

     

     

    December 31, 2024

     

     

     

     

     

     

     

    Change from

    (dollars in thousands)

    December 31,

    2024

     

    September 30,

    2024

     

    December 31,

    2023

     

    September 30,

    2024

     

    December 31,

    2023

    Non-interest-bearing demand deposits

    $

    1,756,098

     

    $

    1,729,908

     

    $

    1,905,876

     

     

    1.5

    %

     

     

    (7.9

    )%

    Interest-bearing checking accounts

     

    767,835

     

     

    749,721

     

     

    577,609

     

     

    2.4

    %

     

     

    32.9

    %

    Money market demand accounts

     

    2,518,157

     

     

    2,426,522

     

     

    2,266,030

     

     

    3.8

    %

     

     

    11.1

    %

    Other savings

     

    483,650

     

     

    489,618

     

     

    542,532

     

     

    (1.2

    )%

     

     

    (10.9

    )%

    Time deposits (below $250,000)

     

    1,498,277

     

     

    1,639,658

     

     

    1,520,082

     

     

    (8.6

    )%

     

     

    (1.4

    )%

    Time deposits ($250,000 and above)

     

    434,611

     

     

    462,460

     

     

    364,870

     

     

    (6.0

    )%

     

     

    19.1

    %

    Total deposits

    $

    7,458,628

     

    $

    7,497,887

     

    $

    7,176,999

     

     

    (0.5

    )%

     

     

    3.9

    %

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited) 

     

    Non-GAAP Financial Measures 

     

    This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These measures include adjusted net income, adjusted diluted earnings per share, adjusted efficiency ratio, adjusted non-interest expense to average assets, tax-equivalent net interest margin, total revenue, non-interest income to total revenues, adjusted return on average stockholders' equity, adjusted return on average assets, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common stockholders' equity, and adjusted return on average tangible common stockholders' equity. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company's financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See below in the financial schedules included in this press release for a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. Additionally, please refer to the Company's Annual Report on Form 10-K for the detailed definitions of these non-GAAP financial measures. 

     

     

     

    As of or For the Three Months Ended

     

    As of or For the Year Ended

     

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    (dollars in thousands, except per share data)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    Net income and earnings per share excluding significant items:

     

     

     

     

     

     

     

     

     

     

    Reported Net Income

     

    $

    30,320

     

     

    $

    30,328

     

     

    $

    29,604

     

     

    $

    120,759

     

     

    $

    107,878

     

    Significant items:

     

     

     

     

     

     

     

     

     

     

    Impairment charges on assets held for sale and ROU assets

     

     

    —

     

     

     

    —

     

     

     

    1,981

     

     

     

    194

     

     

     

    2,395

     

    Merger-related expenses

     

     

    218

     

     

     

    411

     

     

     

    1,035

     

     

     

    629

     

     

     

    9,222

     

    Tax benefit

     

     

    (1

    )

     

     

    (32

    )

     

     

    (793

    )

     

     

    (85

    )

     

     

    (2,696

    )

    Adjusted Net Income

     

    $

    30,537

     

     

    $

    30,707

     

     

    $

    31,827

     

     

    $

    121,497

     

     

    $

    116,799

     

    Reported Diluted Earnings per Share

     

    $

    0.69

     

     

    $

    0.69

     

     

    $

    0.68

     

     

    $

    2.75

     

     

    $

    2.67

     

    Significant items:

     

     

     

     

     

     

     

     

     

     

    Impairment charges on assets held for sale and ROU assets

     

     

    —

     

     

     

    —

     

     

     

    0.05

     

     

     

    —

     

     

     

    0.06

     

    Merger-related expenses

     

     

    —

     

     

     

    0.01

     

     

     

    0.02

     

     

     

    0.01

     

     

     

    0.23

     

    Tax benefit

     

     

    —

     

     

     

    —

     

     

     

    (0.02

    )

     

     

    —

     

     

     

    (0.07

    )

    Adjusted Diluted Earnings per Share

     

    $

    0.69

     

     

    $

    0.70

     

     

    $

    0.73

     

     

    $

    2.76

     

     

    $

    2.89

     

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) 

     

     

     

    As of or For the Three Months Ended

     

    As of or For the Year Ended

    (dollars in thousands, except per share data,

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    ratios annualized, where applicable)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    Adjusted non-interest expense:

     

     

     

     

     

     

     

     

     

     

    Non-interest expense

     

    $

    57,431

     

     

    $

    54,327

     

     

    $

    53,584

     

     

    $

    218,777

     

     

    $

    209,603

     

    Less: Impairment charges on assets held for sale and ROU assets

     

     

    —

     

     

     

    —

     

     

     

    1,981

     

     

     

    194

     

     

     

    2,395

     

    Less: Merger-related expenses

     

     

    218

     

     

     

    411

     

     

     

    1,035

     

     

     

    629

     

     

     

    9,222

     

    Adjusted non-interest expense

     

    $

    57,213

     

     

    $

    53,916

     

     

    $

    50,568

     

     

    $

    217,954

     

     

    $

    197,986

     

    Adjusted non-interest expense excluding amortization of intangible assets:

     

     

     

     

     

     

     

     

     

     

    Adjusted non-interest expense

     

    $

    57,213

     

     

    $

    53,916

     

     

    $

    50,568

     

     

    $

    217,954

     

     

    $

    197,986

     

    Less: Amortization of intangible assets

     

     

    1,345

     

     

     

    1,345

     

     

     

    1,550

     

     

     

    5,380

     

     

     

    6,011

     

    Adjusted non-interest expense excluding amortization of intangible assets

     

    $

    55,868

     

     

    $

    52,571

     

     

    $

    49,018

     

     

    $

    212,574

     

     

    $

    191,975

     

    Pre-tax pre-provision net income:

     

     

     

     

     

     

     

     

     

     

    Pre-tax income

     

    $

    40,364

     

     

    $

    40,038

     

     

    $

    39,969

     

     

    $

    161,079

     

     

    $

    145,680

     

    Add: Provision for credit losses

     

     

    6,878

     

     

     

    7,475

     

     

     

    7,235

     

     

     

    27,041

     

     

     

    31,653

     

    Pre-tax pre-provision net income

     

    $

    47,242

     

     

    $

    47,513

     

     

    $

    47,204

     

     

    $

    188,120

     

     

    $

    177,333

     

    Adjusted pre-tax pre-provision net income:

     

     

     

     

     

     

     

     

     

     

    Pre-tax pre-provision net income

     

    $

    47,242

     

     

    $

    47,513

     

     

    $

    47,204

     

     

    $

    188,120

     

     

    $

    177,333

     

    Add: Impairment charges on assets held for sale and ROU assets

     

     

    —

     

     

     

    —

     

     

     

    1,981

     

     

     

    194

     

     

     

    2,395

     

    Add: Merger-related expenses

     

     

    218

     

     

     

    411

     

     

     

    1,035

     

     

     

    629

     

     

     

    9,222

     

    Adjusted pre-tax pre-provision net income

     

    $

    47,460

     

     

    $

    47,924

     

     

    $

    50,220

     

     

    $

    188,943

     

     

    $

    188,950

     

    Tax equivalent net interest income:

     

     

     

     

     

     

     

     

     

     

    Net interest income

     

    $

    88,524

     

     

    $

    87,455

     

     

    $

    86,285

     

     

    $

    348,046

     

     

    $

    330,621

     

    Add: Tax-equivalent adjustment

     

     

    230

     

     

     

    229

     

     

     

    240

     

     

     

    921

     

     

     

    903

     

    Net interest income, fully taxable equivalent

     

    $

    88,754

     

     

    $

    87,684

     

     

    $

    86,525

     

     

    $

    348,967

     

     

    $

    331,524

     

    Total revenue:

     

     

     

     

     

     

     

     

     

     

    Net interest income

     

    $

    88,524

     

     

    $

    87,455

     

     

    $

    86,285

     

     

    $

    348,046

     

     

    $

    330,621

     

    Add: Non-interest income

     

     

    16,149

     

     

     

    14,385

     

     

     

    14,503

     

     

     

    58,851

     

     

    $

    56,315

     

    Total revenue

     

    $

    104,673

     

     

    $

    101,840

     

     

    $

    100,788

     

     

    $

    406,897

     

     

    $

    386,936

     

    Tangible common stockholders' equity:

     

     

     

     

     

     

     

     

     

     

    Total stockholders' equity

     

    $

    1,091,497

     

     

    $

    1,096,312

     

     

    $

    990,151

     

     

    $

    1,091,497

     

     

    $

    990,151

     

    Less: Goodwill and other intangibles

     

     

    198,098

     

     

     

    199,443

     

     

     

    203,478

     

     

     

    198,098

     

     

     

    203,478

     

    Tangible common stockholders' equity

     

    $

    893,399

     

     

    $

    896,869

     

     

    $

    786,673

     

     

    $

    893,399

     

     

    $

    786,673

     

    Tangible assets:

     

     

     

     

     

     

     

     

     

     

    Total assets

     

    $

    9,496,529

     

     

    $

    9,424,316

     

     

    $

    8,881,967

     

     

    $

    9,496,529

     

     

    $

    8,881,967

     

    Less: Goodwill and other intangibles

     

     

    198,098

     

     

     

    199,443

     

     

     

    203,478

     

     

     

    198,098

     

     

     

    203,478

     

    Tangible assets

     

    $

    9,298,431

     

     

    $

    9,224,873

     

     

    $

    8,678,489

     

     

    $

    9,298,431

     

     

    $

    8,678,489

     

    Average tangible common stockholders' equity:

     

     

     

     

     

     

     

     

     

     

    Average total stockholders' equity

     

    $

    1,094,025

     

     

    $

    1,059,628

     

     

    $

    935,197

     

     

    $

    1,040,515

     

     

    $

    863,092

     

    Less: Average goodwill and other intangibles

     

     

    198,697

     

     

     

    200,091

     

     

     

    204,191

     

     

     

    200,740

     

     

     

    180,717

     

    Average tangible common stockholders' equity

     

    $

    895,328

     

     

    $

    859,537

     

     

    $

    731,006

     

     

    $

    839,775

     

     

    $

    682,375

     

    Average tangible assets:

     

     

     

     

     

     

     

     

     

     

    Average total assets

     

    $

    9,201,635

     

     

    $

    9,373,849

     

     

    $

    8,787,636

     

     

    $

    9,187,342

     

     

    $

    8,048,331

     

    Less: Average goodwill and other intangibles

     

     

    198,697

     

     

     

    200,091

     

     

     

    204,191

     

     

     

    200,740

     

     

     

    180,717

     

    Average tangible assets

     

    $

    9,002,938

     

     

    $

    9,173,758

     

     

    $

    8,583,445

     

     

    $

    8,986,602

     

     

    $

    7,867,614

     

    Tangible net income available to common stockholders:

     

     

     

     

     

     

     

     

     

     

    Net income available to common stockholders

     

    $

    30,320

     

     

    $

    30,328

     

     

    $

    29,604

     

     

    $

    120,759

     

     

    $

    107,878

     

    Add: After-tax intangible asset amortization

     

     

    1,015

     

     

     

    986

     

     

     

    1,138

     

     

     

    3,974

     

     

     

    4,408

     

    Tangible net income available to common stockholders

     

    $

    31,335

     

     

    $

    31,314

     

     

    $

    30,742

     

     

    $

    124,733

     

     

    $

    112,286

     

    Adjusted tangible net income available to common stockholders:

     

     

     

     

     

     

     

     

     

     

    Tangible net income available to common stockholders

     

    $

    31,335

     

     

    $

    31,314

     

     

    $

    30,742

     

     

    $

    124,733

     

     

    $

    112,286

     

    Add: Impairment charges on assets held for sale and ROU assets

     

     

    —

     

     

     

    —

     

     

     

    1,981

     

     

     

    194

     

     

     

    2,395

     

    Add: Merger-related expenses

     

     

    218

     

     

     

    411

     

     

     

    1,035

     

     

     

    629

     

     

     

    9,222

     

    Add: Tax benefit on significant items

     

     

    (1

    )

     

     

    (32

    )

     

     

    (793

    )

     

     

    (85

    )

     

     

    (2,696

    )

    Adjusted tangible net income available to common stockholders

     

    $

    31,552

     

     

    $

    31,693

     

     

    $

    32,965

     

     

    $

    125,471

     

     

    $

    121,207

     

     
     
     
     

    BYLINE BANCORP, INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) 

     

     

     

    As of or For the Three Months Ended

     

    As of or For the Year Ended

    (dollars in thousands, except share and per share

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    data, ratios annualized, where applicable)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    Pre-tax pre-provision return on average assets:

     

     

     

     

     

     

     

     

     

     

    Pre-tax pre-provision net income

     

    $

    47,242

     

     

    $

    47,513

     

     

    $

    47,204

     

     

    $

    188,120

     

     

    $

    177,333

     

    Average total assets

     

     

    9,201,635

     

     

     

    9,373,849

     

     

     

    8,787,636

     

     

     

    9,187,342

     

     

     

    8,048,331

     

    Pre-tax pre-provision return on average assets

     

     

    2.04

    %

     

     

    2.02

    %

     

     

    2.13

    %

     

     

    2.05

    %

     

     

    2.20

    %

    Adjusted pre-tax pre-provision return on average assets:

     

     

     

     

     

     

     

     

     

     

    Adjusted pre-tax pre-provision net income

     

    $

    47,460

     

     

    $

    47,924

     

     

    $

    50,220

     

     

    $

    188,943

     

     

    $

    188,950

     

    Average total assets

     

     

    9,201,635

     

     

     

    9,373,849

     

     

     

    8,787,636

     

     

     

    9,187,342

     

     

     

    8,048,331

     

    Adjusted pre-tax pre-provision return on average assets

     

     

    2.05

    %

     

     

    2.03

    %

     

     

    2.27

    %

     

     

    2.06

    %

     

     

    2.35

    %

    Net interest margin, fully taxable equivalent:

     

     

     

     

     

     

     

     

     

     

    Net interest income, fully taxable equivalent

     

    $

    88,754

     

     

    $

    87,684

     

     

    $

    86,525

     

     

    $

    348,967

     

     

    $

    331,524

     

    Total average interest-earning assets

     

     

    8,785,176

     

     

     

    8,961,650

     

     

     

    8,387,877

     

     

     

    8,774,014

     

     

     

    7,677,848

     

    Net interest margin, fully taxable equivalent

     

     

    4.02

    %

     

     

    3.89

    %

     

     

    4.09

    %

     

     

    3.98

    %

     

     

    4.32

    %

    Non-interest income to total revenues:

     

     

     

     

     

     

     

     

     

     

    Non-interest income

     

    $

    16,149

     

     

    $

    14,385

     

     

    $

    14,503

     

     

    $

    58,851

     

     

    $

    56,315

     

    Total revenues

     

     

    104,673

     

     

     

    101,840

     

     

     

    100,788

     

     

     

    406,897

     

     

     

    386,936

     

    Non-interest income to total revenues

     

     

    15.43

    %

     

     

    14.13

    %

     

     

    14.39

    %

     

     

    14.46

    %

     

     

    14.55

    %

    Adjusted non-interest expense to average assets:

     

     

     

     

     

     

     

     

     

     

    Adjusted non-interest expense

     

    $

    57,213

     

     

    $

    53,916

     

     

    $

    50,568

     

     

    $

    217,954

     

     

    $

    197,986

     

    Average total assets

     

     

    9,201,635

     

     

     

    9,373,849

     

     

     

    8,787,636

     

     

     

    9,187,342

     

     

     

    8,048,331

     

    Adjusted non-interest expense to average assets

     

     

    2.47

    %

     

     

    2.29

    %

     

     

    2.28

    %

     

     

    2.37

    %

     

     

    2.46

    %

    Adjusted efficiency ratio:

     

     

     

     

     

     

     

     

     

     

    Adjusted non-interest expense excluding amortization of intangible assets

     

    $

    55,868

     

     

    $

    52,571

     

     

    $

    49,018

     

     

    $

    212,574

     

     

    $

    191,975

     

    Total revenues

     

     

    104,673

     

     

     

    101,840

     

     

     

    100,788

     

     

     

    406,897

     

     

     

    386,936

     

    Adjusted efficiency ratio

     

     

    53.37

    %

     

     

    51.62

    %

     

     

    48.64

    %

     

     

    52.24

    %

     

     

    49.61

    %

    Adjusted return on average assets:

     

     

     

     

     

     

     

     

     

     

    Adjusted net income

     

    $

    30,537

     

     

    $

    30,707

     

     

    $

    31,827

     

     

    $

    121,497

     

     

    $

    116,799

     

    Average total assets

     

     

    9,201,635

     

     

     

    9,373,849

     

     

     

    8,787,636

     

     

     

    9,187,342

     

     

     

    8,048,331

     

    Adjusted return on average assets

     

     

    1.32

    %

     

     

    1.30

    %

     

     

    1.44

    %

     

     

    1.32

    %

     

     

    1.45

    %

    Adjusted return on average stockholders' equity:

     

     

     

     

     

     

     

     

     

     

    Adjusted net income

     

    $

    30,537

     

     

    $

    30,707

     

     

    $

    31,827

     

     

    $

    121,497

     

     

    $

    116,799

     

    Average stockholders' equity

     

     

    1,094,025

     

     

     

    1,059,628

     

     

     

    935,197

     

     

     

    1,040,515

     

     

     

    863,092

     

    Adjusted return on average stockholders' equity

     

     

    11.10

    %

     

     

    11.53

    %

     

     

    13.50

    %

     

     

    11.68

    %

     

     

    13.53

    %

    Tangible common equity to tangible assets:

     

     

     

     

     

     

     

     

     

     

    Tangible common equity

     

    $

    893,399

     

     

    $

    896,869

     

     

    $

    786,673

     

     

    $

    893,399

     

     

    $

    786,673

     

    Tangible assets

     

     

    9,298,431

     

     

     

    9,224,873

     

     

     

    8,678,489

     

     

     

    9,298,431

     

     

     

    8,678,489

     

    Tangible common equity to tangible assets

     

     

    9.61

    %

     

     

    9.72

    %

     

     

    9.06

    %

     

     

    9.61

    %

     

     

    9.06

    %

    Return on average tangible common stockholders' equity:

     

     

     

     

     

     

     

     

     

     

    Tangible net income available to common stockholders

     

    $

    31,335

     

     

    $

    31,314

     

     

    $

    30,742

     

     

    $

    124,733

     

     

    $

    112,286

     

    Average tangible common stockholders' equity

     

     

    895,328

     

     

     

    859,537

     

     

     

    731,006

     

     

     

    839,775

     

     

     

    682,375

     

    Return on average tangible common stockholders' equity

     

     

    13.92

    %

     

     

    14.49

    %

     

     

    16.68

    %

     

     

    14.85

    %

     

     

    16.46

    %

    Adjusted return on average tangible common stockholders' equity:

     

     

     

     

     

     

     

     

     

     

    Adjusted tangible net income available to common stockholders

     

    $

    31,552

     

     

    $

    31,693

     

     

    $

    32,965

     

     

    $

    125,471

     

     

    $

    121,207

     

    Average tangible common stockholders' equity

     

     

    895,328

     

     

     

    859,537

     

     

     

    731,006

     

     

     

    839,775

     

     

     

    682,375

     

    Adjusted return on average tangible common stockholders' equity

     

     

    14.02

    %

     

     

    14.67

    %

     

     

    17.89

    %

     

     

    14.94

    %

     

     

    17.76

    %

    Tangible book value per share:

     

     

     

     

     

     

     

     

     

     

    Tangible common equity

     

    $

    893,399

     

     

    $

    896,869

     

     

    $

    786,673

     

     

    $

    893,399

     

     

    $

    786,673

     

    Common shares outstanding

     

     

    44,459,584

     

     

     

    44,384,706

     

     

     

    43,764,056

     

     

     

    44,459,584

     

     

     

    43,764,056

     

    Tangible book value per share

     

    $

    20.09

     

     

    $

    20.21

     

     

    $

    17.98

     

     

    $

    20.09

     

     

    $

    17.98

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250123256299/en/

    Investors / Media:

    Brooks Rennie

    Investor Relations Director

    312-660-5805

    [email protected]

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      Conference call and webcast to be held on Friday, April 25 Byline Bancorp, Inc. (NYSE:BY) announced today that it will issue its first quarter 2025 financial results after market close on Thursday, April 24, 2025. Byline Bancorp will also host a conference call and webcast at 9:00 a.m. Central Time on Friday, April 25, 2025 to discuss its financial results. Analysts and investors may participate in the question-and-answer session. Conference Call, Replay and Webcast Information: Date: Friday, April 25, 2025 Time: 9:00 a.m. Central Time Telephone Access: 833-470-1428; passcode: 400191 Telephone Replay (available through May 9, 2025): 866-813-9403; passcode: 172708 Webcast Access: A l

      4/4/25 7:00:00 AM ET
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    • Byline Bancorp, Inc. Completes the Merger with First Security Bancorp, Inc.

      Byline Bancorp, Inc. ("Byline") (NYSE:BY), the parent company of Byline Bank, announced today that it has completed its merger with First Security Bancorp, Inc. ("First Security Bancorp") and its wholly owned bank subsidiary, First Security Trust and Savings Bank ("First Security"). As a result of the transaction, effective April 1, 2025, First Security merged with and into Byline Bank. The transaction brings Byline's total assets to approximately $9.8 billion, based on information as of December 31, 2024. Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., stated, "We are pleased to welcome First Security customers, colleagues and stockholders to B

      4/1/25 7:00:00 AM ET
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    • SEC Form 10-Q filed by Byline Bancorp Inc.

      10-Q - BYLINE BANCORP, INC. (0001702750) (Filer)

      5/2/25 4:08:30 PM ET
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    • Byline Bancorp Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - BYLINE BANCORP, INC. (0001702750) (Filer)

      4/24/25 4:15:31 PM ET
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    • SEC Form DEFA14A filed by Byline Bancorp Inc.

      DEFA14A - BYLINE BANCORP, INC. (0001702750) (Filer)

      4/21/25 7:42:43 AM ET
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    Leadership Updates

    Live Leadership Updates

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    • Byline Bancorp, Inc. Appoints Brian F. Doran as General Counsel

      Byline Bancorp, Inc. (NYSE:BY) announced today that Brian F. Doran has joined the Company and Byline Bank as Executive Vice President, General Counsel. Mr. Doran will be responsible for leading the company's overall legal function and corporate governance initiatives while providing operational and strategic support to the organization and its Board of Directors. Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., stated, "Brian is an accomplished executive with an outstanding legal background. The breadth and depth of his expertise will be a great asset to Byline." "We are excited to welcome Brian. He brings a tenure of experience with a proven

      1/21/25 8:05:00 AM ET
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    • Byline Bancorp, Inc. Announces the Appointment of Carlos Ruiz Sacristán to its Board of Directors

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      10/4/23 4:30:00 PM ET
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    • Tassat ® Group Appoints Zain Saidin as Chief Operating Officer

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      2/14/23 9:00:00 AM ET
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