Welcome to our dedicated page for Byline Bancorp news (Ticker: BY), a resource for investors and traders seeking the latest updates and insights on Byline Bancorp stock.
Byline Bancorp, Inc. (symbol: BY) operates as the bank holding company for Byline Bank, which provides a diverse range of banking products and services primarily to small and medium-sized businesses, commercial real estate clients, financial sponsors, and consumers across the United States. The company, headquartered in Chicago, offers an array of deposit accounts including non-interest bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and certificates of deposit.
Byline Bancorp also delivers a wide spectrum of commercial loan products. These include term loans, revolving lines of credit, construction financing, and small business administration loans. In addition, the company provides cash management products, small ticket equipment leasing services through its wholly-owned subsidiary, Byline Financial Group, as well as online, mobile, and direct banking services.
The company operates 56 branch offices situated in the Chicago metropolitan area and one branch office in Brookfield, Wisconsin. Formerly known as Metropolitan Bank Group, Inc., the company rebranded to Byline Bancorp, Inc. in 2015. Byline Bancorp, Inc. was initially incorporated in 1978.
Recent achievements include expanding its product offerings and strengthening its financial condition through strategic initiatives and partnerships. Byline Bancorp continues to innovate and adapt to the evolving financial landscape, ensuring its services remain competitive and relevant.
For more detailed updates on Byline Bancorp's latest news, financial performance, and ongoing projects, please refer to the latest news section below.
Byline Bancorp (NYSE: BY) has announced a new stock repurchase program authorized by its Board of Directors. The program allows for the repurchase of up to 1.25 million shares, representing approximately 2.8% of the company's outstanding common stock. The program will be effective from January 1, 2025 to December 31, 2025.
The shares may be repurchased through open market purchases or private negotiations, including through Rule 10b5-1 plans, subject to market conditions and legal requirements. The company maintains discretion over the timing, number, and price of shares purchased, with no obligation to complete the program.
Byline Bank has achieved dual recognition as a top workplace for 2024, being named among Chicago's Best Workplaces by the Chicago Sun-Times and Best Workplaces in Illinois by the Illinois Society for Human Resource Management. The bank ranked in the top 25 workplaces in Chicago and secured 6th position among large companies.
The recognition process involved a comprehensive two-part evaluation: workplace policies and practices (25% of total evaluation) and employee experience surveys (75%). Dana Rose, Chief Human Resources Officer, emphasized the significance of employee feedback in securing these awards and highlighted the bank's commitment to fostering a collaborative workplace culture.
Byline Bancorp (NYSE: BY) reported Q3 2024 financial results with net income of $30.3 million, or $0.69 diluted earnings per share. Net interest income increased 1.1% to $87.5 million, while non-interest income grew 12.0% to $14.4 million. Total deposits increased by $150.7 million to $7.5 billion. The company maintained strong asset quality with an allowance for credit losses of $98.9 million. The efficiency ratio improved to 52.02%, and the company declared a quarterly cash dividend of $0.09 per share. Notable developments include a definitive merger agreement with First Security Bancorp and a tangible book value per share increase of 7.3% quarter-over-quarter.
Byline Bancorp, Inc. (NYSE: BY) has announced it will release its third quarter 2024 financial results after market close on Thursday, October 24, 2024. The company will host a conference call and webcast on Friday, October 25, 2024, at 9:00 a.m. Central Time to discuss these results. Analysts and investors can participate in the question-and-answer session.
Conference call details:
- Date: Friday, October 25, 2024
- Time: 9:00 a.m. Central Time
- Telephone Access: 833-470-1428; passcode: 097541
- Telephone Replay (available through November 8, 2024): 866-813-9403; passcode: 402924
A live webcast will be available on the News and Events page in the Investor Relations section of Byline Bancorp's website. An archived version will be accessible shortly after the call ends.
Byline Bancorp (NYSE: BY) and First Security Bancorp have announced a definitive merger agreement valued at approximately $41.0 million. The transaction will combine First Security Trust and Savings Bank with Byline Bancorp, strengthening Byline's position as Chicago's largest community bank with assets under $10 billion. Post-merger, Byline will have $7.3 billion in loans, $7.8 billion in deposits, and 45 branches across the Chicago metropolitan area.
The deal terms include 2.1794 Byline shares for each First Security Bancorp share, representing approximately $57.01 per First Security share based on Byline's closing price of $26.16 on September 27, 2024. The merger is expected to close in Q2 2025, subject to regulatory approvals and First Security Bancorp stockholder approval.
Byline Bank has been recognized as one of the 2024-2025 Best Companies to Work For In The Midwest by U.S. News & World Report. This prestigious accolade highlights Byline Bank's commitment to meeting employee needs and creating a positive work environment. The recognition is based on factors such as pay and benefits, work-life balance, job stability, comfort, belongingness, and career opportunities.
Dana Rose, Chief Human Resources Officer at Byline Bank, expressed pride in this achievement, crediting the company's outstanding employees. The U.S. News ratings, which now include 549 companies across various lists, aim to reflect evolving employee sentiments in choosing ideal workplaces. Companies were evaluated based on Glassdoor reviews and data from partners like Revelio Labs, Good Jobs First, and QUODD.
Byline Bancorp (NYSE: BY) reported strong Q2 2024 financial results, with net income of $29.7 million and diluted EPS of $0.68. Key highlights include:
- Net interest income increased 1.2% to $86.5 million
- Tax-equivalent net interest margin of 3.99%
- Non-interest expense decreased 1.1%
- Efficiency ratio of 52.19%
- Total loans and leases grew 6.1% annualized
- Total assets increased 9.5% annualized to $9.6 billion
- Non-performing assets decreased 24.0% to 0.67% of total assets
The company maintained a strong capital position and declared a cash dividend of $0.09 per share. Management expressed satisfaction with the overall performance and progress in becoming Chicago's preeminent commercial bank.
Byline Bancorp (NYSE: BY) will release its second quarter 2024 financial results after market close on July 25, 2024. The company will host a conference call and webcast on July 26, 2024, at 9:00 a.m. Central Time to discuss the results. Investors and analysts can participate in the Q&A session. The live webcast will be available on Byline Bancorp's Investor Relations webpage, and a replay will be accessible until August 9, 2024, using the provided phone number and passcode.
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