Byline Bancorp, Inc. Reports Second Quarter 2024 Financial Results
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) ha riportato forti risultati finanziari per il secondo trimestre del 2024, con un reddito netto di 29,7 milioni di dollari e un utile per azione diluito di 0,68 dollari. I principali punti salienti includono:
- Il reddito di interesse netto è aumentato dell'1,2% a 86,5 milioni di dollari
- Margine di interesse netto equivalente fiscale del 3,99%
- Le spese non di interesse sono diminuite dell'1,1%
- Rapporto di efficienza del 52,19%
- I prestiti e le locazioni totali sono cresciuti del 6,1% su base annualizzata
- Le attività totali sono aumentate del 9,5% su base annualizzata, raggiungendo 9,6 miliardi di dollari
- Le attività non performanti sono diminuite del 24,0% a 0,67% delle attività totali
La società ha mantenuto una solida posizione patrimoniale e ha dichiarato un dividendo in contante di 0,09 dollari per azione. La direzione ha espresso soddisfazione per le performance complessive e per i progressi nell'intento di diventare la principale banca commerciale di Chicago.
Byline Bancorp (NYSE: BY) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un ingreso neto de 29,7 millones de dólares y unas ganancias por acción diluidas de 0,68 dólares. Los aspectos más destacados incluyen:
- Los ingresos por intereses netos aumentaron un 1,2% a 86,5 millones de dólares
- Margen de interés neto equivalente a impuestos del 3,99%
- Los gastos no por intereses disminuyeron un 1,1%
- Razón de eficiencia del 52,19%
- Los préstamos y arrendamientos totales crecieron un 6,1% anualizado
- Los activos totales aumentaron un 9,5% anualizado, alcanzando 9,6 mil millones de dólares
- Los activos no productivos disminuyeron un 24,0% al 0,67% de los activos totales
La compañía mantuvo una sólida posición de capital y declaró un dividendo en efectivo de 0,09 dólares por acción. La dirección expresó su satisfacción con el desempeño general y el progreso en convertirse en el banco comercial preeminente de Chicago.
Byline Bancorp (NYSE: BY)는 2024년 2분기 재무 실적이 강력하다고 보고했습니다. 순이익은 2970만 달러, 희석 주당순이익은 0.68달러입니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 수익이 1.2% 증가하여 8650만 달러에 달했습니다
- 세금 equivalent 순이자 마진 3.99%
- 비이자 비용이 1.1% 감소했습니다
- 효율성 비율 52.19%
- 총 대출 및 리스는 연율 기준으로 6.1% 성장했습니다
- 총 자산은 연율 기준으로 9.5% 증가하여 96억 달러에 도달했습니다
- 부실 자산은 24.0% 감소하여 총 자산의 0.67%를 차지했습니다
회사는 강력한 자본 상태를 유지하고 주당 0.09달러의 현금 배당금을 발표했습니다. 경영진은 전반적인 성과와 시카고의 주요 상업은행으로 발전하는 과정에 대한 만족감을 표명했습니다.
Byline Bancorp (NYSE: BY) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec un revenu net de 29,7 millions de dollars et un BPA dilué de 0,68 dollar. Les points forts incluent :
- Le revenu d'intérêt net a augmenté de 1,2% pour atteindre 86,5 millions de dollars
- Marge d'intérêt net équivalente fiscale de 3,99%
- Les charges non d'intérêts ont diminué de 1,1%
- Ratio d'efficacité de 52,19%
- Les prêts et les baux totaux ont crû de 6,1% en base annualisée
- Les actifs totaux ont augmenté de 9,5% en base annualisée, atteignant 9,6 milliards de dollars
- Les actifs non performants ont diminué de 24,0% à 0,67% des actifs totaux
L'entreprise a maintenu une solide position en capital et a déclaré un dividende en espèces de 0,09 dollar par action. La direction a exprimé sa satisfaction quant à la performance globale et aux progrès réalisés pour devenir la principale banque commerciale de Chicago.
Byline Bancorp (NYSE: BY) berichtete von starken finanziellen Ergebnissen für das zweite Quartal 2024, mit einem Nettogewinn von 29,7 Millionen Dollar und einem verwässerten Ergebnis je Aktie von 0,68 Dollar. Zu den wichtigsten Highlights gehören:
- Die Zinserträge stiegen um 1,2% auf 86,5 Millionen Dollar
- Steueräquivalente Nettozinsspanne von 3,99%
- Die Aufwendungen ohne Zinsen sanken um 1,1%
- Effizienzquote von 52,19%
- Die Gesamtforderungen und -leasings wuchsen um 6,1% annualisiert
- Die Gesamtaktiva stiegen um 9,5% annualisiert auf 9,6 Milliarden Dollar
- Die notleidenden Vermögenswerte sanken um 24,0% auf 0,67% der Gesamtaktiva
Das Unternehmen behielt eine starke Kapitalposition und erklärte eine Bardividende von 0,09 Dollar pro Aktie. Das Management drückte seine Zufriedenheit mit der Gesamtleistung und dem Fortschritt aus, Chicagos führende Geschäftsbank zu werden.
- Net income of $29.7 million, with diluted EPS of $0.68
- Net interest income increased 1.2% to $86.5 million
- Non-interest expense decreased 1.1%
- 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
- Maintained strong capital position with Common Equity Tier 1 ratio of 10.84%
- Net charge-offs increased to $9.5 million (0.56% of average loans and leases)
- Non-interest income decreased 17.0% to $12.8 million
- Efficiency ratio slightly increased to 52.19% from 51.94% in Q1 2024
Insights
Byline Bancorp's Q2 2024 results demonstrate solid performance with some notable strengths and areas of concern. Net income of
The bank's loan portfolio growth of
The efficiency ratio of
A point of concern is the increase in net charge-offs to
Overall, Byline Bancorp shows resilience, but investors should watch for potential headwinds in deposit growth and credit quality in the coming quarters.
Byline Bancorp's Q2 2024 results offer insights into broader banking sector trends. The bank's tax-equivalent net interest margin of
The average cost of total deposits increasing by 7 basis points to
Notably, non-interest-bearing demand deposits decreased to
The bank's strong loan growth amid economic uncertainties suggests resilience in commercial lending, particularly in the Chicago market. This could indicate broader economic strength in the region.
Byline's focus on expense management and branch consolidation (reducing branch footprint by
Net income of
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For the quarter |
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Second Quarter Highlights (compared to 1Q24, unless otherwise specified) |
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2Q24 |
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1Q24 |
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2Q23 |
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Financial Results ($ in thousands) |
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• ROAA of |
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Net interest income |
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$ |
86,526 |
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$ |
85,541 |
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$ |
76,166 |
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Non-interest income |
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12,844 |
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15,473 |
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14,291 |
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• TBV per share of |
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Total Revenue(1) |
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99,370 |
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101,014 |
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90,457 |
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Non-interest expense (NIE) |
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53,210 |
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53,809 |
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49,328 |
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• Named a "Best Company to Work For in the |
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Pre-tax pre-provision net income (PTPP)(1) |
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46,160 |
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47,205 |
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41,129 |
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Midwest" by US News and World Report |
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Provision for credit losses |
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6,045 |
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6,643 |
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5,790 |
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Provision for income taxes |
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10,444 |
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10,122 |
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9,232 |
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• Consolidated two branches, have reduced |
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Net Income |
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$ |
29,671 |
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$ |
30,440 |
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$ |
26,107 |
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branch footprint ~ |
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Per Share |
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Income Statement |
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Diluted EPS |
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$ |
0.68 |
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$ |
0.70 |
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$ |
0.70 |
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• Net interest income of |
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Dividends declared per common share |
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0.09 |
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0.09 |
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0.09 |
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up |
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Book value per share |
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23.38 |
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22.88 |
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21.56 |
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Tangible book value per share(1) |
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18.84 |
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18.29 |
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17.43 |
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• Tax equivalent NIM of |
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Balance Sheet & Credit Quality ($ in thousands) |
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• NIE down |
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Total deposits |
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$ |
7,347,181 |
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$ |
7,350,202 |
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$ |
5,917,092 |
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Total loans and leases |
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6,904,564 |
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6,801,782 |
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5,596,512 |
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• Net gain on sales of loans of |
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Net charge-offs (NCO) |
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9,514 |
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6,211 |
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4,267 |
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up |
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Allowance for credit losses (ACL) |
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99,730 |
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102,366 |
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92,665 |
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ACL to total loans and leases held for investment |
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• Efficiency ratio of |
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Select Ratios (annualized where applicable) |
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Balance Sheet |
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Efficiency ratio(1) |
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• Total loans and leases grew |
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Return on average assets (ROAA) |
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or |
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Return on average stockholders' equity |
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Return on average tangible common equity(1) |
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• Total assets grew |
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Net Interest Margin (NIM) |
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Common equity to total assets |
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• NPAs down |
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Tangible common equity to tangible assets(1) |
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Common Equity Tier 1 |
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• Total deposits of |
(1) |
Represents non-GAAP financial measures. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation to the most directly comparable GAAP financial measure. |
(2) |
Annualized |
| CEO/President Commentary |
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Roberto R. Herencia, Executive Chairman and CEO of Byline Bancorp, commented, "Our second quarter results remained strong, and we are pleased with our overall performance for the first half of the year. Our results continue to show the progress we are making in becoming the preeminent commercial bank in Alberto J. Paracchini, President of Byline Bancorp, added, "We delivered another quarter of strong earnings, profitability, and continue to show discipline in managing expenses. We executed well on our commercial banking strategy driven by solid loan and relationship growth, which is benefiting from the contributions of new banking talent we've added over the past couple of years. I would like to thank all our employees, who again enabled our strong performance, for their dedication and hard work." |
Board Declares Cash Dividend of
On July 23, 2024, the Company's Board of Directors declared a cash dividend of
STATEMENTS OF OPERATIONS HIGHLIGHTS
Net Interest Income
Net interest income for the second quarter of 2024 was
Tax-equivalent net interest margin(1) for the second quarter of 2024 was
The average cost of total deposits was
Provision for Credit Losses
The provision for credit losses was
Non-interest Income
Non-interest income for the second quarter of 2024 was
Net gains on sales of loans were
Non-interest Expense
Non-interest expense for the second quarter of 2024 was
Our efficiency ratio was
Income Taxes
We recorded income tax expense of
(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. |
STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS
Assets
Total assets were
Asset and Credit Quality
The ACL was
Non-performing assets were
Deposits and Other Liabilities
Total deposits decreased
Total borrowings and other liabilities were
Stockholders’ Equity
Total stockholders’ equity was
(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, July 26, 2024, 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 298462. A recorded replay can be accessed through August 9, 2024, by dialing (866) 813-9403; passcode: 804686.
A slide presentation relating to our second 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
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the
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 |
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) |
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June 30, |
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March 31, |
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June 30, |
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(dollars in thousands) |
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2024 |
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2024 |
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2023 |
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ASSETS |
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Cash and due from banks |
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$ |
68,251 |
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$ |
58,640 |
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$ |
59,564 |
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Interest bearing deposits with other banks |
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662,206 |
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578,197 |
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260,621 |
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Cash and cash equivalents |
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730,457 |
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636,837 |
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320,185 |
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Equity and other securities, at fair value |
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8,745 |
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9,135 |
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18,473 |
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Securities available-for-sale, at fair value |
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1,386,827 |
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1,379,147 |
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1,125,700 |
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Securities held-to-maturity, at amortized cost |
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606 |
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1,156 |
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2,158 |
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Restricted stock, at cost |
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31,775 |
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22,793 |
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24,377 |
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Loans held for sale |
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13,360 |
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23,568 |
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25,995 |
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Loans and leases: |
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Loans and leases |
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6,891,204 |
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6,778,214 |
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5,570,517 |
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Allowance for credit losses - loans and leases |
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(99,730 |
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(102,366 |
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(92,665 |
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Net loans and leases |
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6,791,474 |
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6,675,848 |
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5,477,852 |
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Servicing assets, at fair value |
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19,617 |
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20,992 |
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21,715 |
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Premises and equipment, net |
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63,919 |
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64,466 |
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56,304 |
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Goodwill and other intangible assets, net |
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200,788 |
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202,133 |
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155,977 |
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Bank-owned life insurance |
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98,519 |
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97,748 |
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83,222 |
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Deferred tax assets, net |
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48,888 |
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53,029 |
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66,895 |
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Accrued interest receivable and other assets |
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238,840 |
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223,651 |
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196,837 |
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Total assets |
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$ |
9,633,815 |
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$ |
9,410,503 |
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$ |
7,575,690 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES |
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Non-interest-bearing demand deposits |
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$ |
1,762,891 |
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$ |
1,851,727 |
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$ |
1,793,749 |
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Interest-bearing deposits |
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5,584,290 |
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5,498,475 |
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4,123,343 |
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Total deposits |
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7,347,181 |
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7,350,202 |
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5,917,092 |
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Other borrowings |
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918,738 |
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721,173 |
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574,922 |
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Subordinated notes, net |
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73,953 |
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73,909 |
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73,778 |
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Junior subordinated debentures issued to capital trusts, net |
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70,675 |
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70,567 |
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37,557 |
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Accrued interest payable and other liabilities |
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190,254 |
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185,603 |
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158,399 |
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Total liabilities |
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8,600,801 |
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8,401,454 |
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6,761,748 |
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STOCKHOLDERS’ EQUITY |
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Common stock |
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452 |
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452 |
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391 |
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Additional paid-in capital |
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710,792 |
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708,844 |
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599,718 |
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Retained earnings |
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481,232 |
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455,532 |
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379,078 |
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Treasury stock |
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(47,993 |
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(48,869 |
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(50,383 |
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Accumulated other comprehensive loss, net of tax |
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(111,469 |
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(106,910 |
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(114,862 |
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Total stockholders’ equity |
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1,033,014 |
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1,009,049 |
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813,942 |
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Total liabilities and stockholders’ equity |
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$ |
9,633,815 |
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$ |
9,410,503 |
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$ |
7,575,690 |
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BYLINE BANCORP, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
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Three Months Ended |
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June 30, |
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March 31, |
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June 30, |
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(dollars in thousands, except per share data) |
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2024 |
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2024 |
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2023 |
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INTEREST AND DIVIDEND INCOME |
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Interest and fees on loans and leases |
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$ |
126,523 |
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$ |
123,792 |
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$ |
99,134 |
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Interest on securities |
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10,514 |
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9,734 |
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6,559 |
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Other interest and dividend income |
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4,532 |
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4,795 |
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1,579 |
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Total interest and dividend income |
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141,569 |
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138,321 |
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107,272 |
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INTEREST EXPENSE |
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Deposits |
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47,603 |
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45,962 |
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24,723 |
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Other borrowings |
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4,460 |
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3,824 |
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4,241 |
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Subordinated notes and debentures |
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2,980 |
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2,994 |
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2,142 |
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Total interest expense |
|
|
55,043 |
|
|
|
52,780 |
|
|
|
31,106 |
|
Net interest income |
|
|
86,526 |
|
|
|
85,541 |
|
|
|
76,166 |
|
PROVISION FOR CREDIT LOSSES |
|
|
6,045 |
|
|
|
6,643 |
|
|
|
5,790 |
|
Net interest income after provision for credit losses |
|
|
80,481 |
|
|
|
78,898 |
|
|
|
70,376 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||
Fees and service charges on deposits |
|
|
2,548 |
|
|
|
2,427 |
|
|
|
2,233 |
|
Loan servicing revenue |
|
|
3,216 |
|
|
|
3,364 |
|
|
|
3,377 |
|
Loan servicing asset revaluation |
|
|
(2,468 |
) |
|
|
(703 |
) |
|
|
(865 |
) |
ATM and interchange fees |
|
|
1,163 |
|
|
|
1,075 |
|
|
|
1,112 |
|
Change in fair value of equity securities, net |
|
|
(390 |
) |
|
|
392 |
|
|
|
193 |
|
Net gains on sales of loans |
|
|
6,036 |
|
|
|
5,533 |
|
|
|
5,704 |
|
Wealth management and trust income |
|
|
942 |
|
|
|
1,157 |
|
|
|
1,039 |
|
Other non-interest income |
|
|
1,797 |
|
|
|
2,228 |
|
|
|
1,498 |
|
Total non-interest income |
|
|
12,844 |
|
|
|
15,473 |
|
|
|
14,291 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits |
|
|
33,911 |
|
|
|
33,953 |
|
|
|
29,642 |
|
Occupancy and equipment expense, net |
|
|
4,639 |
|
|
|
5,284 |
|
|
|
4,404 |
|
Loan and lease related expenses |
|
|
741 |
|
|
|
685 |
|
|
|
488 |
|
Legal, audit, and other professional fees |
|
|
3,708 |
|
|
|
2,719 |
|
|
|
3,675 |
|
Data processing |
|
|
4,036 |
|
|
|
4,145 |
|
|
|
4,272 |
|
Net (gain) loss recognized on other real estate owned and other related expenses |
|
|
(62 |
) |
|
|
(98 |
) |
|
|
288 |
|
Other intangible assets amortization expense |
|
|
1,345 |
|
|
|
1,345 |
|
|
|
1,455 |
|
Other non-interest expense |
|
|
4,892 |
|
|
|
5,776 |
|
|
|
5,104 |
|
Total non-interest expense |
|
|
53,210 |
|
|
|
53,809 |
|
|
|
49,328 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
40,115 |
|
|
|
40,562 |
|
|
|
35,339 |
|
PROVISION FOR INCOME TAXES |
|
|
10,444 |
|
|
|
10,122 |
|
|
|
9,232 |
|
NET INCOME |
|
$ |
29,671 |
|
|
$ |
30,440 |
|
|
$ |
26,107 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|||
Basic |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Diluted |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES |
|||||||||||
SELECTED FINANCIAL DATA (unaudited) |
|||||||||||
|
|||||||||||
|
As of or For the Three Months Ended |
|
|||||||||
(dollars in thousands, except share |
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|||
and per share data) |
2024 |
|
|
2024 |
|
|
2023 |
|
|||
Earnings per Common Share |
|
|
|
|
|
|
|
|
|||
Basic earnings per common share |
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Diluted earnings per common share |
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Adjusted diluted earnings per common share(1)(3) |
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.73 |
|
Weighted average common shares outstanding (basic) |
|
43,361,516 |
|
|
|
43,258,087 |
|
|
|
37,034,626 |
|
Weighted average common shares outstanding (diluted) |
|
43,741,840 |
|
|
|
43,727,344 |
|
|
|
37,337,906 |
|
Common shares outstanding |
|
44,180,829 |
|
|
|
44,108,387 |
|
|
|
37,752,002 |
|
Cash dividends per common share |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
Dividend payout ratio on common stock |
|
13.24 |
% |
|
|
12.86 |
% |
|
|
12.86 |
% |
Book value per common share |
$ |
23.38 |
|
|
$ |
22.88 |
|
|
$ |
21.56 |
|
Tangible book value per common share(1) |
$ |
18.84 |
|
|
$ |
18.29 |
|
|
$ |
17.43 |
|
Key Ratios and Performance Metrics
|
|
|
|
|
|
|
|
|
|||
Net interest margin |
|
3.98 |
% |
|
|
4.00 |
% |
|
|
4.32 |
% |
Net interest margin, fully taxable equivalent (1)(4) |
|
3.99 |
% |
|
|
4.01 |
% |
|
|
4.33 |
% |
Average cost of deposits |
|
2.63 |
% |
|
|
2.56 |
% |
|
|
1.70 |
% |
Efficiency ratio(1)(2) |
|
52.19 |
% |
|
|
51.94 |
% |
|
|
52.92 |
% |
Adjusted efficiency ratio(1)(2)(3) |
|
52.19 |
% |
|
|
51.75 |
% |
|
|
51.39 |
% |
Non-interest income to total revenues(1) |
|
12.93 |
% |
|
|
15.32 |
% |
|
|
15.80 |
% |
Non-interest expense to average assets |
|
2.34 |
% |
|
|
2.40 |
% |
|
|
2.67 |
% |
Adjusted non-interest expense to average assets(1)(3) |
|
2.34 |
% |
|
|
2.39 |
% |
|
|
2.60 |
% |
Return on average stockholders' equity |
|
11.83 |
% |
|
|
12.26 |
% |
|
|
12.99 |
% |
Adjusted return on average stockholders' equity(1)(3) |
|
11.83 |
% |
|
|
12.31 |
% |
|
|
13.56 |
% |
Return on average assets |
|
1.31 |
% |
|
|
1.36 |
% |
|
|
1.41 |
% |
Adjusted return on average assets(1)(3) |
|
1.31 |
% |
|
|
1.36 |
% |
|
|
1.48 |
% |
Pre-tax pre-provision return on average assets(1) |
|
2.03 |
% |
|
|
2.10 |
% |
|
|
2.23 |
% |
Adjusted pre-tax pre-provision return on average assets(1)(3) |
|
2.03 |
% |
|
|
2.11 |
% |
|
|
2.30 |
% |
Return on average tangible common stockholders' equity(1) |
|
15.27 |
% |
|
|
15.88 |
% |
|
|
16.78 |
% |
Adjusted return on average tangible common
|
|
15.27 |
% |
|
|
15.95 |
% |
|
|
17.50 |
% |
Non-interest-bearing deposits to total deposits |
|
23.99 |
% |
|
|
25.19 |
% |
|
|
30.31 |
% |
Loans and leases held for sale and loans and lease
|
|
93.98 |
% |
|
|
92.54 |
% |
|
|
94.58 |
% |
Deposits to total liabilities |
|
85.42 |
% |
|
|
87.49 |
% |
|
|
87.51 |
% |
Deposits per branch |
$ |
159,721 |
|
|
$ |
153,129 |
|
|
$ |
155,713 |
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|||
Non-performing loans and leases to total loans and leases
|
|
0.93 |
% |
|
|
1.00 |
% |
|
|
0.69 |
% |
Total non-performing assets as a percentage
|
|
0.67 |
% |
|
|
0.73 |
% |
|
|
0.54 |
% |
ACL to total loans and leases held for investment, net before ACL |
|
1.45 |
% |
|
|
1.51 |
% |
|
|
1.66 |
% |
Net charge-offs (annualized) to average total loans and leases held for
|
|
0.56 |
% |
|
|
0.37 |
% |
|
|
0.31 |
% |
Capital Ratios |
|
|
|
|
|
|
|
|
|||
Common equity to total assets |
|
10.72 |
% |
|
|
10.72 |
% |
|
|
10.74 |
% |
Tangible common equity to tangible assets(1) |
|
8.82 |
% |
|
|
8.76 |
% |
|
|
8.87 |
% |
Leverage ratio |
|
11.08 |
% |
|
|
10.91 |
% |
|
|
10.74 |
% |
Common equity tier 1 capital ratio |
|
10.84 |
% |
|
|
10.59 |
% |
|
|
10.58 |
% |
Tier 1 capital ratio |
|
11.86 |
% |
|
|
11.62 |
% |
|
|
11.22 |
% |
Total capital ratio |
|
13.86 |
% |
|
|
13.66 |
% |
|
|
13.52 |
% |
(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 |
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 |
|
|||||||||||||||||||||||||||||||||
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|||||||||||||||||||||||||||
(dollars in thousands) |
Average
|
|
|
Interest
|
|
|
Avg.
|
|
|
Average
|
|
|
Interest
|
|
|
Avg.
|
|
|
Average
|
|
|
Interest
|
|
|
Avg.
|
|
|||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents |
$ |
305,873 |
|
|
$ |
3,315 |
|
|
|
4.36 |
% |
|
$ |
339,449 |
|
|
$ |
3,828 |
|
|
|
4.54 |
% |
|
$ |
135,003 |
|
|
$ |
1,041 |
|
|
|
3.09 |
% |
Loans and leases(1) |
|
6,807,934 |
|
|
|
126,523 |
|
|
|
7.47 |
% |
|
|
6,681,488 |
|
|
|
123,792 |
|
|
|
7.45 |
% |
|
|
5,535,593 |
|
|
|
99,134 |
|
|
|
7.18 |
% |
Taxable securities |
|
1,473,000 |
|
|
|
10,869 |
|
|
|
2.97 |
% |
|
|
1,422,661 |
|
|
|
9,822 |
|
|
|
2.78 |
% |
|
|
1,250,780 |
|
|
|
6,324 |
|
|
|
2.03 |
% |
Tax-exempt securities(2) |
|
156,655 |
|
|
|
1,091 |
|
|
|
2.80 |
% |
|
|
159,984 |
|
|
|
1,112 |
|
|
|
2.80 |
% |
|
|
151,205 |
|
|
|
980 |
|
|
|
2.60 |
% |
Total interest-earning assets |
$ |
8,743,462 |
|
|
$ |
141,798 |
|
|
|
6.52 |
% |
|
$ |
8,603,582 |
|
|
$ |
138,554 |
|
|
|
6.48 |
% |
|
$ |
7,072,581 |
|
|
$ |
107,479 |
|
|
|
6.10 |
% |
Allowance for credit losses - loans and leases |
|
(103,266 |
) |
|
|
|
|
|
|
|
|
(102,256 |
) |
|
|
|
|
|
|
|
|
(92,804 |
) |
|
|
|
|
|
|
||||||
All other assets |
|
500,540 |
|
|
|
|
|
|
|
|
|
529,615 |
|
|
|
|
|
|
|
|
|
424,122 |
|
|
|
|
|
|
|
||||||
TOTAL ASSETS |
$ |
9,140,736 |
|
|
|
|
|
|
|
|
$ |
9,030,941 |
|
|
|
|
|
|
|
|
$ |
7,403,899 |
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest checking |
$ |
717,513 |
|
|
$ |
4,096 |
|
|
|
2.30 |
% |
|
$ |
590,406 |
|
|
$ |
2,429 |
|
|
|
1.65 |
% |
|
$ |
541,036 |
|
|
$ |
2,175 |
|
|
|
1.61 |
% |
Money market accounts |
|
2,270,231 |
|
|
|
19,978 |
|
|
|
3.54 |
% |
|
|
2,237,324 |
|
|
|
19,660 |
|
|
|
3.53 |
% |
|
|
1,534,463 |
|
|
|
10,799 |
|
|
|
2.82 |
% |
Savings |
|
514,192 |
|
|
|
194 |
|
|
|
0.15 |
% |
|
|
531,912 |
|
|
|
197 |
|
|
|
0.15 |
% |
|
|
575,254 |
|
|
|
220 |
|
|
|
0.15 |
% |
Time deposits |
|
1,951,448 |
|
|
|
23,335 |
|
|
|
4.81 |
% |
|
|
1,992,357 |
|
|
|
23,676 |
|
|
|
4.78 |
% |
|
|
1,328,679 |
|
|
|
11,529 |
|
|
|
3.48 |
% |
Total interest-bearing deposits |
|
5,453,384 |
|
|
|
47,603 |
|
|
|
3.51 |
% |
|
|
5,351,999 |
|
|
|
45,962 |
|
|
|
3.45 |
% |
|
|
3,979,432 |
|
|
|
24,723 |
|
|
|
2.49 |
% |
Other borrowings |
|
521,545 |
|
|
|
4,439 |
|
|
|
3.42 |
% |
|
|
472,644 |
|
|
|
3,824 |
|
|
|
3.25 |
% |
|
|
509,419 |
|
|
|
4,241 |
|
|
|
3.34 |
% |
Federal funds purchased |
|
1,401 |
|
|
|
21 |
|
|
|
6.05 |
% |
|
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
Subordinated notes and debentures |
|
144,548 |
|
|
|
2,980 |
|
|
|
8.29 |
% |
|
|
144,387 |
|
|
|
2,994 |
|
|
|
8.34 |
% |
|
|
111,255 |
|
|
|
2,142 |
|
|
|
7.72 |
% |
Total borrowings |
|
667,494 |
|
|
|
7,440 |
|
|
|
4.48 |
% |
|
|
617,031 |
|
|
|
6,818 |
|
|
|
4.44 |
% |
|
|
620,674 |
|
|
|
6,383 |
|
|
|
4.12 |
% |
Total interest-bearing liabilities |
$ |
6,120,878 |
|
|
$ |
55,043 |
|
|
|
3.62 |
% |
|
$ |
5,969,030 |
|
|
$ |
52,780 |
|
|
|
3.56 |
% |
|
$ |
4,600,106 |
|
|
$ |
31,106 |
|
|
|
2.71 |
% |
Non-interest-bearing demand deposits |
|
1,817,133 |
|
|
|
|
|
|
|
|
|
1,874,322 |
|
|
|
|
|
|
|
|
|
1,848,538 |
|
|
|
|
|
|
|
||||||
Other liabilities |
|
193,923 |
|
|
|
|
|
|
|
|
|
188,783 |
|
|
|
|
|
|
|
|
|
148,983 |
|
|
|
|
|
|
|
||||||
Total stockholders’ equity |
|
1,008,802 |
|
|
|
|
|
|
|
|
|
998,806 |
|
|
|
|
|
|
|
|
|
806,272 |
|
|
|
|
|
|
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
9,140,736 |
|
|
|
|
|
|
|
|
$ |
9,030,941 |
|
|
|
|
|
|
|
|
$ |
7,403,899 |
|
|
|
|
|
|
|
||||||
Net interest spread(3) |
|
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
3.39 |
% |
||||||
Net interest income, fully taxable equivalent |
|
|
|
$ |
86,755 |
|
|
|
|
|
|
|
|
$ |
85,774 |
|
|
|
|
|
|
|
|
$ |
76,373 |
|
|
|
|
||||||
Net interest margin, fully taxable equivalent(2)(4) |
|
|
|
|
|
|
|
3.99 |
% |
|
|
|
|
|
|
|
|
4.01 |
% |
|
|
|
|
|
|
|
|
4.33 |
% |
||||||
Less: Tax-equivalent adjustment |
|
|
|
|
229 |
|
|
|
0.01 |
% |
|
|
|
|
|
233 |
|
|
|
0.01 |
% |
|
|
|
|
|
207 |
|
|
|
0.01 |
% |
|||
Net interest income |
|
|
|
$ |
86,526 |
|
|
|
|
|
|
|
|
$ |
85,541 |
|
|
|
|
|
|
|
|
$ |
76,166 |
|
|
|
|
||||||
Net interest margin(4) |
|
|
|
|
|
|
|
3.98 |
% |
|
|
|
|
|
|
|
|
4.00 |
% |
|
|
|
|
|
|
|
|
4.32 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loan accretion impact on margin |
|
|
|
$ |
3,656 |
|
|
|
0.17 |
% |
|
|
|
|
$ |
4,284 |
|
|
|
0.20 |
% |
|
|
|
|
$ |
611 |
|
|
|
0.03 |
% |
|||
(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 |
(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 |
||||||||||||||||||||||||
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: |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|||||||||||||||
(dollars in thousands) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
||||||
Originated loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
$ |
1,924,797 |
|
|
|
27.9 |
% |
|
$ |
1,879,149 |
|
|
|
27.7 |
% |
|
$ |
1,806,531 |
|
|
|
32.4 |
% |
Residential real estate |
|
|
498,578 |
|
|
|
7.2 |
% |
|
|
488,887 |
|
|
|
7.2 |
% |
|
|
453,880 |
|
|
|
8.1 |
% |
Construction, land development, and other land |
|
|
445,919 |
|
|
|
6.5 |
% |
|
|
416,996 |
|
|
|
6.2 |
% |
|
|
387,623 |
|
|
|
7.0 |
% |
Commercial and industrial |
|
|
2,493,229 |
|
|
|
36.2 |
% |
|
|
2,420,952 |
|
|
|
35.7 |
% |
|
|
2,086,274 |
|
|
|
37.5 |
% |
Installment and other |
|
|
2,576 |
|
|
|
0.0 |
% |
|
|
2,855 |
|
|
|
0.0 |
% |
|
|
3,582 |
|
|
|
0.1 |
% |
Leasing financing receivables |
|
|
710,784 |
|
|
|
10.3 |
% |
|
|
691,617 |
|
|
|
10.2 |
% |
|
|
604,437 |
|
|
|
10.9 |
% |
Total originated loans and leases |
|
$ |
6,075,883 |
|
|
|
88.1 |
% |
|
$ |
5,900,456 |
|
|
|
87.0 |
% |
|
$ |
5,342,327 |
|
|
|
95.9 |
% |
Purchased credit deteriorated loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
$ |
114,053 |
|
|
|
1.7 |
% |
|
$ |
117,460 |
|
|
|
1.7 |
% |
|
$ |
30,724 |
|
|
|
0.6 |
% |
Residential real estate |
|
|
40,728 |
|
|
|
0.6 |
% |
|
|
39,535 |
|
|
|
0.6 |
% |
|
|
26,012 |
|
|
|
0.5 |
% |
Construction, land development, and other land |
|
|
9 |
|
|
|
0.0 |
% |
|
|
26,418 |
|
|
|
0.4 |
% |
|
|
320 |
|
|
|
0.0 |
% |
Commercial and industrial |
|
|
17,796 |
|
|
|
0.3 |
% |
|
|
18,100 |
|
|
|
0.3 |
% |
|
|
1,726 |
|
|
|
0.0 |
% |
Installment and other |
|
|
116 |
|
|
|
0.0 |
% |
|
|
118 |
|
|
|
0.0 |
% |
|
|
129 |
|
|
|
0.0 |
% |
Total purchased credit deteriorated loans |
|
$ |
172,702 |
|
|
|
2.6 |
% |
|
$ |
201,631 |
|
|
|
3.0 |
% |
|
$ |
58,911 |
|
|
|
1.1 |
% |
Acquired non-credit-deteriorated loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
$ |
254,858 |
|
|
|
3.7 |
% |
|
$ |
271,720 |
|
|
|
4.0 |
% |
|
$ |
126,191 |
|
|
|
2.3 |
% |
Residential real estate |
|
|
188,489 |
|
|
|
2.7 |
% |
|
|
204,589 |
|
|
|
3.0 |
% |
|
|
25,055 |
|
|
|
0.4 |
% |
Construction, land development, and other land |
|
|
84,849 |
|
|
|
1.2 |
% |
|
|
85,553 |
|
|
|
1.3 |
% |
|
|
— |
|
|
|
0.0 |
% |
Commercial and industrial |
|
|
113,997 |
|
|
|
1.7 |
% |
|
|
113,673 |
|
|
|
1.7 |
% |
|
|
16,750 |
|
|
|
0.3 |
% |
Installment and other |
|
|
153 |
|
|
|
0.0 |
% |
|
|
166 |
|
|
|
0.0 |
% |
|
|
25 |
|
|
|
0.0 |
% |
Leasing financing receivables |
|
|
273 |
|
|
|
0.0 |
% |
|
|
426 |
|
|
|
0.0 |
% |
|
|
1,258 |
|
|
|
0.0 |
% |
Total acquired non-credit-deteriorated loans and leases |
|
$ |
642,619 |
|
|
|
9.3 |
% |
|
$ |
676,127 |
|
|
|
10.0 |
% |
|
$ |
169,279 |
|
|
|
3.0 |
% |
Total loans and leases |
|
$ |
6,891,204 |
|
|
|
100.0 |
% |
|
$ |
6,778,214 |
|
|
|
100.0 |
% |
|
$ |
5,570,517 |
|
|
|
100.0 |
% |
Allowance for credit losses - loans and leases |
|
|
(99,730 |
) |
|
|
|
|
|
(102,366 |
) |
|
|
|
|
|
(92,665 |
) |
|
|
|
|||
Total loans and leases, net of allowance for credit losses - loans and leases |
|
$ |
6,791,474 |
|
|
|
|
|
$ |
6,675,848 |
|
|
|
|
|
$ |
5,477,852 |
|
|
|
|
|||
The following table presents the balance and activity within the allowance for credit losses - loans and lease for the periods indicated: |
||||||||||||
|
||||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|||
(dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
ACL - loans and leases, beginning of period |
|
$ |
102,366 |
|
|
$ |
101,686 |
|
|
$ |
90,465 |
|
Provision for credit losses - loans and leases |
|
|
6,878 |
|
|
|
6,891 |
|
|
|
6,467 |
|
Net charge-offs - loans and leases |
|
|
(9,514 |
) |
|
|
(6,211 |
) |
|
|
(4,267 |
) |
ACL - loans and leases, end of period |
|
$ |
99,730 |
|
|
$ |
102,366 |
|
|
$ |
92,665 |
|
Net charge-offs - loans and leases to average total loans and leases held for investment, net before ACL |
|
|
0.56 |
% |
|
|
0.37 |
% |
|
|
0.31 |
% |
Provision for credit losses - loans and leases to net charge-offs - loans and leases during the period |
|
|
0.72 |
x |
|
|
1.11 |
x |
|
|
1.52 |
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: |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Change from |
|
||||||||
(dollars in thousands) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|||||
Non-performing assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-accrual loans and leases |
|
$ |
63,808 |
|
|
$ |
67,899 |
|
|
$ |
38,273 |
|
|
|
(6.0 |
)% |
|
|
66.7 |
% |
Past due loans and leases 90 days or more and still accruing interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
||
Total non-performing loans and leases |
|
$ |
63,808 |
|
|
$ |
67,899 |
|
|
$ |
38,273 |
|
|
|
(6.0 |
)% |
|
|
66.7 |
% |
Other real estate owned |
|
|
780 |
|
|
|
785 |
|
|
|
2,265 |
|
|
|
(0.6 |
)% |
|
|
(65.6 |
)% |
Total non-performing assets |
|
$ |
64,588 |
|
|
$ |
68,684 |
|
|
$ |
40,538 |
|
|
|
(6.0 |
)% |
|
|
59.3 |
% |
Total non-performing loans and leases as a percentage of total loans and leases |
|
|
0.93 |
% |
|
|
1.00 |
% |
|
|
0.69 |
% |
|
|
|
|
|
|
||
Total non-performing assets as a percentage of total assets |
|
|
0.67 |
% |
|
|
0.73 |
% |
|
|
0.54 |
% |
|
|
|
|
|
|
||
Allowance for credit losses - loans and lease as a percentage of non-performing loans and leases |
|
|
156.30 |
% |
|
|
150.76 |
% |
|
|
242.11 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing assets guaranteed by
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-accrual loans guaranteed |
|
$ |
6,616 |
|
|
$ |
7,138 |
|
|
$ |
2,472 |
|
|
|
(7.3 |
)% |
|
|
167.6 |
% |
Past due loans 90 days or more and still accruing interest guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
||
Total non-performing loans guaranteed |
|
$ |
6,616 |
|
|
$ |
7,138 |
|
|
$ |
2,472 |
|
|
|
(7.3 |
)% |
|
|
167.6 |
% |
Total non-performing loans and leases not guaranteed as a percentage of total loans and leases |
|
|
0.83 |
% |
|
|
0.90 |
% |
|
|
0.64 |
% |
|
|
|
|
|
|
||
Total non-performing assets not guaranteed as a percentage of total assets |
|
|
0.60 |
% |
|
|
0.65 |
% |
|
|
0.50 |
% |
|
|
|
|
|
|
||
The following table presents the composition of deposits at the dates indicated: |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Change from |
|
||||||||
(dollars in thousands) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|||||
Non-interest-bearing demand deposits |
|
$ |
1,762,891 |
|
|
$ |
1,851,727 |
|
|
$ |
1,793,749 |
|
|
|
(4.8 |
)% |
|
|
(1.7 |
)% |
Interest-bearing checking accounts |
|
|
717,229 |
|
|
|
687,142 |
|
|
|
530,775 |
|
|
|
4.4 |
% |
|
|
35.1 |
% |
Money market demand accounts |
|
|
2,323,245 |
|
|
|
2,263,819 |
|
|
|
1,600,043 |
|
|
|
2.6 |
% |
|
|
45.2 |
% |
Other savings |
|
|
503,935 |
|
|
|
524,890 |
|
|
|
562,706 |
|
|
|
(4.0 |
)% |
|
|
(10.4 |
)% |
Time deposits (below |
|
|
1,610,308 |
|
|
|
1,594,290 |
|
|
|
1,214,717 |
|
|
|
1.0 |
% |
|
|
32.6 |
% |
Time deposits ( |
|
|
429,573 |
|
|
|
428,334 |
|
|
|
215,102 |
|
|
|
0.3 |
% |
|
|
99.7 |
% |
Total deposits |
|
$ |
7,347,181 |
|
|
$ |
7,350,202 |
|
|
$ |
5,917,092 |
|
|
|
(0.0 |
)% |
|
|
24.2 |
% |
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
|
|
As of or For the Three Months Ended |
|
|||||||||
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|||
(dollars in thousands, except per share data) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
Net income and earnings per share excluding significant items: |
|
|
|
|
|
|
|
|
|
|||
Reported Net Income |
|
$ |
29,671 |
|
|
$ |
30,440 |
|
|
$ |
26,107 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|||
Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Tax benefit |
|
|
— |
|
|
|
(52 |
) |
|
|
(230 |
) |
Adjusted Net Income |
|
$ |
29,671 |
|
|
$ |
30,582 |
|
|
$ |
27,268 |
|
Reported Diluted Earnings per Share |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|||
Impairment charges on ROU assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
Tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
Adjusted Diluted Earnings per Share |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.73 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) |
||||||||||||
|
||||||||||||
|
|
As of or For the Three Months Ended |
|
|||||||||
(dollars in thousands, except per share data, |
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|||
ratios annualized, where applicable) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
Adjusted non-interest expense: |
|
|
|
|
|
|
|
|
|
|||
Non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,809 |
|
|
$ |
49,328 |
|
Less: Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Less: Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Adjusted non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,615 |
|
|
$ |
47,937 |
|
Adjusted non-interest expense excluding
|
|
|
|
|
|
|
|
|
|
|||
Adjusted non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,615 |
|
|
$ |
47,937 |
|
Less: Amortization of intangible assets |
|
|
1,345 |
|
|
|
1,345 |
|
|
|
1,455 |
|
Adjusted non-interest expense excluding
|
|
$ |
51,865 |
|
|
$ |
52,270 |
|
|
$ |
46,482 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|||
Pre-tax income |
|
$ |
40,115 |
|
|
$ |
40,562 |
|
|
$ |
35,339 |
|
Add: Provision for credit losses |
|
|
6,045 |
|
|
|
6,643 |
|
|
|
5,790 |
|
Pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,205 |
|
|
$ |
41,129 |
|
Adjusted pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|||
Pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,205 |
|
|
$ |
41,129 |
|
Add: Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Add: Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Adjusted pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,399 |
|
|
$ |
42,520 |
|
Tax equivalent net interest income: |
|
|
|
|
|
|
|
|
|
|||
Net interest income |
|
$ |
86,526 |
|
|
$ |
85,541 |
|
|
$ |
76,166 |
|
Add: Tax-equivalent adjustment |
|
|
229 |
|
|
|
233 |
|
|
|
207 |
|
Net interest income, fully taxable equivalent |
|
$ |
86,755 |
|
|
$ |
85,774 |
|
|
$ |
76,373 |
|
Total revenue: |
|
|
|
|
|
|
|
|
|
|||
Net interest income |
|
$ |
86,526 |
|
|
$ |
85,541 |
|
|
$ |
76,166 |
|
Add: Non-interest income |
|
|
12,844 |
|
|
|
15,473 |
|
|
|
14,291 |
|
Total revenue |
|
$ |
99,370 |
|
|
$ |
101,014 |
|
|
$ |
90,457 |
|
Tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|||
Total stockholders' equity |
|
$ |
1,033,014 |
|
|
$ |
1,009,049 |
|
|
$ |
813,942 |
|
Less: Goodwill and other intangibles |
|
|
200,788 |
|
|
|
202,133 |
|
|
|
155,977 |
|
Tangible common stockholders' equity |
|
$ |
832,226 |
|
|
$ |
806,916 |
|
|
$ |
657,965 |
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
|||
Total assets |
|
$ |
9,633,815 |
|
|
$ |
9,410,503 |
|
|
$ |
7,575,690 |
|
Less: Goodwill and other intangibles |
|
|
200,788 |
|
|
|
202,133 |
|
|
|
155,977 |
|
Tangible assets |
|
$ |
9,433,027 |
|
|
$ |
9,208,370 |
|
|
$ |
7,419,713 |
|
Average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|||
Average total stockholders' equity |
|
$ |
1,008,802 |
|
|
$ |
998,806 |
|
|
$ |
806,272 |
|
Less: Average goodwill and other intangibles |
|
|
201,428 |
|
|
|
202,773 |
|
|
|
156,766 |
|
Average tangible common stockholders' equity |
|
$ |
807,374 |
|
|
$ |
796,033 |
|
|
$ |
649,506 |
|
Average tangible assets: |
|
|
|
|
|
|
|
|
|
|||
Average total assets |
|
$ |
9,140,736 |
|
|
$ |
9,030,941 |
|
|
$ |
7,403,899 |
|
Less: Average goodwill and other intangibles |
|
|
201,428 |
|
|
|
202,773 |
|
|
|
156,766 |
|
Average tangible assets |
|
$ |
8,939,308 |
|
|
$ |
8,828,168 |
|
|
$ |
7,247,133 |
|
Tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|||
Net income available to common stockholders |
|
$ |
29,671 |
|
|
$ |
30,440 |
|
|
$ |
26,107 |
|
Add: After-tax intangible asset amortization |
|
|
987 |
|
|
|
986 |
|
|
|
1,067 |
|
Tangible net income available to common stockholders |
|
$ |
30,658 |
|
|
$ |
31,426 |
|
|
$ |
27,174 |
|
Adjusted tangible net income available to common
|
|
|
|
|
|
|
|
|
|
|||
Tangible net income available to common stockholders |
|
$ |
30,658 |
|
|
$ |
31,426 |
|
|
$ |
27,174 |
|
Add: Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Add: Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Add: Tax benefit on significant items |
|
|
— |
|
|
|
(52 |
) |
|
|
(230 |
) |
Adjusted tangible net income available to
|
|
$ |
30,658 |
|
|
$ |
31,568 |
|
|
$ |
28,335 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) |
||||||||||||
|
||||||||||||
|
|
As of or For the Three Months Ended |
|
|||||||||
(dollars in thousands, except share and per share |
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|||
data, ratios annualized, where applicable) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
Pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|||
Pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,205 |
|
|
$ |
41,129 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Pre-tax pre-provision return on average assets |
|
|
2.03 |
% |
|
|
2.10 |
% |
|
|
2.23 |
% |
Adjusted pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|||
Adjusted pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,399 |
|
|
$ |
42,520 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Adjusted pre-tax pre-provision return on average assets |
|
|
2.03 |
% |
|
|
2.11 |
% |
|
|
2.30 |
% |
Net interest margin, fully taxable equivalent: |
|
|
|
|
|
|
|
|
|
|||
Net interest income, fully taxable equivalent |
|
$ |
86,755 |
|
|
$ |
85,774 |
|
|
$ |
76,373 |
|
Total average interest-earning assets |
|
|
8,743,462 |
|
|
|
8,603,582 |
|
|
|
7,072,581 |
|
Net interest margin, fully taxable equivalent |
|
|
3.99 |
% |
|
|
4.01 |
% |
|
|
4.33 |
% |
Non-interest income to total revenues: |
|
|
|
|
|
|
|
|
|
|||
Non-interest income |
|
$ |
12,844 |
|
|
$ |
15,473 |
|
|
$ |
14,291 |
|
Total revenues |
|
|
99,370 |
|
|
|
101,014 |
|
|
|
90,457 |
|
Non-interest income to total revenues |
|
|
12.93 |
% |
|
|
15.32 |
% |
|
|
15.80 |
% |
Adjusted non-interest expense to average assets: |
|
|
|
|
|
|
|
|
|
|||
Adjusted non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,615 |
|
|
$ |
47,937 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Adjusted non-interest expense to average assets |
|
|
2.34 |
% |
|
|
2.39 |
% |
|
|
2.60 |
% |
Adjusted efficiency ratio: |
|
|
|
|
|
|
|
|
|
|||
Adjusted non-interest expense excluding amortization of
|
|
$ |
51,865 |
|
|
$ |
52,270 |
|
|
$ |
46,482 |
|
Total revenues |
|
|
99,370 |
|
|
|
101,014 |
|
|
|
90,457 |
|
Adjusted efficiency ratio |
|
|
52.19 |
% |
|
|
51.75 |
% |
|
|
51.39 |
% |
Adjusted return on average assets: |
|
|
|
|
|
|
|
|
|
|||
Adjusted net income |
|
$ |
29,671 |
|
|
$ |
30,582 |
|
|
$ |
27,268 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Adjusted return on average assets |
|
|
1.31 |
% |
|
|
1.36 |
% |
|
|
1.48 |
% |
Adjusted return on average stockholders' equity: |
|
|
|
|
|
|
|
|
|
|||
Adjusted net income |
|
$ |
29,671 |
|
|
$ |
30,582 |
|
|
$ |
27,268 |
|
Average stockholders' equity |
|
|
1,008,802 |
|
|
|
998,806 |
|
|
|
806,272 |
|
Adjusted return on average stockholders' equity |
|
|
11.83 |
% |
|
|
12.31 |
% |
|
|
13.56 |
% |
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
|
|||
Tangible common equity |
|
$ |
832,226 |
|
|
$ |
806,916 |
|
|
$ |
657,965 |
|
Tangible assets |
|
|
9,433,027 |
|
|
|
9,208,370 |
|
|
|
7,419,713 |
|
Tangible common equity to tangible assets |
|
|
8.82 |
% |
|
|
8.76 |
% |
|
|
8.87 |
% |
Return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|||
Tangible net income available to common stockholders |
|
$ |
30,658 |
|
|
$ |
31,426 |
|
|
$ |
27,174 |
|
Average tangible common stockholders' equity |
|
|
807,374 |
|
|
|
796,033 |
|
|
|
649,506 |
|
Return on average tangible common stockholders' equity |
|
|
15.27 |
% |
|
|
15.88 |
% |
|
|
16.78 |
% |
Adjusted return on average tangible common
|
|
|
|
|
|
|
|
|
|
|||
Adjusted tangible net income available to common
|
|
$ |
30,658 |
|
|
$ |
31,568 |
|
|
$ |
28,335 |
|
Average tangible common stockholders' equity |
|
|
807,374 |
|
|
|
796,033 |
|
|
|
649,506 |
|
Adjusted return on average tangible common
|
|
|
15.27 |
% |
|
|
15.95 |
% |
|
|
17.50 |
% |
Tangible book value per share: |
|
|
|
|
|
|
|
|
|
|||
Tangible common equity |
|
$ |
832,226 |
|
|
$ |
806,916 |
|
|
$ |
657,965 |
|
Common shares outstanding |
|
|
44,180,829 |
|
|
|
44,108,387 |
|
|
|
37,752,002 |
|
Tangible book value per share |
|
$ |
18.84 |
|
|
$ |
18.29 |
|
|
$ |
17.43 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725278359/en/
Investors / Media:
Brooks Rennie
Investor Relations Director
312-660-5805
brennie@bylinebank.com
Source: Byline Bancorp, Inc.
FAQ
What was Byline Bancorp's (BY) net income for Q2 2024?
How much did Byline Bancorp's (BY) net interest income grow in Q2 2024?
What was Byline Bancorp's (BY) efficiency ratio in Q2 2024?
How much did Byline Bancorp's (BY) total assets grow in Q2 2024?
What dividend did Byline Bancorp (BY) declare for Q2 2024?
