Byline Bancorp, Inc. - BY STOCK NEWS

Byline Bancorp, Inc. (NYSE: BY) announced plans to optimize its branch network by consolidating six of its 44 branches and disposing of a portfolio of owned real estate to adapt to customer behavior changes. This strategy aims to improve operating efficiencies and is projected to incur a total charge of approximately $15.0 million but generate annualized cost savings of about $5.3 million. Byline Bank will continue serving its markets through remaining branches and digital channels, with around 70% of the savings reinvested into talent and technology.

Byline Bancorp reported strong third quarter 2021 results, with net income of $25.3 million ($0.66 per diluted share), reflecting a decrease from $28.5 million ($0.73 per share) in the prior quarter. Adjusted net income was $26.4 million ($0.69 per share). A significant increase in originated loans and leases of $189.5 million contributed to overall production of $410.3 million. The net interest margin improved to 3.91%, and non-interest-bearing deposits constituted 41.1% of total deposits. A cash dividend of $0.09 per share was also declared.

Byline Bancorp, Inc. (NYSE: BY) will release its third quarter 2021 financial results after the market closes on October 28, 2021. A conference call to discuss these results will take place on October 29, 2021, at 9:00 a.m. Central Time. Interested analysts and investors can join the call by dialing 844-200-6205 with the passcode 611698. A replay will be available through November 12, 2021. The company operates over 40 branches and holds approximately $6.5 billion in assets, serving small to medium businesses in the Chicago and Milwaukee areas.

Byline Bancorp reported a net income of $28.5 million, or $0.73 per diluted share for Q2 2021, compared to $21.8 million or $0.56 per share in Q1 2021. Adjusted net income was $29.9 million or $0.77 per adjusted diluted share. The company announced a 200% increase in its quarterly cash dividend to $0.09 per share and an expanded stock repurchase program of 1,250,000 shares. Total loans increased at a 16.3% annualized growth rate excluding PPP loans. Total assets decreased to $6.5 billion as of June 30, 2021.

Byline Bancorp, Inc. (NYSE: BY) will release its second quarter 2021 financial results post-market on July 29, 2021. A conference call and webcast to discuss these results will occur on July 30, 2021, at 9:00 a.m. Central Time. Participants can join the call via telephone at 877-512-8755. A replay of the call will be available until August 13, 2021. Byline Bancorp, based in Chicago, operates Byline Bank, which has approximately $6.7 billion in assets and over 40 branches, focusing on small- and medium-sized businesses.

Byline Bancorp reported strong financial results for Q1 2021, with net income rising to $21.8 million ($0.56 per diluted share), a significant increase from $3.0 million in Q1 2020. Adjusted net income was $22.2 million ($0.57 per adjusted diluted share). The bank benefited from improved loan production and a reduced cost of deposits, achieving the highest return on equity since its IPO. A cash dividend of $0.06 per share was declared, payable on May 25, 2021. Total assets increased to $6.8 billion, supported by robust deposit growth and effective PPP loan management.

Byline Bancorp, Inc. (NYSE: BY) will release its Q1 2021 financial results after the market close on April 29, 2021. A conference call will follow on April 30, 2021, at 9:00 a.m. Central Time, where analysts and investors can ask questions. Byline Bancorp, headquartered in Chicago, operates Byline Bank, managing approximately $6.4 billion in assets across 40+ branches in the Chicago and Milwaukee areas. The bank focuses on commercial banking and is a leading lender for the Small Business Administration.

Byline Bancorp (NYSE: BY) reported fourth-quarter 2020 net income of $12.3 million ($0.31/share), a decrease from $13.1 million ($0.34/share) in Q3 2020. Adjusted net income rose to $15.2 million ($0.38/share) from $13.1 million. Loan and lease growth, excluding PPP loans, improved, while asset quality remained strong with a decline in non-performing assets. The company increased its dividend to $0.06/share and resumed its stock repurchase program. Total assets decreased to $6.4 billion, driven by lower securities and loans, while reserves were increased to 1.53% of total loans.

Byline Bancorp, Inc. (NYSE: BY) will release its fourth quarter 2020 financial results on January 28, 2021, after market close. A conference call to discuss these results is scheduled for January 29, 2021, at 9:00 a.m. CT. Analysts and investors can participate in the Q&A session. Byline Bancorp operates Byline Bank, a commercial bank based in Chicago, with approximately $6.5 billion in assets and over 40 branches, catering to small- and medium-sized businesses and consumers, while being a leading Small Business Administration lender.