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 brennie@bylinebank.com
Grafico Azioni Byline Bancorp (NYSE:BY)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Byline Bancorp (NYSE:BY)
Storico
Da Feb 2024 a Feb 2025
