false000170275000017027502024-10-242024-10-24
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 24, 2024
BYLINE BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
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001-38139 |
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36-3012593 |
(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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180 North LaSalle Street, Suite 300 |
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Chicago, Illinois |
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60601 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(773) 244-7000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
BY |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02. |
Results of Operations and Financial Condition. |
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On October 24, 2024, Byline Bancorp, Inc., (“Byline" or the "Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
On October 24, 2024, the Company made available on its website a slide presentation regarding the Company’s third quarter 2024 financial results, which will be used as part of a publicly accessible conference call on October 25, 2024. A copy of the slide presentation is attached as Exhibit 99.2 and is incorporated herein by reference.
The information included in Item 2.02 this Current Report on Form 8-K (including the information in the attached exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
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Item 9.01. |
Financial Statements and Exhibits. |
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(d) Exhibits.
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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BYLINE BANCORP, INC. |
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Date: October 24, 2024 |
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By: |
/s/ Roberto R. Herencia |
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Name: |
Roberto R. Herencia |
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Title: |
Executive Chairman and Chief Executive Officer |
Exhibit 99.1
Byline Bancorp, Inc. Reports Third Quarter 2024 Financial Results
Net income of $30.3 million, $0.69 diluted earnings per share
Chicago, IL, October 24, 2024 – Byline Bancorp, Inc. (NYSE: BY), today reported:
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At or For the quarter |
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Third Quarter Highlights (compared to 2Q24, unless otherwise specified) |
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3Q24 |
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2Q24 |
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3Q23 |
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Financial Results ($ in thousands) |
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• Announced definitive merger agreement |
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Net interest income |
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$ |
87,455 |
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$ |
86,526 |
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$ |
92,452 |
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with First Security Bancorp, Inc. |
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Non-interest income |
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14,385 |
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12,844 |
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12,376 |
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Total revenue(1) |
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101,840 |
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99,370 |
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104,828 |
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• ROAA of 1.29%; PTPP ROAA of 2.02%(1) |
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Non-interest expense (NIE) |
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54,327 |
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53,210 |
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57,891 |
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Pre-tax pre-provision net income(1) |
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47,513 |
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46,160 |
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46,937 |
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• TBV per share of $20.21(1); up 7.3% LQ, |
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Provision for credit losses |
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7,475 |
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6,045 |
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8,803 |
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and 23.6% YoY |
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Provision for income taxes |
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9,710 |
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10,444 |
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9,912 |
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Net Income |
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$ |
30,328 |
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$ |
29,671 |
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$ |
28,222 |
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• Common equity tier 1 of 11.35%, an increase |
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of 51 bps |
Per Share |
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Diluted earnings per share (EPS) |
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$ |
0.69 |
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$ |
0.68 |
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$ |
0.65 |
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Income Statement |
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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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• Net interest income of $87.5 million, an |
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Book value per share |
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24.70 |
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23.38 |
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21.04 |
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increase of $929,000, or 1.1% |
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Tangible book value (TBV) per share(1) |
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20.21 |
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18.84 |
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16.35 |
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• Non-interest income of $14.4 million, an |
Balance Sheet & Credit Quality ($ in thousands) |
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increase of $1.5 million, or 12.0% |
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Total deposits |
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$ |
7,497,887 |
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$ |
7,347,181 |
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$ |
6,953,690 |
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Total loans and leases |
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6,899,401 |
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6,904,564 |
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6,620,602 |
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• NIE/AA 2.31%, down three bps |
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Net charge-offs |
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8,467 |
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9,514 |
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5,430 |
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Allowance for credit losses (ACL) |
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98,860 |
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99,730 |
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105,696 |
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• Adjusted efficiency ratio of 51.62%(1), |
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ACL to total loans and leases held for investment |
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1.44% |
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1.45% |
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1.60% |
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down by 57 bps |
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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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52.02% |
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52.19% |
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53.75% |
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• Total deposits grew $150.7 million, or 2.1% |
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Return on average assets (ROAA) |
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1.29% |
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1.31% |
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1.30% |
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Return on average stockholders' equity |
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11.39% |
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11.83% |
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12.11% |
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• Loan/deposits down 196 bps to 92.02% |
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Return on average tangible common equity(1) |
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14.49% |
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15.27% |
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16.15% |
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Net interest margin (NIM) |
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3.88% |
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3.98% |
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4.46% |
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• Reduced other borrowings by $400.0 million |
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Common equity to total assets |
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11.63% |
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10.72% |
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10.29% |
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Tangible common equity to tangible assets(1) |
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9.72% |
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8.82% |
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8.18% |
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• Tangible common equity to tangible assets |
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Common equity tier 1 |
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11.35% |
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10.84% |
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10.08% |
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of 9.72%(1), an increase of 90 bps |
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CEO/President Commentary |
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Roberto R. Herencia, Executive Chairman and CEO of Byline Bancorp, commented, "Our third quarter performance reflects Byline’s continued strong momentum across the franchise as we posted strong results. We are excited about our pending First Security Bancorp, Inc. transaction, which aligns with our long-term M&A strategy. We believe this merger strengthens our position in the market by adding a high-quality franchise with a strong core deposit base. We look forward to welcoming First Security Bank and Trust customers to Byline in 2025." Alberto J. Paracchini, President of Byline Bancorp, added, "Third quarter results were highlighted by robust earnings, strong profitability, net interest income expansion, solid deposit and fee revenue growth, and controlled non-interest expense. Importantly, we increased tangible book value and continue to maintain excellent balance sheet strength. We remain focused on executing our strategy of becoming the preeminent commercial bank in Chicago while continuing to increase the value of the franchise." |
(1)Represents non-GAAP financial measures. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation to the most directly comparable GAAP financial measure.
Byline Bancorp, Inc.
Page 2 of 13
Board Declares Cash Dividend of $0.09 per Share
On October 22, 2024, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on November 19, 2024, to stockholders of record of the Company's common stock as of November 5, 2024.
STATEMENTS OF OPERATIONS HIGHLIGHTS
Net Interest Income
Net interest income for the third quarter of 2024 was $87.5 million, an increase of $929,000, or 1.1%, from the second quarter of 2024. The increase in net interest income was primarily due to increases in other interest and dividend income driven by increased interest income on funds held with the Federal Reserve Bank, and increases in interest and fees on loans and leases mainly due to day count. These were offset by increases in interest expense on deposits primarily due to increased average balances in time deposits and money market accounts from our deposit promotion campaigns.
Tax-equivalent net interest margin(1) for the third quarter of 2024 was 3.89%, a decrease of ten basis points compared to the second quarter of 2024. Net loan accretion income positively contributed 13 basis points to the net interest margin for the current quarter compared to 17 basis points for the prior quarter.
The average cost of total deposits was 2.76% for the third quarter of 2024, an increase of 13 basis points compared to the second quarter of 2024, as a result of higher rates paid on time deposits. Average non-interest-bearing demand deposits were 23.2% of average total deposits for the current quarter compared to 25.0% during the prior quarter.
Provision for Credit Losses
The provision for credit losses was $7.5 million for the third quarter of 2024, an increase of $1.4 million compared to $6.0 million for the second quarter of 2024, mainly attributed to increases related to individually assessed loans in the government guaranteed loan portfolio. The provision for credit losses for the quarter is comprised of a provision for loan and lease losses of $7.6 million compared to $6.9 million in the second quarter of 2024, and a recapture of the provision for unfunded commitments of $122,000 compared to $833,000 in the second quarter of 2024.
Non-interest Income
Non-interest income for the third quarter of 2024 was $14.4 million, an increase of $1.5 million, or 12.0%, compared to $12.8 million for the second quarter of 2024. The increase in total non-interest income was primarily due to the change in the fair value of equity securities, net, and an increase in other non-interest income due to increased swap fee activity.
Net gains on sales of loans were $5.9 million for the current quarter, a decrease of $172,000, or 2.8% compared to the prior quarter. During the third quarter of 2024, we sold $79.5 million of U.S. government guaranteed loans compared to $73.9 million during the second quarter of 2024.
Non-interest Expense
Non-interest expense for the third quarter of 2024 was $54.3 million, an increase of $1.1 million, or 2.1%, compared to $53.2 million for the second quarter of 2024. The increase in non-interest expense was mainly due to increased salaries and employee benefits as a result of one additional payroll day, higher commissions, and lower deferred salaries related to loan and lease originations. Included in legal, audit and other professionals fees are $408,000 in merger-related expenses, and $3,000 merger-related expenses in data processing.
Our efficiency ratio was 52.02% for the third quarter of 2024 compared to 52.19% for the second quarter of 2024, a decrease of 17 basis points. Our adjusted efficiency ratio was 51.62%(1) for the third quarter of 2024 compared to 52.19%(1) for the second quarter of 2024, a decrease of 57 basis points.
Income Taxes
We recorded income tax expense of $9.7 million during the third quarter of 2024, compared to $10.4 million during the second quarter of 2024. The effective tax rates were 24.3% and 26.0% for the third quarter of 2024 and second quarter of 2024, respectively. The decrease in the effective tax rate was due to higher income tax benefits related to share-based compensation recorded in the third quarter.
(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.
Byline Bancorp, Inc.
Page 3 of 13
STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS
Assets
Total assets were $9.4 billion as of September 30, 2024, a decrease of $209.5 million, or 2.2%, compared to $9.6 billion at June 30, 2024. The decrease was mainly due to a decrease in cash and cash equivalents of $277.9 million, primarily due to the repayment during the quarter of the Bank Term Funding Program advance of $200.0 million, offset by an increase to securities available-for-sale, mainly from purchases of commercial and residential mortgage-backed securities.
Asset and Credit Quality
The ACL was $98.9 million as of September 30, 2024, a decrease of $870,000, or 0.9%, from $99.7 million at June 30, 2024. Net charge-offs of loans and leases during the third quarter of 2024 were $8.5 million, or 0.49% of average loans and leases, on an annualized basis. This was a decrease of $1.0 million compared to net charge-offs of $9.5 million, or 0.56% of average loans and leases, during the second quarter of 2024. The decrease is primarily due to lower charge-offs in the conventional portfolio.
Non-performing assets were $71.0 million, or 0.75% of total assets, as of September 30, 2024, an increase of $6.5 million from $64.6 million, or 0.67% of total assets, at June 30, 2024. The increase was primarily in non-accrual government guaranteed loans. The government guaranteed portion of non-performing loans included in non-performing assets was $11.3 million at September 30, 2024 compared to $6.6 million at June 30, 2024, an increase of $4.7 million.
Deposits and Other Liabilities
Total deposits increased $150.7 million to $7.5 billion at September 30, 2024 compared to $7.3 billion at June 30, 2024. The increase in deposits in the current quarter was mainly due to increases in commercial money market accounts and consumer time deposits.
Total borrowings and other liabilities were $830.1 million at September 30, 2024, a decrease of $423.5 million from $1.3 billion at June 30, 2024, primarily driven by a $200.0 million decrease in Federal Home Loan Bank advances and the repayment of the $200.0 million advance under the Bank Term Funding Program.
Stockholders’ Equity
Total stockholders’ equity was $1.1 billion at September 30, 2024, an increase of $63.3 million, or 6.1%, from June 30, 2024, primarily due to a decrease in unrealized losses on securities available-for-sale and an increase in 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.
Byline Bancorp, Inc.
Page 4 of 13
Conference Call, Webcast and Slide Presentation
We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, October 25, 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 097541. A recorded replay can be accessed through November 8, 2024, by dialing (866) 813-9403; passcode: 402924.
A slide presentation relating to our third 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 $9.4 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.
Contacts:
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Investors / Media: |
Brooks Rennie |
Investor Relations Director |
312-660-5805 |
brennie@bylinebank.com |
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Byline Bancorp, Inc.
Page 5 of 13
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)
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September 30, |
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June 30, |
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September 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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$ |
77,047 |
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$ |
68,251 |
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$ |
71,248 |
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Interest bearing deposits with other banks |
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375,549 |
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662,206 |
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357,640 |
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Cash and cash equivalents |
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452,596 |
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730,457 |
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428,888 |
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Equity and other securities, at fair value |
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9,132 |
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8,745 |
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7,902 |
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Securities available-for-sale, at fair value |
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1,502,108 |
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1,386,827 |
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1,239,929 |
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Securities held-to-maturity, at amortized cost |
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605 |
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606 |
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1,157 |
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Restricted stock, at cost |
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22,743 |
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31,775 |
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30,505 |
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Loans held for sale |
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19,955 |
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13,360 |
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7,299 |
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Loans and leases: |
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Loans and leases |
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6,879,446 |
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6,891,204 |
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6,613,303 |
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Allowance for credit losses - loans and leases |
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(98,860 |
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(99,730 |
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(105,696 |
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Net loans and leases |
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6,780,586 |
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6,791,474 |
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6,507,607 |
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Servicing assets, at fair value |
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18,945 |
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19,617 |
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19,743 |
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Premises and equipment, net |
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63,135 |
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63,919 |
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67,121 |
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Goodwill and other intangible assets, net |
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199,443 |
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200,788 |
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205,028 |
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Bank-owned life insurance |
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99,295 |
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98,519 |
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96,268 |
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Deferred tax assets, net |
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37,737 |
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48,888 |
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89,841 |
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Accrued interest receivable and other assets |
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218,036 |
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238,840 |
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242,080 |
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Total assets |
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$ |
9,424,316 |
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$ |
9,633,815 |
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$ |
8,943,368 |
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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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$ |
1,729,908 |
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$ |
1,762,891 |
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$ |
1,959,855 |
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Interest-bearing deposits |
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5,767,979 |
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5,584,290 |
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4,993,835 |
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Total deposits |
|
|
7,497,887 |
|
|
|
7,347,181 |
|
|
|
6,953,690 |
|
Other borrowings |
|
|
518,786 |
|
|
|
918,738 |
|
|
|
713,233 |
|
Subordinated notes, net |
|
|
73,997 |
|
|
|
73,953 |
|
|
|
73,822 |
|
Junior subordinated debentures issued to
capital trusts, net |
|
|
70,783 |
|
|
|
70,675 |
|
|
|
70,336 |
|
Accrued interest payable and other liabilities |
|
|
166,551 |
|
|
|
190,254 |
|
|
|
212,342 |
|
Total liabilities |
|
|
8,328,004 |
|
|
|
8,600,801 |
|
|
|
8,023,423 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
454 |
|
|
|
452 |
|
|
|
450 |
|
Additional paid-in capital |
|
|
714,864 |
|
|
|
710,792 |
|
|
|
708,615 |
|
Retained earnings |
|
|
507,576 |
|
|
|
481,232 |
|
|
|
403,368 |
|
Treasury stock |
|
|
(47,904 |
) |
|
|
(47,993 |
) |
|
|
(50,329 |
) |
Accumulated other comprehensive loss, net of tax |
|
|
(78,678 |
) |
|
|
(111,469 |
) |
|
|
(142,159 |
) |
Total stockholders’ equity |
|
|
1,096,312 |
|
|
|
1,033,014 |
|
|
|
919,945 |
|
Total liabilities and stockholders’ equity |
|
$ |
9,424,316 |
|
|
$ |
9,633,815 |
|
|
$ |
8,943,368 |
|
Byline Bancorp, Inc.
Page 6 of 13
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
(dollars in thousands, except per share data) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
|
$ |
128,336 |
|
|
$ |
126,523 |
|
|
$ |
125,465 |
|
Interest on securities |
|
|
11,260 |
|
|
|
10,514 |
|
|
|
8,415 |
|
Other interest and dividend income |
|
|
6,840 |
|
|
|
4,532 |
|
|
|
2,710 |
|
Total interest and dividend income |
|
|
146,436 |
|
|
|
141,569 |
|
|
|
136,590 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
52,076 |
|
|
|
47,603 |
|
|
|
37,163 |
|
Other borrowings |
|
|
3,919 |
|
|
|
4,460 |
|
|
|
3,981 |
|
Subordinated notes and debentures |
|
|
2,986 |
|
|
|
2,980 |
|
|
|
2,994 |
|
Total interest expense |
|
|
58,981 |
|
|
|
55,043 |
|
|
|
44,138 |
|
Net interest income |
|
|
87,455 |
|
|
|
86,526 |
|
|
|
92,452 |
|
PROVISION FOR CREDIT LOSSES |
|
|
7,475 |
|
|
|
6,045 |
|
|
|
8,803 |
|
Net interest income after provision for
credit losses |
|
|
79,980 |
|
|
|
80,481 |
|
|
|
83,649 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
Fees and service charges on deposits |
|
|
2,591 |
|
|
|
2,548 |
|
|
|
2,372 |
|
Loan servicing revenue |
|
|
3,174 |
|
|
|
3,216 |
|
|
|
3,369 |
|
Loan servicing asset revaluation |
|
|
(2,183 |
) |
|
|
(2,468 |
) |
|
|
(3,646 |
) |
ATM and interchange fees |
|
|
1,143 |
|
|
|
1,163 |
|
|
|
1,205 |
|
Change in fair value of equity securities, net |
|
|
388 |
|
|
|
(390 |
) |
|
|
(313 |
) |
Net gains on sales of loans |
|
|
5,864 |
|
|
|
6,036 |
|
|
|
6,473 |
|
Wealth management and trust income |
|
|
1,101 |
|
|
|
942 |
|
|
|
939 |
|
Other non-interest income |
|
|
2,307 |
|
|
|
1,797 |
|
|
|
1,977 |
|
Total non-interest income |
|
|
14,385 |
|
|
|
12,844 |
|
|
|
12,376 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
34,974 |
|
|
|
33,911 |
|
|
|
34,969 |
|
Occupancy and equipment expense, net |
|
|
4,373 |
|
|
|
4,639 |
|
|
|
5,314 |
|
Loan and lease related expenses |
|
|
703 |
|
|
|
741 |
|
|
|
836 |
|
Legal, audit, and other professional fees |
|
|
3,643 |
|
|
|
3,708 |
|
|
|
3,805 |
|
Data processing |
|
|
4,215 |
|
|
|
4,036 |
|
|
|
6,472 |
|
Net (gain) loss recognized on other real estate
owned and other related expenses |
|
|
74 |
|
|
|
(62 |
) |
|
|
111 |
|
Other intangible assets amortization expense |
|
|
1,345 |
|
|
|
1,345 |
|
|
|
1,551 |
|
Other non-interest expense |
|
|
5,000 |
|
|
|
4,892 |
|
|
|
4,833 |
|
Total non-interest expense |
|
|
54,327 |
|
|
|
53,210 |
|
|
|
57,891 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
40,038 |
|
|
|
40,115 |
|
|
|
38,134 |
|
PROVISION FOR INCOME TAXES |
|
|
9,710 |
|
|
|
10,444 |
|
|
|
9,912 |
|
NET INCOME |
|
$ |
30,328 |
|
|
$ |
29,671 |
|
|
$ |
28,222 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.70 |
|
|
$ |
0.68 |
|
|
$ |
0.66 |
|
Diluted |
|
$ |
0.69 |
|
|
$ |
0.68 |
|
|
$ |
0.65 |
|
Byline Bancorp, Inc.
Page 7 of 13
BYLINE BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
(dollars in thousands, except share |
September 30, |
|
|
June 30, |
|
|
September 30, |
|
and per share data) |
2024 |
|
|
2024 |
|
|
2023 |
|
Earnings per Common Share |
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.70 |
|
|
$ |
0.68 |
|
|
$ |
0.66 |
|
Diluted earnings per common share |
$ |
0.69 |
|
|
$ |
0.68 |
|
|
$ |
0.65 |
|
Adjusted diluted earnings per common share(1)(3) |
$ |
0.70 |
|
|
$ |
0.68 |
|
|
$ |
0.77 |
|
Weighted average common shares outstanding (basic) |
|
43,516,006 |
|
|
|
43,361,516 |
|
|
|
43,025,927 |
|
Weighted average common shares outstanding (diluted) |
|
43,966,189 |
|
|
|
43,741,840 |
|
|
|
43,458,110 |
|
Common shares outstanding |
|
44,384,706 |
|
|
|
44,180,829 |
|
|
|
43,719,203 |
|
Cash dividends per common share |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
Dividend payout ratio on common stock |
|
13.04 |
% |
|
|
13.24 |
% |
|
|
13.85 |
% |
Book value per common share |
$ |
24.70 |
|
|
$ |
23.38 |
|
|
$ |
21.04 |
|
Tangible book value per common share(1) |
$ |
20.21 |
|
|
$ |
18.84 |
|
|
$ |
16.35 |
|
Key Ratios and Performance Metrics
(annualized where applicable) |
|
|
|
|
|
|
|
|
Net interest margin |
|
3.88 |
% |
|
|
3.98 |
% |
|
|
4.46 |
% |
Net interest margin, fully taxable equivalent (1)(4) |
|
3.89 |
% |
|
|
3.99 |
% |
|
|
4.47 |
% |
Average cost of deposits |
|
2.76 |
% |
|
|
2.63 |
% |
|
|
2.13 |
% |
Efficiency ratio(1)(2) |
|
52.02 |
% |
|
|
52.19 |
% |
|
|
53.75 |
% |
Adjusted efficiency ratio(1)(2)(3) |
|
51.62 |
% |
|
|
52.19 |
% |
|
|
47.35 |
% |
Non-interest income to total revenues(1) |
|
14.13 |
% |
|
|
12.93 |
% |
|
|
11.81 |
% |
Non-interest expense to average assets |
|
2.31 |
% |
|
|
2.34 |
% |
|
|
2.66 |
% |
Adjusted non-interest expense to average assets(1)(3) |
|
2.29 |
% |
|
|
2.34 |
% |
|
|
2.35 |
% |
Return on average stockholders' equity |
|
11.39 |
% |
|
|
11.83 |
% |
|
|
12.11 |
% |
Adjusted return on average stockholders' equity(1)(3) |
|
11.53 |
% |
|
|
11.83 |
% |
|
|
14.30 |
% |
Return on average assets |
|
1.29 |
% |
|
|
1.31 |
% |
|
|
1.30 |
% |
Adjusted return on average assets(1)(3) |
|
1.30 |
% |
|
|
1.31 |
% |
|
|
1.53 |
% |
Pre-tax pre-provision return on average assets(1) |
|
2.02 |
% |
|
|
2.03 |
% |
|
|
2.16 |
% |
Adjusted pre-tax pre-provision return on average assets(1)(3) |
|
2.03 |
% |
|
|
2.03 |
% |
|
|
2.46 |
% |
Return on average tangible common stockholders' equity(1) |
|
14.49 |
% |
|
|
15.27 |
% |
|
|
16.15 |
% |
Adjusted return on average tangible common
stockholders' equity(1)(3) |
|
14.67 |
% |
|
|
15.27 |
% |
|
|
18.95 |
% |
Non-interest-bearing deposits to total deposits |
|
23.07 |
% |
|
|
23.99 |
% |
|
|
28.18 |
% |
Loans and leases held for sale and loans and lease
held for investment to total deposits |
|
92.02 |
% |
|
|
93.98 |
% |
|
|
95.21 |
% |
Deposits to total liabilities |
|
90.03 |
% |
|
|
85.42 |
% |
|
|
86.67 |
% |
Deposits per branch |
$ |
162,998 |
|
|
$ |
159,721 |
|
|
$ |
144,869 |
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
Non-performing loans and leases to total loans and leases
held for investment, net before ACL |
|
1.02 |
% |
|
|
0.93 |
% |
|
|
0.79 |
% |
Total non-performing assets as a percentage
of total assets |
|
0.75 |
% |
|
|
0.67 |
% |
|
|
0.60 |
% |
ACL to total loans and leases held for investment, net before ACL |
|
1.44 |
% |
|
|
1.45 |
% |
|
|
1.60 |
% |
Net charge-offs (annualized) to average total loans and leases held for
investment, net before ACL - loans and leases |
|
0.49 |
% |
|
|
0.56 |
% |
|
|
0.33 |
% |
Capital Ratios |
|
|
|
|
|
|
|
|
Common equity to total assets |
|
11.63 |
% |
|
|
10.72 |
% |
|
|
10.29 |
% |
Tangible common equity to tangible assets(1) |
|
9.72 |
% |
|
|
8.82 |
% |
|
|
8.18 |
% |
Leverage ratio |
|
11.18 |
% |
|
|
11.08 |
% |
|
|
10.75 |
% |
Common equity tier 1 capital ratio |
|
11.35 |
% |
|
|
10.84 |
% |
|
|
10.08 |
% |
Tier 1 capital ratio |
|
12.39 |
% |
|
|
11.86 |
% |
|
|
11.12 |
% |
Total capital ratio |
|
14.41 |
% |
|
|
13.86 |
% |
|
|
13.17 |
% |
(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.
Page 8 of 13
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 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 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 |
$ |
468,852 |
|
|
$ |
5,771 |
|
|
|
4.90 |
% |
|
$ |
305,873 |
|
|
$ |
3,315 |
|
|
|
4.36 |
% |
|
$ |
195,019 |
|
|
$ |
1,724 |
|
|
|
3.51 |
% |
Loans and leases(1) |
|
6,827,726 |
|
|
|
128,336 |
|
|
|
7.48 |
% |
|
|
6,807,934 |
|
|
|
126,523 |
|
|
|
7.47 |
% |
|
|
6,484,875 |
|
|
|
125,465 |
|
|
|
7.68 |
% |
Taxable securities |
|
1,508,987 |
|
|
|
11,467 |
|
|
|
3.02 |
% |
|
|
1,473,000 |
|
|
|
10,869 |
|
|
|
2.97 |
% |
|
|
1,371,979 |
|
|
|
8,465 |
|
|
|
2.45 |
% |
Tax-exempt securities(2) |
|
156,085 |
|
|
|
1,091 |
|
|
|
2.78 |
% |
|
|
156,655 |
|
|
|
1,091 |
|
|
|
2.80 |
% |
|
|
168,805 |
|
|
|
1,184 |
|
|
|
2.78 |
% |
Total interest-earning assets |
$ |
8,961,650 |
|
|
$ |
146,665 |
|
|
|
6.51 |
% |
|
$ |
8,743,462 |
|
|
$ |
141,798 |
|
|
|
6.52 |
% |
|
$ |
8,220,678 |
|
|
$ |
136,838 |
|
|
|
6.60 |
% |
Allowance for credit losses -
loans and leases |
|
(101,001 |
) |
|
|
|
|
|
|
|
|
(103,266 |
) |
|
|
|
|
|
|
|
|
(108,315 |
) |
|
|
|
|
|
|
All other assets |
|
513,200 |
|
|
|
|
|
|
|
|
|
500,540 |
|
|
|
|
|
|
|
|
|
521,982 |
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
9,373,849 |
|
|
|
|
|
|
|
|
$ |
9,140,736 |
|
|
|
|
|
|
|
|
$ |
8,634,345 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
$ |
754,586 |
|
|
$ |
4,439 |
|
|
|
2.34 |
% |
|
$ |
717,513 |
|
|
$ |
4,096 |
|
|
|
2.30 |
% |
|
$ |
579,917 |
|
|
$ |
2,208 |
|
|
|
1.51 |
% |
Money market accounts |
|
2,386,909 |
|
|
|
21,371 |
|
|
|
3.56 |
% |
|
|
2,270,231 |
|
|
|
19,978 |
|
|
|
3.54 |
% |
|
|
2,040,476 |
|
|
|
16,676 |
|
|
|
3.24 |
% |
Savings |
|
495,541 |
|
|
|
190 |
|
|
|
0.15 |
% |
|
|
514,192 |
|
|
|
194 |
|
|
|
0.15 |
% |
|
|
594,555 |
|
|
|
228 |
|
|
|
0.15 |
% |
Time deposits |
|
2,134,587 |
|
|
|
26,076 |
|
|
|
4.86 |
% |
|
|
1,951,448 |
|
|
|
23,335 |
|
|
|
4.81 |
% |
|
|
1,706,531 |
|
|
|
18,051 |
|
|
|
4.20 |
% |
Total interest-bearing
deposits |
|
5,771,623 |
|
|
|
52,076 |
|
|
|
3.59 |
% |
|
|
5,453,384 |
|
|
|
47,603 |
|
|
|
3.51 |
% |
|
|
4,921,479 |
|
|
|
37,163 |
|
|
|
3.00 |
% |
Other borrowings |
|
474,498 |
|
|
|
3,919 |
|
|
|
3.29 |
% |
|
|
521,545 |
|
|
|
4,439 |
|
|
|
3.42 |
% |
|
|
463,561 |
|
|
|
3,981 |
|
|
|
3.41 |
% |
Federal funds purchased |
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
|
|
1,401 |
|
|
|
21 |
|
|
|
6.05 |
% |
|
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
Subordinated notes and
debentures |
|
144,702 |
|
|
|
2,986 |
|
|
|
8.21 |
% |
|
|
144,548 |
|
|
|
2,980 |
|
|
|
8.29 |
% |
|
|
144,171 |
|
|
|
2,994 |
|
|
|
8.24 |
% |
Total borrowings |
|
619,200 |
|
|
|
6,905 |
|
|
|
4.44 |
% |
|
|
667,494 |
|
|
|
7,440 |
|
|
|
4.48 |
% |
|
|
607,732 |
|
|
|
6,975 |
|
|
|
4.55 |
% |
Total interest-bearing liabilities |
$ |
6,390,823 |
|
|
$ |
58,981 |
|
|
|
3.67 |
% |
|
$ |
6,120,878 |
|
|
$ |
55,043 |
|
|
|
3.62 |
% |
|
$ |
5,529,211 |
|
|
$ |
44,138 |
|
|
|
3.17 |
% |
Non-interest-bearing
demand deposits |
|
1,741,250 |
|
|
|
|
|
|
|
|
|
1,817,133 |
|
|
|
|
|
|
|
|
|
1,987,996 |
|
|
|
|
|
|
|
Other liabilities |
|
182,148 |
|
|
|
|
|
|
|
|
|
193,923 |
|
|
|
|
|
|
|
|
|
192,860 |
|
|
|
|
|
|
|
Total stockholders’ equity |
|
1,059,628 |
|
|
|
|
|
|
|
|
|
1,008,802 |
|
|
|
|
|
|
|
|
|
924,278 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
9,373,849 |
|
|
|
|
|
|
|
|
$ |
9,140,736 |
|
|
|
|
|
|
|
|
$ |
8,634,345 |
|
|
|
|
|
|
|
Net interest spread(3) |
|
|
|
|
|
|
|
2.84 |
% |
|
|
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
3.43 |
% |
Net interest income, fully
taxable equivalent |
|
|
|
$ |
87,684 |
|
|
|
|
|
|
|
|
$ |
86,755 |
|
|
|
|
|
|
|
|
$ |
92,700 |
|
|
|
|
Net interest margin, fully
taxable equivalent(2)(4) |
|
|
|
|
|
|
|
3.89 |
% |
|
|
|
|
|
|
|
|
3.99 |
% |
|
|
|
|
|
|
|
|
4.47 |
% |
Less: Tax-equivalent adjustment |
|
|
|
|
229 |
|
|
|
0.01 |
% |
|
|
|
|
|
229 |
|
|
|
0.01 |
% |
|
|
|
|
|
248 |
|
|
|
0.01 |
% |
Net interest income |
|
|
|
$ |
87,455 |
|
|
|
|
|
|
|
|
$ |
86,526 |
|
|
|
|
|
|
|
|
$ |
92,452 |
|
|
|
|
Net interest margin(4) |
|
|
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
|
|
|
3.98 |
% |
|
|
|
|
|
|
|
|
4.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan accretion impact
on margin |
|
|
|
$ |
2,982 |
|
|
|
0.13 |
% |
|
|
|
|
$ |
3,656 |
|
|
|
0.17 |
% |
|
|
|
|
$ |
10,276 |
|
|
|
0.50 |
% |
(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.
Page 9 of 13
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2023 |
|
(dollars in thousands) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
Originated loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
2,040,072 |
|
|
|
29.7 |
% |
|
$ |
1,924,797 |
|
|
|
27.9 |
% |
|
$ |
1,837,531 |
|
|
|
27.8 |
% |
Residential real estate |
|
|
497,034 |
|
|
|
7.2 |
% |
|
|
498,578 |
|
|
|
7.2 |
% |
|
|
454,456 |
|
|
|
6.9 |
% |
Construction, land development, and
other land |
|
|
415,636 |
|
|
|
6.0 |
% |
|
|
445,919 |
|
|
|
6.5 |
% |
|
|
406,334 |
|
|
|
6.1 |
% |
Commercial and industrial |
|
|
2,476,177 |
|
|
|
36.0 |
% |
|
|
2,493,229 |
|
|
|
36.2 |
% |
|
|
2,286,058 |
|
|
|
34.6 |
% |
Installment and other |
|
|
3,839 |
|
|
|
0.1 |
% |
|
|
2,576 |
|
|
|
0.0 |
% |
|
|
2,968 |
|
|
|
0.0 |
% |
Leasing financing receivables |
|
|
711,233 |
|
|
|
10.3 |
% |
|
|
710,784 |
|
|
|
10.3 |
% |
|
|
641,032 |
|
|
|
9.7 |
% |
Total originated loans and leases |
|
$ |
6,143,991 |
|
|
|
89.3 |
% |
|
$ |
6,075,883 |
|
|
|
88.1 |
% |
|
$ |
5,628,379 |
|
|
|
85.1 |
% |
Purchased credit deteriorated loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
95,240 |
|
|
|
1.4 |
% |
|
$ |
114,053 |
|
|
|
1.7 |
% |
|
$ |
154,573 |
|
|
|
2.3 |
% |
Residential real estate |
|
|
31,362 |
|
|
|
0.5 |
% |
|
|
40,728 |
|
|
|
0.6 |
% |
|
|
47,485 |
|
|
|
0.7 |
% |
Construction, land development, and
other land |
|
|
4 |
|
|
|
0.0 |
% |
|
|
9 |
|
|
|
0.0 |
% |
|
|
29,587 |
|
|
|
0.5 |
% |
Commercial and industrial |
|
|
14,526 |
|
|
|
0.2 |
% |
|
|
17,796 |
|
|
|
0.3 |
% |
|
|
21,014 |
|
|
|
0.3 |
% |
Installment and other |
|
|
110 |
|
|
|
0.0 |
% |
|
|
116 |
|
|
|
0.0 |
% |
|
|
125 |
|
|
|
0.0 |
% |
Total purchased credit deteriorated loans |
|
$ |
141,242 |
|
|
|
2.1 |
% |
|
$ |
172,702 |
|
|
|
2.6 |
% |
|
$ |
252,784 |
|
|
|
3.8 |
% |
Acquired non-credit-deteriorated loans
and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
227,035 |
|
|
|
3.3 |
% |
|
$ |
254,858 |
|
|
|
3.7 |
% |
|
$ |
296,656 |
|
|
|
4.5 |
% |
Residential real estate |
|
|
181,976 |
|
|
|
2.6 |
% |
|
|
188,489 |
|
|
|
2.7 |
% |
|
|
220,091 |
|
|
|
3.4 |
% |
Construction, land development, and
other land |
|
|
84,172 |
|
|
|
1.2 |
% |
|
|
84,849 |
|
|
|
1.2 |
% |
|
|
87,087 |
|
|
|
1.3 |
% |
Commercial and industrial |
|
|
100,852 |
|
|
|
1.5 |
% |
|
|
113,997 |
|
|
|
1.7 |
% |
|
|
127,253 |
|
|
|
1.9 |
% |
Installment and other |
|
|
32 |
|
|
|
0.0 |
% |
|
|
153 |
|
|
|
0.0 |
% |
|
|
153 |
|
|
|
0.0 |
% |
Leasing financing receivables |
|
|
146 |
|
|
|
0.0 |
% |
|
|
273 |
|
|
|
0.0 |
% |
|
|
900 |
|
|
|
0.0 |
% |
Total acquired non-credit-deteriorated
loans and leases |
|
$ |
594,213 |
|
|
|
8.6 |
% |
|
$ |
642,619 |
|
|
|
9.3 |
% |
|
$ |
732,140 |
|
|
|
11.1 |
% |
Total loans and leases |
|
$ |
6,879,446 |
|
|
|
100.0 |
% |
|
$ |
6,891,204 |
|
|
|
100.0 |
% |
|
$ |
6,613,303 |
|
|
|
100.0 |
% |
Allowance for credit losses - loans and leases |
|
|
(98,860 |
) |
|
|
|
|
|
(99,730 |
) |
|
|
|
|
|
(105,696 |
) |
|
|
|
Total loans and leases, net of allowance for
credit losses - loans and leases |
|
$ |
6,780,586 |
|
|
|
|
|
$ |
6,791,474 |
|
|
|
|
|
$ |
6,507,607 |
|
|
|
|
The following table presents the balance and activity within the allowance for credit losses - loans and lease for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
(dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
ACL - loans and leases, beginning of period |
|
$ |
99,730 |
|
|
$ |
102,366 |
|
|
$ |
92,665 |
|
Adjustment for acquired PCD loans |
|
|
— |
|
|
|
— |
|
|
|
10,596 |
|
Provision for credit losses - loans and leases |
|
|
7,597 |
|
|
|
6,878 |
|
|
|
7,865 |
|
Net charge-offs - loans and leases |
|
|
(8,467 |
) |
|
|
(9,514 |
) |
|
|
(5,430 |
) |
ACL - loans and leases, end of period |
|
$ |
98,860 |
|
|
$ |
99,730 |
|
|
$ |
105,696 |
|
Net charge-offs (annualized) to average total loans and leases held for
investment, net before ACL - loans and leases |
|
|
0.49 |
% |
|
|
0.56 |
% |
|
|
0.33 |
% |
Provision for credit losses - loans and leases
to net charge-offs - loans and leases during the period |
|
|
0.90 |
x |
|
|
0.72 |
x |
|
|
1.45 |
x |
Byline Bancorp, Inc.
Page 10 of 13
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Change from |
|
(dollars in thousands) |
|
September 30,
2024 |
|
|
June 30,
2024 |
|
|
September 30,
2023 |
|
|
June 30,
2024 |
|
|
September 30,
2023 |
|
Non-performing assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases |
|
$ |
70,507 |
|
|
$ |
63,808 |
|
|
$ |
52,070 |
|
|
|
10.5 |
% |
|
|
35.4 |
% |
Past due loans and leases 90 days or more
and still accruing interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
Total non-performing loans and leases |
|
$ |
70,507 |
|
|
$ |
63,808 |
|
|
$ |
52,070 |
|
|
|
10.5 |
% |
|
|
35.4 |
% |
Other real estate owned |
|
|
532 |
|
|
|
780 |
|
|
|
1,671 |
|
|
|
(31.8 |
)% |
|
|
(68.1 |
)% |
Total non-performing assets |
|
$ |
71,039 |
|
|
$ |
64,588 |
|
|
$ |
53,741 |
|
|
|
10.0 |
% |
|
|
32.2 |
% |
Total non-performing loans and leases as a
percentage of total loans and leases |
|
|
1.02 |
% |
|
|
0.93 |
% |
|
|
0.79 |
% |
|
|
|
|
|
|
Total non-performing assets as a percentage
of total assets |
|
|
0.75 |
% |
|
|
0.67 |
% |
|
|
0.60 |
% |
|
|
|
|
|
|
Allowance for credit losses - loans and leases
as a percentage of non-performing
loans and leases |
|
|
140.21 |
% |
|
|
156.30 |
% |
|
|
202.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets guaranteed by
U.S. government: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans guaranteed |
|
$ |
11,332 |
|
|
$ |
6,616 |
|
|
$ |
3,588 |
|
|
|
71.3 |
% |
|
|
215.9 |
% |
Past due loans 90 days or more and still
accruing interest guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
Total non-performing loans guaranteed |
|
$ |
11,332 |
|
|
$ |
6,616 |
|
|
$ |
3,588 |
|
|
|
71.3 |
% |
|
|
215.9 |
% |
Total non-performing loans and leases
not guaranteed as a percentage of total
loans and leases |
|
|
0.86 |
% |
|
|
0.83 |
% |
|
|
0.73 |
% |
|
|
|
|
|
|
Total non-performing assets not guaranteed
as a percentage of total assets |
|
|
0.63 |
% |
|
|
0.60 |
% |
|
|
0.56 |
% |
|
|
|
|
|
|
The following table presents the composition of deposits at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Change from |
|
(dollars in thousands) |
|
September 30,
2024 |
|
|
June 30,
2024 |
|
|
September 30,
2023 |
|
|
June 30,
2024 |
|
|
September 30,
2023 |
|
Non-interest-bearing demand deposits |
|
$ |
1,729,908 |
|
|
$ |
1,762,891 |
|
|
$ |
1,959,855 |
|
|
|
(1.9 |
)% |
|
|
(11.7 |
)% |
Interest-bearing checking accounts |
|
|
749,721 |
|
|
|
717,229 |
|
|
|
592,771 |
|
|
|
4.5 |
% |
|
|
26.5 |
% |
Money market demand accounts |
|
|
2,426,522 |
|
|
|
2,323,245 |
|
|
|
2,062,252 |
|
|
|
4.4 |
% |
|
|
17.7 |
% |
Other savings |
|
|
489,618 |
|
|
|
503,935 |
|
|
|
581,073 |
|
|
|
(2.8 |
)% |
|
|
(15.7 |
)% |
Time deposits (below $250,000) |
|
|
1,639,658 |
|
|
|
1,610,308 |
|
|
|
1,447,053 |
|
|
|
1.8 |
% |
|
|
13.3 |
% |
Time deposits ($250,000 and above) |
|
|
462,460 |
|
|
|
429,573 |
|
|
|
310,686 |
|
|
|
7.7 |
% |
|
|
48.9 |
% |
Total deposits |
|
$ |
7,497,887 |
|
|
$ |
7,347,181 |
|
|
$ |
6,953,690 |
|
|
|
2.1 |
% |
|
|
7.8 |
% |
Byline Bancorp, Inc.
Page 11 of 13
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 |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
(dollars in thousands, except per share data) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
Net income and earnings per share excluding significant items: |
|
|
|
|
|
|
|
|
|
Reported Net Income |
|
$ |
30,328 |
|
|
$ |
29,671 |
|
|
$ |
28,222 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
Impairment charges on ROU assets |
|
|
— |
|
|
|
— |
|
|
|
394 |
|
Merger-related expenses |
|
|
411 |
|
|
|
— |
|
|
|
6,307 |
|
Tax benefit |
|
|
(32 |
) |
|
|
— |
|
|
|
(1,617 |
) |
Adjusted Net Income |
|
$ |
30,707 |
|
|
$ |
29,671 |
|
|
$ |
33,306 |
|
Reported Diluted Earnings per Share |
|
$ |
0.69 |
|
|
$ |
0.68 |
|
|
$ |
0.65 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
Impairment charges on ROU assets |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Merger-related expenses |
|
|
0.01 |
|
|
|
— |
|
|
|
0.15 |
|
Tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(0.04 |
) |
Adjusted Diluted Earnings per Share |
|
$ |
0.70 |
|
|
$ |
0.68 |
|
|
$ |
0.77 |
|
Byline Bancorp, Inc.
Page 12 of 13
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, |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
ratios annualized, where applicable) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
Adjusted non-interest expense: |
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
54,327 |
|
|
$ |
53,210 |
|
|
$ |
57,891 |
|
Less: Impairment charges on ROU assets |
|
|
— |
|
|
|
— |
|
|
|
394 |
|
Less: Merger-related expenses |
|
|
411 |
|
|
|
— |
|
|
|
6,307 |
|
Adjusted non-interest expense |
|
$ |
53,916 |
|
|
$ |
53,210 |
|
|
$ |
51,190 |
|
Adjusted non-interest expense excluding
amortization of intangible assets: |
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
53,916 |
|
|
$ |
53,210 |
|
|
$ |
51,190 |
|
Less: Amortization of intangible assets |
|
|
1,345 |
|
|
|
1,345 |
|
|
|
1,551 |
|
Adjusted non-interest expense excluding
amortization of intangible assets |
|
$ |
52,571 |
|
|
$ |
51,865 |
|
|
$ |
49,639 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
Pre-tax income |
|
$ |
40,038 |
|
|
$ |
40,115 |
|
|
$ |
38,134 |
|
Add: Provision for credit losses |
|
|
7,475 |
|
|
|
6,045 |
|
|
|
8,803 |
|
Pre-tax pre-provision net income |
|
$ |
47,513 |
|
|
$ |
46,160 |
|
|
$ |
46,937 |
|
Adjusted pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
47,513 |
|
|
$ |
46,160 |
|
|
$ |
46,937 |
|
Add: Impairment charges on ROU assets |
|
|
— |
|
|
|
— |
|
|
|
394 |
|
Add: Merger-related expenses |
|
|
411 |
|
|
|
— |
|
|
|
6,307 |
|
Adjusted pre-tax pre-provision net income |
|
$ |
47,924 |
|
|
$ |
46,160 |
|
|
$ |
53,638 |
|
Tax equivalent net interest income: |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
87,455 |
|
|
$ |
86,526 |
|
|
$ |
92,452 |
|
Add: Tax-equivalent adjustment |
|
|
229 |
|
|
|
229 |
|
|
|
248 |
|
Net interest income, fully taxable equivalent |
|
$ |
87,684 |
|
|
$ |
86,755 |
|
|
$ |
92,700 |
|
Total revenue: |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
87,455 |
|
|
$ |
86,526 |
|
|
$ |
92,452 |
|
Add: Non-interest income |
|
|
14,385 |
|
|
|
12,844 |
|
|
|
12,376 |
|
Total revenue |
|
$ |
101,840 |
|
|
$ |
99,370 |
|
|
$ |
104,828 |
|
Tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
1,096,312 |
|
|
$ |
1,033,014 |
|
|
$ |
919,945 |
|
Less: Goodwill and other intangibles |
|
|
199,443 |
|
|
|
200,788 |
|
|
|
205,028 |
|
Tangible common stockholders' equity |
|
$ |
896,869 |
|
|
$ |
832,226 |
|
|
$ |
714,917 |
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
9,424,316 |
|
|
$ |
9,633,815 |
|
|
$ |
8,943,368 |
|
Less: Goodwill and other intangibles |
|
|
199,443 |
|
|
|
200,788 |
|
|
|
205,028 |
|
Tangible assets |
|
$ |
9,224,873 |
|
|
$ |
9,433,027 |
|
|
$ |
8,738,340 |
|
Average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
Average total stockholders' equity |
|
$ |
1,059,628 |
|
|
$ |
1,008,802 |
|
|
$ |
924,278 |
|
Less: Average goodwill and other intangibles |
|
|
200,091 |
|
|
|
201,428 |
|
|
|
202,978 |
|
Average tangible common stockholders' equity |
|
$ |
859,537 |
|
|
$ |
807,374 |
|
|
$ |
721,300 |
|
Average tangible assets: |
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
9,373,849 |
|
|
$ |
9,140,736 |
|
|
$ |
8,634,345 |
|
Less: Average goodwill and other intangibles |
|
|
200,091 |
|
|
|
201,428 |
|
|
|
202,978 |
|
Average tangible assets |
|
$ |
9,173,758 |
|
|
$ |
8,939,308 |
|
|
$ |
8,431,367 |
|
Tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
|
$ |
30,328 |
|
|
$ |
29,671 |
|
|
$ |
28,222 |
|
Add: After-tax intangible asset amortization |
|
|
986 |
|
|
|
987 |
|
|
|
1,137 |
|
Tangible net income available to common stockholders |
|
$ |
31,314 |
|
|
$ |
30,658 |
|
|
$ |
29,359 |
|
Adjusted tangible net income available to common
stockholders: |
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
31,314 |
|
|
$ |
30,658 |
|
|
$ |
29,359 |
|
Add: Impairment charges on ROU assets |
|
|
— |
|
|
|
— |
|
|
|
394 |
|
Add: Merger-related expenses |
|
|
411 |
|
|
|
— |
|
|
|
6,307 |
|
Add: Tax benefit on significant items |
|
|
(32 |
) |
|
|
— |
|
|
|
(1,617 |
) |
Adjusted tangible net income available to
common stockholders |
|
$ |
31,693 |
|
|
$ |
30,658 |
|
|
$ |
34,443 |
|
Byline Bancorp, Inc.
Page 13 of 13
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 |
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
data, ratios annualized, where applicable) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
Pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
47,513 |
|
|
$ |
46,160 |
|
|
$ |
46,937 |
|
Average total assets |
|
|
9,373,849 |
|
|
|
9,140,736 |
|
|
|
8,634,345 |
|
Pre-tax pre-provision return on average assets |
|
|
2.02 |
% |
|
|
2.03 |
% |
|
|
2.16 |
% |
Adjusted pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
Adjusted pre-tax pre-provision net income |
|
$ |
47,924 |
|
|
$ |
46,160 |
|
|
$ |
53,638 |
|
Average total assets |
|
|
9,373,849 |
|
|
|
9,140,736 |
|
|
|
8,634,345 |
|
Adjusted pre-tax pre-provision return on average assets |
|
|
2.03 |
% |
|
|
2.03 |
% |
|
|
2.46 |
% |
Net interest margin, fully taxable equivalent: |
|
|
|
|
|
|
|
|
|
Net interest income, fully taxable equivalent |
|
$ |
87,684 |
|
|
$ |
86,755 |
|
|
$ |
92,700 |
|
Total average interest-earning assets |
|
|
8,961,650 |
|
|
|
8,743,462 |
|
|
|
8,220,678 |
|
Net interest margin, fully taxable equivalent |
|
|
3.89 |
% |
|
|
3.99 |
% |
|
|
4.47 |
% |
Non-interest income to total revenues: |
|
|
|
|
|
|
|
|
|
Non-interest income |
|
$ |
14,385 |
|
|
$ |
12,844 |
|
|
$ |
12,376 |
|
Total revenues |
|
|
101,840 |
|
|
|
99,370 |
|
|
|
104,828 |
|
Non-interest income to total revenues |
|
|
14.13 |
% |
|
|
12.93 |
% |
|
|
11.81 |
% |
Adjusted non-interest expense to average assets: |
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
53,916 |
|
|
$ |
53,210 |
|
|
$ |
51,190 |
|
Average total assets |
|
|
9,373,849 |
|
|
|
9,140,736 |
|
|
|
8,634,345 |
|
Adjusted non-interest expense to average assets |
|
|
2.29 |
% |
|
|
2.34 |
% |
|
|
2.35 |
% |
Adjusted efficiency ratio: |
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense excluding amortization of
intangible assets |
|
$ |
52,571 |
|
|
$ |
51,865 |
|
|
$ |
49,639 |
|
Total revenues |
|
|
101,840 |
|
|
|
99,370 |
|
|
|
104,828 |
|
Adjusted efficiency ratio |
|
|
51.62 |
% |
|
|
52.19 |
% |
|
|
47.35 |
% |
Adjusted return on average assets: |
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
30,707 |
|
|
$ |
29,671 |
|
|
$ |
33,306 |
|
Average total assets |
|
|
9,373,849 |
|
|
|
9,140,736 |
|
|
|
8,634,345 |
|
Adjusted return on average assets |
|
|
1.30 |
% |
|
|
1.31 |
% |
|
|
1.53 |
% |
Adjusted return on average stockholders' equity: |
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
30,707 |
|
|
$ |
29,671 |
|
|
$ |
33,306 |
|
Average stockholders' equity |
|
|
1,059,628 |
|
|
|
1,008,802 |
|
|
|
924,278 |
|
Adjusted return on average stockholders' equity |
|
|
11.53 |
% |
|
|
11.83 |
% |
|
|
14.30 |
% |
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
896,869 |
|
|
$ |
832,226 |
|
|
$ |
714,917 |
|
Tangible assets |
|
|
9,224,873 |
|
|
|
9,433,027 |
|
|
|
8,738,340 |
|
Tangible common equity to tangible assets |
|
|
9.72 |
% |
|
|
8.82 |
% |
|
|
8.18 |
% |
Return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
31,314 |
|
|
$ |
30,658 |
|
|
$ |
29,359 |
|
Average tangible common stockholders' equity |
|
|
859,537 |
|
|
|
807,374 |
|
|
|
721,300 |
|
Return on average tangible common stockholders' equity |
|
|
14.49 |
% |
|
|
15.27 |
% |
|
|
16.15 |
% |
Adjusted return on average tangible common
stockholders' equity: |
|
|
|
|
|
|
|
|
|
Adjusted tangible net income available to common
stockholders |
|
$ |
31,693 |
|
|
$ |
30,658 |
|
|
$ |
34,443 |
|
Average tangible common stockholders' equity |
|
|
859,537 |
|
|
|
807,374 |
|
|
|
721,300 |
|
Adjusted return on average tangible common
stockholders' equity |
|
|
14.67 |
% |
|
|
15.27 |
% |
|
|
18.95 |
% |
Tangible book value per share: |
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
896,869 |
|
|
$ |
832,226 |
|
|
$ |
714,917 |
|
Common shares outstanding |
|
|
44,384,706 |
|
|
|
44,180,829 |
|
|
|
43,719,203 |
|
Tangible book value per share |
|
$ |
20.21 |
|
|
$ |
18.84 |
|
|
$ |
16.35 |
|
3Q24 Earnings Presentation Exhibit 99.2
2 Forward-Looking Statements 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 judgement 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. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Third Quarter 2024 Highlights 3 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Annualized. Strong Financial Performance 11.35% Common Equity Tier 1 +24% Increase in Tangible Book Value / Share(1) YoY 14.49% Return on Avg. Tangible Common Equity(1) +8.2% Increase in Deposits(2) 92% Loan / Deposit Ratio Net Income of $30.3 million; EPS of $0.69 Pre-Tax Pre-Provision income (1) of $47.5 million; Pre-Tax Pre-Provision ROAA(1) of 2.02% Revenue of $101.8 million, up 2% Net interest income of $87.5 million, up 1% Building capital with common equity tier 1 growing to 11.35%, up 51 bps Announced definitive merger agreement with First Security Bancorp, Inc. Net interest margin (FTE)(1) of 3.89% Loan and lease yields stood at 7.48%; cost of deposits of 2.76% Stockholders' equity of $1.1 billion, up 6.1% Efficiency ratio: 52.02% TCE/TA(1): 9.72%; up 90 bps NIE/AA: 2.31%, down 35 bps YoY Total Capital ratio: 14.41%; up 55 bps 2.02% 2.03% Reported(1)(2) Adjusted(1)(2) 14.49% 14.67% Reported(1)(2) Adjusted(1)(2) ROTCE $0.69 $0.70 Reported Adjusted(1) 1.29% 1.30% Reported(2) Adjusted(1)(2) ROAA $30.3 million $30.7 million Reported Adjusted(1) 52.02% 51.62% Reported Adjusted(1) Efficiency Ratio Net Income Diluted EPS PTPP ROAA
Loan Portfolio Trends ($ in millions) Total Loan Portfolio and Average Yield Portfolio Composition Total loan portfolio stood at $6.9 billion, flat from 2Q24 Originated $212.2 million in new loans, net of loan sales in 3Q24 Production driven by commercial banking and leasing originations of $109.7 million and $61.8 million, respectively Payoff activity increased by $31.6 million from 2Q24 to $267 million Cumulative Loan Beta(1): 48% Highlights Utilization Rates 57% LTM Average Originations and Payoffs Cumulative Loan Beta excluding loan accretion is calculated as the change in yield on loans and leases from 4Q21 to 3Q24 divided by the change in average Fed Funds from 4Q21 to 3Q24. 4
Cost of Interest-Bearing Deposits Total deposits were $7.5 billion, up 8.2% annualized from 2Q24 Commercial deposits accounted for 47.7% of total deposits and represent 76.8% of all non-interest-bearing deposits Cost of deposits increased by 13 bps to 2.76% in 3Q24 Loan/Deposits ratio: 92.02%, down 196 bps LQ and 319 bps YoY Deposit Trends ($ in millions) Deposit Composition Highlights Average Non-Interest-Bearing Deposits 5 Loan to Deposit Ratio
Net interest income was $87.5 million, up 1.1% from 2Q24 Increase in NII driven by higher loan and securities yields Net interest margin decreased 10 basis points from 2Q24 to 3.88% Net interest income and margin performance in line with expectations Interest Rate Sensitivity Over a One-Year Time Horizon Rates -100 bps: ~$12 million or ~3.3% decline in NII or ~$3 million per 25 bps Ramp -100 bps: ~$9 million or ~2.5% decline in NII or ~$2.25 million per 25 bps NIM Bridge Net Interest Income and Net Interest Margin Trends ($ in millions) Net Interest Income Highlights NIM, Yields and Costs 6 Repricing Mix $86.5 Million NII $87.5 Million NII
Government Guaranteed Loan Sales $79.5 million of guaranteed loans sold in 3Q24 Loans held for sale increased to $20.0 million in 3Q24 Non-interest income was $14.4 million, up 12.0% from 2Q24 Increase in Other due to increased swap income fee activity $5.9 million in gain on sale, driven by higher volume of loans sold Non-interest income remained stable QoQ, excluding FV marks on loan servicing asset and equity securities Volume Sold and Average Net Premiums Non-Interest Income Trends ($ in millions) Total Non-Interest Income Highlights Net Gains on Sales of Loans 7 (1) Other includes net servicing losses in 3Q23.
(1) Non-interest expenses stood at $54.3 million, up 2.1% from 2Q24 and reflects: $1.1 million increase in salaries and employee benefits $0.4 million increase related to acquisition activities NIE/AA: 2.31%, down 3 bps QoQ Efficiency ratio stood at 52.02% at 3Q24 Adjusted efficiency ratio(1): 51.62%, down by 57 bps LQ Efficiency Ratio Non-Interest Expense Trends ($ in millions) Non-Interest Expense Highlights Non-Interest Expense Bridge 8 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. ($0.5) ($0.3) $0.3 $0.1 $1.1 $53.2 $54.3 $0.4
Note: Delinquencies represent accruing loans and leases past due 30 days or more. Delinquencies to Total Loans and Leases represent delinquencies divided by period end loans and leases. Delinquencies Asset Quality Trends ($ in millions) Net Charge-offs NPLs / Total Loans & Leases 9 Allowance for Credit Losses (ACL) Excluding Government Guaranteed loans, NPLs were 86 bps
Percent of Insured Deposits(2) Median: 64% Liquidity Position Strong Liquidity and Securities Portfolio Cash and cash equivalents $452.6 million, down by $277.9 million from 2Q24 primarily due to repayment of term funding facility $1.5 billion investment portfolio (~99.9% AFS) $1.3 billion of available borrowing capacity Uninsured Deposits stood at 29.8% and trends well below all peer bank averages Liquidity coverage of uninsured deposits ~107% as of quarter end % of Uninsured Deposits Industry Comparisons(1) >$500B $250B - $500B $100B - $250B $50B - $100B $10B - $50B $1B - $10B Median 43.0% 32.5% 36.5% 44.2% 37.2% 29.9% Byline Bank 29.8% 29.8% 29.8% 29.8% 29.8% 29.8% 10 Source: SNL Financial, and company filings. Financial data as of quarter ended June 30, 2024 or most recent available. Source: Company’s 2Q24 Form 10-Q | Calculation: (total deposits uninsured deposits) / total consolidated deposits | Byline 2024 Proxy Peer Group. Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. AFS Portfolio by Type Securities portfolio duration: 4.6 years; net of hedges: ~4.3 years Securities portfolio annual cash flow: ~$240 million Taxable securities yield of 3.02%, up 5 basis points from 2Q24 AOCI / TCE(3): ~8.8% Highlights
(1) Return on Average Tangible Common Equity Strong Capital Position Capital Ratios 11 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Strong Capital Base Common Equity Tier 1 Capital Priorities: TCE operating target range(1) is between 8% and 9%: currently at 9.72% $1.1 billion total stockholders’ equity, up $63.3 million or 6.1% LQ Tangible book value per share(1): $20.21, up 7.3% LQ and 23.6% YoY 1. Fund Organic Growth 2. Dividend 3. M&A 4. Buyback (1)
Our Strategy Remains Consistent 12 Maintain Balance Sheet Strength Continue to Invest in the Business Capitalize on Market Opportunities Deliver Strong Financial Results Grow our Commercial Client Franchise 1 2 3 4 5 Leverage our Capabilities 6 Differentiated approach to grow loans and deposits organically in targeted market segments Maintain a strong balance sheet, ample capital flexibility and strong asset quality Continue to invest in digital capabilities to improve the customer experience and gain operational efficiencies Attract additional high-quality talent to the organization and pursue opportunistic M&A opportunities Generate consistently strong financial results for our stockholders Leverage all our capabilities to deepen share of wallet and acquire new customers
3Q24 Earnings Presentation Appendix
Granular Deposit Base 14 Consumer Deposits, $3.1 billion Commercial Deposits, $2.8 billion ~70% of Total Deposits are FDIC Insured …with limited concentration and granular customer base providing a stable source of funding Consumer Deposits(1) $4.1 billion at 9/30/24 Granular Deposit Base ~$28,000 Average Account Balance Customer Base ~125,000 Consumer Accounts Total Franchise 46 Branches Commercial Deposits $3.4 billion at 9/30/24 Granular Deposit Base ~$125,000 Average Account Balance Customer Base ~29,000 Commercial Accounts Consumer Deposits, $4.1 billion Commercial Deposits, $3.4 billion Uninsured 9% d Total Deposits $7.5 Billion as of 9/30/24 Core banking footprint in key urban MSAs in Wisconsin and a broad footprint in Chicago, IL A strength of our franchise is our well diversified deposit base… Excludes brokered deposits.
CRE Portfolio: NOO Office Represents 2.6% of Total Loans 15 Non-Owner Occupied Commercial Real Estate Portfolio ($ in millions) 9/30/24 Industrial / Warehouse $625.7 9.1% Multi-family 492.9 7.2% Retail 213.8 3.1% Office 180.3 2.6% Senior Housing / Healthcare 35.6 0.5% Mixed Use 35.6 0.5% Hotel / Motel 30.9 0.5% Other 304.6 4.4% Total $1,919.4 27.9% % of Total Loans Note: Non-Owner Occupied CRE Portfolio includes construction, land, multi-family and non-owner occupied (NOO). CRE portfolio includes owner occupied, non-owner occupied, non-farm, non-residential, construction, and multi-family loans. d Total Loans & Leases $6.9 Billion as of 9/30/24
9/30/24 6/30/24 Avg. Commitment $3.6 million $3.6 million ACL % 2.2% 1.8% NCO %(1) 2.15% 2.70% 30+ DLQ % 5.2% 5.0% NPL % 3.8% 5.0% Criticized % 19% 20% Office CRE Portfolio: Diversified Tenants and Markets NCOs / Average loans represents net charge-offs to average loans for the last twelve-month period. Tenant Classification ($ in millions) 9/30/24 Illinois $112.2 North Carolina 24.3 Wisconsin 13.4 New Jersey 10.6 Ohio 8.1 Iowa 3.6 Minnesota 3.2 New Mexico 2.1 West Virginia 1.1 Michigan 0.9 Tennessee 0.8 Total Office $180.3 CRE Office: Geographic Mix by State Office Portfolio Metrics Office Portfolio Market Type 16
(1) ($ in millions) $ Balance % of Portfolio Unguaranteed $382.7 5.5% Guaranteed 66.3 1.0% Total SBA 7(a) Loans $449.0 6.5% Unguaranteed $36.8 0.5% Guaranteed 20.7 0.3% Total USDA Loans $57.5 0.8% Unguaranteed Loan Portfolio by Industry One of the top SBA and USDA lenders in the United States Top Illinois SBA 7(a) lender for the 16th consecutive year Closed $117.2 million in SBC loan commitments in 3Q24 SBA 7(a) portfolio $449.0 million, down $2.4 million from 2Q24 ACL/Unguaranteed loan balance ~9.0% $1.7 billion in serviced government guaranteed loans for investors in 3Q24 Since 2016, the unguaranteed government-guaranteed exposure has decreased from 14.6% down to 6.0% in 2024 Unguaranteed Government-Guaranteed Exposure Represents 6.0% of Total Loans ($ in millions) On Balance Sheet SBA 7(a) & USDA Loans SBA 7(a) & USDA Closed Loan Commitments Highlights Represents sectors with less than 5% of the total portfolio. 17 $107.3 $129.2 $108.3 $82.3 $111.4
Projected Acquisition Accounting Accretion Projections are updated quarterly, assumes no prepayments and are subject to change. 18 Projected Accretion(1) ($ in millions)
Financial Summary 19 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. As of or For the Three Months Ended September 30, June 30, September 30, (dollars in thousands, except per share data) 2024 2024 2023 Income Statement Net interest income $ 87,455 $ 86,526 $ 92,452 Provision for credit losses 7,475 6,045 8,803 Non-interest income 14,385 12,844 12,376 Non-interest expense 54,327 53,210 57,891 Income before provision for income taxes 40,038 40,115 38,134 Provision for income taxes 9,710 10,444 9,912 Net income 30,328 29,671 28,222 Diluted earnings per common share(1) $ 0.69 $ 0.68 $ 0.65 Balance Sheet Total loans and leases HFI $ 6,879,446 $ 6,891,204 $ 6,613,303 Total deposits 7,497,887 7,347,181 6,953,690 Tangible common equity(1) 896,869 832,226 714,917 Balance Sheet Metrics Loans and leases / total deposits 92.02% 93.98% 95.21% Tangible common equity / tangible assets(1) 9.72% 8.82% 8.18% Key Performance Ratios Net interest margin 3.88% 3.98% 4.46% Efficiency ratio 52.02% 52.19% 53.75% Adjusted efficiency ratio(1) 51.62% 52.19% 47.35% Non-interest income to total revenues 14.13% 12.93% 11.81% Non-interest expense to average assets 2.31% 2.34% 2.66% Return on average assets 1.29% 1.31% 1.30% Adjusted return on average assets(1) 1.30% 1.31% 1.53% Pre-tax pre-provision return on average assets (1) 2.02% 2.03% 2.16% Dividend payout ratio on common stock 13.04% 13.24% 13.85% Tangible book value per common share(1) $ 20.21 $ 18.84 $ 16.35
Non-GAAP Reconciliation 20 As of or For the Three Months Ended (dollars in thousands, except per share data) September 30, 2024 June 30, 2024 September 30, 2023 Net income and earnings per share excluding significant items Reported Net Income $ 30,328 $ 29,671 $ 28,222 Significant items: Impairment charges on ROU asset — — 394 Merger-related expenses 411 — 6,307 Tax benefit (32) — (1,617) Adjusted Net Income $ 30,707 $ 29,671 $ 33,306 Reported Diluted Earnings per Share $ 0.69 $ 0.68 $ 0.65 Significant items: Impairment charges on ROU asset — — 0.01 Merger-related expenses 0.01 — 0.15 Tax benefit — — (0.04) Adjusted Diluted Earnings per Share $ 0.70 $ 0.68 $ 0.77
Non-GAAP Reconciliation (continued) 21 As of or For the Three Months Ended (dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2023 Adjusted non-interest expense: Non-interest expense $ 54,327 $ 53,210 $ 57,891 Less: Significant items Impairment charges on ROU assets — — 394 Merger-related expenses 411 — 6,307 Adjusted non-interest expense $ 53,916 $ 53,210 $ 51,190 Adjusted non-interest expense ex. amortization of intangible assets: Adjusted non-interest expense $ 53,916 $ 53,210 $ 51,190 Less: Amortization of intangible assets 1,345 1,345 1,551 Adjusted non-interest expense ex. amortization of intangible assets $ 52,571 $ 51,865 $ 49,639 Pre-tax pre-provision net income: Pre-tax income $ 40,038 $ 40,115 $ 38,134 Add: Provision for loan and lease losses 7,475 6,045 8,803 Pre-tax pre-provision net income $ 47,513 $ 46,160 $ 46,937 Adjusted pre-tax pre-provision net income: Pre-tax pre-provision net income $ 47,513 $ 46,160 $ 46,937 Add: Impairment charges on ROU assets — — 394 Add: Merger-related expenses 411 — 6,307 Adjusted pre-tax pre-provision net income $ 47,924 $ 46,160 $ 53,638 Tax equivalent net interest income: Net interest income $ 87,455 $ 86,526 $ 92,452 Add: Tax-equivalent adjustment 229 229 248 Net interest income, fully taxable equivalent $ 87,684 $ 86,755 $ 92,700 Total revenues: Net interest income $ 87,455 $ 86,526 $ 92,452 Add: Non-interest income 14,385 12,844 12,376 Total revenues $ 101,840 $ 99,370 $ 104,828
Non-GAAP Reconciliation (continued) 22 As of or For the Three Months Ended (dollars in thousands) September 30, 2024 June 30, 2024 September 30, 2023 Tangible common stockholders' equity: Total stockholders' equity $ 1,096,312 $ 1,033,014 $ 919,945 Less: Goodwill and other intangibles 199,443 200,788 205,028 Tangible common stockholders' equity $ 896,869 $ 832,226 $ 714,917 Tangible assets: Total assets $ 9,424,316 $ 9,633,815 $ 8,943,368 Less: Goodwill and other intangibles 199,443 200,788 205,028 Tangible assets $ 9,224,873 $ 9,433,027 $ 8,738,340 Tangible assets, excluding accumulated other comprehensive loss: Tangible assets $ 9,224,873 $ 9,433,027 $ 8,738,340 Less: Accumulated other comprehensive loss (78,678) (111,469) (142,159) Tangible assets, excluding accumulated other comprehensive loss: $ 9,303,551 $ 9,544,496 $ 8,880,499 Tangible common stockholders' equity, excluding accumulated other comprehensive loss: Tangible common stockholders' equity $ 896,869 $ 832,226 $ 714,917 Less: Accumulated other comprehensive loss (78,678) (111,469) (142,159) Tangible common stockholders' equity, excluding accumulated other comprehensive loss $ 975,547 $ 943,695 $ 857,076 Average tangible common stockholders' equity: Average total stockholders' equity $ 1,059,628 $ 1,008,802 $ 924,278 Less: Average goodwill and other intangibles 200,091 201,428 202,978 Average tangible common stockholders' equity $ 859,537 $ 807,374 $ 721,300 Average tangible assets: Average total assets $ 9,373,849 $ 9,140,736 $ 8,634,345 Less: Average goodwill and other intangibles 200,091 201,428 202,978 Average tangible assets $ 9,173,758 $ 8,939,308 $ 8,431,367 Tangible net income available to common stockholders: Net income available to common stockholders $ 30,328 $ 29,671 $ 28,222 Add: After-tax intangible asset amortization 986 987 1,137 Tangible net income available to common stockholders $ 31,314 $ 30,658 $ 29,359 Adjusted tangible net income available to common stockholders: Tangible net income available to common stockholders $ 31,314 $ 30,658 $ 29,359 Impairment charges on ROU assets — — 394 Merger-related expenses 411 — 6,307 Tax benefit on significant items (32) — (1,617) Adjusted tangible net income available to common stockholders $ 31,693 $ 30,658 $ 34,443
Non-GAAP Reconciliation (continued) 23 As of or For the Three Months Ended (dollars in thousands, except share and per share data, ratios annualized, where applicable) September 30, 2024 June 30, 2024 September 30, 2023 Pre-tax pre-provision return on average assets: Pre-tax pre-provision net income $ 47,513 $ 46,160 $ 46,937 Average total assets 9,373,849 9,140,736 8,634,345 Pre-tax pre-provision return on average assets 2.02% 2.03% 2.16% Adjusted pre-tax pre-provision return on average assets: Adjusted pre-tax pre-provision net income $ 47,924 $ 46,160 $ 53,638 Average total assets 9,373,849 9,140,736 8,634,345 Adjusted pre-tax pre-provision return on average assets 2.03% 2.03% 2.46% Net interest margin, fully taxable equivalent: Net interest income, fully taxable equivalent $ 87,684 $ 86,755 $ 92,700 Total average interest-earning assets 8,961,651 8,743,462 8,220,678 Net interest margin, fully taxable equivalent 3.89% 3.99% 4.47% Non-interest income to total revenues: Non-interest income $ 14,385 $ 12,844 $ 12,376 Total revenues 101,840 99,370 104,828 Non-interest income to total revenues 14.13% 12.93% 11.81% Adjusted non-interest expense to average assets: Adjusted non-interest expense $ 53,916 $ 53,210 $ 51,190 Average total assets 9,373,849 9,140,736 8,634,345 Adjusted non-interest expense to average assets 2.29% 2.34% 2.35% Adjusted efficiency ratio: Adjusted non-interest expense excluding amortization of intangible assets $ 52,571 $ 51,865 $ 49,639 Total revenues 101,840 99,370 104,828 Adjusted efficiency ratio 51.62% 52.19% 47.35% Adjusted return on average assets: Adjusted net income $ 30,707 $ 29,671 $ 33,306 Average total assets 9,373,849 9,140,736 8,634,345 Adjusted return on average assets 1.30% 1.31% 1.53% Adjusted return on average stockholders' equity: Adjusted net income $ 30,707 $ 29,671 $ 33,306 Average stockholders' equity 1,059,628 1,008,802 924,278 Adjusted return on average stockholders' equity 11.51% 11.83% 14.30%
Non-GAAP Reconciliation (continued) 24 As of or For the Three Months Ended (dollars in thousands, except share and per share data) September 30, 2024 June 30, 2024 September 30, 2023 Tangible common equity to tangible assets: Tangible common equity $ 896,869 $ 832,226 $ 714,917 Tangible assets 9,224,873 9,433,027 8,738,340 Tangible common equity to tangible assets 9.72% 8.82% 8.18% Tangible common stockholders' equity, excluding accumulated other comprehensive loss to tangible assets, excluding accumulated other comprehensive loss: Tangible common stockholders' equity, excluding accumulated other comprehensive loss $ 975,547 $ 943,695 $ 857,076 Tangible assets, excluding accumulated other comprehensive loss: 9,303,551 9,544,496 8,880,499 Tangible common stockholders' equity, excluding accumulated other comprehensive loss to tangible assets, excluding accumulated other comprehensive loss 10.49% 9.89% 9.65% Return on average tangible common stockholders' equity: Tangible net income available to common stockholders $ 31,314 $ 30,658 $ 29,359 Average tangible common stockholders' equity 859,537 807,374 721,300 Return on average tangible common stockholders' equity 14.49% 15.27% 16.15% Adjusted return on average tangible common stockholders' equity: Adjusted tangible net income available to common stockholders $ 31,693 $ 30,658 $ 34,443 Average tangible common stockholders' equity 859,537 807,374 721,300 Adjusted return on average tangible common stockholders' equity 14.67% 15.27% 18.95% Tangible book value per share: Tangible common equity $ 896,869 $ 832,226 $ 714,917 Common shares outstanding 44,384,706 44,180,829 43,719,203 Tangible book value per share $ 20.21 $ 18.84 $ 16.35 Accumulated other comprehensive loss to tangible common equity: Accumulated other comprehensive loss $ 78,678 $ 111,469 $ 142,159 Tangible common equity 896,869 832,226 714,917 Accumulated other comprehensive loss to tangible common equity 8.77% 13.39% 19.88%
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