false000170275000017027502024-07-252024-07-25
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): July 25, 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 July 25, 2024, Byline Bancorp, Inc., (“Byline" or the "Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2024. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
On July 25, 2024, the Company made available on its website a slide presentation regarding the Company’s second quarter 2024 financial results, which will be used as part of a publicly accessible conference call on July 26, 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: July 25, 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 Second Quarter 2024 Financial Results
Net income of $29.7 million, $0.68 diluted earnings per share
Chicago, IL, July 25, 2024 – Byline Bancorp, Inc. (NYSE: BY), today reported:
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For the quarter |
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Second Quarter Highlights (compared to 1Q24, unless otherwise specified) |
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2Q24 |
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1Q24 |
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2Q23 |
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Financial Results ($ in thousands) |
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• ROAA of 1.31%; PTPP ROAA of 2.03%(1) |
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Net interest income |
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$ |
86,526 |
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$ |
85,541 |
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$ |
76,166 |
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Non-interest income |
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12,844 |
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15,473 |
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14,291 |
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• TBV per share of $18.84(1), up 8.1% YoY |
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Total Revenue(1) |
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99,370 |
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101,014 |
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90,457 |
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Non-interest expense (NIE) |
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53,210 |
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53,809 |
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49,328 |
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• Named a "Best Company to Work For in the |
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Pre-tax pre-provision net income (PTPP)(1) |
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46,160 |
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47,205 |
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41,129 |
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Midwest" by US News and World Report |
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Provision for credit losses |
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6,045 |
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6,643 |
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5,790 |
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Provision for income taxes |
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10,444 |
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10,122 |
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9,232 |
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• Consolidated two branches, have reduced |
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Net Income |
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$ |
29,671 |
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$ |
30,440 |
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$ |
26,107 |
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branch footprint ~60% since 2013 |
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Per Share |
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Income Statement |
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Diluted EPS |
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$ |
0.68 |
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$ |
0.70 |
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$ |
0.70 |
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• Net interest income of $86.5 million, |
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Dividends declared per common share |
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0.09 |
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0.09 |
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0.09 |
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up $985,000, or 1.2% |
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Book value per share |
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23.38 |
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22.88 |
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21.56 |
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Tangible book value per share(1) |
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18.84 |
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18.29 |
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17.43 |
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• Tax equivalent NIM of 3.99%(1) |
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Balance Sheet & Credit Quality ($ in thousands) |
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• NIE down 1.1%; NIE/AA 2.34%, down six bps |
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Total deposits |
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$ |
7,347,181 |
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$ |
7,350,202 |
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$ |
5,917,092 |
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Total loans and leases |
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6,904,564 |
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6,801,782 |
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5,596,512 |
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• Net gain on sales of loans of $6.0 million, |
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Net charge-offs (NCO) |
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9,514 |
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6,211 |
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4,267 |
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up $503,000, or 9.1% |
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Allowance for credit losses (ACL) |
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99,730 |
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102,366 |
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92,665 |
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ACL to total loans and leases held for investment |
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1.45% |
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1.51% |
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1.66% |
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• Efficiency ratio of 52.19%(1) |
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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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52.19% |
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51.94% |
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52.92% |
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• Total loans and leases grew $102.8 million, |
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Return on average assets (ROAA) |
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1.31% |
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1.36% |
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1.41% |
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or 6.1%(2) |
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Return on average stockholders' equity |
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11.83% |
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12.26% |
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12.99% |
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Return on average tangible common equity(1) |
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15.27% |
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15.88% |
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16.78% |
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• Total assets grew $223.3 million, or 9.5%(2) |
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Net Interest Margin (NIM) |
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3.98% |
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4.00% |
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4.32% |
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Common equity to total assets |
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10.72% |
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10.72% |
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10.74% |
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• NPAs down $4.1 million, or 24.0%(2) |
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Tangible common equity to tangible assets(1) |
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8.82% |
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8.76% |
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8.87% |
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Common Equity Tier 1 |
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10.84% |
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10.59% |
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10.58% |
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• Total deposits of $7.3 billion, flat QoQ |
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CEO/President Commentary |
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Roberto R. Herencia, Executive Chairman and CEO of Byline Bancorp, commented, "Our second quarter results remained strong, and we are pleased with our overall performance for the first half of the year. Our results continue to show the progress we are making in becoming the preeminent commercial bank in Chicago." Alberto J. Paracchini, President of Byline Bancorp, added, "We delivered another quarter of strong earnings, profitability, and continue to show discipline in managing expenses. We executed well on our commercial banking strategy driven by solid loan and relationship growth, which is benefiting from the contributions of new banking talent we've added over the past couple of years. I would like to thank all our employees, who again enabled our strong performance, for their dedication and hard work." |
(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 July 23, 2024, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on August 20, 2024, to stockholders of record of the Company's common stock as of August 6, 2024.
STATEMENTS OF OPERATIONS HIGHLIGHTS
Net Interest Income
Net interest income for the second quarter of 2024 was $86.5 million, an increase of $985,000, or 1.2%, from the first quarter of 2024. The increase in net interest income was primarily due to a $2.7 million increase in interest and fees on loans and leases due to the growth in the loan and lease portfolio, partially offset by an increase of $1.6 million in deposit interest expense, primarily driven by higher rates paid on interest checking.
Tax-equivalent net interest margin(1) for the second quarter of 2024 was 3.99%, a decrease of two basis points compared to the first quarter of 2024. Net loan accretion income positively contributed 17 basis points to the net interest margin for the current quarter compared to 20 basis points for the prior quarter.
The average cost of total deposits was 2.63% for the second quarter of 2024, an increase of seven basis points compared to the first quarter of 2024, as a result of higher rates on interest checking accounts. Average non-interest-bearing demand deposits were 25.0% of average total deposits for the current quarter compared to 25.9% during the prior quarter.
Provision for Credit Losses
The provision for credit losses was $6.0 million for the second quarter of 2024, a decrease of $598,000 compared to $6.6 million for the first quarter of 2024, mainly attributed to improvements in the collectively assessed portfolio, partially offset by an increase in the allocation for individually assessed government guaranteed loans. The provision for credit losses for the quarter is comprised of a provision for loan and lease losses of $6.9 million and a recapture of the provision for unfunded commitments of $833,000.
Non-interest Income
Non-interest income for the second quarter of 2024 was $12.8 million, a decrease of $2.6 million, or 17.0%, compared to $15.5 million for the first quarter of 2024. The decrease in total non-interest income was primarily due to a $1.8 million increase in the downward revaluation of the loan servicing asset due to a decline in overall serviced loan balances and higher prepayment speeds.
Net gains on sales of loans were $6.0 million for the current quarter, an increase of $503,000, or 9.1% compared to the prior quarter. During the second quarter of 2024, we sold $73.9 million of U.S. government guaranteed loans compared to $72.5 million during the first quarter of 2024.
Non-interest Expense
Non-interest expense for the second quarter of 2024 was $53.2 million, a decrease of $599,000, or 1.1%, from $53.8 million for the first quarter of 2024. The decrease in non-interest expense was mainly due to a decrease of $884,000 in other non-interest expense, mainly due to branch consolidation charges taken in the first quarter, and a $645,000 decrease in occupancy and equipment expense, net, due to lower seasonal expenses compared to the prior quarter. These decreases were offset by a $989,000 increase in legal, audit, and other professional fees primarily due to professional services associated with our strategic growth planning and initiatives.
Our efficiency ratio was 52.19% for the second quarter of 2024 compared to 51.94% for the first quarter of 2024, an increase of 25 basis points.
Income Taxes
We recorded income tax expense of $10.4 million during the second quarter of 2024, compared to $10.1 million during the first quarter of 2024. The effective tax rates were 26.0% and 25.0% for the second quarter of 2024 and first quarter of 2024, respectively. The increase in the effective tax rate was due to higher income tax benefits on share-based compensation recorded in the first quarter of 2024.
(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 $9.6 billion as of June 30, 2024, an increase of $223.3 million, or 2.4%, compared to $9.4 billion at March 31, 2024. The increase was primarily due to an increase in net loans and leases held for investment of $115.6 million, mainly due to increases in the commercial and industrial and commercial real estate portfolios, and an increase in cash and cash equivalents of $93.6 million, primarily due to increases to balances held at the Federal Reserve Bank.
Asset and Credit Quality
The ACL was $99.7 million as of June 30, 2024, a decrease of $2.6 million, or 2.6%, from $102.4 million at March 31, 2024. Net charge-offs of loans and leases during the second quarter of 2024 were $9.5 million, or 0.56% of average loans and leases, on an annualized basis. This was an increase of $3.3 million compared to net charge-offs of $6.2 million, or 0.37% of average loans and leases, during the first quarter of 2024. The increase is primarily due to an acquired commercial and industrial loan relationship, as well as increased net charge-offs in our originated commercial and industrial portfolio.
Non-performing assets were $64.6 million, or 0.67% of total assets, as of June 30, 2024, a decrease of $4.1 million from $68.7 million, or 0.73% of total assets, at March 31, 2024. The decrease was primarily the result of changes in the commercial and industrial portfolio. The government guaranteed portion of non-performing loans was $6.6 million at June 30, 2024 compared to $7.1 million at March 31, 2024.
Deposits and Other Liabilities
Total deposits decreased $3.0 million to $7.3 billion at June 30, 2024 compared to $7.4 billion at March 31, 2024. The decrease in deposits in the current quarter was mainly due to reduced reliance on brokered deposits.
Total borrowings and other liabilities were $1.3 billion at June 30, 2024, an increase of $202.4 million from $1.1 billion at March 31, 2024, primarily driven by a $200.0 million increase in Federal Home Loan Bank advances.
Stockholders’ Equity
Total stockholders’ equity was $1.0 billion at June 30, 2024, and increase of $24.0 million from March 31, 2024, primarily due to retained earnings from net income.
(1) Represents non-GAAP financial measures. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.
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, July 26, 2024, to discuss our quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (833) 470-1428; passcode 298462. A recorded replay can be accessed through August 9, 2024, by dialing (866) 813-9403; passcode: 804686.
A slide presentation relating to our second quarter 2024 results will be accessible prior to the conference call. The slide presentation and webcast of the conference call can be accessed on our investor relations website at www.bylinebancorp.com.
About Byline Bancorp, Inc.
Headquartered in 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 $9.6 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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June 30, |
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March 31, |
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June 30, |
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(dollars in thousands) |
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2024 |
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2024 |
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2023 |
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ASSETS |
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Cash and due from banks |
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$ |
68,251 |
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$ |
58,640 |
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$ |
59,564 |
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Interest bearing deposits with other banks |
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662,206 |
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578,197 |
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260,621 |
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Cash and cash equivalents |
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730,457 |
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636,837 |
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320,185 |
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Equity and other securities, at fair value |
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8,745 |
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9,135 |
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18,473 |
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Securities available-for-sale, at fair value |
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1,386,827 |
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1,379,147 |
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1,125,700 |
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Securities held-to-maturity, at amortized cost |
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606 |
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1,156 |
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2,158 |
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Restricted stock, at cost |
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31,775 |
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22,793 |
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24,377 |
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Loans held for sale |
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13,360 |
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23,568 |
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25,995 |
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Loans and leases: |
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Loans and leases |
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6,891,204 |
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6,778,214 |
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5,570,517 |
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Allowance for credit losses - loans and leases |
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(99,730 |
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(102,366 |
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(92,665 |
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Net loans and leases |
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6,791,474 |
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6,675,848 |
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5,477,852 |
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Servicing assets, at fair value |
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19,617 |
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20,992 |
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21,715 |
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Premises and equipment, net |
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63,919 |
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64,466 |
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56,304 |
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Goodwill and other intangible assets, net |
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200,788 |
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202,133 |
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155,977 |
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Bank-owned life insurance |
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98,519 |
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97,748 |
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83,222 |
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Deferred tax assets, net |
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48,888 |
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53,029 |
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66,895 |
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Accrued interest receivable and other assets |
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238,840 |
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223,651 |
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196,837 |
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Total assets |
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$ |
9,633,815 |
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$ |
9,410,503 |
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$ |
7,575,690 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES |
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Non-interest-bearing demand deposits |
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$ |
1,762,891 |
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$ |
1,851,727 |
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$ |
1,793,749 |
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Interest-bearing deposits |
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5,584,290 |
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5,498,475 |
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4,123,343 |
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Total deposits |
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7,347,181 |
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7,350,202 |
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5,917,092 |
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Other borrowings |
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918,738 |
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721,173 |
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574,922 |
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Subordinated notes, net |
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73,953 |
|
|
|
73,909 |
|
|
|
73,778 |
|
Junior subordinated debentures issued to
capital trusts, net |
|
|
70,675 |
|
|
|
70,567 |
|
|
|
37,557 |
|
Accrued interest payable and other liabilities |
|
|
190,254 |
|
|
|
185,603 |
|
|
|
158,399 |
|
Total liabilities |
|
|
8,600,801 |
|
|
|
8,401,454 |
|
|
|
6,761,748 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
452 |
|
|
|
452 |
|
|
|
391 |
|
Additional paid-in capital |
|
|
710,792 |
|
|
|
708,844 |
|
|
|
599,718 |
|
Retained earnings |
|
|
481,232 |
|
|
|
455,532 |
|
|
|
379,078 |
|
Treasury stock |
|
|
(47,993 |
) |
|
|
(48,869 |
) |
|
|
(50,383 |
) |
Accumulated other comprehensive loss, net of tax |
|
|
(111,469 |
) |
|
|
(106,910 |
) |
|
|
(114,862 |
) |
Total stockholders’ equity |
|
|
1,033,014 |
|
|
|
1,009,049 |
|
|
|
813,942 |
|
Total liabilities and stockholders’ equity |
|
$ |
9,633,815 |
|
|
$ |
9,410,503 |
|
|
$ |
7,575,690 |
|
Byline Bancorp, Inc.
Page 6 of 13
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
(dollars in thousands, except per share data) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
|
$ |
126,523 |
|
|
$ |
123,792 |
|
|
$ |
99,134 |
|
Interest on securities |
|
|
10,514 |
|
|
|
9,734 |
|
|
|
6,559 |
|
Other interest and dividend income |
|
|
4,532 |
|
|
|
4,795 |
|
|
|
1,579 |
|
Total interest and dividend income |
|
|
141,569 |
|
|
|
138,321 |
|
|
|
107,272 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
47,603 |
|
|
|
45,962 |
|
|
|
24,723 |
|
Other borrowings |
|
|
4,460 |
|
|
|
3,824 |
|
|
|
4,241 |
|
Subordinated notes and debentures |
|
|
2,980 |
|
|
|
2,994 |
|
|
|
2,142 |
|
Total interest expense |
|
|
55,043 |
|
|
|
52,780 |
|
|
|
31,106 |
|
Net interest income |
|
|
86,526 |
|
|
|
85,541 |
|
|
|
76,166 |
|
PROVISION FOR CREDIT LOSSES |
|
|
6,045 |
|
|
|
6,643 |
|
|
|
5,790 |
|
Net interest income after provision for
credit losses |
|
|
80,481 |
|
|
|
78,898 |
|
|
|
70,376 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
Fees and service charges on deposits |
|
|
2,548 |
|
|
|
2,427 |
|
|
|
2,233 |
|
Loan servicing revenue |
|
|
3,216 |
|
|
|
3,364 |
|
|
|
3,377 |
|
Loan servicing asset revaluation |
|
|
(2,468 |
) |
|
|
(703 |
) |
|
|
(865 |
) |
ATM and interchange fees |
|
|
1,163 |
|
|
|
1,075 |
|
|
|
1,112 |
|
Change in fair value of equity securities, net |
|
|
(390 |
) |
|
|
392 |
|
|
|
193 |
|
Net gains on sales of loans |
|
|
6,036 |
|
|
|
5,533 |
|
|
|
5,704 |
|
Wealth management and trust income |
|
|
942 |
|
|
|
1,157 |
|
|
|
1,039 |
|
Other non-interest income |
|
|
1,797 |
|
|
|
2,228 |
|
|
|
1,498 |
|
Total non-interest income |
|
|
12,844 |
|
|
|
15,473 |
|
|
|
14,291 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
33,911 |
|
|
|
33,953 |
|
|
|
29,642 |
|
Occupancy and equipment expense, net |
|
|
4,639 |
|
|
|
5,284 |
|
|
|
4,404 |
|
Loan and lease related expenses |
|
|
741 |
|
|
|
685 |
|
|
|
488 |
|
Legal, audit, and other professional fees |
|
|
3,708 |
|
|
|
2,719 |
|
|
|
3,675 |
|
Data processing |
|
|
4,036 |
|
|
|
4,145 |
|
|
|
4,272 |
|
Net (gain) loss recognized on other real estate
owned and other related expenses |
|
|
(62 |
) |
|
|
(98 |
) |
|
|
288 |
|
Other intangible assets amortization expense |
|
|
1,345 |
|
|
|
1,345 |
|
|
|
1,455 |
|
Other non-interest expense |
|
|
4,892 |
|
|
|
5,776 |
|
|
|
5,104 |
|
Total non-interest expense |
|
|
53,210 |
|
|
|
53,809 |
|
|
|
49,328 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
40,115 |
|
|
|
40,562 |
|
|
|
35,339 |
|
PROVISION FOR INCOME TAXES |
|
|
10,444 |
|
|
|
10,122 |
|
|
|
9,232 |
|
NET INCOME |
|
$ |
29,671 |
|
|
$ |
30,440 |
|
|
$ |
26,107 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Diluted |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Byline Bancorp, Inc.
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 |
June 30, |
|
|
March 31, |
|
|
June 30, |
|
and per share data) |
2024 |
|
|
2024 |
|
|
2023 |
|
Earnings per Common Share |
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Diluted earnings per common share |
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Adjusted diluted earnings per common share(1)(3) |
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.73 |
|
Weighted average common shares outstanding (basic) |
|
43,361,516 |
|
|
|
43,258,087 |
|
|
|
37,034,626 |
|
Weighted average common shares outstanding (diluted) |
|
43,741,840 |
|
|
|
43,727,344 |
|
|
|
37,337,906 |
|
Common shares outstanding |
|
44,180,829 |
|
|
|
44,108,387 |
|
|
|
37,752,002 |
|
Cash dividends per common share |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
Dividend payout ratio on common stock |
|
13.24 |
% |
|
|
12.86 |
% |
|
|
12.86 |
% |
Book value per common share |
$ |
23.38 |
|
|
$ |
22.88 |
|
|
$ |
21.56 |
|
Tangible book value per common share(1) |
$ |
18.84 |
|
|
$ |
18.29 |
|
|
$ |
17.43 |
|
Key Ratios and Performance Metrics
(annualized where applicable) |
|
|
|
|
|
|
|
|
Net interest margin |
|
3.98 |
% |
|
|
4.00 |
% |
|
|
4.32 |
% |
Net interest margin, fully taxable equivalent (1)(4) |
|
3.99 |
% |
|
|
4.01 |
% |
|
|
4.33 |
% |
Average cost of deposits |
|
2.63 |
% |
|
|
2.56 |
% |
|
|
1.70 |
% |
Efficiency ratio(1)(2) |
|
52.19 |
% |
|
|
51.94 |
% |
|
|
52.92 |
% |
Adjusted efficiency ratio(1)(2)(3) |
|
52.19 |
% |
|
|
51.75 |
% |
|
|
51.39 |
% |
Non-interest income to total revenues(1) |
|
12.93 |
% |
|
|
15.32 |
% |
|
|
15.80 |
% |
Non-interest expense to average assets |
|
2.34 |
% |
|
|
2.40 |
% |
|
|
2.67 |
% |
Adjusted non-interest expense to average assets(1)(3) |
|
2.34 |
% |
|
|
2.39 |
% |
|
|
2.60 |
% |
Return on average stockholders' equity |
|
11.83 |
% |
|
|
12.26 |
% |
|
|
12.99 |
% |
Adjusted return on average stockholders' equity(1)(3) |
|
11.83 |
% |
|
|
12.31 |
% |
|
|
13.56 |
% |
Return on average assets |
|
1.31 |
% |
|
|
1.36 |
% |
|
|
1.41 |
% |
Adjusted return on average assets(1)(3) |
|
1.31 |
% |
|
|
1.36 |
% |
|
|
1.48 |
% |
Pre-tax pre-provision return on average assets(1) |
|
2.03 |
% |
|
|
2.10 |
% |
|
|
2.23 |
% |
Adjusted pre-tax pre-provision return on average assets(1)(3) |
|
2.03 |
% |
|
|
2.11 |
% |
|
|
2.30 |
% |
Return on average tangible common stockholders' equity(1) |
|
15.27 |
% |
|
|
15.88 |
% |
|
|
16.78 |
% |
Adjusted return on average tangible common
stockholders' equity(1)(3) |
|
15.27 |
% |
|
|
15.95 |
% |
|
|
17.50 |
% |
Non-interest-bearing deposits to total deposits |
|
23.99 |
% |
|
|
25.19 |
% |
|
|
30.31 |
% |
Loans and leases held for sale and loans and lease
held for investment to total deposits |
|
93.98 |
% |
|
|
92.54 |
% |
|
|
94.58 |
% |
Deposits to total liabilities |
|
85.42 |
% |
|
|
87.49 |
% |
|
|
87.51 |
% |
Deposits per branch |
$ |
159,721 |
|
|
$ |
153,129 |
|
|
$ |
155,713 |
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
Non-performing loans and leases to total loans and leases
held for investment, net before ACL |
|
0.93 |
% |
|
|
1.00 |
% |
|
|
0.69 |
% |
Total non-performing assets as a percentage
of total assets |
|
0.67 |
% |
|
|
0.73 |
% |
|
|
0.54 |
% |
ACL to total loans and leases held for investment, net before ACL |
|
1.45 |
% |
|
|
1.51 |
% |
|
|
1.66 |
% |
Net charge-offs (annualized) to average total loans and leases held for
investment, net before ACL - loans and leases |
|
0.56 |
% |
|
|
0.37 |
% |
|
|
0.31 |
% |
Capital Ratios |
|
|
|
|
|
|
|
|
Common equity to total assets |
|
10.72 |
% |
|
|
10.72 |
% |
|
|
10.74 |
% |
Tangible common equity to tangible assets(1) |
|
8.82 |
% |
|
|
8.76 |
% |
|
|
8.87 |
% |
Leverage ratio |
|
11.08 |
% |
|
|
10.91 |
% |
|
|
10.74 |
% |
Common equity tier 1 capital ratio |
|
10.84 |
% |
|
|
10.59 |
% |
|
|
10.58 |
% |
Tier 1 capital ratio |
|
11.86 |
% |
|
|
11.62 |
% |
|
|
11.22 |
% |
Total capital ratio |
|
13.86 |
% |
|
|
13.66 |
% |
|
|
13.52 |
% |
(1) Represents a non-GAAP financial measure. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.
(2) Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income.
(3) Calculation excludes merger-related expenses and impairment charges on ROU assets.
(4) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 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 |
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 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 |
$ |
305,873 |
|
|
$ |
3,315 |
|
|
|
4.36 |
% |
|
$ |
339,449 |
|
|
$ |
3,828 |
|
|
|
4.54 |
% |
|
$ |
135,003 |
|
|
$ |
1,041 |
|
|
|
3.09 |
% |
Loans and leases(1) |
|
6,807,934 |
|
|
|
126,523 |
|
|
|
7.47 |
% |
|
|
6,681,488 |
|
|
|
123,792 |
|
|
|
7.45 |
% |
|
|
5,535,593 |
|
|
|
99,134 |
|
|
|
7.18 |
% |
Taxable securities |
|
1,473,000 |
|
|
|
10,869 |
|
|
|
2.97 |
% |
|
|
1,422,661 |
|
|
|
9,822 |
|
|
|
2.78 |
% |
|
|
1,250,780 |
|
|
|
6,324 |
|
|
|
2.03 |
% |
Tax-exempt securities(2) |
|
156,655 |
|
|
|
1,091 |
|
|
|
2.80 |
% |
|
|
159,984 |
|
|
|
1,112 |
|
|
|
2.80 |
% |
|
|
151,205 |
|
|
|
980 |
|
|
|
2.60 |
% |
Total interest-earning assets |
$ |
8,743,462 |
|
|
$ |
141,798 |
|
|
|
6.52 |
% |
|
$ |
8,603,582 |
|
|
$ |
138,554 |
|
|
|
6.48 |
% |
|
$ |
7,072,581 |
|
|
$ |
107,479 |
|
|
|
6.10 |
% |
Allowance for credit losses -
loans and leases |
|
(103,266 |
) |
|
|
|
|
|
|
|
|
(102,256 |
) |
|
|
|
|
|
|
|
|
(92,804 |
) |
|
|
|
|
|
|
All other assets |
|
500,540 |
|
|
|
|
|
|
|
|
|
529,615 |
|
|
|
|
|
|
|
|
|
424,122 |
|
|
|
|
|
|
|
TOTAL ASSETS |
$ |
9,140,736 |
|
|
|
|
|
|
|
|
$ |
9,030,941 |
|
|
|
|
|
|
|
|
$ |
7,403,899 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
$ |
717,513 |
|
|
$ |
4,096 |
|
|
|
2.30 |
% |
|
$ |
590,406 |
|
|
$ |
2,429 |
|
|
|
1.65 |
% |
|
$ |
541,036 |
|
|
$ |
2,175 |
|
|
|
1.61 |
% |
Money market accounts |
|
2,270,231 |
|
|
|
19,978 |
|
|
|
3.54 |
% |
|
|
2,237,324 |
|
|
|
19,660 |
|
|
|
3.53 |
% |
|
|
1,534,463 |
|
|
|
10,799 |
|
|
|
2.82 |
% |
Savings |
|
514,192 |
|
|
|
194 |
|
|
|
0.15 |
% |
|
|
531,912 |
|
|
|
197 |
|
|
|
0.15 |
% |
|
|
575,254 |
|
|
|
220 |
|
|
|
0.15 |
% |
Time deposits |
|
1,951,448 |
|
|
|
23,335 |
|
|
|
4.81 |
% |
|
|
1,992,357 |
|
|
|
23,676 |
|
|
|
4.78 |
% |
|
|
1,328,679 |
|
|
|
11,529 |
|
|
|
3.48 |
% |
Total interest-bearing
deposits |
|
5,453,384 |
|
|
|
47,603 |
|
|
|
3.51 |
% |
|
|
5,351,999 |
|
|
|
45,962 |
|
|
|
3.45 |
% |
|
|
3,979,432 |
|
|
|
24,723 |
|
|
|
2.49 |
% |
Other borrowings |
|
521,545 |
|
|
|
4,439 |
|
|
|
3.42 |
% |
|
|
472,644 |
|
|
|
3,824 |
|
|
|
3.25 |
% |
|
|
509,419 |
|
|
|
4,241 |
|
|
|
3.34 |
% |
Federal funds purchased |
|
1,401 |
|
|
|
21 |
|
|
|
6.05 |
% |
|
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
Subordinated notes and
debentures |
|
144,548 |
|
|
|
2,980 |
|
|
|
8.29 |
% |
|
|
144,387 |
|
|
|
2,994 |
|
|
|
8.34 |
% |
|
|
111,255 |
|
|
|
2,142 |
|
|
|
7.72 |
% |
Total borrowings |
|
667,494 |
|
|
|
7,440 |
|
|
|
4.48 |
% |
|
|
617,031 |
|
|
|
6,818 |
|
|
|
4.44 |
% |
|
|
620,674 |
|
|
|
6,383 |
|
|
|
4.12 |
% |
Total interest-bearing liabilities |
$ |
6,120,878 |
|
|
$ |
55,043 |
|
|
|
3.62 |
% |
|
$ |
5,969,030 |
|
|
$ |
52,780 |
|
|
|
3.56 |
% |
|
$ |
4,600,106 |
|
|
$ |
31,106 |
|
|
|
2.71 |
% |
Non-interest-bearing
demand deposits |
|
1,817,133 |
|
|
|
|
|
|
|
|
|
1,874,322 |
|
|
|
|
|
|
|
|
|
1,848,538 |
|
|
|
|
|
|
|
Other liabilities |
|
193,923 |
|
|
|
|
|
|
|
|
|
188,783 |
|
|
|
|
|
|
|
|
|
148,983 |
|
|
|
|
|
|
|
Total stockholders’ equity |
|
1,008,802 |
|
|
|
|
|
|
|
|
|
998,806 |
|
|
|
|
|
|
|
|
|
806,272 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
9,140,736 |
|
|
|
|
|
|
|
|
$ |
9,030,941 |
|
|
|
|
|
|
|
|
$ |
7,403,899 |
|
|
|
|
|
|
|
Net interest spread(3) |
|
|
|
|
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
3.39 |
% |
Net interest income, fully
taxable equivalent |
|
|
|
$ |
86,755 |
|
|
|
|
|
|
|
|
$ |
85,774 |
|
|
|
|
|
|
|
|
$ |
76,373 |
|
|
|
|
Net interest margin, fully
taxable equivalent(2)(4) |
|
|
|
|
|
|
|
3.99 |
% |
|
|
|
|
|
|
|
|
4.01 |
% |
|
|
|
|
|
|
|
|
4.33 |
% |
Less: Tax-equivalent adjustment |
|
|
|
|
229 |
|
|
|
0.01 |
% |
|
|
|
|
|
233 |
|
|
|
0.01 |
% |
|
|
|
|
|
207 |
|
|
|
0.01 |
% |
Net interest income |
|
|
|
$ |
86,526 |
|
|
|
|
|
|
|
|
$ |
85,541 |
|
|
|
|
|
|
|
|
$ |
76,166 |
|
|
|
|
Net interest margin(4) |
|
|
|
|
|
|
|
3.98 |
% |
|
|
|
|
|
|
|
|
4.00 |
% |
|
|
|
|
|
|
|
|
4.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan accretion impact
on margin |
|
|
|
$ |
3,656 |
|
|
|
0.17 |
% |
|
|
|
|
$ |
4,284 |
|
|
|
0.20 |
% |
|
|
|
|
$ |
611 |
|
|
|
0.03 |
% |
(1) Loan and lease balances are net of deferred origination fees and costs and initial direct costs. Non-accrual loans and leases are included in total loan and lease balances.
(2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
(dollars in thousands) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
Originated loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
1,924,797 |
|
|
|
27.9 |
% |
|
$ |
1,879,149 |
|
|
|
27.7 |
% |
|
$ |
1,806,531 |
|
|
|
32.4 |
% |
Residential real estate |
|
|
498,578 |
|
|
|
7.2 |
% |
|
|
488,887 |
|
|
|
7.2 |
% |
|
|
453,880 |
|
|
|
8.1 |
% |
Construction, land development, and
other land |
|
|
445,919 |
|
|
|
6.5 |
% |
|
|
416,996 |
|
|
|
6.2 |
% |
|
|
387,623 |
|
|
|
7.0 |
% |
Commercial and industrial |
|
|
2,493,229 |
|
|
|
36.2 |
% |
|
|
2,420,952 |
|
|
|
35.7 |
% |
|
|
2,086,274 |
|
|
|
37.5 |
% |
Installment and other |
|
|
2,576 |
|
|
|
0.0 |
% |
|
|
2,855 |
|
|
|
0.0 |
% |
|
|
3,582 |
|
|
|
0.1 |
% |
Leasing financing receivables |
|
|
710,784 |
|
|
|
10.3 |
% |
|
|
691,617 |
|
|
|
10.2 |
% |
|
|
604,437 |
|
|
|
10.9 |
% |
Total originated loans and leases |
|
$ |
6,075,883 |
|
|
|
88.1 |
% |
|
$ |
5,900,456 |
|
|
|
87.0 |
% |
|
$ |
5,342,327 |
|
|
|
95.9 |
% |
Purchased credit deteriorated loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
114,053 |
|
|
|
1.7 |
% |
|
$ |
117,460 |
|
|
|
1.7 |
% |
|
$ |
30,724 |
|
|
|
0.6 |
% |
Residential real estate |
|
|
40,728 |
|
|
|
0.6 |
% |
|
|
39,535 |
|
|
|
0.6 |
% |
|
|
26,012 |
|
|
|
0.5 |
% |
Construction, land development, and
other land |
|
|
9 |
|
|
|
0.0 |
% |
|
|
26,418 |
|
|
|
0.4 |
% |
|
|
320 |
|
|
|
0.0 |
% |
Commercial and industrial |
|
|
17,796 |
|
|
|
0.3 |
% |
|
|
18,100 |
|
|
|
0.3 |
% |
|
|
1,726 |
|
|
|
0.0 |
% |
Installment and other |
|
|
116 |
|
|
|
0.0 |
% |
|
|
118 |
|
|
|
0.0 |
% |
|
|
129 |
|
|
|
0.0 |
% |
Total purchased credit deteriorated loans |
|
$ |
172,702 |
|
|
|
2.6 |
% |
|
$ |
201,631 |
|
|
|
3.0 |
% |
|
$ |
58,911 |
|
|
|
1.1 |
% |
Acquired non-credit-deteriorated loans
and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
254,858 |
|
|
|
3.7 |
% |
|
$ |
271,720 |
|
|
|
4.0 |
% |
|
$ |
126,191 |
|
|
|
2.3 |
% |
Residential real estate |
|
|
188,489 |
|
|
|
2.7 |
% |
|
|
204,589 |
|
|
|
3.0 |
% |
|
|
25,055 |
|
|
|
0.4 |
% |
Construction, land development, and
other land |
|
|
84,849 |
|
|
|
1.2 |
% |
|
|
85,553 |
|
|
|
1.3 |
% |
|
|
— |
|
|
|
0.0 |
% |
Commercial and industrial |
|
|
113,997 |
|
|
|
1.7 |
% |
|
|
113,673 |
|
|
|
1.7 |
% |
|
|
16,750 |
|
|
|
0.3 |
% |
Installment and other |
|
|
153 |
|
|
|
0.0 |
% |
|
|
166 |
|
|
|
0.0 |
% |
|
|
25 |
|
|
|
0.0 |
% |
Leasing financing receivables |
|
|
273 |
|
|
|
0.0 |
% |
|
|
426 |
|
|
|
0.0 |
% |
|
|
1,258 |
|
|
|
0.0 |
% |
Total acquired non-credit-deteriorated
loans and leases |
|
$ |
642,619 |
|
|
|
9.3 |
% |
|
$ |
676,127 |
|
|
|
10.0 |
% |
|
$ |
169,279 |
|
|
|
3.0 |
% |
Total loans and leases |
|
$ |
6,891,204 |
|
|
|
100.0 |
% |
|
$ |
6,778,214 |
|
|
|
100.0 |
% |
|
$ |
5,570,517 |
|
|
|
100.0 |
% |
Allowance for credit losses - loans and leases |
|
|
(99,730 |
) |
|
|
|
|
|
(102,366 |
) |
|
|
|
|
|
(92,665 |
) |
|
|
|
Total loans and leases, net of allowance for
credit losses - loans and leases |
|
$ |
6,791,474 |
|
|
|
|
|
$ |
6,675,848 |
|
|
|
|
|
$ |
5,477,852 |
|
|
|
|
The following table presents the balance and activity within the allowance for credit losses - loans and lease for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
(dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
ACL - loans and leases, beginning of period |
|
$ |
102,366 |
|
|
$ |
101,686 |
|
|
$ |
90,465 |
|
Provision for credit losses - loans and leases |
|
|
6,878 |
|
|
|
6,891 |
|
|
|
6,467 |
|
Net charge-offs - loans and leases |
|
|
(9,514 |
) |
|
|
(6,211 |
) |
|
|
(4,267 |
) |
ACL - loans and leases, end of period |
|
$ |
99,730 |
|
|
$ |
102,366 |
|
|
$ |
92,665 |
|
Net charge-offs - loans and leases to average total
loans and leases held for investment, net before ACL |
|
|
0.56 |
% |
|
|
0.37 |
% |
|
|
0.31 |
% |
Provision for credit losses - loans and leases
to net charge-offs - loans and leases during the period |
|
|
0.72 |
x |
|
|
1.11 |
x |
|
|
1.52 |
x |
Byline Bancorp, Inc.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Change from |
|
(dollars in thousands) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
Non-performing assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases |
|
$ |
63,808 |
|
|
$ |
67,899 |
|
|
$ |
38,273 |
|
|
|
(6.0 |
)% |
|
|
66.7 |
% |
Past due loans and leases 90 days or more
and still accruing interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
Total non-performing loans and leases |
|
$ |
63,808 |
|
|
$ |
67,899 |
|
|
$ |
38,273 |
|
|
|
(6.0 |
)% |
|
|
66.7 |
% |
Other real estate owned |
|
|
780 |
|
|
|
785 |
|
|
|
2,265 |
|
|
|
(0.6 |
)% |
|
|
(65.6 |
)% |
Total non-performing assets |
|
$ |
64,588 |
|
|
$ |
68,684 |
|
|
$ |
40,538 |
|
|
|
(6.0 |
)% |
|
|
59.3 |
% |
Total non-performing loans and leases as a
percentage of total loans and leases |
|
|
0.93 |
% |
|
|
1.00 |
% |
|
|
0.69 |
% |
|
|
|
|
|
|
Total non-performing assets as a percentage
of total assets |
|
|
0.67 |
% |
|
|
0.73 |
% |
|
|
0.54 |
% |
|
|
|
|
|
|
Allowance for credit losses - loans and lease
as a percentage of non-performing
loans and leases |
|
|
156.30 |
% |
|
|
150.76 |
% |
|
|
242.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets guaranteed by
U.S. government: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans guaranteed |
|
$ |
6,616 |
|
|
$ |
7,138 |
|
|
$ |
2,472 |
|
|
|
(7.3 |
)% |
|
|
167.6 |
% |
Past due loans 90 days or more and still
accruing interest guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
Total non-performing loans guaranteed |
|
$ |
6,616 |
|
|
$ |
7,138 |
|
|
$ |
2,472 |
|
|
|
(7.3 |
)% |
|
|
167.6 |
% |
Total non-performing loans and leases
not guaranteed as a percentage of total
loans and leases |
|
|
0.83 |
% |
|
|
0.90 |
% |
|
|
0.64 |
% |
|
|
|
|
|
|
Total non-performing assets not guaranteed
as a percentage of total assets |
|
|
0.60 |
% |
|
|
0.65 |
% |
|
|
0.50 |
% |
|
|
|
|
|
|
The following table presents the composition of deposits at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Change from |
|
(dollars in thousands) |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
Non-interest-bearing demand deposits |
|
$ |
1,762,891 |
|
|
$ |
1,851,727 |
|
|
$ |
1,793,749 |
|
|
|
(4.8 |
)% |
|
|
(1.7 |
)% |
Interest-bearing checking accounts |
|
|
717,229 |
|
|
|
687,142 |
|
|
|
530,775 |
|
|
|
4.4 |
% |
|
|
35.1 |
% |
Money market demand accounts |
|
|
2,323,245 |
|
|
|
2,263,819 |
|
|
|
1,600,043 |
|
|
|
2.6 |
% |
|
|
45.2 |
% |
Other savings |
|
|
503,935 |
|
|
|
524,890 |
|
|
|
562,706 |
|
|
|
(4.0 |
)% |
|
|
(10.4 |
)% |
Time deposits (below $250,000) |
|
|
1,610,308 |
|
|
|
1,594,290 |
|
|
|
1,214,717 |
|
|
|
1.0 |
% |
|
|
32.6 |
% |
Time deposits ($250,000 and above) |
|
|
429,573 |
|
|
|
428,334 |
|
|
|
215,102 |
|
|
|
0.3 |
% |
|
|
99.7 |
% |
Total deposits |
|
$ |
7,347,181 |
|
|
$ |
7,350,202 |
|
|
$ |
5,917,092 |
|
|
|
(0.0 |
)% |
|
|
24.2 |
% |
Byline Bancorp, Inc.
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 |
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
(dollars in thousands, except per share data) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
Net income and earnings per share excluding significant items: |
|
|
|
|
|
|
|
|
|
Reported Net Income |
|
$ |
29,671 |
|
|
$ |
30,440 |
|
|
$ |
26,107 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Tax benefit |
|
|
— |
|
|
|
(52 |
) |
|
|
(230 |
) |
Adjusted Net Income |
|
$ |
29,671 |
|
|
$ |
30,582 |
|
|
$ |
27,268 |
|
Reported Diluted Earnings per Share |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
Impairment charges on ROU assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
Tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
Adjusted Diluted Earnings per Share |
|
$ |
0.68 |
|
|
$ |
0.70 |
|
|
$ |
0.73 |
|
Byline Bancorp, Inc.
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, |
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
ratios annualized, where applicable) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
Adjusted non-interest expense: |
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,809 |
|
|
$ |
49,328 |
|
Less: Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Less: Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Adjusted non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,615 |
|
|
$ |
47,937 |
|
Adjusted non-interest expense excluding
amortization of intangible assets: |
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,615 |
|
|
$ |
47,937 |
|
Less: Amortization of intangible assets |
|
|
1,345 |
|
|
|
1,345 |
|
|
|
1,455 |
|
Adjusted non-interest expense excluding
amortization of intangible assets |
|
$ |
51,865 |
|
|
$ |
52,270 |
|
|
$ |
46,482 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
Pre-tax income |
|
$ |
40,115 |
|
|
$ |
40,562 |
|
|
$ |
35,339 |
|
Add: Provision for credit losses |
|
|
6,045 |
|
|
|
6,643 |
|
|
|
5,790 |
|
Pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,205 |
|
|
$ |
41,129 |
|
Adjusted pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,205 |
|
|
$ |
41,129 |
|
Add: Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Add: Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Adjusted pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,399 |
|
|
$ |
42,520 |
|
Tax equivalent net interest income: |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
86,526 |
|
|
$ |
85,541 |
|
|
$ |
76,166 |
|
Add: Tax-equivalent adjustment |
|
|
229 |
|
|
|
233 |
|
|
|
207 |
|
Net interest income, fully taxable equivalent |
|
$ |
86,755 |
|
|
$ |
85,774 |
|
|
$ |
76,373 |
|
Total revenue: |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
86,526 |
|
|
$ |
85,541 |
|
|
$ |
76,166 |
|
Add: Non-interest income |
|
|
12,844 |
|
|
|
15,473 |
|
|
|
14,291 |
|
Total revenue |
|
$ |
99,370 |
|
|
$ |
101,014 |
|
|
$ |
90,457 |
|
Tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
1,033,014 |
|
|
$ |
1,009,049 |
|
|
$ |
813,942 |
|
Less: Goodwill and other intangibles |
|
|
200,788 |
|
|
|
202,133 |
|
|
|
155,977 |
|
Tangible common stockholders' equity |
|
$ |
832,226 |
|
|
$ |
806,916 |
|
|
$ |
657,965 |
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
9,633,815 |
|
|
$ |
9,410,503 |
|
|
$ |
7,575,690 |
|
Less: Goodwill and other intangibles |
|
|
200,788 |
|
|
|
202,133 |
|
|
|
155,977 |
|
Tangible assets |
|
$ |
9,433,027 |
|
|
$ |
9,208,370 |
|
|
$ |
7,419,713 |
|
Average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
Average total stockholders' equity |
|
$ |
1,008,802 |
|
|
$ |
998,806 |
|
|
$ |
806,272 |
|
Less: Average goodwill and other intangibles |
|
|
201,428 |
|
|
|
202,773 |
|
|
|
156,766 |
|
Average tangible common stockholders' equity |
|
$ |
807,374 |
|
|
$ |
796,033 |
|
|
$ |
649,506 |
|
Average tangible assets: |
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
9,140,736 |
|
|
$ |
9,030,941 |
|
|
$ |
7,403,899 |
|
Less: Average goodwill and other intangibles |
|
|
201,428 |
|
|
|
202,773 |
|
|
|
156,766 |
|
Average tangible assets |
|
$ |
8,939,308 |
|
|
$ |
8,828,168 |
|
|
$ |
7,247,133 |
|
Tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
|
$ |
29,671 |
|
|
$ |
30,440 |
|
|
$ |
26,107 |
|
Add: After-tax intangible asset amortization |
|
|
987 |
|
|
|
986 |
|
|
|
1,067 |
|
Tangible net income available to common stockholders |
|
$ |
30,658 |
|
|
$ |
31,426 |
|
|
$ |
27,174 |
|
Adjusted tangible net income available to common
stockholders: |
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
30,658 |
|
|
$ |
31,426 |
|
|
$ |
27,174 |
|
Add: Impairment charges on ROU assets |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
Add: Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
1,391 |
|
Add: Tax benefit on significant items |
|
|
— |
|
|
|
(52 |
) |
|
|
(230 |
) |
Adjusted tangible net income available to
common stockholders |
|
$ |
30,658 |
|
|
$ |
31,568 |
|
|
$ |
28,335 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES
Byline Bancorp, Inc.
Page 13 of 13
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
(dollars in thousands, except share and per share |
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
data, ratios annualized, where applicable) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
Pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,205 |
|
|
$ |
41,129 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Pre-tax pre-provision return on average assets |
|
|
2.03 |
% |
|
|
2.10 |
% |
|
|
2.23 |
% |
Adjusted pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
Adjusted pre-tax pre-provision net income |
|
$ |
46,160 |
|
|
$ |
47,399 |
|
|
$ |
42,520 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Adjusted pre-tax pre-provision return on average assets |
|
|
2.03 |
% |
|
|
2.11 |
% |
|
|
2.30 |
% |
Net interest margin, fully taxable equivalent: |
|
|
|
|
|
|
|
|
|
Net interest income, fully taxable equivalent |
|
$ |
86,755 |
|
|
$ |
85,774 |
|
|
$ |
76,373 |
|
Total average interest-earning assets |
|
|
8,743,462 |
|
|
|
8,603,582 |
|
|
|
7,072,581 |
|
Net interest margin, fully taxable equivalent |
|
|
3.99 |
% |
|
|
4.01 |
% |
|
|
4.33 |
% |
Non-interest income to total revenues: |
|
|
|
|
|
|
|
|
|
Non-interest income |
|
$ |
12,844 |
|
|
$ |
15,473 |
|
|
$ |
14,291 |
|
Total revenues |
|
|
99,370 |
|
|
|
101,014 |
|
|
|
90,457 |
|
Non-interest income to total revenues |
|
|
12.93 |
% |
|
|
15.32 |
% |
|
|
15.80 |
% |
Adjusted non-interest expense to average assets: |
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
53,210 |
|
|
$ |
53,615 |
|
|
$ |
47,937 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Adjusted non-interest expense to average assets |
|
|
2.34 |
% |
|
|
2.39 |
% |
|
|
2.60 |
% |
Adjusted efficiency ratio: |
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense excluding amortization of
intangible assets |
|
$ |
51,865 |
|
|
$ |
52,270 |
|
|
$ |
46,482 |
|
Total revenues |
|
|
99,370 |
|
|
|
101,014 |
|
|
|
90,457 |
|
Adjusted efficiency ratio |
|
|
52.19 |
% |
|
|
51.75 |
% |
|
|
51.39 |
% |
Adjusted return on average assets: |
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
29,671 |
|
|
$ |
30,582 |
|
|
$ |
27,268 |
|
Average total assets |
|
|
9,140,736 |
|
|
|
9,030,941 |
|
|
|
7,403,899 |
|
Adjusted return on average assets |
|
|
1.31 |
% |
|
|
1.36 |
% |
|
|
1.48 |
% |
Adjusted return on average stockholders' equity: |
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
29,671 |
|
|
$ |
30,582 |
|
|
$ |
27,268 |
|
Average stockholders' equity |
|
|
1,008,802 |
|
|
|
998,806 |
|
|
|
806,272 |
|
Adjusted return on average stockholders' equity |
|
|
11.83 |
% |
|
|
12.31 |
% |
|
|
13.56 |
% |
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
832,226 |
|
|
$ |
806,916 |
|
|
$ |
657,965 |
|
Tangible assets |
|
|
9,433,027 |
|
|
|
9,208,370 |
|
|
|
7,419,713 |
|
Tangible common equity to tangible assets |
|
|
8.82 |
% |
|
|
8.76 |
% |
|
|
8.87 |
% |
Return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
30,658 |
|
|
$ |
31,426 |
|
|
$ |
27,174 |
|
Average tangible common stockholders' equity |
|
|
807,374 |
|
|
|
796,033 |
|
|
|
649,506 |
|
Return on average tangible common stockholders' equity |
|
|
15.27 |
% |
|
|
15.88 |
% |
|
|
16.78 |
% |
Adjusted return on average tangible common
stockholders' equity: |
|
|
|
|
|
|
|
|
|
Adjusted tangible net income available to common
stockholders |
|
$ |
30,658 |
|
|
$ |
31,568 |
|
|
$ |
28,335 |
|
Average tangible common stockholders' equity |
|
|
807,374 |
|
|
|
796,033 |
|
|
|
649,506 |
|
Adjusted return on average tangible common
stockholders' equity |
|
|
15.27 |
% |
|
|
15.95 |
% |
|
|
17.50 |
% |
Tangible book value per share: |
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
832,226 |
|
|
$ |
806,916 |
|
|
$ |
657,965 |
|
Common shares outstanding |
|
|
44,180,829 |
|
|
|
44,108,387 |
|
|
|
37,752,002 |
|
Tangible book value per share |
|
$ |
18.84 |
|
|
$ |
18.29 |
|
|
$ |
17.43 |
|
2Q24 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.
2.03% Reported(1)(2) 15.27% Reported(1)(2) ROTCE $0.68 Reported 1.31% Reported(2) ROAA $29.7 million $29.7 million Reported 52.19% Reported Efficiency Ratio Second Quarter 2024 Highlights 3 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Annualized. Strong Financial Performance Net Income Diluted EPS PTPP ROAA 10.84% Common Equity Tier 1 +8% Increase in Tangible Book Value / Share YoY 15.27% Return on Avg. Tangible Common Equity +6% Increase in Loans and Leases(2) -1% Decrease in Non-interest Expense Net Income of $29.7 million; GAAP EPS of $0.68 Pre-Tax Pre-Provision income (1) of $46.2 million; Pre-Tax Pre-Provision ROAA(1) of 2.03% Revenue of $99.4 million, up 10% YoY Net interest income of $86.5 million, up 14% YoY Consolidated two branches, have reduced branch footprint ~60% since 2013 Credit rating reaffirmed by Kroll at BBB with positive outlook Net interest margin (FTE)(1) of 3.99% Loan and lease yields stood at 7.47%; cost of deposits of 2.63% Non-interest expenses remained well managed at $53.2 million Efficiency ratio(1): 52.19% TCE/TA(1): 8.82%; up 6 bps NIE/AA: 2.34%, down 33 bps YoY Total Capital ratio: 13.86%; up 20 bps
Loan Portfolio Trends ($ in millions) Total Loan Portfolio and Average Yield Portfolio Composition Total loan portfolio was $6.9 billion at 2Q24, an increase of $102.8 million, or 6.1% annualized from 1Q24 Originated $300.0 million in new loans, net of loan sales in 2Q24 Production driven by commercial banking and leasing originations of $129.8 million and $76.7 million, respectively Payoff activity increased by $21.2 million from 1Q24 to $235.4 million Cumulative Loan Beta(1): 42% Highlights Utilization Rates 56% 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 2Q24 divided by the change in average Fed Funds from 4Q21 to 2Q24. 4
Cost of Interest-Bearing Deposits Total deposits stood at $7.3 billion, flat from 1Q24 Effective balance sheet management and stabilizing deposit trends Commercial deposits accounted for 45.1% of total deposits and represent 79.4% of all non-interest-bearing deposits Cost of deposits increased by 7 bps to 2.63% in 2Q24, due to mix changes Cumulative Total Deposit Beta(1): ~49% since the beginning of the current tightening cycle Deposit Trends ($ in millions) Deposit Composition Highlights Average Non-Interest-Bearing Deposits Deposit Beta(1) Interest-Bearing Deposits: 64% Total Deposits: 49% 5 Cumulative Deposit Beta calculation is based on change in deposit cost divided by change in Fed Funds from 4Q21 to 2Q24.
Net interest income was $86.5 million, up 1.2% from 1Q24 Increase in NII driven by higher loan and securities yields Net interest margin decreased 2 basis points from 1Q24 to 3.98% Loan accretion income down $0.6 million Earning asset yields increased by 4 bps Interest Rate Sensitivity Over a One-Year Time Horizon Rates -100 bps: ~$11 million or ~3.2% decline in NII or ~$2.75 million per 25 bps Ramp -100 bps: ~$9 million or ~2.5% decline in NII or ~$2.14 million per 25 bps NIM Bridge Net Interest Income and Net Interest Margin Trends ($ in millions) Net Interest Income Highlights NIM, Yields and Costs 6 Repricing Mix $85.5 Million NII $86.5 Million NII
Government Guaranteed Loan Sales $73.9 million of guaranteed loans sold in 2Q24 Loans held for sale decreased to $13.4 million in 2Q24 Non-interest income was $12.8 million, down 17.0% from 1Q24 $2.5 million FV mark on loan servicing asset charge due to a decrease in loans serviced Non-interest income remained stable QoQ, excluding FV marks on loan servicing asset and equity securities Gain on sale up 9.1%, driven by higher premiums Volume Sold and Average Net Premiums Non-Interest Income Trends ($ 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 $53.2 million, down 1.1% from 1Q24 and reflects: $0.9 million decrease in other NIE primarily due to branch consolidation charges taken in 1Q24 $0.6 million decrease in occupancy expenses $1.0 million increase in professional services NIE/AA: 2.34%, down 6 bps QoQ Efficiency Ratio Non-Interest Expense Trends ($ in millions) Non-Interest Expense Highlights Non-Interest Expense Bridge 8 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. ($1.7) ($0.2) $0.3 $0.1 $1.0 $53.8 $53.2
Note: Delinquencies represent accruing loans and leases past due 30 days or more. Delinquencies to Total Loans and Leases represent delinquencies divided by period end loans and leases. Delinquencies Asset Quality Trends ($ in millions) Net Charge-offs NPLs / Total Loans & Leases 9 Allowance for Credit Losses (ACL) Excluding Government Guaranteed loans, NPLs were 83 bps
Percent of Insured Deposits(2) Median: 63% Liquidity Position Strong Liquidity and Securities Portfolio Cash and cash equivalents of $730.5 million $1.4 billion investment portfolio (~99.9% AFS) $1.7 billion of available borrowing capacity Liquidity coverage of uninsured deposits ~106% as of quarter end Loans/Deposits ratio stood at 93.98% Uninsured Deposits stood at 28.0% and trends well below all peer bank averages % of Uninsured Deposits Industry Comparisons(1) >$500B $250B - $500B $100B - $250B $50B - $100B $10B - $50B $1B - $10B Median 42.0% 32.7% 36.2% 42.1% 38.0% 30.0% Byline Bank 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 10 Source: SNL Financial, and company filings. Financial data as of quarter ended March 31, 2024 or most recent available. Source: Company’s 1Q24 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 HTM portfolio of ~$0.6 million ($5,000 in unrealized losses) Securities portfolio duration: 4.8 years; net of hedges: ~4.5 years Securities portfolio annual cash flow: ~$185 million Taxable securities yield of 2.97%, up 19 basis points from 1Q24 AOCI / TCE(3): ~13.4% 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 8.82% $1.0 billion total stockholders’ equity Tangible book value per share(1): $18.84, up 3.0% LQ and 8.1% 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
2Q24 Earnings Presentation Appendix
Granular Deposit Base 14 Consumer Deposits, $3.1 billion Commercial Deposits, $2.8 billion ~72% of Total Deposits are FDIC Insured …with limited concentration and granular customer base providing a stable source of funding Consumer Deposits(1) $4.0 billion at 6/30/24 Granular Deposit Base ~$28,000 Average Account Balance Customer Base ~125,000 Consumer Accounts Total Franchise 46 Branches Commercial Deposits $3.3 billion at 6/30/24 Granular Deposit Base ~$121,000 Average Account Balance Customer Base ~29,000 Commercial Accounts Consumer Deposits, $4.0 billion Commercial Deposits, $3.3 billion Uninsured 8% d Total Deposits $7.3 Billion as of 6/30/24 Core banking footprint in key urban MSAs in Wisconsin and a broad footprint in Chicago, IL A strength of our franchise is our well diversified deposit base… Excludes brokered deposits.
CRE Portfolio: NOO Office Represents 2.9% of Total Loans 15 Non-Owner Occupied Commercial Real Estate Portfolio ($ in millions) 6/30/24 Industrial / Warehouse $609.9 8.9% Multi-family 527.3 7.7% Retail 227.7 3.3% Office 196.7 2.9% Hotel / Motel 38.1 0.5% Mixed Use 35.0 0.5% Senior Housing / Healthcare 31.0 0.4% Other 281.6 4.1% Total $1,947.3 28.3% % 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 6/30/24
6/30/24 3/31/24 Avg. Commitment $3.6 million $3.6 million ACL % 1.8% 2.8% NCO %(1) 2.70% 3.06% 30+ DLQ % 5.0% 5.6% NPL % 5.0% 5.6% Criticized % 20% 24% Office CRE Portfolio: Diversified Tenants and Markets NCOs / Average loans represents net charge-offs to average loans for the last twelve-month period. Tenant Classification ($ in millions) 6/30/24 Illinois $121.8 North Carolina 24.4 Wisconsin 14.4 New Jersey 11.0 Florida 7.0 Ohio 6.3 Iowa 3.6 Minnesota 3.2 New Mexico 2.2 West Virginia 1.1 Michigan 0.9 Tennessee 0.8 Total Office $196.7 CRE Office: Geographic Mix by State Office Portfolio Metrics Office Portfolio Market Type 16
(1) ($ in millions) $ Balance % of Portfolio Unguaranteed $377.6 5.6% Guaranteed 73.8 1.1% Total SBA 7(a) Loans $451.4 6.7% Unguaranteed $36.8 0.5% Guaranteed 21.0 0.3% Total USDA Loans $57.8 0.8% Unguaranteed Loan Portfolio by Industry One of the top SBA and USDA lenders in the United States Closed $87.6 million in SBC loan commitments in 2Q24 SBA 7(a) portfolio $451.4 million, down $13.4 million from 1Q24 ACL/Unguaranteed loan balance ~8.1% $1.7 billion in serviced government guaranteed loans for investors in 2Q24 Since 2016, the unguaranteed government-guaranteed exposure has decreased from 14.6% down to 6.1% in 2024 Unguaranteed Government-Guaranteed Exposure Represents 6.1% of Total Loans ($ 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 $122.3 $107.3 $129.2 $108.3 $82.3
Projected Acquisition Accounting Accretion Projections are updated quarterly, assumes no prepayments and are subject to change. 18 Projected Accretion(1) ($ 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 (dollars in thousands, except per share data) June 30, March 31, June 30, 2024 2024 2023 Income Statement Net interest income $ 86,526 $ 85,541 $ 76,166 Provision for credit losses 6,045 6,643 5,790 Non-interest income 12,844 15,473 14,291 Non-interest expense 53,210 53,809 49,328 Income before provision for income taxes 40,115 40,562 35,339 Provision for income taxes 10,444 10,122 9,232 Net income $ 29,671 $ 30,440 $ 26,107 Diluted earnings per common share(1) $ 0.68 $ 0.70 $ 0.70 Balance Sheet Total loans and leases HFI $ 6,891,204 $ 6,778,214 $ 5,570,517 Total deposits 7,347,181 7,350,202 5,917,092 Tangible common equity(1) 832,226 806,916 657,965 Balance Sheet Metrics Loans and leases / total deposits 93.98% 92.54% 94.58% Tangible common equity / tangible assets(1) 8.82% 8.76% 8.87% Key Performance Ratios Net interest margin 3.98% 4.00% 4.32% Efficiency ratio 52.19% 51.94% 52.92% Adjusted efficiency ratio(1) 52.19% 51.75% 51.39% Non-interest income to total revenues 12.93% 15.32% 15.80% Non-interest expense to average assets 2.34% 2.40% 2.67% Return on average assets 1.31% 1.36% 1.41% Adjusted return on average assets(1) 1.31% 1.36% 1.48% Pre-tax pre-provision return on average assets (1) 2.03% 2.10% 2.23% Dividend payout ratio on common stock 13.24% 12.86% 12.86% Tangible book value per common share(1) $ 18.84 $ 18.29 $ 17.43
Non-GAAP Reconciliation 20 As of or For the Three Months Ended (dollars in thousands, except per share data) June 30, 2024 March 31, 2024 June 30, 2023 Net income and earnings per share excluding significant items Reported Net Income $ 29,671 $ 30,440 $ 26,107 Significant items: Impairment charges on ROU asset — 194 — Merger-related expenses — — 1,391 Tax benefit — (52) (230) Adjusted Net Income $ 29,671 $ 30,582 $ 27,268 Reported Diluted Earnings per Share $ 0.68 $ 0.70 $ 0.70 Significant items: Impairment charges on ROU asset — — — Merger-related expenses — — 0.04 Tax benefit — — (0.01) Adjusted Diluted Earnings per Share $ 0.68 $ 0.70 $ 0.70
Non-GAAP Reconciliation (continued) 21 As of or For the Three Months Ended (dollars in thousands) June 30, 2024 March 31, 2024 June 30, 2023 Adjusted non-interest expense: Non-interest expense $ 53,210 $ 53,809 $ 49,328 Less: Significant items Impairment charges on ROU assets — 194 — Merger-related expenses — — 1,391 Adjusted non-interest expense $ 53,210 $ 53,615 $ 47,937 Adjusted non-interest expense ex. amortization of intangible assets: Adjusted non-interest expense $ 53,210 $ 53,615 $ 47,937 Less: Amortization of intangible assets 1,345 1,345 1,455 Adjusted non-interest expense ex. amortization of intangible assets $ 51,865 $ 52,270 $ 46,482 Pre-tax pre-provision net income: Pre-tax income $ 40,115 $ 40,562 $ 35,339 Add: Provision for loan and lease losses 6,045 6,643 5,790 Pre-tax pre-provision net income $ 46,160 $ 47,205 $ 41,129 Adjusted pre-tax pre-provision net income: Pre-tax pre-provision net income $ 46,160 $ 47,205 $ 41,129 Add: Impairment charges on ROU assets — 194 — Add: Merger-related expenses — — 1,391 Adjusted pre-tax pre-provision net income $ 46,160 $ 47,399 $ 42,520 Tax equivalent net interest income: Net interest income $ 86,526 $ 85,541 $ 76,166 Add: Tax-equivalent adjustment 229 233 207 Net interest income, fully taxable equivalent $ 86,755 $ 85,774 $ 76,373 Total revenues: Net interest income $ 86,526 $ 85,541 $ 76,166 Add: Non-interest income 12,844 15,473 14,291 Total revenues $ 99,370 $ 101,014 $ 90,457
Non-GAAP Reconciliation (continued) 22 As of or For the Three Months Ended (dollars in thousands) June 30, 2024 March 31, 2024 June 30, 2023 Tangible common stockholders' equity: Total stockholders' equity $ 1,033,014 $ 1,009,049 $ 813,942 Less: Goodwill and other intangibles 200,788 202,133 155,977 Tangible common stockholders' equity $ 832,226 $ 806,916 $ 657,965 Tangible assets: Total assets $ 9,633,815 $ 9,410,503 $ 7,575,690 Less: Goodwill and other intangibles 200,788 202,133 155,977 Tangible assets $ 9,433,027 $ 9,208,370 $ 7,419,713 Tangible assets, excluding accumulated other comprehensive loss: Tangible assets $ 9,433,027 $ 9,208,370 $ 7,419,713 Less: Accumulated other comprehensive loss (111,469) (106,910) (114,862) Tangible assets, excluding accumulated other comprehensive loss: $ 9,544,496 $ 9,315,280 $ 7,534,575 Tangible common stockholders' equity, excluding accumulated other comprehensive loss: Tangible common stockholders' equity $ 832,226 $ 806,916 $ 657,965 Less: Accumulated other comprehensive loss (111,469) (106,910) (114,862) Tangible common stockholders' equity, excluding accumulated other comprehensive loss $ 943,695 $ 913,826 $ 772,827 Average tangible common stockholders' equity: Average total stockholders' equity $ 1,008,802 $ 998,806 $ 806,272 Less: Average goodwill and other intangibles 201,428 202,773 156,766 Average tangible common stockholders' equity $ 807,374 $ 796,033 $ 649,506 Average tangible assets: Average total assets $ 9,140,736 $ 9,030,941 $ 7,403,899 Less: Average goodwill and other intangibles 201,428 202,773 156,766 Average tangible assets $ 8,939,308 $ 8,828,168 $ 7,247,133 Tangible net income available to common stockholders: Net income available to common stockholders $ 29,671 $ 30,440 $ 26,107 Add: After-tax intangible asset amortization 987 986 1,067 Tangible net income available to common stockholders $ 30,658 $ 31,426 $ 27,174 Adjusted tangible net income available to common stockholders: Tangible net income available to common stockholders $ 30,658 $ 31,426 $ 27,174 Impairment charges on ROU assets — 194 — Merger-related expenses — — 1,391 Tax benefit on significant items — (52) (230) Adjusted tangible net income available to common stockholders $ 30,658 $ 31,568 $ 28,335
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) June 30, 2024 March 31, 2024 June 30, 2023 Pre-tax pre-provision return on average assets: Pre-tax pre-provision net income $ 46,160 $ 47,205 $ 41,129 Average total assets 9,140,736 9,030,941 7,403,899 Pre-tax pre-provision return on average assets 2.03% 2.10% 2.23% Adjusted pre-tax pre-provision return on average assets: Adjusted pre-tax pre-provision net income $ 46,160 $ 47,399 $ 42,520 Average total assets 9,140,736 9,030,941 7,403,899 Adjusted pre-tax pre-provision return on average assets 2.03% 2.11% 2.30% Net interest margin, fully taxable equivalent: Net interest income, fully taxable equivalent $ 86,755 $ 85,774 $ 76,373 Total average interest-earning assets 8,743,462 8,603,582 7,072,581 Net interest margin, fully taxable equivalent 3.99% 4.01% 4.33% Non-interest income to total revenues: Non-interest income $ 12,844 $ 15,473 $ 14,291 Total revenues 99,370 101,014 90,457 Non-interest income to total revenues 12.93% 15.32% 15.80% Adjusted non-interest expense to average assets: Adjusted non-interest expense $ 53,210 $ 53,615 $ 47,937 Average total assets 9,140,736 9,030,941 7,403,899 Adjusted non-interest expense to average assets 2.34% 2.39% 2.60% Adjusted efficiency ratio: Adjusted non-interest expense excluding amortization of intangible assets $ 51,865 $ 52,270 $ 46,482 Total revenues 99,370 101,014 90,457 Adjusted efficiency ratio 52.19% 51.75% 51.39% Adjusted return on average assets: Adjusted net income $ 29,671 $ 30,582 $ 27,268 Average total assets 9,140,736 9,030,941 7,403,899 Adjusted return on average assets 1.31% 1.36% 1.48% Adjusted return on average stockholders' equity: Adjusted net income $ 29,671 $ 30,582 $ 27,268 Average stockholders' equity 1,008,802 998,806 806,272 Adjusted return on average stockholders' equity 11.83% 12.31% 13.56%
Non-GAAP Reconciliation (continued) 24 As of or For the Three Months Ended June 30, 2024 March 31, 2024 June 30, 2023 (dollars in thousands, except share and per share data) Tangible common equity to tangible assets: Tangible common equity $ 832,226 $ 806,916 $ 657,965 Tangible assets 9,433,027 9,208,370 7,419,713 Tangible common equity to tangible assets 8.82% 8.76% 8.87% 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 $ 943,695 $ 913,826 $ 772,827 Tangible assets, excluding accumulated other comprehensive loss: 9,544,496 9,315,280 7,534,575 Tangible common stockholders' equity, excluding accumulated other comprehensive loss to tangible assets, excluding accumulated other comprehensive loss 9.89% 9.81% 10.26% Return on average tangible common stockholders' equity: Tangible net income available to common stockholders $ 30,658 $ 31,426 $ 27,174 Average tangible common stockholders' equity 807,374 796,033 649,506 Return on average tangible common stockholders' equity 15.27% 15.88% 16.78% Adjusted return on average tangible common stockholders' equity: Adjusted tangible net income available to common stockholders $ 30,658 $ 31,568 $ 28,335 Average tangible common stockholders' equity 807,374 796,033 649,506 Adjusted return on average tangible common stockholders' equity 15.27% 15.95% 17.50% Tangible book value per share: Tangible common equity $ 832,226 $ 806,916 $ 657,965 Common shares outstanding 44,180,829 44,108,387 37,752,002 Tangible book value per share $ 18.84 $ 18.29 $ 17.43 Accumulated other comprehensive loss to tangible common equity: Accumulated other comprehensive loss $ 111,469 $ 106,910 $ 114,862 Tangible common equity 832,226 806,916 657,965 Accumulated other comprehensive loss to tangible common equity 13.39% 13.25% 17.46%
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Byline Bancorp (NYSE:BY)
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