Select Second Quarter 2023 Financial Highlights
- Net income of $26.1 million, or $0.70 per diluted share
- Pre-tax pre-provision return on average assets of 2.23%1
- Return on average assets of 1.41%; Return on average tangible common equity of 16.78%1
- Net interest margin of 4.32%
- Efficiency ratio of 52.92%
- Total loans and leases of $5.6 billion, quarterly increase of $55.2 million
- Total deposits of $5.9 billion, quarterly increase of $104.4 million
- Tangible Common Equity to Tangible Assets of 8.87%1
- Common Equity Tier 1 to Risk Weighted Assets of 10.58%
Byline Bancorp, Inc. ("Byline", the “Company”, "we", "our", or "us") (NYSE: BY), the parent company of Byline Bank (the “Bank”), today reported net income of $26.1 million, or $0.70 per diluted share, for the second quarter of 2023 compared with net income of $23.9 million, or $0.64 per diluted share, for the first quarter of 2023, and net income of $21.8 million2, or $0.58 per diluted share, for the second quarter 2022.
Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., commented, “We reported solid results for the second quarter and continued to execute our time tested strategy well. Notwithstanding the challenging operating environment, our business units continued to perform well and we have good momentum heading into the second half of the year.”
Alberto J. Paracchini, President of Byline Bancorp, Inc. added, “We delivered record earnings, strong profitability, balanced deposit and loan growth and solid credit quality. Our strong capital and liquidity levels position us well to continue to prudently grow our franchise.”
Board Declares Cash Dividend of $0.09 per Share
On July 25, 2023, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on August 22, 2023, to stockholders of record of the Company's common stock as of August 8, 2023.
Inland Acquisition
On July 1, 2023, Byline completed its acquisition of Inland Bancorp, Inc. ("Inland Bancorp") to solidify Byline's position as Chicago's largest community bank. The transaction brings Byline’s combined total assets to approximately $8.8 billion, $6.4 billion in loans and $6.9 billion in deposits, with 47 branches across the greater Chicago metropolitan area, based on information as of June 30, 2023.
(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. |
(2) |
Recast due to the adoption of ASU 2016-13 Financial Instruments - Credit Losses on December 31, 2022, which was applied retrospectively to January 1, 2022. Results for periods beginning after September 30, 2022 are presented under the new standard, while prior quarters previously reported are recast as if the new standard had been applied since January 1, 2022. Refer to our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the adoption of the standard. |
STATEMENTS OF OPERATIONS
Net Interest Income
The following table presents the average interest-earning assets and average interest-bearing liabilities for the periods indicated. Net interest income and margin are adjusted to reflect tax-exempt interest income on a tax-equivalent basis using tax rates effective as of the end of the period:
|
For the Three Months Ended |
|
|||||||||||||||||||||||||||||||||
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
Recast June 30, 2022 |
|
|||||||||||||||||||||||||||
(dollars in thousands) |
Average
|
|
|
Interest
|
|
|
Avg.
|
|
|
Average
|
|
|
Interest
|
|
|
Avg.
|
|
|
Average
|
|
|
Interest
|
|
|
Avg.
|
|
|||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents |
$ |
135,003 |
|
|
$ |
1,041 |
|
|
|
3.09 |
% |
|
$ |
97,578 |
|
|
$ |
442 |
|
|
|
1.84 |
% |
|
$ |
66,034 |
|
|
$ |
74 |
|
|
|
0.45 |
% |
Loans and leases(1) |
|
5,535,593 |
|
|
|
99,134 |
|
|
|
7.18 |
% |
|
|
5,484,372 |
|
|
|
92,343 |
|
|
|
6.83 |
% |
|
|
5,007,615 |
|
|
|
59,919 |
|
|
|
4.80 |
% |
Taxable securities |
|
1,250,780 |
|
|
|
6,324 |
|
|
|
2.03 |
% |
|
|
1,275,377 |
|
|
|
6,431 |
|
|
|
2.04 |
% |
|
|
1,331,136 |
|
|
|
5,792 |
|
|
|
1.75 |
% |
Tax-exempt securities(2) |
|
151,205 |
|
|
|
980 |
|
|
|
2.60 |
% |
|
|
151,817 |
|
|
|
994 |
|
|
|
2.65 |
% |
|
|
168,567 |
|
|
|
1,131 |
|
|
|
2.69 |
% |
Total interest-earning assets |
$ |
7,072,581 |
|
|
$ |
107,479 |
|
|
|
6.10 |
% |
|
$ |
7,009,144 |
|
|
$ |
100,210 |
|
|
|
5.80 |
% |
|
$ |
6,573,352 |
|
|
$ |
66,916 |
|
|
|
4.08 |
% |
Allowance for credit losses - loans and leases |
|
(92,804 |
) |
|
|
|
|
|
|
|
|
(84,321 |
) |
|
|
|
|
|
|
|
|
(72,521 |
) |
|
|
|
|
|
|
||||||
All other assets |
|
424,122 |
|
|
|
|
|
|
|
|
|
420,328 |
|
|
|
|
|
|
|
|
|
465,733 |
|
|
|
|
|
|
|
||||||
TOTAL ASSETS |
$ |
7,403,899 |
|
|
|
|
|
|
|
|
$ |
7,345,151 |
|
|
|
|
|
|
|
|
$ |
6,966,564 |
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest checking |
$ |
541,036 |
|
|
$ |
2,175 |
|
|
|
1.61 |
% |
|
$ |
606,008 |
|
|
$ |
2,494 |
|
|
|
1.67 |
% |
|
$ |
615,831 |
|
|
$ |
415 |
|
|
|
0.27 |
% |
Money market accounts |
|
1,534,463 |
|
|
|
10,799 |
|
|
|
2.82 |
% |
|
|
1,465,677 |
|
|
|
7,728 |
|
|
|
2.14 |
% |
|
|
1,307,320 |
|
|
|
1,194 |
|
|
|
0.37 |
% |
Savings |
|
575,254 |
|
|
|
220 |
|
|
|
0.15 |
% |
|
|
613,590 |
|
|
|
227 |
|
|
|
0.15 |
% |
|
|
664,954 |
|
|
|
83 |
|
|
|
0.05 |
% |
Time deposits |
|
1,328,679 |
|
|
|
11,529 |
|
|
|
3.48 |
% |
|
|
966,409 |
|
|
|
5,849 |
|
|
|
2.45 |
% |
|
|
627,199 |
|
|
|
436 |
|
|
|
0.28 |
% |
Total interest-bearing deposits |
|
3,979,432 |
|
|
|
24,723 |
|
|
|
2.49 |
% |
|
|
3,651,684 |
|
|
|
16,298 |
|
|
|
1.81 |
% |
|
|
3,215,304 |
|
|
|
2,128 |
|
|
|
0.27 |
% |
Other borrowings |
|
509,419 |
|
|
|
4,241 |
|
|
|
3.34 |
% |
|
|
573,433 |
|
|
|
5,852 |
|
|
|
4.14 |
% |
|
|
497,082 |
|
|
|
1,083 |
|
|
|
0.87 |
% |
Federal funds purchased |
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
|
|
2,778 |
|
|
|
36 |
|
|
|
5.30 |
% |
|
|
2,527 |
|
|
|
14 |
|
|
|
2.32 |
% |
Subordinated notes and debentures |
|
111,255 |
|
|
|
2,142 |
|
|
|
7.72 |
% |
|
|
111,101 |
|
|
|
2,098 |
|
|
|
7.66 |
% |
|
|
110,649 |
|
|
|
1,694 |
|
|
|
6.14 |
% |
Total borrowings |
|
620,674 |
|
|
|
6,383 |
|
|
|
4.12 |
% |
|
|
687,312 |
|
|
|
7,986 |
|
|
|
4.71 |
% |
|
|
610,258 |
|
|
|
2,791 |
|
|
|
1.83 |
% |
Total interest-bearing liabilities |
$ |
4,600,106 |
|
|
$ |
31,106 |
|
|
|
2.71 |
% |
|
$ |
4,338,996 |
|
|
$ |
24,284 |
|
|
|
2.27 |
% |
|
$ |
3,825,562 |
|
|
$ |
4,919 |
|
|
|
0.52 |
% |
Non-interest-bearing demand deposits |
|
1,848,538 |
|
|
|
|
|
|
|
|
|
2,076,613 |
|
|
|
|
|
|
|
|
|
2,265,426 |
|
|
|
|
|
|
|
||||||
Other liabilities |
|
148,983 |
|
|
|
|
|
|
|
|
|
145,253 |
|
|
|
|
|
|
|
|
|
105,918 |
|
|
|
|
|
|
|
||||||
Total stockholders’ equity |
|
806,272 |
|
|
|
|
|
|
|
|
|
784,289 |
|
|
|
|
|
|
|
|
|
769,658 |
|
|
|
|
|
|
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
7,403,899 |
|
|
|
|
|
|
|
|
$ |
7,345,151 |
|
|
|
|
|
|
|
|
$ |
6,966,564 |
|
|
|
|
|
|
|
||||||
Net interest spread(3) |
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
|
|
3.53 |
% |
|
|
|
|
|
|
|
|
3.56 |
% |
||||||
Net interest income, fully taxable equivalent |
|
|
|
$ |
76,373 |
|
|
|
|
|
|
|
|
$ |
75,926 |
|
|
|
|
|
|
|
|
$ |
61,997 |
|
|
|
|
||||||
Net interest margin, fully taxable equivalent(2)(4) |
|
|
|
|
|
|
|
4.33 |
% |
|
|
|
|
|
|
|
|
4.39 |
% |
|
|
|
|
|
|
|
|
3.78 |
% |
||||||
Less: Tax-equivalent adjustment |
|
|
|
|
207 |
|
|
|
0.01 |
% |
|
|
|
|
|
208 |
|
|
|
0.01 |
% |
|
|
|
|
|
237 |
|
|
|
0.01 |
% |
|||
Net interest income |
|
|
|
$ |
76,166 |
|
|
|
|
|
|
|
|
$ |
75,718 |
|
|
|
|
|
|
|
|
$ |
61,760 |
|
|
|
|
||||||
Net interest margin(4) |
|
|
|
|
|
|
|
4.32 |
% |
|
|
|
|
|
|
|
|
4.38 |
% |
|
|
|
|
|
|
|
|
3.77 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loan accretion impact on margin |
|
|
|
$ |
611 |
|
|
|
0.03 |
% |
|
|
|
|
$ |
729 |
|
|
|
0.04 |
% |
|
|
|
|
$ |
1,628 |
|
|
|
0.10 |
% |
|||
(1) |
Loan and lease balances are net of deferred origination fees and costs and initial indirect 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, using 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. |
The following table presents net interest income for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
||||||||
|
|
Three Months Ended |
|
|
Change from |
|
||||||||||||||
|
|
|
|
|
|
|
|
Recast |
|
|
|
|
|
|
|
|||||
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
March 31, |
|
June 30, |
|||||||
(dollars in thousands) |
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
2022 |
|||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and fees on loans and leases |
|
$ |
99,134 |
|
|
$ |
92,343 |
|
|
$ |
59,919 |
|
|
|
7.4 |
% |
|
|
65.4 |
% |
Interest on securities |
|
|
6,559 |
|
|
|
6,600 |
|
|
|
6,264 |
|
|
|
(0.6 |
)% |
|
|
4.7 |
% |
Other interest and dividend income |
|
|
1,579 |
|
|
|
1,059 |
|
|
|
496 |
|
|
|
49.1 |
% |
|
|
218.7 |
% |
Total interest and dividend income |
|
|
107,272 |
|
|
|
100,002 |
|
|
|
66,679 |
|
|
|
7.3 |
% |
|
|
60.9 |
% |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
24,723 |
|
|
|
16,298 |
|
|
|
2,128 |
|
|
|
51.7 |
% |
|
NM |
|
|
Other borrowings |
|
|
4,241 |
|
|
|
5,888 |
|
|
|
1,097 |
|
|
|
(28.0 |
)% |
|
|
286.4 |
% |
Subordinated notes and debentures |
|
|
2,142 |
|
|
|
2,098 |
|
|
|
1,694 |
|
|
|
2.1 |
% |
|
|
26.4 |
% |
Total interest expense |
|
|
31,106 |
|
|
|
24,284 |
|
|
|
4,919 |
|
|
|
28.1 |
% |
|
|
532.3 |
% |
Net interest income |
|
$ |
76,166 |
|
|
$ |
75,718 |
|
|
$ |
61,760 |
|
|
|
0.6 |
% |
|
|
23.3 |
% |
Net interest income for the second quarter of 2023 was $76.2 million, an increase of $448,000, or 0.6%, from the first quarter of 2023.
The increase in net interest income was primarily due to:
- An increase of $6.8 million in interest income and fees on loans and leases due to higher yields and growth in the loan and lease portfolio; and
- A decrease of $1.6 million in other borrowings interest expense mainly due to lower average balances of FHLB borrowings.
Partially offset by:
- An increase of $8.4 million in deposit interest expense mainly due to growth in time deposits and higher rates paid on money market accounts and time deposits.
Tax-equivalent net interest margin for the second quarter of 2023 was 4.33%, a decrease of six basis points compared to the first quarter of 2023. Total net loan accretion income impact on margin contributed three basis points to the net interest margin for the second quarter of 2023 compared to four basis points for the first quarter of 2023.
The average cost of total deposits was 1.70% for the second quarter of 2023, an increase of 55 basis points compared to the first quarter of 2023, as a result of increased cost of interest-bearing deposits and a decrease in average non-interest bearing deposits. Average non-interest-bearing demand deposits were 31.7% of average total deposits for the second quarter of 2023 compared to 36.3% during the first quarter of 2023.
Provision for Credit Losses
The provision for credit losses was $5.8 million for the second quarter of 2023, a decrease of $4.0 million compared to $9.8 million for the first quarter of 2023, which was mainly attributable to lower impairments for individually assessed loans and lower non-performing loans. The provision for credit losses during the quarter is comprised of a provision for loan and lease losses of $6.5 million driven by individually assessed loan impairments and lease growth, partially offset by a recapture for unfunded commitments of $677,000.
Non-interest Income
The following table presents the components of non-interest income for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
||||||||
|
|
Three Months Ended |
|
|
Change from |
|
||||||||||||||
|
|
|
|
|
|
|
|
Recast |
|
|
|
|
|
|
||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
March 31, |
|
June 30, |
||||||||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fees and service charges on deposits |
|
$ |
2,233 |
|
|
$ |
2,120 |
|
|
$ |
2,059 |
|
|
|
5.3 |
% |
|
|
8.5 |
% |
Loan servicing revenue |
|
|
3,377 |
|
|
|
3,380 |
|
|
|
3,384 |
|
|
|
(0.1 |
)% |
|
|
(0.2 |
)% |
Loan servicing asset revaluation |
|
|
(865 |
) |
|
|
656 |
|
|
|
(4,636 |
) |
|
NM |
|
|
|
(81.3 |
)% |
|
ATM and interchange fees |
|
|
1,112 |
|
|
|
1,063 |
|
|
|
1,131 |
|
|
|
4.6 |
% |
|
|
(1.7 |
)% |
Net realized gains (losses) on securities available-for-sale |
|
|
— |
|
|
|
— |
|
|
|
52 |
|
|
|
0.0 |
% |
|
|
(100.0 |
)% |
Change in fair value of equity securities, net |
|
|
193 |
|
|
|
350 |
|
|
|
(697 |
) |
|
|
(45.0 |
)% |
|
NM |
|
|
Net gains on sales of loans |
|
|
5,704 |
|
|
|
5,148 |
|
|
|
9,983 |
|
|
|
10.8 |
% |
|
|
(42.9 |
)% |
Wealth management and trust income |
|
|
1,039 |
|
|
|
924 |
|
|
|
900 |
|
|
|
12.5 |
% |
|
|
15.5 |
% |
Other non-interest income |
|
|
1,498 |
|
|
|
1,504 |
|
|
|
2,097 |
|
|
|
(0.3 |
)% |
|
|
(28.5 |
)% |
Total non-interest income |
|
$ |
14,291 |
|
|
$ |
15,145 |
|
|
$ |
14,273 |
|
|
|
(5.6 |
)% |
|
|
0.1 |
% |
Non-interest income for the second quarter of 2023 was $14.3 million, a decrease of $854,000, or 5.6%, compared to $15.1 million for the first quarter of 2023.
The decrease in total non-interest income was primarily due to:
- A decrease of $1.5 million in the valuation of the loan servicing asset reflecting increased prepayments in the second quarter while the prior quarter reflected an improvement in market conditions.
Partially offset by:
- An increase of $556,000 in the net gain on sales of loans, due to higher volume and net premiums on sale.
During the second quarter of 2023, we sold $85.9 million of U.S. government guaranteed loans compared to $72.2 million during the first quarter of 2023.
Non-interest Expense
The following table presents the components of non-interest expense for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
||||||||
|
|
Three Months Ended |
|
|
Change from |
|
||||||||||||||
|
|
|
|
|
|
|
|
Recast |
|
|
|
|
|
|
||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
March 31, |
|
June 30, |
||||||||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
$ |
29,642 |
|
|
$ |
30,394 |
|
|
$ |
27,697 |
|
|
|
(2.5 |
)% |
|
|
7.0 |
% |
Occupancy and equipment expense, net |
|
|
4,404 |
|
|
|
4,444 |
|
|
|
4,409 |
|
|
|
(0.9 |
)% |
|
|
(0.1 |
)% |
Impairment charge on assets held for sale |
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
(100.0 |
)% |
|
|
0.0 |
% |
Loan and lease related expenses |
|
|
488 |
|
|
|
963 |
|
|
|
942 |
|
|
|
(49.3 |
)% |
|
|
(48.1 |
)% |
Legal, audit and other professional fees |
|
|
3,675 |
|
|
|
3,114 |
|
|
|
1,820 |
|
|
|
18.0 |
% |
|
|
101.9 |
% |
Data processing |
|
|
4,272 |
|
|
|
3,783 |
|
|
|
3,396 |
|
|
|
12.9 |
% |
|
|
25.8 |
% |
Net (gain) loss recognized on other real estate
|
|
|
288 |
|
|
|
(103 |
) |
|
|
158 |
|
|
NM |
|
|
|
82.4 |
% |
|
Other intangible assets amortization expense |
|
|
1,455 |
|
|
|
1,455 |
|
|
|
1,868 |
|
|
|
0.0 |
% |
|
|
(22.1 |
)% |
Other non-interest expense |
|
|
5,104 |
|
|
|
4,730 |
|
|
|
3,295 |
|
|
|
7.9 |
% |
|
|
54.8 |
% |
Total non-interest expense |
|
$ |
49,328 |
|
|
$ |
48,800 |
|
|
$ |
43,585 |
|
|
|
1.1 |
% |
|
|
13.2 |
% |
Non-interest expense for the second quarter of 2023 was $49.3 million, an increase of $528,000, or 1.1%, from $48.8 million for the first quarter of 2023.
The increase in total non-interest expense was primarily due to merger-related expenses, resulting in:
- An increase of $561,000 in legal, audit and other professional fees; and
- An increase of $489,000 in data processing.
Partially offset by:
- A decrease of $752,000 in salaries and employee benefits mainly due to lower payroll taxes and higher deferred salary costs, offset by higher salaries and incentives; and
- A decrease of $475,000 in loan and lease related expense, due to lower expenses related to government guaranteed loans.
Our efficiency ratio was 52.92% for the second quarter of 2023 compared to 52.10% for the first quarter of 2023.
INCOME TAXES
We recorded income tax expense of $9.2 million during the second quarter of 2023, compared to $8.3 million during the first quarter of 2023. The effective tax rate was 26.1% and 25.7% for the second quarter of 2023 and first quarter of 2023, respectively.
STATEMENTS OF FINANCIAL CONDITION
Total assets were $7.6 billion at June 30, 2023, an increase of $45.3 million compared to $7.5 billion at March 31, 2023.
The current quarter increase was primarily due to:
- An increase in net loans and leases of $53.0 million primarily due to growth in the commercial loan portfolio and the lease financing portfolio; and
- An increase in cash and cash equivalents of $36.0 million primarily to support customer activity and complete the acquisition of Inland Bancorp.
Partially offset by:
- A decrease in securities available-for-sale of $38.7 million, driven mainly by principal payments and changes in market values.
The following table shows our allocation of the originated, purchase credit deteriorated, and non-credit deteriorated loans and leases at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
Recast |
|
||||||||||||
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
|||||||||||||||
(dollars in thousands) |
|
Amount |
|
% of Total |
|
Amount |
|
% of Total |
|
Amount |
|
% of Total |
||||||||||||
Originated loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
$ |
1,806,531 |
|
|
|
32.4 |
% |
|
$ |
1,749,808 |
|
|
|
31.7 |
% |
|
$ |
1,676,149 |
|
|
|
32.4 |
% |
Residential real estate |
|
|
453,880 |
|
|
|
8.1 |
% |
|
|
441,291 |
|
|
|
8.0 |
% |
|
|
401,773 |
|
|
|
7.8 |
% |
Construction, land development, and
|
|
|
387,623 |
|
|
|
7.0 |
% |
|
|
446,763 |
|
|
|
8.1 |
% |
|
|
434,132 |
|
|
|
8.4 |
% |
Commercial and industrial |
|
|
2,086,274 |
|
|
|
37.4 |
% |
|
|
2,061,267 |
|
|
|
37.4 |
% |
|
|
1,873,128 |
|
|
|
36.2 |
% |
Installment and other |
|
|
3,582 |
|
|
|
0.1 |
% |
|
|
1,603 |
|
|
|
0.0 |
% |
|
|
927 |
|
|
|
0.0 |
% |
Leasing financing receivables |
|
|
604,437 |
|
|
|
10.9 |
% |
|
|
552,174 |
|
|
|
10.0 |
% |
|
|
438,379 |
|
|
|
8.5 |
% |
Total originated loans and leases |
|
$ |
5,342,327 |
|
|
|
95.9 |
% |
|
$ |
5,252,906 |
|
|
|
95.2 |
% |
|
$ |
4,824,488 |
|
|
|
93.3 |
% |
Purchased credit deteriorated loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
$ |
30,724 |
|
|
|
0.6 |
% |
|
$ |
39,000 |
|
|
|
0.7 |
% |
|
$ |
54,739 |
|
|
|
1.1 |
% |
Residential real estate |
|
|
26,012 |
|
|
|
0.5 |
% |
|
|
30,070 |
|
|
|
0.6 |
% |
|
|
39,209 |
|
|
|
0.8 |
% |
Construction, land development, and
|
|
|
320 |
|
|
|
0.0 |
% |
|
|
345 |
|
|
|
0.0 |
% |
|
|
1,181 |
|
|
|
0.0 |
% |
Commercial and industrial |
|
|
1,726 |
|
|
|
0.0 |
% |
|
|
1,745 |
|
|
|
0.0 |
% |
|
|
2,557 |
|
|
|
0.0 |
% |
Installment and other |
|
|
129 |
|
|
|
0.0 |
% |
|
|
134 |
|
|
|
0.0 |
% |
|
|
155 |
|
|
|
0.0 |
% |
Total purchased credit deteriorated loans |
|
$ |
58,911 |
|
|
|
1.1 |
% |
|
$ |
71,294 |
|
|
|
1.3 |
% |
|
$ |
97,841 |
|
|
|
1.9 |
% |
Acquired non-credit-deteriorated loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
$ |
126,191 |
|
|
|
2.3 |
% |
|
$ |
140,576 |
|
|
|
2.6 |
% |
|
$ |
168,938 |
|
|
|
3.3 |
% |
Residential real estate |
|
|
25,055 |
|
|
|
0.4 |
% |
|
|
27,975 |
|
|
|
0.5 |
% |
|
|
40,257 |
|
|
|
0.8 |
% |
Construction, land development, and
|
|
|
— |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
191 |
|
|
|
0.0 |
% |
Commercial and industrial |
|
|
16,750 |
|
|
|
0.3 |
% |
|
|
20,793 |
|
|
|
0.4 |
% |
|
|
31,783 |
|
|
|
0.6 |
% |
Installment and other |
|
|
25 |
|
|
|
0.0 |
% |
|
|
85 |
|
|
|
0.0 |
% |
|
|
226 |
|
|
|
0.0 |
% |
Leasing financing receivables |
|
|
1,258 |
|
|
|
0.0 |
% |
|
|
1,703 |
|
|
|
0.0 |
% |
|
|
3,992 |
|
|
|
0.1 |
% |
Total acquired non-credit-deteriorated
|
|
$ |
169,279 |
|
|
|
3.0 |
% |
|
$ |
191,132 |
|
|
|
3.5 |
% |
|
$ |
245,387 |
|
|
|
4.8 |
% |
Total loans and leases |
|
$ |
5,570,517 |
|
|
|
100.0 |
% |
|
$ |
5,515,332 |
|
|
|
100.0 |
% |
|
$ |
5,167,716 |
|
|
|
100.0 |
% |
Allowance for credit losses - loans and leases |
|
|
(92,665 |
) |
|
|
|
|
|
(90,465 |
) |
|
|
|
|
|
(74,048 |
) |
|
|
|
|||
Total loans and leases, net of allowance for
|
|
$ |
5,477,852 |
|
|
|
|
|
$ |
5,424,867 |
|
|
|
|
|
$ |
5,093,668 |
|
|
|
|
|||
ASSET QUALITY
Non-Performing Assets
The following table sets forth the amounts of non-performing loans and leases and other real estate owned at the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|||||||||
|
|
|
|
|
|
|
|
Recast |
|
Change from |
||||||||||
(dollars in thousands) |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
March 31, 2023 |
|
June 30, 2022 |
||||||||||
Non-performing assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-accrual loans and leases |
|
$ |
38,273 |
|
|
$ |
46,536 |
|
|
$ |
42,979 |
|
|
|
(17.8 |
)% |
|
|
(10.9 |
)% |
Past due loans and leases 90 days or more
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
||
Total non-performing loans and leases |
|
$ |
38,273 |
|
|
$ |
46,536 |
|
|
$ |
42,979 |
|
|
|
(17.8 |
)% |
|
|
(10.9 |
)% |
Other real estate owned |
|
|
2,265 |
|
|
|
3,712 |
|
|
|
4,749 |
|
|
|
(39.0 |
)% |
|
|
(52.3 |
)% |
Total non-performing assets |
|
$ |
40,538 |
|
|
$ |
50,248 |
|
|
$ |
47,728 |
|
|
|
(19.3 |
)% |
|
|
(15.1 |
)% |
Total non-performing loans and leases as a
|
|
|
0.69 |
% |
|
|
0.84 |
% |
|
|
0.83 |
% |
|
|
|
|
|
|
||
Total non-performing assets as a percentage
|
|
|
0.54 |
% |
|
|
0.67 |
% |
|
|
0.67 |
% |
|
|
|
|
|
|
||
Allowance for credit losses - loans and lease
|
|
|
242.12 |
% |
|
|
194.40 |
% |
|
|
172.29 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing assets guaranteed by
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-accrual loans guaranteed |
|
$ |
2,472 |
|
|
$ |
2,335 |
|
|
$ |
1,731 |
|
|
|
5.9 |
% |
|
|
42.8 |
% |
Past due loans 90 days or more and still
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
—% |
|
|
—% |
|
||
Total non-performing loans guaranteed |
|
$ |
2,472 |
|
|
$ |
2,335 |
|
|
$ |
1,731 |
|
|
|
5.9 |
% |
|
|
42.8 |
% |
Total non-performing loans and leases
|
|
|
0.64 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
|
|
|
|
||
Total non-performing assets not guaranteed
|
|
|
0.50 |
% |
|
|
0.64 |
% |
|
|
0.65 |
% |
|
|
|
|
|
|
||
Variances in non-performing assets were:
- Non-performing loans and leases were $38.3 million at June 30, 2023, a decrease of $8.3 million from $46.5 million at March 31, 2023, primarily due to the resolution of impaired loans.
- Other real estate owned was $2.3 million at June 30, 2023, a decrease of $1.4 million from $3.7 million at March 31, 2023, primarily due to sales of properties.
Allowance for Credit Losses ("ACL") - Loans and Leases
The following table presents the balance and activity within the allowance for credit losses - loans and leases for the periods indicated:
|
|
Three Months Ended |
|
|||||||||
|
|
|
|
|
|
|
|
Recast |
||||
|
|
June 30, |
|
March 31, |
|
June 30, |
||||||
(dollars in thousands) |
|
2023 |
|
2023 |
|
2022 |
||||||
ACL - loans and leases, beginning of period |
|
$ |
90,465 |
|
|
$ |
81,924 |
|
|
$ |
72,107 |
|
Provision for credit losses - loans and leases |
|
|
6,467 |
|
|
|
9,712 |
|
|
|
4,105 |
|
Net charge-offs - loans and leases |
|
|
(4,267 |
) |
|
|
(1,171 |
) |
|
|
(2,164 |
) |
ACL - loans and leases, end of period |
|
$ |
92,665 |
|
|
$ |
90,465 |
|
|
$ |
74,048 |
|
Net charge-offs - loans and leases to average total
|
|
|
0.31 |
% |
|
|
0.09 |
% |
|
|
0.17 |
% |
Provision for credit losses - loans and leases
|
|
|
1.52 |
x |
|
|
8.29 |
x |
|
|
1.90 |
x |
Net charge-offs of loans and leases during the second quarter of 2023 were $4.3 million, or 0.31% of average loans and leases, on an annualized basis, an increase of $3.1 million compared to $1.2 million, or 0.09% of average loans and leases, during the first quarter of 2023, and an increase of $2.1 million from $2.2 million or 0.17% of average loans and leases from the comparable period a year ago.
Net charge-offs for the second quarter of 2023 included $1.7 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the first quarter of 2023 and second quarter of 2022 included $1.1 million and $2.7 million, respectively.
Deposits and Other Liabilities
The following table presents the composition of deposits at the dates indicated:
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
Change from |
|
||||||||
(dollars in thousands) |
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
June 30, 2022 |
|||||||
Non-interest-bearing demand deposits |
$ |
1,793,749 |
|
|
$ |
1,952,045 |
|
|
$ |
2,180,927 |
|
|
|
(8.1 |
)% |
|
|
(17.8 |
)% |
Interest-bearing checking accounts |
|
530,775 |
|
|
|
560,837 |
|
|
|
535,856 |
|
|
|
(5.4 |
)% |
|
|
(0.9 |
)% |
Money market demand accounts |
|
1,600,043 |
|
|
|
1,453,688 |
|
|
|
1,323,287 |
|
|
|
10.1 |
% |
|
|
20.9 |
% |
Other savings |
|
562,706 |
|
|
|
590,231 |
|
|
|
669,164 |
|
|
|
(4.7 |
)% |
|
|
(15.9 |
)% |
Time deposits (below $250,000) |
|
1,214,717 |
|
|
|
1,089,785 |
|
|
|
544,759 |
|
|
|
11.5 |
% |
|
|
123.0 |
% |
Time deposits ($250,000 and above) |
|
215,102 |
|
|
|
166,066 |
|
|
|
134,384 |
|
|
|
29.5 |
% |
|
|
60.1 |
% |
Total deposits |
$ |
5,917,092 |
|
|
$ |
5,812,652 |
|
|
$ |
5,388,377 |
|
|
|
1.8 |
% |
|
|
9.8 |
% |
Total deposits increased to $5.9 billion at June 30, 2023 compared to $5.8 billion at March 31, 2023. Non-interest-bearing deposits were 30.3% and 33.6% of total deposits at June 30, 2023 and March 31, 2023, respectively. Estimated total uninsured deposits were $1.5 billion and $1.6 billion as of June 30, 2023 and March 31, 2023, and represented 25.9% and 27.9% of total deposits, respectively.
The increase in deposits in the current quarter was due to:
- An increase in time deposits of $174.0 million, principally due to changes in deposit mix and higher rates offered; and
- An increase in money market demand accounts of $146.4 million, mainly due to increases in business accounts.
Partially offset by:
- A decrease in non-interest-bearing demand deposits of $158.3 million, due to higher alternative rates and seasonality.
Total borrowings and other liabilities were $844.7 million at June 30, 2023, a decrease of $77.4 million from $922.0 million at March 31, 2023, primarily driven by maturities of FHLB borrowings.
Stockholders’ Equity
Total stockholders’ equity was $813.9 million at June 30, 2023, an increase of $18.3 million from $795.7 million at March 31, 2023. The increase was primarily due to increased retained earnings due to net income.
The following table presents actual regulatory capital dollar amounts and ratios of the Company and the Bank as of June 30, 2023:
|
|
Actual |
|
Minimum Capital
|
|
Required to be
|
||||||||||||||||||
June 30, 2023 |
|
Amount |
|
Ratio |
|
Amount |
|
Ratio |
|
Amount |
|
Ratio |
||||||||||||
Total capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Company |
|
$ |
959,688 |
|
|
|
13.52 |
% |
|
$ |
567,924 |
|
|
|
8.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
911,331 |
|
|
|
12.89 |
% |
|
|
565,528 |
|
|
|
8.00 |
% |
|
$ |
706,910 |
|
|
|
10.00 |
% |
Tier 1 capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Company |
|
$ |
796,359 |
|
|
|
11.22 |
% |
|
$ |
425,943 |
|
|
|
6.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
823,002 |
|
|
|
11.64 |
% |
|
|
424,146 |
|
|
|
6.00 |
% |
|
$ |
565,528 |
|
|
|
8.00 |
% |
Common Equity Tier 1 (CET1) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Company |
|
$ |
751,359 |
|
|
|
10.58 |
% |
|
$ |
319,457 |
|
|
|
4.50 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
823,002 |
|
|
|
11.64 |
% |
|
|
318,110 |
|
|
|
4.50 |
% |
|
$ |
459,492 |
|
|
|
6.50 |
% |
Tier 1 capital to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Company |
|
$ |
796,359 |
|
|
|
10.74 |
% |
|
$ |
296,702 |
|
|
|
4.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
823,002 |
|
|
|
11.12 |
% |
|
$ |
296,100 |
|
|
|
4.00 |
% |
|
$ |
370,125 |
|
|
|
5.00 |
% |
Capital ratios for the period presented are based on the Basel III regulatory capital framework as applied to our current business and operations, and are subject to, among other things, completion and filing of our regulatory reports and ongoing regulatory review and implementation guidance. The ratios above reflect the Company’s election to opt into the regulators’ joint current expected credit losses ("CECL") transition provision, which allows the Company to phase in the capital impact of the adoption of CECL over the next three years beginning January 1, 2022. Accordingly, capital ratios as of June 30, 2023 reflect 50% of the CECL impact.
CECL Adoption
On December 31, 2022, the Company adopted CECL and applied it retrospectively to the period beginning January 1, 2022 using the modified retrospective method of accounting. Results for reporting periods beginning after September 30, 2022 are presented under the new standard, while prior quarters previously reported are recast as if the new standard had been applied since January 1, 2022. Refer to our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the adoption of the standard.
Conference Call, Webcast and Slide Presentation
We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, July 28, 2023 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 993003. A recorded replay can be accessed through August 11, 2023 by dialing (866) 813-9403; passcode: 452045.
A slide presentation relating to our second quarter 2023 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 Bancorp, Inc. completed its acquisition of Inland Bancorp, Inc. on July 1, 2023, with the combined entity operating as Byline Bank and as a result has approximately $8.8 billion in assets and operates 48 total branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail 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, 2022. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws.
BYLINE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Recast |
|
|
Recast |
|
|||||
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|||||
(dollars in thousands) |
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
$ |
59,564 |
|
|
$ |
52,725 |
|
|
$ |
62,274 |
|
|
$ |
56,546 |
|
|
$ |
58,844 |
|
Interest bearing deposits with other banks |
|
|
260,621 |
|
|
|
231,486 |
|
|
|
117,079 |
|
|
|
159,744 |
|
|
|
83,057 |
|
Cash and cash equivalents |
|
|
320,185 |
|
|
|
284,211 |
|
|
|
179,353 |
|
|
|
216,290 |
|
|
|
141,901 |
|
Equity and other securities, at fair value |
|
|
18,473 |
|
|
|
8,339 |
|
|
|
7,989 |
|
|
|
7,279 |
|
|
|
7,860 |
|
Securities available-for-sale, at fair value |
|
|
1,125,700 |
|
|
|
1,164,387 |
|
|
|
1,174,431 |
|
|
|
1,181,654 |
|
|
|
1,273,138 |
|
Securities held-to-maturity, at amortized cost |
|
|
2,158 |
|
|
|
2,704 |
|
|
|
2,705 |
|
|
|
3,877 |
|
|
|
3,880 |
|
Restricted stock, at cost |
|
|
24,377 |
|
|
|
38,777 |
|
|
|
28,202 |
|
|
|
27,077 |
|
|
|
30,002 |
|
Loans held for sale |
|
|
25,995 |
|
|
|
28,379 |
|
|
|
47,823 |
|
|
|
33,975 |
|
|
|
17,284 |
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans and leases |
|
|
5,570,517 |
|
|
|
5,515,332 |
|
|
|
5,421,258 |
|
|
|
5,275,126 |
|
|
|
5,167,716 |
|
Allowance for credit losses - loans and leases |
|
|
(92,665 |
) |
|
|
(90,465 |
) |
|
|
(81,924 |
) |
|
|
(79,704 |
) |
|
|
(74,048 |
) |
Net loans and leases |
|
|
5,477,852 |
|
|
|
5,424,867 |
|
|
|
5,339,334 |
|
|
|
5,195,422 |
|
|
|
5,093,668 |
|
Servicing assets, at fair value |
|
|
21,715 |
|
|
|
20,944 |
|
|
|
19,172 |
|
|
|
21,127 |
|
|
|
22,155 |
|
Premises and equipment, net |
|
|
56,304 |
|
|
|
56,098 |
|
|
|
56,798 |
|
|
|
59,049 |
|
|
|
60,773 |
|
Other real estate owned, net |
|
|
2,265 |
|
|
|
3,712 |
|
|
|
4,717 |
|
|
|
4,402 |
|
|
|
4,749 |
|
Goodwill and other intangible assets, net |
|
|
155,977 |
|
|
|
157,432 |
|
|
|
158,887 |
|
|
|
160,484 |
|
|
|
162,094 |
|
Bank-owned life insurance |
|
|
83,222 |
|
|
|
82,693 |
|
|
|
82,093 |
|
|
|
81,592 |
|
|
|
81,100 |
|
Deferred tax assets, net |
|
|
66,895 |
|
|
|
64,918 |
|
|
|
68,213 |
|
|
|
95,831 |
|
|
|
82,412 |
|
Accrued interest receivable and other assets |
|
|
194,572 |
|
|
|
192,885 |
|
|
|
193,224 |
|
|
|
179,218 |
|
|
|
143,014 |
|
Total assets |
|
$ |
7,575,690 |
|
|
$ |
7,530,346 |
|
|
$ |
7,362,941 |
|
|
$ |
7,267,277 |
|
|
$ |
7,124,030 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest-bearing demand deposits |
|
$ |
1,793,749 |
|
|
$ |
1,952,045 |
|
|
$ |
2,138,645 |
|
|
$ |
2,142,183 |
|
|
$ |
2,180,927 |
|
Interest-bearing deposits |
|
|
4,123,343 |
|
|
|
3,860,607 |
|
|
|
3,556,476 |
|
|
|
3,470,273 |
|
|
|
3,207,450 |
|
Total deposits |
|
|
5,917,092 |
|
|
|
5,812,652 |
|
|
|
5,695,121 |
|
|
|
5,612,456 |
|
|
|
5,388,377 |
|
Other borrowings |
|
|
574,922 |
|
|
|
662,810 |
|
|
|
640,399 |
|
|
|
653,954 |
|
|
|
748,092 |
|
Subordinated notes, net |
|
|
73,778 |
|
|
|
73,735 |
|
|
|
73,691 |
|
|
|
73,648 |
|
|
|
73,604 |
|
Junior subordinated debentures issued to
|
|
|
37,557 |
|
|
|
37,442 |
|
|
|
37,338 |
|
|
|
37,232 |
|
|
|
37,123 |
|
Accrued expenses and other liabilities |
|
|
158,399 |
|
|
|
148,057 |
|
|
|
150,576 |
|
|
|
154,182 |
|
|
|
121,186 |
|
Total liabilities |
|
|
6,761,748 |
|
|
|
6,734,696 |
|
|
|
6,597,125 |
|
|
|
6,531,472 |
|
|
|
6,368,382 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock |
|
|
391 |
|
|
|
390 |
|
|
|
389 |
|
|
|
389 |
|
|
|
388 |
|
Additional paid-in capital |
|
|
599,718 |
|
|
|
598,103 |
|
|
|
598,297 |
|
|
|
597,049 |
|
|
|
595,938 |
|
Retained earnings |
|
|
379,078 |
|
|
|
356,365 |
|
|
|
335,794 |
|
|
|
314,800 |
|
|
|
297,765 |
|
Treasury stock |
|
|
(50,383 |
) |
|
|
(51,066 |
) |
|
|
(51,114 |
) |
|
|
(51,535 |
) |
|
|
(47,181 |
) |
Accumulated other comprehensive loss, net of tax |
|
|
(114,862 |
) |
|
|
(108,142 |
) |
|
|
(117,550 |
) |
|
|
(124,898 |
) |
|
|
(91,262 |
) |
Total stockholders’ equity |
|
|
813,942 |
|
|
|
795,650 |
|
|
|
765,816 |
|
|
|
735,805 |
|
|
|
755,648 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,575,690 |
|
|
$ |
7,530,346 |
|
|
$ |
7,362,941 |
|
|
$ |
7,267,277 |
|
|
$ |
7,124,030 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Recast |
|
Recast |
|
|
|
|
Recast |
||||||||||
(dollars in thousands, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||
except per share data) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest and fees on loans and leases |
|
$ |
99,134 |
|
|
$ |
92,343 |
|
|
$ |
85,720 |
|
|
$ |
72,635 |
|
|
$ |
59,919 |
|
|
$ |
191,477 |
|
|
$ |
115,057 |
|
Interest on securities |
|
|
6,559 |
|
|
|
6,600 |
|
|
|
6,569 |
|
|
|
6,402 |
|
|
|
6,264 |
|
|
|
13,159 |
|
|
|
12,419 |
|
Other interest and dividend income |
|
|
1,579 |
|
|
|
1,059 |
|
|
|
1,515 |
|
|
|
626 |
|
|
|
496 |
|
|
|
2,638 |
|
|
|
616 |
|
Total interest and dividend income |
|
|
107,272 |
|
|
|
100,002 |
|
|
|
93,804 |
|
|
|
79,663 |
|
|
|
66,679 |
|
|
|
207,274 |
|
|
|
128,092 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Deposits |
|
|
24,723 |
|
|
|
16,298 |
|
|
|
10,610 |
|
|
|
5,971 |
|
|
|
2,128 |
|
|
|
41,021 |
|
|
|
3,215 |
|
Other borrowings |
|
|
4,241 |
|
|
|
5,888 |
|
|
|
4,598 |
|
|
|
3,232 |
|
|
|
1,097 |
|
|
|
10,129 |
|
|
|
1,492 |
|
Subordinated notes and debentures |
|
|
2,142 |
|
|
|
2,098 |
|
|
|
1,992 |
|
|
|
1,825 |
|
|
|
1,694 |
|
|
|
4,240 |
|
|
|
3,294 |
|
Total interest expense |
|
|
31,106 |
|
|
|
24,284 |
|
|
|
17,200 |
|
|
|
11,028 |
|
|
|
4,919 |
|
|
|
55,390 |
|
|
|
8,001 |
|
Net interest income |
|
|
76,166 |
|
|
|
75,718 |
|
|
|
76,604 |
|
|
|
68,635 |
|
|
|
61,760 |
|
|
|
151,884 |
|
|
|
120,091 |
|
PROVISION FOR CREDIT LOSSES |
|
|
5,790 |
|
|
|
9,825 |
|
|
|
5,826 |
|
|
|
7,208 |
|
|
|
4,286 |
|
|
|
15,615 |
|
|
|
10,845 |
|
Net interest income after
|
|
|
70,376 |
|
|
|
65,893 |
|
|
|
70,778 |
|
|
|
61,427 |
|
|
|
57,474 |
|
|
|
136,269 |
|
|
|
109,246 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fees and service charges on deposits |
|
|
2,233 |
|
|
|
2,120 |
|
|
|
2,081 |
|
|
|
2,128 |
|
|
|
2,059 |
|
|
|
4,353 |
|
|
|
3,943 |
|
Loan servicing revenue |
|
|
3,377 |
|
|
|
3,380 |
|
|
|
3,293 |
|
|
|
3,422 |
|
|
|
3,384 |
|
|
|
6,757 |
|
|
|
6,764 |
|
Loan servicing asset revaluation |
|
|
(865 |
) |
|
|
656 |
|
|
|
(3,534 |
) |
|
|
(2,342 |
) |
|
|
(4,636 |
) |
|
|
(209 |
) |
|
|
(5,867 |
) |
ATM and interchange fees |
|
|
1,112 |
|
|
|
1,063 |
|
|
|
1,250 |
|
|
|
1,007 |
|
|
|
1,131 |
|
|
|
2,175 |
|
|
|
2,180 |
|
Net realized gains (losses) on securities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
52 |
|
|
|
— |
|
|
|
52 |
|
Change in fair value of equity
|
|
|
193 |
|
|
|
350 |
|
|
|
710 |
|
|
|
(581 |
) |
|
|
(697 |
) |
|
|
543 |
|
|
|
(732 |
) |
Net gains on sales of loans |
|
|
5,704 |
|
|
|
5,148 |
|
|
|
5,509 |
|
|
|
5,580 |
|
|
|
9,983 |
|
|
|
10,852 |
|
|
|
20,810 |
|
Wealth management and trust income |
|
|
1,039 |
|
|
|
924 |
|
|
|
864 |
|
|
|
995 |
|
|
|
900 |
|
|
|
1,963 |
|
|
|
1,948 |
|
Other non-interest income |
|
|
1,498 |
|
|
|
1,504 |
|
|
|
1,282 |
|
|
|
1,836 |
|
|
|
2,097 |
|
|
|
3,002 |
|
|
|
4,718 |
|
Total non-interest income |
|
|
14,291 |
|
|
|
15,145 |
|
|
|
11,455 |
|
|
|
12,043 |
|
|
|
14,273 |
|
|
|
29,436 |
|
|
|
33,816 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Salaries and employee benefits |
|
|
29,642 |
|
|
|
30,394 |
|
|
|
31,808 |
|
|
|
29,587 |
|
|
|
27,697 |
|
|
|
60,036 |
|
|
|
56,656 |
|
Occupancy and equipment expense,
|
|
|
4,404 |
|
|
|
4,444 |
|
|
|
3,532 |
|
|
|
3,919 |
|
|
|
4,409 |
|
|
|
8,848 |
|
|
|
9,537 |
|
Impairment charge on assets
|
|
|
— |
|
|
|
20 |
|
|
|
372 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
Loan and lease related expenses |
|
|
488 |
|
|
|
963 |
|
|
|
1,126 |
|
|
|
530 |
|
|
|
942 |
|
|
|
1,451 |
|
|
|
51 |
|
Legal, audit, and other
|
|
|
3,675 |
|
|
|
3,114 |
|
|
|
3,204 |
|
|
|
2,733 |
|
|
|
1,820 |
|
|
|
6,789 |
|
|
|
4,420 |
|
Data processing |
|
|
4,272 |
|
|
|
3,783 |
|
|
|
3,406 |
|
|
|
3,370 |
|
|
|
3,396 |
|
|
|
8,055 |
|
|
|
6,582 |
|
Net (gain) loss recognized on other real
|
|
|
288 |
|
|
|
(103 |
) |
|
|
221 |
|
|
|
275 |
|
|
|
158 |
|
|
|
185 |
|
|
|
212 |
|
Other intangible assets amortization
|
|
|
1,455 |
|
|
|
1,455 |
|
|
|
1,596 |
|
|
|
1,611 |
|
|
|
1,868 |
|
|
|
2,910 |
|
|
|
3,464 |
|
Other non-interest expense |
|
|
5,104 |
|
|
|
4,730 |
|
|
|
5,235 |
|
|
|
4,016 |
|
|
|
3,295 |
|
|
|
9,834 |
|
|
|
6,619 |
|
Total non-interest expense |
|
|
49,328 |
|
|
|
48,800 |
|
|
|
50,500 |
|
|
|
46,041 |
|
|
|
43,585 |
|
|
|
98,128 |
|
|
|
87,541 |
|
INCOME BEFORE PROVISION FOR
|
|
|
35,339 |
|
|
|
32,238 |
|
|
|
31,733 |
|
|
|
27,429 |
|
|
|
28,162 |
|
|
|
67,577 |
|
|
|
55,521 |
|
PROVISION FOR INCOME TAXES |
|
|
9,232 |
|
|
|
8,293 |
|
|
|
7,366 |
|
|
|
7,020 |
|
|
|
6,382 |
|
|
|
17,525 |
|
|
|
12,343 |
|
NET INCOME |
|
|
26,107 |
|
|
|
23,945 |
|
|
|
24,367 |
|
|
|
20,409 |
|
|
|
21,780 |
|
|
|
50,052 |
|
|
|
43,178 |
|
Dividends on preferred shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
196 |
|
INCOME AVAILABLE TO COMMON
|
|
$ |
26,107 |
|
|
$ |
23,945 |
|
|
$ |
24,367 |
|
|
$ |
20,409 |
|
|
$ |
21,780 |
|
|
$ |
50,052 |
|
|
$ |
42,982 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
0.70 |
|
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
0.55 |
|
|
$ |
0.59 |
|
|
$ |
1.35 |
|
|
$ |
1.16 |
|
Diluted |
|
$ |
0.70 |
|
|
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
0.55 |
|
|
$ |
0.58 |
|
|
$ |
1.34 |
|
|
$ |
1.14 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (unaudited) |
|||||||||||||||||||||||||||
|
As of or For the Three Months Ended |
|
|
As of or For the Six Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Recast |
|
Recast |
|
|
|
|
Recast |
||||||||||
(dollars in thousands, except share |
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||
and per share data) |
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||||
Earnings per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic earnings per common share |
$ |
0.70 |
|
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
0.55 |
|
|
$ |
0.59 |
|
|
$ |
1.35 |
|
|
$ |
1.16 |
|
Diluted earnings per common share |
$ |
0.70 |
|
|
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
0.55 |
|
|
$ |
0.58 |
|
|
$ |
1.34 |
|
|
$ |
1.14 |
|
Adjusted diluted earnings per
|
$ |
0.73 |
|
|
$ |
0.65 |
|
|
$ |
0.67 |
|
|
$ |
0.55 |
|
|
$ |
0.58 |
|
|
$ |
1.38 |
|
|
$ |
1.14 |
|
Weighted average common shares
|
|
37,034,626 |
|
|
|
36,955,085 |
|
|
|
36,856,221 |
|
|
|
36,851,973 |
|
|
|
37,064,795 |
|
|
|
36,995,075 |
|
|
|
37,093,816 |
|
Weighted average common shares
|
|
37,337,906 |
|
|
|
37,539,912 |
|
|
|
37,360,113 |
|
|
|
37,371,159 |
|
|
|
37,612,268 |
|
|
|
37,444,381 |
|
|
|
37,740,682 |
|
Common shares outstanding |
|
37,752,002 |
|
|
|
37,713,427 |
|
|
|
37,492,775 |
|
|
|
37,465,902 |
|
|
|
37,669,102 |
|
|
|
37,752,002 |
|
|
|
37,669,102 |
|
Cash dividends per common share |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.18 |
|
|
$ |
0.18 |
|
Dividend payout ratio on
|
|
12.86 |
% |
|
|
14.06 |
% |
|
|
13.85 |
% |
|
|
16.36 |
% |
|
|
15.52 |
% |
|
|
13.43 |
% |
|
|
15.79 |
% |
Tangible book value per
|
$ |
17.43 |
|
|
$ |
16.92 |
|
|
$ |
16.19 |
|
|
$ |
15.36 |
|
|
$ |
15.76 |
|
|
$ |
17.43 |
|
|
$ |
15.76 |
|
Key Ratios and Performance Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest margin, fully taxable
|
|
4.33 |
% |
|
|
4.39 |
% |
|
|
4.40 |
% |
|
|
4.04 |
% |
|
|
3.78 |
% |
|
|
4.36 |
% |
|
|
3.79 |
% |
Average cost of deposits |
|
1.70 |
% |
|
|
1.15 |
% |
|
|
0.73 |
% |
|
|
0.43 |
% |
|
|
0.16 |
% |
|
|
1.43 |
% |
|
|
0.12 |
% |
Efficiency ratio(2) |
|
52.92 |
% |
|
|
52.10 |
% |
|
|
55.53 |
% |
|
|
55.07 |
% |
|
|
54.87 |
% |
|
|
52.51 |
% |
|
|
54.63 |
% |
Adjusted efficiency ratio(1)(2)(3) |
|
51.39 |
% |
|
|
51.54 |
% |
|
|
54.50 |
% |
|
|
55.07 |
% |
|
|
54.87 |
% |
|
|
51.47 |
% |
|
|
54.63 |
% |
Non-interest income to total
|
|
15.80 |
% |
|
|
16.67 |
% |
|
|
13.01 |
% |
|
|
14.93 |
% |
|
|
18.77 |
% |
|
|
16.23 |
% |
|
|
21.97 |
% |
Non-interest expense to average assets |
|
2.67 |
% |
|
|
2.69 |
% |
|
|
2.76 |
% |
|
|
2.56 |
% |
|
|
2.51 |
% |
|
|
2.68 |
% |
|
|
2.58 |
% |
Adjusted non-interest expense to
|
|
2.60 |
% |
|
|
2.67 |
% |
|
|
2.71 |
% |
|
|
2.56 |
% |
|
|
2.51 |
% |
|
|
2.63 |
% |
|
|
2.58 |
% |
Return on average stockholders' equity |
|
12.99 |
% |
|
|
12.38 |
% |
|
|
12.92 |
% |
|
|
10.57 |
% |
|
|
11.35 |
% |
|
|
12.69 |
% |
|
|
10.94 |
% |
Adjusted return on average
|
|
13.56 |
% |
|
|
12.62 |
% |
|
|
13.34 |
% |
|
|
10.57 |
% |
|
|
11.35 |
% |
|
|
13.10 |
% |
|
|
10.94 |
% |
Return on average assets |
|
1.41 |
% |
|
|
1.32 |
% |
|
|
1.33 |
% |
|
|
1.13 |
% |
|
|
1.25 |
% |
|
|
1.37 |
% |
|
|
1.27 |
% |
Adjusted return on average assets(1)(3) |
|
1.48 |
% |
|
|
1.35 |
% |
|
|
1.37 |
% |
|
|
1.13 |
% |
|
|
1.25 |
% |
|
|
1.41 |
% |
|
|
1.27 |
% |
Pre-tax pre-provision return on
|
|
2.23 |
% |
|
|
2.32 |
% |
|
|
2.05 |
% |
|
|
1.93 |
% |
|
|
1.87 |
% |
|
|
2.27 |
% |
|
|
1.96 |
% |
Adjusted pre-tax pre-provision return
|
|
2.30 |
% |
|
|
2.35 |
% |
|
|
2.10 |
% |
|
|
1.93 |
% |
|
|
1.87 |
% |
|
|
2.33 |
% |
|
|
1.96 |
% |
Return on average tangible common
|
|
16.78 |
% |
|
|
16.20 |
% |
|
|
17.21 |
% |
|
|
14.17 |
% |
|
|
15.31 |
% |
|
|
16.50 |
% |
|
|
14.65 |
% |
Adjusted return on average tangible
|
|
17.50 |
% |
|
|
16.49 |
% |
|
|
17.75 |
% |
|
|
14.17 |
% |
|
|
15.31 |
% |
|
|
17.01 |
% |
|
|
14.65 |
% |
Non-interest-bearing deposits to
|
|
30.31 |
% |
|
|
33.58 |
% |
|
|
37.55 |
% |
|
|
38.17 |
% |
|
|
40.47 |
% |
|
|
30.31 |
% |
|
|
40.47 |
% |
Loans and leases held for sale and
|
|
94.58 |
% |
|
|
95.37 |
% |
|
|
96.03 |
% |
|
|
94.59 |
% |
|
|
96.23 |
% |
|
|
94.58 |
% |
|
|
96.23 |
% |
Deposits to total liabilities |
|
87.51 |
% |
|
|
86.31 |
% |
|
|
86.33 |
% |
|
|
85.93 |
% |
|
|
84.61 |
% |
|
|
87.51 |
% |
|
|
84.61 |
% |
Deposits per branch |
$ |
155,713 |
|
|
$ |
152,965 |
|
|
$ |
149,872 |
|
|
$ |
147,696 |
|
|
$ |
141,799 |
|
|
$ |
155,713 |
|
|
$ |
141,799 |
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-performing loans and leases to
|
|
0.69 |
% |
|
|
0.84 |
% |
|
|
0.66 |
% |
|
|
0.80 |
% |
|
|
0.83 |
% |
|
|
0.69 |
% |
|
|
0.83 |
% |
ACL to total loans and leases held for
|
|
1.66 |
% |
|
|
1.64 |
% |
|
|
1.51 |
% |
|
|
1.51 |
% |
|
|
1.43 |
% |
|
|
1.66 |
% |
|
|
1.43 |
% |
Net charge-offs to average total loans
|
|
0.31 |
% |
|
|
0.09 |
% |
|
|
0.24 |
% |
|
|
0.14 |
% |
|
|
0.17 |
% |
|
|
0.20 |
% |
|
|
0.12 |
% |
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common equity to total assets |
|
10.74 |
% |
|
|
10.57 |
% |
|
|
10.40 |
% |
|
|
10.12 |
% |
|
|
10.61 |
% |
|
|
10.74 |
% |
|
|
10.61 |
% |
Tangible common equity to
|
|
8.87 |
% |
|
|
8.66 |
% |
|
|
8.42 |
% |
|
|
8.10 |
% |
|
|
8.53 |
% |
|
|
8.87 |
% |
|
|
8.53 |
% |
Leverage ratio |
|
10.74 |
% |
|
|
10.46 |
% |
|
|
10.29 |
% |
|
|
10.30 |
% |
|
|
10.34 |
% |
|
|
10.74 |
% |
|
|
10.34 |
% |
Common equity tier 1 capital ratio |
|
10.58 |
% |
|
|
10.27 |
% |
|
|
10.20 |
% |
|
|
10.24 |
% |
|
|
10.26 |
% |
|
|
10.58 |
% |
|
|
10.26 |
% |
Tier 1 capital ratio |
|
11.22 |
% |
|
|
10.90 |
% |
|
|
10.85 |
% |
|
|
10.91 |
% |
|
|
10.95 |
% |
|
|
11.22 |
% |
|
|
10.95 |
% |
Total capital ratio |
|
13.52 |
% |
|
|
13.19 |
% |
|
|
13.00 |
% |
|
|
13.02 |
% |
|
|
13.09 |
% |
|
|
13.52 |
% |
|
|
13.09 |
% |
(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 impairment charges on asset held for sale and merger-related expenses. |
(4) |
Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. |
BYLINE BANCORP, INC. AND SUBSIDIARIES YEAR-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTERST-BEARING LIABILITIES (unaudited) |
||||||||||||||||||||||||
|
|
For the Six Months Ended |
|
|||||||||||||||||||||
|
|
June 30, 2023 |
|
|
Recast June 30, 2022 |
|
||||||||||||||||||
(dollars in thousands) |
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
116,394 |
|
|
$ |
1,483 |
|
|
|
2.57 |
% |
|
$ |
70,404 |
|
|
$ |
103 |
|
|
|
0.29 |
% |
Loans and leases(1) |
|
|
5,510,124 |
|
|
|
191,477 |
|
|
|
7.01 |
% |
|
|
4,839,266 |
|
|
|
115,057 |
|
|
|
4.79 |
% |
Taxable securities |
|
|
1,263,010 |
|
|
|
12,755 |
|
|
|
2.04 |
% |
|
|
1,335,218 |
|
|
|
11,150 |
|
|
|
1.68 |
% |
Tax-exempt securities(2) |
|
|
151,509 |
|
|
|
1,974 |
|
|
|
2.63 |
% |
|
|
169,107 |
|
|
|
2,255 |
|
|
|
2.69 |
% |
Total interest-earning assets |
|
$ |
7,041,037 |
|
|
$ |
207,689 |
|
|
|
5.95 |
% |
|
$ |
6,413,995 |
|
|
$ |
128,565 |
|
|
|
4.04 |
% |
Allowance for credit losses - loans and leases |
|
|
(88,586 |
) |
|
|
|
|
|
|
|
|
(70,302 |
) |
|
|
|
|
|
|
||||
All other assets |
|
|
422,236 |
|
|
|
|
|
|
|
|
|
489,070 |
|
|
|
|
|
|
|
||||
TOTAL ASSETS |
|
$ |
7,374,687 |
|
|
|
|
|
|
|
|
$ |
6,832,763 |
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest checking |
|
$ |
573,342 |
|
|
$ |
4,669 |
|
|
|
1.64 |
% |
|
$ |
597,665 |
|
|
$ |
593 |
|
|
|
0.20 |
% |
Money market accounts |
|
|
1,500,260 |
|
|
|
18,527 |
|
|
|
2.49 |
% |
|
|
1,281,519 |
|
|
|
1,668 |
|
|
|
0.26 |
% |
Savings |
|
|
594,316 |
|
|
|
447 |
|
|
|
0.15 |
% |
|
|
657,155 |
|
|
|
159 |
|
|
|
0.05 |
% |
Time deposits |
|
|
1,148,545 |
|
|
|
17,378 |
|
|
|
3.05 |
% |
|
|
644,543 |
|
|
|
795 |
|
|
|
0.25 |
% |
Total interest-bearing deposits |
|
|
3,816,463 |
|
|
|
41,021 |
|
|
|
2.17 |
% |
|
|
3,180,882 |
|
|
|
3,215 |
|
|
|
0.20 |
% |
Other borrowings |
|
|
541,249 |
|
|
|
10,093 |
|
|
|
3.76 |
% |
|
|
394,385 |
|
|
|
1,478 |
|
|
|
0.76 |
% |
Federal funds purchased |
|
|
1,381 |
|
|
|
36 |
|
|
|
5.30 |
% |
|
|
1,271 |
|
|
|
14 |
|
|
|
2.32 |
% |
Subordinated notes and debentures |
|
|
111,178 |
|
|
|
4,240 |
|
|
|
7.69 |
% |
|
|
110,570 |
|
|
|
3,294 |
|
|
|
6.01 |
% |
Total borrowings |
|
|
653,808 |
|
|
|
14,369 |
|
|
|
4.43 |
% |
|
|
506,226 |
|
|
|
4,786 |
|
|
|
1.91 |
% |
Total interest-bearing liabilities |
|
$ |
4,470,271 |
|
|
$ |
55,390 |
|
|
|
2.50 |
% |
|
$ |
3,687,108 |
|
|
$ |
8,001 |
|
|
|
0.44 |
% |
Non-interest-bearing demand deposits |
|
|
1,961,945 |
|
|
|
|
|
|
|
|
|
2,256,778 |
|
|
|
|
|
|
|
||||
Other liabilities |
|
|
147,130 |
|
|
|
|
|
|
|
|
|
93,166 |
|
|
|
|
|
|
|
||||
Total stockholders’ equity |
|
|
795,341 |
|
|
|
|
|
|
|
|
|
795,711 |
|
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND
|
|
$ |
7,374,687 |
|
|
|
|
|
|
|
|
$ |
6,832,763 |
|
|
|
|
|
|
|
||||
Net interest spread(3) |
|
|
|
|
|
|
|
|
3.45 |
% |
|
|
|
|
|
|
|
|
3.60 |
% |
||||
Net interest income, fully
|
|
|
|
|
$ |
152,299 |
|
|
|
|
|
|
|
|
$ |
120,564 |
|
|
|
|
||||
Net interest margin, fully
|
|
|
|
|
|
|
|
|
4.36 |
% |
|
|
|
|
|
|
|
|
3.79 |
% |
||||
Less: Tax-equivalent adjustment |
|
|
|
|
|
415 |
|
|
|
0.01 |
% |
|
|
|
|
|
473 |
|
|
|
0.01 |
% |
||
Net interest income |
|
|
|
|
$ |
151,884 |
|
|
|
|
|
|
|
|
$ |
120,091 |
|
|
|
|
||||
Net interest margin(4) |
|
|
|
|
|
|
|
|
4.35 |
% |
|
|
|
|
|
|
|
|
3.78 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net loan accretion impact on margin |
|
|
|
|
$ |
1,340 |
|
|
|
0.04 |
% |
|
|
|
|
$ |
2,815 |
|
|
|
0.09 |
% |
||
(1) |
Loan and lease balances are net of deferred origination fees and costs and initial direct costs. Non-accrual loans and leases are included in total loan and lease balances. |
(2) |
Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. |
(3) |
Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(4) |
Represents net interest income (annualized) divided by total average earning assets. |
(5) |
Average balances are average daily balances. |
BYLINE BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
Non-GAAP Financial Measures
This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures include adjusted net income, adjusted diluted earnings per share, adjusted efficiency ratio, adjusted non-interest expense to average assets, tax-equivalent net interest margin, total revenue, non-interest income to total revenues, adjusted return on average stockholders’ equity, adjusted return on average assets, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common stockholders' equity, and adjusted return on average tangible common stockholders' equity. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See below in the financial schedules included in this press release for a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. Additionally, please refer to the Company’s Annual Report on Form 10-K for the detailed definitions of these non-GAAP financial measures.
|
|
As of or For the Three Months Ended |
|
|
As of or For the Six Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Recast |
|
Recast |
|
|
|
|
Recast |
||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||
(dollars in thousands, except per share data) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||||
Net income and earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reported Net Income |
|
$ |
26,107 |
|
|
$ |
23,945 |
|
|
$ |
24,367 |
|
|
$ |
20,409 |
|
|
$ |
21,780 |
|
|
$ |
50,052 |
|
|
$ |
43,178 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges on assets held
|
|
|
— |
|
|
|
20 |
|
|
|
372 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
Merger-related expenses |
|
|
1,391 |
|
|
|
489 |
|
|
|
538 |
|
|
|
— |
|
|
|
— |
|
|
|
1,880 |
|
|
|
— |
|
Tax benefit |
|
|
(230 |
) |
|
|
(56 |
) |
|
|
(118 |
) |
|
|
— |
|
|
|
— |
|
|
|
(286 |
) |
|
|
— |
|
Adjusted Net Income |
|
$ |
27,268 |
|
|
$ |
24,398 |
|
|
$ |
25,159 |
|
|
$ |
20,409 |
|
|
$ |
21,780 |
|
|
$ |
51,666 |
|
|
$ |
43,178 |
|
Reported Diluted Earnings per Share |
|
$ |
0.70 |
|
|
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
0.55 |
|
|
$ |
0.58 |
|
|
$ |
1.34 |
|
|
$ |
1.14 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges on assets held
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Merger-related expenses |
|
|
0.04 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
Tax benefit |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
Adjusted Diluted Earnings per Share |
|
$ |
0.73 |
|
|
$ |
0.65 |
|
|
$ |
0.67 |
|
|
$ |
0.55 |
|
|
$ |
0.58 |
|
|
$ |
1.38 |
|
|
$ |
1.14 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) |
||||||||||||||||||||||||||||
|
|
As of or For the Three Months Ended |
|
|
As of or For the Six Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Recast |
|
Recast |
|
|
|
|
Recast |
||||||||||
(dollars in thousands, except per share data, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||
ratios annualized, where applicable) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||||
Adjusted non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest expense |
|
$ |
49,328 |
|
|
$ |
48,800 |
|
|
$ |
50,500 |
|
|
$ |
46,041 |
|
|
$ |
43,585 |
|
|
$ |
98,128 |
|
|
$ |
87,541 |
|
Less: Significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges on assets held for sale |
|
|
— |
|
|
|
20 |
|
|
|
372 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
Merger-related expenses |
|
|
1,391 |
|
|
|
489 |
|
|
|
538 |
|
|
|
— |
|
|
|
— |
|
|
|
1,880 |
|
|
|
— |
|
Adjusted non-interest expense |
|
$ |
47,937 |
|
|
$ |
48,291 |
|
|
$ |
49,590 |
|
|
$ |
46,041 |
|
|
$ |
43,585 |
|
|
$ |
96,228 |
|
|
$ |
87,541 |
|
Adjusted non-interest expense excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted non-interest expense |
|
$ |
47,937 |
|
|
$ |
48,291 |
|
|
$ |
49,590 |
|
|
$ |
46,041 |
|
|
$ |
43,585 |
|
|
$ |
96,228 |
|
|
$ |
87,541 |
|
Less: Amortization of intangible assets |
|
|
1,455 |
|
|
|
1,455 |
|
|
|
1,596 |
|
|
|
1,611 |
|
|
|
1,868 |
|
|
|
2,910 |
|
|
|
3,464 |
|
Adjusted non-interest expense excluding
|
|
$ |
46,482 |
|
|
$ |
46,836 |
|
|
$ |
47,994 |
|
|
$ |
44,430 |
|
|
$ |
41,717 |
|
|
$ |
93,318 |
|
|
$ |
84,077 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pre-tax income |
|
$ |
35,339 |
|
|
$ |
32,238 |
|
|
$ |
31,733 |
|
|
$ |
27,429 |
|
|
$ |
28,162 |
|
|
$ |
67,577 |
|
|
$ |
55,521 |
|
Add: Provision for credit losses |
|
|
5,790 |
|
|
|
9,825 |
|
|
|
5,826 |
|
|
|
7,208 |
|
|
|
4,286 |
|
|
|
15,615 |
|
|
|
10,845 |
|
Pre-tax pre-provision net income |
|
$ |
41,129 |
|
|
$ |
42,063 |
|
|
$ |
37,559 |
|
|
$ |
34,637 |
|
|
$ |
32,448 |
|
|
$ |
83,192 |
|
|
$ |
66,366 |
|
Adjusted pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pre-tax pre-provision net income |
|
$ |
41,129 |
|
|
$ |
42,063 |
|
|
$ |
37,559 |
|
|
$ |
34,637 |
|
|
$ |
32,448 |
|
|
$ |
83,192 |
|
|
$ |
66,366 |
|
Add: Impairment charges on assets held for sale |
|
|
— |
|
|
|
20 |
|
|
|
372 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
Add: Merger-related expenses |
|
|
1,391 |
|
|
|
489 |
|
|
|
538 |
|
|
|
— |
|
|
|
— |
|
|
|
1,880 |
|
|
|
— |
|
Adjusted pre-tax pre-provision net income |
|
$ |
42,520 |
|
|
$ |
42,572 |
|
|
$ |
38,469 |
|
|
$ |
34,637 |
|
|
$ |
32,448 |
|
|
$ |
85,092 |
|
|
$ |
66,366 |
|
Tax equivalent net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
76,166 |
|
|
$ |
75,718 |
|
|
$ |
76,604 |
|
|
$ |
68,635 |
|
|
$ |
61,760 |
|
|
$ |
151,884 |
|
|
$ |
120,091 |
|
Add: Tax-equivalent adjustment |
|
|
207 |
|
|
|
208 |
|
|
|
214 |
|
|
|
228 |
|
|
|
237 |
|
|
|
415 |
|
|
|
473 |
|
Net interest income, fully taxable equivalent |
|
$ |
76,373 |
|
|
$ |
75,926 |
|
|
$ |
76,818 |
|
|
$ |
68,863 |
|
|
$ |
61,997 |
|
|
$ |
152,299 |
|
|
$ |
120,564 |
|
Total revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
76,166 |
|
|
$ |
75,718 |
|
|
$ |
76,604 |
|
|
$ |
68,635 |
|
|
$ |
61,760 |
|
|
$ |
151,884 |
|
|
$ |
120,091 |
|
Add: Non-interest income |
|
|
14,291 |
|
|
|
15,145 |
|
|
|
11,455 |
|
|
|
12,043 |
|
|
|
14,273 |
|
|
|
29,436 |
|
|
|
33,816 |
|
Total revenue |
|
$ |
90,457 |
|
|
$ |
90,863 |
|
|
$ |
88,059 |
|
|
$ |
80,678 |
|
|
$ |
76,033 |
|
|
$ |
181,320 |
|
|
$ |
153,907 |
|
Tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total stockholders' equity |
|
$ |
813,942 |
|
|
$ |
795,650 |
|
|
$ |
765,816 |
|
|
$ |
735,805 |
|
|
$ |
755,648 |
|
|
$ |
813,942 |
|
|
$ |
755,648 |
|
Less: Preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Goodwill and other intangibles |
|
|
155,977 |
|
|
|
157,432 |
|
|
|
158,887 |
|
|
|
160,484 |
|
|
|
162,094 |
|
|
|
155,977 |
|
|
|
162,094 |
|
Tangible common stockholders' equity |
|
$ |
657,965 |
|
|
$ |
638,218 |
|
|
$ |
606,929 |
|
|
$ |
575,321 |
|
|
$ |
593,554 |
|
|
$ |
657,965 |
|
|
$ |
593,554 |
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total assets |
|
$ |
7,575,690 |
|
|
$ |
7,530,346 |
|
|
$ |
7,362,941 |
|
|
$ |
7,267,277 |
|
|
$ |
7,124,030 |
|
|
$ |
7,575,690 |
|
|
$ |
7,124,030 |
|
Less: Goodwill and other intangibles |
|
|
155,977 |
|
|
|
157,432 |
|
|
|
158,887 |
|
|
|
160,484 |
|
|
|
162,094 |
|
|
|
155,977 |
|
|
|
162,094 |
|
Tangible assets |
|
$ |
7,419,713 |
|
|
$ |
7,372,914 |
|
|
$ |
7,204,054 |
|
|
$ |
7,106,793 |
|
|
$ |
6,961,936 |
|
|
$ |
7,419,713 |
|
|
$ |
6,961,936 |
|
Average tangible common stockholders'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average total stockholders' equity |
|
$ |
806,272 |
|
|
$ |
784,289 |
|
|
$ |
748,292 |
|
|
$ |
765,821 |
|
|
$ |
769,658 |
|
|
$ |
795,341 |
|
|
$ |
795,711 |
|
Less: Average preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,959 |
|
Less: Average goodwill and other
|
|
|
156,766 |
|
|
|
158,181 |
|
|
|
159,680 |
|
|
|
161,292 |
|
|
|
163,068 |
|
|
|
157,469 |
|
|
|
163,948 |
|
Average tangible common stockholders'
|
|
$ |
649,506 |
|
|
$ |
626,108 |
|
|
$ |
588,612 |
|
|
$ |
604,529 |
|
|
$ |
606,590 |
|
|
$ |
637,872 |
|
|
$ |
626,804 |
|
Average tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average total assets |
|
$ |
7,403,899 |
|
|
$ |
7,345,151 |
|
|
$ |
7,266,053 |
|
|
$ |
7,137,472 |
|
|
$ |
6,966,564 |
|
|
$ |
7,374,687 |
|
|
$ |
6,832,763 |
|
Less: Average goodwill and other
|
|
|
156,766 |
|
|
|
158,181 |
|
|
|
159,680 |
|
|
|
161,292 |
|
|
|
163,068 |
|
|
|
157,469 |
|
|
|
163,948 |
|
Average tangible assets |
|
$ |
7,247,133 |
|
|
$ |
7,186,970 |
|
|
$ |
7,106,373 |
|
|
$ |
6,976,180 |
|
|
$ |
6,803,496 |
|
|
$ |
7,217,218 |
|
|
$ |
6,668,815 |
|
Tangible net income available to common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income available to common
|
|
$ |
26,107 |
|
|
$ |
23,945 |
|
|
$ |
24,367 |
|
|
$ |
20,409 |
|
|
$ |
21,780 |
|
|
$ |
50,052 |
|
|
$ |
42,982 |
|
Add: After-tax intangible asset amortization |
|
|
1,067 |
|
|
|
1,066 |
|
|
|
1,170 |
|
|
|
1,181 |
|
|
|
1,369 |
|
|
|
2,133 |
|
|
|
2,539 |
|
Tangible net income available to common
|
|
$ |
27,174 |
|
|
$ |
25,011 |
|
|
$ |
25,537 |
|
|
$ |
21,590 |
|
|
$ |
23,149 |
|
|
$ |
52,185 |
|
|
$ |
45,521 |
|
Adjusted tangible net income available
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible net income available to common
|
|
$ |
27,174 |
|
|
$ |
25,011 |
|
|
$ |
25,537 |
|
|
$ |
21,590 |
|
|
$ |
23,149 |
|
|
$ |
52,185 |
|
|
$ |
45,521 |
|
Impairment charges on assets held for sale |
|
|
— |
|
|
|
20 |
|
|
|
372 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
Merger-related expenses |
|
|
1,391 |
|
|
|
489 |
|
|
|
538 |
|
|
|
— |
|
|
|
— |
|
|
|
1,880 |
|
|
|
— |
|
Tax benefit on significant items |
|
|
(230 |
) |
|
|
(56 |
) |
|
|
(118 |
) |
|
|
— |
|
|
|
— |
|
|
|
(286 |
) |
|
|
— |
|
Adjusted tangible net income available to
|
|
$ |
28,335 |
|
|
$ |
25,464 |
|
|
$ |
26,329 |
|
|
$ |
21,590 |
|
|
$ |
23,149 |
|
|
$ |
53,799 |
|
|
$ |
45,521 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) |
||||||||||||||||||||||||||||
|
|
As of or For the Three Months Ended |
|
|
As of or For the Six Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Recast |
|
Recast |
|
|
|
|
Recast |
||||||||||
(dollars in thousands, except share and per share |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||||||
data, ratios annualized, where applicable) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||||
Pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pre-tax pre-provision net income |
|
$ |
41,129 |
|
|
$ |
42,063 |
|
|
$ |
37,559 |
|
|
$ |
34,637 |
|
|
$ |
32,448 |
|
|
$ |
83,192 |
|
|
$ |
66,366 |
|
Average total assets |
|
|
7,403,899 |
|
|
|
7,345,151 |
|
|
|
7,266,053 |
|
|
|
7,137,472 |
|
|
|
6,966,564 |
|
|
|
7,374,687 |
|
|
|
6,832,763 |
|
Pre-tax pre-provision return on average assets |
|
|
2.23 |
% |
|
|
2.32 |
% |
|
|
2.05 |
% |
|
|
1.93 |
% |
|
|
1.87 |
% |
|
|
2.27 |
% |
|
|
1.96 |
% |
Adjusted pre-tax pre-provision return on average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted pre-tax pre-provision net income |
|
$ |
42,520 |
|
|
$ |
42,572 |
|
|
$ |
38,469 |
|
|
$ |
34,637 |
|
|
$ |
32,448 |
|
|
$ |
85,092 |
|
|
$ |
66,366 |
|
Average total assets |
|
|
7,403,899 |
|
|
|
7,345,151 |
|
|
|
7,266,053 |
|
|
|
7,137,472 |
|
|
|
6,966,564 |
|
|
|
7,374,687 |
|
|
|
6,832,763 |
|
Adjusted pre-tax pre-provision return on average
|
|
|
2.30 |
% |
|
|
2.35 |
% |
|
|
2.10 |
% |
|
|
1.93 |
% |
|
|
1.87 |
% |
|
|
2.33 |
% |
|
|
1.96 |
% |
Net interest margin, fully taxable equivalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income, fully taxable equivalent |
|
$ |
76,373 |
|
|
$ |
75,926 |
|
|
$ |
76,818 |
|
|
$ |
68,863 |
|
|
$ |
61,997 |
|
|
$ |
152,299 |
|
|
$ |
120,564 |
|
Total average interest-earning assets |
|
|
7,072,581 |
|
|
|
7,009,144 |
|
|
|
6,922,889 |
|
|
|
6,763,916 |
|
|
|
6,573,352 |
|
|
|
7,041,037 |
|
|
|
6,413,995 |
|
Net interest margin, fully taxable equivalent |
|
|
4.33 |
% |
|
|
4.39 |
% |
|
|
4.40 |
% |
|
|
4.04 |
% |
|
|
3.78 |
% |
|
|
4.36 |
% |
|
|
3.79 |
% |
Non-interest income to total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest income |
|
$ |
14,291 |
|
|
$ |
15,145 |
|
|
$ |
11,455 |
|
|
$ |
12,043 |
|
|
$ |
14,273 |
|
|
$ |
29,436 |
|
|
$ |
33,816 |
|
Total revenues |
|
|
90,457 |
|
|
|
90,863 |
|
|
|
88,059 |
|
|
|
80,678 |
|
|
|
76,033 |
|
|
|
181,320 |
|
|
|
153,907 |
|
Non-interest income to total revenues |
|
|
15.80 |
% |
|
|
16.67 |
% |
|
|
13.01 |
% |
|
|
14.93 |
% |
|
|
18.77 |
% |
|
|
16.23 |
% |
|
|
21.97 |
% |
Adjusted non-interest expense to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted non-interest expense |
|
$ |
47,937 |
|
|
$ |
48,291 |
|
|
$ |
49,590 |
|
|
$ |
46,041 |
|
|
$ |
43,585 |
|
|
$ |
96,228 |
|
|
$ |
87,541 |
|
Average total assets |
|
|
7,403,899 |
|
|
|
7,345,151 |
|
|
|
7,266,053 |
|
|
|
7,137,472 |
|
|
|
6,966,564 |
|
|
|
7,374,687 |
|
|
|
6,832,763 |
|
Adjusted non-interest expense to average assets |
|
|
2.60 |
% |
|
|
2.67 |
% |
|
|
2.71 |
% |
|
|
2.56 |
% |
|
|
2.51 |
% |
|
|
2.63 |
% |
|
|
2.58 |
% |
Adjusted efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted non-interest expense excluding
|
|
$ |
46,482 |
|
|
$ |
46,836 |
|
|
$ |
47,994 |
|
|
$ |
44,430 |
|
|
$ |
41,717 |
|
|
$ |
93,318 |
|
|
$ |
84,077 |
|
Total revenues |
|
|
90,457 |
|
|
|
90,863 |
|
|
|
88,059 |
|
|
|
80,678 |
|
|
|
76,033 |
|
|
|
181,320 |
|
|
|
153,907 |
|
Adjusted efficiency ratio |
|
|
51.39 |
% |
|
|
51.54 |
% |
|
|
54.50 |
% |
|
|
55.07 |
% |
|
|
54.87 |
% |
|
|
51.47 |
% |
|
|
54.63 |
% |
Adjusted return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted net income |
|
$ |
27,268 |
|
|
$ |
24,398 |
|
|
$ |
25,159 |
|
|
$ |
20,409 |
|
|
$ |
21,780 |
|
|
$ |
51,666 |
|
|
$ |
43,178 |
|
Average total assets |
|
|
7,403,899 |
|
|
|
7,345,151 |
|
|
|
7,266,053 |
|
|
|
7,137,472 |
|
|
|
6,966,564 |
|
|
|
7,374,687 |
|
|
|
6,832,763 |
|
Adjusted return on average assets |
|
|
1.48 |
% |
|
|
1.35 |
% |
|
|
1.37 |
% |
|
|
1.13 |
% |
|
|
1.25 |
% |
|
|
1.41 |
% |
|
|
1.27 |
% |
Adjusted return on average stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted net income |
|
$ |
27,268 |
|
|
$ |
24,398 |
|
|
$ |
25,159 |
|
|
$ |
20,409 |
|
|
$ |
21,780 |
|
|
$ |
51,666 |
|
|
$ |
43,178 |
|
Average stockholders' equity |
|
|
806,272 |
|
|
|
784,289 |
|
|
|
748,292 |
|
|
|
765,821 |
|
|
|
769,658 |
|
|
|
795,341 |
|
|
|
795,711 |
|
Adjusted return on average stockholders' equity |
|
|
13.56 |
% |
|
|
12.62 |
% |
|
|
13.34 |
% |
|
|
10.57 |
% |
|
|
11.35 |
% |
|
|
13.10 |
% |
|
|
10.94 |
% |
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible common equity |
|
$ |
657,965 |
|
|
$ |
638,218 |
|
|
$ |
606,929 |
|
|
$ |
575,321 |
|
|
$ |
593,554 |
|
|
$ |
657,965 |
|
|
$ |
593,554 |
|
Tangible assets |
|
|
7,419,713 |
|
|
|
7,372,914 |
|
|
|
7,204,054 |
|
|
|
7,106,793 |
|
|
|
6,961,936 |
|
|
|
7,419,713 |
|
|
|
6,961,936 |
|
Tangible common equity to tangible assets |
|
|
8.87 |
% |
|
|
8.66 |
% |
|
|
8.42 |
% |
|
|
8.10 |
% |
|
|
8.53 |
% |
|
|
8.87 |
% |
|
|
8.53 |
% |
Return on average tangible common stockholders'
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible net income available to common
|
|
$ |
27,174 |
|
|
$ |
25,011 |
|
|
$ |
25,537 |
|
|
$ |
21,590 |
|
|
$ |
23,149 |
|
|
$ |
52,185 |
|
|
$ |
45,521 |
|
Average tangible common stockholders' equity |
|
|
649,506 |
|
|
|
626,108 |
|
|
|
588,612 |
|
|
|
604,529 |
|
|
|
606,590 |
|
|
|
637,872 |
|
|
|
626,804 |
|
Return on average tangible common
|
|
|
16.78 |
% |
|
|
16.20 |
% |
|
|
17.21 |
% |
|
|
14.17 |
% |
|
|
15.31 |
% |
|
|
16.50 |
% |
|
|
14.65 |
% |
Adjusted return on average tangible common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted tangible net income available to
|
|
$ |
28,335 |
|
|
$ |
25,464 |
|
|
$ |
26,329 |
|
|
$ |
21,590 |
|
|
$ |
23,149 |
|
|
$ |
53,799 |
|
|
$ |
45,521 |
|
Average tangible common stockholders' equity |
|
|
649,506 |
|
|
|
626,108 |
|
|
|
588,612 |
|
|
|
604,529 |
|
|
|
606,590 |
|
|
|
637,872 |
|
|
|
626,804 |
|
Adjusted return on average tangible common
|
|
|
17.50 |
% |
|
|
16.49 |
% |
|
|
17.75 |
% |
|
|
14.17 |
% |
|
|
15.31 |
% |
|
|
17.01 |
% |
|
|
14.65 |
% |
Tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible common equity |
|
$ |
657,965 |
|
|
$ |
638,218 |
|
|
$ |
606,929 |
|
|
$ |
575,321 |
|
|
$ |
593,554 |
|
|
$ |
657,965 |
|
|
$ |
593,554 |
|
Common shares outstanding |
|
|
37,752,002 |
|
|
|
37,713,427 |
|
|
|
37,492,775 |
|
|
|
37,465,902 |
|
|
|
37,669,102 |
|
|
|
37,752,002 |
|
|
|
37,669,102 |
|
Tangible book value per share |
|
$ |
17.43 |
|
|
$ |
16.92 |
|
|
$ |
16.19 |
|
|
$ |
15.36 |
|
|
$ |
15.76 |
|
|
$ |
17.43 |
|
|
$ |
15.76 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230727800032/en/
Contacts
Investors:
Brooks Rennie
Investor Relations Director
312-660-5805
brennie@bylinebank.com
Media:
Erin O’Neill
Marketing Director
773-475-2901
eoneill@bylinebank.com
