Fourth quarter net income of $29.6 million,
$0.68 diluted earnings per share; Full year net income of
$107.9 million, $2.67 diluted earnings per share
Byline Bancorp, Inc. (NYSE: BY), today reported:
For the quarter
Full Year Highlights
4Q23
3Q23
4Q22
Financial Results (in
thousands)
• Net income increased $20.1 million, or
22.9%
Net interest income
$
86,285
$
92,452
$
76,604
Non-interest income
14,503
12,376
11,455
• Positive operating leverage of 6.1%
Total Revenue(1)
100,788
104,828
88,059
driven by 28.0% increase in PTPP
Non-interest expense
53,584
57,891
50,500
Pre-tax pre-provision net income
(PTPP)(1)
47,204
46,937
37,559
• Net interest income up $65.3
million,
Provision for credit losses
7,235
8,803
5,826
or 24.6%; NIM up 31 bps to 4.31%
Provision for income taxes
10,365
9,912
7,366
Net Income
$
29,604
$
28,222
$
24,367
• Assets increased by $1.5 billion,
through
organic growth and Inland acquisition
Per Share
Diluted EPS
$
0.68
$
0.65
$
0.65
4Q23 Income Statement
Highlights
Dividends declared per common share
0.09
0.09
0.09
• Adjusted net income(1) of $31.8
million,
Book value per share
22.62
21.04
20.43
or $0.73 per adjusted diluted share(1)
Tangible book value per share(1)
17.98
16.35
16.19
• Record PTPP(1) of $47.2 million
Balance Sheet & Credit
Quality
Total deposits
$
7,176,999
$
6,953,690
$
5,695,121
• Adjusted efficiency ratio(1) of
48.64%
Total loans and leases
6,702,311
6,620,602
5,469,081
Net charge-offs
12,186
5,430
3,179
4Q23 Balance Sheet
Highlights
Allowance for credit losses (ACL)
101,686
105,696
81,924
• Deposit growth of $223.3 million, or
12.7%(2)
ACL to total loans and leases held for
investment
1.52%
1.60%
1.51%
• Loan growth of $81.7 million, or
4.9%(2)
Select Ratios
Efficiency ratio(1)
51.63%
53.75%
55.53%
• Loan/deposit ratio of 93.39%, down 182
bps
Return on average assets (ROAA)
1.34%
1.30%
1.33%
Return on average stockholders' equity
12.56%
12.11%
12.92%
• Reduced reliance on Brokered CDs and
FHLB
Return on average tangible common
equity(1)
16.68%
16.15%
17.21%
advances, down $384.1 million
Net Interest Margin (NIM)
4.08%
4.46%
4.39%
Common equity to total assets
11.15%
10.29%
10.40%
• Common equity to assets of 11.15%;
Tangible common equity to tangible
assets(1)
9.06%
8.18%
8.42%
TCE/TA(1) of 9.06%, up 88 bps
Common Equity Tier 1
10.35%
10.08%
10.20%
(1)
Represents non-GAAP financial measures. See “Reconciliation of
non-GAAP Financial Measures” for a reconciliation to the most
directly comparable GAAP financial measure.
(2)
Annualized
CEO/President Commentary
Roberto R. Herencia, Executive Chairman
and CEO of Byline Bancorp, commented, “During 2023, we completed a
number of strategic initiatives, including the successful merger
and integration of Inland Bancorp, Inc. and delivered sound fourth
quarter and strong full-year financial results. We were able to
meet the needs of our customers and the markets we serve as total
deposits increased $1.5 billion and total loans and leases
increased $1.2 billion during the year. This stable balance sheet
growth helped us achieve the highest level of revenue in Byline's
history. We enter 2024 on solid footing and with great momentum to
continue growing the value of our franchise.” Alberto J.
Paracchini, President of Byline Bancorp, added, “We are pleased to
end the year delivering strong earnings, balanced deposit and loan
and lease growth, robust profitability, and disciplined expense
management. We remain resolute in serving our customers’ financial
needs while diligently focusing on maintaining our asset quality,
capital and liquidity positions. I want to thank everyone who works
at Byline for their dedication, talent, and contributions to
another successful year.”
Board Authorizes New Stock Repurchase
Program
On December 6, 2023, the Company's Board of Directors approved a
new stock repurchase program that authorizes the Company to
purchase up to 1.25 million shares of the Company's outstanding
common stock. The new program is effective January 1, 2024 until
December 31, 2024. Under the previous stock repurchase program that
expired on December 31, 2023, the Company did not repurchase any
shares during 2023.
Board Declares Cash Dividend of $0.09
per Share
On January 23, 2024, the Company's Board of Directors declared a
cash dividend of $0.09 per share, payable on February 20, 2024, to
stockholders of record of the Company's common stock as of February
6, 2024.
STATEMENTS OF OPERATIONS HIGHLIGHTS
Net Interest Income
Net interest income for the fourth quarter of 2023 was $86.3
million, a decrease of $6.2 million, or 6.7%, from the third
quarter of 2023. The decrease in net interest income was primarily
due to an increase of $6.1 million in deposit interest expense due
to growth and higher rates, and a decrease of $1.4 million in
interest income and fees on loans and leases mainly due to lower
accretion income on acquired loans of $5.2 million, offset by
growth.
Tax-equivalent net interest margin(1) for the fourth quarter of
2023 was 4.09%, a decrease of 38 basis points compared to the third
quarter of 2023. Total net loan accretion income impact on the
margin contributed 24 basis points to the net interest margin for
the current quarter compared to 50 basis points for the prior
quarter.
The average cost of total deposits was 2.42% for the fourth
quarter of 2023, an increase of 29 basis points compared to the
third quarter of 2023, as a result of higher rates on money market
accounts and time deposits. Average non-interest-bearing demand
deposits were 27.5% of average total deposits for the current
quarter compared to 28.8% during the prior quarter.
Net interest income for the year ended December 31, 2023 was
$330.6 million, an increase of $65.3 million, or 24.6%, from the
year ended December 31, 2022. The increase in net interest income
was primarily due to an increase of $167.6 million in interest
income and fees on loans and leases due to growth and accretion
income on acquired loans; partially offset by an increase of $101.6
million in deposit interest expense due to higher rates paid and
growth.
Tax-equivalent net interest margin(1) for the year ended
December 31, 2023 was 4.32%, an increase of 31 basis points
compared to year ended December 31, 2022. Total net loan accretion
income impact on the margin contributed 22 basis points to the net
interest margin for the current year compared to seven basis points
for the prior year.
The average cost of total deposits was 1.90% for the year ended
December 31, 2023, an increase of 154 basis points compared to the
year ended December 31, 2022, as a result of higher rates on money
market accounts and time deposits. Average non-interest-bearing
demand deposits were 30.7% of average total deposits for the
current year compared to 40.4% during the prior year.
Provision for Credit Losses
The provision for credit losses was $7.2 million for the fourth
quarter of 2023, a decrease of $1.6 million compared to $8.8
million for the third quarter of 2023, mainly attributed to a $2.7
million provision allocated for the acquired
non-credit-deteriorated loans resulting from acquisition accounting
taken in the prior quarter, partially offset by impairments on
non-performing loans. The provision for credit losses for the
current quarter is comprised of a provision for loan and lease
losses of $8.2 million and a recapture for unfunded commitments of
$940,000.
The provision for credit losses was $31.7 million for the year
ended December 31, 2023, an increase of $7.8 million compared to
$23.9 million for the year ended December 31, 2022, mainly
attributed to an increase in non-performing loans and acquired
non-credit-deteriorated loans. The provision for credit losses for
the current year is comprised of a provision for loan and lease
losses of $32.2 million and a recapture for unfunded commitments of
$567,000.
(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.
Non-interest Income
Non-interest income for the fourth quarter of 2023 was $14.5
million, an increase of $2.1 million, or 17.2%, compared to $12.4
million for the third quarter of 2023. The increase in total
non-interest income was primarily due to a $2.4 million decrease in
the downward valuation of the loan servicing asset reflecting lower
discount rate and improved secondary market conditions, and a $1.2
million gain on the change in fair value of equity securities,
partially offset by a decrease of $993,000 in the net gains on
sales of loans due to a lower volume of loans sold. During the
fourth quarter of 2023, we sold $89.1 million of U.S. government
guaranteed loans compared to $101.1 million during the third
quarter of 2023.
Non-interest income for the year ended December 31, 2023 was
$56.3 million, a decrease of $1.0 million, or 1.7%, compared to
$57.3 million for the year ended December 31, 2022. The decrease in
total non-interest income was primarily due to a decrease in net
gains on sales of loans of $9.1 million, partially offset by a $6.7
million decrease in the downward valuation on the loan servicing
asset, reflecting a lower discount rate and improved secondary
market conditions. During the current year, we sold $348.4 million
of U.S. government guaranteed loans compared to $382.2 million
during the prior year.
Non-interest Expense
Non-interest expense for the fourth quarter of 2023 was $53.6
million, a decrease of $4.3 million, or 7.4%, from $57.9 million
for the third quarter of 2023. The decrease in total non-interest
expense was mainly due to a decrease of $3.0 million in salaries
and employee benefits, and decreases of $1.5 million in both data
processing and legal, audit and other professional, primarily
driven by merger-related expenses taken in the third quarter.
Our efficiency ratio was 51.63% for the fourth quarter of 2023
compared to 53.75% for the third quarter of 2023, an improvement of
212 basis points. Excluding significant items, our adjusted
efficiency ratio(1) for the fourth quarter 2023 was 48.64%,
compared to 47.35% for the third quarter of 2023.
Non-interest expense for the year ended December 31, 2023 was
$209.6 million, an increase of $25.5 million, or 13.9%, from $184.1
million for the year ended December 31, 2022. The increase in total
non-interest expense was mainly due to the Inland acquisition.
Our efficiency ratio was 52.62% for the year ended December 31,
2023 compared to 54.99% for the year ended December 31, 2022, an
improvement of 237 basis points. Excluding significant items, our
adjusted efficiency ratio(1) for the current year was 49.61%,
compared to 54.70% for the prior year.
Income Taxes
We recorded income tax expense of $10.4 million during the
fourth quarter of 2023, compared to $9.9 million during the third
quarter of 2023. The effective tax rate was 25.9% and 26.0% for the
fourth quarter of 2023 and third quarter of 2023, respectively.
We recorded income tax expense of $37.8 million during the year
ended December 31, 2023, compared to $26.7 million during the year
ended December 31, 2022. The effective tax rate was 25.9% and 23.3%
for the current year and prior year, respectively.
(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.
STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS
Assets
Total assets were $8.9 billion as of December 31, 2023, a
decrease of $61.4 million, or 0.7%, compared to $8.9 billion at
September 30, 2023 and an increase of $1.5 billion from $7.4
billion at December 31, 2022.
The current quarter decrease was primarily due to a decrease in
cash and cash equivalents of $202.8 million due to cash management
strategies, offset by an increase in net loans and leases of $75.0
million mainly due to the increases in commercial banking and lease
financings, and an increase in securities available-for-sale of
$102.6 million, driven by an increase in fair values. The increase
from the prior year is primarily due to the Inland acquisition and
organic loan and lease growth.
Non-performing loans and leases were $64.1 million at December
31, 2023, an increase of $12.0 million from $52.1 million at
September 30, 2023, and $28.0 million from $36.0 million at
December 31, 2022. The increases were primarily the result of
increases to purchased credit deteriorated loans and increases in
non-performing commercial real estate loans and commercial and
industrial loans.
Allowance for Credit Losses ("ACL") - Loans and
Leases
The ACL was $101.7 million as of December 31, 2023, a decrease
of $4.0 million, or 3.8%, from $105.7 million at September 30,
2023, mainly due to net charge-offs. The ACL increase of $19.8
million from $81.9 million as of December 31, 2022 is mainly due to
loan growth, adjustment for acquired purchase credit deteriorated
loans, and an increase in non-performing loans.
Net charge-offs of loans and leases during the fourth quarter of
2023 were $12.2 million, or 0.73% of average loans and leases, on
an annualized basis. This was an increase of $6.8 million compared
to net charge-offs of $5.4 million, or 0.33% of average loans and
leases, during the third quarter of 2023. Increases in the current
quarter are primarily due to the resolution of impaired commercial
and industrial loans and commercial real estate loans.
Net charge-offs of loans and leases during the year ended
December 31, 2023 were $23.1 million, or 0.38% of average loans and
leases. This was an increase of $15.1 million compared to net
charge-offs of $7.9 million, or 0.16% of average loans and leases,
during the year ended December 31, 2022. Increases for the full
year were mainly driven by resolutions on purchased credit
deteriorated loans and commercial real estate loans.
Deposits and Other Liabilities
Total deposits increased $223.3 million to $7.2 billion at
December 31, 2023 compared to $7.0 billion at September 30, 2023
and $5.7 billion as of December 31, 2022. The increase in deposits
in the current quarter was mainly due to organic growth. Time
deposit growth of $127.2 million was principally due to increased
personal time deposits. Money market growth of $203.8 million was
due to increases in consumer and commercial deposits.
Non-interest-bearing demand deposits decreased $54.0 million
primarily due to lower consumer deposits. Increases for the full
year were primarily driven by the Inland acquisition and organic
deposit growth, and were impacted by shifting deposit mix due to
the rising interest rate environment.
Total borrowings and other liabilities were $714.8 million at
December 31, 2023, a decrease of $354.8 million from $1.1 billion
at September 30, 2023, and a decrease of $187.0 million from $902.0
million at December 31, 2022. These decreases were primarily driven
by lower Federal Home Loan Bank advances.
Stockholders’ Equity
Total stockholders’ equity was $990.2 million at December 31,
2023, increase of $70.2 million from $919.9 million at September
30, 2023, and an increase of $224.5 million from December 31, 2022.
The quarterly increase was primarily due to increases in other
comprehensive income and retained earnings as a result of net
income. The full year increase was primarily due to merger
consideration and retained earnings as a result of net income.
(1)
Represents non-GAAP financial measures. See “Reconciliation of
non-GAAP Financial Measures” for a reconciliation of our non-GAAP
measures to the most directly comparable GAAP financial measure.
Conference Call, Webcast and Slide Presentation
We will host a conference call and webcast at 9:00 a.m. Central
Time on Friday, January 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 183253. A recorded replay can be
accessed through February 9, 2024, by dialing (866) 813-9403;
passcode: 953063.
A slide presentation relating to our fourth 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 Bank has approximately $8.9 billion in assets and
operates 48 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,
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)
December 31,
September 30,
December 31,
(dollars in thousands)
2023
2023
2022
ASSETS
Cash and due from banks
$
60,431
$
71,248
$
62,274
Interest bearing deposits with other
banks
165,705
357,640
117,079
Cash and cash equivalents
226,136
428,888
179,353
Equity and other securities, at fair
value
8,743
7,902
7,989
Securities available-for-sale, at fair
value
1,342,480
1,239,929
1,174,431
Securities held-to-maturity, at amortized
cost
1,157
1,157
2,705
Restricted stock, at cost
16,304
30,505
28,202
Loans held for sale
18,005
7,299
47,823
Loans and leases:
Loans and leases
6,684,306
6,613,303
5,421,258
Allowance for credit losses - loans and
leases
(101,686
)
(105,696
)
(81,924
)
Net loans and leases
6,582,620
6,507,607
5,339,334
Servicing assets, at fair value
19,844
19,743
19,172
Premises and equipment, net
66,627
67,121
56,798
Other real estate owned, net
1,200
1,671
4,717
Goodwill and other intangible assets,
net
203,478
205,028
158,887
Bank-owned life insurance
96,900
96,268
82,093
Deferred tax assets, net
50,058
89,841
68,213
Accrued interest receivable and other
assets
248,415
240,409
193,224
Total assets
$
8,881,967
$
8,943,368
$
7,362,941
LIABILITIES AND STOCKHOLDERS’
EQUITY
LIABILITIES
Non-interest-bearing demand deposits
$
1,905,876
$
1,959,855
$
2,138,645
Interest-bearing deposits
5,271,123
4,993,835
3,556,476
Total deposits
7,176,999
6,953,690
5,695,121
Other borrowings
395,190
713,233
640,399
Subordinated notes, net
73,866
73,822
73,691
Junior subordinated debentures issued to
capital trusts, net
70,452
70,336
37,338
Accrued expenses and other liabilities
175,309
212,342
150,576
Total liabilities
7,891,816
8,023,423
6,597,125
STOCKHOLDERS’ EQUITY
Common stock
451
450
389
Additional paid-in capital
710,488
708,615
598,297
Retained earnings
429,036
403,368
335,794
Treasury stock
(49,707
)
(50,329
)
(51,114
)
Accumulated other comprehensive loss, net
of tax
(100,117
)
(142,159
)
(117,550
)
Total stockholders’ equity
990,151
919,945
765,816
Total liabilities and stockholders’
equity
$
8,881,967
$
8,943,368
$
7,362,941
BYLINE BANCORP, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
Three Months Ended
Year Ended
(dollars in thousands,
December 31,
September 30,
December 31,
December 31,
December 31,
except per share data)
2023
2023
2022
2023
2022
INTEREST AND DIVIDEND INCOME
Interest and fees on loans and leases
$
124,042
$
125,465
$
85,720
$
440,984
$
273,412
Interest on securities
9,227
8,415
6,569
30,801
25,390
Other interest and dividend income
2,345
2,710
1,515
7,693
2,757
Total interest and dividend income
135,614
136,590
93,804
479,478
301,559
INTEREST EXPENSE
Deposits
43,252
37,163
10,610
121,436
19,796
Other borrowings
3,051
3,981
4,598
17,161
9,322
Subordinated notes and debentures
3,026
2,994
1,992
10,260
7,111
Total interest expense
49,329
44,138
17,200
148,857
36,229
Net interest income
86,285
92,452
76,604
330,621
265,330
PROVISION FOR CREDIT LOSSES
7,235
8,803
5,826
31,653
23,879
Net interest income after provision for
credit losses
79,050
83,649
70,778
298,968
241,451
NON-INTEREST INCOME
Fees and service charges on deposits
2,486
2,372
2,081
9,211
8,152
Loan servicing revenue
3,377
3,369
3,293
13,503
13,479
Loan servicing asset revaluation
(1,234
)
(3,646
)
(3,534
)
(5,089
)
(11,743
)
ATM and interchange fees
1,082
1,205
1,250
4,462
4,437
Net realized gains on securities
available-for-sale
—
—
—
—
50
Change in fair value of equity securities,
net
841
(313
)
710
1,071
(603
)
Net gains on sales of loans
5,480
6,473
5,509
22,805
31,899
Wealth management and trust income
1,256
939
864
4,158
3,807
Other non-interest income
1,215
1,977
1,282
6,194
7,836
Total non-interest income
14,503
12,376
11,455
56,315
57,314
NON-INTEREST EXPENSE
Salaries and employee benefits
31,974
34,969
31,808
126,979
118,051
Occupancy and equipment expense, net
4,346
5,314
3,532
18,508
16,988
Impairment charge on assets held for
sale
1,980
—
372
2,000
372
Loan and lease related expenses
649
836
1,126
2,936
1,707
Legal, audit, and other professional
fees
2,352
3,805
3,204
12,946
10,357
Data processing
4,982
6,472
3,406
19,509
13,358
Net loss recognized on other real estate
owned and other related expenses
89
111
221
385
708
Other intangible assets amortization
expense
1,550
1,551
1,596
6,011
6,671
Other non-interest expense
5,662
4,833
5,235
20,329
15,870
Total non-interest expense
53,584
57,891
50,500
209,603
184,082
INCOME BEFORE PROVISION FOR INCOME
TAXES
39,969
38,134
31,733
145,680
114,683
PROVISION FOR INCOME TAXES
10,365
9,912
7,366
37,802
26,729
NET INCOME
$
29,604
$
28,222
$
24,367
$
107,878
$
87,954
Dividends on preferred shares
—
—
—
—
196
INCOME AVAILABLE TO COMMON
STOCKHOLDERS
$
29,604
$
28,222
$
24,367
$
107,878
$
87,758
EARNINGS PER COMMON SHARE
Basic
$
0.69
$
0.66
$
0.66
$
2.69
$
2.37
Diluted
$
0.68
$
0.65
$
0.65
$
2.67
$
2.34
BYLINE BANCORP, INC. AND
SUBSIDIARIES
SELECTED FINANCIAL DATA
(unaudited)
As of or For the Three Months
Ended
As of or For the Year
Ended
(dollars in thousands, except
share
December 31,
September 30,
December 31,
December 31,
December 31,
and per share data)
2023
2023
2022
2023
2022
Earnings per Common Share
Basic earnings per common share
$
0.69
$
0.66
$
0.66
$
2.69
$
2.37
Diluted earnings per common share
$
0.68
$
0.65
$
0.65
$
2.67
$
2.34
Adjusted diluted earnings per common
share(1)(3)
$
0.73
$
0.77
$
0.67
$
2.89
$
2.36
Weighted average common shares outstanding
(basic)
43,065,294
43,025,927
36,856,221
40,045,208
36,972,972
Weighted average common shares outstanding
(diluted)
43,537,778
43,458,110
37,360,113
40,445,553
37,476,120
Common shares outstanding
43,764,056
43,719,203
37,492,775
43,764,056
37,492,775
Cash dividends per common share
$
0.09
$
0.09
$
0.09
$
0.36
$
0.36
Dividend payout ratio on common stock
13.24
%
13.85
%
13.85
%
13.48
%
15.38
%
Book value per common share
$
22.62
$
21.04
$
20.43
$
22.62
$
20.43
Tangible book value per common
share(1)
$
17.98
$
16.35
$
16.19
$
17.98
$
16.19
Key Ratios and Performance Metrics
(annualized where applicable)
Net interest margin
4.08
%
4.46
%
4.39
%
4.31
%
4.00
%
Net interest margin, fully taxable
equivalent (1)(4)
4.09
%
4.47
%
4.40
%
4.32
%
4.01
%
Average cost of deposits
2.42
%
2.13
%
0.73
%
1.90
%
0.36
%
Efficiency ratio(1)(2)
51.63
%
53.75
%
55.53
%
52.62
%
54.99
%
Adjusted efficiency ratio(1)(2)(3)
48.64
%
47.35
%
54.50
%
49.61
%
54.70
%
Non-interest income to total
revenues(1)
14.39
%
11.81
%
13.01
%
14.55
%
17.76
%
Non-interest expense to average assets
2.42
%
2.66
%
2.76
%
2.60
%
2.62
%
Adjusted non-interest expense to average
assets(1)(3)
2.28
%
2.35
%
2.71
%
2.46
%
2.61
%
Return on average stockholders' equity
12.56
%
12.11
%
12.92
%
12.50
%
11.33
%
Adjusted return on average stockholders'
equity(1)(3)
13.50
%
14.30
%
13.34
%
13.53
%
11.43
%
Return on average assets
1.34
%
1.30
%
1.33
%
1.34
%
1.25
%
Adjusted return on average
assets(1)(3)
1.44
%
1.53
%
1.37
%
1.45
%
1.26
%
Pre-tax pre-provision return on average
assets(1)
2.13
%
2.16
%
2.05
%
2.20
%
1.97
%
Adjusted pre-tax pre-provision return on
average assets(1)(3)
2.27
%
2.46
%
2.10
%
2.35
%
1.99
%
Return on average tangible common
stockholders' equity(1)
16.68
%
16.15
%
17.21
%
16.46
%
15.15
%
Adjusted return on average tangible common
stockholders' equity(1)(3)
17.89
%
18.95
%
17.75
%
17.76
%
15.28
%
Non-interest-bearing deposits to total
deposits
26.56
%
28.18
%
37.55
%
26.56
%
37.55
%
Loans and leases held for sale and loans
and lease held for investment to total deposits
93.39
%
95.21
%
96.03
%
93.39
%
96.03
%
Deposits to total liabilities
90.94
%
86.67
%
86.33
%
90.94
%
86.33
%
Deposits per branch
$
149,521
$
144,869
$
149,872
$
149,521
$
149,872
Asset Quality Ratios
Non-performing loans and leases to total
loans and leases held for investment, net before ACL
0.96
%
0.79
%
0.66
%
0.96
%
0.66
%
ACL to total loans and leases held for
investment, net before ACL
1.52
%
1.60
%
1.51
%
1.52
%
1.51
%
Net charge-offs to average total loans and
leases held for investment, net before ACL - loans and leases
0.73
%
0.33
%
0.24
%
0.38
%
0.16
%
Capital Ratios
Common equity to total assets
11.15
%
10.29
%
10.40
%
11.15
%
10.40
%
Tangible common equity to tangible
assets(1)
9.06
%
8.18
%
8.42
%
9.06
%
8.42
%
Leverage ratio
10.86
%
10.75
%
10.29
%
10.86
%
10.29
%
Common equity tier 1 capital ratio
10.35
%
10.08
%
10.20
%
10.35
%
10.20
%
Tier 1 capital ratio
11.39
%
11.12
%
10.85
%
11.39
%
10.85
%
Total capital ratio
13.38
%
13.17
%
13.00
%
13.38
%
13.00
%
(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 assets held for sale and ROU
assets
(4)
Interest income and rates include the
effects of a tax equivalent adjustment to adjust tax exempt
investment income on tax exempt investment securities to a fully
taxable basis, assuming a federal income tax rate of 21%.
BYLINE BANCORP, INC. AND
SUBSIDIARIES
QUARTER-TO-DATE STATEMENT OF
AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING
LIABILITIES (unaudited)
For the Three Months
Ended
December 31, 2023
September 30, 2023
December 31, 2022
(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
$
201,862
$
1,822
3.58
%
$
195,019
$
1,724
3.51
%
$
89,367
$
234
1.04
%
Loans and leases(1)
6,632,827
124,042
7.42
%
6,484,875
125,465
7.68
%
5,389,210
85,720
6.31
%
Taxable securities
1,389,580
8,848
2.53
%
1,371,979
8,465
2.45
%
1,288,750
7,043
2.17
%
Tax-exempt securities(2)
163,608
1,142
2.77
%
168,805
1,184
2.78
%
155,562
1,021
2.60
%
Total interest-earning assets
$
8,387,877
$
135,854
6.43
%
$
8,220,678
$
136,838
6.60
%
$
6,922,889
$
94,018
5.39
%
Allowance for credit losses - loans and
leases
(106,474
)
(108,315
)
(81,815
)
All other assets
506,233
521,982
424,979
TOTAL ASSETS
$
8,787,636
$
8,634,345
$
7,266,053
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Interest checking
$
570,706
$
2,335
1.62
%
$
579,917
$
2,208
1.51
%
$
596,627
$
1,902
1.27
%
Money market accounts
2,159,841
18,730
3.44
%
2,040,476
16,676
3.24
%
1,472,050
5,458
1.47
%
Savings
560,372
208
0.15
%
594,555
228
0.15
%
647,536
243
0.15
%
Time deposits
1,861,279
21,979
4.68
%
1,706,531
18,051
4.20
%
788,856
3,007
1.51
%
Total interest-bearing deposits
5,152,198
43,252
3.33
%
4,921,479
37,163
3.00
%
3,505,069
10,610
1.20
%
Other borrowings
395,711
3,051
3.06
%
463,561
3,981
3.41
%
514,518
4,598
3.55
%
Subordinated notes and debentures
144,230
3,026
8.32
%
144,171
2,994
8.24
%
110,947
1,992
7.12
%
Total borrowings
539,941
6,077
4.47
%
607,732
6,975
4.55
%
625,465
6,590
4.18
%
Total interest-bearing liabilities
$
5,692,139
$
49,329
3.44
%
$
5,529,211
$
44,138
3.17
%
$
4,130,534
$
17,200
1.65
%
Non-interest-bearing demand deposits
1,950,644
1,987,996
2,235,464
Other liabilities
209,656
192,860
151,763
Total stockholders’ equity
935,197
924,278
748,292
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
8,787,636
$
8,634,345
$
7,266,053
Net interest spread(3)
2.99
%
3.43
%
3.74
%
Net interest income, fully taxable
equivalent
$
86,525
$
92,700
$
76,818
Net interest margin, fully taxable
equivalent(2)(4)
4.09
%
4.47
%
4.40
%
Less: Tax-equivalent adjustment
240
0.01
%
248
0.01
%
214
0.01
%
Net interest income
$
86,285
$
92,452
$
76,604
Net interest margin(4)
4.08
%
4.46
%
4.39
%
Net loan accretion impact on margin
$
5,110
0.24
%
$
10,276
0.50
%
$
369
0.02
%
(1)
Loan and lease balances are net of
deferred origination fees and costs and initial direct costs.
Non-accrual loans and leases are included in total loan and lease
balances.
(2)
Interest income and rates include the
effects of a tax equivalent adjustment to adjust tax exempt
investment income on tax exempt investment securities to a fully
taxable basis, assuming a federal income tax rate of 21%.
(3)
Represents the average rate earned on
interest-earning assets minus the average rate paid on
interest-bearing liabilities.
(4)
Represents net interest income
(annualized) divided by total average earning assets.
(5)
Average balances are average daily
balances.
BYLINE BANCORP, INC. AND
SUBSIDIARIES
YEAR-TO-DATE STATEMENT OF AVERAGE
INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES
(unaudited)
For the Year Ended
December 31, 2023
December 31, 2022
(dollars in thousands)
Average Balance(5)
Interest Inc / Exp
Average Yield / Rate
Average Balance(5)
Interest Inc / Exp
Average Yield / Rate
ASSETS
Cash and cash equivalents
$
157,754
$
5,029
3.19
%
$
76,978
$
547
0.71
%
Loans and leases(1)
6,038,797
440,984
7.30
%
5,073,288
273,412
5.39
%
Taxable securities
1,322,379
30,068
2.27
%
1,316,147
24,156
1.84
%
Tax-exempt securities(2)
158,918
4,300
2.71
%
164,051
4,359
2.66
%
Total interest-earning assets
$
7,677,848
$
480,381
6.26
%
$
6,630,464
$
302,474
4.56
%
Allowance for credit losses - loans and
leases
(98,067
)
(74,233
)
All other assets
468,550
462,548
TOTAL ASSETS
$
8,048,331
$
7,018,779
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Interest checking
$
574,335
$
9,212
1.60
%
$
593,903
$
3,572
0.60
%
Money market accounts
1,802,675
53,933
2.99
%
1,357,371
10,484
0.77
%
Savings
585,820
883
0.15
%
658,968
649
0.10
%
Time deposits
1,468,836
57,408
3.91
%
691,650
5,091
0.74
%
Total interest-bearing deposits
4,431,666
121,436
2.74
%
3,301,892
19,796
0.60
%
Other borrowings
484,984
17,125
3.53
%
478,374
9,308
1.95
%
Federal funds purchased
685
36
5.30
%
630
14
2.32
%
Subordinated notes and debentures
127,825
10,260
8.03
%
110,723
7,111
6.42
%
Total borrowings
613,494
27,421
4.47
%
589,727
16,433
2.79
%
Total interest-bearing liabilities
$
5,045,160
$
148,857
2.95
%
$
3,891,619
$
36,229
0.93
%
Non-interest-bearing demand deposits
1,965,663
2,236,615
Other liabilities
174,416
114,320
Total stockholders’ equity
863,092
776,225
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
8,048,331
$
7,018,779
Net interest spread(3)
3.31
%
3.63
%
Net interest income, fully taxable
equivalent
$
331,524
$
266,245
Net interest margin, fully taxable
equivalent(2)(4)
4.32
%
4.01
%
Less: Tax-equivalent adjustment
903
0.01
%
915
0.01
%
Net interest income
$
330,621
$
265,330
Net interest margin(4)
4.31
%
4.00
%
Net loan accretion impact on margin
$
16,726
0.22
%
$
4,555
0.07
%
(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
SELECTED BALANCE SHEET TABLES AND
FINANCIAL RATIOS (unaudited)
The following table presents our
allocation of originated, purchased credit deteriorated (PCD), and
acquired non-credit-deteriorated loans and leases at the dates
indicated:
December 31, 2023
September 30, 2023
December 31, 2022
(dollars in thousands)
Amount
% of Total
Amount
% of Total
Amount
% of Total
Originated loans and leases:
Commercial real estate
$
1,907,029
28.5
%
$
1,837,531
27.8
%
$
1,712,152
31.6
%
Residential real estate
465,133
7.0
%
454,456
6.9
%
426,226
7.9
%
Construction, land development, and other
land
415,162
6.2
%
406,334
6.1
%
438,617
8.1
%
Commercial and industrial
2,311,563
34.6
%
2,286,058
34.6
%
2,030,616
37.5
%
Installment and other
2,919
0.0
%
2,968
0.0
%
1,410
0.0
%
Leasing financing receivables
665,239
10.0
%
641,032
9.7
%
521,689
9.6
%
Total originated loans and leases
$
5,767,045
86.3
%
$
5,628,379
85.1
%
$
5,130,710
94.7
%
Purchased credit deteriorated
loans:
Commercial real estate
$
137,807
2.1
%
$
154,573
2.3
%
$
45,143
0.8
%
Residential real estate
42,510
0.6
%
47,485
0.7
%
32,228
0.6
%
Construction, land development, and other
land
25,331
0.4
%
29,587
0.5
%
372
0.0
%
Commercial and industrial
19,460
0.3
%
21,014
0.3
%
2,192
0.0
%
Installment and other
125
0.0
%
125
0.0
%
140
0.0
%
Total purchased credit deteriorated
loans
$
225,233
3.4
%
$
252,784
3.8
%
$
80,075
1.4
%
Acquired non-credit-deteriorated loans
and leases:
Commercial real estate
$
275,476
4.1
%
$
296,656
4.5
%
$
152,193
2.8
%
Residential real estate
211,887
3.2
%
220,091
3.4
%
31,508
0.6
%
Construction, land development, and other
land
86,344
1.3
%
87,087
1.3
%
—
0.0
%
Commercial and industrial
117,538
1.7
%
127,253
1.9
%
24,266
0.5
%
Installment and other
156
0.0
%
153
0.0
%
209
0.0
%
Leasing financing receivables
627
0.0
%
900
0.0
%
2,297
0.0
%
Total acquired non-credit-deteriorated
loans and leases
$
692,028
10.3
%
$
732,140
11.1
%
$
210,473
3.9
%
Total loans and leases
$
6,684,306
100.0
%
$
6,613,303
100.0
%
$
5,421,258
100.0
%
Allowance for credit losses - loans and
leases
(101,686
)
(105,696
)
(81,924
)
Total loans and leases, net of allowance
for credit losses - loans and leases
$
6,582,620
$
6,507,607
$
5,339,334
The following table presents the balance
and activity within the allowance for credit losses - loans and
lease for the periods indicated:
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
(dollars in thousands)
2023
2023
2022
2023
2022
ACL - loans and leases, beginning of
period
$
105,696
$
92,665
$
79,704
$
81,924
$
55,012
Adjustment for acquired PCD loans
—
10,596
—
10,596
—
Adjustment for CECL adoption
—
—
—
—
12,168
Provision for credit losses - loans and
leases
8,176
7,865
5,399
32,220
22,674
Net charge-offs - loans and leases
(12,186
)
(5,430
)
(3,179
)
(23,054
)
(7,930
)
ACL - loans and leases, end of period
$
101,686
$
105,696
$
81,924
$
101,686
$
81,924
Net charge-offs - loans and leases to
average total loans and leases held for investment, net before
ACL
0.73
%
0.33
%
0.24
%
0.38
%
0.16
%
Provision for credit losses - loans and
leases to net charge-offs - loans and leases during the period
0.67
x
1.45
x
1.70
x
1.40
x
2.86
x
BYLINE BANCORP, INC. AND
SUBSIDIARIES
SELECTED BALANCE SHEET TABLES AND
FINANCIAL RATIOS (unaudited)
The following table presents the amounts
of non-performing loans and leases and other real estate owned at
the date indicated:
December 31, 2023
Change from
(dollars in thousands)
December 31, 2023
September 30, 2023
December 31, 2022
September 30, 2023
December 31, 2022
Non-performing assets:
Non-accrual loans and leases
$
64,107
$
52,070
$
36,027
23.1
%
77.9
%
Past due loans and leases 90 days or more
and still accruing interest
—
—
—
—%
—%
Total non-performing loans and leases
$
64,107
$
52,070
$
36,027
23.1
%
77.9
%
Other real estate owned
1,200
1,671
4,717
(28.2
)%
(74.6
)%
Total non-performing assets
$
65,307
$
53,741
$
40,744
21.5
%
60.3
%
Total non-performing loans and leases as a
percentage of total loans and leases
0.96
%
0.79
%
0.66
%
Total non-performing assets as a
percentage of total assets
0.74
%
0.60
%
0.55
%
Allowance for credit losses - loans and
lease as a percentage of non-performing loans and leases
158.62
%
202.99
%
227.40
%
Non-performing assets guaranteed by
U.S. government:
Non-accrual loans guaranteed
$
4,154
$
3,588
$
2,225
15.8
%
86.7
%
Past due loans 90 days or more and still
accruing interest guaranteed
—
—
—
—%
—%
Total non-performing loans guaranteed
$
4,154
$
3,588
$
2,225
15.8
%
86.7
%
Total non-performing loans and leases not
guaranteed as a percentage of total loans and leases
0.90
%
0.73
%
0.62
%
Total non-performing assets not guaranteed
as a percentage of total assets
0.69
%
0.56
%
0.52
%
The following table presents the composition of deposits at the
dates indicated:
December 31, 2023
Change from
(dollars in thousands)
December 31,
2023
September 30, 2023
December 31, 2022
September 30, 2023
December 31, 2022
Non-interest-bearing demand deposits
$
1,905,876
$
1,959,855
$
2,138,645
(2.8
)%
(10.9
)%
Interest-bearing checking accounts
577,609
592,771
592,098
(2.6
)%
(2.4
)%
Money market demand accounts
2,266,030
2,062,252
1,415,653
9.9
%
60.1
%
Other savings
542,532
581,073
625,798
(6.6
)%
(13.3
)%
Time deposits (below $250,000)
1,520,082
1,446,485
762,250
5.0
%
99.4
%
Time deposits ($250,000 and above)
364,870
311,254
160,677
17.4
%
127.1
%
Total deposits
$
7,176,999
$
6,953,690
$
5,695,121
3.2
%
26.0
%
BYLINE BANCORP, INC. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (unaudited)
Non-GAAP Financial Measures
This release contains certain financial information determined
by methods other than in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). These
measures include adjusted net income, adjusted diluted earnings per
share, adjusted efficiency ratio, adjusted non-interest expense to
average assets, tax-equivalent net interest margin, total revenue,
non-interest income to total revenues, adjusted return on average
stockholders’ equity, adjusted return on average assets, pre-tax
pre-provision return on average assets, adjusted pre-tax
pre-provision return on average assets, tangible book value per
common share, tangible common equity to tangible assets, return on
average tangible common stockholders' equity, and adjusted return
on average tangible common stockholders' equity. Management
believes that these non-GAAP financial measures provide useful
information to management and investors that is supplementary to
the Company’s financial condition, results of operations and cash
flows computed in accordance with GAAP; however, management
acknowledges that our non-GAAP financial measures have a number of
limitations. As such, these disclosures should not be viewed as a
substitute for results determined in accordance with GAAP financial
measures that we and other companies use. Management also uses
these measures for peer comparison. See below in the financial
schedules included in this press release for a reconciliation of
the non-GAAP financial measures to the comparable GAAP financial
measures. Additionally, please refer to the Company’s Annual Report
on Form 10-K for the detailed definitions of these non-GAAP
financial measures.
As of or For the Three Months
Ended
As of or For the Year
Ended
December 31,
September 30,
December 31,
December 31,
December 31,
(dollars in thousands, except per share
data)
2023
2023
2022
2023
2022
Net income and earnings per share
excluding significant items:
Reported Net Income
$
29,604
$
28,222
$
24,367
$
107,878
$
87,954
Significant items:
Impairment charges on assets held for sale
and ROU assets
1,981
394
372
2,395
372
Merger-related expenses
1,035
6,307
538
9,222
538
Tax benefit
(793
)
(1,617
)
(118
)
(2,696
)
(118
)
Adjusted Net Income
$
31,827
$
33,306
$
25,159
$
116,799
$
88,746
Reported Diluted Earnings per
Share
$
0.68
$
0.65
$
0.65
$
2.67
$
2.34
Significant items:
Impairment charges on assets held for sale
and ROU assets
0.05
0.01
0.01
0.06
0.01
Merger-related expenses
0.02
0.15
0.01
0.23
0.01
Tax benefit
(0.02
)
(0.04
)
—
(0.07
)
—
Adjusted Diluted Earnings per
Share
$
0.73
$
0.77
$
0.67
$
2.89
$
2.36
BYLINE BANCORP, INC. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (continued) (unaudited)
As of or For the Three Months
Ended
As of or For the Year
Ended
(dollars in thousands, except per share
data,
December 31,
September 30,
December 31,
December 31,
December 31,
ratios annualized, where
applicable)
2023
2023
2022
2023
2022
Adjusted non-interest expense:
Non-interest expense
$
53,584
$
57,891
$
50,500
$
209,603
$
184,082
Less: Significant items
Impairment charges on assets held for sale
and ROU assets
1,981
394
372
2,395
372
Merger-related expenses
1,035
6,307
538
9,222
538
Adjusted non-interest expense
$
50,568
$
51,190
$
49,590
$
197,986
$
183,172
Adjusted non-interest expense excluding
amortization of intangible assets:
Adjusted non-interest expense
$
50,568
$
51,190
$
49,590
$
197,986
$
183,172
Less: Amortization of intangible
assets
1,550
1,551
1,596
6,011
6,671
Adjusted non-interest expense excluding
amortization of intangible assets
$
49,018
$
49,639
$
47,994
$
191,975
$
176,501
Pre-tax pre-provision net
income:
Pre-tax income
$
39,969
$
38,134
$
31,733
$
145,680
$
114,683
Add: Provision for credit losses
7,235
8,803
5,826
31,653
23,879
Pre-tax pre-provision net income
$
47,204
$
46,937
$
37,559
$
177,333
$
138,562
Adjusted pre-tax pre-provision net
income:
Pre-tax pre-provision net income
$
47,204
$
46,937
$
37,559
$
177,333
$
138,562
Add: Impairment charges on assets held for
sale and ROU assets
1,981
394
372
2,395
372
Add: Merger-related expenses
1,035
6,307
538
9,222
538
Adjusted pre-tax pre-provision net
income
$
50,220
$
53,638
$
38,469
$
188,950
$
139,472
Tax equivalent net interest
income:
Net interest income
$
86,285
$
92,452
$
76,604
$
330,621
$
265,330
Add: Tax-equivalent adjustment
240
248
214
903
915
Net interest income, fully taxable
equivalent
$
86,525
$
92,700
$
76,818
$
331,524
$
266,245
Total revenue:
Net interest income
$
86,285
$
92,452
$
76,604
$
330,621
$
265,330
Add: Non-interest income
14,503
12,376
11,455
56,315
$
57,314
Total revenue
$
100,788
$
104,828
$
88,059
$
386,936
$
322,644
Tangible common stockholders'
equity:
Total stockholders' equity
$
990,151
$
919,945
$
765,816
$
990,151
$
765,816
Less: Goodwill and other intangibles
203,478
205,028
158,887
203,478
158,887
Tangible common stockholders' equity
$
786,673
$
714,917
$
606,929
$
786,673
$
606,929
Tangible assets:
Total assets
$
8,881,967
$
8,943,368
$
7,362,941
$
8,881,967
$
7,362,941
Less: Goodwill and other intangibles
203,478
205,028
158,887
203,478
158,887
Tangible assets
$
8,678,489
$
8,738,340
$
7,204,054
$
8,678,489
$
7,204,054
Average tangible common stockholders'
equity:
Average total stockholders' equity
$
935,197
$
924,278
$
748,292
$
863,092
$
776,225
Less: Average preferred stock
—
—
—
—
2,459
Less: Average goodwill and other
intangibles
204,191
202,978
159,680
180,717
162,203
Average tangible common stockholders'
equity
$
731,006
$
721,300
$
588,612
$
682,375
$
611,563
Average tangible assets:
Average total assets
$
8,787,636
$
8,634,345
$
7,266,053
$
8,048,331
$
7,018,779
Less: Average goodwill and other
intangibles
204,191
202,978
159,680
180,717
162,203
Average tangible assets
$
8,583,445
$
8,431,367
$
7,106,373
$
7,867,614
$
6,856,576
Tangible net income available to common
stockholders:
Net income available to common
stockholders
$
29,604
$
28,222
$
24,367
$
107,878
$
87,758
Add: After-tax intangible asset
amortization
1,138
1,137
1,170
4,408
4,890
Tangible net income available to common
stockholders
$
30,742
$
29,359
$
25,537
$
112,286
$
92,648
Adjusted tangible net income available
to common stockholders:
Tangible net income available to common
stockholders
$
30,742
$
29,359
$
25,537
$
112,286
$
92,648
Impairment charges on assets held for sale
and ROU assets
1,981
394
372
2,395
372
Merger-related expenses
1,035
6,307
538
9,222
538
Tax benefit on significant items
(793
)
(1,617
)
(118
)
(2,696
)
(118
)
Adjusted tangible net income available to
common stockholders
$
32,965
$
34,443
$
26,329
$
121,207
$
93,440
BYLINE BANCORP, INC. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (continued) (unaudited)
As of or For the Three Months
Ended
As of or For the Year
Ended
(dollars in thousands, except share and
per share
December 31,
September 30,
December 31,
December 31,
December 31,
data, ratios annualized, where
applicable)
2023
2023
2022
2023
2022
Pre-tax pre-provision return on average
assets:
Pre-tax pre-provision net income
$
47,204
$
46,937
$
37,559
$
177,333
$
138,562
Average total assets
8,787,636
8,634,345
7,266,053
8,048,331
7,018,779
Pre-tax pre-provision return on average
assets
2.13
%
2.16
%
2.05
%
2.20
%
1.97
%
Adjusted pre-tax pre-provision return
on average assets:
Adjusted pre-tax pre-provision net
income
$
50,220
$
53,638
$
38,469
$
188,950
$
139,472
Average total assets
8,787,636
8,634,345
7,266,053
8,048,331
7,018,779
Adjusted pre-tax pre-provision return on
average assets
2.27
%
2.46
%
2.10
%
2.35
%
1.99
%
Net interest margin, fully taxable
equivalent:
Net interest income, fully taxable
equivalent
$
86,525
$
92,700
$
76,818
$
331,524
$
266,245
Total average interest-earning assets
8,387,877
8,220,678
6,922,889
7,677,848
6,630,464
Net interest margin, fully taxable
equivalent
4.09
%
4.47
%
4.40
%
4.32
%
4.01
%
Non-interest income to total
revenues:
Non-interest income
$
14,503
$
12,376
$
11,455
$
56,315
$
57,314
Total revenues
100,788
104,828
88,059
386,936
322,644
Non-interest income to total revenues
14.39
%
11.81
%
13.01
%
14.55
%
17.76
%
Adjusted non-interest expense to
average assets:
Adjusted non-interest expense
$
50,568
$
51,190
$
49,590
$
197,986
$
183,172
Average total assets
8,787,636
8,634,345
7,266,053
8,048,331
7,018,779
Adjusted non-interest expense to average
assets
2.28
%
2.35
%
2.71
%
2.46
%
2.61
%
Adjusted efficiency ratio:
Adjusted non-interest expense excluding
amortization of intangible assets
$
49,018
$
49,639
$
47,994
$
191,975
$
176,501
Total revenues
100,788
104,828
88,059
386,936
322,644
Adjusted efficiency ratio
48.64
%
47.35
%
54.50
%
49.61
%
54.70
%
Adjusted return on average
assets:
Adjusted net income
$
31,827
$
33,306
$
25,159
$
116,799
$
88,746
Average total assets
8,787,636
8,634,345
7,266,053
8,048,331
7,018,779
Adjusted return on average assets
1.44
%
1.53
%
1.37
%
1.45
%
1.26
%
Adjusted return on average
stockholders' equity:
Adjusted net income
$
31,827
$
33,306
$
25,159
$
116,799
$
88,746
Average stockholders' equity
935,197
924,278
748,292
863,092
776,225
Adjusted return on average stockholders'
equity
13.50
%
14.30
%
13.34
%
13.53
%
11.43
%
Tangible common equity to tangible
assets:
Tangible common equity
$
786,673
$
714,917
$
606,929
$
786,673
$
606,929
Tangible assets
8,678,489
8,738,340
7,204,054
8,678,489
7,204,054
Tangible common equity to tangible
assets
9.06
%
8.18
%
8.42
%
9.06
%
8.42
%
Return on average tangible common
stockholders' equity:
Tangible net income available to common
stockholders
$
30,742
$
29,359
$
25,537
$
112,286
$
92,648
Average tangible common stockholders'
equity
731,006
721,300
588,612
682,375
611,563
Return on average tangible common
stockholders' equity
16.68
%
16.15
%
17.21
%
16.46
%
15.15
%
Adjusted return on average tangible
common stockholders' equity:
Adjusted tangible net income available to
common stockholders
$
32,965
$
34,443
$
26,329
$
121,207
$
93,440
Average tangible common stockholders'
equity
731,006
721,300
588,612
682,375
611,563
Adjusted return on average tangible common
stockholders' equity
17.89
%
18.95
%
17.75
%
17.76
%
15.28
%
Tangible book value per share:
Tangible common equity
$
786,673
$
714,917
$
606,929
$
786,673
$
606,929
Common shares outstanding
43,764,056
43,719,203
37,492,775
43,764,056
37,492,775
Tangible book value per share
$
17.98
$
16.35
$
16.19
$
17.98
$
16.19
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240125027265/en/
Investors/Media: Brooks Rennie Investor Relations
Director 312-660-5805 brennie@bylinebank.com
Byline Bancorp (NYSE:BY)
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Byline Bancorp (NYSE:BY)
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