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First quarter net income of $28.2 million, $0.64 diluted earnings per share
CHICAGO, April 24, 2025--(BUSINESS WIRE)--Byline Bancorp, Inc. (NYSE: BY), today reported:
At or for the quarter | First Quarter Highlights (compared to 4Q24 unless specified) | ||||||||||||||
1Q25 | 4Q24 | 1Q24 | |||||||||||||
Financial Results ($ in thousands) | • PTPP ROAA of 2.06%(1), 10th consecutive quarter greater than 2.00% | ||||||||||||||
Net interest income | $ | 88,216 | $ | 88,524 | $ | 85,541 | |||||||||
Non-interest income | 14,864 | 16,149 | 15,473 | ||||||||||||
Total revenue(1) | 103,080 | 104,673 | 101,014 | • TBV per common share of $20.91(1), up 4.1% LQ, and 14.3% YoY | |||||||||||
Non-interest expense (NIE) | 56,429 | 57,431 | 53,809 | ||||||||||||
Pre-tax pre-provision net income (PTPP)(1) | 46,651 | 47,242 | 47,205 | ||||||||||||
Provision for credit losses | 9,179 | 6,878 | 6,643 | • Credit ratings upgrade by KBRA | |||||||||||
Provision for income taxes | 9,224 | 10,044 | 10,122 | ||||||||||||
Net Income | $ | 28,248 | $ | 30,320 | $ | 30,440 | • Named to Forbes' America's Best Banks 2025 | ||||||||
Per Share | • Repurchased 26,000 common shares | ||||||||||||||
Diluted earnings per share (EPS) | $ | 0.64 | $ | 0.69 | $ | 0.70 | |||||||||
Dividends declared per common share | 0.10 | 0.09 | 0.09 | Income Statement | |||||||||||
Book value per common share | 25.32 | 24.55 | 22.88 | • NIM expanded six bps to 4.07% | |||||||||||
Tangible book value per common share(1) | 20.91 | 20.09 | 18.29 | ||||||||||||
• Net interest income of $88.2 million, flat LQ | |||||||||||||||
Balance Sheet & Credit Quality ($ in thousands) | |||||||||||||||
Total deposits | $ | 7,553,308 | $ | 7,458,628 | $ | 7,350,202 | • NIE lower by $1.0 million, or 1.7% | ||||||||
Total loans and leases | 7,047,170 | 6,910,022 | 6,801,782 | ||||||||||||
Net charge-offs | 6,644 | 7,792 | 6,211 | Balance Sheet | |||||||||||
Allowance for credit losses (ACL) | 100,420 | 97,988 | 102,366 | • Total loans and leases grew $137.1 million, or 8.0%(2) | |||||||||||
ACL to total loans and leases held for investment | 1.43 | % | 1.42 | % | 1.51 | % | |||||||||
Select Ratios (annualized where applicable) | • Total deposits grew $94.7 million, or 5.1%(2) | ||||||||||||||
Efficiency ratio(1) | 53.66 | % | 53.58 | % | 51.94 | % | |||||||||
Return on average assets (ROAA) | 1.25 | % | 1.31 | % | 1.36 | % | • Non-performing loans decreased $8.5 million, or 13.6% | ||||||||
Return on average stockholders' equity | 10.32 | % | 11.03 | % | 12.26 | % | |||||||||
Return on average tangible common equity(1) | 12.92 | % | 13.92 | % | 15.88 | % | |||||||||
Net interest margin (NIM) | 4.07 | % | 4.01 | % | 4.00 | % | • TCE/TA of 9.95%(1), increase of 34 bps | ||||||||
Common equity to total assets | 11.80 | % | 11.49 | % | 10.72 | % | |||||||||
Tangible common equity to tangible assets(1) | 9.95 | % | 9.61 | % | 8.76 | % | • CET 1 of 11.78% up eight bps | ||||||||
Common equity tier 1 | 11.78 | % | 11.70 | % | 10.59 | % | |||||||||
(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, "We advanced our strategic priorities in the first quarter, drove solid financial performance, and deepened relationships with commercial customers. On April 1st, we successfully closed our partnership with First Security Bancorp, Inc. and recently completed the core system conversion and integration. We are pleased with the credit ratings upgrade from Kroll, which highlights Byline's financial strength. Our focus remains on executing our strategy of becoming the preeminent commercial bank in Chicago."
Alberto J. Paracchini, President of Byline Bancorp, added, "First quarter results were highlighted by steady earnings and profitability, net interest margin expansion, stable deposit and loan growth, repayment of our term loan, and controlled expenses. As we navigate the current landscape, we believe our continued strong capital position reflects a well-managed balance sheet and strong risk management practices. I want to thank our employees for their continued hard work in serving our customers."
Credit Ratings Upgrade
On March 18, 2025, Kroll Bond Rating Agency, LLC ("KBRA") upgraded the credit ratings of both Byline Bancorp, Inc. and our subsidiary, Byline Bank. KBRA upgraded Byline Bancorp, Inc.'s senior unsecured debt rating to BBB+, the subordinated debt rating to BBB, and the short-term debt rating to K2. In addition, KBRA upgraded Byline Bank's deposit and senior unsecured debt ratings to A- and the subordinated debt rating to BBB+. KBRA affirmed the short-term deposit and debt ratings of K2 for Byline Bank. KBRA's outlook for Byline's long-term ratings were revised to Stable following the upgrade.
First Security Acquisition
On April 1, 2025, we completed our acquisition of First Security Bancorp, Inc., and its wholly-owned subsidiary, First Security Trust and Savings Bank. The transaction brings Byline's combined total assets to approximately $9.9 billion, with approximately $7.2 billion in loans and approximately $7.8 billion in deposits. The acquisition solidifies Byline as Chicago's preeminent commercial bank, with 46 branches throughout the Chicago and Milwaukee metropolitan areas, based on information as of March 31, 2025.
Board Declares Cash Dividend of $0.10 per Share
On April 22, 2025, the Company's Board of Directors declared a cash dividend of $0.10 per share. The dividend will be paid on May 20, 2025, to stockholders of record of the Company's common stock as of May 6, 2025.
STATEMENTS OF OPERATIONS HIGHLIGHTS
Net Interest Income
Net interest income for the first quarter of 2025 was $88.2 million, a decrease of $308,000, or 0.3%, from the fourth quarter of 2024. The decrease in net interest income was primarily due to lower interest income due to declining loan yields and two less calendar days, offset by lower interest expense mainly due to lower rates paid on interest-bearing deposits.
Tax-equivalent net interest margin(1) for the first quarter of 2025 was 4.08%, an increase of six basis points compared to the fourth quarter of 2024. Net loan accretion income positively contributed 12 basis points to the net interest margin for both the current and prior quarter.
The average cost of total deposits was 2.30% for the first quarter of 2025, a decrease of 18 basis points compared to the fourth quarter of 2024, mainly as a result of lower rates paid on deposits and a shift in the deposit mix. Average non-interest-bearing demand deposits were 23.4% of average total deposits for the current quarter compared to 23.8% during the prior quarter.
Provision for Credit Losses
The provision for credit losses was $9.2 million for the first quarter of 2025, an increase of $2.3 million compared to $6.9 million for the fourth quarter of 2024, mainly attributed to a larger allowance for government guaranteed collectively assessed loans based on changes in loss rates.
Non-interest Income
Non-interest income for the first quarter of 2025 was $14.9 million, a decrease of $1.3 million, or 8.0%, compared to $16.1 million for the fourth quarter of 2024. The decrease in total non-interest income was primarily due to a decrease in net gains on sales of loans, driven by lower volume and guaranteed balances. Net gains on sales of loans were $4.9 million for the current quarter, a decrease of $2.2 million, or 30.5% compared to the prior quarter. During the first quarter of 2025, we sold $70.2 million of U.S. government guaranteed loans compared to $88.9 million during the fourth quarter of 2024.
Non-interest Expense
Non-interest expense for the first quarter of 2025 was $56.4 million, a decrease of $1.0 million, or 1.7%, compared to $57.4 million for the fourth quarter of 2024. The decrease in non-interest expense was mainly due to a $1.0 million decrease in salaries and employee benefits resulting from a lower day count and lower incentive compensation, a $612,000 decrease in net loss recognized on other real estate owned and other related expenses mainly due to lower real estate taxes, and a $337,000 decrease in other non-interest expenses mainly due to a $946,000 decrease in advertising and promotion expense and decreases in other general expenses, offset by a $767,000 lower gain on sales of leased assets. These decreases were offset by an increase to data processing of $698,000 mainly due to merger-related data processing expenses.
Our efficiency ratio was 53.66%(1) for the first quarter of 2025, compared to 53.58% for the fourth quarter of 2024, an increase of 8 basis points. Our adjusted efficiency ratio was 53.04%(1) for the first quarter of 2025, compared to 53.37%(1) for the fourth quarter of 2024, a decrease of 33 basis points.
Income Taxes
We recorded income tax expense of $9.2 million during the first quarter of 2025, compared to $10.0 million during the fourth quarter of 2024. The effective tax rates were 24.6% and 24.9% for the first quarter of 2025 and fourth quarter of 2024, respectively.
STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS
Assets
Total assets were $9.6 billion as of March 31, 2025, an increase of $88.2 million, or 0.9%, compared to $9.5 billion at December 31, 2024. The increase for the current quarter was mainly due to an increase in securities available-for-sale of $122.4 million primarily from purchases and an increase in net loans and leases of $116.6 million driven by increases to the commercial and industrial loan portfolio. These were offset by a decrease in cash and cash equivalents of $141.8 million, due to purchases of securities and lower balances held with the Federal Reserve Bank.
Asset and Credit Quality
The ACL was $100.4 million as of March 31, 2025, an increase of $2.4 million, or 2.5%, from $98.0 million at December 31, 2024, mainly due to growth in the loan and lease portfolio and higher allowance on commercial and industrial loans. Net charge-offs of loans and leases during the first quarter of 2025 were $6.6 million, or 0.39% of average loans and leases, on an annualized basis. This was a decrease of $1.1 million compared to net charge-offs of $7.8 million, or 0.45% of average loans and leases, during the fourth quarter of 2024. The decrease in charge-offs for the quarter was primarily in the government guaranteed loan portfolio.
Non-performing assets were $59.9 million, or 0.62% of total assets, as of March 31, 2025, a decrease of $7.4 million from $67.2 million, or 0.71% of total assets, at December 31, 2024. The decrease was primarily due to charge-off and resolution of non-performing assets. The government guaranteed portion of non-performing loans included in non-performing assets was $9.4 million at March 31, 2025, compared to $9.9 million at December 31, 2024, a decrease of $438,000.
Deposits and Other Liabilities
Total deposits increased $94.7 million to $7.6 billion at March 31, 2025 compared to $7.5 billion at December 31, 2024. The increase in deposits in the current quarter was mainly due to increases in money market accounts and interest-bearing business checking accounts, both due to deposit shift and new depositors, offset by decreases to time deposits mainly due to decreased brokered time deposits.
Total borrowings and other liabilities were $900.3 million at March 31, 2025, a decrease of $46.1 million from $946.4 million at December 31, 2024. The decrease was primarily driven by decreased Federal Home Loan Bank advances.
Stockholders’ Equity
Total stockholders’ equity was $1.1 billion at March 31, 2025, an increase of $39.6 million, or 3.6%, from December 31, 2024, primarily due to an increase to retained earnings from net income and a decrease in accumulated other comprehensive loss due to a decrease in the unrealized losses on securities available-for-sale. During the first quarter of 2025, we purchased 26,000 shares of our common stock under our share repurchase plan, at an average price of $26.41 per share.
Conference Call, Webcast and Slide Presentation
We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, April 25, 2025, to discuss our quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (833) 470-1428; passcode 400191. A recorded replay can be accessed through May 9, 2025, by dialing (866) 813-9403; passcode: 172708.
A slide presentation relating to our first quarter 2025 results will be accessible prior to the conference call. The slide presentation and webcast of the conference call can be accessed on our investor relations website at www.bylinebancorp.com.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company of Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $9.6 billion in assets and operates 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services including small ticket equipment leasing solutions and is one of the top Small Business Administration lenders in the United States.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ‘‘may’’, ‘‘might’’, ‘‘should’’, ‘‘could’’, ‘‘predict’’, ‘‘potential’’, ‘‘believe’’, ‘‘expect’’, ‘‘continue’’, ‘‘will’’, ‘‘anticipate’’, ‘‘seek’’, ‘‘estimate’’, ‘‘intend’’, ‘‘plan’’, ‘‘projection’’, ‘‘would’’, ‘‘annualized’’, "target" and ‘‘outlook’’, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgment and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication.
No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.
Certain risks and important factors that could affect Byline’s future results are identified in our Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024. 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)
March 31, | December 31, | March 31, | ||||||||||
(dollars in thousands) | 2025 | 2024 | 2024 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 73,453 | $ | 58,759 | $ | 58,640 | ||||||
Interest bearing deposits with other banks | 347,861 | 504,379 | 578,197 | |||||||||
Cash and cash equivalents | 421,314 | 563,138 | 636,837 | |||||||||
Equity and other securities, at fair value | 10,675 | 9,865 | 9,135 | |||||||||
Securities available-for-sale, at fair value | 1,538,100 | 1,415,696 | 1,379,147 | |||||||||
Securities held-to-maturity, at amortized cost | — | 605 | 1,156 | |||||||||
Restricted stock, at cost | 26,311 | 27,452 | 22,793 | |||||||||
Loans held for sale | 21,333 | 3,200 | 23,568 | |||||||||
Loans and leases: | ||||||||||||
Loans and leases | 7,025,837 | 6,906,822 | 6,778,214 | |||||||||
Allowance for credit losses - loans and leases | (100,420 | ) | (97,988 | ) | (102,366 | ) | ||||||
Net loans and leases | 6,925,417 | 6,808,834 | 6,675,848 | |||||||||
Servicing assets, at fair value | 19,571 | 18,952 | 20,992 | |||||||||
Premises and equipment, net | 59,568 | 60,502 | 64,466 | |||||||||
Other real estate owned, net | 6,249 | 5,170 | 785 | |||||||||
Goodwill and other intangible assets, net | 196,980 | 198,098 | 202,133 | |||||||||
Bank-owned life insurance | 100,988 | 100,083 | 97,748 | |||||||||
Deferred tax assets, net | 50,703 | 56,458 | 53,029 | |||||||||
Accrued interest receivable and other assets | 207,523 | 228,476 | 222,866 | |||||||||
Total assets | $ | 9,584,732 | $ | 9,496,529 | $ | 9,410,503 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
LIABILITIES | ||||||||||||
Non-interest-bearing demand deposits | $ | 1,715,599 | $ | 1,756,098 | $ | 1,851,727 | ||||||
Interest-bearing deposits | 5,837,709 | 5,702,530 | 5,498,475 | |||||||||
Total deposits | 7,553,308 | 7,458,628 | 7,350,202 | |||||||||
Other borrowings | 578,244 | 618,773 | 721,173 | |||||||||
Subordinated notes, net | 74,084 | 74,040 | 73,909 | |||||||||
Junior subordinated debentures issued to capital trusts, net | 71,000 | 70,890 | 70,567 | |||||||||
Accrued expenses and other liabilities | 177,018 | 182,701 | 185,603 | |||||||||
Total liabilities | 8,453,654 | 8,405,032 | 8,401,454 | |||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||
Common stock | 455 | 455 | 452 | |||||||||
Additional paid-in capital | 713,086 | 717,763 | 708,844 | |||||||||
Retained earnings | 557,704 | 533,901 | 455,532 | |||||||||
Treasury stock | (43,783 | ) | (46,935 | ) | (48,869 | ) | ||||||
Accumulated other comprehensive loss, net of tax | (96,384 | ) | (113,687 | ) | (106,910 | ) | ||||||
Total stockholders’ equity | 1,131,078 | 1,091,497 | 1,009,049 | |||||||||
Total liabilities and stockholders’ equity | $ | 9,584,732 | $ | 9,496,529 | $ | 9,410,503 | ||||||
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended | ||||||||||||
(dollars in thousands, | March 31, | December 31, | March 31, | |||||||||
except per share data) | 2025 | 2024 | 2024 | |||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||
Interest and fees on loans and leases | $ | 121,230 | $ | 123,702 | $ | 123,792 | ||||||
Interest on securities | 12,127 | 11,710 | 9,734 | |||||||||
Other interest and dividend income | 1,493 | 4,191 | 4,795 | |||||||||
Total interest and dividend income | 134,850 | 139,603 | 138,321 | |||||||||
INTEREST EXPENSE | ||||||||||||
Deposits | 42,049 | 46,725 | 45,962 | |||||||||
Other borrowings | 1,835 | 1,466 | 3,824 | |||||||||
Subordinated notes and debentures | 2,750 | 2,888 | 2,994 | |||||||||
Total interest expense | 46,634 | 51,079 | 52,780 | |||||||||
Net interest income | 88,216 | 88,524 | 85,541 | |||||||||
PROVISION FOR CREDIT LOSSES | 9,179 | 6,878 | 6,643 | |||||||||
Net interest income after provision for credit losses | 79,037 | 81,646 | 78,898 | |||||||||
NON-INTEREST INCOME | ||||||||||||
Fees and service charges on deposits | 2,703 | 2,648 | 2,427 | |||||||||
Loan servicing revenue | 3,043 | 3,151 | 3,364 | |||||||||
Loan servicing asset revaluation | (1,051 | ) | (1,350 | ) | (703 | ) | ||||||
ATM and interchange fees | 1,034 | 1,083 | 1,075 | |||||||||
Net realized losses on securities available-for-sale | — | (699 | ) | — | ||||||||
Change in fair value of equity securities, net | 811 | 732 | 392 | |||||||||
Net gains on sales of loans | 4,938 | 7,107 | 5,533 | |||||||||
Wealth management and trust income | 1,082 | 1,110 | 1,157 | |||||||||
Other non-interest income | 2,304 | 2,367 | 2,228 | |||||||||
Total non-interest income | 14,864 | 16,149 | 15,473 | |||||||||
NON-INTEREST EXPENSE | ||||||||||||
Salaries and employee benefits | 36,252 | 37,281 | 33,953 | |||||||||
Occupancy and equipment expense, net | 4,852 | 4,407 | 5,284 | |||||||||
Loan and lease related expenses | 827 | 660 | 685 | |||||||||
Legal, audit, and other professional fees | 3,251 | 3,358 | 2,719 | |||||||||
Data processing | 5,171 | 4,473 | 4,145 | |||||||||
Net (gain) loss recognized on other real estate owned and other related expenses | 42 | 654 | (98 | ) | ||||||||
Other intangible assets amortization expense | 1,118 | 1,345 | 1,345 | |||||||||
Other non-interest expense | 4,916 | 5,253 | 5,776 | |||||||||
Total non-interest expense | 56,429 | 57,431 | ... | 53,809 | ||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 37,472 | 40,364 | 40,562 | |||||||||
PROVISION FOR INCOME TAXES | 9,224 | 10,044 | 10,122 | |||||||||
NET INCOME | $ | 28,248 | $ | 30,320 | $ | 30,440 | ||||||
EARNINGS PER COMMON SHARE | ||||||||||||
Basic | $ | 0.65 | $ | 0.69 | $ | 0.70 | ||||||
Diluted | $ | 0.64 | $ | 0.69 | $ | 0.70 | ||||||
BYLINE BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (unaudited)
As of or For the Three Months Ended | |||||||||||
(dollars in thousands, except share | March 31, | December 31, | March 31, | ||||||||
and per share data) | 2025 | 2024 | 2024 | ||||||||
Earnings per Common Share | |||||||||||
Basic earnings per common share | $ | 0.65 | $ | 0.69 | $ | 0.70 | |||||
Diluted earnings per common share | $ | 0.64 | $ | 0.69 | $ | 0.70 | |||||
Adjusted diluted earnings per common share(1)(3) | $ | 0.65 | $ | 0.69 | $ | 0.70 | |||||
Weighted average common shares outstanding (basic) | 43,788,353 | 43,656,793 | 43,258,087 | ||||||||
Weighted average common shares outstanding (diluted) | 44,290,257 | 44,179,818 | 43,727,344 | ||||||||
Common shares outstanding | 44,675,553 | 44,459,584 | 44,108,387 | ||||||||
Cash dividends per common share | $ | 0.10 | $ | 0.09 | $ | 0.09 | |||||
Dividend payout ratio on common stock | 15.63 | % | 13.04 | % | 12.86 | % | |||||
Book value per common share | $ | 25.32 | $ | 24.55 | $ | 22.88 | |||||
Tangible book value per common share(1) | $ | 20.91 | $ | 20.09 | $ | 18.29 | |||||
Key Ratios and Performance Metrics | |||||||||||
Net interest margin | 4.07 | % | 4.01 | % | 4.00 | % | |||||
Net interest margin, fully taxable equivalent (1)(4) | 4.08 | % | 4.02 | % | 4.01 | % | |||||
Average cost of deposits | 2.30 | % | 2.48 | % | 2.56 | % | |||||
Efficiency ratio(1)(2) | 53.66 | % | 53.58 | % | 51.94 | % | |||||
Adjusted efficiency ratio(1)(2)(3) | 53.04 | % | 53.37 | % | 51.75 | % | |||||
Non-interest income to total revenues(1) | 14.42 | % | 15.43 | % | 15.32 | % | |||||
Non-interest expense to average assets | 2.49 | % | 2.48 | % | 2.40 | % | |||||
Adjusted non-interest expense to average assets(1)(3) | 2.46 | % | 2.47 | % | 2.39 | % | |||||
Return on average stockholders' equity | 10.32 | % | 11.03 | % | 12.26 | % | |||||
Adjusted return on average stockholders' equity(1)(3) | 10.50 | % | 11.10 | % | 12.31 | % | |||||
Return on average assets | 1.25 | % | 1.31 | % | 1.36 | % | |||||
Adjusted return on average assets(1)(3) | 1.27 | % | 1.32 | % | 1.36 | % | |||||
Pre-tax pre-provision return on average assets(1) | 2.06 | % | 2.04 | % | 2.10 | % | |||||
Adjusted pre-tax pre-provision return on average assets(1)(3) | 2.09 | % | 2.05 | % | 2.11 | % | |||||
Return on average tangible common stockholders' equity(1) | 12.92 | % | 13.92 | % | 15.88 | % | |||||
Adjusted return on average tangible common stockholders' equity(1)(3) | 13.14 | % | 14.02 | % | 15.95 | % | |||||
Non-interest-bearing deposits to total deposits | 22.71 | % | 23.54 | % | 25.19 | % | |||||
Loans and leases held for sale and loans and lease held for investment to total deposits | 93.30 | % | 92.64 | % | 92.54 | % | |||||
Deposits to total liabilities | 89.35 | % | 88.74 | % | 87.49 | % | |||||
Deposits per branch | $ | 164,202 | $ | 162,144 | $ | 153,129 | |||||
Asset Quality Ratios | |||||||||||
Non-performing loans and leases to total loans and leases held for investment, net before ACL | 0.76 | % | 0.90 | % | 1.00 | % | |||||
Total non-performing assets as a percentage of total assets | 0.62 | % | 0.71 | % | 0.73 | % | |||||
ACL to total loans and leases held for investment, net before ACL | 1.43 | % | 1.42 | % | 1.51 | % | |||||
Net charge-offs to average total loans and leases held for investment, net before ACL - loans and leases | 0.39 | % | 0.45 | % | 0.37 | % | |||||
Capital Ratios | |||||||||||
Common equity to total assets | 11.80 | % | 11.49 | % | 10.72 | % | |||||
Tangible common equity to tangible assets(1) | 9.95 | % | 9.61 | % | 8.76 | % | |||||
Leverage ratio | 11.98 | % | 11.74 | % | 10.91 | % | |||||
Common equity tier 1 capital ratio | 11.78 | % | 11.70 | % | 10.59 | % | |||||
Tier 1 capital ratio | 12.80 | % | 12.73 | % | 11.62 | % | |||||
Total capital ratio | 14.86 | % | 14.74 | % | 13.66 | % | |||||
(1) | Represents a non-GAAP financial measure. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. |
(2) | Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income. |
(3) | Calculation excludes merger-related expenses and impairment charges on ROU assets. |
(4) | Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. |
BYLINE BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited)
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Average | Interest | Avg. | Average | Interest | Avg. | Average | Interest | Avg. | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 134,032 | $ | 1,012 | 3.06 | % | $ | 272,409 | $ | 2,721 | 3.97 | % | $ | 339,449 | $ | 3,828 | 4.54 | % | |||||||||||||||||
Loans and leases(1) | 6,935,790 | 121,230 | 7.09 | % | 6,828,128 | 123,702 | 7.21 | % | 6,681,488 | 123,792 | 7.45 | % | |||||||||||||||||||||||
Taxable securities | 1,560,861 | 11,745 | 3.05 | % | 1,529,134 | 12,318 | 3.20 | % | 1,422,661 | 9,822 | 2.78 | % | |||||||||||||||||||||||
Tax-exempt securities(2) | 154,936 | 1,091 | 2.86 | % | 155,505 | 1,092 | 2.80 | % | 159,984 | 1,112 | 2.80 | % | |||||||||||||||||||||||
Total interest-earning assets | $ | 8,785,619 | $ | 135,078 | 6.24 | % | $ | 8,785,176 | $ | 139,833 | 6.33 | % | $ | 8,603,582 | $ | 138,554 | 6.48 | % | |||||||||||||||||
Allowance for credit losses - loans and leases | (99,513 | ) | (100,281 | ) | (102,256 | ) | |||||||||||||||||||||||||||||
All other assets | 500,659 | 516,740 | 529,615 | ||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 9,186,765 | $ | 9,201,635 | $ | 9,030,941 | |||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||||
Interest checking | $ | 765,919 | $ | 3,262 | 1.73 | % | $ | 717,222 | $ | 3,478 | 1.93 | % | $ | 590,406 | $ | 2,429 | 1.65 | % | |||||||||||||||||
Money market accounts | 2,606,907 | 19,618 | 3.05 | % | 2,480,805 | 19,951 | 3.20 | % | 2,237,324 | 19,660 | 3.53 | % | |||||||||||||||||||||||
Savings | 484,708 | 126 | 0.11 | % | 486,262 | 130 | 0.11 | % | 531,912 | 197 | 0.15 | % | |||||||||||||||||||||||
Time deposits | 1,822,305 | 19,043 | 4.24 | % | 2,020,225 | 23,166 | 4.56 | % | 1,992,357 | 23,676 | 4.78 | % | |||||||||||||||||||||||
Total interest-bearing deposits | 5,679,839 | 42,049 | 3.00 | % | 5,704,514 | 46,725 | 3.26 | % | 5,351,999 | 45,962 | 3.45 | % | |||||||||||||||||||||||
Other borrowings | 338,141 | 1,835 | 2.20 | % | 301,959 | 1,466 | 1.93 | % | 472,644 | 3,824 | 3.25 | % | |||||||||||||||||||||||
Subordinated notes and debentures | 145,018 | 2,750 | 7.69 | % | 144,853 | 2,888 | 7.93 | % | 144,387 | 2,994 | 8.34 | % | |||||||||||||||||||||||
Total borrowings | 483,159 | 4,585 | 3.85 | % | 446,812 | 4,354 | 3.88 | % | 617,031 | 6,818 | 4.44 | % | |||||||||||||||||||||||
Total interest-bearing liabilities | $ | 6,162,998 | $ | 46,634 | 3.07 | % | $ | 6,151,326 | $ | 51,079 | 3.30 | % | $ | 5,969,030 | $ | 52,780 | 3.56 | % | |||||||||||||||||
Non-interest-bearing demand deposits | 1,730,340 | 1,777,273 | 1,874,322 | ||||||||||||||||||||||||||||||||
Other liabilities | 183,259 | 179,011 | 188,783 | ||||||||||||||||||||||||||||||||
Total stockholders’ equity | 1,110,168 | 1,094,025 | 998,806 | ||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 9,186,765 | $ | 9,201,635 | $ | 9,030,941 | |||||||||||||||||||||||||||||
Net interest spread(3) | 3.17 | % | 3.03 | % | 2.92 | % | |||||||||||||||||||||||||||||
Net interest income, fully taxable equivalent | $ | 88,444 | $ | 88,754 | $ | 85,774 | |||||||||||||||||||||||||||||
Net interest margin, fully taxable equivalent(2)(4) | 4.08 | % | 4.02 | % | 4.01 | % | |||||||||||||||||||||||||||||
Less: Tax-equivalent adjustment | 228 | 0.01 | % | 230 | 0.01 | % | 233 | 0.01 | % | ||||||||||||||||||||||||||
Net interest income | $ | 88,216 | $ | 88,524 | $ | 85,541 | |||||||||||||||||||||||||||||
Net interest margin(4) | 4.07 | % | 4.01 | % | 4.00 | % | |||||||||||||||||||||||||||||
Net loan accretion impact on margin | $ | 2,595 | 0.12 | % | $ | 2,589 | 0.12 | % | $ | 4,284 | 0.20 | % | |||||||||||||||||||||||
(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:
March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||
Originated loans and leases: | ||||||||||||||||||||||||
Commercial real estate | $ | 2,106,856 | 30.0 | % | $ | 2,071,952 | 30.0 | % | $ | 1,879,149 | 27.7 | % | ||||||||||||
Residential real estate | 528,387 | 7.5 | % | 513,422 | 7.4 | % | 488,887 | 7.2 | % | |||||||||||||||
Construction, land development, and other land | 419,892 | 6.0 | % | 429,596 | 6.2 | % | 416,996 | 6.2 | % | |||||||||||||||
Commercial and industrial | 2,629,358 | 37.4 | % | 2,509,083 | 36.3 | % | 2,420,952 | 35.7 | % | |||||||||||||||
Installment and other | 2,015 | 0.0 | % | 3,847 | 0.1 | % | 2,855 | 0.0 | % | |||||||||||||||
Leasing financing receivables | 718,666 | 10.2 | % | 715,899 | 10.4 | % | 691,617 | 10.2 | % | |||||||||||||||
Total originated loans and leases | $ | 6,405,174 | 91.1 | % | $ | 6,243,799 | 90.4 | % | $ | 5,900,456 | 87.0 | % | ||||||||||||
Purchased credit deteriorated loans: | ||||||||||||||||||||||||
Commercial real estate | $ | 78,425 | 1.1 | % | $ | 82,934 | 1.2 | % | $ | 117,460 | 1.7 | % | ||||||||||||
Residential real estate | 28,353 | 0.4 | % | 30,515 | 0.4 | % | 39,535 | 0.6 | % | |||||||||||||||
Construction, land development, and other land | — | 0.0 | % | — | 0.0 | % | 26,418 | 0.4 | % | |||||||||||||||
Commercial and industrial | 13,337 | 0.2 | % | 14,081 | 0.2 | % | 18,100 | 0.3 | % | |||||||||||||||
Installment and other | 94 | 0.0 | % | 105 | 0.0 | % | 118 | 0.0 | % | |||||||||||||||
Total purchased credit deteriorated loans | $ | 120,209 | 1.7 | % | $ | 127,635 | 1.8 | % | $ | 201,631 | 3.0 | % | ||||||||||||
Acquired non-credit-deteriorated loans and leases: | ||||||||||||||||||||||||
Commercial real estate | $ | 186,342 | 2.7 | % | $ | 199,531 | 2.9 | % | $ | 271,720 | 4.0 | % | ||||||||||||
Residential real estate | 170,656 | 2.4 | % | 182,165 | 2.6 | % | 204,589 | 3.0 | % | |||||||||||||||
Construction, land development, and other land | 61,204 | 0.9 | % | 59,673 | 0.9 | % | 85,553 | 1.3 | % | |||||||||||||||
Commercial and industrial | 82,238 | 1.2 | % | 93,969 | 1.4 | % | 113,673 | 1.7 | % | |||||||||||||||
Installment and other | 9 | 0.0 | % | 14 | 0.0 | % | 166 | 0.0 | % | |||||||||||||||
Leasing financing receivables | 5 | 0.0 | % | 36 | 0.0 | % | 426 | 0.0 | % | |||||||||||||||
Total acquired non-credit-deteriorated loans and leases | $ | 500,454 | 7.2 | % | $ | 535,388 | 7.8 | % | $ | 676,127 | 10.0 | % | ||||||||||||
Total loans and leases | $ | 7,025,837 | 100.0 | % | $ | 6,906,822 | 100.0 | % | $ | 6,778,214 | 100.0 | % | ||||||||||||
Allowance for credit losses - loans and leases | (100,420 | ) | (97,988 | ) | (102,366 | ) | ||||||||||||||||||
Total loans and leases, net of allowance for credit losses - loans and leases | $ | 6,925,417 | $ | 6,808,834 | $ | 6,675,848 | ||||||||||||||||||
The following table presents the balance and activity within the allowance for credit losses - loans and lease for the periods indicated:
Three Months Ended | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
(dollars in thousands) | 2025 | 2024 | 2024 | |||||||||
ACL - loans and leases, beginning of period | $ | 97,988 | $ | 98,860 | $ | 101,686 | ||||||
Provision for credit losses - loans and leases | 9,076 | 6,920 | 6,891 | |||||||||
Net charge-offs - loans and leases | (6,644 | ) | (7,792 | ) | (6,211 | ) | ||||||
ACL - loans and leases, end of period | $ | 100,420 | $ | 97,988 | $ | 102,366 | ||||||
Net charge-offs - loans and leases to average total loans and leases held for investment, net before ACL | 0.39 | % | 0.45 | % | 0.37 | % | ||||||
Provision for credit losses - loans and leases to net charge-offs - loans and leases during the period | 1.37 | x | 0.89 | x | 1.11 | 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:
March 31, 2025 | ||||||||||||||||||||
(dollars in thousands) | March 31, | December 31, 2024 | March 31, 2024 | December 31, | March 31, 2024 | |||||||||||||||
Non-performing assets: | ||||||||||||||||||||
Non-accrual loans and leases | $ | 53,619 | $ | 62,076 | $ | 67,899 | (13.6 | )% | (21.0 | )% | ||||||||||
Past due loans and leases 90 days or more and still accruing interest | — | — | — | —% | —% | |||||||||||||||
Total non-performing loans and leases | $ | 53,619 | $ | 62,076 | $ | 67,899 | (13.6 | )% | (21.0 | )% | ||||||||||
Other real estate owned | 6,249 | 5,170 | 785 | 20.9 | % | 695.8 | % | |||||||||||||
Total non-performing assets | $ | 59,868 | $ | 67,246 | $ | 68,684 | (11.0 | )% | (12.8 | )% | ||||||||||
Total non-performing loans and leases as a percentage of total loans and leases | 0.76 | % | 0.90 | % | 1.00 | % | ||||||||||||||
Total non-performing assets as a percentage of total assets | 0.62 | % | 0.71 | % | 0.73 | % | ||||||||||||||
Allowance for credit losses - loans and leases as a percentage of non-performing loans and leases | 187.28 | % | 157.85 | % | 150.76 | % | ||||||||||||||
Non-performing assets guaranteed by U.S. government: | ||||||||||||||||||||
Non-accrual loans guaranteed | $ | 9,424 | $ | 9,862 | $ | 7,138 | (4.4 | )% | 32.0 | % | ||||||||||
Past due loans 90 days or more and still accruing interest guaranteed | — | — | — | —% | —% | |||||||||||||||
Total non-performing loans guaranteed | $ | 9,424 | $ | 9,862 | $ | 7,138 | (4.4 | )% | 32.0 | % | ||||||||||
Total non-performing loans and leases not guaranteed as a percentage of total loans and leases | 0.63 | % | 0.76 | % | 0.90 | % | ||||||||||||||
Total non-performing assets not guaranteed as a percentage of total assets | 0.53 | % | 0.60 | % | 0.65 | % | ||||||||||||||
The following table presents the composition of deposits at the dates indicated:
March 31, 2025 | |||||||||||||||||||
Change from | |||||||||||||||||||
(dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | December 31, 2024 | March 31, 2024 | ||||||||||||||
Non-interest-bearing demand deposits | $ | 1,715,599 | $ | 1,756,098 | $ | 1,851,727 | (2.3 | )% | (7.4 | )% | |||||||||
Interest-bearing checking accounts | 840,435 | 767,835 | 687,142 | 9.5 | % | 22.3 | % | ||||||||||||
Money market demand accounts | 2,759,185 | 2,518,157 | 2,263,819 | 9.6 | % | 21.9 | % | ||||||||||||
Other savings | 483,075 | 483,650 | 524,890 | (0.1 | )% | (8.0 | )% | ||||||||||||
Time deposits (below $250,000) | 1,326,418 | 1,498,277 | 1,594,290 | (11.5 | )% | (16.8 | )% | ||||||||||||
Time deposits ($250,000 and above) | 428,596 | 434,611 | 428,334 | (1.4 | )% | 0.1 | % | ||||||||||||
Total deposits | $ | 7,553,308 | $ | 7,458,628 | $ | 7,350,202 | 1.3 | % | 2.8 | % | |||||||||
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 non-interest expense, adjusted non-interest expense excluding amortization of intangible assets, adjusted efficiency ratio, adjusted non-interest expense to average assets, tax equivalent net interest income, 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 net income, adjusted pre-tax pre-provision net income, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible common equity, tangible assets, tangible net income available to common stockholders, adjusted tangible net income available to common stockholders, 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 | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
(dollars in thousands, except per share data) | 2025 | 2024 | 2024 | |||||||||
Net income and earnings per share excluding significant items: | ||||||||||||
Reported Net Income | $ | 28,248 | $ | 30,320 | $ | 30,440 | ||||||
Significant items: | ||||||||||||
Impairment charges on ROU assets | — | — | 194 | |||||||||
Merger-related expenses | 637 | 218 | — | |||||||||
Tax benefit | (134 | ) | (1 | ) | (52 | ) | ||||||
Adjusted Net Income | $ | 28,751 | $ | 30,537 | $ | 30,582 | ||||||
Reported Diluted Earnings per Share | $ | 0.64 | $ | 0.69 | $ | 0.70 | ||||||
Significant items: | ||||||||||||
Impairment charges on ROU assets | — | — | — | |||||||||
Merger-related expenses | 0.01 | — | — | |||||||||
Tax benefit | — | — | — | |||||||||
Adjusted Diluted Earnings per Share | $ | 0.65 | $ | 0.69 | $ | 0.70 | ||||||
BYLINE BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)
As of or For the Three Months Ended | ||||||||||||
(dollars in thousands, except per share data, | March 31, | December 31, | March 31, | |||||||||
ratios annualized, where applicable) | 2025 | 2024 | 2024 | |||||||||
Adjusted non-interest expense: | ||||||||||||
Non-interest expense | $ | 56,429 | $ | 57,431 | $ | 53,809 | ||||||
Less: Impairment charges on ROU assets | — | — | 194 | |||||||||
Less: Merger-related expenses | 637 | 218 | — | |||||||||
Adjusted non-interest expense | $ | 55,792 | $ | 57,213 | $ | 53,615 | ||||||
Adjusted non-interest expense excluding amortization of intangible assets: | ||||||||||||
Adjusted non-interest expense | $ | 55,792 | $ | 57,213 | $ | 53,615 | ||||||
Less: Amortization of intangible assets | 1,118 | 1,345 | 1,345 | |||||||||
Adjusted non-interest expense excluding amortization of intangible assets | $ | 54,674 | $ | 55,868 | $ | 52,270 | ||||||
Pre-tax pre-provision net income: | ||||||||||||
Pre-tax income | $ | 37,472 | $ | 40,364 | $ | 40,562 | ||||||
Add: Provision for credit losses | 9,179 | 6,878 | 6,643 | |||||||||
Pre-tax pre-provision net income | $ | 46,651 | $ | 47,242 | $ | 47,205 | ||||||
Adjusted pre-tax pre-provision net income: | ||||||||||||
Pre-tax pre-provision net income | $ | 46,651 | $ | 47,242 | $ | 47,205 | ||||||
Add: Impairment charges on ROU assets | — | — | 194 | |||||||||
Add: Merger-related expenses | 637 | 218 | — | |||||||||
Adjusted pre-tax pre-provision net income | $ | 47,288 | $ | 47,460 | $ | 47,399 | ||||||
Tax equivalent net interest income: | ||||||||||||
Net interest income | $ | 88,216 | $ | 88,524 | $ | 85,541 | ||||||
Add: Tax-equivalent adjustment | 228 | 230 | 233 | |||||||||
Net interest income, fully taxable equivalent | $ | 88,444 | $ | 88,754 | $ | 85,774 | ||||||
Total revenue: | ||||||||||||
Net interest income | $ | 88,216 | $ | 88,524 | $ | 85,541 | ||||||
Add: Non-interest income | 14,864 | 16,149 | 15,473 | |||||||||
Total revenue | $ | 103,080 | $ | 104,673 | $ | 101,014 | ||||||
Tangible common stockholders' equity: | ||||||||||||
Total stockholders' equity | $ | 1,131,078 | $ | 1,091,497 | $ | 1,009,049 | ||||||
Less: Goodwill and other intangibles | 196,980 | 198,098 | 202,133 | |||||||||
Tangible common stockholders' equity | $ | 934,098 | $ | 893,399 | $ | 806,916 | ||||||
Tangible assets: | ||||||||||||
Total assets | $ | 9,584,732 | $ | 9,496,529 | $ | 9,410,503 | ||||||
Less: Goodwill and other intangibles | 196,980 | 198,098 | 202,133 | |||||||||
Tangible assets | $ | 9,387,752 | $ | 9,298,431 | $ | 9,208,370 | ||||||
Average tangible common stockholders' equity: | ||||||||||||
Average total stockholders' equity | $ | 1,110,168 | $ | 1,094,025 | $ | 998,806 | ||||||
Less: Average goodwill and other intangibles | 197,514 | 198,697 | 202,773 | |||||||||
Average tangible common stockholders' equity | $ | 912,654 | $ | 895,328 | $ | 796,033 | ||||||
Average tangible assets: | ||||||||||||
Average total assets | $ | 9,186,765 | $ | 9,201,635 | $ | 9,030,941 | ||||||
Less: Average goodwill and other intangibles | 197,514 | 198,697 | 202,773 | |||||||||
Average tangible assets | $ | 8,989,251 | $ | 9,002,938 | $ | 8,828,168 | ||||||
Tangible net income available to common stockholders: | ||||||||||||
Net income available to common stockholders | $ | 28,248 | $ | 30,320 | $ | 30,440 | ||||||
Add: After-tax intangible asset amortization | 826 | 1,015 | 986 | |||||||||
Tangible net income available to common stockholders | $ | 29,074 | $ | 31,335 | $ | 31,426 | ||||||
Adjusted tangible net income available to common stockholders: | ||||||||||||
Tangible net income available to common stockholders | $ | 29,074 | $ | 31,335 | $ | 31,426 | ||||||
Add: Impairment charges on ROU assets | — | — | 194 | |||||||||
Add: Merger-related expenses | 637 | 218 | — | |||||||||
Add: Tax benefit on significant items | (134 | ) | (1 | ) | (52 | ) | ||||||
Adjusted tangible net income available to common stockholders | $ | 29,577 | $ | 31,552 | $ | 31,568 | ||||||
BYLINE BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)
As of or For the Three Months Ended | ||||||||||||
(dollars in thousands, except share and per share data, | March 31, | December 31, | March 31, | |||||||||
ratios annualized, where applicable) | 2025 | 2024 | 2024 | |||||||||
Pre-tax pre-provision return on average assets: | ||||||||||||
Pre-tax pre-provision net income | $ | 46,651 | $ | 47,242 | $ | 47,205 | ||||||
Average total assets | 9,186,765 | 9,201,635 | 9,030,941 | |||||||||
Pre-tax pre-provision return on average assets | 2.06 | % | 2.04 | % | 2.10 | % | ||||||
Adjusted pre-tax pre-provision return on average assets: | ||||||||||||
Adjusted pre-tax pre-provision net income | $ | 47,288 | $ | 47,460 | $ | 47,399 | ||||||
Average total assets | 9,186,765 | 9,201,635 | 9,030,941 | |||||||||
Adjusted pre-tax pre-provision return on average assets | 2.09 | % | 2.05 | % | 2.11 | % | ||||||
Net interest margin, fully taxable equivalent: | ||||||||||||
Net interest income, fully taxable equivalent | $ | 88,444 | $ | 88,754 | $ | 85,774 | ||||||
Total average interest-earning assets | 8,785,619 | 8,785,176 | 8,603,582 | |||||||||
Net interest margin, fully taxable equivalent | 4.08 | % | 4.02 | % | 4.01 | % | ||||||
Non-interest income to total revenues: | ||||||||||||
Non-interest income | $ | 14,864 | $ | 16,149 | $ | 15,473 | ||||||
Total revenues | 103,080 | 104,673 | 101,014 | |||||||||
Non-interest income to total revenues | 14.42 | % | 15.43 | % | 15.32 | % | ||||||
Adjusted non-interest expense to average assets: | ||||||||||||
Adjusted non-interest expense | $ | 55,792 | $ | 57,213 | $ | 53,615 | ||||||
Average total assets | 9,186,765 | 9,201,635 | 9,030,941 | |||||||||
Adjusted non-interest expense to average assets | 2.46 | % | 2.47 | % | 2.39 | % | ||||||
Adjusted efficiency ratio: | ||||||||||||
Adjusted non-interest expense excluding amortization of intangible assets | $ | 54,674 | $ | 55,868 | $ | 52,270 | ||||||
Total revenues | 103,080 | 104,673 | 101,014 | |||||||||
Adjusted efficiency ratio | 53.04 | % | 53.37 | % | 51.75 | % | ||||||
Adjusted return on average assets: | ||||||||||||
Adjusted net income | $ | 28,751 | $ | 30,537 | $ | 30,582 | ||||||
Average total assets | 9,186,765 | 9,201,635 | 9,030,941 | |||||||||
Adjusted return on average assets | 1.27 | % | 1.32 | % | 1.36 | % | ||||||
Adjusted return on average stockholders' equity: | ||||||||||||
Adjusted net income | $ | 28,751 | $ | 30,537 | $ | 30,582 | ||||||
Average stockholders' equity | 1,110,168 | 1,094,025 | 998,806 | |||||||||
Adjusted return on average stockholders' equity | 10.50 | % | 11.10 | % | 12.31 | % | ||||||
Tangible common equity to tangible assets: | ||||||||||||
Tangible common equity | $ | 934,098 | $ | 893,399 | $ | 806,916 | ||||||
Tangible assets | 9,387,752 | 9,298,431 | 9,208,370 | |||||||||
Tangible common equity to tangible assets | 9.95 | % | 9.61 | % | 8.76 | % | ||||||
Return on average tangible common stockholders' equity: | ||||||||||||
Tangible net income available to common stockholders | $ | 29,074 | $ | 31,335 | $ | 31,426 | ||||||
Average tangible common stockholders' equity | 912,654 | 895,328 | 796,033 | |||||||||
Return on average tangible common stockholders' equity | 12.92 | % | 13.92 | % | 15.88 | % | ||||||
Adjusted return on average tangible common stockholders' equity: | ||||||||||||
Adjusted tangible net income available to common stockholders | $ | 29,577 | $ | 31,552 | $ | 31,568 | ||||||
Average tangible common stockholders' equity | 912,654 | 895,328 | 796,033 | |||||||||
Adjusted return on average tangible common stockholders' equity | 13.14 | % | 14.02 | % | 15.95 | % | ||||||
Tangible book value per share: | ||||||||||||
Tangible common equity | $ | 934,098 | $ | 893,399 | $ | 806,916 | ||||||
Common shares outstanding | 44,675,553 | 44,459,584 | 44,108,387 | |||||||||
Tangible book value per share | $ | 20.91 | $ | 20.09 | $ | 18.29 | ||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250424065573/en/
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Brooks Rennie
Investor Relations Director
312-660-5805
brennie@bylinebank.com
