☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______to ______ Commission File Number 001-38139 | --- | --- | --- | |--------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------- ...

CHICAGO, April 29, 2024 (GLOBE NEWSWIRE) -- Byline Bank, the #1 SBA lender in Illinois and a top 5 SBA lender nationwide for fiscal year 2023, is joining the U.S. Small Business Administration in celebration of Small Business Week (April 28-May 4, 2024) by recognizing entrepreneurial borrowers who have fulfilled their aspirations of small business ownership thanks to tailored financing solutions from Byline. Every weekday between April 29 and May 3, Byline Bank will highlight a small business owner—both in ...

Financial Performance - Net income was $3044 million[92], with diluted earnings per share of $070[92] - Revenue reached $1010 million, up 11% year-over-year[56] - Net interest income was $855 million, a 13% increase year-over-year[56] - The company's stockholders' equity exceeded $10 billion[38,56] Balance Sheet Strength - Total loans and leases reached $68 billion, a 60% annualized increase from the previous quarter[50] - Total deposits amounted to $74 billion, reflecting a 97% annualized growth from the previous quarter[51] - The loan-to-deposit ratio stood at 925%[56] - The company has $20 billion of available borrowing capacity[26] Asset Quality - Cumulative Loan Beta was 43%[4] - Non-interest expense was $538 million in 1Q24[17] - The efficiency ratio was 5194%[19]

Byline Bancorp, Inc. (NYSE:BY) Q1 2024 Earnings Conference Call April 26, 2024 10:00 AM ET Company Participants Brooks Rennie - Head of Investor Relations Alberto Paracchini - President Roberto Herencia - Chairman & Chief Executive Officer Tom Bell - Chief Financial Officer Mark Fucinato - Chief Credit Officer Conference Call Participants David Long - Raymond James Terry McEvoy - Stephens Inc. Nathan Race - Piper Sandler Damon DelMonte - KBW Brian Martin - Janney Montgomery Scott Operator Good morning, and ...

For the quarter ended March 2024, Byline Bancorp (BY) reported revenue of $101.01 million, up 11.2% over the same period last year. EPS came in at $0.70, compared to $0.65 in the year-ago quarter.The reported revenue represents a surprise of +3.76% over the Zacks Consensus Estimate of $97.35 million. With the consensus EPS estimate being $0.63, the EPS surprise was +11.11%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Byline Bancorp (BY) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.11%. A quarter ago, it was expected that this bank holding company would post earnings of $0.67 per share when it actually produced earnings of $0.73, delivering a surprise of 8.96%.Over the last four quarters, the ...

[First Quarter 2024 Financial Highlights](index=1&type=section&id=Byline%20Bancorp%2C%20Inc.%20Reports%20First%20Quarter%202024%20Financial%20Results) Byline Bancorp reported strong Q1 2024 financial results, achieving **$30.4 million** net income, **$0.70** diluted EPS, and surpassing key asset and equity milestones [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Byline Bancorp achieved strong Q1 2024 financial and operational performance, marked by **$30.4 million** net income, **$0.70** diluted EPS, and significant balance sheet growth Q1 2024 Key Financial Results | Metric | 1Q24 | 4Q23 | 1Q23 | | :--- | :--- | :--- | :--- | | Net Income | $30.4M | $29.6M | $23.9M | | Diluted EPS | $0.70 | $0.68 | $0.64 | | Total Revenue | $101.0M | $100.8M | $90.9M | | Pre-tax Pre-provision Net Income (PTPP) | $47.2M | $47.2M | $42.1M | Q1 2024 Key Balance Sheet Metrics | Metric | 1Q24 | 4Q23 | 1Q23 | | :--- | :--- | :--- | :--- | | Total Assets | $9.4B | $8.9B | $7.5B | | Total Loans and Leases | $6.8B | $6.7B | $5.5B | | Total Deposits | $7.4B | $7.2B | $5.8B | | Stockholders' Equity | $1.0B | $990.2M | $795.7M | Q1 2024 Key Ratios | Ratio | 1Q24 | 4Q23 | 1Q23 | | :--- | :--- | :--- | :--- | | Net Interest Margin (NIM) | 4.00% | 4.08% | 4.38% | | Efficiency Ratio | 51.94% | 51.63% | 52.10% | | Return on Average Assets (ROAA) | 1.36% | 1.34% | 1.32% | | Tangible Common Equity to Tangible Assets (TCE/TA) | 8.76% | 9.06% | 8.66% | [Management Commentary](index=1&type=section&id=CEO%2FPresident%20Commentary) Executive leadership expressed satisfaction with Q1 performance, highlighting robust financial results, strategic execution, and optimism for future franchise value enhancement - Executive Chairman and CEO Roberto R. Herencia emphasized the company's strong execution, noting that total assets surpassed **$9.0 billion** and stockholders' equity exceeded **$1.0 billion**[3](index=3&type=chunk) - President Alberto J. Paracchini described the start to 2024 as solid, with robust earnings and profitability, good growth in loans and deposits, stable credit quality, and well-managed expenses[3](index=3&type=chunk)[30](index=30&type=chunk) [Detailed Financial Performance](index=2&type=section&id=STATEMENTS%20OF%20OPERATIONS%20HIGHLIGHTS) This section provides a comprehensive analysis of Byline Bancorp's Q1 2024 operational performance and key income statement components [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income for Q1 2024 was **$85.5 million**, decreasing **0.9%** due to higher deposit interest expense, with NIM compressing by **8 basis points** to **4.01%** Net Interest Income and Margin | Metric | 1Q24 | 4Q23 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $85.5M | $86.3M | -0.9% | | Tax-equivalent NIM | 4.01% | 4.09% | -8 bps | | Average Cost of Total Deposits | 2.56% | 2.42% | +14 bps | - The decrease in net interest income was mainly due to a **$2.7 million** increase in deposit interest expense and a **$773,000** increase in other borrowing interest expense[5](index=5&type=chunk) - Net loan accretion income contributed **20 basis points** to the NIM, down from **24 basis points** in the prior quarter[5](index=5&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) The provision for credit losses decreased to **$6.6 million** in Q1 2024, primarily due to a smaller allocation for individually assessed loans Provision for Credit Losses Comparison | Period | Provision for Credit Losses (USD) | | :--- | :--- | | 1Q24 | $6.6 million | | 4Q23 | $7.2 million | | 1Q23 | $9.8 million | - The Q1 2024 provision consisted of **$6.9 million** for loan and lease losses and a **$248,000** recapture for unfunded commitments[10](index=10&type=chunk) [Non-interest Income](index=2&type=section&id=Non-interest%20Income) Non-interest income increased **6.7%** to **$15.5 million** in Q1 2024, driven by derivatives, equipment sales, and favorable loan servicing asset valuation Non-interest Income Comparison | Period | Non-interest Income (USD) | | :--- | :--- | | 1Q24 | $15.5 million | | 4Q23 | $14.5 million | | 1Q23 | $15.1 million | - Key drivers for the quarterly increase included a **$1.0 million** rise in other non-interest income and a **$531,000** decrease in the downward valuation of the loan servicing asset[31](index=31&type=chunk) - The company sold **$72.5 million** of U.S. government guaranteed loans during the quarter, compared to **$89.1 million** in Q4 2023[31](index=31&type=chunk) [Non-interest Expense](index=2&type=section&id=Non-interest%20Expense) Non-interest expense marginally increased **0.4%** to **$53.8 million** in Q1 2024, primarily due to higher salaries offset by reduced impairment charges Non-interest Expense and Efficiency Ratio | Metric | 1Q24 | 4Q23 | Change | | :--- | :--- | :--- | :--- | | Non-interest Expense | $53.8M | $53.6M | +0.4% | | Efficiency Ratio | 51.94% | 51.63% | +31 bps | - The increase was driven by a **$2.0 million** rise in salaries and benefits (due to annual payroll tax resets), offset by a **$2.0 million** decrease in impairment charges on assets held for sale[32](index=32&type=chunk) - The quarter included **$1.1 million** of charges related to branch consolidations[32](index=32&type=chunk) [Income Taxes](index=3&type=section&id=Income%20Taxes) Income tax expense for Q1 2024 was **$10.1 million**, with an effective tax rate of **25.0%**, a slight decrease from the prior quarter Income Tax Expense and Effective Rate | Metric | 1Q24 | 4Q23 | | :--- | :--- | :--- | | Income Tax Expense | $10.1M | $10.4M | | Effective Tax Rate | 25.0% | 25.9% | [Balance Sheet Analysis](index=4&type=section&id=STATEMENTS%20OF%20FINANCIAL%20CONDITION%20HIGHLIGHTS) This section provides a comprehensive analysis of Byline Bancorp's Q1 2024 balance sheet, detailing assets, liabilities, and equity components [Assets and Credit Quality](index=4&type=section&id=Assets%20and%20Credit%20Quality) Total assets grew **6.0%** to **$9.4 billion** driven by cash, while credit quality remained stable with net charge-offs decreasing to **$6.2 million** - Total assets increased by **$528.5 million** to **$9.4 billion** as of March 31, 2024, mainly from a **$410.7 million** increase in cash and cash equivalents[13](index=13&type=chunk) Credit Quality Metrics (Q1 2024 vs Q4 2023) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Charge-offs (annualized) | 0.37% | 0.73% | | Non-performing Assets | $68.7M | $65.3M | | NPA / Total Assets | 0.73% | 0.74% | | ACL / Total Loans | 1.51% | 1.52% | - The decrease in net charge-offs was primarily due to lower charge-offs in the commercial and industrial and commercial real estate loan portfolios[14](index=14&type=chunk) [Deposits and Other Liabilities](index=4&type=section&id=Deposits%20and%20Other%20Liabilities) Total deposits grew by **$173.2 million** to **$7.4 billion**, driven by time deposits and commercial interest-bearing checking accounts, with borrowings increasing by **$336.4 million** - Total deposits increased to **$7.4 billion**, with time deposits growing by **$137.7 million** and interest-bearing demand deposits increasing by **$109.5 million**[15](index=15&type=chunk) - Total borrowings increased to **$1.1 billion**, primarily driven by a **$200.0 million** advance under the Bank Term Funding Program and increased Federal Home Loan Bank advances[15](index=15&type=chunk) [Stockholders' Equity](index=4&type=section&id=Stockholders%27%20Equity) Total stockholders' equity increased by **$18.9 million** to surpass **$1.0 billion**, primarily due to retained earnings, with tangible book value per share rising to **$18.29** - Total stockholders' equity grew to **$1.0 billion** at March 31, 2024, an increase of **$18.9 million** from the prior quarter-end, primarily due to increased retained earnings[16](index=16&type=chunk) Key Equity Metrics | Metric | 1Q24 (USD) | 4Q23 (USD) | 1Q23 (USD) | | :--- | :--- | :--- | :--- | | Total Stockholders' Equity | $1.0B | $990.2M | $795.7M | | Tangible Book Value per Share | $18.29 | $17.98 | $16.92 | [Shareholder Information](index=2&type=section&id=Shareholder%20Information) This section provides key information for shareholders, including dividend declarations and details for the upcoming earnings conference call [Dividend Declaration](index=2&type=section&id=Board%20Declares%20Cash%20Dividend%20of%20%240.09%20per%20Share) The Board of Directors declared a quarterly cash dividend of **$0.09 per share**, payable on May 21, 2024 - A cash dividend of **$0.09 per share** was declared on April 23, 2024[4](index=4&type=chunk) - The dividend is payable on May 21, 2024, to stockholders of record as of May 7, 2024[4](index=4&type=chunk) [Conference Call and Webcast](index=5&type=section&id=Conference%20Call%2C%20Webcast%20and%20Slide%20Presentation) Byline Bancorp will host a conference call and webcast on Friday, April 26, 2024, at 9:00 a.m. Central Time, to discuss Q1 2024 results - The company will host a conference call and webcast on Friday, April 26, 2024, at 9:00 a.m. Central Time[36](index=36&type=chunk) [Financial Tables and Reconciliations](index=6&type=section&id=Financial%20Tables%20and%20Reconciliations) This section presents comprehensive financial tables, including consolidated statements, selected data, average balance sheets, portfolio compositions, credit quality, and non-GAAP reconciliations [Consolidated Statements of Financial Condition](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20FINANCIAL%20CONDITION) This section presents detailed unaudited consolidated balance sheets for Byline Bancorp, Inc., providing a comprehensive breakdown of assets, liabilities, and stockholders' equity - Provides detailed line items for the company's balance sheet, including cash, securities, loans, deposits, borrowings, and equity components[20](index=20&type=chunk)[39](index=39&type=chunk) [Consolidated Statements of Operations](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section contains detailed unaudited consolidated statements of operations, outlining components of revenue, expenses, and net income for comparative periods - Presents detailed line items for the company's income statement, including interest and dividend income, interest expense, provision for credit losses, non-interest income and expense, and earnings per share[21](index=21&type=chunk)[40](index=40&type=chunk) [Selected Financial Data and Ratios](index=8&type=section&id=SELECTED%20FINANCIAL%20DATA%20AND%20RATIOS) This table summarizes key per-share data, performance metrics, asset quality ratios, and capital ratios for comparative quarters, offering a quick reference for financial health - Summarizes key performance indicators such as earnings per share, book value, net interest margin, efficiency ratio, returns on assets and equity, and regulatory capital ratios[41](index=41&type=chunk) [Average Balance Sheet and Net Interest Margin Analysis](index=9&type=section&id=QUARTER-TO-DATE%20STATEMENT%20OF%20AVERAGE%20INTEREST-EARNING%20ASSETS%20AND%20AVERAGE%20INTERESTBEARING%20LIABILITIES) This section analyzes the company's average balance sheet, detailing interest-earning assets and interest-bearing liabilities, including yields, rates, and net interest margin calculation - Details the average balances, interest income/expense, and average yields/rates for various asset and liability categories, supporting the calculation of the **4.01%** fully taxable equivalent net interest margin for Q1 2024[42](index=42&type=chunk)[23](index=23&type=chunk) [Loan and Deposit Portfolio Composition](index=10&type=section&id=SELECTED%20BALANCE%20SHEET%20TABLES%20AND%20FINANCIAL%20RATIOS) These tables detail the company's loan and lease portfolio composition by type and the breakdown of total deposits by account type, offering a granular balance sheet view - The loan portfolio of **$6.8 billion** as of March 31, 2024, was composed of **87.0%** originated loans, **3.0%** purchased credit deteriorated loans, and **10.0%** acquired non-credit-deteriorated loans[43](index=43&type=chunk) - Total deposits of **$7.4 billion** were primarily composed of money market demand accounts (**30.8%**), non-interest-bearing demand deposits (**25.2%**), and time deposits (**27.5%**)[45](index=45&type=chunk) [Credit Quality Tables](index=10&type=section&id=Credit%20Quality%20Tables) This section provides detailed tables on the company's credit quality, including Allowance for Credit Losses (ACL) roll-forward and non-performing asset breakdown - The ACL for loans and leases increased from **$101.7 million** at the beginning of the period to **$102.4 million** at the end, after a **$6.9 million** provision and **$6.2 million** in net charge-offs[43](index=43&type=chunk) - Total non-performing assets stood at **$68.7 million** as of March 31, 2024, an increase of **5.2%** from the prior quarter, primarily due to migration within the government guaranteed loan portfolio[25](index=25&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=12&type=section&id=RECONCILIATION%20OF%20NON-GAAP%20FINANCIAL%20MEASURES) This section provides detailed reconciliations of non-GAAP financial measures, including adjusted net income, tangible book value, and adjusted efficiency ratio, to their most directly comparable GAAP counterparts - Reconciles reported Q1 2024 net income of **$30.4 million** to adjusted net income of **$30.6 million** after accounting for impairment charges[52](index=52&type=chunk) - Provides the calculation of tangible common equity (**$806.9 million**) and tangible assets (**$9.2 billion**) by excluding goodwill and other intangibles from the respective GAAP measures[53](index=53&type=chunk) - Details the calculation of key non-GAAP performance ratios, including the adjusted efficiency ratio (**51.75%**) and the return on average tangible common stockholders' equity (**15.88%**)[54](index=54&type=chunk)

CHICAGO, March 19, 2024 (GLOBE NEWSWIRE) -- Byline Bank's Commercial Real Estate Group (BCREG) has closed on $12 million in financing for the construction of a 99,825-sq-ft retail building in Maryville, Tennessee, fully leased to the membership-only warehouse retailer BJ's Wholesale Club, Inc. The borrower is an affiliate of the New York-based developer Time Equities, Inc. This loan, the seventh transaction Byline has financed for Time Equities and its affiliates, is enabling the full revitalization of a on ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|---------------------------|------------|--------------|-------|---------------------------|------------|------------| | Available-for-sale | | December \nAmortized Cost | 31, 2023 | \nFair Value | | December \nAmortized Cost | 31, 2022 | Fair Value | | U.S. Treasury Notes | $ | 116,398 | $ | 115,434 | $ | 42,430 | $ | 40,723 | | U.S. Government agencies | | 147,062 | | 130,69 ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Ducommun (DCO) manufactures components and assemblies principally for domestic and foreign commercial and military aircraft and space programs. The Zacks Consensus Estimate for its current year earnings has been revised 9.8% downward over the last 60 days.Byline Bancorp (BY) operates as a bank holding company serving small- and medium-sized businesses, financial sponsors and consumers. The Zacks Consensus Estimate for its current year ...