Financial Performance - Net interest income for Q1 2024 was $85.5 million, an increase of 13.0% from $75.7 million in Q1 2023[375]. - Interest income rose by $38.3 million in Q1 2024, primarily due to growth in the loan and lease portfolio and higher yields on interest-earning assets[375]. - Interest expense increased by $28.5 million in Q1 2024, driven by growth in the deposit portfolio and higher rates on interest-bearing deposits[375]. - The net interest margin for Q1 2024 was 4.00%, a decrease of 38 basis points from 4.38% in Q1 2023, attributed to the rising rate environment[375]. - Total non-interest expense increased to $53.8 million in Q1 2024, up 10.3% from $48.8 million in Q1 2023, primarily due to higher salaries and employee benefits[379]. - The efficiency ratio improved slightly to 51.94% in Q1 2024 from 52.10% in Q1 2023, reflecting net interest income growth[379]. - The provision for income taxes increased by $1.8 million, or 22.0%, to $10.1 million in Q1 2024, with an effective tax rate of 25.0%[380]. Loan and Lease Portfolio - Net loan accretion income was $4.3 million in Q1 2024, up from $729,000 in Q1 2023, due to loans acquired in the Inland acquisition[375]. - The provision for credit losses was $6.6 million in Q1 2024, down from $9.8 million in Q1 2023, reflecting lower allocation to individually assessed loans[377]. - The provision for credit losses on loans and leases was $6.9 million in Q1 2024, compared to $9.7 million in Q1 2023, indicating a decrease of $2.8 million[377]. - Purchased credit deteriorated loans accounted for 3.0% of the total loan and lease portfolio as of March 31, 2024, down from 3.4% at December 31, 2023[372]. - The commercial and industrial loan portfolio comprised 37.7% of the total loan and lease portfolio as of March 31, 2024, compared to 36.6% at December 31, 2023[389]. Asset and Liability Management - Total assets increased to $9.03 billion as of March 31, 2024, compared to $7.35 billion at the end of 2023[373]. - Total assets rose by $528.5 million, or 6.0%, to $9.4 billion as of March 31, 2024, driven by a $410.7 million increase in cash and cash equivalents[381]. - Total liabilities increased by $509.6 million, or 6.5%, to $8.4 billion, with total deposits growing by $173.2 million, or 2.4%[381]. - Total interest-bearing deposits reached $5.35 billion in Q1 2024, with an average yield of 3.45%, compared to $3.65 billion and 1.81% in Q1 2023[373]. Revenue Streams - Fees and service charges on deposits increased to $2.4 million for Q1 2024, up from $2.1 million in Q1 2023, a rise of 14.3% driven by higher deposit balances[378]. - Loan servicing revenue remained stable at $3.4 million for both Q1 2024 and Q1 2023, with an outstanding balance of $1.7 billion in guaranteed loans serviced[378]. - Net gains on sales of loans rose to $5.5 million in Q1 2024, compared to $5.1 million in Q1 2023, reflecting a 7.5% increase attributed to higher premiums[378]. - Wealth management and trust income grew by 25.2% to $1.2 million in Q1 2024 from $924,000 in Q1 2023, with assets under administration at $654.1 million[378]. Market and Economic Outlook - The bank's net interest income (NII) is projected to decrease by 1.4% with a gradual shift downward of 100 basis points in interest rates over the next 12 months[184]. - A gradual shift upwards of 100 and 200 basis points in interest rates is expected to increase net interest income by 2.3% and 4.5%, respectively, over the next 12 months[184]. Real Estate Loans - Residential real estate loans increased to $733.0 million as of March 31, 2024, up by $13.5 million, or 1.9% from $719.5 million at December 31, 2023[388]. - The residential real estate loan portfolio represented 20.8% of total real estate loans as of March 31, 2024, compared to 20.2% as of December 31, 2023[388]. - Multifamily real estate loans amounted to $421.3 million, accounting for 36.5% of total capital as of March 31, 2024, compared to $399.3 million or 36.8% at December 31, 2023[388]. - Purchased credit deteriorated loans decreased from $254.4 million at December 31, 2023, to $244.1 million at March 31, 2024, a decline of $10.3 million, or 4.0%[388]. Goodwill and Fair Value - The bank conducts annual goodwill impairment tests, with the next scheduled for November 30[393]. - Fair value measurements are subject to management judgment, especially when market data is unavailable, impacting the valuation of financial assets and liabilities[394].

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]

Financial Data and Key Metrics Changes - Byline Bancorp reported net income of $30.4 million and EPS of $0.70 per diluted share on revenue of $101 million, with EPS increasing by $0.06 or 9.4% year-on-year [19][46] - Pretax preparation income was $47.2 million, resulting in a pretax preparation ROA of 210 basis points, marking the sixth consecutive quarter above 200 basis points [7] - Total deposits grew by $173 million or 9.7% annualized, reaching $7.4 billion at quarter end [8][23] - The net interest margin (NIM) declined by eight basis points to 4%, influenced by higher funding costs [11][47] Business Line Data and Key Metrics Changes - Total loans and leases increased by approximately $100 million or 6% annualized, totaling $6.8 billion [10][20] - Non-interest income rose to $15.5 million, up 6.7% from the previous quarter [21][51] - Credit costs were $6.6 million, including net charge-offs of $6.2 million, with asset quality remaining stable [9][53] Market Data and Key Metrics Changes - The deposit composition remained stable, with a slight migration to higher rate products [8] - The cost of deposits increased by 12 basis points, reflecting competitive pressures in the market [47] - The allowance for credit losses was $102.4 million, up 1% from the previous quarter [53] Company Strategy and Development Direction - The company aims to reduce asset sensitivity through on-balance sheet activities and balance sheet hedges [11][29] - Byline Bancorp is focused on organic growth opportunities while maintaining flexibility for potential acquisitions [85][124] - The management emphasizes a long-term orientation to create value and become the preeminent commercial bank in Chicago [18][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow the business despite a challenging rate environment [55] - The company is seeing good deal flow and healthy pipelines, indicating optimism for future growth [55] - Management acknowledged the competitive landscape but noted that they are gaining market share from larger banks [34][60] Other Important Information - The company announced the consolidation of two branches, expected to yield annual cost savings of approximately $1.1 million starting in Q3 [52] - Capital levels remain strong, with a CET1 ratio of 10.6% and TCE to TA ratio of 8.8% [28][48] Q&A Session Summary Question: Deposit competition in Chicago - Management noted that competition has slightly lowered rates, allowing them to gain market share from larger banks [34] Question: Lending appetite and competition - Management indicated that competition remains strong, particularly from larger regional banks, but they continue to have an appetite for lending [35] Question: Trends in credit quality for SBA loans - Management acknowledged concerns about the SBA portfolio but expressed confidence in their monitoring and management practices [72][74] Question: Capital deployment priorities - Management stated that supporting organic growth is the top priority, followed by M&A opportunities and share repurchases [85]

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 ...