Byline Bancorp(BY) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter net income was $30.3 million, with diluted earnings per share of $0.69, while full year net income reached $120.8 million, or $2.75 diluted earnings per share[1]. - Net interest income for Q4 2024 was $88.5 million, an increase of $1.1 million, or 1.2%, from Q3 2024, and full year net interest income was $348.0 million, up $17.4 million, or 5.3% from 2023[4][7]. - Non-interest income for Q4 2024 was $16.1 million, an increase of $1.8 million, or 12.3%, compared to Q3 2024, and full year non-interest income was $58.9 million, up $2.5 million, or 4.5% from 2023[13][15]. - Total revenue for Q4 2024 reached $104,673, compared to $101,840 in Q3 2024 and $100,788 in Q4 2023, reflecting a growth of approximately 2.7% quarter-over-quarter and 3.7% year-over-year[60]. - Adjusted net income for the quarter was $30,537 thousand, compared to $31,827 thousand in the same quarter last year, representing a decrease of 4.1%[59]. - Adjusted net income for the year ended December 31, 2024, was $121,497,000, compared to $116,799,000 for the year ended December 31, 2023[61]. Asset and Liability Management - Total assets increased to $9.5 billion, an increase of $614.6 million, or 6.9% year-over-year[1]. - Total assets as of December 31, 2024, were $9,496,529, compared to $9,424,316 as of September 30, 2024, and $8,881,967 as of December 31, 2023[60]. - Total deposits decreased by $39.3 million to $7.5 billion compared to the previous quarter, but increased by $281.6 million from $7.2 billion year-over-year[32]. - Total stockholders' equity was $1.1 billion, a decrease of $4.8 million from the previous quarter but an increase of $101.3 million or 10.2% from the previous year[34]. - Total borrowings and other liabilities increased to $946.4 million, up $231.6 million from $714.8 million a year earlier, driven by higher FHLB advances[33]. Credit Quality - Provision for credit losses for Q4 2024 was $6.9 million, a decrease of $597,000 from Q3 2024, and full year provision was $27.0 million, down $4.6 million from 2023[10][11]. - The allowance for credit losses (ACL) was $98.0 million, a decrease of $3.7 million from $101.7 million as of December 31, 2023, attributed to lower provisions and higher charge-offs[27]. - Net charge-offs for the year were $32.0 million, or 0.47% of average loans and leases, an increase from $23.1 million or 0.38% the previous year[29]. - Non-performing assets decreased to $67.2 million, or 0.71% of total assets, down from $71.0 million or 0.75% at the end of the previous quarter[30]. - Non-performing loans and leases decreased to 0.90% in Q4 2024 from 1.02% in Q3 2024[48]. Efficiency and Ratios - The efficiency ratio for Q4 2024 was 53.58%, an increase of 156 basis points from Q3 2024, while the full year efficiency ratio was 52.45%, a decrease of 17 basis points from 2023[18][20]. - Return on average stockholders' equity for Q4 2024 was 11.03%, down from 11.39% in Q3 2024[48]. - Common equity tier 1 capital ratio improved to 11.70% in Q4 2024, compared to 11.35% in Q3 2024[48]. - Total capital ratio for Q4 2024 was 14.74%, up from 14.41% in Q3 2024[48]. - Adjusted efficiency ratio for Q4 2024 was 53.37%, compared to 48.64% in Q4 2023, showing a decline in efficiency[61]. Dividends and Shareholder Returns - The company declared a cash dividend of $0.10 per share, representing an 11.1% increase from the previous dividend of $0.09 per share[3]. - Cash dividends per common share remained stable at $0.09 for both Q4 2024 and Q3 2024[48]. - Basic earnings per share for the year ended December 31, 2024, was $2.78, an increase from $2.69 in 2023, representing a growth of 3.4%[46]. - Diluted earnings per common share for the year ended December 31, 2024, increased to $2.75 from $2.67 in 2023[48]. - Tangible book value per share increased to $20.09 in Q4 2024 from $17.98 in Q4 2023, reflecting a growth of 6.2%[61]. Strategic Initiatives - The company is advancing its strategy with a pending acquisition of First Security Bancorp, Inc., aiming to strengthen its franchise and create lasting value for stockholders[1].