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Byline Bancorp, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results

Select Fourth Quarter 2022 Financial Highlights

  • Net income of $24.4 million, or $0.65 per diluted share
  • Net interest margin of 4.39%; up 36 bps from the previous quarter
  • Pre-tax pre-provision return on average assets of 2.05%
  • Return on average assets of 1.33%; Return on tangible common equity of 17.21%1
  • Efficiency ratio of 55.53%
  • Total loans and leases increased $160.0 million
  • Total deposits increased $82.7 million to $5.7 billion
  • Common Equity Tier 1 to risk weighted assets of 10.20%

Select Full Year 2022 Financial Highlights

  • Net income of $88.0 million, or $2.34 per diluted share
  • Pre-tax pre-provision return on average assets of 1.97%
  • Return on average assets 1.25%; Return on tangible common equity 15.15%1
  • Efficiency ratio of 54.99%
  • Adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) as of January 1, 20222

(1) Represents non-GAAP financial measures. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

(2) The previously reported 2022 quarterly financial statements have been recast to reflect the adoption of CECL.

Byline Bancorp, Inc. ("Byline", the “Company”, "we", "our", or "us") (NYSE: BY), the parent company of Byline Bank (the “Bank”), today reported net income of $24.4 million, or $0.65 per diluted share, for the fourth quarter of 2022 compared with net income of $20.4 million, or $0.55 per diluted share, for the third quarter of 2022, and net income of $17.2 million, or $0.45 per diluted share, for the fourth quarter 2021.

Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., commented, “Byline executed its strategy well throughout the year and our focus on customers allowed us to experience solid loan and deposit growth despite a slowing economic environment. We remain committed to executing our strategy of disciplined organic growth in loans and deposits in order to drive higher profitability. We believe our pending acquisition of Inland Bancorp, Inc. will further enhance our position into other attractive Chicago metropolitan markets, provide an important source of stable, low-cost deposits, and further enhance the value of the Byline franchise. I want to thank the Byline employees, who enabled our strong performance for their dedication and hard work.”

Alberto J. Paracchini, President of Byline Bancorp, Inc. added, “We reported strong results in the fourth quarter and ended 2022 on a good note as we delivered positive operating leverage as a result of increased revenues of 4% while continuing to invest in our businesses. Our results were driven by growth in net interest income supported by loan and deposit growth and the benefit of rising interest rates. Our business units performed well during the quarter, and we have good momentum in our areas of strategic focus. As we enter 2023, we remain committed to delivering on our purpose to support new and existing customers, executing our strategy, and growing the value of our franchise.”

Company Adopts ASU 2016-13 Financial Instruments - Credit Losses (Topic 326)

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) on the recognition of credit losses, otherwise known as the current expected credit loss standard, or "CECL", which replaces the incurred loss impairment methodology with a methodology that reflects current expected credit losses. As an emerging growth company, we elected to delay the adoption of the standard in accordance with ASU No. 2019-10, Effective Dates, which delayed the effective date of the ASU for entities not classified as Public Business Entities. The Company’s EGC status expired during 2022, requiring CECL adoption be reflected in our December 31, 2022 financial statements and Form 10-K.

The Company adopted CECL on December 31, 2022, and has applied it retroactively to the period beginning January 1, 2022 using the modified retrospective method of accounting. Adoption of CECL includes both a $10.1 million retroactive equity adjustment to January 1, 2022 (Day 1) and a $1.7 million fourth quarter adjustment to earnings (net of tax) to account for the difference in provision for credit losses between CECL and the incurred loss methodology for the first three quarters of 2022. Results for reporting periods beginning after September 30, 2022 are presented under the new standard, while prior quarters previously reported are "Recast" as if the new standard had been applied since January 1, 2022. Refer to Appendix A for recast prior quarter financial information as a result of the adoption of the new standard. Ongoing impacts of the CECL methodology will be dependent upon changes in economic conditions and forecasts, originated and acquired loan portfolio composition, credit performance trends, portfolio duration, and other factors.

Board Declares Cash Dividend of $0.09 per Share

On January 24, 2023, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on February 21, 2023, to stockholders of record of the Company's common stock as of February 7, 2023.

Board Authorizes New Stock Repurchase Program

On December 7, 2022, the Company's Board of Directors approved a new stock repurchase program that authorizes the Company to purchase up to 1.25 million shares of the Company's outstanding common stock. The new program is effective January 1, 2023 until December 31, 2023. Under the previous stock repurchase program that expired on December 31, 2022, Byline repurchased 2,139,262 shares of the 2.5 million total shares authorized for repurchase, including 689,068 shares during 2022. The Company did not repurchase any shares during the fourth quarter of 2022.

STATEMENTS OF OPERATIONS

Net Interest Income

The following table presents the average interest-earning assets and average interest-bearing liabilities for the periods indicated. Net interest income and margin are adjusted to reflect tax-exempt interest income on a tax-equivalent basis using tax rates effective as of the end of the period:

 

For the Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

Recast

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

September 30, 2022

 

 

December 31, 2021

 

(dollars in thousands)

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Avg.

Yield /

Rate

 

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Avg.

Yield /

Rate

 

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Avg.

Yield /

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

89,368

 

 

$

234

 

 

 

1.04

%

 

$

77,522

 

 

$

210

 

 

 

1.08

%

 

$

106,170

 

 

$

42

 

 

 

0.16

%

Loans and leases(1)

 

5,389,210

 

 

 

85,720

 

 

 

6.31

%

 

 

5,217,779

 

 

$

72,634

 

 

 

5.52

%

 

 

4,610,608

 

 

 

58,570

 

 

 

5.04

%

Taxable securities

 

1,288,750

 

 

 

7,043

 

 

 

2.17

%

 

 

1,306,024

 

 

$

5,963

 

 

 

1.81

%

 

 

1,288,969

 

 

 

5,111

 

 

 

1.57

%

Tax-exempt securities(2)

 

155,562

 

 

 

1,021

 

 

 

2.60

%

 

 

162,591

 

 

$

1,083

 

 

 

2.64

%

 

 

184,015

 

 

 

1,217

 

 

 

2.62

%

Total interest-earning assets

$

6,922,890

 

 

$

94,018

 

 

 

5.39

%

 

$

6,763,916

 

 

$

79,890

 

 

 

4.69

%

 

$

6,189,762

 

 

$

64,940

 

 

 

4.16

%

Allowance for credit losses -

loans and leases

 

(81,815

)

 

 

 

 

 

 

 

 

(74,383

)

 

 

 

 

 

 

 

 

(59,144

)

 

 

 

 

 

 

All other assets

 

424,978

 

 

 

 

 

 

 

 

 

447,939

 

 

 

 

 

 

 

 

 

568,451

 

 

 

 

 

 

 

TOTAL ASSETS

$

7,266,053

 

 

 

 

 

 

 

 

$

7,137,472

 

 

 

 

 

 

 

 

$

6,699,069

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

$

596,627

 

 

$

1,902

 

 

 

1.27

%

 

$

583,777

 

 

$

1,077

 

 

 

0.73

%

 

$

659,841

 

 

$

236

 

 

 

0.14

%

Money market accounts

 

1,472,050

 

 

 

5,458

 

 

 

1.47

%

 

 

1,391,923

 

 

 

3,358

 

 

 

0.96

%

 

 

1,089,398

 

 

 

345

 

 

 

0.13

%

Savings

 

647,536

 

 

 

243

 

 

 

0.15

%

 

 

673,966

 

 

 

247

 

 

 

0.15

%

 

 

633,469

 

 

 

75

 

 

 

0.05

%

Time deposits

 

788,856

 

 

 

3,007

 

 

 

1.51

%

 

 

687,124

 

 

 

1,289

 

 

 

0.74

%

 

 

688,154

 

 

 

381

 

 

 

0.22

%

Total interest-bearing

deposits

 

3,505,069

 

 

 

10,610

 

 

 

1.20

%

 

 

3,336,790

 

 

 

5,971

 

 

 

0.71

%

 

 

3,070,862

 

 

 

1,037

 

 

 

0.13

%

Other borrowings

 

514,517

 

 

 

4,598

 

 

 

3.55

%

 

 

607,471

 

 

 

3,232

 

 

 

2.11

%

 

 

385,787

 

 

 

330

 

 

 

0.34

%

Subordinated notes and

debentures

 

110,947

 

 

 

1,992

 

 

 

7.12

%

 

 

110,799

 

 

 

1,825

 

 

 

6.54

%

 

 

110,341

 

 

 

1,589

 

 

 

5.71

%

Total borrowings

 

625,464

 

 

 

6,590

 

 

 

4.18

%

 

 

718,270

 

 

 

5,057

 

 

 

2.79

%

 

 

496,128

 

 

 

1,919

 

 

 

1.53

%

Total interest-bearing liabilities

$

4,130,533

 

 

$

17,200

 

 

 

1.65

%

 

$

4,055,060

 

 

$

11,028

 

 

 

1.08

%

 

$

3,566,990

 

 

$

2,956

 

 

 

0.33

%

Non-interest-bearing

demand deposits

 

2,235,464

 

 

 

 

 

 

 

 

 

2,198,095

 

 

 

 

 

 

 

 

 

2,222,583

 

 

 

 

 

 

 

Other liabilities

 

151,764

 

 

 

 

 

 

 

 

 

118,496

 

 

 

 

 

 

 

 

 

70,521

 

 

 

 

 

 

 

Total stockholders’ equity

 

748,292

 

 

 

 

 

 

 

 

 

765,821

 

 

 

 

 

 

 

 

 

838,975

 

 

 

 

 

 

 

TOTAL LIABILITIES AND

STOCKHOLDERS’ EQUITY

$

7,266,053

 

 

 

 

 

 

 

 

$

7,137,472

 

 

 

 

 

 

 

 

$

6,699,069

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

3.74

%

 

 

 

 

 

 

 

 

3.61

%

 

 

 

 

 

 

 

 

3.83

%

Net interest income, fully

taxable equivalent

 

 

 

$

76,818

 

 

 

 

 

 

 

 

$

68,862

 

 

 

 

 

 

 

 

$

61,984

 

 

 

 

Net interest margin, fully

taxable equivalent(2)(4)

 

 

 

 

 

 

 

4.40

%

 

 

 

 

 

 

 

 

4.04

%

 

 

 

 

 

 

 

 

3.97

%

Less: Tax-equivalent adjustment

 

 

 

 

214

 

 

 

0.01

%

 

 

 

 

 

227

 

 

 

0.01

%

 

 

 

 

 

256

 

 

 

0.01

%

Net interest income

 

 

 

$

76,604

 

 

 

 

 

 

 

 

$

68,635

 

 

 

 

 

 

 

 

$

61,728

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

4.39

%

 

 

 

 

 

 

 

 

4.03

%

 

 

 

 

 

 

 

 

3.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact

on margin

 

 

 

$

369

 

 

 

0.02

%

 

 

 

 

$

1,371

 

 

 

0.08

%

 

 

 

 

$

1,450

 

 

 

0.09

%

(1)

Loan and lease balances are net of deferred origination fees and costs and initial indirect 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.

The following table presents net interest income for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Three Months Ended

 

 

Change from

 

 

 

 

 

 

Recast

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(dollars in thousands)

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

85,720

 

 

$

72,635

 

 

$

58,570

 

 

 

18.0

%

 

 

46.4

%

Interest on securities

 

 

6,569

 

 

 

6,402

 

 

 

5,619

 

 

 

2.6

%

 

 

16.9

%

Other interest and dividend income

 

 

1,515

 

 

 

626

 

 

 

495

 

 

 

141.9

%

 

 

206.3

%

Total interest and dividend income

 

 

93,804

 

 

 

79,663

 

 

 

64,684

 

 

 

17.7

%

 

 

45.0

%

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

10,610

 

 

 

5,971

 

 

 

1,037

 

 

 

77.7

%

 

 

922.7

%

Other borrowings

 

 

4,598

 

 

 

3,232

 

 

 

330

 

 

 

42.2

%

 

 

1296.1

%

Subordinated notes and debentures

 

 

1,992

 

 

 

1,825

 

 

 

1,589

 

 

 

9.1

%

 

 

25.4

%

Total interest expense

 

 

17,200

 

 

 

11,028

 

 

 

2,956

 

 

 

56.0

%

 

 

481.9

%

Net interest income

 

$

76,604

 

 

$

68,635

 

 

$

61,728

 

 

 

11.6

%

 

 

24.1

%

Net interest income for the fourth quarter of 2022 was $76.6 million, an increase of $8.0 million, or 11.6%, from the third quarter of 2022, driven mainly by the rising interest rate environment.

The increase in net interest income was primarily due to:

  • An increase of $13.1 million in interest income and fees on loans and leases due to higher yields and growth in the originated loan and lease portfolio.

Partially offset by:

  • An increase of $4.6 million in deposit interest expense mainly due to higher rates paid on deposits; and
  • An increase of $1.4 million in interest expense on other borrowings due to increases in rates paid on FHLB advances.

Tax-equivalent net interest margin for the fourth quarter of 2022 was 4.40%, an increase of 36 basis points compared to the third quarter of 2022. Total net accretion income on acquired loans contributed two basis points to the net interest margin for the fourth quarter of 2022 compared to eight basis points for the third quarter of 2022, an increase of six basis points.

The average cost of total deposits was 0.73% for the fourth quarter of 2022, an increase of 30 basis points compared to the third quarter of 2022. Average non-interest-bearing demand deposits were 38.9% of average total deposits for the fourth quarter of 2022 compared to 39.7% during the third quarter of 2022.

Provision for Credit Losses

The provision for credit losses was $5.8 million for the fourth quarter of 2022, a decrease of $1.4 million compared to $7.2 million for the third quarter of 2022. Provision for credit losses is comprised of provision for loan and lease losses of $5.4 million and provision for unfunded commitments of $426,000. The decrease in provision during the fourth quarter of 2022 was primarily driven by changes to expected losses in the conventional loan portfolio.

Non-interest Income

The following table presents the components of non-interest income for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Three Months Ended

 

 

Change from

 

 

 

 

 

 

Recast

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(dollars in thousands)

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

$

2,081

 

 

$

2,128

 

 

$

1,955

 

 

 

(2.2

)%

 

 

6.4

%

Loan servicing revenue

 

 

3,293

 

 

 

3,422

 

 

 

3,392

 

 

 

(3.8

)%

 

 

(2.9

)%

Loan servicing asset revaluation

 

 

(3,534

)

 

 

(2,342

)

 

 

(2,510

)

 

 

50.8

%

 

 

40.8

%

ATM and interchange fees

 

 

1,250

 

 

 

1,007

 

 

 

1,219

 

 

 

24.1

%

 

 

2.5

%

Net realized gains (losses) on securities available-for-sale

 

 

 

 

 

(2

)

 

 

(21

)

 

NM

 

 

NM

 

Change in fair value of equity securities, net

 

 

710

 

 

 

(581

)

 

 

(98

)

 

NM

 

 

NM

 

Net gains on sales of loans

 

 

5,509

 

 

 

5,580

 

 

 

12,924

 

 

 

(1.3

)%

 

 

(57.4

)%

Wealth management and trust income

 

 

864

 

 

 

995

 

 

 

764

 

 

 

(13.3

)%

 

 

13.1

%

Other non-interest income

 

 

1,282

 

 

 

1,836

 

 

 

1,389

 

 

 

(30.1

)%

 

 

(7.6

)%

Total non-interest income

 

$

11,455

 

 

$

12,043

 

 

$

19,014

 

 

 

(4.9

)%

 

 

(39.8

)%

Non-interest income for the fourth quarter of 2022 was $11.5 million, a decrease of $588,000 or 4.9%, compared to $12.0 million for the third quarter of 2022.

The decrease in total non-interest income was primarily due to:

  • An increase of $1.2 million in the downward valuation adjustment to the loan servicing asset, due to unfavorable fair value adjustments due to changes in the discount rates.

Partially offset by:

  • An increase of $1.3 million in the change in fair value of equity securities, due to changes in the market value of securities.

During the fourth quarter of 2022, we sold $86.0 million of U.S. government guaranteed loans compared to $75.4 million during the third quarter of 2022.

Non-interest Expense

The following table presents the components of non-interest expense for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Three Months Ended

 

 

Change from

 

 

 

 

 

 

Recast

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(dollars in thousands)

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

31,808

 

 

$

29,587

 

 

$

28,850

 

 

 

7.5

%

 

 

10.3

%

Occupancy and equipment expense, net

 

 

3,532

 

 

 

3,919

 

 

 

4,995

 

 

 

(9.9

)%

 

 

(29.3

)%

Impairment charge on assets held for sale

 

 

372

 

 

 

 

 

 

8,351

 

 

NM

 

 

NM

 

Loan and lease related expenses

 

 

1,126

 

 

 

530

 

 

 

2,328

 

 

 

111.9

%

 

 

(51.7

)%

Legal, audit and other professional fees

 

 

3,204

 

 

 

2,733

 

 

 

2,376

 

 

 

17.3

%

 

 

34.9

%

Data processing

 

 

3,406

 

 

 

3,370

 

 

 

3,070

 

 

 

1.1

%

 

 

11.0

%

Net loss recognized on other real estate

owned and other related expenses

 

 

221

 

 

 

275

 

 

 

26

 

 

 

(19.8

)%

 

NM

 

Other intangible assets amortization expense

 

 

1,596

 

 

 

1,611

 

 

 

1,738

 

 

 

(0.9

)%

 

 

(8.1

)%

Other non-interest expense

 

 

5,235

 

 

 

4,016

 

 

 

7,356

 

 

 

30.3

%

 

 

(28.9

)%

Total non-interest expense

 

$

50,500

 

 

$

46,041

 

 

$

59,090

 

 

 

9.7

%

 

 

(14.4

)%

Non-interest expense for the fourth quarter of 2022 was $50.5 million, an increase of $4.5 million, or 9.7%, from $46.0 million for the third quarter of 2022.

The increase in total non-interest expense was primarily due to:

  • An increase of $2.2 million in salaries and employee benefits mainly is due to increased incentive compensation and lower loan deferral costs due to lower originations during the quarter; and
  • An increase of $1.2 million in other non-interest expense, which includes an increase in net losses of $480,000 in leasehold improvements, and increases in general expenses; and
  • An increase of $596,000 in loan and lease related expenses mainly due to higher expenses associated with government guaranteed loans; and
  • An increase of $471,000 in legal, audit and other professional fees primarily related to acquisition activities.

Partially offset by:

  • A decrease of $387,000 in occupancy and equipment expense, net, mainly due to lower real estate tax expenses.

Our efficiency ratio was 55.53% for the fourth quarter of 2022 compared to 55.07% for the third quarter of 2022.

INCOME TAXES

We recorded income tax expense of $7.4 million during the fourth quarter of 2022, compared to $7.0 million during the third quarter of 2022. The effective tax rate was 23.2% and 25.6% for the fourth quarter of 2022 and third quarter of 2022, respectively. The decrease in the effective tax rate is primarily due to a decrease in the state income tax rate.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $7.4 billion at December 31, 2022, an increase of $95.7 million compared to $7.3 billion at September 30, 2022.

The current quarter increase was primarily due to:

  • An increase in net loans and leases of $143.9 million primarily due to growth in the loan and lease portfolio.

Partially offset by:

  • A decrease in securities available-for-sale of $7.2 million primarily due to changes in market conditions.

The following table shows our allocation of the originated, acquired impaired, and acquired non-impaired loans and leases at the dates indicated:

 

 

 

 

 

 

 

 

Recast

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

September 30, 2022

 

 

December 31, 2021

 

(dollars in thousands)

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

Originated loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,712,152

 

 

 

31.6

%

 

$

1,659,218

 

 

 

31.5

%

 

$

1,379,000

 

 

 

30.4

%

Residential real estate

 

 

426,226

 

 

 

7.9

%

 

 

409,926

 

 

 

7.8

%

 

 

379,796

 

 

 

8.4

%

Construction, land development, and

other land

 

 

438,617

 

 

 

8.1

%

 

 

456,276

 

 

 

8.6

%

 

 

323,886

 

 

 

7.1

%

Commercial and industrial

 

 

2,029,855

 

 

 

37.5

%

 

 

1,938,714

 

 

 

36.8

%

 

 

1,534,745

 

 

 

33.8

%

Paycheck Protection Program

 

 

761

 

 

 

0.0

%

 

 

1,522

 

 

 

0.0

%

 

 

123,712

 

 

 

2.7

%

Installment and other

 

 

1,410

 

 

 

0.0

%

 

 

999

 

 

 

0.0

%

 

 

940

 

 

 

0.0

%

Leasing financing receivables

 

 

521,689

 

 

 

9.6

%

 

 

492,744

 

 

 

9.3

%

 

 

352,247

 

 

 

7.8

%

Total originated loans and leases

 

$

5,130,710

 

 

 

94.7

%

 

$

4,959,399

 

 

 

94.0

%

 

$

4,094,326

 

 

 

90.2

%

Acquired impaired loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

45,143

 

 

 

0.8

%

 

$

49,649

 

 

 

0.9

%

 

$

72,160

 

 

 

1.6

%

Residential real estate

 

 

32,228

 

 

 

0.6

%

 

 

35,309

 

 

 

0.7

%

 

 

49,401

 

 

 

1.1

%

Construction, land development, and

other land

 

 

372

 

 

 

0.0

%

 

 

1,131

 

 

 

0.0

%

 

 

1,312

 

 

 

0.0

%

Commercial and industrial

 

 

2,192

 

 

 

0.0

%

 

 

2,345

 

 

 

0.1

%

 

 

4,014

 

 

 

0.1

%

Installment and other

 

 

140

 

 

 

0.0

%

 

 

149

 

 

 

0.0

%

 

 

164

 

 

 

0.0

%

Total acquired impaired loans

 

$

80,075

 

 

 

1.4

%

 

$

88,583

 

 

 

1.7

%

 

$

127,051

 

 

 

2.8

%

Acquired non-impaired loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

152,193

 

 

 

2.8

%

 

$

159,928

 

 

 

3.0

%

 

$

214,588

 

 

 

4.7

%

Residential real estate

 

 

31,508

 

 

 

0.6

%

 

 

36,480

 

 

 

0.7

%

 

 

51,317

 

 

 

1.1

%

Construction, land development, and

other land

 

 

 

 

 

0.0

%

 

 

187

 

 

 

0.0

%

 

 

201

 

 

 

0.1

%

Commercial and industrial

 

 

24,266

 

 

 

0.5

%

 

 

27,249

 

 

 

0.5

%

 

 

43,202

 

 

 

1.0

%

Installment and other

 

 

209

 

 

 

0.0

%

 

 

216

 

 

 

0.0

%

 

 

264

 

 

 

0.0

%

Leasing financing receivables

 

 

2,297

 

 

 

0.0

%

 

 

3,084

 

 

 

0.1

%

 

 

6,179

 

 

 

0.1

%

Total acquired non-impaired loans

and leases

 

$

210,473

 

 

 

3.9

%

 

$

227,144

 

 

 

4.3

%

 

$

315,751

 

 

 

7.0

%

Total loans and leases

 

$

5,421,258

 

 

 

100.0

%

 

$

5,275,126

 

 

 

100.0

%

 

$

4,537,128

 

 

 

100.0

%

Allowance for credit losses - loans and leases

 

 

(81,924

)

 

 

 

 

 

(79,704

)

 

 

 

 

 

(55,012

)

 

 

 

Total loans and leases, net of allowance for

credit losses - loans and leases

 

$

5,339,334

 

 

 

 

 

$

5,195,422

 

 

 

 

 

$

4,482,116

 

 

 

 

ASSET QUALITY

Non-Performing Assets

The following table sets forth the amounts of non-performing loans and leases (excluding acquired impaired), other real estate owned, and accruing troubled debt restructured loans at the dates indicated:

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

Recast

 

 

 

 

 

Change from

 

(dollars in thousands)

 

December 31,

2022

 

 

September 30,

2022

 

 

December 31,

2021

 

 

September 30,

2022

 

 

December 31,

2021

 

Non-performing assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans and leases

 

$

36,027

 

 

$

41,942

 

 

$

23,130

 

 

 

(14.1

)%

 

 

55.8

%

Past due loans and leases 90 days or more

and still accruing interest

 

 

 

 

 

 

 

 

 

 

—%

 

 

—%

 

Total non-performing loans and leases

 

$

36,027

 

 

$

41,942

 

 

$

23,130

 

 

 

(14.1

)%

 

 

55.8

%

Other real estate owned

 

 

4,717

 

 

 

4,402

 

 

 

2,112

 

 

 

7.2

%

 

 

123.3

%

Total non-performing assets

 

$

40,744

 

 

$

46,344

 

 

$

25,242

 

 

 

(12.1

)%

 

 

61.4

%

Accruing troubled debt restructured loans (1)

 

$

719

 

 

$

1,113

 

 

$

1,927

 

 

 

(35.4

)%

 

 

(62.7

)%

Total non-performing loans and leases as a

percentage of total loans and leases

 

 

0.66

%

 

 

0.80

%

 

 

0.51

%

 

 

 

 

 

 

Total non-performing assets as a percentage

of total assets

 

 

0.55

%

 

 

0.64

%

 

 

0.38

%

 

 

 

 

 

 

Allowance for credit losses - loans and lease

as a percentage of non-performing

loans and leases

 

 

227.40

%

 

 

190.03

%

 

 

237.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets guaranteed by

U.S. government:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans guaranteed

 

$

2,225

 

 

$

1,676

 

 

$

3,270

 

 

 

32.8

%

 

 

(32.0

)%

Past due loans 90 days or more and still

accruing interest guaranteed

 

 

 

 

 

 

 

 

 

 

—%

 

 

—%

 

Total non-performing loans guaranteed

 

$

2,225

 

 

$

1,676

 

 

$

3,270

 

 

 

32.8

%

 

 

(32.0

)%

Accruing troubled debt restructured loans

guaranteed (1)

 

$

 

 

$

 

 

$

 

 

—%

 

 

—%

 

Total non-performing loans and leases

not guaranteed as a percentage of total

loans and leases

 

 

0.62

%

 

 

0.76

%

 

 

0.44

%

 

 

 

 

 

 

Total non-performing assets not guaranteed

as a percentage of total assets

 

 

0.52

%

 

 

0.61

%

 

 

0.33

%

 

 

 

 

 

 

(1)

Accruing troubled debt restructured loans are not included in total non-performing loans and leases or in non-performing assets.

Variances in non-performing assets were:

  • Non-performing loans and leases were $36.0 million at December 31, 2022, a decrease of $5.9 million from $41.9 million at September 30, 2022, primarily due to charge-offs of loans previously reserved for.
  • Other real estate owned was $4.7 million at December 31, 2022, an increase of $315,000 from $4.4 million at September 30, 2022, primarily due to the transfer of one property.

Allowance for Credit Losses ("ACL") - Loans and Leases

The following table presents the balance and activity within the allowance for credit losses - loans and leases for the periods indicated:

 

 

Three Months Ended

 

 

 

 

 

 

Recast

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(dollars in thousands)

 

2022

 

 

2022

 

 

2021

 

ACL - loans and leases, beginning of period

 

$

79,704

 

 

$

74,048

 

 

$

60,598

 

Provision/(recapture) for credit losses - loans and leases

 

 

5,399

 

 

 

7,447

 

 

 

(1,415

)

Net charge-offs

 

 

(3,179

)

 

 

(1,791

)

 

 

(4,171

)

ACL - loans and leases, end of period

 

$

81,924

 

 

$

79,704

 

 

$

55,012

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average total loans

and leases held for investment,

net before ACL

 

 

0.23

%

 

 

0.14

%

 

 

0.36

%

Provision/(recapture) for credit losses

to net charge-offs during the period

 

 

1.70

x

 

 

4.16

x

 

(0.34)x

 

Net charge-offs of loans and leases during the fourth quarter of 2022 were $3.2 million, or 0.23% of average loans and leases, on an annualized basis, an increase of $1.4 million compared to $1.8 million, or 0.14% of average loans and leases, during the third quarter of 2022, and a decrease of $1.1 million from $4.3 million or 0.36% of average loans and leases from the comparable period a year ago.

Net charge-offs for the fourth quarter of 2022 included $1.3 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the third quarter of 2022 and fourth quarter of 2021 included $1.9 million and $1.5 million, respectively, in the unguaranteed portion of U.S. government guaranteed loans.

Deposits and Other Liabilities

The following table presents the composition of deposits at the dates indicated:

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Change from

 

(dollars in thousands)

December 31, 2022

 

 

September 30, 2022

 

 

December 31, 2021

 

 

September 30, 2022

 

 

December 31, 2021

 

Non-interest-bearing demand deposits

$

2,138,645

 

 

$

2,142,183

 

 

$

2,158,420

 

 

 

(0.2

)%

 

 

(0.9

)%

Interest-bearing checking accounts

 

592,098

 

 

 

616,139

 

 

 

572,426

 

 

 

(3.9

)%

 

 

3.4

%

Money market demand accounts

 

1,415,653

 

 

 

1,485,815

 

 

 

1,106,272

 

 

 

(4.7

)%

 

 

28.0

%

Other savings

 

625,798

 

 

 

669,734

 

 

 

638,218

 

 

 

(6.6

)%

 

 

(1.9

)%

Time deposits (below $250,000)

 

762,250

 

 

 

586,198

 

 

 

532,589

 

 

 

30.0

%

 

 

43.1

%

Time deposits ($250,000 and above)

 

160,677

 

 

 

112,387

 

 

 

147,122

 

 

 

43.0

%

 

 

9.2

%

Total deposits

$

5,695,121

 

 

$

5,612,456

 

 

$

5,155,047

 

 

 

1.5

%

 

 

10.5

%

Total deposits increased to $5.7 billion at December 31, 2022 compared to $5.6 billion at September 30, 2022. Non-interest-bearing deposits were 37.6% and 38.2% of total deposits at December 31, 2022 and September 30, 2022, respectively.

The increase in deposits in the current quarter was due to:

  • An increase in time deposits of $224.3 million, primarily due to promotional certificates of deposit.

Partially offset by:

  • A decrease in money market demand accounts of $70.2 million, due to seasonal commercial outflows.

Total borrowings and other liabilities were $902.0 million at December 31, 2022, a decrease of $17.0 million from $919.0 million at September 30, 2022, primarily driven by decreases in Federal Home Loan Bank advances.

Stockholders’ Equity

Total stockholders’ equity was $765.8 million at December 31, 2022, an increase of $30.0 million from $735.8 million at September 30, 2022. The increase was primarily due to net income and a decrease in accumulated other comprehensive loss.

The following table presents actual regulatory capital dollar amounts and ratios of the Company and Byline Bank as of December 31, 2022:

 

 

Actual

 

 

Minimum Capital

Required

 

 

Required to be

Considered

Well Capitalized

 

December 31, 2022

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

Total capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

900,806

 

 

 

13.00

%

 

$

554,436

 

 

 

8.00

%

 

N/A

 

 

N/A

 

Bank

 

 

852,047

 

 

 

12.34

%

 

 

552,507

 

 

 

8.00

%

 

$

690,633

 

 

 

10.00

%

Tier 1 capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

751,887

 

 

 

10.85

%

 

$

415,827

 

 

 

6.00

%

 

N/A

 

 

N/A

 

Bank

 

 

778,128

 

 

 

11.27

%

 

 

414,380

 

 

 

6.00

%

 

$

552,507

 

 

 

8.00

%

Common Equity Tier 1 (CET1) to

risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

706,887

 

 

 

10.20

%

 

$

311,870

 

 

 

4.50

%

 

N/A

 

 

N/A

 

Bank

 

 

778,128

 

 

 

11.27

%

 

 

310,785

 

 

 

4.50

%

 

$

448,912

 

 

 

6.50

%

Tier 1 capital to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

751,887

 

 

 

10.29

%

 

$

292,258

 

 

 

4.00

%

 

N/A

 

 

N/A

 

Bank

 

 

778,128

 

 

 

10.67

%

 

$

291,741

 

 

 

4.00

%

 

$

364,676

 

 

 

5.00

%

Capital ratios for the period presented are based on the Basel III regulatory capital framework as applied to our current business and operations, and are subject to, among other things, completion and filing of our regulatory reports and ongoing regulatory review and implementation guidance. The ratios above reflect the Company’s election to opt into the regulators’ joint CECL transition provision, which allows the Company to phase in the capital impact of the adoption of CECL over the next three years beginning January 1, 2022. Accordingly, capital ratios as of December 31, 2022 reflect 25% of the CECL impact.

Conference Call, Webcast and Slide Presentation

We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, January 27, 2023 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 (844) 200-6205; passcode 608025. A recorded replay can be accessed through February 10, 2023 by dialing (866) 813-9403; passcode: 817934.

A slide presentation relating to our fourth quarter 2022 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 $7.3 billion in assets and operates more than 30 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail 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, 2021. 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)

 

 

 

 

 

 

Recast

 

 

Recast

 

 

Recast

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

(dollars in thousands)

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

62,274

 

 

$

56,546

 

 

$

58,844

 

 

$

48,015

 

 

$

35,247

 

Interest bearing deposits with other banks

 

 

117,079

 

 

 

159,744

 

 

 

83,057

 

 

 

105,564

 

 

 

122,684

 

Cash and cash equivalents

 

 

179,353

 

 

 

216,290

 

 

 

141,901

 

 

 

153,579

 

 

 

157,931

 

Equity and other securities, at fair value

 

 

7,989

 

 

 

7,279

 

 

 

7,860

 

 

 

10,677

 

 

 

10,578

 

Securities available-for-sale, at fair value

 

 

1,174,431

 

 

 

1,181,654

 

 

 

1,273,138

 

 

 

1,369,368

 

 

 

1,454,542

 

Securities held-to-maturity, at amortized cost

 

 

2,705

 

 

 

3,877

 

 

 

3,880

 

 

 

3,882

 

 

 

3,885

 

Restricted stock, at cost

 

 

28,202

 

 

 

27,077

 

 

 

30,002

 

 

 

13,977

 

 

 

22,002

 

Loans held for sale

 

 

47,823

 

 

 

33,975

 

 

 

17,284

 

 

 

39,520

 

 

 

64,460

 

Loans and leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

 

5,421,258

 

 

 

5,275,126

 

 

 

5,167,716

 

 

 

4,787,607

 

 

 

4,537,128

 

Allowance for credit losses - loans and leases

 

 

(81,924

)

 

 

(79,704

)

 

 

(74,048

)

 

 

(72,107

)

 

 

(55,012

)

Net loans and leases

 

 

5,339,334

 

 

 

5,195,422

 

 

 

5,093,668

 

 

 

4,715,500

 

 

 

4,482,116

 

Servicing assets, at fair value

 

 

19,172

 

 

 

21,127

 

 

 

22,155

 

 

 

24,497

 

 

 

23,744

 

Premises and equipment, net

 

 

56,798

 

 

 

59,049

 

 

 

60,773

 

 

 

62,281

 

 

 

62,548

 

Other real estate owned, net

 

 

4,717

 

 

 

4,402

 

 

 

4,749

 

 

 

2,221

 

 

 

2,112

 

Goodwill and other intangible assets, net

 

 

158,887

 

 

 

160,484

 

 

 

162,094

 

 

 

163,962

 

 

 

165,558

 

Bank-owned life insurance

 

 

82,093

 

 

 

81,592

 

 

 

81,100

 

 

 

80,604

 

 

 

80,039

 

Deferred tax assets, net

 

 

68,213

 

 

 

95,831

 

 

 

82,412

 

 

 

71,355

 

 

 

50,329

 

Accrued interest receivable and other assets

 

 

193,224

 

 

 

179,218

 

 

 

143,014

 

 

 

114,035

 

 

 

116,328

 

Total assets

 

$

7,362,941

 

 

$

7,267,277

 

 

$

7,124,030

 

 

$

6,825,458

 

 

$

6,696,172

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

2,138,645

 

 

$

2,142,183

 

 

$

2,180,927

 

 

$

2,281,612

 

 

$

2,158,420

 

Interest-bearing deposits

 

 

3,556,476

 

 

 

3,470,273

 

 

 

3,207,450

 

 

 

3,248,490

 

 

 

2,996,627

 

Total deposits

 

 

5,695,121

 

 

 

5,612,456

 

 

 

5,388,377

 

 

 

5,530,102

 

 

 

5,155,047

 

Other borrowings

 

 

640,399

 

 

 

653,954

 

 

 

748,092

 

 

 

311,450

 

 

 

519,723

 

Subordinated notes, net

 

 

73,691

 

 

 

73,648

 

 

 

73,604

 

 

 

73,560

 

 

 

73,517

 

Junior subordinated debentures issued to

capital trusts, net

 

 

37,338

 

 

 

37,232

 

 

 

37,123

 

 

 

37,011

 

 

 

36,906

 

Accrued expenses and other liabilities

 

 

150,576

 

 

 

154,182

 

 

 

121,185

 

 

 

95,675

 

 

 

74,597

 

Total liabilities

 

 

6,597,125

 

 

 

6,531,472

 

 

 

6,368,381

 

 

 

6,047,798

 

 

 

5,859,790

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,438

 

Common stock

 

 

389

 

 

 

389

 

 

 

388

 

 

 

388

 

 

 

387

 

Additional paid-in capital

 

 

598,297

 

 

 

597,049

 

 

 

595,938

 

 

 

595,006

 

 

 

593,753

 

Retained earnings

 

 

335,794

 

 

 

314,800

 

 

 

297,766

 

 

 

279,386

 

 

 

271,676

 

Treasury stock

 

 

(51,114

)

 

 

(51,535

)

 

 

(47,181

)

 

 

(40,732

)

 

 

(31,570

)

Accumulated other comprehensive loss, net of tax

 

 

(117,550

)

 

 

(124,898

)

 

 

(91,262

)

 

 

(56,388

)

 

 

(8,302

)

Total stockholders’ equity

 

 

765,816

 

 

 

735,805

 

 

 

755,649

 

 

 

777,660

 

 

 

836,382

 

Total liabilities and stockholders’ equity

 

$

7,362,941

 

 

$

7,267,277

 

 

$

7,124,030

 

 

$

6,825,458

 

 

$

6,696,172

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

 

 

 

Recast

 

 

Recast

 

 

Recast

 

 

 

 

 

 

 

 

 

 

(dollars in thousands,

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

except per share data)

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

85,720

 

 

$

72,635

 

 

$

59,919

 

 

$

55,138

 

 

$

58,570

 

 

$

273,412

 

 

$

222,993

 

Interest on securities

 

 

6,569

 

 

 

6,402

 

 

 

6,264

 

 

 

6,155

 

 

 

5,619

 

 

 

25,390

 

 

 

23,601

 

Other interest and dividend income

 

 

1,515

 

 

 

626

 

 

 

496

 

 

 

120

 

 

 

495

 

 

 

2,757

 

 

 

2,332

 

Total interest and dividend income

 

 

93,804

 

 

 

79,663

 

 

 

66,679

 

 

 

61,413

 

 

 

64,684

 

 

 

301,559

 

 

 

248,926

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

10,610

 

 

 

5,971

 

 

 

2,128

 

 

 

1,087

 

 

 

1,037

 

 

 

19,796

 

 

 

4,502

 

Other borrowings

 

 

4,598

 

 

 

3,232

 

 

 

1,097

 

 

 

395

 

 

 

330

 

 

 

9,322

 

 

 

1,663

 

Subordinated notes and debentures

 

 

1,992

 

 

 

1,825

 

 

 

1,694

 

 

 

1,600

 

 

 

1,589

 

 

 

7,111

 

 

 

6,374

 

Total interest expense

 

 

17,200

 

 

 

11,028

 

 

 

4,919

 

 

 

3,082

 

 

 

2,956

 

 

 

36,229

 

 

 

12,539

 

Net interest income

 

 

76,604

 

 

 

68,635

 

 

 

61,760

 

 

 

58,331

 

 

 

61,728

 

 

 

265,330

 

 

 

236,387

 

PROVISION/(RECAPTURE) FOR CREDIT LOSSES

 

 

5,826

 

 

 

7,208

 

 

 

4,286

 

 

 

6,559

 

 

 

(1,415

)

 

 

23,879

 

 

 

973

 

Net interest income after

provision/(recapture) for

credit losses

 

 

70,778

 

 

 

61,427

 

 

 

57,474

 

 

 

51,772

 

 

 

63,143

 

 

 

241,451

 

 

 

235,414

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

2,081

 

 

 

2,128

 

 

 

2,059

 

 

 

1,884

 

 

 

1,955

 

 

 

8,152

 

 

 

7,254

 

Loan servicing revenue

 

 

3,293

 

 

 

3,422

 

 

 

3,384

 

 

 

3,380

 

 

 

3,392

 

 

 

13,479

 

 

 

12,693

 

Loan servicing asset revaluation

 

 

(3,534

)

 

 

(2,342

)

 

 

(4,636

)

 

 

(1,231

)

 

 

(2,510

)

 

 

(11,743

)

 

 

(6,658

)

ATM and interchange fees

 

 

1,250

 

 

 

1,007

 

 

 

1,131

 

 

 

1,049

 

 

 

1,219

 

 

 

4,437

 

 

 

4,476

 

Net realized gains (losses) on securities

available-for-sale

 

 

 

 

 

(2

)

 

 

52

 

 

 

 

 

 

(21

)

 

 

50

 

 

 

1,435

 

Change in fair value of equity

securities, net

 

 

710

 

 

 

(581

)

 

 

(697

)

 

 

(35

)

 

 

(98

)

 

 

(603

)

 

 

(62

)

Net gains on sales of loans

 

 

5,509

 

 

 

5,580

 

 

 

9,983

 

 

 

10,827

 

 

 

12,924

 

 

 

31,899

 

 

 

46,274

 

Wealth management and trust income

 

 

864

 

 

 

995

 

 

 

900

 

 

 

1,048

 

 

 

764

 

 

 

3,807

 

 

 

3,069

 

Other non-interest income

 

 

1,282

 

 

 

1,836

 

 

 

2,097

 

 

 

2,621

 

 

 

1,389

 

 

 

7,836

 

 

 

5,772

 

Total non-interest income

 

 

11,455

 

 

 

12,043

 

 

 

14,273

 

 

 

19,543

 

 

 

19,014

 

 

 

57,314

 

 

 

74,253

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

��

 

 

 

 

Salaries and employee benefits

 

 

31,808

 

 

 

29,587

 

 

 

27,697

 

 

 

28,959

 

 

 

28,850

 

 

 

118,051

 

 

 

101,222

 

Occupancy and equipment expense,

net

 

 

3,532

 

 

 

3,919

 

 

 

4,409

 

 

 

5,128

 

 

 

4,995

 

 

 

16,988

 

 

 

20,612

 

Impairment charge on assets

held for sale

 

 

372

 

 

 

 

 

 

 

 

 

 

 

 

8,351

 

 

 

372

 

 

 

12,332

 

Loan and lease related expenses

 

 

1,126

 

 

 

530

 

 

 

942

 

 

 

(891

)

 

 

2,328

 

 

 

1,707

 

 

 

5,957

 

Legal, audit, and other

professional fees

 

 

3,204

 

 

 

2,733

 

 

 

1,820

 

 

 

2,600

 

 

 

2,376

 

 

 

10,357

 

 

 

10,198

 

Data processing

 

 

3,406

 

 

 

3,370

 

 

 

3,396

 

 

 

3,186

 

 

 

3,070

 

 

 

13,358

 

 

 

11,780

 

Net loss recognized on other real

estate owned and other related

expenses

 

 

221

 

 

 

275

 

 

 

158

 

 

 

54

 

 

 

26

 

 

 

708

 

 

 

1,078

 

Other intangible assets amortization

expense

 

 

1,596

 

 

 

1,611

 

 

 

1,868

 

 

 

1,596

 

 

 

1,738

 

 

 

6,671

 

 

 

7,073

 

Other non-interest expense

 

 

5,235

 

 

 

4,016

 

 

 

3,295

 

 

 

3,324

 

 

 

7,356

 

 

 

15,870

 

 

 

15,203

 

Total non-interest expense

 

 

50,500

 

 

 

46,041

 

 

 

43,585

 

 

 

43,956

 

 

 

59,090

 

 

 

184,082

 

 

 

185,455

 

INCOME BEFORE PROVISION FOR

INCOME TAXES

 

 

31,733

 

 

 

27,429

 

 

 

28,162

 

 

 

27,359

 

 

 

23,067

 

 

 

114,683

 

 

 

124,212

 

PROVISION FOR INCOME TAXES

 

 

7,366

 

 

 

7,020

 

 

 

6,382

 

 

 

5,961

 

 

 

5,878

 

 

 

26,729

 

 

 

31,427

 

NET INCOME

 

 

24,367

 

 

 

20,409

 

 

 

21,780

 

 

 

21,398

 

 

 

17,189

 

 

 

87,954

 

 

 

92,785

 

Dividends on preferred shares

 

 

 

 

 

 

 

 

 

 

 

196

 

 

 

196

 

 

 

196

 

 

 

783

 

INCOME AVAILABLE TO COMMON

STOCKHOLDERS

 

$

24,367

 

 

$

20,409

 

 

$

21,780

 

 

$

21,202

 

 

$

16,993

 

 

$

87,758

 

 

$

92,002

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.66

 

 

$

0.55

 

 

$

0.59

 

 

$

0.57

 

 

$

0.46

 

 

$

2.37

 

 

$

2.45

 

Diluted

 

$

0.65

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

 

$

0.45

 

 

$

2.34

 

 

$

2.40

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

 

 

As of or For the Three Months Ended

 

 

As of or For the Twelve Months Ended

 

 

 

 

 

Recast

 

 

Recast

 

 

Recast

 

 

 

 

 

 

 

 

 

 

(dollars in thousands, except share

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

and per share data)

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.66

 

 

$

0.55

 

 

$

0.59

 

 

$

0.57

 

 

$

0.46

 

 

$

2.37

 

 

$

2.45

 

Diluted earnings per common share

$

0.65

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

 

$

0.45

 

 

$

2.34

 

 

$

2.40

 

Adjusted diluted earnings per

common share(1)(2)(3)(4)

$

0.67

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

 

$

0.69

 

 

$

2.36

 

 

$

2.71

 

Weighted average common shares

outstanding (basic)

 

36,856,221

 

 

 

36,851,973

 

 

 

37,064,795

 

 

 

37,123,161

 

 

 

37,124,176

 

 

 

36,972,972

 

 

 

37,609,723

 

Weighted average common shares

outstanding (diluted)

 

37,360,113

 

 

 

37,371,159

 

 

 

37,612,268

 

 

 

38,042,822

 

 

 

37,999,401

 

 

 

37,476,120

 

 

 

38,369,067

 

Common shares outstanding

 

37,492,775

 

 

 

37,465,902

 

 

 

37,669,102

 

 

 

37,811,582

 

 

 

37,713,903

 

 

 

37,492,775

 

 

 

37,713,903

 

Cash dividends per common share

$

0.09

 

 

$

0.09

 

 

$

0.09

 

 

$

0.09

 

 

$

0.09

 

 

$

0.36

 

 

$

0.30

 

Dividend payout ratio on

common stock

 

13.85

%

 

 

16.36

%

 

 

15.52

%

 

 

16.07

%

 

 

20.00

%

 

 

15.38

%

 

 

12.50

%

Tangible book value per

common share(1)

$

16.19

 

 

$

15.36

 

 

$

15.76

 

 

$

16.23

 

 

$

17.51

 

 

$

16.19

 

 

$

17.51

 

Key Ratios and Performance Metrics

(annualized where applicable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin, fully taxable

equivalent (1)(5)

 

4.40

%

 

 

4.04

%

 

 

3.78

%

 

 

3.80

%

 

 

3.97

%

 

 

4.01

%

 

 

3.86

%

Average cost of deposits

 

0.73

%

 

 

0.43

%

 

 

0.16

%

 

 

0.08

%

 

 

0.08

%

 

 

0.36

%

 

 

0.09

%

Efficiency ratio(2)

 

55.53

%

 

 

55.07

%

 

 

54.87

%

 

 

54.40

%

 

 

71.03

%

 

 

54.99

%

 

 

57.42

%

Adjusted efficiency ratio(1)(2)(3)

 

54.50

%

 

 

55.07

%

 

 

54.87

%

 

 

54.40

%

 

 

55.61

%

 

 

54.70

%

 

 

52.14

%

Non-interest income to total

revenues(1)

 

13.01

%

 

 

14.93

%

 

 

18.77

%

 

 

25.09

%

 

 

23.55

%

 

 

17.76

%

 

 

23.90

%

Non-interest expense to average assets

 

2.76

%

 

 

2.56

%

 

 

2.51

%

 

 

2.66

%

 

 

3.50

%

 

 

2.62

%

 

 

2.79

%

Adjusted non-interest expense to

average assets(1)(3)

 

2.71

%

 

 

2.56

%

 

 

2.51

%

 

 

2.66

%

 

 

2.76

%

 

 

2.61

%

 

 

2.54

%

Return on average stockholders' equity

 

12.92

%

 

 

10.57

%

 

 

11.35

%

 

 

10.56

%

 

 

8.13

%

 

 

11.33

%

 

 

11.31

%

Adjusted return on average

stockholders' equity(1)(3)(4)

 

13.34

%

 

 

10.57

%

 

 

11.35

%

 

 

10.56

%

 

 

12.42

%

 

 

11.43

%

 

 

12.77

%

Return on average assets

 

1.33

%

 

 

1.13

%

 

 

1.25

%

 

 

1.30

%

 

 

1.02

%

 

 

1.25

%

 

 

1.40

%

Adjusted return on average assets(1)(3)(4)

 

1.37

%

 

 

1.13

%

 

 

1.25

%

 

 

1.30

%

 

 

1.56

%

 

 

1.26

%

 

 

1.58

%

Pre-tax pre-provision return on

average assets(1)

 

2.05

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

 

 

1.28

%

 

 

1.97

%

 

 

1.88

%

Adjusted pre-tax pre-provision return

on average assets(1)(3)

 

2.10

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

 

 

2.02

%

 

 

1.99

%

 

 

2.13

%

Return on average tangible common

stockholders' equity(1)

 

17.21

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

 

 

10.94

%

 

 

15.15

%

 

 

15.17

%

Adjusted return on average tangible

common stockholders' equity(1)(3)

 

17.75

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

 

 

16.38

%

 

 

15.28

%

 

 

17.04

%

Non-interest-bearing deposits to

total deposits

 

37.55

%

 

 

38.17

%

 

 

40.47

%

 

 

41.26

%

 

 

41.87

%

 

 

37.55

%

 

 

41.87

%

Loans and leases held for sale and

loans and lease held for

investment to total deposits

 

96.03

%

 

 

94.59

%

 

 

96.23

%

 

 

87.29

%

 

 

89.26

%

 

 

96.03

%

 

 

89.26

%

Deposits to total liabilities

 

86.33

%

 

 

85.93

%

 

 

84.61

%

 

 

91.44

%

 

 

87.97

%

 

 

86.33

%

 

 

87.97

%

Deposits per branch

$

149,872

 

 

$

147,696

 

 

$

141,799

 

 

$

125,684

 

 

$

117,160

 

 

$

149,872

 

 

$

117,160

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans and leases to

total loans and leases held for

investment, net before ACL

 

0.66

%

 

 

0.80

%

 

 

0.83

%

 

 

0.69

%

 

 

0.51

%

 

 

0.66

%

 

 

0.51

%

Net charge-offs to average total loans

and leases held for investment,

net before ACL - loans and leases

 

0.23

%

 

 

0.12

%

 

 

0.17

%

 

 

0.07

%

 

 

0.37

%

 

 

0.32

%

 

 

0.28

%

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity to total assets

 

10.40

%

 

 

10.12

%

 

 

10.61

%

 

 

11.39

%

 

 

12.33

%

 

 

10.40

%

 

 

12.33

%

Tangible common equity to

tangible assets(1)

 

8.42

%

 

 

8.10

%

 

 

8.53

%

 

 

9.21

%

 

 

10.11

%

 

 

8.42

%

 

 

10.11

%

Leverage ratio

 

10.29

%

 

 

10.30

%

 

 

10.34

%

 

 

10.70

%

 

 

10.89

%

 

 

10.29

%

 

 

10.89

%

Common equity tier 1 capital ratio

 

10.20

%

 

 

10.24

%

 

 

10.26

%

 

 

10.75

%

 

 

11.39

%

 

 

10.20

%

 

 

11.39

%

Tier 1 capital ratio

 

10.85

%

 

 

10.91

%

 

 

10.95

%

 

 

11.49

%

 

 

12.37

%

 

 

10.85

%

 

 

12.37

%

Total capital ratio

 

13.00

%

 

 

13.02

%

 

 

13.09

%

 

 

13.72

%

 

 

14.70

%

 

 

13.00

%

 

 

14.70

%

(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 impairment charges.

(4)

Represents the remaining net unaccreted discount as a result of applying the fair value adjustment at the time of the business combination on acquired loans.

(5)

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

YEAR-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited)

 

 

 

For the Year Ended December 31,

 

 

 

2022

 

 

2021

 

(dollars in thousands)

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Average

Yield /

Rate

 

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Average

Yield /

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

76,978

 

 

$

547

 

 

 

0.71

%

 

$

69,338

 

 

$

117

 

 

 

0.17

%

Loans and leases(1)

 

 

5,073,288

 

 

 

273,412

 

 

 

5.39

%

 

 

4,518,836

 

 

 

222,993

 

 

 

4.93

%

Taxable securities

 

 

1,316,147

 

 

 

24,156

 

 

 

1.84

%

 

 

1,376,045

 

 

 

21,909

 

 

 

1.59

%

Tax-exempt securities(2)

 

 

164,051

 

 

 

4,359

 

 

 

2.66

%

 

 

184,622

 

 

 

4,946

 

 

 

2.68

%

Total interest-earning assets

 

$

6,630,464

 

 

$

302,474

 

 

 

4.56

%

 

$

6,148,841

 

 

$

249,965

 

 

 

4.07

%

Allowance for credit losses - loans and leases

 

 

(74,233

)

 

 

 

 

 

 

 

 

(63,351

)

 

 

 

 

 

 

All other assets

 

 

462,548

 

 

 

 

 

 

 

 

 

556,641

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

7,018,779

 

 

 

 

 

 

 

 

$

6,642,131

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

593,903

 

 

$

3,572

 

 

 

0.60

%

 

$

622,147

 

 

$

883

 

 

 

0.14

%

Money market accounts

 

 

1,357,371

 

 

 

10,484

 

 

 

0.77

%

 

 

1,073,970

 

 

 

1,285

 

 

 

0.12

%

Savings

 

 

658,968

 

 

 

649

 

 

 

0.10

%

 

 

610,953

 

 

 

289

 

 

 

0.05

%

Time deposits

 

 

691,650

 

 

 

5,091

 

 

 

0.74

%

 

 

722,974

 

 

 

2,045

 

 

 

0.28

%

Total interest-bearing deposits

 

 

3,301,892

 

 

 

19,796

 

 

 

0.60

%

 

 

3,030,044

 

 

 

4,502

 

 

 

0.15

%

Other borrowings

 

 

479,004

 

 

 

9,322

 

 

 

1.95

%

 

 

525,078

 

 

 

1,663

 

 

 

0.32

%

Subordinated notes and debentures

 

 

110,723

 

 

 

7,111

 

 

 

6.42

%

 

 

110,108

 

 

 

6,374

 

 

 

5.79

%

Total borrowings

 

 

589,727

 

 

 

16,433

 

 

 

2.79

%

 

 

635,186

 

 

 

8,037

 

 

 

1.27

%

Total interest-bearing liabilities

 

$

3,891,619

 

 

$

36,229

 

 

 

0.93

%

 

$

3,665,230

 

 

$

12,539

 

 

 

0.34

%

Non-interest-bearing demand deposits

 

 

2,236,615

 

 

 

 

 

 

 

 

 

2,085,454

 

 

 

 

 

 

 

Other liabilities

 

 

114,320

 

 

 

 

 

 

 

 

 

71,430

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

776,225

 

 

 

 

 

 

 

 

 

820,017

 

 

 

 

 

 

 

TOTAL LIABILITIES AND

STOCKHOLDERS’ EQUITY

 

$

7,018,779

 

 

 

 

 

 

 

 

$

6,642,131

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

3.63

%

 

 

 

 

 

 

 

 

3.73

%

Net interest income, fully

taxable equivalent

 

 

 

 

$

266,245

 

 

 

 

 

 

 

 

$

237,426

 

 

 

 

Net interest margin, fully

taxable equivalent(2)(4)

 

 

 

 

 

 

 

 

4.01

%

 

 

 

 

 

 

 

 

3.86

%

Less: Tax-equivalent adjustment

 

 

 

 

 

915

 

 

 

0.01

%

 

 

 

 

 

1,039

 

 

 

0.02

%

Net interest income

 

 

 

 

$

265,330

 

 

 

 

 

 

 

 

$

236,387

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

4.00

%

 

 

 

 

 

 

 

 

3.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

$

4,555

 

 

 

0.07

%

 

 

 

 

$

6,451

 

 

 

0.10

%

(1)

Loan and lease balances are net of deferred origination fees and costs and initial indirect 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

APPENDIX A - IMPACT OF THE ADOPTION OF CECL (unaudited)

The following tables have been included to provide additional information regarding the Company’s adoption of the new CECL accounting standard. The Company adopted CECL on December 31, 2022 and retroactively applied it to the period beginning January 1, 2022 using the modified retrospective method of accounting. The first table reflects the adoption adjustments for CECL that were made to the January 1, 2022 balances for key balance sheet accounts.

 

 

January 1, 2022

 

(dollars in thousands)

 

Pre-CECL Adoption

 

 

Impact of CECL Adoption

 

 

As Reported under CECL

 

Balance Sheet:

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

Allowance for credit losses - loans and leases

 

$

55,012

 

 

$

12,168

 

 

$

67,180

 

Deferred tax assets, net

 

 

50,329

 

 

 

3,679

 

 

 

54,008

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Allowance for credit losses on unfunded commitments

 

$

1,403

 

 

$

1,595

 

 

$

2,998

 

EQUITY

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

271,676

 

 

$

(10,097

)

 

$

261,579

 

The second table presents the impact of CECL on 2022 quarters previously reported using the incurred loss method of accounting. The table includes adjustments made to key balance sheet and income statement accounts to reflect how the balances would have been reflected had CECL been in effect for the full year.

 

 

Three Months Ended

 

 

 

March 31, 2022

 

 

June 30, 2022

 

 

September 30, 2022

 

(dollars in thousands)

 

As Reported

 

 

Adjustment

 

 

Recast

 

 

As Reported

 

 

Adjustment

 

 

Recast

 

 

As Reported

 

 

Adjustment

 

 

Recast

 

Balance Sheet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

$

4,789,068

 

 

$

(1,461

)

 

$

4,787,607

 

 

$

5,168,071

 

 

$

(355

)

 

$

5,167,716

 

 

$

5,275,471

 

 

$

(345

)

 

$

5,275,126

 

Allowance for credit losses

- loans and leases

 

 

(59,458

)

 

 

(12,649

)

 

 

(72,107

)

 

 

(62,436

)

 

 

(11,612

)

 

 

(74,048

)

 

 

(64,655

)

 

 

(15,049

)

 

 

(79,704

)

Deferred tax assets, net

 

 

67,335

 

 

 

4,020

 

 

 

71,355

 

 

 

78,950

 

 

 

3,462

 

 

 

82,412

 

 

 

91,532

 

 

 

4,299

 

 

 

95,831

 

Accrued interest receivable

and other assets

 

 

113,123

 

 

 

912

 

 

 

114,035

 

 

 

142,196

 

 

 

818

 

 

 

143,014

 

 

 

178,433

 

 

 

785

 

 

 

179,218

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

- unfunded commitments

 

 

2,003

 

 

 

1,832

 

 

 

3,835

 

 

 

2,191

 

 

 

1,825

 

 

 

4,016

 

 

 

2,327

 

 

 

1,450

 

 

 

3,777

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

290,397

 

 

 

(11,011

)

 

 

279,386

 

 

 

307,278

 

 

 

(9,512

)

 

 

297,766

 

 

 

326,560

 

 

 

(11,760

)

 

 

314,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses -

loans and leases

 

$

4,995

 

 

$

728

 

 

$

5,723

 

 

$

5,908

 

 

$

(1,803

)

 

$

4,105

 

 

$

4,176

 

 

$

3,271

 

 

$

7,447

 

Provision for credit losses

- unfunded commitments

 

 

599

 

 

 

237

 

 

 

836

 

 

 

188

 

 

 

(7

)

 

 

181

 

 

 

137

 

 

 

(376

)

 

 

(239

)

Net interest income after

provision for credit losses

 

 

53,741

 

 

 

(1,969

)

 

 

51,772

 

 

 

55,719

 

 

 

1,755

 

 

 

57,474

 

 

 

64,699

 

 

 

(3,272

)

 

 

61,427

 

Income before provision

for income taxes

 

 

28,612

 

 

 

(1,253

)

 

 

27,359

 

 

 

26,107

 

 

 

2,055

 

 

 

28,162

 

 

 

30,513

 

 

 

(3,084

)

 

 

27,429

 

Provision for income taxes

 

 

6,301

 

 

 

(340

)

 

 

5,961

 

 

 

5,824

 

 

 

558

 

 

 

6,382

 

 

 

7,857

 

 

 

(837

)

 

 

7,020

 

Net income

 

$

22,311

 

 

$

(913

)

 

$

21,398

 

 

$

20,283

 

 

$

1,497

 

 

$

21,780

 

 

$

22,656

 

 

$

(2,247

)

 

$

20,409

 

Net income available to

common shareholders

 

$

22,115

 

 

$

(913

)

 

$

21,202

 

 

$

20,283

 

 

$

1,497

 

 

$

21,780

 

 

$

22,656

 

 

$

(2,247

)

 

$

20,409

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

0.60

 

 

 

(0.03

)

 

 

0.57

 

 

 

0.55

 

 

 

0.04

 

 

 

0.59

 

 

 

0.61

 

 

 

(0.06

)

 

 

0.55

 

Diluted

 

 

0.58

 

 

 

(0.02

)

 

 

0.56

 

 

 

0.54

 

 

 

0.04

 

 

 

0.58

 

 

 

0.61

 

 

 

(0.06

)

 

 

0.55

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

Non-GAAP Financial Measures

This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures include adjusted net income, adjusted diluted earnings per share, adjusted efficiency ratio, adjusted non-interest expense to average assets, tax-equivalent net interest margin, total revenue, non-interest income to total revenues, adjusted return on average stockholders’ equity, adjusted return on average assets, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common stockholders' equity, and adjusted return on average tangible common stockholders' equity. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See below in the financial schedules included in this press release for a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. Additionally, please refer to the Company’s Annual Report on Form 10-K for the detailed definitions of these non-GAAP financial measures.

 

 

As of or For the Three Months Ended

 

 

As of or For the Twelve Months Ended

 

 

 

 

 

 

Recast

 

 

Recast

 

 

Recast

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

(dollars in thousands, except per share data)

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income and earnings per share

excluding significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Net Income

 

$

24,367

 

 

$

20,409

 

 

$

21,780

 

 

$

21,398

 

 

$

17,189

 

 

$

87,954

 

 

$

92,785

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held

for sale and ROU asset

 

 

372

 

 

 

 

 

 

 

 

 

 

 

 

12,449

 

 

 

372

 

 

 

16,430

 

Merger-related expenses

 

 

538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

538

 

 

 

 

Tax benefit

 

 

(118

)

 

 

 

 

 

 

 

 

 

 

 

(3,377

)

 

 

(118

)

 

 

(4,462

)

Adjusted Net Income

 

$

25,159

 

 

$

20,409

 

 

$

21,780

 

 

$

21,398

 

 

$

26,261

 

 

$

88,746

 

 

$

104,753

 

Reported Diluted Earnings per Share

 

$

0.65

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

 

$

0.45

 

 

$

2.34

 

 

$

2.40

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held

for sale and ROU asset

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

0.33

 

 

 

0.01

 

 

 

0.43

 

Merger-related expenses

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.01

 

 

 

 

Tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.09

)

 

 

 

 

 

(0.12

)

Adjusted Diluted Earnings per Share

 

$

0.67

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

 

$

0.69

 

 

$

2.36

 

 

$

2.71

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)

 

 

 

As of or For the Three Months Ended

 

 

As of or For the Twelve Months Ended

 

 

 

 

 

 

Recast

 

 

Recast

 

 

Recast

 

 

 

 

 

 

 

 

 

 

(dollars in thousands, except per share data,

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

ratios annualized, where applicable)

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Adjusted non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

$

50,500

 

 

$

46,041

 

 

$

43,585

 

 

$

43,956

 

 

$

59,090

 

 

$

184,082

 

 

$

185,455

 

Less: Significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

and ROU asset

 

 

372

 

 

 

 

 

 

 

 

 

 

 

 

12,449

 

 

 

372

 

 

 

16,430

 

Merger-related expenses

 

 

538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

538

 

 

 

 

Adjusted non-interest expense

 

$

49,590

 

 

$

46,041

 

 

$

43,585

 

 

$

43,956

 

 

$

46,641

 

 

$

183,172

 

 

$

169,025

 

Adjusted non-interest expense excluding

amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

49,590

 

 

$

46,041

 

 

$

43,585

 

 

$

43,956

 

 

$

46,641

 

 

$

183,172

 

 

$

169,025

 

Less: Amortization of intangible assets

 

 

1,596

 

 

 

1,611

 

 

 

1,868

 

 

 

1,596

 

 

 

1,738

 

 

 

6,671

 

 

 

7,073

 

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

47,994

 

 

$

44,430

 

 

$

41,717

 

 

$

42,360

 

 

$

44,903

 

 

$

176,501

 

 

$

161,952

 

Pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income

 

$

31,733

 

 

$

27,429

 

 

$

28,162

 

 

$

27,359

 

 

$

23,067

 

 

$

114,683

 

 

$

124,212

 

Add: Provision/(recapture) for credit losses

 

 

5,826

 

 

 

7,208

 

 

 

4,286

 

 

 

6,559

 

 

 

(1,415

)

 

 

23,879

 

 

 

973

 

Pre-tax pre-provision net income

 

$

37,559

 

 

$

34,637

 

 

$

32,448

 

 

$

33,918

 

 

$

21,652

 

 

$

138,562

 

 

$

125,185

 

Adjusted pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

37,559

 

 

$

34,637

 

 

$

32,448

 

 

$

33,918

 

 

$

21,652

 

 

$

138,562

 

 

$

125,185

 

Add: Impairment charges on assets held for sale

and ROU asset

 

 

372

 

 

 

 

 

 

 

 

 

 

 

 

12,449

 

 

 

372

 

 

 

16,430

 

Add: Merger-related expenses

 

 

538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

538

 

 

 

 

Adjusted pre-tax pre-provision net income

 

$

38,469

 

 

$

34,637

 

 

$

32,448

 

 

$

33,918

 

 

$

34,101

 

 

$

139,472

 

 

$

141,615

 

Tax equivalent net interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

76,604

 

 

$

68,635

 

 

$

61,760

 

 

$

58,331

 

 

$

61,728

 

 

$

265,330

 

 

$

236,387

 

Add: Tax-equivalent adjustment

 

 

214

 

 

 

228

 

 

 

236

 

 

 

236

 

 

 

256

 

 

 

915

 

 

 

1,039

 

Net interest income, fully taxable equivalent

 

$

76,818

 

 

$

68,863

 

 

$

61,996

 

 

$

58,567

 

 

$

61,984

 

 

$

266,245

 

 

$

237,426

 

Total revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

76,604

 

 

$

68,635

 

 

$

61,760

 

 

$

58,331

 

 

$

61,728

 

 

$

265,330

 

 

$

236,387

 

Add: Non-interest income

 

 

11,455

 

 

 

12,043

 

 

 

14,273

 

 

 

19,543

 

 

 

19,014

 

 

 

57,314

 

 

 

74,253

 

Total revenue

 

$

88,059

 

 

$

80,678

 

 

$

76,033

 

 

$

77,874

 

 

$

80,742

 

 

$

322,644

 

 

$

310,640

 

Tangible common stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

765,816

 

 

$

735,805

 

 

$

755,649

 

 

$

777,660

 

 

$

836,382

 

 

$

765,816

 

 

$

836,382

 

Less: Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,438

 

 

 

 

 

 

10,438

 

Less: Goodwill and other intangibles

 

 

158,887

 

 

 

160,484

 

 

 

162,094

 

 

 

163,962

 

 

 

165,558

 

 

 

158,887

 

 

 

165,558

 

Tangible common stockholders' equity

 

$

606,929

 

 

$

575,321

 

 

$

593,555

 

 

$

613,698

 

 

$

660,386

 

 

$

606,929

 

 

$

660,386

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

7,362,941

 

 

$

7,267,277

 

 

$

7,124,030

 

 

$

6,825,458

 

 

$

6,696,172

 

 

$

7,362,941

 

 

$

6,696,172

 

Less: Goodwill and other intangibles

 

 

158,887

 

 

 

160,484

 

 

 

162,094

 

 

 

163,962

 

 

 

165,558

 

 

 

158,887

 

 

 

165,558

 

Tangible assets

 

$

7,204,054

 

 

$

7,106,793

 

 

$

6,961,936

 

 

$

6,661,496

 

 

$

6,530,614

 

 

$

7,204,054

 

 

$

6,530,614

 

Average tangible common stockholders'

equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total stockholders' equity

 

$

748,292

 

 

$

765,821

 

 

$

769,658

 

 

$

822,053

 

 

$

838,975

 

 

$

776,225

 

 

$

820,017

 

Less: Average preferred stock

 

 

 

 

 

 

 

 

 

 

 

9,974

 

 

 

10,438

 

 

 

2,459

 

 

 

10,438

 

Less: Average goodwill and other

intangibles

 

 

159,680

 

 

 

161,292

 

 

 

163,068

 

 

 

164,837

 

 

 

166,396

 

 

 

162,203

 

 

 

169,042

 

Average tangible common stockholders'

equity

 

$

588,612

 

 

$

604,529

 

 

$

606,590

 

 

$

647,242

 

 

$

662,141

 

 

$

611,563

 

 

$

640,537

 

Average tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

7,266,053

 

 

$

7,137,472

 

 

$

6,966,564

 

 

$

6,697,476

 

 

$

6,699,069

 

 

$

7,018,779

 

 

$

6,642,131

 

Less: Average goodwill and other

intangibles

 

 

159,680

 

 

 

161,292

 

 

 

163,068

 

 

 

164,837

 

 

 

166,396

 

 

 

162,203

 

 

 

169,042

 

Average tangible assets

 

$

7,106,373

 

 

$

6,976,180

 

 

$

6,803,496

 

 

$

6,532,639

 

 

$

6,532,673

 

 

$

6,856,576

 

 

$

6,473,089

 

Tangible net income available to common

stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common

stockholders

 

$

24,367

 

 

$

20,409

 

 

$

21,780

 

 

$

21,202

 

 

$

16,993

 

 

$

87,758

 

 

$

92,002

 

Add: After-tax intangible asset amortization

 

 

1,170

 

 

 

1,181

 

 

 

1,369

 

 

 

1,170

 

 

 

1,266

 

 

 

4,890

 

 

 

5,147

 

Tangible net income available to common

stockholders

 

$

25,537

 

 

$

21,590

 

 

$

23,149

 

 

$

22,372

 

 

$

18,259

 

 

$

92,648

 

 

$

97,149

 

Adjusted tangible net income available

to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

25,537

 

 

$

21,590

 

 

$

23,149

 

 

$

22,372

 

 

$

18,259

 

 

$

92,648

 

 

$

97,149

 

Impairment charges on assets held for sale

and ROU asset

 

 

372

 

 

 

 

 

 

 

 

 

 

 

 

12,449

 

 

 

372

 

 

 

16,430

 

Merger-related expenses

 

 

538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

538

 

 

 

 

Tax benefit on significant items

 

 

(118

)

 

 

 

 

 

 

 

 

 

 

 

(3,377

)

 

 

(118

)

 

 

(4,462

)

Adjusted tangible net income available to

common stockholders

 

$

26,329

 

 

$

21,590

 

 

$

23,149

 

 

$

22,372

 

 

$

27,331

 

 

$

93,440

 

 

$

109,117

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)

 

 

 

As of or For the Three Months Ended

 

 

As of or For the Twelve Months Ended

 

 

 

 

 

 

Recast

 

 

Recast

 

 

Recast

 

 

 

 

 

 

 

 

 

 

(dollars in thousands, except share and per share

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

data, ratios annualized, where applicable)

 

2022

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Pre-tax pre-provision return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

37,559

 

 

$

34,637

 

 

$

32,448

 

 

$

33,918

 

 

$

21,652

 

 

$

138,562

 

 

$

125,185

 

Average total assets

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

 

 

6,699,069

 

 

 

7,018,779

 

 

 

6,642,131

 

Pre-tax pre-provision return on average assets

 

 

2.05

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

 

 

1.28

%

 

 

1.97

%

 

 

1.88

%

Adjusted pre-tax pre-provision return on average

assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pre-tax pre-provision net income

 

$

38,469

 

 

$

34,637

 

 

$

32,448

 

 

$

33,918

 

 

$

34,101

 

 

$

139,472

 

 

$

141,615

 

Average total assets

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

 

 

6,699,069

 

 

 

7,018,779

 

 

 

6,642,131

 

Adjusted pre-tax pre-provision return on average

assets

 

 

2.10

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

 

 

2.02

%

 

 

1.99

%

 

 

2.13

%

Net interest margin, fully taxable equivalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income, fully taxable equivalent

 

$

76,818

 

 

$

68,863

 

 

$

61,996

 

 

$

58,567

 

 

$

61,984

 

 

$

266,245

 

 

$

237,426

 

Total average interest-earning assets

 

 

6,922,890

 

 

 

6,763,916

 

 

 

6,572,416

 

 

 

6,252,866

 

 

 

6,189,762

 

 

 

6,630,464

 

 

 

6,148,841

 

Net interest margin, fully taxable equivalent

 

 

4.40

%

 

 

4.04

%

 

 

3.78

%

 

 

3.80

%

 

 

3.97

%

 

 

4.01

%

 

 

3.86

%

Non-interest income to total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

$

11,455

 

 

$

12,043

 

 

$

14,273

 

 

$

19,543

 

 

$

19,014

 

 

$

57,314

 

 

$

74,253

 

Total revenues

 

 

88,059

 

 

 

80,678

 

 

 

76,033

 

 

 

77,874

 

 

 

80,742

 

 

 

322,644

 

 

 

310,640

 

Non-interest income to total revenues

 

 

13.01

%

 

 

14.93

%

 

 

18.77

%

 

 

25.09

%

 

 

23.55

%

 

 

17.76

%

 

 

23.90

%

Adjusted non-interest expense to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

49,590

 

 

$

46,041

 

 

$

43,585

 

 

$

43,956

 

 

$

46,641

 

 

$

183,172

 

 

$

169,025

 

Average total assets

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

 

 

6,699,069

 

 

 

7,018,779

 

 

 

6,642,131

 

Adjusted non-interest expense to average assets

 

 

2.71

%

 

 

2.56

%

 

 

2.51

%

 

 

2.66

%

 

 

2.76

%

 

 

2.61

%

 

 

2.54

%

Adjusted efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

47,994

 

 

$

44,430

 

 

$

41,717

 

 

$

42,360

 

 

$

44,903

 

 

$

176,501

 

 

$

161,952

 

Total revenues

 

 

88,059

 

 

 

80,678

 

 

 

76,033

 

 

 

77,874

 

 

 

80,742

 

 

 

322,644

 

 

 

310,640

 

Adjusted efficiency ratio

 

 

54.50

%

 

 

55.07

%

 

 

54.87

%

 

 

54.40

%

 

 

55.61

%

 

 

54.70

%

 

 

52.14

%

Adjusted return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

25,159

 

 

$

20,409

 

 

$

21,780

 

 

$

21,398

 

 

$

26,261

 

 

$

88,746

 

 

$

104,753

 

Average total assets

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

 

 

6,699,069

 

 

 

7,018,779

 

 

 

6,642,131

 

Adjusted return on average assets

 

 

1.37

%

 

 

1.13

%

 

 

1.25

%

 

 

1.30

%

 

 

1.56

%

 

 

1.26

%

 

 

1.58

%

Adjusted return on average stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

25,159

 

 

$

20,409

 

 

$

21,780

 

 

$

21,398

 

 

$

26,261

 

 

$

88,746

 

 

$

104,753

 

Average stockholders' equity

 

 

748,292

 

 

 

765,821

 

 

 

769,658

 

 

 

822,053

 

 

 

838,975

 

 

 

776,225

 

 

 

820,017

 

Adjusted return on average stockholders' equity

 

 

13.34

%

 

 

10.57

%

 

 

11.35

%

 

 

10.56

%

 

 

12.42

%

 

 

11.43

%

 

 

12.77

%

Tangible common equity to tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

606,929

 

 

$

575,321

 

 

$

593,555

 

 

$

613,698

 

 

$

660,386

 

 

$

606,929

 

 

$

660,386

 

Tangible assets

 

 

7,204,054

 

 

 

7,106,793

 

 

 

6,961,936

 

 

 

6,661,496

 

 

 

6,530,614

 

 

 

7,204,054

 

 

 

6,530,614

 

Tangible common equity to tangible assets

 

 

8.42

%

 

 

8.10

%

 

 

8.53

%

 

 

9.21

%

 

 

10.11

%

 

 

8.42

%

 

 

10.11

%

Return on average tangible common stockholders'

equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

25,537

 

 

$

21,590

 

 

$

23,149

 

 

$

22,372

 

 

$

18,259

 

 

$

92,648

 

 

$

97,149

 

Average tangible common stockholders' equity

 

 

588,612

 

 

 

604,529

 

 

 

606,590

 

 

 

647,242

 

 

 

662,141

 

 

 

611,563

 

 

 

640,537

 

Return on average tangible common

stockholders' equity

 

 

17.21

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

 

 

10.94

%

 

 

15.15

%

 

 

15.17

%

Adjusted return on average tangible common

stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted tangible net income available to

common stockholders

 

$

26,329

 

 

$

21,590

 

 

$

23,149

 

 

$

22,372

 

 

$

27,331

 

 

$

93,440

 

 

$

109,117

 

Average tangible common stockholders' equity

 

 

588,612

 

 

 

604,529

 

 

 

606,590

 

 

 

647,242

 

 

 

662,141

 

 

 

611,563

 

 

 

640,537

 

Adjusted return on average tangible common

stockholders' equity

 

 

17.75

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

 

 

16.38

%

 

 

15.28

%

 

 

17.04

%

Tangible book value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

606,929

 

 

$

575,321

 

 

$

593,555

 

 

$

613,698

 

 

$

660,386

 

 

$

606,929

 

 

$

660,386

 

Common shares outstanding

 

 

37,492,775

 

 

 

37,465,902

 

 

 

37,669,102

 

 

 

37,811,582

 

 

 

37,713,903

 

 

 

37,492,775

 

 

 

37,713,903

 

Tangible book value per share

 

$

16.19

 

 

$

15.36

 

 

$

15.76

 

 

$

16.23

 

 

$

17.51

 

 

$

16.19

 

 

$

17.51

 

 

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