CHICAGO--(BUSINESS WIRE)--Byline Bancorp, Inc. (the “Company” or “Byline”) (NYSE: BY), the parent company of Byline Bank (the “Bank”), today reported net income of $15.3 million, or $0.39 per diluted share, for the third quarter of 2019, compared with net income of $13.2 million, or $0.34 per diluted share, for the second quarter of 2019, and net income of $14.5 million, or $0.39 per diluted share, for the third quarter of 2018. The Company’s financial results include certain costs associated with its integration of First Evanston Bancorp, Inc. and its bank subsidiary First Bank & Trust, and its acquisition and integration of Oak Park River Forest Bankshares, Inc. (“Oak Park River Forest”) and its bank subsidiary Community Bank of Oak Park River Forest. Excluding these merger-related expenses, core system conversion expenses, and impairment charges on assets held for sale, adjusted net income1 was $16.2 million, or $0.41 per adjusted diluted share1, for the third quarter of 2019, compared with $15.9 million, or $0.41 per adjusted diluted share, for the second quarter of 2019, and $14.9 million, or $0.40 per adjusted diluted share, for the third quarter of 2018. A reconciliation of adjusted net income and adjusted diluted earnings per share to net income and diluted earnings per share, respectively, according to accounting principles generally accepted in the United States of America (“GAAP”) is provided in the financial tables at the end of this release.
Alberto J. Paracchini, President and Chief Executive Officer of Byline, commented, “We executed well and had a strong quarter of revenue generation while successfully completing the system conversion and integration of our recent acquisition of Oak Park River Forest. We are seeing the initial benefits from this acquisition in helping to more effectively manage our deposit costs and expect to see additional synergies over the remainder of 2019. We continue to be optimistic about our opportunities to execute on our strategy in the coming years and further enhance the value of our franchise,” said Mr. Paracchini.
(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. |
STATEMENTS OF OPERATIONS
Net Interest Income
The following table presents net interest income for the periods indicated:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||||||
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
|
$ |
63,391 |
|
|
$ |
59,524 |
|
|
$ |
54,383 |
|
|
$ |
56,646 |
|
|
$ |
55,045 |
|
|
$ |
177,298 |
|
|
$ |
128,326 |
|
Interest on taxable securities |
|
|
6,554 |
|
|
|
6,237 |
|
|
|
5,759 |
|
|
|
5,334 |
|
|
|
5,076 |
|
|
|
18,550 |
|
|
|
13,703 |
|
Interest on tax-exempt securities |
|
|
486 |
|
|
|
428 |
|
|
|
343 |
|
|
|
355 |
|
|
|
337 |
|
|
|
1,257 |
|
|
|
740 |
|
Other interest and dividend income |
|
|
598 |
|
|
|
571 |
|
|
|
625 |
|
|
|
560 |
|
|
|
615 |
|
|
|
1,794 |
|
|
|
1,287 |
|
Total interest and dividend income |
|
|
71,029 |
|
|
|
66,760 |
|
|
|
61,110 |
|
|
|
62,895 |
|
|
|
61,073 |
|
|
|
198,899 |
|
|
|
144,056 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
9,618 |
|
|
|
9,306 |
|
|
|
8,076 |
|
|
|
7,115 |
|
|
|
5,971 |
|
|
|
27,000 |
|
|
|
12,214 |
|
Federal Home Loan Bank advances |
|
|
2,771 |
|
|
|
2,174 |
|
|
|
2,099 |
|
|
|
1,719 |
|
|
|
1,723 |
|
|
|
7,044 |
|
|
|
4,441 |
|
Subordinated debentures and other borrowings |
|
|
802 |
|
|
|
832 |
|
|
|
850 |
|
|
|
800 |
|
|
|
786 |
|
|
|
2,484 |
|
|
|
2,057 |
|
Total interest expense |
|
|
13,191 |
|
|
|
12,312 |
|
|
|
11,025 |
|
|
|
9,634 |
|
|
|
8,480 |
|
|
|
36,528 |
|
|
|
18,712 |
|
Net interest income |
|
$ |
57,838 |
|
|
$ |
54,448 |
|
|
$ |
50,085 |
|
|
$ |
53,261 |
|
|
$ |
52,593 |
|
|
$ |
162,371 |
|
|
$ |
125,344 |
|
The following table presents the quarter-to-date schedule of average interest-earning assets and average interest-bearing liabilities for the periods indicated:
|
|
For the Three Months Ended |
|
|||||||||||||||||||||
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
||||||||||||||||||
(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 |
|
$ |
34,225 |
|
|
$ |
253 |
|
|
|
2.93 |
% |
|
$ |
35,346 |
|
|
$ |
245 |
|
|
|
2.78 |
% |
Loans and leases(1) |
|
|
3,860,770 |
|
|
|
63,391 |
|
|
|
6.51 |
% |
|
|
3,759,634 |
|
|
|
59,524 |
|
|
|
6.35 |
% |
Taxable securities |
|
|
996,750 |
|
|
|
6,899 |
|
|
|
2.75 |
% |
|
|
975,693 |
|
|
|
6,563 |
|
|
|
2.70 |
% |
Tax-exempt securities(2) |
|
|
76,161 |
|
|
|
486 |
|
|
|
2.53 |
% |
|
|
68,314 |
|
|
|
428 |
|
|
|
2.52 |
% |
Total interest-earning assets |
|
$ |
4,967,906 |
|
|
$ |
71,029 |
|
|
|
5.67 |
% |
|
$ |
4,838,987 |
|
|
$ |
66,760 |
|
|
|
5.53 |
% |
Allowance for loan and lease losses |
|
|
(32,246 |
) |
|
|
|
|
|
|
|
|
|
|
(28,203 |
) |
|
|
|
|
|
|
|
|
All other assets |
|
|
500,102 |
|
|
|
|
|
|
|
|
|
|
|
464,036 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
5,435,762 |
|
|
|
|
|
|
|
|
|
|
$ |
5,274,820 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
358,185 |
|
|
$ |
524 |
|
|
|
0.58 |
% |
|
$ |
333,725 |
|
|
$ |
452 |
|
|
|
0.54 |
% |
Money market accounts |
|
|
735,724 |
|
|
|
1,917 |
|
|
|
1.03 |
% |
|
|
695,986 |
|
|
|
1,790 |
|
|
|
1.03 |
% |
Savings |
|
|
475,417 |
|
|
|
114 |
|
|
|
0.10 |
% |
|
|
477,775 |
|
|
|
118 |
|
|
|
0.10 |
% |
Time deposits |
|
|
1,270,050 |
|
|
|
7,063 |
|
|
|
2.21 |
% |
|
|
1,278,488 |
|
|
|
6,946 |
|
|
|
2.18 |
% |
Total interest-bearing deposits |
|
|
2,839,376 |
|
|
|
9,618 |
|
|
|
1.34 |
% |
|
|
2,785,974 |
|
|
|
9,306 |
|
|
|
1.34 |
% |
Federal Home Loan Bank advances |
|
|
530,055 |
|
|
|
2,771 |
|
|
|
2.07 |
% |
|
|
426,446 |
|
|
|
2,174 |
|
|
|
2.04 |
% |
Other borrowed funds |
|
|
70,080 |
|
|
|
802 |
|
|
|
4.54 |
% |
|
|
73,358 |
|
|
|
832 |
|
|
|
4.55 |
% |
Total borrowings |
|
|
600,135 |
|
|
|
3,573 |
|
|
|
2.36 |
% |
|
|
499,804 |
|
|
|
3,006 |
|
|
|
2.41 |
% |
Total interest-bearing liabilities |
|
$ |
3,439,511 |
|
|
$ |
13,191 |
|
|
|
1.52 |
% |
|
$ |
3,285,778 |
|
|
$ |
12,312 |
|
|
|
1.50 |
% |
Non-interest-bearing demand deposits |
|
|
1,223,556 |
|
|
|
|
|
|
|
|
|
|
|
1,254,173 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
42,914 |
|
|
|
|
|
|
|
|
|
|
|
37,941 |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
729,781 |
|
|
|
|
|
|
|
|
|
|
|
696,928 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,435,762 |
|
|
|
|
|
|
|
|
|
|
$ |
5,274,820 |
|
|
|
|
|
|
|
|
|
Net interest spread(3) |
|
|
|
|
|
|
|
|
|
|
4.15 |
% |
|
|
|
|
|
|
|
|
|
|
4.03 |
% |
Net interest income |
|
|
|
|
|
$ |
57,838 |
|
|
|
|
|
|
|
|
|
|
$ |
54,448 |
|
|
|
|
|
Net interest margin(4) |
|
|
|
|
|
|
|
|
|
|
4.62 |
% |
|
|
|
|
|
|
|
|
|
|
4.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan accretion impact on margin |
|
|
|
|
|
$ |
7,703 |
|
|
|
0.62 |
% |
|
|
|
|
|
$ |
4,868 |
|
|
|
0.40 |
% |
(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 exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality. |
|||
(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 Company completed its acquisition of Oak Park River Forest in the second quarter of 2019. All references to this transaction in the following narrative are referred to as “the acquisition” or “our recent acquisition.”
Net interest income for the third quarter of 2019 was $57.8 million, an increase of $3.4 million, or 6.2%, from $54.4 million for the second quarter of 2019.
The increase in net interest income was primarily due to:
- An increase of $3.9 million in interest and fees on loans and leases, primarily due to a $2.8 million increase in accretion income and loans added from the acquisition; and
- An increase of $375,000 in interest income on securities, mainly due to additional purchases during the quarter.
Partially offset by:
- An increase of $597,000 in interest expense on Federal Home Loan Bank advances, primarily due to an increase in average advances during the quarter; and
- An increase of $312,000 in interest expense on deposits, primarily due to deposits assumed as a result of the acquisition and an increase in money market and interest checking accounts.
Net interest margin for the third quarter of 2019 was 4.62%, an increase of 11 basis points compared to 4.51% for the second quarter of 2019. Total net accretion income on acquired loans contributed 62 basis points to the net interest margin for the third quarter of 2019 compared to 40 basis points for the second quarter of 2019, an increase of 22 basis points. The net interest margin increase was primarily driven by increased loan and lease yields largely resulting from increased loan accretion income and higher U.S. government guaranteed loan originations during the quarter.
The average cost of total deposits was 0.94% for the third quarter of 2019, an increase of two basis points compared to the second quarter of 2019, primarily due to decreased average non-interest-bearing demand deposits and slightly increased costs on time deposits. Additionally, there was growth in average money market accounts of $39.7 million and average interest-bearing checking accounts of $24.5 million, partially offset by decreases in average non-interest-bearing demand deposits of $30.6 million, average time deposits of $8.4 million, and average savings accounts of $2.4 million.
Provision for Loan and Lease Losses
The provision for loan and lease losses was $5.9 million for the third quarter of 2019, a decrease of $460,000 compared to $6.4 million for the second quarter of 2019. The third quarter included allocations of $10.0 million for originated loans and leases, and releases of $4.0 million for acquired non-impaired loans and $59,000 for acquired impaired loans. The provision during the third quarter of 2019 for originated loans reflects growth in the loan portfolio, particularly the unguaranteed portion of government guaranteed loans. The release to the provision for acquired non-impaired loans is the result of migration of acquired loans to originated loans as they come up for renewal.
Non-interest Income
The following table presents the components of non-interest income for the periods indicated:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||||||
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges on deposits |
|
$ |
1,612 |
|
|
$ |
1,441 |
|
|
$ |
1,770 |
|
|
$ |
1,852 |
|
|
$ |
1,825 |
|
|
$ |
4,823 |
|
|
$ |
4,593 |
|
Loan servicing revenue |
|
|
2,692 |
|
|
|
2,630 |
|
|
|
2,539 |
|
|
|
2,667 |
|
|
|
2,622 |
|
|
|
7,861 |
|
|
|
7,605 |
|
Loan servicing asset revaluation |
|
|
(1,610 |
) |
|
|
(1,223 |
) |
|
|
(1,261 |
) |
|
|
(2,862 |
) |
|
|
(2,446 |
) |
|
|
(4,094 |
) |
|
|
(6,407 |
) |
ATM and interchange fees |
|
|
973 |
|
|
|
945 |
|
|
|
717 |
|
|
|
1,010 |
|
|
|
1,540 |
|
|
|
2,635 |
|
|
|
3,303 |
|
Net gains on sales of securities available-for-sale |
|
|
178 |
|
|
|
973 |
|
|
|
— |
|
|
|
160 |
|
|
|
— |
|
|
|
1,151 |
|
|
|
4 |
|
Change in fair value of equity securities, net |
|
|
(15 |
) |
|
|
551 |
|
|
|
499 |
|
|
|
— |
|
|
|
— |
|
|
|
1,035 |
|
|
|
— |
|
Net gains on sales of loans |
|
|
9,405 |
|
|
|
7,472 |
|
|
|
6,233 |
|
|
|
9,337 |
|
|
|
5,015 |
|
|
|
23,110 |
|
|
|
22,214 |
|
Wealth management and trust income |
|
|
653 |
|
|
|
626 |
|
|
|
595 |
|
|
|
679 |
|
|
|
674 |
|
|
|
1,874 |
|
|
|
866 |
|
Other non-interest income |
|
|
918 |
|
|
|
768 |
|
|
|
896 |
|
|
|
1,447 |
|
|
|
1,672 |
|
|
|
2,582 |
|
|
|
4,058 |
|
Total non-interest income |
|
$ |
14,806 |
|
|
$ |
14,183 |
|
|
$ |
11,988 |
|
|
$ |
14,290 |
|
|
$ |
10,902 |
|
|
$ |
40,977 |
|
|
$ |
36,236 |
|
Non-interest income for the third quarter of 2019 was $14.8 million, an increase of $623,000, or 4.4%, compared to $14.2 million for the second quarter of 2019.
The increase in total non-interest income was primarily due to:
- An increase of $1.9 million in net gains on sales of loans, primarily due to an increase in government guaranteed loan sales and average premiums;
- An increase of $171,000 in fees and service charges on deposits, primarily due to higher fee income from transactional business accounts; and
- An increase of $150,000 in other non-interest income, primarily due to a gain on the sale of a former branch property from assets held for sale.
Partially offset by:
- A decrease in net gains on sales of securities available-for-sale of $795,000, primarily due to reduced sales volume compared to the prior quarter in which $973,000 of net gains were recorded;
- A decrease in the change in fair value of equity securities, net, of $566,000 due to a decrease in the fair value of the securities; and
- An additional $387,000 in loan servicing asset revaluation, primarily due to the change in fair value of the servicing asset as a result of increased prepayment rates.
During the third quarter of 2019, the Company sold $93.3 million of U.S. government guaranteed loans compared to $75.2 million during the second quarter of 2019, contributing to the increase in net gains on sale of loans for the quarter. The increase in sales is primarily due to the timing of loans closed becoming fully funded and mix of loans sold. The third quarter of 2019 included sales of $14.4 million of USDA loans while the second quarter of 2019 included sales of $10.4 million.
Non-interest Expense
The following table presents the components of non-interest expense for the periods indicated:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||||||
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
24,537 |
|
|
$ |
23,652 |
|
|
$ |
22,892 |
|
|
$ |
21,548 |
|
|
$ |
21,312 |
|
|
$ |
71,081 |
|
|
$ |
58,834 |
|
Occupancy expense, net |
|
|
3,745 |
|
|
|
4,337 |
|
|
|
4,280 |
|
|
|
4,027 |
|
|
|
3,548 |
|
|
|
12,362 |
|
|
|
11,802 |
|
Equipment expense |
|
|
767 |
|
|
|
732 |
|
|
|
669 |
|
|
|
641 |
|
|
|
617 |
|
|
|
2,168 |
|
|
|
1,778 |
|
Loan and lease related expenses |
|
|
1,949 |
|
|
|
1,841 |
|
|
|
1,577 |
|
|
|
2,223 |
|
|
|
1,015 |
|
|
|
5,367 |
|
|
|
3,886 |
|
Legal, audit and other professional fees |
|
|
4,066 |
|
|
|
2,981 |
|
|
|
2,066 |
|
|
|
2,746 |
|
|
|
2,358 |
|
|
|
9,113 |
|
|
|
8,627 |
|
Data processing |
|
|
4,062 |
|
|
|
3,849 |
|
|
|
3,144 |
|
|
|
2,846 |
|
|
|
2,724 |
|
|
|
11,055 |
|
|
|
15,396 |
|
Net loss (gain) recognized on other real estate owned and other related expenses |
|
|
95 |
|
|
|
252 |
|
|
|
196 |
|
|
|
48 |
|
|
|
(284 |
) |
|
|
543 |
|
|
|
187 |
|
Regulatory assessments |
|
|
228 |
|
|
|
371 |
|
|
|
(59 |
) |
|
|
462 |
|
|
|
675 |
|
|
|
540 |
|
|
|
1,282 |
|
Other intangible assets amortization expense |
|
|
2,003 |
|
|
|
1,959 |
|
|
|
1,773 |
|
|
|
1,834 |
|
|
|
1,898 |
|
|
|
5,735 |
|
|
|
3,795 |
|
Advertising and promotions |
|
|
843 |
|
|
|
732 |
|
|
|
709 |
|
|
|
590 |
|
|
|
537 |
|
|
|
2,284 |
|
|
|
1,133 |
|
Telecommunications |
|
|
474 |
|
|
|
537 |
|
|
|
464 |
|
|
|
391 |
|
|
|
435 |
|
|
|
1,475 |
|
|
|
1,319 |
|
Other non-interest expense |
|
|
2,679 |
|
|
|
2,711 |
|
|
|
2,968 |
|
|
|
2,732 |
|
|
|
2,880 |
|
|
|
8,358 |
|
|
|
6,769 |
|
Total non-interest expense |
|
$ |
45,448 |
|
|
$ |
43,954 |
|
|
$ |
40,679 |
|
|
$ |
40,088 |
|
|
$ |
37,715 |
|
|
$ |
130,081 |
|
|
$ |
114,808 |
|
Non-interest expense for the third quarter of 2019 was $45.4 million, an increase of $1.5 million, or 3.4%, from $44.0 million for the second quarter of 2019.
The increase in total non-interest expense was primarily due to:
- An increase of $1.1 million in legal, audit and other professional fees, primarily due to $1.5 million of non-recurring professional services costs;
- An increase of $885,000 in salaries and employee benefits, primarily due to acquisition related salary and employee benefit costs, including retention expenses, and an increase in stock-based compensation costs, partially offset by a decrease in payroll taxes; and
- An increase of $213,000 in data processing expense, primarily due to expenses associated with our successful Oak Park River Forest core system conversion.
Partially offset by:
- A decrease of $592,000 in occupancy expense, net, primarily due to property tax payments. Additionally, as part of our continual strategic review of our branch network, four of our existing branches will be consolidated or repurposed for our customers in the first quarter of 2020;
- A decrease of $157,000 in net loss (gain) recognized on other real estate owned and other related expenses, primarily due to decreased property write-downs and real estate tax accrual adjustments; and
- A decrease of $143,000 in regulatory assessments, primarily due to an accrual adjustment resulting from the quarterly FDIC assessment
The Company’s efficiency ratio was 59.81% for the third quarter of 2019, compared with 61.19% for the second quarter of 2019. Excluding merger-related expenses, core system conversion expenses, and impairment charges on assets held for sale, the Company’s adjusted efficiency ratio1 was 58.17% for the third quarter of 2019, compared with 56.02% for the second quarter of 2019.
(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. |
INCOME TAXES
The Company recorded income tax expense of $5.9 million during the third quarter of 2019, an effective tax rate of 27.9%, compared to $5.1 million during the second quarter of 2019, an effective tax rate of 27.8%.
STATEMENTS OF FINANCIAL CONDITION
Total assets were $5.4 billion at September 30, 2019, an increase of $47.0 million compared to $5.4 billion at June 30, 2019, and an increase of $520.9 million compared to $4.9 billion at September 30, 2018.
The current quarter increase was primarily due to:
- An increase in securities of $62.9 million, primarily due to additional purchases of agency, mortgage-backed, municipal, and corporate securities during the quarter; and
- An increase in due from counterparty of $12.8 million due to the timing of the settlement of loans sold at September 30, 2019.
Partially offset by:
- A decrease in loans and leases of $32.1 million, primarily due to a decrease of $215.9 million in our acquired loan portfolio, partially offset by an increase of $183.9 million in our originated loan portfolio;
- A decrease in loans held for sale of $11.3 million, primarily due to the timing of loan sales at September 30, 2019; and
- A decrease in deferred tax assets, net of $2.3 million, primarily due to a decrease in deferred tax assets associated with unrealized losses on available-for-sale securities.
The following table shows our allocation of the originated, acquired impaired and acquired non-impaired loans and leases at the dates indicated:
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
September 30, 2018 |
|
|||||||||||||||
(dollars in thousands) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
||||||
Originated loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
772,559 |
|
|
|
20.2 |
% |
|
$ |
721,230 |
|
|
|
18.7 |
% |
|
$ |
619,767 |
|
|
|
17.9 |
% |
Residential real estate |
|
|
497,839 |
|
|
|
13.0 |
% |
|
|
501,038 |
|
|
|
13.0 |
% |
|
|
445,717 |
|
|
|
12.9 |
% |
Construction, land development, and other land |
|
|
236,780 |
|
|
|
6.2 |
% |
|
|
196,656 |
|
|
|
5.1 |
% |
|
|
140,391 |
|
|
|
4.1 |
% |
Commercial and industrial |
|
|
1,096,400 |
|
|
|
28.6 |
% |
|
|
992,313 |
|
|
|
25.7 |
% |
|
|
696,750 |
|
|
|
20.2 |
% |
Installment and other |
|
|
7,818 |
|
|
|
0.2 |
% |
|
|
10,937 |
|
|
|
0.3 |
% |
|
|
7,729 |
|
|
|
0.2 |
% |
Leasing financing receivables |
|
|
156,758 |
|
|
|
4.1 |
% |
|
|
162,119 |
|
|
|
4.1 |
% |
|
|
155,825 |
|
|
|
4.5 |
% |
Total originated loans and leases |
|
$ |
2,768,154 |
|
|
|
72.3 |
% |
|
$ |
2,584,293 |
|
|
|
66.9 |
% |
|
$ |
2,066,179 |
|
|
|
59.8 |
% |
Acquired impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
142,435 |
|
|
|
3.7 |
% |
|
$ |
151,127 |
|
|
|
3.9 |
% |
|
$ |
154,108 |
|
|
|
4.5 |
% |
Residential real estate |
|
|
109,409 |
|
|
|
2.9 |
% |
|
|
118,534 |
|
|
|
3.1 |
% |
|
|
120,963 |
|
|
|
3.5 |
% |
Construction, land development, and other land |
|
|
4,562 |
|
|
|
0.1 |
% |
|
|
4,220 |
|
|
|
0.1 |
% |
|
|
4,203 |
|
|
|
0.1 |
% |
Commercial and industrial |
|
|
18,349 |
|
|
|
0.5 |
% |
|
|
20,370 |
|
|
|
0.5 |
% |
|
|
14,436 |
|
|
|
0.4 |
% |
Installment and other |
|
|
267 |
|
|
|
0.0 |
% |
|
|
300 |
|
|
|
0.0 |
% |
|
|
458 |
|
|
|
0.0 |
% |
Total acquired impaired loans |
|
$ |
275,022 |
|
|
|
7.2 |
% |
|
$ |
294,551 |
|
|
|
7.6 |
% |
|
$ |
294,168 |
|
|
|
8.5 |
% |
Acquired non-impaired loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
391,294 |
|
|
|
10.2 |
% |
|
$ |
439,182 |
|
|
|
11.4 |
% |
|
$ |
498,329 |
|
|
|
14.4 |
% |
Residential real estate |
|
|
141,855 |
|
|
|
3.7 |
% |
|
|
158,190 |
|
|
|
4.1 |
% |
|
|
138,516 |
|
|
|
4.0 |
% |
Construction, land development, and other land |
|
|
39,657 |
|
|
|
1.0 |
% |
|
|
51,072 |
|
|
|
1.3 |
% |
|
|
37,111 |
|
|
|
1.1 |
% |
Commercial and industrial |
|
|
187,413 |
|
|
|
4.9 |
% |
|
|
307,887 |
|
|
|
8.0 |
% |
|
|
384,260 |
|
|
|
11.1 |
% |
Installment and other |
|
|
1,269 |
|
|
|
0.0 |
% |
|
|
1,672 |
|
|
|
0.0 |
% |
|
|
4,007 |
|
|
|
0.1 |
% |
Leasing financing receivables |
|
|
26,426 |
|
|
|
0.7 |
% |
|
|
26,301 |
|
|
|
0.7 |
% |
|
|
33,232 |
|
|
|
1.0 |
% |
Total acquired non-impaired loans and leases |
|
$ |
787,914 |
|
|
|
20.5 |
% |
|
$ |
984,304 |
|
|
|
25.5 |
% |
|
$ |
1,095,455 |
|
|
|
31.7 |
% |
Total loans and leases |
|
$ |
3,831,090 |
|
|
|
100.0 |
% |
|
$ |
3,863,148 |
|
|
|
100.0 |
% |
|
$ |
3,455,802 |
|
|
|
100.0 |
% |
Allowance for loan and lease losses |
|
|
(31,585 |
) |
|
|
|
|
|
|
(31,132 |
) |
|
|
|
|
|
|
(23,424 |
) |
|
|
|
|
Total loans and leases, net of allowance for loan and lease losses |
|
$ |
3,799,505 |
|
|
|
|
|
|
$ |
3,832,016 |
|
|
|
|
|
|
$ |
3,432,378 |
|
|
|
|
|
ASSET QUALITY
Non-Performing Assets
The following table sets forth the amounts of non-performing loans and leases (excluding acquired impaired), non-performing assets, and other real estate owned at the dates indicated:
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|||||
Non-performing assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases |
|
$ |
39,529 |
|
|
$ |
34,027 |
|
|
$ |
28,539 |
|
|
$ |
25,834 |
|
|
$ |
28,643 |
|
Past due loans and leases 90 days or more and still accruing interest |
|
|
— |
|
|
|
996 |
|
|
|
— |
|
|
|
— |
|
|
|
291 |
|
Accruing troubled debt restructured loans |
|
|
2,204 |
|
|
|
1,529 |
|
|
|
1,921 |
|
|
|
1,813 |
|
|
|
1,230 |
|
Total non-performing loans and leases |
|
|
41,733 |
|
|
|
36,552 |
|
|
|
30,460 |
|
|
|
27,647 |
|
|
|
30,164 |
|
Other real estate owned |
|
|
8,531 |
|
|
|
8,070 |
|
|
|
4,799 |
|
|
|
5,314 |
|
|
|
4,891 |
|
Total non-performing assets |
|
$ |
50,264 |
|
|
$ |
44,622 |
|
|
$ |
35,259 |
|
|
$ |
32,961 |
|
|
$ |
35,055 |
|
Total non-performing loans and leases as a percentage of total loans and leases |
|
|
1.09 |
% |
|
|
0.95 |
% |
|
|
0.85 |
% |
|
|
0.79 |
% |
|
|
0.87 |
% |
Total non-performing assets as a percentage of total assets |
|
|
0.92 |
% |
|
|
0.83 |
% |
|
|
0.70 |
% |
|
|
0.67 |
% |
|
|
0.71 |
% |
Allowance for loan and lease losses as a percentage of non-performing loans and leases |
|
|
75.68 |
% |
|
|
85.17 |
% |
|
|
88.99 |
% |
|
|
91.15 |
% |
|
|
77.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets guaranteed by U.S. government: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans guaranteed |
|
$ |
4,167 |
|
|
$ |
4,723 |
|
|
$ |
5,070 |
|
|
$ |
4,245 |
|
|
$ |
6,830 |
|
Past due loans 90 days or more and still accruing interest guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Accruing troubled debt restructured loans guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
381 |
|
|
|
431 |
|
Total non-performing loans guaranteed |
|
|
4,167 |
|
|
|
4,723 |
|
|
|
5,070 |
|
|
|
4,626 |
|
|
|
7,261 |
|
Other real estate owned guaranteed |
|
|
2,029 |
|
|
|
1,539 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total non-performing assets guaranteed |
|
$ |
6,196 |
|
|
$ |
6,262 |
|
|
$ |
5,070 |
|
|
$ |
4,626 |
|
|
$ |
7,261 |
|
Total non-performing loans and leases not guaranteed as a percentage of total loans and leases |
|
|
0.98 |
% |
|
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.66 |
% |
|
|
0.66 |
% |
Total non-performing assets not guaranteed as a percentage of total assets |
|
|
0.81 |
% |
|
|
0.71 |
% |
|
|
0.60 |
% |
|
|
0.57 |
% |
|
|
0.57 |
% |
Variances in non-performing assets:
- Non-performing loans and leases were $41.7 million at September 30, 2019, an increase of $5.1 million from $36.6 million at June 30, 2019, primarily due to the downgrades of a commercial relationship and a U.S. government guaranteed relationship; and
- Other real estate owned was $8.5 million at September 30, 2019, an increase of $461,000 from $8.1 million at June 30, 2019, due to properties added from the U.S. government guaranteed portfolio. The government guaranteed portion of other real estate owned was $2.0 million at September 30, 2019.
Non-performing assets included $6.2 million of U.S. government guaranteed balances at September 30, 2019 and $6.3 million at June 30, 2019, a decrease of $66,000, primarily due to resolutions in the U.S. government guaranteed portfolio, offset by the default of a relationship.
Allowance for Loan and Lease Losses
The following table presents the balance and activity within the allowance for loan and lease losses for the periods indicated:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||||||
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
Allowance for loan and lease losses, beginning of period |
|
$ |
31,132 |
|
|
$ |
27,106 |
|
|
$ |
25,201 |
|
|
$ |
23,424 |
|
|
$ |
19,687 |
|
|
$ |
25,201 |
|
|
$ |
16,706 |
|
Provision for loan and lease losses |
|
|
5,931 |
|
|
|
6,391 |
|
|
|
3,999 |
|
|
|
3,882 |
|
|
|
5,842 |
|
|
|
16,321 |
|
|
|
14,913 |
|
Net charge-offs of loans and leases |
|
|
(5,478 |
) |
|
|
(2,365 |
) |
|
|
(2,094 |
) |
|
|
(2,105 |
) |
|
|
(2,105 |
) |
|
|
(9,937 |
) |
|
|
(8,195 |
) |
Allowance for loan and lease losses, end of period |
|
$ |
31,585 |
|
|
$ |
31,132 |
|
|
$ |
27,106 |
|
|
$ |
25,201 |
|
|
$ |
23,424 |
|
|
$ |
31,585 |
|
|
$ |
23,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses to period end total loans and leases held for investment |
|
|
0.82 |
% |
|
|
0.81 |
% |
|
|
0.76 |
% |
|
|
0.72 |
% |
|
|
0.68 |
% |
|
|
0.82 |
% |
|
|
0.68 |
% |
Net charge-offs (annualized) to average loans and leases outstanding during the period |
|
|
0.56 |
% |
|
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.24 |
% |
|
|
0.25 |
% |
|
|
0.36 |
% |
|
|
0.40 |
% |
Provision for loan and lease losses to net charge-offs during the period |
|
1.08x |
|
|
2.70x |
|
|
1.91x |
|
|
1.84x |
|
|
2.78x |
|
|
1.64x |
|
|
1.82x |
|
|||||||
The allowance for loan and lease losses as a percentage of total loans and leases held for investment increased to 0.82% at September 30, 2019, compared to 0.81% at June 30, 2019 and 0.68% at September 30, 2018.
Net Charge-Offs
Net charge-offs during the third quarter of 2019 were $5.5 million, or 0.56% of average loans and leases, on an annualized basis, an increase of $3.1 million compared to $2.4 million, or 0.25% of average loans and leases, during the second quarter of 2019, and an increase from $2.1 million, or 0.25%, for the comparable quarter one year ago.
The net charge-offs during the quarter were primarily attributed to the unguaranteed portion of U.S. government guaranteed loans. Net charge-offs for the third quarter of 2019 included $4.8 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the second quarter of 2019 included $2.3 million and third quarter of 2018 included $1.5 million 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:
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|||||
Non-interest-bearing demand deposits |
|
$ |
1,221,431 |
|
|
$ |
1,240,375 |
|
|
$ |
1,163,255 |
|
|
$ |
1,192,873 |
|
|
$ |
1,175,222 |
|
Interest-bearing checking accounts |
|
|
372,049 |
|
|
|
345,081 |
|
|
|
305,393 |
|
|
|
296,339 |
|
|
|
317,145 |
|
Money market demand accounts |
|
|
745,154 |
|
|
|
728,954 |
|
|
|
611,634 |
|
|
|
640,401 |
|
|
|
661,271 |
|
Other savings |
|
|
471,878 |
|
|
|
480,756 |
|
|
|
468,524 |
|
|
|
476,418 |
|
|
|
476,879 |
|
Time deposits (below $250,000) |
|
|
966,866 |
|
|
|
980,162 |
|
|
|
967,999 |
|
|
|
911,603 |
|
|
|
916,014 |
|
Time deposits ($250,000 and above) |
|
|
302,936 |
|
|
|
284,915 |
|
|
|
291,711 |
|
|
|
232,282 |
|
|
|
194,236 |
|
Total deposits |
|
$ |
4,080,314 |
|
|
$ |
4,060,243 |
|
|
$ |
3,808,516 |
|
|
$ |
3,749,916 |
|
|
$ |
3,740,767 |
|
Total deposits were $4.1 billion at September 30, 2019, an increase of $20.1 million compared to June 30, 2019, primarily due to increases in interest-bearing deposits excluding time deposits. Non-interest-bearing deposits to total deposits slightly decreased from 30.5% at June 30, 2019 to 29.9% at September 30, 2019.
The increase in the current quarter was primarily due to:
- An increase in interest-bearing checking deposits of $27.0 million, from $345.1 million at June 30, 2019 to $372.0 million at September 30, 2019, primarily driven by NOW business accounts; and
- An increase in money market demand deposits of $16.2 million, from $729.0 million at June 30, 2019 to $745.2 million at September 30, 2019, primarily driven by business accounts.
Partially offset by:
- A decrease in non-interest-bearing demand deposits of $18.9 million, to $1.2 billion at September 30, 2019, primarily driven by decreases in business accounts and escrow deposits due to real estate tax payments; and
- A decrease in other savings of $8.9 million, from $480.8 million at June 30, 2019 to $471.9 million at September 30, 2019, primarily driven by personal savings accounts.
Total borrowings and other liabilities were $622.1 million at September 30, 2019, an increase of $8.8 million from $613.3 million at June 30, 2019, primarily due to an increase in FHLB advances and an increase in accrued expenses and other liabilities.
Stockholders’ Equity
Total stockholders’ equity was $735.9 million at September 30, 2019, an increase of $18.2 million from $717.7 million at June 30, 2019. The increase was primarily due to net income generated during the quarter. Stockholders’ equity increased $106.0 million from $629.9 million at September 30, 2018. The increase was primarily due to net income generated during the year and the stock consideration issued in connection with the acquisition.
The following table presents the actual regulatory capital dollar amounts and ratios of the Company and Byline Bank as of September 30, 2019:
|
|
Actual |
|
|
Minimum Capital Required |
|
|
Required to be Considered Well Capitalized |
|
|||||||||||||||
September 30, 2019 |
|
Amount |
|
|
Ratio |
|
|
Amount |
|
|
Ratio |
|
|
Amount |
|
|
Ratio |
|
||||||
Total capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
615,656 |
|
|
|
14.19 |
% |
|
$ |
347,079 |
|
|
|
8.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
594,885 |
|
|
|
13.72 |
% |
|
|
346,762 |
|
|
|
8.00 |
% |
|
$ |
433,453 |
|
|
|
10.00 |
% |
Tier 1 capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
582,754 |
|
|
|
13.43 |
% |
|
$ |
260,309 |
|
|
|
6.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
561,953 |
|
|
|
12.96 |
% |
|
|
260,072 |
|
|
|
6.00 |
% |
|
$ |
346,762 |
|
|
|
8.00 |
% |
Common Equity Tier 1 (CET1) to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
525,816 |
|
|
|
12.12 |
% |
|
$ |
195,232 |
|
|
|
4.50 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
561,953 |
|
|
|
12.96 |
% |
|
|
195,054 |
|
|
|
4.50 |
% |
|
$ |
281,744 |
|
|
|
6.50 |
% |
Tier 1 capital to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
582,754 |
|
|
|
11.14 |
% |
|
$ |
209,331 |
|
|
|
4.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
561,953 |
|
|
|
10.74 |
% |
|
|
209,242 |
|
|
|
4.00 |
% |
|
$ |
261,552 |
|
|
|
5.00 |
% |
Capital ratios for the period presented are based on the Basel III regulatory capital framework as applied to the Company’s current business and operations, and are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review and implementation guidance.
Conference Call, Webcast and Slide Presentation
The Company will host a conference call and webcast at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) on Friday, October 25, 2019 to discuss its quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (877) 512-8755. A recorded replay can be accessed through November 9, 2019 by dialing (877) 344-7529; passcode: 10135549.
A slide presentation relating to the third quarter 2019 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the News and Events page of the Company’s investor relations website at www.bylinebancorp.com.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $5.4 billion in assets and operates more than 60 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 five Small Business Administration lenders in the United States.
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, 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 “Reconciliation of Non-GAAP Financial Measures” 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.
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 judgement 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 its Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission, including among other things under the heading “Risk Factors” in such Annual Report on Form 10-K. 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
|
||||||||||||||||||||
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
75,275 |
|
|
$ |
57,513 |
|
|
$ |
50,026 |
|
|
$ |
30,190 |
|
|
$ |
25,162 |
|
Interest bearing deposits with other banks |
|
|
33,564 |
|
|
|
31,802 |
|
|
|
31,971 |
|
|
|
91,670 |
|
|
|
119,594 |
|
Cash and cash equivalents |
|
|
108,839 |
|
|
|
89,315 |
|
|
|
81,997 |
|
|
|
121,860 |
|
|
|
144,756 |
|
Equity and other securities, at fair value |
|
|
7,648 |
|
|
|
7,662 |
|
|
|
7,216 |
|
|
|
— |
|
|
|
— |
|
Securities available-for-sale, at fair value |
|
|
1,031,933 |
|
|
|
969,029 |
|
|
|
964,553 |
|
|
|
817,656 |
|
|
|
795,408 |
|
Securities held-to-maturity, at amortized cost |
|
|
4,417 |
|
|
|
4,421 |
|
|
|
4,425 |
|
|
|
99,266 |
|
|
|
102,683 |
|
Restricted stock, at cost |
|
|
24,331 |
|
|
|
22,937 |
|
|
|
19,202 |
|
|
|
19,202 |
|
|
|
19,202 |
|
Loans held for sale |
|
|
7,176 |
|
|
|
18,473 |
|
|
|
510 |
|
|
|
19,827 |
|
|
|
8,737 |
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases |
|
|
3,831,090 |
|
|
|
3,863,148 |
|
|
|
3,567,566 |
|
|
|
3,501,626 |
|
|
|
3,455,802 |
|
Allowance for loan and lease losses |
|
|
(31,585 |
) |
|
|
(31,132 |
) |
|
|
(27,106 |
) |
|
|
(25,201 |
) |
|
|
(23,424 |
) |
Net loans and leases |
|
|
3,799,505 |
|
|
|
3,832,016 |
|
|
|
3,540,460 |
|
|
|
3,476,425 |
|
|
|
3,432,378 |
|
Servicing assets, at fair value |
|
|
19,939 |
|
|
|
19,760 |
|
|
|
19,534 |
|
|
|
19,693 |
|
|
|
20,674 |
|
Accrued interest receivable |
|
|
13,013 |
|
|
|
12,913 |
|
|
|
11,974 |
|
|
|
10,863 |
|
|
|
11,331 |
|
Premises and equipment, net |
|
|
96,006 |
|
|
|
96,588 |
|
|
|
97,069 |
|
|
|
97,680 |
|
|
|
106,948 |
|
Assets held for sale |
|
|
15,472 |
|
|
|
16,329 |
|
|
|
13,596 |
|
|
|
14,489 |
|
|
|
8,343 |
|
Other real estate owned, net |
|
|
8,531 |
|
|
|
8,070 |
|
|
|
4,799 |
|
|
|
5,314 |
|
|
|
4,891 |
|
Goodwill |
|
|
145,638 |
|
|
|
145,638 |
|
|
|
128,177 |
|
|
|
128,177 |
|
|
|
127,536 |
|
Other intangible assets, net |
|
|
33,905 |
|
|
|
35,908 |
|
|
|
31,646 |
|
|
|
33,419 |
|
|
|
35,248 |
|
Bank-owned life insurance |
|
|
9,699 |
|
|
|
9,634 |
|
|
|
6,087 |
|
|
|
5,961 |
|
|
|
5,923 |
|
Deferred tax assets, net |
|
|
33,388 |
|
|
|
35,737 |
|
|
|
30,534 |
|
|
|
35,643 |
|
|
|
42,287 |
|
Due from counterparty |
|
|
47,045 |
|
|
|
34,226 |
|
|
|
20,691 |
|
|
|
5,338 |
|
|
|
14,484 |
|
Other assets |
|
|
31,793 |
|
|
|
32,580 |
|
|
|
27,455 |
|
|
|
31,761 |
|
|
|
36,580 |
|
Total assets |
|
$ |
5,438,278 |
|
|
$ |
5,391,236 |
|
|
$ |
5,009,925 |
|
|
$ |
4,942,574 |
|
|
$ |
4,917,409 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand deposits |
|
$ |
1,221,431 |
|
|
$ |
1,240,375 |
|
|
$ |
1,163,255 |
|
|
$ |
1,192,873 |
|
|
$ |
1,175,222 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, savings accounts, and money market accounts |
|
|
1,589,081 |
|
|
|
1,554,791 |
|
|
|
1,385,551 |
|
|
|
1,413,158 |
|
|
|
1,455,295 |
|
Time deposits |
|
|
1,269,802 |
|
|
|
1,265,077 |
|
|
|
1,259,710 |
|
|
|
1,143,885 |
|
|
|
1,110,250 |
|
Total deposits |
|
|
4,080,314 |
|
|
|
4,060,243 |
|
|
|
3,808,516 |
|
|
|
3,749,916 |
|
|
|
3,740,767 |
|
Accrued interest payable |
|
|
4,778 |
|
|
|
4,522 |
|
|
|
4,390 |
|
|
|
3,484 |
|
|
|
2,971 |
|
Line of credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Federal Home Loan Bank advances |
|
|
506,000 |
|
|
|
500,000 |
|
|
|
425,000 |
|
|
|
425,000 |
|
|
|
425,000 |
|
Securities sold under agreements to repurchase |
|
|
32,290 |
|
|
|
32,885 |
|
|
|
34,369 |
|
|
|
34,166 |
|
|
|
24,446 |
|
Junior subordinated debentures issued to capital trusts, net |
|
|
37,207 |
|
|
|
37,059 |
|
|
|
36,912 |
|
|
|
36,768 |
|
|
|
36,615 |
|
Accrued expenses and other liabilities |
|
|
41,823 |
|
|
|
38,852 |
|
|
|
31,989 |
|
|
|
42,568 |
|
|
|
57,749 |
|
Total liabilities |
|
|
4,702,412 |
|
|
|
4,673,561 |
|
|
|
4,341,176 |
|
|
|
4,291,902 |
|
|
|
4,287,548 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
Common stock |
|
|
378 |
|
|
|
378 |
|
|
|
362 |
|
|
|
361 |
|
|
|
361 |
|
Additional paid-in capital |
|
|
579,564 |
|
|
|
578,828 |
|
|
|
548,005 |
|
|
|
546,849 |
|
|
|
545,827 |
|
Retained earnings |
|
|
144,525 |
|
|
|
129,379 |
|
|
|
116,363 |
|
|
|
102,522 |
|
|
|
85,597 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
961 |
|
|
|
(1,348 |
) |
|
|
(6,419 |
) |
|
|
(9,498 |
) |
|
|
(12,362 |
) |
Total stockholders’ equity |
|
|
735,866 |
|
|
|
717,675 |
|
|
|
668,749 |
|
|
|
650,672 |
|
|
|
629,861 |
|
Total liabilities and stockholders’ equity |
|
$ |
5,438,278 |
|
|
$ |
5,391,236 |
|
|
$ |
5,009,925 |
|
|
$ |
4,942,574 |
|
|
$ |
4,917,409 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||||||||||
(dollars in thousands, except share and |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
per share data) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
|
$ |
63,391 |
|
|
$ |
59,524 |
|
|
$ |
54,383 |
|
|
$ |
56,646 |
|
|
$ |
55,045 |
|
|
$ |
177,298 |
|
|
$ |
128,326 |
|
Interest on taxable securities |
|
|
6,554 |
|
|
|
6,237 |
|
|
|
5,759 |
|
|
|
5,334 |
|
|
|
5,076 |
|
|
|
18,550 |
|
|
|
13,703 |
|
Interest on tax-exempt securities |
|
|
486 |
|
|
|
428 |
|
|
|
343 |
|
|
|
355 |
|
|
|
337 |
|
|
|
1,257 |
|
|
|
740 |
|
Other interest and dividend income |
|
|
598 |
|
|
|
571 |
|
|
|
625 |
|
|
|
560 |
|
|
|
615 |
|
|
|
1,794 |
|
|
|
1,287 |
|
Total interest and dividend income |
|
|
71,029 |
|
|
|
66,760 |
|
|
|
61,110 |
|
|
|
62,895 |
|
|
|
61,073 |
|
|
|
198,899 |
|
|
|
144,056 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
9,618 |
|
|
|
9,306 |
|
|
|
8,076 |
|
|
|
7,115 |
|
|
|
5,971 |
|
|
|
27,000 |
|
|
|
12,214 |
|
Federal Home Loan Bank advances |
|
|
2,771 |
|
|
|
2,174 |
|
|
|
2,099 |
|
|
|
1,719 |
|
|
|
1,723 |
|
|
|
7,044 |
|
|
|
4,441 |
|
Subordinated debentures and other borrowings |
|
|
802 |
|
|
|
832 |
|
|
|
850 |
|
|
|
800 |
|
|
|
786 |
|
|
|
2,484 |
|
|
|
2,057 |
|
Total interest expense |
|
|
13,191 |
|
|
|
12,312 |
|
|
|
11,025 |
|
|
|
9,634 |
|
|
|
8,480 |
|
|
|
36,528 |
|
|
|
18,712 |
|
Net interest income |
|
|
57,838 |
|
|
|
54,448 |
|
|
|
50,085 |
|
|
|
53,261 |
|
|
|
52,593 |
|
|
|
162,371 |
|
|
|
125,344 |
|
PROVISION FOR LOAN AND LEASE LOSSES |
|
|
5,931 |
|
|
|
6,391 |
|
|
|
3,999 |
|
|
|
3,882 |
|
|
|
5,842 |
|
|
|
16,321 |
|
|
|
14,913 |
|
Net interest income after provision for loan and lease losses |
|
|
51,907 |
|
|
|
48,057 |
|
|
|
46,086 |
|
|
|
49,379 |
|
|
|
46,751 |
|
|
|
146,050 |
|
|
|
110,431 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges on deposits |
|
|
1,612 |
|
|
|
1,441 |
|
|
|
1,770 |
|
|
|
1,852 |
|
|
|
1,825 |
|
|
|
4,823 |
|
|
|
4,593 |
|
Loan servicing revenue |
|
|
2,692 |
|
|
|
2,630 |
|
|
|
2,539 |
|
|
|
2,667 |
|
|
|
2,622 |
|
|
|
7,861 |
|
|
|
7,605 |
|
Loan servicing asset revaluation |
|
|
(1,610 |
) |
|
|
(1,223 |
) |
|
|
(1,261 |
) |
|
|
(2,862 |
) |
|
|
(2,446 |
) |
|
|
(4,094 |
) |
|
|
(6,407 |
) |
ATM and interchange fees |
|
|
973 |
|
|
|
945 |
|
|
|
717 |
|
|
|
1,010 |
|
|
|
1,540 |
|
|
|
2,635 |
|
|
|
3,303 |
|
Net gains on sales of securities available-for-sale |
|
|
178 |
|
|
|
973 |
|
|
|
— |
|
|
|
160 |
|
|
|
— |
|
|
|
1,151 |
|
|
|
4 |
|
Change in fair value of equity securities, net |
|
|
(15 |
) |
|
|
551 |
|
|
|
499 |
|
|
|
— |
|
|
|
— |
|
|
|
1,035 |
|
|
|
— |
|
Net gains on sales of loans |
|
|
9,405 |
|
|
|
7,472 |
|
|
|
6,233 |
|
|
|
9,337 |
|
|
|
5,015 |
|
|
|
23,110 |
|
|
|
22,214 |
|
Wealth management and trust income |
|
|
653 |
|
|
|
626 |
|
|
|
595 |
|
|
|
679 |
|
|
|
674 |
|
|
|
1,874 |
|
|
|
866 |
|
Other non-interest income |
|
|
918 |
|
|
|
768 |
|
|
|
896 |
|
|
|
1,447 |
|
|
|
1,672 |
|
|
|
2,582 |
|
|
|
4,058 |
|
Total non-interest income |
|
|
14,806 |
|
|
|
14,183 |
|
|
|
11,988 |
|
|
|
14,290 |
|
|
|
10,902 |
|
|
|
40,977 |
|
|
|
36,236 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
24,537 |
|
|
|
23,652 |
|
|
|
22,892 |
|
|
|
21,548 |
|
|
|
21,312 |
|
|
|
71,081 |
|
|
|
58,834 |
|
Occupancy expense, net |
|
|
3,745 |
|
|
|
4,337 |
|
|
|
4,280 |
|
|
|
4,027 |
|
|
|
3,548 |
|
|
|
12,362 |
|
|
|
11,802 |
|
Equipment expense |
|
|
767 |
|
|
|
732 |
|
|
|
669 |
|
|
|
641 |
|
|
|
617 |
|
|
|
2,168 |
|
|
|
1,778 |
|
Loan and lease related expenses |
|
|
1,949 |
|
|
|
1,841 |
|
|
|
1,577 |
|
|
|
2,223 |
|
|
|
1,015 |
|
|
|
5,367 |
|
|
|
3,886 |
|
Legal, audit and other professional fees |
|
|
4,066 |
|
|
|
2,981 |
|
|
|
2,066 |
|
|
|
2,746 |
|
|
|
2,358 |
|
|
|
9,113 |
|
|
|
8,627 |
|
Data processing |
|
|
4,062 |
|
|
|
3,849 |
|
|
|
3,144 |
|
|
|
2,846 |
|
|
|
2,724 |
|
|
|
11,055 |
|
|
|
15,396 |
|
Net loss (gain) recognized on other real estate owned and other related expenses |
|
|
95 |
|
|
|
252 |
|
|
|
196 |
|
|
|
48 |
|
|
|
(284 |
) |
|
|
543 |
|
|
|
187 |
|
Regulatory assessments |
|
|
228 |
|
|
|
371 |
|
|
|
(59 |
) |
|
|
462 |
|
|
|
675 |
|
|
|
540 |
|
|
|
1,282 |
|
Other intangible assets amortization expense |
|
|
2,003 |
|
|
|
1,959 |
|
|
|
1,773 |
|
|
|
1,834 |
|
|
|
1,898 |
|
|
|
5,735 |
|
|
|
3,795 |
|
Advertising and promotions |
|
|
843 |
|
|
|
732 |
|
|
|
709 |
|
|
|
590 |
|
|
|
537 |
|
|
|
2,284 |
|
|
|
1,133 |
|
Telecommunications |
|
|
474 |
|
|
|
537 |
|
|
|
464 |
|
|
|
391 |
|
|
|
435 |
|
|
|
1,475 |
|
|
|
1,319 |
|
Other non-interest expense |
|
|
2,679 |
|
|
|
2,711 |
|
|
|
2,968 |
|
|
|
2,732 |
|
|
|
2,880 |
|
|
|
8,358 |
|
|
|
6,769 |
|
Total non-interest expense |
|
|
45,448 |
|
|
|
43,954 |
|
|
|
40,679 |
|
|
|
40,088 |
|
|
|
37,715 |
|
|
|
130,081 |
|
|
|
114,808 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
21,265 |
|
|
|
18,286 |
|
|
|
17,395 |
|
|
|
23,581 |
|
|
|
19,938 |
|
|
|
56,946 |
|
|
|
31,859 |
|
PROVISION FOR INCOME TAXES |
|
|
5,923 |
|
|
|
5,075 |
|
|
|
4,798 |
|
|
|
6,460 |
|
|
|
5,402 |
|
|
|
15,796 |
|
|
|
7,787 |
|
NET INCOME |
|
|
15,342 |
|
|
|
13,211 |
|
|
|
12,597 |
|
|
|
17,121 |
|
|
|
14,536 |
|
|
|
41,150 |
|
|
|
24,072 |
|
Dividends on preferred shares |
|
|
196 |
|
|
|
195 |
|
|
|
196 |
|
|
|
196 |
|
|
|
196 |
|
|
|
587 |
|
|
|
587 |
|
INCOME AVAILABLE TO COMMON STOCKHOLDERS |
|
$ |
15,146 |
|
|
$ |
13,016 |
|
|
$ |
12,401 |
|
|
$ |
16,925 |
|
|
$ |
14,340 |
|
|
$ |
40,563 |
|
|
$ |
23,485 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.34 |
|
|
$ |
0.47 |
|
|
$ |
0.40 |
|
|
$ |
1.09 |
|
|
$ |
0.73 |
|
Diluted |
|
$ |
0.39 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.46 |
|
|
$ |
0.39 |
|
|
$ |
1.07 |
|
|
$ |
0.71 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (unaudited) |
||||||||||||||||||||||||||||
|
|
As of or For the Three Months Ended |
|
|
As of or For the Nine Months Ended |
|
||||||||||||||||||||||
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
(dollars in thousands, except share and per share data) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
Summary of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
57,838 |
|
|
$ |
54,448 |
|
|
$ |
50,085 |
|
|
$ |
53,261 |
|
|
$ |
52,593 |
|
|
$ |
162,371 |
|
|
$ |
125,344 |
|
Provision for loan and lease losses |
|
|
5,931 |
|
|
|
6,391 |
|
|
|
3,999 |
|
|
|
3,882 |
|
|
|
5,842 |
|
|
|
16,321 |
|
|
|
14,913 |
|
Non-interest income |
|
|
14,806 |
|
|
|
14,183 |
|
|
|
11,988 |
|
|
|
14,290 |
|
|
|
10,902 |
|
|
|
40,977 |
|
|
|
36,236 |
|
Non-interest expense |
|
|
45,448 |
|
|
|
43,954 |
|
|
|
40,679 |
|
|
|
40,088 |
|
|
|
37,715 |
|
|
|
130,081 |
|
|
|
114,808 |
|
Income before provision for income taxes |
|
|
21,265 |
|
|
|
18,286 |
|
|
|
17,395 |
|
|
|
23,581 |
|
|
|
19,938 |
|
|
|
56,946 |
|
|
|
31,859 |
|
Provision for income taxes |
|
|
5,923 |
|
|
|
5,075 |
|
|
|
4,798 |
|
|
|
6,460 |
|
|
|
5,402 |
|
|
|
15,796 |
|
|
|
7,787 |
|
Net income |
|
|
15,342 |
|
|
|
13,211 |
|
|
|
12,597 |
|
|
|
17,121 |
|
|
|
14,536 |
|
|
|
41,150 |
|
|
|
24,072 |
|
Dividends on preferred shares |
|
|
196 |
|
|
|
195 |
|
|
|
196 |
|
|
|
196 |
|
|
|
196 |
|
|
|
587 |
|
|
|
587 |
|
Net income available to common stockholders |
|
$ |
15,146 |
|
|
$ |
13,016 |
|
|
$ |
12,401 |
|
|
$ |
16,925 |
|
|
$ |
14,340 |
|
|
$ |
40,563 |
|
|
$ |
23,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.34 |
|
|
$ |
0.47 |
|
|
$ |
0.40 |
|
|
$ |
1.09 |
|
|
$ |
0.73 |
|
Diluted earnings per common share |
|
$ |
0.39 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.46 |
|
|
$ |
0.39 |
|
|
$ |
1.07 |
|
|
$ |
0.71 |
|
Adjusted diluted earnings per common share(2)(3)(4) |
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.38 |
|
|
$ |
0.49 |
|
|
$ |
0.40 |
|
|
$ |
1.20 |
|
|
$ |
0.93 |
|
Weighted average common shares outstanding (basic) |
|
|
37,831,356 |
|
|
|
37,263,352 |
|
|
|
36,169,477 |
|
|
|
36,116,189 |
|
|
|
36,042,914 |
|
|
|
37,094,083 |
|
|
|
32,341,087 |
|
Weighted average common shares outstanding (diluted) |
|
|
38,487,180 |
|
|
|
37,948,006 |
|
|
|
36,876,574 |
|
|
|
36,900,589 |
|
|
|
36,958,209 |
|
|
|
37,818,868 |
|
|
|
33,288,657 |
|
Common shares outstanding |
|
|
38,169,126 |
|
|
|
38,115,219 |
|
|
|
36,398,144 |
|
|
|
36,343,239 |
|
|
|
36,279,600 |
|
|
|
38,169,126 |
|
|
|
36,279,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios and Performance Metrics (annualized where applicable) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
4.62 |
% |
|
|
4.51 |
% |
|
|
4.43 |
% |
|
|
4.69 |
% |
|
|
4.73 |
% |
|
|
4.52 |
% |
|
|
4.56 |
% |
Cost of deposits |
|
|
0.94 |
% |
|
|
0.92 |
% |
|
|
0.87 |
% |
|
|
0.75 |
% |
|
|
0.64 |
% |
|
|
0.91 |
% |
|
|
0.54 |
% |
Efficiency ratio(1) |
|
|
59.81 |
% |
|
|
61.19 |
% |
|
|
62.68 |
% |
|
|
56.63 |
% |
|
|
56.41 |
% |
|
|
61.15 |
% |
|
|
68.70 |
% |
Adjusted efficiency ratio(1)(2)(3) |
|
|
58.17 |
% |
|
|
56.02 |
% |
|
|
59.55 |
% |
|
|
54.76 |
% |
|
|
55.62 |
% |
|
|
57.87 |
% |
|
|
61.73 |
% |
Non-interest expense to average assets |
|
|
3.32 |
% |
|
|
3.34 |
% |
|
|
3.32 |
% |
|
|
3.25 |
% |
|
|
3.11 |
% |
|
|
3.33 |
% |
|
|
3.82 |
% |
Adjusted non-interest expense to average assets(2)(3) |
|
|
3.23 |
% |
|
|
3.07 |
% |
|
|
3.17 |
% |
|
|
3.15 |
% |
|
|
3.07 |
% |
|
|
3.16 |
% |
|
|
3.45 |
% |
Return on average stockholders' equity |
|
|
8.34 |
% |
|
|
7.60 |
% |
|
|
7.75 |
% |
|
|
10.61 |
% |
|
|
9.22 |
% |
|
|
7.91 |
% |
|
|
6.01 |
% |
Adjusted return on average stockholders' equity(2)(3)(4) |
|
|
8.78 |
% |
|
|
9.16 |
% |
|
|
8.61 |
% |
|
|
11.21 |
% |
|
|
9.47 |
% |
|
|
8.86 |
% |
|
|
7.90 |
% |
Return on average assets |
|
|
1.12 |
% |
|
|
1.00 |
% |
|
|
1.03 |
% |
|
|
1.39 |
% |
|
|
1.20 |
% |
|
|
1.05 |
% |
|
|
0.80 |
% |
Adjusted return on average assets(2)(3)(4) |
|
|
1.18 |
% |
|
|
1.21 |
% |
|
|
1.14 |
% |
|
|
1.47 |
% |
|
|
1.23 |
% |
|
|
1.18 |
% |
|
|
1.05 |
% |
Non-interest income to total revenues(2) |
|
|
20.38 |
% |
|
|
20.67 |
% |
|
|
19.31 |
% |
|
|
21.16 |
% |
|
|
17.17 |
% |
|
|
20.15 |
% |
|
|
22.43 |
% |
Pre-tax pre-provision return on average assets(2) |
|
|
1.98 |
% |
|
|
1.88 |
% |
|
|
1.75 |
% |
|
|
2.23 |
% |
|
|
2.13 |
% |
|
|
1.87 |
% |
|
|
1.56 |
% |
Adjusted pre-tax pre-provision return on average assets(2)(3) |
|
|
2.07 |
% |
|
|
2.15 |
% |
|
|
1.91 |
% |
|
|
2.33 |
% |
|
|
2.17 |
% |
|
|
2.04 |
% |
|
|
1.93 |
% |
Return on average tangible common stockholders' equity(2) |
|
|
12.22 |
% |
|
|
11.32 |
% |
|
|
11.37 |
% |
|
|
15.49 |
% |
|
|
13.81 |
% |
|
|
11.66 |
% |
|
|
8.51 |
% |
Adjusted return on average tangible common stockholders' equity(2)(3)(4) |
|
|
12.82 |
% |
|
|
13.44 |
% |
|
|
12.54 |
% |
|
|
16.31 |
% |
|
|
14.16 |
% |
|
|
12.94 |
% |
|
|
10.96 |
% |
Non-interest-bearing deposits to total deposits |
|
|
29.93 |
% |
|
|
30.55 |
% |
|
|
30.54 |
% |
|
|
31.81 |
% |
|
|
31.42 |
% |
|
|
29.93 |
% |
|
|
31.42 |
% |
Loans and leases held for sale and loans and lease held for investment to total deposits |
|
|
94.07 |
% |
|
|
95.60 |
% |
|
|
93.69 |
% |
|
|
93.91 |
% |
|
|
92.62 |
% |
|
|
94.07 |
% |
|
|
92.62 |
% |
Deposits to total liabilities |
|
|
86.77 |
% |
|
|
86.88 |
% |
|
|
87.73 |
% |
|
|
87.37 |
% |
|
|
87.25 |
% |
|
|
86.77 |
% |
|
|
87.25 |
% |
Deposits per branch |
|
$ |
66,890 |
|
|
$ |
66,561 |
|
|
$ |
65,664 |
|
|
$ |
63,558 |
|
|
$ |
63,403 |
|
|
$ |
66,890 |
|
|
$ |
63,403 |
|
Tangible book value per common share(2) |
|
$ |
14.30 |
|
|
$ |
13.79 |
|
|
$ |
13.70 |
|
|
$ |
13.17 |
|
|
$ |
12.59 |
|
|
$ |
14.30 |
|
|
$ |
12.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans and leases to total loans and leases held for investment, net before ALLL |
|
|
1.09 |
% |
|
|
0.95 |
% |
|
|
0.85 |
% |
|
|
0.79 |
% |
|
|
0.87 |
% |
|
|
1.09 |
% |
|
|
0.87 |
% |
ALLL to total loans and leases held for investment, net before ALLL |
|
|
0.82 |
% |
|
|
0.81 |
% |
|
|
0.76 |
% |
|
|
0.72 |
% |
|
|
0.68 |
% |
|
|
0.82 |
% |
|
|
0.68 |
% |
Net charge-offs to average total loans and leases held for investment, net before ALLL |
|
|
0.56 |
% |
|
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.24 |
% |
|
|
0.25 |
% |
|
|
0.36 |
% |
|
|
0.40 |
% |
Acquisition accounting adjustments(5) |
|
$ |
31,053 |
|
|
$ |
37,109 |
|
|
$ |
29,341 |
|
|
$ |
34,029 |
|
|
$ |
42,375 |
|
|
$ |
31,053 |
|
|
$ |
42,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity to total assets |
|
|
13.34 |
% |
|
|
13.12 |
% |
|
|
13.14 |
% |
|
|
12.95 |
% |
|
|
12.60 |
% |
|
|
13.34 |
% |
|
|
12.60 |
% |
Tangible common equity to tangible assets(2) |
|
|
10.38 |
% |
|
|
10.09 |
% |
|
|
10.28 |
% |
|
|
10.01 |
% |
|
|
9.60 |
% |
|
|
10.38 |
% |
|
|
9.60 |
% |
Leverage ratio |
|
|
11.14 |
% |
|
|
11.09 |
% |
|
|
11.27 |
% |
|
|
11.05 |
% |
|
|
10.78 |
% |
|
|
11.14 |
% |
|
|
10.78 |
% |
Common equity tier 1 capital ratio |
|
|
12.12 |
% |
|
|
11.65 |
% |
|
|
12.14 |
% |
|
|
11.85 |
% |
|
|
11.26 |
% |
|
|
12.12 |
% |
|
|
11.26 |
% |
Tier 1 capital ratio |
|
|
13.43 |
% |
|
|
12.96 |
% |
|
|
13.57 |
% |
|
|
13.30 |
% |
|
|
12.71 |
% |
|
|
13.43 |
% |
|
|
12.71 |
% |
Total capital ratio |
|
|
14.19 |
% |
|
|
13.71 |
% |
|
|
14.28 |
% |
|
|
13.99 |
% |
|
|
13.37 |
% |
|
|
14.19 |
% |
|
|
13.37 |
% |
(1) |
Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income. |
|||
(2) |
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. |
|||
(3) |
Calculation excludes impairment charges, merger-related expenses, and core systems conversion expense. |
|||
(4) |
Calculation excludes incremental income tax expense or benefit related to changes in corporate income tax rates and reversal of valuation allowance on net deferred tax assets. |
|||
(5) |
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. |
BYLINE BANCORP, INC. AND SUBSIDIARIES QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited) |
||||||||||||||||||||||||
|
|
For the Three Months Ended September 30, |
|
|||||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
||||||||||||||||||
(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 |
|
$ |
34,225 |
|
|
$ |
253 |
|
|
|
2.93 |
% |
|
$ |
107,555 |
|
|
$ |
368 |
|
|
|
1.36 |
% |
Loans and leases(1) |
|
|
3,860,770 |
|
|
|
63,391 |
|
|
|
6.51 |
% |
|
|
3,387,569 |
|
|
|
55,045 |
|
|
|
6.45 |
% |
Taxable securities |
|
|
996,750 |
|
|
|
6,899 |
|
|
|
2.75 |
% |
|
|
860,081 |
|
|
|
5,323 |
|
|
|
2.46 |
% |
Tax-exempt securities(2) |
|
|
76,161 |
|
|
|
486 |
|
|
|
2.53 |
% |
|
|
55,656 |
|
|
|
337 |
|
|
|
2.40 |
% |
Total interest-earning assets |
|
$ |
4,967,906 |
|
|
$ |
71,029 |
|
|
|
5.67 |
% |
|
$ |
4,410,861 |
|
|
$ |
61,073 |
|
|
|
5.49 |
% |
Allowance for loan and lease losses |
|
|
(32,246 |
) |
|
|
|
|
|
|
|
|
|
|
(21,557 |
) |
|
|
|
|
|
|
|
|
All other assets |
|
|
500,102 |
|
|
|
|
|
|
|
|
|
|
|
420,635 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
5,435,762 |
|
|
|
|
|
|
|
|
|
|
$ |
4,809,939 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
358,185 |
|
|
$ |
524 |
|
|
|
0.58 |
% |
|
$ |
316,394 |
|
|
$ |
384 |
|
|
|
0.48 |
% |
Money market accounts |
|
|
735,724 |
|
|
|
1,917 |
|
|
|
1.03 |
% |
|
|
618,213 |
|
|
|
1,200 |
|
|
|
0.77 |
% |
Savings |
|
|
475,417 |
|
|
|
114 |
|
|
|
0.10 |
% |
|
|
479,837 |
|
|
|
148 |
|
|
|
0.12 |
% |
Time deposits |
|
|
1,270,050 |
|
|
|
7,063 |
|
|
|
2.21 |
% |
|
|
1,084,550 |
|
|
|
4,239 |
|
|
|
1.55 |
% |
Total interest-bearing deposits |
|
|
2,839,376 |
|
|
|
9,618 |
|
|
|
1.34 |
% |
|
|
2,498,994 |
|
|
|
5,971 |
|
|
|
0.95 |
% |
Federal Home Loan Bank advances |
|
|
530,055 |
|
|
|
2,771 |
|
|
|
2.07 |
% |
|
|
394,588 |
|
|
|
1,723 |
|
|
|
1.73 |
% |
Other borrowed funds |
|
|
70,080 |
|
|
|
802 |
|
|
|
4.54 |
% |
|
|
61,582 |
|
|
|
786 |
|
|
|
5.06 |
% |
Total borrowings |
|
|
600,135 |
|
|
|
3,573 |
|
|
|
2.36 |
% |
|
|
456,170 |
|
|
|
2,509 |
|
|
|
2.18 |
% |
Total interest-bearing liabilities |
|
$ |
3,439,511 |
|
|
$ |
13,191 |
|
|
|
1.52 |
% |
|
$ |
2,955,164 |
|
|
$ |
8,480 |
|
|
|
1.14 |
% |
Non-interest-bearing demand deposits |
|
|
1,223,556 |
|
|
|
|
|
|
|
|
|
|
|
1,175,523 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
42,914 |
|
|
|
|
|
|
|
|
|
|
|
53,631 |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
729,781 |
|
|
|
|
|
|
|
|
|
|
|
625,621 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,435,762 |
|
|
|
|
|
|
|
|
|
|
$ |
4,809,939 |
|
|
|
|
|
|
|
|
|
Net interest spread(3) |
|
|
|
|
|
|
|
|
|
|
4.15 |
% |
|
|
|
|
|
|
|
|
|
|
4.35 |
% |
Net interest income |
|
|
|
|
|
$ |
57,838 |
|
|
|
|
|
|
|
|
|
|
$ |
52,593 |
|
|
|
|
|
Net interest margin(4) |
|
|
|
|
|
|
|
|
|
|
4.62 |
% |
|
|
|
|
|
|
|
|
|
|
4.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan accretion impact on margin |
|
|
|
|
|
$ |
7,703 |
|
|
|
0.62 |
% |
|
|
|
|
|
$ |
8,259 |
|
|
|
0.74 |
% |
(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 exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality. |
|||
(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 YEAR-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited) |
||||||||||||||||||||||||
|
|
For the Nine Months Ended September 30, |
|
|||||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
||||||||||||||||||
(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 |
|
$ |
45,327 |
|
|
$ |
798 |
|
|
|
2.35 |
% |
|
$ |
71,607 |
|
|
$ |
648 |
|
|
|
1.21 |
% |
Loans and leases(1) |
|
|
3,719,323 |
|
|
|
177,298 |
|
|
|
6.37 |
% |
|
|
2,771,274 |
|
|
|
128,326 |
|
|
|
6.19 |
% |
Taxable securities |
|
|
966,449 |
|
|
|
19,546 |
|
|
|
2.70 |
% |
|
|
794,261 |
|
|
|
14,342 |
|
|
|
2.41 |
% |
Tax-exempt securities(2) |
|
|
66,635 |
|
|
|
1,257 |
|
|
|
2.52 |
% |
|
|
40,065 |
|
|
|
740 |
|
|
|
2.47 |
% |
Total interest-earning assets |
|
$ |
4,797,734 |
|
|
$ |
198,899 |
|
|
|
5.54 |
% |
|
$ |
3,677,207 |
|
|
$ |
144,056 |
|
|
|
5.24 |
% |
Allowance for loan and lease losses |
|
|
(28,626 |
) |
|
|
|
|
|
|
|
|
|
|
(19,085 |
) |
|
|
|
|
|
|
|
|
All other assets |
|
|
457,383 |
|
|
|
|
|
|
|
|
|
|
|
358,793 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
5,226,491 |
|
|
|
|
|
|
|
|
|
|
$ |
4,016,915 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
328,558 |
|
|
$ |
1,390 |
|
|
|
0.57 |
% |
|
$ |
244,088 |
|
|
$ |
546 |
|
|
|
0.30 |
% |
Money market accounts |
|
|
682,020 |
|
|
|
5,166 |
|
|
|
1.01 |
% |
|
|
478,607 |
|
|
|
2,352 |
|
|
|
0.66 |
% |
Savings |
|
|
474,815 |
|
|
|
371 |
|
|
|
0.10 |
% |
|
|
457,179 |
|
|
|
308 |
|
|
|
0.09 |
% |
Time deposits |
|
|
1,248,258 |
|
|
|
20,073 |
|
|
|
2.15 |
% |
|
|
895,502 |
|
|
|
9,008 |
|
|
|
1.34 |
% |
Total interest-bearing deposits |
|
|
2,733,651 |
|
|
|
27,000 |
|
|
|
1.32 |
% |
|
|
2,075,376 |
|
|
|
12,214 |
|
|
|
0.79 |
% |
Federal Home Loan Bank advances |
|
|
463,645 |
|
|
|
7,044 |
|
|
|
2.03 |
% |
|
|
367,098 |
|
|
|
4,441 |
|
|
|
1.62 |
% |
Other borrowed funds |
|
|
71,568 |
|
|
|
2,484 |
|
|
|
4.64 |
% |
|
|
58,585 |
|
|
|
2,057 |
|
|
|
4.70 |
% |
Total borrowings |
|
|
535,213 |
|
|
|
9,528 |
|
|
|
2.38 |
% |
|
|
425,683 |
|
|
|
6,498 |
|
|
|
2.04 |
% |
Total interest-bearing liabilities |
|
$ |
3,268,864 |
|
|
$ |
36,528 |
|
|
|
1.49 |
% |
|
$ |
2,501,059 |
|
|
$ |
18,712 |
|
|
|
1.00 |
% |
Non-interest-bearing demand deposits |
|
|
1,221,375 |
|
|
|
|
|
|
|
|
|
|
|
938,423 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
40,705 |
|
|
|
|
|
|
|
|
|
|
|
42,257 |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
695,547 |
|
|
|
|
|
|
|
|
|
|
|
535,176 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,226,491 |
|
|
|
|
|
|
|
|
|
|
$ |
4,016,915 |
|
|
|
|
|
|
|
|
|
Net interest spread(3) |
|
|
|
|
|
|
|
|
|
|
4.05 |
% |
|
|
|
|
|
|
|
|
|
|
4.24 |
% |
Net interest income |
|
|
|
|
|
$ |
162,371 |
|
|
|
|
|
|
|
|
|
|
$ |
125,344 |
|
|
|
|
|
Net interest margin(4) |
|
|
|
|
|
|
|
|
|
|
4.52 |
% |
|
|
|
|
|
|
|
|
|
|
4.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan accretion impact on margin |
|
|
|
|
|
$ |
17,772 |
|
|
|
0.50 |
% |
|
|
|
|
|
$ |
14,199 |
|
|
|
0.52 |
% |
(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 exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality. |
|||
(3) |
Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
|||
(4) |
Represents net interest income divided by total average earning assets. |
|||
(5) |
Average balances are average daily balances. |
BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited) |
||||||||||||||||||||||||||||
|
|
As of or For the Three Months Ended |
|
|
As of or For the Nine Months Ended |
|
||||||||||||||||||||||
(dollars in thousands, except per share data) |
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
September 30, 2018 |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|||||||
Net income and earnings per share excluding significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income |
|
$ |
15,342 |
|
|
$ |
13,211 |
|
|
$ |
12,597 |
|
|
$ |
17,121 |
|
|
$ |
14,536 |
|
|
$ |
41,150 |
|
|
$ |
24,072 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental income tax benefit attributed to federal income tax reform |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(724 |
) |
Impairment charges on assets held for sale |
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
139 |
|
|
|
459 |
|
|
|
256 |
|
Merger-related expense |
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
150 |
|
|
|
4,213 |
|
|
|
1,790 |
|
Core system conversion expense |
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
213 |
|
|
|
2,001 |
|
|
|
9,222 |
|
Tax benefit on impairment charges and merger-related expenses |
|
|
(369 |
) |
|
|
(842 |
) |
|
|
(540 |
) |
|
|
(297 |
) |
|
|
(112 |
) |
|
|
(1,751 |
) |
|
|
(2,978 |
) |
Adjusted Net Income |
|
$ |
16,160 |
|
|
$ |
15,915 |
|
|
$ |
13,997 |
|
|
$ |
18,087 |
|
|
$ |
14,926 |
|
|
$ |
46,072 |
|
|
$ |
31,638 |
|
Reported Diluted Earnings per Share |
|
$ |
0.39 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.46 |
|
|
$ |
0.39 |
|
|
$ |
1.07 |
|
|
$ |
0.71 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental income tax benefit attributed to federal income tax reform |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
Impairment charges on assets held for sale |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Merger-related expense |
|
|
0.03 |
|
|
|
0.08 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.11 |
|
|
|
0.05 |
|
Core system conversion expense |
|
|
— |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.28 |
|
Tax benefit on impairment charges and merger-related expenses |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
|
(0.09 |
) |
Adjusted Diluted Earnings per Share |
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.38 |
|
|
$ |
0.49 |
|
|
$ |
0.40 |
|
|
$ |
1.20 |
|
|
$ |
0.93 |
|
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 Nine Months Ended |
|
||||||||||||||||||||||
(dollars in thousands, except per share data, ratios annualized, where applicable) |
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
September 30, 2018 |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|||||||
Adjusted non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
45,448 |
|
|
$ |
43,954 |
|
|
$ |
40,679 |
|
|
$ |
40,088 |
|
|
$ |
37,715 |
|
|
$ |
130,081 |
|
|
$ |
114,808 |
|
Less: Significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges on assets held for sale |
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
139 |
|
|
|
459 |
|
|
|
256 |
|
Merger-related expense |
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
150 |
|
|
|
4,213 |
|
|
|
1,790 |
|
Core system conversion expense |
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
213 |
|
|
|
2,001 |
|
|
|
9,222 |
|
Adjusted non-interest expense |
|
$ |
44,261 |
|
|
$ |
40,408 |
|
|
$ |
38,739 |
|
|
$ |
38,825 |
|
|
$ |
37,213 |
|
|
$ |
123,408 |
|
|
$ |
103,540 |
|
Adjusted non-interest expense excluding amortization of intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
44,261 |
|
|
$ |
40,408 |
|
|
$ |
38,739 |
|
|
$ |
38,825 |
|
|
$ |
37,213 |
|
|
$ |
123,408 |
|
|
$ |
103,540 |
|
Less: Amortization of intangible assets |
|
|
2,003 |
|
|
|
1,959 |
|
|
|
1,773 |
|
|
|
1,834 |
|
|
|
1,898 |
|
|
|
5,735 |
|
|
|
3,795 |
|
Adjusted non-interest expense excluding amortization of intangible assets |
|
$ |
42,258 |
|
|
$ |
38,449 |
|
|
$ |
36,966 |
|
|
$ |
36,991 |
|
|
$ |
35,315 |
|
|
$ |
117,673 |
|
|
$ |
99,745 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income |
|
$ |
21,265 |
|
|
$ |
18,286 |
|
|
$ |
17,395 |
|
|
$ |
23,581 |
|
|
$ |
19,938 |
|
|
$ |
56,946 |
|
|
$ |
31,859 |
|
Add: Provision for loan and lease losses |
|
|
5,931 |
|
|
|
6,391 |
|
|
|
3,999 |
|
|
|
3,882 |
|
|
|
5,842 |
|
|
|
16,321 |
|
|
|
14,913 |
|
Pre-tax pre-provision net income |
|
$ |
27,196 |
|
|
$ |
24,677 |
|
|
$ |
21,394 |
|
|
$ |
27,463 |
|
|
$ |
25,780 |
|
|
$ |
73,267 |
|
|
$ |
46,772 |
|
Adjusted pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
27,196 |
|
|
$ |
24,677 |
|
|
$ |
21,394 |
|
|
$ |
27,463 |
|
|
$ |
25,780 |
|
|
$ |
73,267 |
|
|
$ |
46,772 |
|
Impairment charges on assets held for sale |
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
139 |
|
|
|
459 |
|
|
|
256 |
|
Merger-related expense |
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
150 |
|
|
|
4,213 |
|
|
|
1,790 |
|
Core system conversion expense |
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
213 |
|
|
|
2,001 |
|
|
|
9,222 |
|
Adjusted pre-tax pre-provision net income |
|
$ |
28,383 |
|
|
$ |
28,223 |
|
|
$ |
23,334 |
|
|
$ |
28,726 |
|
|
$ |
26,282 |
|
|
$ |
79,940 |
|
|
$ |
58,040 |
|
Total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
57,838 |
|
|
$ |
54,448 |
|
|
$ |
50,085 |
|
|
$ |
53,261 |
|
|
$ |
52,593 |
|
|
$ |
162,371 |
|
|
$ |
125,344 |
|
Add: Non-interest income |
|
|
14,806 |
|
|
|
14,183 |
|
|
|
11,988 |
|
|
|
14,290 |
|
|
|
10,902 |
|
|
|
40,977 |
|
|
|
36,236 |
|
Total revenues |
|
$ |
72,644 |
|
|
$ |
68,631 |
|
|
$ |
62,073 |
|
|
$ |
67,551 |
|
|
$ |
63,495 |
|
|
$ |
203,348 |
|
|
$ |
161,580 |
|
Tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
735,866 |
|
|
$ |
717,675 |
|
|
$ |
668,749 |
|
|
$ |
650,672 |
|
|
$ |
629,861 |
|
|
$ |
735,866 |
|
|
$ |
629,861 |
|
Less: Preferred stock |
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
Less: Goodwill |
|
|
145,638 |
|
|
|
145,638 |
|
|
|
128,177 |
|
|
|
128,177 |
|
|
|
127,536 |
|
|
|
145,638 |
|
|
|
127,536 |
|
Less: Core deposit intangibles and other intangibles |
|
|
33,905 |
|
|
|
35,908 |
|
|
|
31,646 |
|
|
|
33,419 |
|
|
|
35,248 |
|
|
|
33,905 |
|
|
|
35,248 |
|
Tangible common stockholders' equity |
|
$ |
545,885 |
|
|
$ |
525,691 |
|
|
$ |
498,488 |
|
|
$ |
478,638 |
|
|
$ |
456,639 |
|
|
$ |
545,885 |
|
|
$ |
456,639 |
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,438,278 |
|
|
$ |
5,391,236 |
|
|
$ |
5,009,925 |
|
|
$ |
4,942,574 |
|
|
$ |
4,917,409 |
|
|
$ |
5,438,278 |
|
|
$ |
4,917,409 |
|
Less: Goodwill |
|
|
145,638 |
|
|
|
145,638 |
|
|
|
128,177 |
|
|
|
128,177 |
|
|
|
127,536 |
|
|
|
145,638 |
|
|
|
127,536 |
|
Less: Core deposit intangibles and other intangibles |
|
|
33,905 |
|
|
|
35,908 |
|
|
|
31,646 |
|
|
|
33,419 |
|
|
|
35,248 |
|
|
|
33,905 |
|
|
|
35,248 |
|
Tangible assets |
|
$ |
5,258,735 |
|
|
$ |
5,209,690 |
|
|
$ |
4,850,102 |
|
|
$ |
4,780,978 |
|
|
$ |
4,754,625 |
|
|
$ |
5,258,735 |
|
|
$ |
4,754,625 |
|
Average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total stockholders' equity |
|
$ |
729,781 |
|
|
$ |
696,928 |
|
|
$ |
659,156 |
|
|
$ |
639,885 |
|
|
$ |
625,621 |
|
|
$ |
695,547 |
|
|
$ |
535,176 |
|
Less: Average preferred stock |
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
Less: Average goodwill |
|
|
145,638 |
|
|
|
140,073 |
|
|
|
128,177 |
|
|
|
127,543 |
|
|
|
127,536 |
|
|
|
138,027 |
|
|
|
87,173 |
|
Less: Average core deposit intangibles and other intangibles |
|
|
35,102 |
|
|
|
35,163 |
|
|
|
32,747 |
|
|
|
34,564 |
|
|
|
36,444 |
|
|
|
34,346 |
|
|
|
25,359 |
|
Average tangible common stockholders' equity |
|
$ |
538,603 |
|
|
$ |
511,254 |
|
|
$ |
487,794 |
|
|
$ |
467,340 |
|
|
$ |
451,203 |
|
|
$ |
512,736 |
|
|
$ |
412,206 |
|
Average tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
5,435,762 |
|
|
$ |
5,274,820 |
|
|
$ |
4,963,706 |
|
|
$ |
4,896,434 |
|
|
$ |
4,809,939 |
|
|
$ |
5,226,491 |
|
|
$ |
4,016,915 |
|
Less: Average goodwill |
|
|
145,638 |
|
|
|
140,073 |
|
|
|
128,177 |
|
|
|
127,543 |
|
|
|
127,536 |
|
|
|
138,027 |
|
|
|
87,173 |
|
Less: Average core deposit intangibles and other intangibles |
|
|
35,102 |
|
|
|
35,163 |
|
|
|
32,747 |
|
|
|
34,564 |
|
|
|
36,444 |
|
|
|
34,346 |
|
|
|
25,359 |
|
Average tangible assets |
|
$ |
5,255,022 |
|
|
$ |
5,099,584 |
|
|
$ |
4,802,782 |
|
|
$ |
4,734,327 |
|
|
$ |
4,645,959 |
|
|
$ |
5,054,118 |
|
|
$ |
3,904,383 |
|
Tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
|
$ |
15,146 |
|
|
$ |
13,016 |
|
|
$ |
12,401 |
|
|
$ |
16,925 |
|
|
$ |
14,340 |
|
|
$ |
40,563 |
|
|
$ |
23,485 |
|
Add: After-tax intangible asset amortization |
|
|
1,445 |
|
|
|
1,413 |
|
|
|
1,279 |
|
|
|
1,323 |
|
|
|
1,369 |
|
|
|
4,138 |
|
|
|
2,738 |
|
Tangible net income available to common stockholders |
|
$ |
16,591 |
|
|
$ |
14,429 |
|
|
$ |
13,680 |
|
|
$ |
18,248 |
|
|
$ |
15,709 |
|
|
$ |
44,701 |
|
|
$ |
26,223 |
|
Adjusted tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
16,591 |
|
|
$ |
14,429 |
|
|
$ |
13,680 |
|
|
$ |
18,248 |
|
|
$ |
15,709 |
|
|
$ |
44,701 |
|
|
$ |
26,223 |
|
Incremental income tax benefit attributed to federal income tax reform |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(724 |
) |
Impairment charges on assets held for sale |
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
139 |
|
|
|
459 |
|
|
|
256 |
|
Merger-related expense |
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
150 |
|
|
|
4,213 |
|
|
|
1,790 |
|
Core system conversion expense |
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
213 |
|
|
|
2,001 |
|
|
|
9,222 |
|
Tax benefit on significant items |
|
|
(369 |
) |
|
|
(842 |
) |
|
|
(540 |
) |
|
|
(297 |
) |
|
|
(112 |
) |
|
|
(1,751 |
) |
|
|
(2,978 |
) |
Adjusted tangible net income available to common stockholders |
|
$ |
17,409 |
|
|
$ |
17,133 |
|
|
$ |
15,080 |
|
|
$ |
19,214 |
|
|
$ |
16,099 |
|
|
$ |
49,623 |
|
|
$ |
33,789 |
|
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 Nine Months Ended |
|
||||||||||||||||||||||
(dollars in thousands, except share and per share data, ratios annualized, where applicable) |
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
September 30, 2018 |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|||||||
Pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
27,196 |
|
|
$ |
24,677 |
|
|
$ |
21,394 |
|
|
$ |
27,463 |
|
|
$ |
25,780 |
|
|
$ |
73,267 |
|
|
$ |
46,772 |
|
Average total assets |
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
4,809,939 |
|
|
|
5,226,491 |
|
|
|
4,016,915 |
|
Pre-tax pre-provision return on average assets |
|
|
1.98 |
% |
|
|
1.88 |
% |
|
|
1.75 |
% |
|
|
2.23 |
% |
|
|
2.13 |
% |
|
|
1.87 |
% |
|
|
1.56 |
% |
Adjusted pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax pre-provision net income |
|
$ |
28,383 |
|
|
$ |
28,223 |
|
|
$ |
23,334 |
|
|
$ |
28,726 |
|
|
$ |
26,282 |
|
|
$ |
79,940 |
|
|
$ |
58,040 |
|
Average total assets |
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
4,809,939 |
|
|
|
5,226,491 |
|
|
|
4,016,915 |
|
Adjusted pre-tax pre-provision return on average assets |
|
|
2.07 |
% |
|
|
2.15 |
% |
|
|
1.91 |
% |
|
|
2.33 |
% |
|
|
2.17 |
% |
|
|
2.04 |
% |
|
|
1.93 |
% |
Non-interest income to total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
$ |
14,806 |
|
|
$ |
14,183 |
|
|
$ |
11,988 |
|
|
$ |
14,290 |
|
|
$ |
10,902 |
|
|
$ |
40,977 |
|
|
$ |
36,236 |
|
Total revenues |
|
|
72,644 |
|
|
|
68,631 |
|
|
|
62,073 |
|
|
|
67,551 |
|
|
|
63,495 |
|
|
|
203,348 |
|
|
|
161,580 |
|
Non-interest income to total revenues |
|
|
20.38 |
% |
|
|
20.67 |
% |
|
|
19.31 |
% |
|
|
21.16 |
% |
|
|
17.17 |
% |
|
|
20.15 |
% |
|
|
22.43 |
% |
Adjusted non-interest expense to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
44,261 |
|
|
$ |
40,408 |
|
|
$ |
38,739 |
|
|
$ |
38,825 |
|
|
$ |
37,213 |
|
|
$ |
123,408 |
|
|
$ |
103,540 |
|
Average total assets |
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
4,809,939 |
|
|
|
5,226,491 |
|
|
|
4,016,915 |
|
Adjusted non-interest expense to average assets |
|
|
3.23 |
% |
|
|
3.07 |
% |
|
|
3.17 |
% |
|
|
3.15 |
% |
|
|
3.07 |
% |
|
|
3.16 |
% |
|
|
3.45 |
% |
Adjusted efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense excluding amortization of intangible assets |
|
$ |
42,258 |
|
|
$ |
38,449 |
|
|
$ |
36,966 |
|
|
$ |
36,991 |
|
|
$ |
35,315 |
|
|
$ |
117,673 |
|
|
$ |
99,745 |
|
Total revenues |
|
|
72,644 |
|
|
|
68,631 |
|
|
|
62,073 |
|
|
|
67,551 |
|
|
|
63,495 |
|
|
|
203,348 |
|
|
|
161,580 |
|
Adjusted efficiency ratio |
|
|
58.17 |
% |
|
|
56.02 |
% |
|
|
59.55 |
% |
|
|
54.76 |
% |
|
|
55.62 |
% |
|
|
57.87 |
% |
|
|
61.73 |
% |
Adjusted return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
16,160 |
|
|
$ |
15,915 |
|
|
$ |
13,997 |
|
|
$ |
18,087 |
|
|
$ |
14,926 |
|
|
$ |
46,072 |
|
|
$ |
31,638 |
|
Average total assets |
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
4,809,939 |
|
|
|
5,226,491 |
|
|
|
4,016,915 |
|
Adjusted return on average assets |
|
|
1.18 |
% |
|
|
1.21 |
% |
|
|
1.14 |
% |
|
|
1.47 |
% |
|
|
1.23 |
% |
|
|
1.18 |
% |
|
|
1.05 |
% |
Adjusted return on average stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
16,160 |
|
|
$ |
15,915 |
|
|
$ |
13,997 |
|
|
$ |
18,087 |
|
|
$ |
14,926 |
|
|
$ |
46,072 |
|
|
$ |
31,638 |
|
Average stockholders' equity |
|
|
729,781 |
|
|
|
696,928 |
|
|
|
659,156 |
|
|
|
639,885 |
|
|
|
625,621 |
|
|
|
695,547 |
|
|
|
535,176 |
|
Adjusted return on average stockholders' equity |
|
|
8.78 |
% |
|
|
9.16 |
% |
|
|
8.61 |
% |
|
|
11.21 |
% |
|
|
9.47 |
% |
|
|
8.86 |
% |
|
|
7.90 |
% |
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
545,885 |
|
|
$ |
525,691 |
|
|
$ |
498,488 |
|
|
$ |
478,638 |
|
|
$ |
456,639 |
|
|
$ |
545,885 |
|
|
$ |
456,639 |
|
Tangible assets |
|
|
5,258,735 |
|
|
|
5,209,690 |
|
|
|
4,850,102 |
|
|
|
4,780,978 |
|
|
|
4,754,625 |
|
|
|
5,258,735 |
|
|
|
4,754,625 |
|
Tangible common equity to tangible assets |
|
|
10.38 |
% |
|
|
10.09 |
% |
|
|
10.28 |
% |
|
|
10.01 |
% |
|
|
9.60 |
% |
|
|
10.38 |
% |
|
|
9.60 |
% |
Return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
16,591 |
|
|
$ |
14,429 |
|
|
$ |
13,680 |
|
|
$ |
18,248 |
|
|
$ |
15,709 |
|
|
$ |
44,701 |
|
|
$ |
26,223 |
|
Average tangible common stockholders' equity |
|
|
538,603 |
|
|
|
511,254 |
|
|
|
487,794 |
|
|
|
467,340 |
|
|
|
451,203 |
|
|
|
512,736 |
|
|
|
412,206 |
|
Return on average tangible common stockholders' equity: |
|
|
12.22 |
% |
|
|
11.32 |
% |
|
|
11.37 |
% |
|
|
15.49 |
% |
|
|
13.81 |
% |
|
|
11.66 |
% |
|
|
8.51 |
% |
Adjusted return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted tangible net income available to common stockholders |
|
$ |
17,409 |
|
|
$ |
17,133 |
|
|
$ |
15,080 |
|
|
$ |
19,214 |
|
|
$ |
16,099 |
|
|
$ |
49,623 |
|
|
$ |
33,789 |
|
Average tangible common stockholders' equity |
|
|
538,603 |
|
|
|
511,254 |
|
|
|
487,794 |
|
|
|
467,340 |
|
|
|
451,203 |
|
|
|
512,736 |
|
|
|
412,206 |
|
Adjusted return on average tangible common stockholders' equity |
|
|
12.82 |
% |
|
|
13.44 |
% |
|
|
12.54 |
% |
|
|
16.31 |
% |
|
|
14.16 |
% |
|
|
12.94 |
% |
|
|
10.96 |
% |
Tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
545,885 |
|
|
$ |
525,691 |
|
|
$ |
498,488 |
|
|
$ |
478,638 |
|
|
$ |
456,639 |
|
|
$ |
545,885 |
|
|
$ |
456,639 |
|
Common shares outstanding |
|
|
38,169,126 |
|
|
|
38,115,219 |
|
|
|
36,398,144 |
|
|
|
36,343,239 |
|
|
|
36,279,600 |
|
|
|
38,169,126 |
|
|
|
36,279,600 |
|
Tangible book value per share |
|
$ |
14.30 |
|
|
$ |
13.79 |
|
|
$ |
13.70 |
|
|
$ |
13.17 |
|
|
$ |
12.59 |
|
|
$ |
14.30 |
|
|
$ |
12.59 |
|