CHICAGO--(BUSINESS WIRE)--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 $22.7 million, or $0.61 per diluted share, for the third quarter of 2022 compared with net income of $20.3 million, or $0.54 per diluted share, for the second quarter of 2022, and net income of $25.3 million, or $0.66 per diluted share, for the third quarter 2021.
Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., commented, “Byline delivered a strong third quarter with record revenues, driven by expansion in net interest income supported by loan, lease and deposit growth and the benefit of higher interest rates. We continue to focus on maintaining a healthy balance sheet and strong capital and liquidity positions. Given the uncertain economic environment, we are preparing for a range of possible outcomes and will continue to manage the bank in a prudent, disciplined manner. I want to thank our employees for their dedication to helping our customers, communities, and shareholders.”
Alberto J. Paracchini, President of Byline Bancorp, Inc. added, “Our performance was balanced and resilient in an uncertain and difficult environment, delivering solid financial results for the third quarter. Our net interest margin increased and thanks to our bankers and team members, we continued to experience healthy growth on our balance sheet. While the loan and lease portfolio continues to perform well, we believe our consistently strong underwriting and credit risk management practices prepare us well for changes in the business cycle.”
Board Declares Cash Dividend of $0.09 per Share
On October 25, 2022, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on November 22, 2022, to stockholders of record of the Company's common stock as of November 8, 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 |
||||||||||||||||||||||||||||
|
September 30, 2022 |
|
June 30, 2022 |
|
September 30, 2021 |
||||||||||||||||||||||||
(dollars in thousands) |
Average
|
|
Interest
|
|
Avg.
|
|
Average
|
|
Interest
|
|
Avg.
|
|
Average
|
|
Interest
|
|
Avg.
|
||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
$ |
77,522 |
|
|
$ |
210 |
|
1.08 |
% |
|
$ |
66,034 |
|
|
$ |
74 |
|
0.45 |
% |
|
$ |
40,088 |
|
|
$ |
19 |
|
0.19 |
% |
Loans and leases(1) |
|
5,218,135 |
|
|
|
72,824 |
|
5.54 |
% |
|
|
5,009,077 |
|
|
|
59,674 |
|
4.78 |
% |
|
|
4,539,111 |
|
|
|
56,291 |
|
4.92 |
% |
Taxable securities |
|
1,302,375 |
|
|
|
6,014 |
|
1.83 |
% |
|
|
1,330,200 |
|
|
|
5,904 |
|
1.78 |
% |
|
|
1,309,802 |
|
|
|
5,472 |
|
1.66 |
% |
Tax-exempt securities(2) |
|
162,591 |
|
|
|
1,083 |
|
2.64 |
% |
|
|
168,567 |
|
|
|
1,131 |
|
2.69 |
% |
|
|
187,064 |
|
|
|
1,254 |
|
2.66 |
% |
Total interest-earning assets |
$ |
6,760,623 |
|
|
$ |
80,131 |
|
4.70 |
% |
|
$ |
6,573,878 |
|
|
$ |
66,783 |
|
4.07 |
% |
|
$ |
6,076,065 |
|
|
$ |
63,036 |
|
4.12 |
% |
Allowance for loan and lease losses |
|
(62,733 |
) |
|
|
|
|
|
|
(59,883 |
) |
|
|
|
|
|
|
(61,528 |
) |
|
|
|
|
||||||
All other assets |
|
447,299 |
|
|
|
|
|
|
|
461,730 |
|
|
|
|
|
|
|
546,331 |
|
|
|
|
|
||||||
TOTAL ASSETS |
$ |
7,145,189 |
|
|
|
|
|
|
$ |
6,975,725 |
|
|
|
|
|
|
$ |
6,560,868 |
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest checking |
$ |
583,777 |
|
|
$ |
1,077 |
|
0.73 |
% |
|
$ |
615,831 |
|
|
$ |
415 |
|
0.27 |
% |
|
$ |
653,543 |
|
|
$ |
228 |
|
0.14 |
% |
Money market accounts |
|
1,391,923 |
|
|
|
3,358 |
|
0.96 |
% |
|
|
1,307,320 |
|
|
|
1,194 |
|
0.37 |
% |
|
|
1,031,009 |
|
|
|
280 |
|
0.11 |
% |
Savings |
|
673,966 |
|
|
|
247 |
|
0.15 |
% |
|
|
664,954 |
|
|
|
83 |
|
0.05 |
% |
|
|
625,037 |
|
|
|
75 |
|
0.05 |
% |
Time deposits |
|
687,124 |
|
|
|
1,289 |
|
0.74 |
% |
|
|
627,199 |
|
|
|
436 |
|
0.28 |
% |
|
|
709,805 |
|
|
|
403 |
|
0.23 |
% |
Total interest-bearing deposits |
|
3,336,790 |
|
|
|
5,971 |
|
0.71 |
% |
|
|
3,215,304 |
|
|
|
2,128 |
|
0.27 |
% |
|
|
3,019,394 |
|
|
|
986 |
|
0.13 |
% |
Other borrowings |
|
607,471 |
|
|
|
3,232 |
|
2.11 |
% |
|
|
497,082 |
|
|
|
1,083 |
|
0.87 |
% |
|
|
426,284 |
|
|
|
349 |
|
0.33 |
% |
Federal funds purchased |
|
— |
|
|
|
— |
|
0.00 |
% |
|
|
2,527 |
|
|
|
14 |
|
2.32 |
% |
|
|
— |
|
|
|
— |
|
0.00 |
% |
Subordinated notes and debentures |
|
110,799 |
|
|
|
1,825 |
|
6.54 |
% |
|
|
110,649 |
|
|
|
1,694 |
|
6.14 |
% |
|
|
110,195 |
|
|
|
1,592 |
|
5.73 |
% |
Total borrowings |
|
718,270 |
|
|
|
5,057 |
|
2.79 |
% |
|
|
610,258 |
|
|
|
2,791 |
|
1.83 |
% |
|
|
536,479 |
|
|
|
1,941 |
|
1.44 |
% |
Total interest-bearing liabilities |
$ |
4,055,060 |
|
|
$ |
11,028 |
|
1.08 |
% |
|
$ |
3,825,562 |
|
|
$ |
4,919 |
|
0.52 |
% |
|
$ |
3,555,873 |
|
|
$ |
2,927 |
|
0.33 |
% |
Non-interest-bearing demand deposits |
|
2,198,095 |
|
|
|
|
|
|
|
2,265,426 |
|
|
|
|
|
|
|
2,106,189 |
|
|
|
|
|
||||||
Other liabilities |
|
116,676 |
|
|
|
|
|
|
|
104,085 |
|
|
|
|
|
|
|
75,052 |
|
|
|
|
|
||||||
Total stockholders’ equity |
|
775,358 |
|
|
|
|
|
|
|
780,652 |
|
|
|
|
|
|
|
823,754 |
|
|
|
|
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
7,145,189 |
|
|
|
|
|
|
$ |
6,975,725 |
|
|
|
|
|
|
$ |
6,560,868 |
|
|
|
|
|
||||||
Net interest spread(3) |
|
|
|
|
3.62 |
% |
|
|
|
|
|
3.55 |
% |
|
|
|
|
|
3.79 |
% |
|||||||||
Net interest income, fully taxable equivalent |
|
|
$ |
69,103 |
|
|
|
|
|
$ |
61,864 |
|
|
|
|
|
$ |
60,109 |
|
|
|||||||||
Net interest margin, fully taxable equivalent(2)(4) |
|
|
|
|
4.05 |
% |
|
|
|
|
|
3.77 |
% |
|
|
|
|
|
3.92 |
% |
|||||||||
Less: Tax-equivalent adjustment |
|
|
|
228 |
|
0.01 |
% |
|
|
|
|
237 |
|
0.01 |
% |
|
|
|
|
264 |
|
0.01 |
% |
||||||
Net interest income |
|
|
$ |
68,875 |
|
|
|
|
|
$ |
61,627 |
|
|
|
|
|
$ |
59,845 |
|
|
|||||||||
Net interest margin(4) |
|
|
|
|
4.04 |
% |
|
|
|
|
|
3.76 |
% |
|
|
|
|
|
3.91 |
% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loan accretion impact on margin |
|
|
$ |
1,559 |
|
0.09 |
% |
|
|
|
$ |
1,383 |
|
0.08 |
% |
|
|
|
$ |
1,638 |
|
0.11 |
% |
||||||
(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:
|
|
|
|
|
|
|
|
September 30, 2022 |
|||||||
|
|
Three Months Ended |
|
Change from |
|||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
June 30, |
|
September 30, |
|||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest and fees on loans and leases |
|
$ |
72,824 |
|
$ |
59,674 |
|
$ |
56,291 |
|
22.0 |
% |
|
29.4 |
% |
Interest on securities |
|
|
6,402 |
|
|
6,264 |
|
|
5,534 |
|
2.2 |
% |
|
15.7 |
% |
Other interest and dividend income |
|
|
677 |
|
|
608 |
|
|
947 |
|
11.4 |
% |
|
(28.5 |
)% |
Total interest and dividend income |
|
|
79,903 |
|
|
66,546 |
|
|
62,772 |
|
20.1 |
% |
|
27.3 |
% |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
|
5,971 |
|
|
2,128 |
|
|
986 |
|
180.6 |
% |
|
505.6 |
% |
Other borrowings |
|
|
3,232 |
|
|
1,097 |
|
|
349 |
|
194.5 |
% |
|
824.8 |
% |
Subordinated notes and debentures |
|
|
1,825 |
|
|
1,694 |
|
|
1,592 |
|
7.8 |
% |
|
14.7 |
% |
Total interest expense |
|
|
11,028 |
|
|
4,919 |
|
|
2,927 |
|
124.2 |
% |
|
276.8 |
% |
Net interest income |
|
$ |
68,875 |
|
$ |
61,627 |
|
$ |
59,845 |
|
11.8 |
% |
|
15.1 |
% |
Net interest income for the third quarter of 2022 was $68.9 million, an increase of $7.2 million, or 11.8%, from the second quarter of 2022, driven mainly by the rising interest rate environment.
The increase in net interest income was primarily due to:
- An increase of $13.2 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 $3.8 million in deposit interest expense due to higher rates paid on deposits and growth in interest-bearing deposits; and
- An increase of $2.1 million in interest expense on other borrowings due to rates paid on higher average balances of FHLB advances.
Tax-equivalent net interest margin for the third quarter of 2022 was 4.05%, an increase of 28 basis points compared to the second quarter of 2022. Total net accretion income on acquired loans contributed nine basis points to the net interest margin for the third quarter of 2022 compared to eight basis points for the second quarter of 2022, an increase of one basis point.
The average cost of total deposits was 0.43% for the third quarter of 2022, an increase of 27 basis points compared to the second quarter of 2022. Average non-interest-bearing demand deposits were 39.7% of average total deposits for the third quarter of 2022 compared to 41.3% during the second quarter of 2022.
Provision for Loan and Lease Losses
The provision for loan and lease losses was $4.2 million for the third quarter of 2022, a decrease of $1.7 million compared to $5.9 million for the second quarter of 2022. The decrease in provision during the third quarter of 2022 was primarily driven by lower growth in the originated loan and lease portfolio, which reduced the impact of qualitative factors surrounding the macroeconomic environment and rising interest rates. This decrease was partially offset by increases in specific reserves on impaired loans.
Non-interest Income
The following table presents the components of non-interest income for the periods indicated:
|
|
|
|
|
|
|
|
September 30, 2022 |
||||||||||
|
|
Three Months Ended |
|
Change from |
||||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
June 30, |
|
September 30, |
||||||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
||||||||
Fees and service charges on deposits |
|
$ |
2,128 |
|
|
$ |
2,059 |
|
|
$ |
1,867 |
|
|
3.4 |
% |
|
14.0 |
% |
Loan servicing revenue |
|
|
3,422 |
|
|
|
3,384 |
|
|
|
3,344 |
|
|
1.1 |
% |
|
2.4 |
% |
Loan servicing asset revaluation |
|
|
(2,342 |
) |
|
|
(4,636 |
) |
|
|
(2,650 |
) |
|
(49.5 |
)% |
|
(11.6 |
)% |
ATM and interchange fees |
|
|
1,007 |
|
|
|
1,131 |
|
|
|
1,201 |
|
|
(11.0 |
)% |
|
(16.1 |
)% |
Net realized gains (losses) on securities available-for-sale |
|
|
(2 |
) |
|
|
52 |
|
|
|
130 |
|
|
NM |
|
|
NM |
|
Change in fair value of equity securities, net |
|
|
(581 |
) |
|
|
(697 |
) |
|
|
(275 |
) |
|
(16.7 |
)% |
|
111.0 |
% |
Net gains on sales of loans |
|
|
5,580 |
|
|
|
9,983 |
|
|
|
12,761 |
|
|
(44.1 |
)% |
|
(56.3 |
)% |
Wealth management and trust income |
|
|
995 |
|
|
|
900 |
|
|
|
815 |
|
|
10.7 |
% |
|
22.2 |
% |
Other non-interest income |
|
|
1,785 |
|
|
|
1,985 |
|
|
|
1,302 |
|
|
(10.2 |
)% |
|
37.0 |
% |
Total non-interest income |
|
$ |
11,992 |
|
|
$ |
14,161 |
|
|
$ |
18,495 |
|
|
(15.3 |
)% |
|
(35.2 |
)% |
Non-interest income for the third quarter of 2022 was $12.0 million, a decrease of $2.2 million or 15.3%, compared to $14.2 million for the second quarter of 2022.
The decrease in total non-interest income was primarily due to:
- A decrease of $4.4 million in net gains on sales of loans due to lower volume of loan sales and lower average premiums.
Partially offset by:
- A decrease of $2.3 million in the downward valuation adjustment to the loan servicing asset, due to changes in discount rates and lower prepayments compared to the prior quarter.
During the third quarter of 2022, we sold $75.4 million of U.S. government guaranteed loans compared to $118.5 million during the second quarter of 2022.
Non-interest Expense
The following table presents the components of non-interest expense for the periods indicated:
|
|
|
|
|
|
|
|
September 30, 2022 |
|||||||
|
|
Three Months Ended |
|
Change from |
|||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
June 30, |
|
September 30, |
|||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
$ |
29,587 |
|
$ |
27,697 |
|
$ |
25,978 |
|
6.8 |
% |
|
13.9 |
% |
Occupancy and equipment expense, net |
|
|
3,919 |
|
|
4,409 |
|
|
4,982 |
|
(11.1 |
)% |
|
(21.3 |
)% |
Impairment charge on assets held for sale |
|
|
— |
|
|
— |
|
|
1,434 |
|
NM |
|
|
NM |
|
Loan and lease related expenses |
|
|
530 |
|
|
942 |
|
|
1,175 |
|
(43.6 |
)% |
|
(54.8 |
)% |
Legal, audit and other professional fees |
|
|
2,733 |
|
|
1,820 |
|
|
2,710 |
|
50.1 |
% |
|
0.8 |
% |
Data processing |
|
|
3,370 |
|
|
3,396 |
|
|
3,108 |
|
(0.8 |
)% |
|
8.4 |
% |
Net loss recognized on other real estate owned and other related expenses |
|
|
275 |
|
|
158 |
|
|
42 |
|
74.4 |
% |
|
NM |
|
Other intangible assets amortization expense |
|
|
1,611 |
|
|
1,868 |
|
|
1,738 |
|
(13.7 |
)% |
|
(7.3 |
)% |
Other non-interest expense |
|
|
4,153 |
|
|
3,483 |
|
|
3,013 |
|
19.2 |
% |
|
37.9 |
% |
Total non-interest expense |
|
$ |
46,178 |
|
$ |
43,773 |
|
$ |
44,180 |
|
5.5 |
% |
|
4.5 |
% |
Non-interest expense for the third quarter of 2022 was $46.2 million, an increase of $2.4 million, or 5.5%, from $43.8 million for the second quarter of 2022.
The increase in total non-interest expense was primarily due to:
- An increase of $1.9 million in salaries and employee benefits due to increased headcount and higher commissions;
- An increase of $913,000 in legal, audit and other professional fees related to higher second quarter reimbursements; and
- An increase of $670,000 in other non-interest expense mainly related to new advertising campaigns.
Partially offset by:
- A decrease of $490,000 in occupancy and equipment expense, net, due to the impact from branch consolidations.
Our efficiency ratio was 55.11% for the third quarter of 2022 compared to 55.29% for the second quarter of 2022.
INCOME TAXES
We recorded income tax expense of $7.9 million during the third quarter of 2022, compared to $5.8 million during the second quarter of 2022. The effective tax rate was 25.7% and 22.3% for the third quarter of 2022 and second quarter of 2022, respectively. The increase in the effective tax rate is a result of tax benefits related to share-based compensation taken during the second quarter.
STATEMENTS OF FINANCIAL CONDITION
Total assets were $7.3 billion at September 30, 2022, an increase of $145.9 million compared to $7.1 billion at June 30, 2022.
The current quarter increase was primarily due to:
- An increase in net loans and leases of $105.2 million primarily due to growth in originated commercial and industrial loans and the lease financing receivables portfolio.
Partially offset by:
- A decrease in securities available-for-sale of $91.5 million primarily due to changes in market value.
The following table shows our allocation of the originated, acquired impaired, and acquired non-impaired loans and leases at the dates indicated:
|
|
September 30, 2022 |
|
June 30, 2022 |
|
September 30, 2021 |
|||||||||||||||
(dollars in thousands) |
|
Amount |
|
% of Total |
|
Amount |
|
% of Total |
|
Amount |
|
% of Total |
|||||||||
Originated loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate |
|
$ |
1,652,890 |
|
|
31.3 |
% |
|
$ |
1,672,438 |
|
|
32.4 |
% |
|
$ |
1,298,454 |
|
|
28.2 |
% |
Residential real estate |
|
|
410,285 |
|
|
7.8 |
% |
|
|
401,095 |
|
|
7.7 |
% |
|
|
387,578 |
|
|
8.4 |
% |
Construction, land development, and other land |
|
|
456,463 |
|
|
8.7 |
% |
|
|
434,132 |
|
|
8.4 |
% |
|
|
336,460 |
|
|
7.3 |
% |
Commercial and industrial |
|
|
1,938,320 |
|
|
36.7 |
% |
|
|
1,861,582 |
|
|
36.0 |
% |
|
|
1,480,076 |
|
|
32.1 |
% |
Paycheck Protection Program |
|
|
1,522 |
|
|
0.0 |
% |
|
|
10,391 |
|
|
0.2 |
% |
|
|
268,081 |
|
|
5.8 |
% |
Installment and other |
|
|
1,016 |
|
|
0.0 |
% |
|
|
926 |
|
|
0.0 |
% |
|
|
998 |
|
|
0.0 |
% |
Leasing financing receivables |
|
|
492,744 |
|
|
9.3 |
% |
|
|
438,379 |
|
|
8.5 |
% |
|
|
331,149 |
|
|
7.2 |
% |
Total originated loans and leases |
|
$ |
4,953,240 |
|
|
93.8 |
% |
|
$ |
4,818,943 |
|
|
93.2 |
% |
|
$ |
4,102,796 |
|
|
89.0 |
% |
Acquired impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate |
|
$ |
56,974 |
|
|
1.1 |
% |
|
$ |
60,075 |
|
|
1.2 |
% |
|
$ |
84,821 |
|
|
1.8 |
% |
Residential real estate |
|
|
37,246 |
|
|
0.7 |
% |
|
|
39,902 |
|
|
0.8 |
% |
|
|
61,893 |
|
|
1.3 |
% |
Construction, land development, and other land |
|
|
1,144 |
|
|
0.0 |
% |
|
|
1,184 |
|
|
0.0 |
% |
|
|
1,746 |
|
|
0.1 |
% |
Commercial and industrial |
|
|
3,029 |
|
|
0.1 |
% |
|
|
3,232 |
|
|
0.1 |
% |
|
|
6,651 |
|
|
0.1 |
% |
Installment and other |
|
|
153 |
|
|
0.0 |
% |
|
|
157 |
|
|
0.0 |
% |
|
|
169 |
|
|
0.0 |
% |
Total acquired impaired loans |
|
$ |
98,546 |
|
|
1.9 |
% |
|
$ |
104,550 |
|
|
2.1 |
% |
|
$ |
155,280 |
|
|
3.3 |
% |
Acquired non-impaired loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate |
|
$ |
159,130 |
|
|
3.0 |
% |
|
$ |
167,425 |
|
|
3.2 |
% |
|
$ |
235,103 |
|
|
5.1 |
% |
Residential real estate |
|
|
34,313 |
|
|
0.7 |
% |
|
|
40,174 |
|
|
0.8 |
% |
|
|
58,283 |
|
|
1.3 |
% |
Construction, land development, and other land |
|
|
— |
|
|
0.0 |
% |
|
|
191 |
|
|
0.0 |
% |
|
|
206 |
|
|
0.0 |
% |
Commercial and industrial |
|
|
26,959 |
|
|
0.5 |
% |
|
|
32,569 |
|
|
0.6 |
% |
|
|
49,678 |
|
|
1.1 |
% |
Installment and other |
|
|
199 |
|
|
0.0 |
% |
|
|
227 |
|
|
0.0 |
% |
|
|
275 |
|
|
0.0 |
% |
Leasing financing receivables |
|
|
3,084 |
|
|
0.1 |
% |
|
|
3,992 |
|
|
0.1 |
% |
|
|
7,607 |
|
|
0.2 |
% |
Total acquired non-impaired loans and leases |
|
$ |
223,685 |
|
|
4.3 |
% |
|
$ |
244,578 |
|
|
4.7 |
% |
|
$ |
351,152 |
|
|
7.7 |
% |
Total loans and leases |
|
$ |
5,275,471 |
|
|
100.0 |
% |
|
$ |
5,168,071 |
|
|
100.0 |
% |
|
$ |
4,609,228 |
|
|
100.0 |
% |
Allowance for loan and lease losses |
|
|
(64,655 |
) |
|
|
|
|
(62,436 |
) |
|
|
|
|
(60,598 |
) |
|
|
|||
Total loans and leases, net of allowance for loan and lease losses |
|
$ |
5,210,816 |
|
|
|
|
$ |
5,105,635 |
|
|
|
|
$ |
4,548,630 |
|
|
|
|||
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:
|
|
|
|
|
|
|
|
September 30, 2022 |
||||||||||
|
|
|
|
|
|
|
|
Change from |
||||||||||
(dollars in thousands) |
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||||
Non-performing assets: |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-accrual loans and leases |
|
$ |
35,165 |
|
|
$ |
33,944 |
|
|
$ |
34,465 |
|
|
3.6 |
% |
2.0 |
% |
|
Past due loans and leases 90 days or more and still accruing interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
% |
|
— |
% |
Total non-performing loans and leases |
|
$ |
35,165 |
|
|
$ |
33,944 |
|
|
$ |
34,465 |
|
|
3.6 |
% |
2.0 |
% |
|
Other real estate owned |
|
|
4,402 |
|
|
|
4,749 |
|
|
|
3,033 |
|
|
(7.3 |
)% |
45.1 |
% |
|
Total non-performing assets |
|
$ |
39,567 |
|
|
$ |
38,693 |
|
|
$ |
37,498 |
|
|
2.3 |
% |
5.5 |
% |
|
Accruing troubled debt restructured loans (1) |
|
$ |
737 |
|
|
$ |
1,358 |
|
|
$ |
2,366 |
|
|
(45.8 |
)% |
(68.8 |
)% |
|
Total non-performing loans and leases as a percentage of total loans and leases |
|
|
0.67 |
% |
|
0.66 |
% |
|
0.75 |
% |
|
|
|
|||||
Total non-performing assets as a percentage of total assets |
|
|
0.54 |
% |
|
0.54 |
% |
|
0.56 |
% |
|
|
|
|||||
Allowance for loan and lease losses as a percentage of non-performing loans and leases |
|
|
183.86 |
% |
|
183.94 |
% |
|
175.82 |
% |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-performing assets guaranteed by U.S. government: |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-accrual loans guaranteed |
|
$ |
1,676 |
|
|
$ |
1,731 |
|
|
$ |
6,326 |
|
|
(3.2 |
)% |
(73.5 |
)% |
|
Past due loans 90 days or more and still accruing interest guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
% |
|
— |
% |
Total non-performing loans guaranteed |
|
$ |
1,676 |
|
|
$ |
1,731 |
|
|
$ |
6,326 |
|
|
(3.2 |
)% |
(73.5 |
)% |
|
Accruing troubled debt restructured loans guaranteed (1) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
— |
% |
|
— |
% |
Total non-performing loans and leases not guaranteed as a percentage of total loans and leases |
|
|
0.63 |
% |
|
0.62 |
% |
|
0.61 |
% |
|
|
|
|||||
Total non-performing assets not guaranteed as a percentage of total assets |
|
|
0.52 |
% |
|
0.52 |
% |
|
0.46 |
% |
|
|
|
|||||
(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 $35.2 million at September 30, 2022, an increase of $1.2 million from $33.9 million at June 30, 2022, primarily due to one new conventional non-performing relationship.
- Other real estate owned was $4.4 million at September 30, 2022, a decrease of $347,000 from $4.7 million at June 30, 2022, primarily due to the sale of one property.
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 |
||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2021 |
||||||
Allowance for loan and lease losses, beginning of period |
|
$ |
62,436 |
|
|
$ |
59,458 |
|
|
$ |
61,719 |
|
Provision for loan and lease losses |
|
|
4,176 |
|
|
|
5,908 |
|
|
|
352 |
|
Net charge-offs of loans and leases |
|
|
(1,957 |
) |
|
|
(2,930 |
) |
|
|
(1,473 |
) |
Allowance for loan and lease losses, end of period |
|
$ |
64,655 |
|
|
$ |
62,436 |
|
|
$ |
60,598 |
|
|
|
|
|
|
|
|
|
|
|
|||
Allowance for loan and lease losses to period end total loans and leases held for investment |
|
|
1.23 |
% |
|
|
1.21 |
% |
|
|
1.31 |
% |
Net charge-offs to average total loans and leases held for investment, net before ALLL |
|
|
0.15 |
% |
|
|
0.24 |
% |
|
|
0.13 |
% |
Provision for loan and lease losses to net charge-offs during the period |
|
|
2.13 |
x |
|
|
2.02 |
x |
|
|
0.24 |
x |
The allowance for loan and lease losses as a percentage of total loans and leases held for investment increased to 1.23% at September 30, 2022 compared to 1.21% at June 30, 2022, primarily due to higher provision to net charge-offs for the third quarter 2022.
In June 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance on the recognition of credit losses, otherwise known as "CECL", which replaces the incurred loss impairment methodology with a methodology that reflects current expected credit losses. In November 2019, the FASB delayed the effective date of the standard for smaller reporting companies, which includes emerging growth companies. The Company will adopt the standard on December 31, 2022. The new guidance may result in an increase in the allowance for loan and lease losses, which will reflect the requirement to include expected losses on purchased credit-impaired loans. The extent of the increase will depend on the composition of the loan and lease portfolio, as well as the economic conditions and forecasts as of the adoption date.
Net Charge-Offs
Net charge-offs during the third quarter of 2022 were $2.0 million, or 0.15% of average loans and leases, on an annualized basis, a decrease of $973,000 compared to $2.9 million, or 0.24% of average loans and leases, during the second quarter of 2022, and an increase of $484,000 from $1.5 million or 0.13% of average loans and leases from the comparable period a year ago.
Net charge-offs for the third quarter of 2022 included $1.9 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the second quarter of 2022 and third quarter of 2021 included $2.7 million and $1.3 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:
|
|
|
|
|
|
|
September 30, 2022 |
|||||||
|
|
|
|
|
|
|
Change from |
|||||||
(dollars in thousands) |
September 30, 2022 |
|
June 30, 2022 |
|
September 30, 2021 |
|
June 30, 2022 |
|
September 30, 2021 |
|||||
Non-interest-bearing demand deposits |
$ |
2,142,183 |
|
$ |
2,180,927 |
|
$ |
2,117,749 |
|
(1.8 |
)% |
|
1.2 |
% |
Interest-bearing checking accounts |
|
616,139 |
|
|
535,856 |
|
|
652,824 |
|
15.0 |
% |
|
(5.6 |
)% |
Money market demand accounts |
|
1,485,815 |
|
|
1,323,287 |
|
|
1,057,419 |
|
12.3 |
% |
|
40.5 |
% |
Other savings |
|
669,734 |
|
|
669,164 |
|
|
627,294 |
|
0.1 |
% |
|
6.8 |
% |
Time deposits (below $250,000) |
|
586,198 |
|
|
544,759 |
|
|
553,364 |
|
7.6 |
% |
|
5.9 |
% |
Time deposits ($250,000 and above) |
|
112,387 |
|
|
134,384 |
|
|
149,628 |
|
(16.4 |
)% |
|
(24.9 |
)% |
Total deposits |
$ |
5,612,456 |
|
$ |
5,388,377 |
|
$ |
5,158,278 |
|
4.2 |
% |
|
8.8 |
% |
Total deposits increased to $5.6 billion at September 30, 2022 compared to $5.4 billion at June 30, 2022. Non-interest-bearing deposits were 38.2% and 40.5% of total deposits at September 30, 2022 and June 30, 2022, respectively.
The increase in deposits in the current quarter was primarily due to:
- An increase in money market demand accounts of $162.5 million, due to increases in consumer deposits; and
- An increase in interest bearing checking accounts of $80.3 million, principally due to increases in commercial deposits.
Total borrowings and other liabilities were $917.6 million at September 30, 2022, a decrease of $60.6 million from $978.2 million at June 30, 2022, primarily driven by decreases in Federal Home Loan Bank advances.
Stockholders’ Equity
Total stockholders’ equity was $747.6 million at September 30, 2022, a decrease of $17.6 million from $765.2 million at June 30, 2022. The decrease was primarily due to an increase in accumulated other comprehensive loss.
Under its stock repurchase program, the Company repurchased 174,249 shares of its common stock at an average price of $23.84 per share during the third quarter of 2022.
The following table presents actual regulatory capital dollar amounts and ratios of the Company and Byline Bank as of September 30, 2022:
|
|
Actual |
|
Minimum Capital
|
|
Required to be
|
||||||||||||||
September 30, 2022 |
|
Amount |
|
Ratio |
|
Amount |
|
|
Ratio |
|
Amount |
|
|
Ratio |
||||||
Total capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Company |
|
$ |
873,588 |
|
13.02 |
% |
|
$ |
536,609 |
|
|
8.00 |
% |
|
N/A |
|
|
N/A |
|
|
Bank |
|
|
825,499 |
|
12.35 |
% |
|
|
534,820 |
|
|
8.00 |
% |
|
$ |
668,525 |
|
|
10.00 |
% |
Tier 1 capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Company |
|
$ |
731,606 |
|
10.91 |
% |
|
$ |
402,457 |
|
|
6.00 |
% |
|
N/A |
|
|
N/A |
|
|
Bank |
|
$ |
758,517 |
|
11.35 |
% |
|
|
401,115 |
|
|
6.00 |
% |
|
$ |
534,820 |
|
|
8.00 |
% |
Common Equity Tier 1 (CET1) to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Company |
|
$ |
686,606 |
|
10.24 |
% |
|
$ |
301,842 |
|
|
4.50 |
% |
|
N/A |
|
|
N/A |
|
|
Bank |
|
|
758,517 |
|
11.35 |
% |
|
|
300,836 |
|
|
4.50 |
% |
|
$ |
434,541 |
|
|
6.50 |
% |
Tier 1 capital to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Company |
|
$ |
731,606 |
|
10.30 |
% |
|
$ |
284,252 |
|
|
4.00 |
% |
|
N/A |
|
|
N/A |
|
|
Bank |
|
|
758,517 |
|
10.69 |
% |
|
$ |
283,789 |
|
|
4.00 |
% |
|
$ |
354,736 |
|
|
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.
Conference Call, Webcast and Slide Presentation
We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, October 28, 2022 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 518637. A recorded replay can be accessed through November 11, 2022 by dialing (866) 813-9403; passcode: 271643.
A slide presentation relating to our third 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 for 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 five 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 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 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) |
||||||||||||||||||||
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
||||||||||
(dollars in thousands) |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
$ |
56,546 |
|
|
$ |
58,844 |
|
|
$ |
48,015 |
|
|
$ |
35,247 |
|
|
$ |
46,900 |
|
Interest bearing deposits with other banks |
|
|
159,744 |
|
|
|
83,057 |
|
|
|
105,564 |
|
|
|
122,684 |
|
|
|
95,978 |
|
Cash and cash equivalents |
|
|
216,290 |
|
|
|
141,901 |
|
|
|
153,579 |
|
|
|
157,931 |
|
|
|
142,878 |
|
Equity and other securities, at fair value |
|
|
7,279 |
|
|
|
7,860 |
|
|
|
10,677 |
|
|
|
10,578 |
|
|
|
10,299 |
|
Securities available-for-sale, at fair value |
|
|
1,181,654 |
|
|
|
1,273,138 |
|
|
|
1,369,368 |
|
|
|
1,454,542 |
|
|
|
1,427,605 |
|
Securities held-to-maturity, at amortized cost |
|
|
3,877 |
|
|
|
3,880 |
|
|
|
3,882 |
|
|
|
3,885 |
|
|
|
3,887 |
|
Restricted stock, at cost |
|
|
27,077 |
|
|
|
30,002 |
|
|
|
13,977 |
|
|
|
22,002 |
|
|
|
15,927 |
|
Loans held for sale |
|
|
33,975 |
|
|
|
17,284 |
|
|
|
39,520 |
|
|
|
64,460 |
|
|
|
48,372 |
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans and leases |
|
|
5,275,471 |
|
|
|
5,168,071 |
|
|
|
4,789,068 |
|
|
|
4,537,128 |
|
|
|
4,609,228 |
|
Allowance for loan and lease losses |
|
|
(64,655 |
) |
|
|
(62,436 |
) |
|
|
(59,458 |
) |
|
|
(55,012 |
) |
|
|
(60,598 |
) |
Net loans and leases |
|
|
5,210,816 |
|
|
|
5,105,635 |
|
|
|
4,729,610 |
|
|
|
4,482,116 |
|
|
|
4,548,630 |
|
Servicing assets, at fair value |
|
|
21,127 |
|
|
|
22,155 |
|
|
|
24,497 |
|
|
|
23,744 |
|
|
|
23,597 |
|
Premises and equipment, net |
|
|
59,049 |
|
|
|
60,773 |
|
|
|
62,281 |
|
|
|
62,548 |
|
|
|
76,995 |
|
Other real estate owned, net |
|
|
4,402 |
|
|
|
4,749 |
|
|
|
2,221 |
|
|
|
2,112 |
|
|
|
3,033 |
|
Goodwill and other intangible assets, net |
|
|
160,484 |
|
|
|
162,094 |
|
|
|
163,962 |
|
|
|
165,558 |
|
|
|
167,296 |
|
Bank-owned life insurance |
|
|
81,592 |
|
|
|
81,100 |
|
|
|
80,604 |
|
|
|
80,039 |
|
|
|
60,992 |
|
Deferred tax assets, net |
|
|
91,532 |
|
|
|
78,950 |
|
|
|
67,335 |
|
|
|
50,329 |
|
|
|
45,165 |
|
Accrued interest receivable and other assets |
|
|
178,433 |
|
|
|
142,196 |
|
|
|
113,123 |
|
|
|
116,328 |
|
|
|
129,775 |
|
Total assets |
|
$ |
7,277,587 |
|
|
$ |
7,131,717 |
|
|
$ |
6,834,636 |
|
|
$ |
6,696,172 |
|
|
$ |
6,704,451 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest-bearing demand deposits |
|
$ |
2,142,183 |
|
|
$ |
2,180,927 |
|
|
$ |
2,281,612 |
|
|
$ |
2,158,420 |
|
|
$ |
2,117,749 |
|
Interest-bearing deposits |
|
|
3,470,273 |
|
|
|
3,207,450 |
|
|
|
3,248,490 |
|
|
|
2,996,627 |
|
|
|
3,040,529 |
|
Total deposits |
|
|
5,612,456 |
|
|
|
5,388,377 |
|
|
|
5,530,102 |
|
|
|
5,155,047 |
|
|
|
5,158,278 |
|
Other borrowings |
|
|
653,954 |
|
|
|
748,092 |
|
|
|
311,450 |
|
|
|
519,723 |
|
|
|
539,119 |
|
Subordinated notes, net |
|
|
73,648 |
|
|
|
73,604 |
|
|
|
73,560 |
|
|
|
73,517 |
|
|
|
73,473 |
|
Junior subordinated debentures issued to capital trusts, net |
|
|
37,232 |
|
|
|
37,123 |
|
|
|
37,011 |
|
|
|
36,906 |
|
|
|
36,796 |
|
Accrued expenses and other liabilities |
|
|
152,732 |
|
|
|
119,360 |
|
|
|
93,842 |
|
|
|
74,597 |
|
|
|
72,367 |
|
Total liabilities |
|
|
6,530,022 |
|
|
|
6,366,556 |
|
|
|
6,045,965 |
|
|
|
5,859,790 |
|
|
|
5,880,033 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,438 |
|
|
|
10,438 |
|
Common stock |
|
|
389 |
|
|
|
388 |
|
|
|
388 |
|
|
|
387 |
|
|
|
386 |
|
Additional paid-in capital |
|
|
597,049 |
|
|
|
595,938 |
|
|
|
595,006 |
|
|
|
593,753 |
|
|
|
592,192 |
|
Retained earnings |
|
|
326,560 |
|
|
|
307,278 |
|
|
|
290,397 |
|
|
|
271,676 |
|
|
|
258,077 |
|
Treasury stock |
|
|
(51,535 |
) |
|
|
(47,181 |
) |
|
|
(40,732 |
) |
|
|
(31,570 |
) |
|
|
(31,161 |
) |
Accumulated other comprehensive loss, net of tax |
|
|
(124,898 |
) |
|
|
(91,262 |
) |
|
|
(56,388 |
) |
|
|
(8,302 |
) |
|
|
(5,514 |
) |
Total stockholders’ equity |
|
|
747,565 |
|
|
|
765,161 |
|
|
|
788,671 |
|
|
|
836,382 |
|
|
|
824,418 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,277,587 |
|
|
$ |
7,131,717 |
|
|
$ |
6,834,636 |
|
|
$ |
6,696,172 |
|
|
$ |
6,704,451 |
|
BYLINE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||||
(dollars in thousands, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
September 30, |
|
September 30, |
||||||||||||||
except per share data) |
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest and fees on loans and leases |
|
$ |
72,824 |
|
|
$ |
59,674 |
|
|
$ |
55,426 |
|
|
$ |
58,570 |
|
|
$ |
56,291 |
|
|
$ |
187,924 |
|
|
$ |
164,423 |
|
Interest on securities |
|
|
6,402 |
|
|
|
6,264 |
|
|
|
6,155 |
|
|
|
5,619 |
|
|
|
5,534 |
|
|
|
18,821 |
|
|
|
17,982 |
|
Other interest and dividend income |
|
|
677 |
|
|
|
608 |
|
|
|
237 |
|
|
|
495 |
|
|
|
947 |
|
|
|
1,522 |
|
|
|
1,837 |
|
Total interest and dividend income |
|
|
79,903 |
|
|
|
66,546 |
|
|
|
61,818 |
|
|
|
64,684 |
|
|
|
62,772 |
|
|
|
208,267 |
|
|
|
184,242 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Deposits |
|
|
5,971 |
|
|
|
2,128 |
|
|
|
1,087 |
|
|
|
1,037 |
|
|
|
986 |
|
|
|
9,186 |
|
|
|
3,465 |
|
Other borrowings |
|
|
3,232 |
|
|
|
1,097 |
|
|
|
395 |
|
|
|
330 |
|
|
|
349 |
|
|
|
4,724 |
|
|
|
1,333 |
|
Subordinated notes and debentures |
|
|
1,825 |
|
|
|
1,694 |
|
|
|
1,600 |
|
|
|
1,589 |
|
|
|
1,592 |
|
|
|
5,119 |
|
|
|
4,785 |
|
Total interest expense |
|
|
11,028 |
|
|
|
4,919 |
|
|
|
3,082 |
|
|
|
2,956 |
|
|
|
2,927 |
|
|
|
19,029 |
|
|
|
9,583 |
|
Net interest income |
|
|
68,875 |
|
|
|
61,627 |
|
|
|
58,736 |
|
|
|
61,728 |
|
|
|
59,845 |
|
|
|
189,238 |
|
|
|
174,659 |
|
PROVISION/(RECAPTURE) FOR LOAN AND LEASE LOSSES |
|
|
4,176 |
|
|
|
5,908 |
|
|
|
4,995 |
|
|
|
(1,293 |
) |
|
|
352 |
|
|
|
15,079 |
|
|
|
2,750 |
|
Net interest income after provision/(recapture) for loan and lease losses |
|
|
64,699 |
|
|
|
55,719 |
|
|
|
53,741 |
|
|
|
63,021 |
|
|
|
59,493 |
|
|
|
174,159 |
|
|
|
171,909 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fees and service charges on deposits |
|
|
2,128 |
|
|
|
2,059 |
|
|
|
1,884 |
|
|
|
1,955 |
|
|
|
1,867 |
|
|
|
6,071 |
|
|
|
5,299 |
|
Loan servicing revenue |
|
|
3,422 |
|
|
|
3,384 |
|
|
|
3,380 |
|
|
|
3,392 |
|
|
|
3,344 |
|
|
|
10,186 |
|
|
|
9,301 |
|
Loan servicing asset revaluation |
|
|
(2,342 |
) |
|
|
(4,636 |
) |
|
|
(1,231 |
) |
|
|
(2,510 |
) |
|
|
(2,650 |
) |
|
|
(8,209 |
) |
|
|
(4,148 |
) |
ATM and interchange fees |
|
|
1,007 |
|
|
|
1,131 |
|
|
|
1,049 |
|
|
|
1,219 |
|
|
|
1,201 |
|
|
|
3,187 |
|
|
|
3,257 |
|
Net realized gains (losses) on securities available-for-sale |
|
|
(2 |
) |
|
|
52 |
|
|
|
— |
|
|
|
(21 |
) |
|
|
130 |
|
|
|
50 |
|
|
|
1,456 |
|
Change in fair value of equity securities, net |
|
|
(581 |
) |
|
|
(697 |
) |
|
|
(35 |
) |
|
|
(98 |
) |
|
|
(275 |
) |
|
|
(1,313 |
) |
|
|
36 |
|
Net gains on sales of loans |
|
|
5,580 |
|
|
|
9,983 |
|
|
|
10,827 |
|
|
|
12,924 |
|
|
|
12,761 |
|
|
|
26,390 |
|
|
|
33,350 |
|
Wealth management and trust income |
|
|
995 |
|
|
|
900 |
|
|
|
1,048 |
|
|
|
764 |
|
|
|
815 |
|
|
|
2,943 |
|
|
|
2,305 |
|
Other non-interest income |
|
|
1,785 |
|
|
|
1,985 |
|
|
|
2,504 |
|
|
|
1,389 |
|
|
|
1,302 |
|
|
|
6,274 |
|
|
|
4,383 |
|
Total non-interest income |
|
|
11,992 |
|
|
|
14,161 |
|
|
|
19,426 |
|
|
|
19,014 |
|
|
|
18,495 |
|
|
|
45,579 |
|
|
|
55,239 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Salaries and employee benefits |
|
|
29,587 |
|
|
|
27,697 |
|
|
|
28,959 |
|
|
|
28,850 |
|
|
|
25,978 |
|
|
|
86,243 |
|
|
|
72,372 |
|
Occupancy and equipment expense, net |
|
|
3,919 |
|
|
|
4,409 |
|
|
|
5,128 |
|
|
|
4,995 |
|
|
|
4,982 |
|
|
|
13,456 |
|
|
|
15,617 |
|
Impairment charge on assets held for sale |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,351 |
|
|
|
1,434 |
|
|
|
— |
|
|
|
3,981 |
|
Loan and lease related expenses |
|
|
530 |
|
|
|
942 |
|
|
|
(891 |
) |
|
|
2,328 |
|
|
|
1,175 |
|
|
|
581 |
|
|
|
3,629 |
|
Legal, audit, and other professional fees |
|
|
2,733 |
|
|
|
1,820 |
|
|
|
2,600 |
|
|
|
2,376 |
|
|
|
2,710 |
|
|
|
7,153 |
|
|
|
7,822 |
|
Data processing |
|
|
3,370 |
|
|
|
3,396 |
|
|
|
3,186 |
|
|
|
3,070 |
|
|
|
3,108 |
|
|
|
9,952 |
|
|
|
8,710 |
|
Net loss recognized on other real estate owned and other related expenses |
|
|
275 |
|
|
|
158 |
|
|
|
54 |
|
|
|
26 |
|
|
|
42 |
|
|
|
487 |
|
|
|
1,052 |
|
Other intangible assets amortization expense |
|
|
1,611 |
|
|
|
1,868 |
|
|
|
1,596 |
|
|
|
1,738 |
|
|
|
1,738 |
|
|
|
5,075 |
|
|
|
5,335 |
|
Other non-interest expense |
|
|
4,153 |
|
|
|
3,483 |
|
|
|
3,923 |
|
|
|
7,234 |
|
|
|
3,013 |
|
|
|
11,559 |
|
|
|
7,485 |
|
Total non-interest expense |
|
|
46,178 |
|
|
|
43,773 |
|
|
|
44,555 |
|
|
|
58,968 |
|
|
|
44,180 |
|
|
|
134,506 |
|
|
|
126,003 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
30,513 |
|
|
|
26,107 |
|
|
|
28,612 |
|
|
|
23,067 |
|
|
|
33,808 |
|
|
|
85,232 |
|
|
|
101,145 |
|
PROVISION FOR INCOME TAXES |
|
|
7,857 |
|
|
|
5,824 |
|
|
|
6,301 |
|
|
|
5,878 |
|
|
|
8,502 |
|
|
|
19,982 |
|
|
|
25,549 |
|
NET INCOME |
|
|
22,656 |
|
|
|
20,283 |
|
|
|
22,311 |
|
|
|
17,189 |
|
|
|
25,306 |
|
|
|
65,250 |
|
|
|
75,596 |
|
Dividends on preferred shares |
|
|
— |
|
|
|
— |
|
|
|
196 |
|
|
|
196 |
|
|
|
196 |
|
|
|
196 |
|
|
|
587 |
|
INCOME AVAILABLE TO COMMON STOCKHOLDERS |
|
$ |
22,656 |
|
|
$ |
20,283 |
|
|
$ |
22,115 |
|
|
$ |
16,993 |
|
|
$ |
25,110 |
|
|
$ |
65,054 |
|
|
$ |
75,009 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
0.61 |
|
|
$ |
0.55 |
|
|
$ |
0.60 |
|
|
$ |
0.46 |
|
|
$ |
0.68 |
|
|
$ |
1.76 |
|
|
$ |
1.99 |
|
Diluted |
|
$ |
0.61 |
|
|
$ |
0.54 |
|
|
$ |
0.58 |
|
|
$ |
0.45 |
|
|
$ |
0.66 |
|
|
$ |
1.73 |
|
|
$ |
1.95 |
|
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 |
||||||||||||||||||||||||
(dollars in thousands, except share |
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
September 30, |
|
September 30, |
||||||||||||||
and per share data) |
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic earnings per common share |
$ |
0.61 |
|
|
$ |
0.55 |
|
|
$ |
0.60 |
|
|
$ |
0.46 |
|
|
$ |
0.68 |
|
|
$ |
1.76 |
|
|
$ |
1.99 |
|
Diluted earnings per common share |
$ |
0.61 |
|
|
$ |
0.54 |
|
|
$ |
0.58 |
|
|
$ |
0.45 |
|
|
$ |
0.66 |
|
|
$ |
1.73 |
|
|
$ |
1.95 |
|
Adjusted diluted earnings per common share(1)(2)(3)(4) |
$ |
0.61 |
|
|
$ |
0.54 |
|
|
$ |
0.58 |
|
|
$ |
0.69 |
|
|
$ |
0.69 |
|
|
$ |
1.73 |
|
|
$ |
2.02 |
|
Weighted average common shares outstanding (basic) |
|
36,851,973 |
|
|
|
37,064,795 |
|
|
|
37,123,161 |
|
|
|
37,124,176 |
|
|
|
37,200,778 |
|
|
|
37,012,316 |
|
|
|
37,773,350 |
|
Weighted average common shares outstanding (diluted) |
|
37,371,159 |
|
|
|
37,612,268 |
|
|
|
38,042,822 |
|
|
|
37,999,401 |
|
|
|
38,018,301 |
|
|
|
37,581,866 |
|
|
|
38,523,112 |
|
Common shares outstanding |
|
37,465,902 |
|
|
|
37,669,102 |
|
|
|
37,811,582 |
|
|
|
37,713,903 |
|
|
|
37,690,087 |
|
|
|
37,465,902 |
|
|
|
37,690,087 |
|
Cash dividends per common share |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.27 |
|
|
$ |
0.21 |
|
Dividend payout ratio on common stock |
|
14.75 |
% |
|
|
16.67 |
% |
|
|
15.52 |
% |
|
|
20.00 |
% |
|
|
13.64 |
% |
|
|
15.61 |
% |
|
|
10.77 |
% |
Tangible book value per common share(1) |
$ |
15.67 |
|
|
$ |
16.01 |
|
|
$ |
16.52 |
|
|
$ |
17.51 |
|
|
$ |
17.16 |
|
|
$ |
15.67 |
|
|
$ |
17.16 |
|
Key Ratios and Performance Metrics (annualized where applicable) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest margin, fully taxable equivalent (1)(5) |
|
4.05 |
% |
|
|
3.77 |
% |
|
|
3.82 |
% |
|
|
3.97 |
% |
|
|
3.92 |
% |
|
|
3.88 |
% |
|
|
3.82 |
% |
Average cost of deposits |
|
0.43 |
% |
|
|
0.16 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.22 |
% |
|
|
0.09 |
% |
Efficiency ratio(2) |
|
55.11 |
% |
|
|
55.29 |
% |
|
|
54.96 |
% |
|
|
70.88 |
% |
|
|
54.18 |
% |
|
|
55.12 |
% |
|
|
52.49 |
% |
Adjusted efficiency ratio(1)(2)(3) |
|
55.11 |
% |
|
|
55.29 |
% |
|
|
54.96 |
% |
|
|
55.46 |
% |
|
|
52.35 |
% |
|
|
55.12 |
% |
|
|
50.76 |
% |
Non-interest expense to average assets |
|
2.56 |
% |
|
|
2.52 |
% |
|
|
2.69 |
% |
|
|
3.49 |
% |
|
|
2.67 |
% |
|
|
2.59 |
% |
|
|
2.54 |
% |
Adjusted non-interest expense to average assets(1)(3) |
|
2.56 |
% |
|
|
2.52 |
% |
|
|
2.69 |
% |
|
|
2.76 |
% |
|
|
2.58 |
% |
|
|
2.59 |
% |
|
|
2.46 |
% |
Return on average stockholders' equity |
|
11.59 |
% |
|
|
10.42 |
% |
|
|
10.87 |
% |
|
|
8.13 |
% |
|
|
12.19 |
% |
|
|
10.96 |
% |
|
|
12.42 |
% |
Adjusted return on average stockholders' equity(1)(3)(4) |
|
11.59 |
% |
|
|
10.42 |
% |
|
|
10.87 |
% |
|
|
12.42 |
% |
|
|
12.69 |
% |
|
|
10.96 |
% |
|
|
12.90 |
% |
Return on average assets |
|
1.26 |
% |
|
|
1.17 |
% |
|
|
1.35 |
% |
|
|
1.02 |
% |
|
|
1.53 |
% |
|
|
1.26 |
% |
|
|
1.53 |
% |
Adjusted return on average assets(1)(3)(4) |
|
1.26 |
% |
|
|
1.17 |
% |
|
|
1.35 |
% |
|
|
1.56 |
% |
|
|
1.59 |
% |
|
|
1.26 |
% |
|
|
1.58 |
% |
Non-interest income to total revenues(1) |
|
14.83 |
% |
|
|
18.69 |
% |
|
|
24.85 |
% |
|
|
23.55 |
% |
|
|
23.61 |
% |
|
|
19.41 |
% |
|
|
24.03 |
% |
Pre-tax pre-provision return on average assets(1) |
|
1.93 |
% |
|
|
1.84 |
% |
|
|
2.03 |
% |
|
|
1.29 |
% |
|
|
2.07 |
% |
|
|
1.93 |
% |
|
|
2.10 |
% |
Adjusted pre-tax pre-provision return on average assets(1)(3) |
|
1.93 |
% |
|
|
1.84 |
% |
|
|
2.03 |
% |
|
|
2.03 |
% |
|
|
2.15 |
% |
|
|
1.93 |
% |
|
|
2.18 |
% |
Return on average tangible common stockholders' equity(1) |
|
15.40 |
% |
|
|
14.06 |
% |
|
|
14.36 |
% |
|
|
10.94 |
% |
|
|
16.22 |
% |
|
|
14.60 |
% |
|
|
16.66 |
% |
Adjusted return on average tangible common stockholders' equity(1)(3) |
|
15.40 |
% |
|
|
14.06 |
% |
|
|
14.36 |
% |
|
|
16.38 |
% |
|
|
16.86 |
% |
|
|
14.60 |
% |
|
|
17.27 |
% |
Non-interest-bearing deposits to total deposits |
|
38.17 |
% |
|
|
40.47 |
% |
|
|
41.26 |
% |
|
|
41.87 |
% |
|
|
41.06 |
% |
|
|
38.17 |
% |
|
|
41.06 |
% |
Loans and leases held for sale and loans and lease held for investment to total deposits |
|
94.60 |
% |
|
|
96.23 |
% |
|
|
87.31 |
% |
|
|
89.26 |
% |
|
|
90.29 |
% |
|
|
94.60 |
% |
|
|
90.29 |
% |
Deposits to total liabilities |
|
85.95 |
% |
|
|
84.64 |
% |
|
|
91.47 |
% |
|
|
87.97 |
% |
|
|
87.73 |
% |
|
|
85.95 |
% |
|
|
87.73 |
% |
Deposits per branch |
$ |
147,696 |
|
|
$ |
141,799 |
|
|
$ |
125,684 |
|
|
$ |
117,160 |
|
|
$ |
117,234 |
|
|
$ |
147,696 |
|
|
$ |
117,234 |
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-performing loans and leases to total loans and leases held for investment, net before ALLL |
|
0.67 |
% |
|
|
0.66 |
% |
|
|
0.42 |
% |
|
|
0.51 |
% |
|
|
0.75 |
% |
|
|
0.67 |
% |
|
|
0.75 |
% |
ALLL to total loans and leases held for investment, net before ALLL |
|
1.23 |
% |
|
|
1.21 |
% |
|
|
1.24 |
% |
|
|
1.21 |
% |
|
|
1.31 |
% |
|
|
1.23 |
% |
|
|
1.31 |
% |
Net charge-offs to average total loans and leases held for investment, net before ALLL |
|
0.15 |
% |
|
|
0.24 |
% |
|
|
0.05 |
% |
|
|
0.37 |
% |
|
|
0.13 |
% |
|
|
0.15 |
% |
|
|
0.25 |
% |
Acquisition accounting adjustments(4) |
$ |
2,537 |
|
|
$ |
3,050 |
|
|
$ |
3,364 |
|
|
$ |
4,769 |
|
|
$ |
6,327 |
|
|
$ |
2,537 |
|
|
$ |
6,327 |
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common equity to total assets |
|
10.27 |
% |
|
|
10.73 |
% |
|
|
11.54 |
% |
|
|
12.33 |
% |
|
|
12.14 |
% |
|
|
10.27 |
% |
|
|
12.14 |
% |
Tangible common equity to tangible assets(1) |
|
8.25 |
% |
|
|
8.65 |
% |
|
|
9.36 |
% |
|
|
10.11 |
% |
|
|
9.89 |
% |
|
|
8.25 |
% |
|
|
9.89 |
% |
Leverage ratio |
|
10.30 |
% |
|
|
10.34 |
% |
|
|
10.70 |
% |
|
|
10.89 |
% |
|
|
11.21 |
% |
|
|
10.30 |
% |
|
|
11.21 |
% |
Common equity tier 1 capital ratio |
|
10.24 |
% |
|
|
10.26 |
% |
|
|
10.75 |
% |
|
|
11.39 |
% |
|
|
11.32 |
% |
|
|
10.24 |
% |
|
|
11.32 |
% |
Tier 1 capital ratio |
|
10.91 |
% |
|
|
10.95 |
% |
|
|
11.49 |
% |
|
|
12.37 |
% |
|
|
12.32 |
% |
|
|
10.91 |
% |
|
|
12.32 |
% |
Total capital ratio |
|
13.02 |
% |
|
|
13.09 |
% |
|
|
13.72 |
% |
|
|
14.70 |
% |
|
|
14.78 |
% |
|
|
13.02 |
% |
|
|
14.78 |
% |
| (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 Nine Months Ended September 30, |
|
||||||||||||||||||
|
|
2022 |
|
2021 |
|||||||||||||||||
(dollars in thousands) |
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
|||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
72,802 |
|
$ |
313 |
|
|
0.58 |
% |
|
$ |
56,926 |
|
|
$ |
75 |
|
|
0.18 |
% |
Loans and leases(1) |
|
|
4,967,769 |
|
|
187,924 |
|
|
5.06 |
% |
|
|
4,487,909 |
|
|
|
164,423 |
|
|
4.90 |
% |
Taxable securities |
|
|
1,323,838 |
|
|
17,393 |
|
|
1.76 |
% |
|
|
1,405,390 |
|
|
|
16,798 |
|
|
1.60 |
% |
Tax-exempt securities(2) |
|
|
166,911 |
|
|
3,338 |
|
|
2.67 |
% |
|
|
184,826 |
|
|
|
3,729 |
|
|
2.70 |
% |
Total interest-earning assets |
|
$ |
6,531,320 |
|
$ |
208,968 |
|
|
4.28 |
% |
|
$ |
6,135,051 |
|
|
$ |
185,025 |
|
|
4.03 |
% |
Allowance for loan and lease losses |
|
|
(59,526 |
) |
|
|
|
|
|
|
(64,768 |
) |
|
|
|
|
|
||||
All other assets |
|
|
472,115 |
|
|
|
|
|
|
|
552,660 |
|
|
|
|
|
|
||||
TOTAL ASSETS |
|
$ |
6,943,909 |
|
|
|
|
|
|
$ |
6,622,943 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest checking |
|
$ |
592,985 |
|
$ |
1,670 |
|
|
0.38 |
% |
|
$ |
609,444 |
|
|
$ |
647 |
|
|
0.14 |
% |
Money market accounts |
|
|
1,318,725 |
|
|
5,026 |
|
|
0.51 |
% |
|
|
1,068,770 |
|
|
|
940 |
|
|
0.12 |
% |
Savings |
|
|
662,820 |
|
|
406 |
|
|
0.08 |
% |
|
|
603,366 |
|
|
|
214 |
|
|
0.05 |
% |
Time deposits |
|
|
658,893 |
|
|
2,084 |
|
|
0.42 |
% |
|
|
734,708 |
|
|
|
1,664 |
|
|
0.30 |
% |
Total interest-bearing deposits |
|
|
3,233,423 |
|
|
9,186 |
|
|
0.38 |
% |
|
|
3,016,288 |
|
|
|
3,465 |
|
|
0.15 |
% |
Other borrowings |
|
|
466,194 |
|
|
4,710 |
|
|
1.35 |
% |
|
|
572,018 |
|
|
|
1,333 |
|
|
0.31 |
% |
Federal funds purchased |
|
|
842 |
|
|
14 |
|
|
2.32 |
% |
|
|
— |
|
|
|
— |
|
|
0.00 |
% |
Subordinated notes and debentures |
|
|
110,648 |
|
|
5,119 |
|
|
6.19 |
% |
|
|
110,029 |
|
|
|
4,785 |
|
|
5.81 |
% |
Total borrowings |
|
|
577,684 |
|
|
9,843 |
|
|
2.28 |
% |
|
|
682,047 |
|
|
|
6,118 |
|
|
1.20 |
% |
Total interest-bearing liabilities |
|
$ |
3,811,107 |
|
$ |
19,029 |
|
|
0.67 |
% |
|
$ |
3,698,335 |
|
|
$ |
9,583 |
|
|
0.35 |
% |
Non-interest-bearing demand deposits |
|
|
2,237,002 |
|
|
|
|
|
|
|
2,039,242 |
|
|
|
|
|
|
||||
Other liabilities |
|
|
99,951 |
|
|
|
|
|
|
|
71,737 |
|
|
|
|
|
|
||||
Total stockholders’ equity |
|
|
795,849 |
|
|
|
|
|
|
|
813,629 |
|
|
|
|
|
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
6,943,909 |
|
|
|
|
|
|
$ |
6,622,943 |
|
|
|
|
|
|
||||
Net interest spread(3) |
|
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
|
|
3.68 |
% |
||||
Net interest income, fully taxable equivalent |
|
|
|
$ |
189,939 |
|
|
|
|
|
|
|
$ |
175,442 |
|
|
|
||||
Net interest margin, fully taxable equivalent(2)(4) |
|
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
|
|
3.82 |
% |
||||
Less: Tax-equivalent adjustment |
|
|
|
|
701 |
|
|
0.01 |
% |
|
|
|
|
|
783 |
|
|
0.01 |
% |
||
Net interest income |
|
|
|
$ |
189,238 |
|
|
|
|
|
|
|
$ |
174,659 |
|
|
|
||||
Net interest margin(4) |
|
|
|
|
|
|
3.87 |
% |
|
|
|
|
|
|
|
3.81 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net loan accretion impact on margin |
|
|
|
$ |
4,418 |
|
|
0.09 |
% |
|
|
|
|
$ |
5,001 |
|
|
0.11 |
% |
||
(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
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 Nine Months Ended |
||||||||||||||||||||||
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
September 30, |
|
|||||||
(dollars in thousands, except per share data) |
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2022 |
|
2021 |
|
|||||||
Net income and earnings per share excluding significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reported Net Income |
|
$ |
22,656 |
|
|
$ |
20,283 |
|
|
$ |
22,311 |
|
|
$ |
17,189 |
|
|
$ |
25,306 |
|
|
$ |
65,250 |
|
$ |
75,596 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges on assets held for sale and ROU asset |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,449 |
|
|
|
1,434 |
|
|
|
— |
|
|
3,981 |
|
Tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,377 |
) |
|
|
(390 |
) |
|
|
— |
|
|
(1,085 |
) |
Adjusted Net Income |
|
$ |
22,656 |
|
|
$ |
20,283 |
|
|
$ |
22,311 |
|
|
$ |
26,261 |
|
|
$ |
26,350 |
|
|
$ |
65,250 |
|
$ |
78,492 |
|
Reported Diluted Earnings per Share |
|
$ |
0.61 |
|
|
$ |
0.54 |
|
|
$ |
0.58 |
|
|
$ |
0.45 |
|
|
$ |
0.66 |
|
|
$ |
1.73 |
|
$ |
1.95 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges on assets held for sale and ROU asset |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.33 |
|
|
|
0.04 |
|
|
|
— |
|
|
0.10 |
|
Tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.09 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
(0.03 |
) |
Adjusted Diluted Earnings per Share |
|
$ |
0.61 |
|
|
$ |
0.54 |
|
|
$ |
0.58 |
|
|
$ |
0.69 |
|
|
$ |
0.69 |
|
|
$ |
1.73 |
|
$ |
2.02 |
|
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, |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
ratios annualized, where applicable) |
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||||
Adjusted non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest expense |
|
$ |
46,178 |
|
|
$ |
43,773 |
|
|
$ |
44,555 |
|
|
$ |
58,968 |
|
|
$ |
44,180 |
|
|
$ |
134,506 |
|
|
$ |
126,003 |
|
Less: Significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges on assets held for sale and ROU asset |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,449 |
|
|
|
1,434 |
|
|
|
— |
|
|
|
3,981 |
|
Adjusted non-interest expense |
|
$ |
46,178 |
|
|
$ |
43,773 |
|
|
$ |
44,555 |
|
|
$ |
46,519 |
|
|
$ |
42,746 |
|
|
$ |
134,506 |
|
|
$ |
122,022 |
|
Adjusted non-interest expense excluding amortization of intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted non-interest expense |
|
$ |
46,178 |
|
|
$ |
43,773 |
|
|
$ |
44,555 |
|
|
$ |
46,519 |
|
|
$ |
42,746 |
|
|
$ |
134,506 |
|
|
$ |
122,022 |
|
Less: Amortization of intangible assets |
|
|
1,611 |
|
|
|
1,868 |
|
|
|
1,596 |
|
|
|
1,738 |
|
|
|
1,738 |
|
|
|
5,075 |
|
|
|
5,335 |
|
Adjusted non-interest expense excluding amortization of intangible assets |
|
$ |
44,567 |
|
|
$ |
41,905 |
|
|
$ |
42,959 |
|
|
$ |
44,781 |
|
|
$ |
41,008 |
|
|
$ |
129,431 |
|
|
$ |
116,687 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pre-tax income |
|
$ |
30,513 |
|
|
$ |
26,107 |
|
|
$ |
28,612 |
|
|
$ |
23,067 |
|
|
$ |
33,808 |
|
|
$ |
85,232 |
|
|
$ |
101,145 |
|
Add: Provision/(recapture) for loan and lease losses |
|
|
4,176 |
|
|
|
5,908 |
|
|
|
4,995 |
|
|
|
(1,293 |
) |
|
|
352 |
|
|
|
15,079 |
|
|
|
2,750 |
|
Pre-tax pre-provision net income |
|
$ |
34,689 |
|
|
$ |
32,015 |
|
|
$ |
33,607 |
|
|
$ |
21,774 |
|
|
$ |
34,160 |
|
|
$ |
100,311 |
|
|
$ |
103,895 |
|
Adjusted pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pre-tax pre-provision net income |
|
$ |
34,689 |
|
|
$ |
32,015 |
|
|
$ |
33,607 |
|
|
$ |
21,774 |
|
|
$ |
34,160 |
|
|
$ |
100,311 |
|
|
$ |
103,895 |
|
Impairment charges on assets held for sale and ROU asset |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,449 |
|
|
|
1,434 |
|
|
|
— |
|
|
|
3,981 |
|
Adjusted pre-tax pre-provision net income |
|
$ |
34,689 |
|
|
$ |
32,015 |
|
|
$ |
33,607 |
|
|
$ |
34,223 |
|
|
$ |
35,594 |
|
|
$ |
100,311 |
|
|
$ |
107,876 |
|
Tax equivalent net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
68,875 |
|
|
$ |
61,627 |
|
|
$ |
58,736 |
|
|
$ |
61,728 |
|
|
$ |
59,845 |
|
|
$ |
189,238 |
|
|
$ |
174,659 |
|
Add: Tax-equivalent adjustment |
|
|
228 |
|
|
|
237 |
|
|
|
236 |
|
|
|
256 |
|
|
|
264 |
|
|
|
701 |
|
|
|
783 |
|
Net interest income, fully taxable equivalent |
|
$ |
69,103 |
|
|
$ |
61,864 |
|
|
$ |
58,972 |
|
|
$ |
61,984 |
|
|
$ |
60,109 |
|
|
$ |
189,939 |
|
|
$ |
175,442 |
|
Total revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
68,875 |
|
|
$ |
61,627 |
|
|
$ |
58,736 |
|
|
$ |
61,728 |
|
|
$ |
59,845 |
|
|
$ |
189,238 |
|
|
$ |
174,659 |
|
Add: Non-interest income |
|
|
11,992 |
|
|
|
14,161 |
|
|
|
19,426 |
|
|
|
19,014 |
|
|
|
18,495 |
|
|
|
45,579 |
|
|
|
55,239 |
|
Total revenue |
|
$ |
80,867 |
|
|
$ |
75,788 |
|
|
$ |
78,162 |
|
|
$ |
80,742 |
|
|
$ |
78,340 |
|
|
$ |
234,817 |
|
|
$ |
229,898 |
|
Tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total stockholders' equity |
|
$ |
747,565 |
|
|
$ |
765,161 |
|
|
$ |
788,671 |
|
|
$ |
836,382 |
|
|
$ |
824,418 |
|
|
$ |
747,565 |
|
|
$ |
824,418 |
|
Less: Preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
— |
|
|
|
10,438 |
|
Less: Goodwill and other intangibles |
|
|
160,484 |
|
|
|
162,094 |
|
|
|
163,962 |
|
|
|
165,558 |
|
|
|
167,296 |
|
|
|
160,484 |
|
|
|
167,296 |
|
Tangible common stockholders' equity |
|
$ |
587,081 |
|
|
$ |
603,067 |
|
|
$ |
624,709 |
|
|
$ |
660,386 |
|
|
$ |
646,684 |
|
|
$ |
587,081 |
|
|
$ |
646,684 |
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total assets |
|
$ |
7,277,587 |
|
|
$ |
7,131,717 |
|
|
$ |
6,834,636 |
|
|
$ |
6,696,172 |
|
|
$ |
6,704,451 |
|
|
$ |
7,277,587 |
|
|
$ |
6,704,451 |
|
Less: Goodwill and other intangibles |
|
|
160,484 |
|
|
|
162,094 |
|
|
|
163,962 |
|
|
|
165,558 |
|
|
|
167,296 |
|
|
|
160,484 |
|
|
|
167,296 |
|
Tangible assets |
|
$ |
7,117,103 |
|
|
$ |
6,969,623 |
|
|
$ |
6,670,674 |
|
|
$ |
6,530,614 |
|
|
$ |
6,537,155 |
|
|
$ |
7,117,103 |
|
|
$ |
6,537,155 |
|
Average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average total stockholders' equity |
|
$ |
775,358 |
|
|
$ |
780,652 |
|
|
$ |
832,161 |
|
|
$ |
838,975 |
|
|
$ |
823,754 |
|
|
$ |
795,849 |
|
|
$ |
813,629 |
|
Less: Average preferred stock |
|
|
— |
|
|
|
— |
|
|
|
9,974 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
3,288 |
|
|
|
10,438 |
|
Less: Average goodwill and other intangibles |
|
|
161,292 |
|
|
|
163,068 |
|
|
|
164,837 |
|
|
|
166,396 |
|
|
|
168,140 |
|
|
|
163,053 |
|
|
|
169,934 |
|
Average tangible common stockholders' equity |
|
$ |
614,066 |
|
|
$ |
617,584 |
|
|
$ |
657,350 |
|
|
$ |
662,141 |
|
|
$ |
645,176 |
|
|
$ |
629,508 |
|
|
$ |
633,257 |
|
Average tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Average total assets |
|
$ |
7,145,189 |
|
|
$ |
6,975,725 |
|
|
$ |
6,705,986 |
|
|
$ |
6,699,069 |
|
|
$ |
6,560,868 |
|
|
$ |
6,943,909 |
|
|
$ |
6,622,943 |
|
Less: Average goodwill and other intangibles |
|
|
161,292 |
|
|
|
163,068 |
|
|
|
164,837 |
|
|
|
166,396 |
|
|
|
168,140 |
|
|
|
163,053 |
|
|
|
169,934 |
|
Average tangible assets |
|
$ |
6,983,897 |
|
|
$ |
6,812,657 |
|
|
$ |
6,541,149 |
|
|
$ |
6,532,673 |
|
|
$ |
6,392,728 |
|
|
$ |
6,780,856 |
|
|
$ |
6,453,009 |
|
Tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income available to common stockholders |
|
$ |
22,656 |
|
|
$ |
20,283 |
|
|
$ |
22,115 |
|
|
$ |
16,993 |
|
|
$ |
25,110 |
|
|
$ |
65,054 |
|
|
$ |
75,009 |
|
Add: After-tax intangible asset amortization |
|
|
1,174 |
|
|
|
1,361 |
|
|
|
1,163 |
|
|
|
1,266 |
|
|
|
1,265 |
|
|
|
3,698 |
|
|
|
3,881 |
|
Tangible net income available to common stockholders |
|
$ |
23,830 |
|
|
$ |
21,644 |
|
|
$ |
23,278 |
|
|
$ |
18,259 |
|
|
$ |
26,375 |
|
|
$ |
68,752 |
|
|
$ |
78,890 |
|
Adjusted tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible net income available to common stockholders |
|
$ |
23,830 |
|
|
$ |
21,644 |
|
|
$ |
23,278 |
|
|
$ |
18,259 |
|
|
$ |
26,375 |
|
|
$ |
68,752 |
|
|
$ |
78,890 |
|
Impairment charges on assets held for sale and ROU asset |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,449 |
|
|
|
1,434 |
|
|
|
— |
|
|
|
3,981 |
|
Tax benefit on significant items |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,377 |
) |
|
|
(390 |
) |
|
|
— |
|
|
|
(1,085 |
) |
Adjusted tangible net income available to common stockholders |
|
$ |
23,830 |
|
|
$ |
21,644 |
|
|
$ |
23,278 |
|
|
$ |
27,331 |
|
|
$ |
27,419 |
|
|
$ |
68,752 |
|
|
$ |
81,786 |
|
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 |
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|||||||
data, ratios annualized, where applicable) |
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||||
Pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pre-tax pre-provision net income |
|
$ |
34,689 |
|
|
$ |
32,015 |
|
|
$ |
33,607 |
|
|
$ |
21,774 |
|
|
$ |
34,160 |
|
|
$ |
100,311 |
|
|
$ |
103,895 |
|
Average total assets |
|
|
7,145,189 |
|
|
|
6,975,725 |
|
|
|
6,705,986 |
|
|
|
6,699,069 |
|
|
|
6,560,868 |
|
|
|
6,943,909 |
|
|
|
6,622,943 |
|
Pre-tax pre-provision return on average assets |
|
|
1.93 |
% |
|
|
1.84 |
% |
|
|
2.03 |
% |
|
|
1.29 |
% |
|
|
2.07 |
% |
|
|
1.93 |
% |
|
|
2.10 |
% |
Adjusted pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted pre-tax pre-provision net income |
|
$ |
34,689 |
|
|
$ |
32,015 |
|
|
$ |
33,607 |
|
|
$ |
34,223 |
|
|
$ |
35,594 |
|
|
$ |
100,311 |
|
|
$ |
107,876 |
|
Average total assets |
|
|
7,145,189 |
|
|
|
6,975,725 |
|
|
|
6,705,986 |
|
|
|
6,699,069 |
|
|
|
6,560,868 |
|
|
|
6,943,909 |
|
|
|
6,622,943 |
|
Adjusted pre-tax pre-provision return on average assets |
|
|
1.93 |
% |
|
|
1.84 |
% |
|
|
2.03 |
% |
|
|
2.03 |
% |
|
|
2.15 |
% |
|
|
1.93 |
% |
|
|
2.18 |
% |
Net interest margin, fully taxable equivalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income, fully taxable equivalent |
|
$ |
69,103 |
|
|
$ |
61,864 |
|
|
$ |
58,972 |
|
|
$ |
61,984 |
|
|
$ |
60,109 |
|
|
$ |
189,939 |
|
|
$ |
175,442 |
|
Total average interest-earning assets |
|
|
6,760,623 |
|
|
|
6,573,878 |
|
|
|
6,253,889 |
|
|
|
6,189,762 |
|
|
|
6,076,065 |
|
|
|
6,531,320 |
|
|
|
6,135,051 |
|
Net interest margin, fully taxable equivalent |
|
|
4.05 |
% |
|
|
3.77 |
% |
|
|
3.82 |
% |
|
|
3.97 |
% |
|
|
3.92 |
% |
|
|
3.88 |
% |
|
|
3.82 |
% |
Non-interest income to total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest income |
|
$ |
11,992 |
|
|
$ |
14,161 |
|
|
$ |
19,426 |
|
|
$ |
19,014 |
|
|
$ |
18,495 |
|
|
$ |
45,579 |
|
|
$ |
55,239 |
|
Total revenues |
|
|
80,867 |
|
|
|
75,788 |
|
|
|
78,162 |
|
|
|
80,742 |
|
|
|
78,340 |
|
|
|
234,817 |
|
|
|
229,898 |
|
Non-interest income to total revenues |
|
|
14.83 |
% |
|
|
18.69 |
% |
|
|
24.85 |
% |
|
|
23.55 |
% |
|
|
23.61 |
% |
|
|
19.41 |
% |
|
|
24.03 |
% |
Adjusted non-interest expense to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted non-interest expense |
|
$ |
46,178 |
|
|
$ |
43,773 |
|
|
$ |
44,555 |
|
|
$ |
46,519 |
|
|
$ |
42,746 |
|
|
$ |
134,506 |
|
|
$ |
122,022 |
|
Average total assets |
|
|
7,145,189 |
|
|
|
6,975,725 |
|
|
|
6,705,986 |
|
|
|
6,699,069 |
|
|
|
6,560,868 |
|
|
|
6,943,909 |
|
|
|
6,622,943 |
|
Adjusted non-interest expense to average assets |
|
|
2.56 |
% |
|
|
2.52 |
% |
|
|
2.69 |
% |
|
|
2.76 |
% |
|
|
2.58 |
% |
|
|
2.59 |
% |
|
|
2.46 |
% |
Adjusted efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted non-interest expense excluding amortization of intangible assets |
|
$ |
44,567 |
|
|
$ |
41,905 |
|
|
$ |
42,959 |
|
|
$ |
44,781 |
|
|
$ |
41,008 |
|
|
$ |
129,431 |
|
|
$ |
116,687 |
|
Total revenues |
|
|
80,867 |
|
|
|
75,788 |
|
|
|
78,162 |
|
|
|
80,742 |
|
|
|
78,340 |
|
|
|
234,817 |
|
|
|
229,898 |
|
Adjusted efficiency ratio |
|
|
55.11 |
% |
|
|
55.29 |
% |
|
|
54.96 |
% |
|
|
55.46 |
% |
|
|
52.35 |
% |
|
|
55.12 |
% |
|
|
50.76 |
% |
Adjusted return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted net income |
|
$ |
22,656 |
|
|
$ |
20,283 |
|
|
$ |
22,311 |
|
|
$ |
26,261 |
|
|
$ |
26,350 |
|
|
$ |
65,250 |
|
|
$ |
78,492 |
|
Average total assets |
|
|
7,145,189 |
|
|
|
6,975,725 |
|
|
|
6,705,986 |
|
|
|
6,699,069 |
|
|
|
6,560,868 |
|
|
|
6,943,909 |
|
|
|
6,622,943 |
|
Adjusted return on average assets |
|
|
1.26 |
% |
|
|
1.17 |
% |
|
|
1.35 |
% |
|
|
1.56 |
% |
|
|
1.59 |
% |
|
|
1.26 |
% |
|
|
1.58 |
% |
Adjusted return on average stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted net income |
|
$ |
22,656 |
|
|
$ |
20,283 |
|
|
$ |
22,311 |
|
|
$ |
26,261 |
|
|
$ |
26,350 |
|
|
$ |
65,250 |
|
|
$ |
78,492 |
|
Average stockholders' equity |
|
|
775,358 |
|
|
|
780,652 |
|
|
|
832,161 |
|
|
|
838,975 |
|
|
|
823,754 |
|
|
|
795,849 |
|
|
|
813,629 |
|
Adjusted return on average stockholders' equity |
|
|
11.59 |
% |
|
|
10.42 |
% |
|
|
10.87 |
% |
|
|
12.42 |
% |
|
|
12.69 |
% |
|
|
10.96 |
% |
|
|
12.90 |
% |
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible common equity |
|
$ |
587,081 |
|
|
$ |
603,067 |
|
|
$ |
624,709 |
|
|
$ |
660,386 |
|
|
$ |
646,684 |
|
|
$ |
587,081 |
|
|
$ |
646,684 |
|
Tangible assets |
|
|
7,117,103 |
|
|
|
6,969,623 |
|
|
|
6,670,674 |
|
|
|
6,530,614 |
|
|
|
6,537,155 |
|
|
|
7,117,103 |
|
|
|
6,537,155 |
|
Tangible common equity to tangible assets |
|
|
8.25 |
% |
|
|
8.65 |
% |
|
|
9.36 |
% |
|
|
10.11 |
% |
|
|
9.89 |
% |
|
|
8.25 |
% |
|
|
9.89 |
% |
Return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible net income available to common stockholders |
|
$ |
23,830 |
|
|
$ |
21,644 |
|
|
$ |
23,278 |
|
|
$ |
18,259 |
|
|
$ |
26,375 |
|
|
$ |
68,752 |
|
|
$ |
78,890 |
|
Average tangible common stockholders' equity |
|
|
614,066 |
|
|
|
617,584 |
|
|
|
657,350 |
|
|
|
662,141 |
|
|
|
645,176 |
|
|
|
629,508 |
|
|
|
633,257 |
|
Return on average tangible common stockholders' equity |
|
|
15.40 |
% |
|
|
14.06 |
% |
|
|
14.36 |
% |
|
|
10.94 |
% |
|
|
16.22 |
% |
|
|
14.60 |
% |
|
|
16.66 |
% |
Adjusted return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted tangible net income available to common stockholders |
|
$ |
23,830 |
|
|
$ |
21,644 |
|
|
$ |
23,278 |
|
|
$ |
27,331 |
|
|
$ |
27,419 |
|
|
$ |
68,752 |
|
|
$ |
81,786 |
|
Average tangible common stockholders' equity |
|
|
614,066 |
|
|
|
617,584 |
|
|
|
657,350 |
|
|
|
662,141 |
|
|
|
645,176 |
|
|
|
629,508 |
|
|
|
633,257 |
|
Adjusted return on average tangible common stockholders' equity |
|
|
15.40 |
% |
|
|
14.06 |
% |
|
|
14.36 |
% |
|
|
16.38 |
% |
|
|
16.86 |
% |
|
|
14.60 |
% |
|
|
17.27 |
% |
Tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible common equity |
|
$ |
587,081 |
|
|
$ |
603,067 |
|
|
$ |
624,709 |
|
|
$ |
660,386 |
|
|
$ |
646,684 |
|
|
$ |
587,081 |
|
|
$ |
646,684 |
|
Common shares outstanding |
|
|
37,465,902 |
|
|
|
37,669,102 |
|
|
|
37,811,582 |
|
|
|
37,713,903 |
|
|
|
37,690,087 |
|
|
|
37,465,902 |
|
|
|
37,690,087 |
|
Tangible book value per share |
|
$ |
15.67 |
|
|
$ |
16.01 |
|
|
$ |
16.52 |
|
|
$ |
17.51 |
|
|
$ |
17.16 |
|
|
$ |
15.67 |
|
|
$ |
17.16 |
|