Third quarter net income of $37.2 million, $0.82 diluted earnings per share
CHICAGO--(BUSINESS WIRE)--
Byline Bancorp, Inc. (NYSE: BY), today reported:
| | | | At or for the quarter | | Third Quarter Highlights (compared to 2Q25 unless specified) |
| | | 3Q25 | | 2Q25 | | 3Q24 |
Financial Results ($ in thousands) | | | | | | | | | | | • Delivered solid third quarter results |
| Net interest income | | $ | 99,871 | | $ | 95,970 | | $ | 87,455 | | reflecting record revenues |
| Non-interest income | | | 15,864 | | | 14,483 | | | 14,385 | | |
| Total revenue(1) | | | 115,735 | | | 110,453 | | | 101,840 | | • Completed $75.0 million offering of |
| Non-interest expense (NIE) | | | 60,518 | | | 59,602 | | | 54,327 | | subordinated debt at 6.875% |
| Pre-tax pre-provision net income (PTPP)(1) | | | 55,217 | | | 50,851 | | | 47,513 | | |
| Provision for credit losses | | | 5,298 | | | 11,923 | | | 7,475 | | • PTPP ROAA of 2.25%(1), 12th consecutive |
| Provision for income taxes | | | 12,719 | | | 8,846 | | | 9,710 | | quarter greater than 2.00% |
| Net income | | $ | 37,200 | | $ | 30,082 | | $ | 30,328 | | |
| | | | | | | | | | | | • TBV per common share of $22.58(1), up 4.7% |
Per Share | | | | | | | | | | | |
| Diluted earnings per share (EPS) | | $ | 0.82 | | $ | 0.66 | | $ | 0.69 | | Income Statement |
| Dividends declared per common share | | | 0.10 | | | 0.10 | | | 0.09 | | • Net interest income of $99.9 million, an |
| Book value per common share | | | 26.99 | | | 26.00 | | | 24.70 | | increase of $3.9 million, or 4.1% |
| Tangible book value per common share(1) | | | 22.58 | | | 21.56 | | | 20.21 | | |
| | | | | | | | | | | | • NIM expanded nine bps to 4.27% |
Balance Sheet & Credit Quality ($ in thousands) | | | | | | | | | | | |
| Total deposits | | $ | 7,828,197 | | $ | 7,810,479 | | $ | 7,497,887 | | • Non-interest income of $15.9 million, an |
| Total loans and leases | | | 7,461,321 | | | 7,353,869 | | | 6,899,401 | | increase of $1.4 million, or 9.5% |
| Net charge-offs | | | 7,107 | | | 7,656 | | | 8,467 | | |
| Allowance for credit losses (ACL) | | | 105,717 | | | 107,727 | | | 98,860 | | • Adjusted efficiency ratio(1) of 50.27% |
| ACL to total loans and leases held for investment | | | 1.42% | | | 1.47% | | | 1.44% | | |
| | | | | | | | | | | | Balance Sheet |
Select Ratios (annualized where applicable) | | | | | | | | | | | • Total assets of $9.8 billion |
| Efficiency ratio(1) | | | 51.00% | | | 52.61% | | | 52.02% | | |
| Return on average assets (ROAA) | | | 1.52% | | | 1.25% | | | 1.29% | | • Total loans and leases grew $107.5 million, |
| Return on average stockholders' equity | | | 12.21% | | | 10.24% | | | 11.39% | | or 5.8%(2) |
| Return on average tangible common equity(1) | | | 15.11% | | | 12.83% | | | 14.49% | | |
| Net interest margin (NIM) | | | 4.27% | | | 4.18% | | | 3.88% | | • TCE/TA of 10.78%(1), increase of 39 bps |
| Common equity to total assets | | | 12.61% | | | 12.27% | | | 11.63% | | |
| Tangible common equity to tangible assets(1) | | | 10.78% | | | 10.39% | | | 9.72% | | • CET 1 of 12.15%, up 30 bps |
| Common equity tier 1 | | | 12.15% | | | 11.85% | | | 11.35% | | |
CEO/President Commentary
Roberto R. Herencia, Executive Chairman and CEO of Byline Bancorp, commented, "Building on the momentum of a strong second quarter, we are pleased to deliver record financial results this quarter as a public company, reflecting the underlying strength of our business. We continue to execute well on our strategic plans and remain focused on becoming the preeminent commercial bank in Chicago."
Alberto J. Paracchini, President of Byline Bancorp, added, "Third quarter results highlight the consistency of our execution and the strength of our commercial banking strategy. We delivered record earnings, strong profitability, margin expansion, and solid growth in loans, deposits, and fee revenue. I want to thank our employees for their continued dedication and contributions—they remain central to our success."
(1) Represents non-GAAP financial measures. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation to the most directly comparable GAAP financial measure. |
(2) Annualized. |
Board Declares Cash Dividend of $0.10 per Share
On October 21, 2025, the Company's Board of Directors declared a cash dividend of $0.10 per share. The dividend will be paid on November 18, 2025, to stockholders of record of the Company's common stock as of November 4, 2025.
STATEMENTS OF OPERATIONS HIGHLIGHTS
Net Interest Income
Net interest income for the third quarter of 2025 was $99.9 million, an increase of $3.9 million, or 4.1%, from the second quarter of 2025. The increase in net interest income was primarily due to higher interest income reflecting growth in the loan and lease portfolio, and lower rates paid on deposits, offset by higher interest expense on other borrowings.
Tax-equivalent net interest margin(1) for the third quarter of 2025 was 4.28%, an increase of nine basis points compared to the second quarter of 2025. The increase was primarily due to lower reliance on brokered time deposits and higher yields on loans and leases, offset by higher costs of borrowings. Net loan accretion income contributed 11 basis points to the net interest margin for the quarter, a two basis point decrease over the prior quarter.
The average cost of total deposits was 2.16% for the third quarter of 2025, a decrease of 11 basis points compared to the second quarter of 2025, mainly as a result of a lower balances of, and rates paid on, brokered time deposits.
Provision for Credit Losses
The provision for credit losses was $5.3 million for the third quarter of 2025, a decrease of $6.6 million compared to $11.9 million for the second quarter of 2025, mainly due to lower non-performing loans and leases, lower watch list and criticized loans, and higher recoveries compared to the prior quarter.
Non-interest Income
Non-interest income for the third quarter of 2025 was $15.9 million, an increase of $1.4 million, or 9.5%, compared to $14.5 million for the second quarter of 2025. The increase in total non-interest income was primarily due to higher net gains on sales of loans. Net gains on sales of loans were $7.0 million for the current quarter, an increase of $1.6 million, or 28.9% compared to the prior quarter. During the third quarter of 2025, we sold $92.9 million of U.S. government guaranteed loans compared to $73.0 million during the second quarter of 2025.
Non-interest Expense
Non-interest expense for the third quarter of 2025 was $60.5 million, an increase of $916,000 , or 1.5%, compared to $59.6 million for the second quarter of 2025. The increase in non-interest expense was mainly due to a $1.5 million increase in other non-interest expense driven primarily by a loss related to the extinguishment of subordinated debt issued in 2020. This was partially offset by a $967,000 decrease in legal, audit and other professional fees.
Our efficiency ratio was 51.00%(1) for the third quarter of 2025, compared to 52.61%(1) for the second quarter of 2025, an improvement of 161 basis points. The improvement in the efficiency ratio was mainly driven by increased total revenues. Excluding significant items, our adjusted efficiency ratio was 50.27%(1) for the third quarter of 2025, compared to 48.20%(1) for the second quarter of 2025, an increase of 207 basis points. On an adjusted basis, non-interest expense increased $4.9 million compared to the second quarter of 2025, principally by higher incentive expense and increased health insurance in salaries and employee benefits.
Income Taxes
We recorded income tax expense of $12.7 million during the third quarter of 2025, compared to $8.8 million during the second quarter of 2025. The effective tax rates were 25.5% and 22.7% for the third quarter of 2025 and second quarter of 2025, respectively. The increase in the effective tax rate was due to income tax benefits related to share-based compensation recorded in the second quarter.
STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS
Assets
Total assets were $9.8 billion as of September 30, 2025, an increase of $92.2 million, or 0.9%, compared to $9.7 billion at June 30, 2025. The increase for the current quarter was mainly due to an increase in net loans and leases of $114.7 million driven by increases to the commercial and industrial loan portfolio, and an increase in cash and cash equivalents of $40.7 million. These were offset by a $63.0 million decrease in securities available-for-sale mainly due to principal paydowns of securities.
Allowance for Credit Losses
The ACL was $105.7 million as of September 30, 2025, a decrease of $2.0 million, or 1.9%, from $107.7 million at June 30, 2025, mainly due to charge-offs of fully reserved loans. Net charge-offs of loans and leases during the third quarter of 2025 were $7.1 million, or 0.38% of average loans and leases, on an annualized basis. This was a decrease of $549,000 compared to net charge-offs of $7.7 million, or 0.43% of average loans and leases, during the second quarter of 2025. The decrease in net charge-offs for the quarter was primarily due to increased recoveries of previously charged-off loans.
Asset Quality
Non-performing assets were $67.4 million, or 0.69% of total assets, as of September 30, 2025, a decrease of $5.1 million from $72.5 million, or 0.75% of total assets, at June 30, 2025. The decrease was primarily driven by charge-offs of reserved loans and the resolution of a large commercial real estate loan. The government guaranteed portion of non-performing loans included in non-performing assets was $8.4 million at September 30, 2025, compared to $8.8 million at June 30, 2025, a decrease of $402,000.
Deposits and Other Liabilities
Total deposits increased $17.7 million, or 0.2% to $7.8 billion at September 30, 2025. The increase in deposits was mainly due to increases in non-interest-bearing demand accounts, mainly due to deposit shift and seasonality, offset by decreases to time deposits driven by decreased brokered time deposits.
Total borrowings and other liabilities were $746.5 million at September 30, 2025, an increase of $29.2 million from $717.3 million at June 30, 2025. The increase was primarily driven by timing of subordinated debt issued during the third quarter and subsequent full redemption of $75.0 million of subordinated notes due 2030 on October 1, 2025.
Stockholders’ Equity
Total stockholders’ equity was $1.2 billion at September 30, 2025, an increase of $45.3 million, or 3.8%, from June 30, 2025, primarily due to an increase in retained earnings from net income.
Conference Call, Webcast and Slide Presentation
We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, October 24, 2025, 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 (833) 470-1428; passcode 463912. A recorded replay can be accessed through November 7, 2025, by dialing (866) 813-9403; passcode: 194319.
A slide presentation relating to our third quarter 2025 results will be accessible prior to the conference call. The slide presentation and webcast of the conference call can be accessed on our investor relations website at www.bylinebancorp.com.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company of Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $9.8 billion in assets and operates 45 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services including small ticket equipment leasing solutions and is one of the top Small Business Administration lenders in the United States.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ‘‘may’’, ‘‘might’’, ‘‘should’’, ‘‘could’’, ‘‘predict’’, ‘‘potential’’, ‘‘believe’’, ‘‘expect’’, ‘‘continue’’, ‘‘will’’, ‘‘anticipate’’, ‘‘seek’’, ‘‘estimate’’, ‘‘intend’’, ‘‘plan’’, ‘‘projection’’, ‘‘would’’, ‘‘annualized’’, “target” and ‘‘outlook’’, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgment and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication.
No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.
Certain risks and important factors that could affect Byline’s future results are identified in our Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. 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, | | | September 30, | |
(dollars in thousands) | | 2025 | | | 2025 | | | 2024 | |
ASSETS | | | | | | | | | |
Cash and due from banks | | $ | 70,406 | | | $ | 75,114 | | | $ | 77,047 | |
Interest bearing deposits with other banks | | | 188,610 | | | | 143,236 | | | | 375,549 | |
Cash and cash equivalents | | | 259,016 | | | | 218,350 | | | | 452,596 | |
Equity and other securities, at fair value | | | 10,461 | | | | 10,759 | | | | 9,132 | |
Securities available-for-sale, at fair value | | | 1,512,194 | | | | 1,575,240 | | | | 1,502,108 | |
Securities held-to-maturity, at amortized cost | | | — | | | | — | | | | 605 | |
Restricted stock, at cost | | | 15,934 | | | | 18,649 | | | | 22,743 | |
Loans held for sale | | | 20,566 | | | | 25,814 | | | | 19,955 | |
Loans and leases: | | | | | | | | | |
Loans and leases | | | 7,440,755 | | | | 7,328,055 | | | | 6,879,446 | |
Allowance for credit losses - loans and leases | | | (105,717 | ) | | | (107,727 | ) | | | (98,860 | ) |
Net loans and leases | | | 7,335,038 | | | | 7,220,328 | | | | 6,780,586 | |
Servicing assets, at fair value | | | 19,019 | | | | 18,797 | | | | 18,945 | |
Premises and equipment, net | | | 58,785 | | | | 59,544 | | | | 63,135 | |
Other real estate owned, net | | | 4,220 | | | | 4,946 | | | | 532 | |
Goodwill and other intangible assets, net | | | 202,014 | | | | 203,508 | | | | 199,443 | |
Bank-owned life insurance | | | 106,575 | | | | 105,714 | | | | 99,295 | |
Deferred tax assets, net | | | 49,918 | | | | 57,104 | | | | 37,737 | |
Accrued interest receivable and other assets | | | 218,635 | | | | 201,465 | | | | 217,504 | |
Total assets | | $ | 9,812,375 | | | $ | 9,720,218 | | | $ | 9,424,316 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
LIABILITIES | | | | | | | | | |
Non-interest-bearing demand deposits | | $ | 1,932,869 | | | $ | 1,773,229 | | | $ | 1,729,908 | |
Interest-bearing deposits | | | 5,895,328 | | | | 6,037,250 | | | | 5,767,979 | |
Total deposits | | | 7,828,197 | | | | 7,810,479 | | | | 7,497,887 | |
Other borrowings | | | 361,286 | | | | 414,110 | | | | 518,786 | |
Subordinated notes, net | | | 148,971 | | | | 74,127 | | | | 73,997 | |
Junior subordinated debentures issued to capital trusts, net | | | 71,272 | | | | 71,136 | | | | 70,783 | |
Accrued expenses and other liabilities | | | 164,967 | | | | 157,950 | | | | 166,551 | |
Total liabilities | | | 8,574,693 | | | | 8,527,802 | | | | 8,328,004 | |
STOCKHOLDERS’ EQUITY | | | | | | | | | |
Common stock | | | 471 | | | | 471 | | | | 454 | |
Additional paid-in capital | | | 758,089 | | | | 756,029 | | | | 714,864 | |
Retained earnings | | | 615,784 | | | | 583,170 | | | | 507,576 | |
Treasury stock | | | (56,959 | ) | | | (57,015 | ) | | | (47,904 | ) |
Accumulated other comprehensive loss, net of tax | | | (79,703 | ) | | | (90,239 | ) | | | (78,678 | ) |
Total stockholders’ equity | | | 1,237,682 | | | | 1,192,416 | | | | 1,096,312 | |
Total liabilities and stockholders’ equity | | $ | 9,812,375 | | | $ | 9,720,218 | | | $ | 9,424,316 | |
BYLINE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
| | | |
| | Three Months Ended | |
| | September 30, | | | June 30, | | | September 30, | |
(dollars in thousands, except per share data) | | 2025 | | | 2025 | | | 2024 | |
INTEREST AND DIVIDEND INCOME | | | | | | | | | |
Interest and fees on loans and leases | | $ | 132,401 | | | $ | 128,199 | | | $ | 128,336 | |
Interest on securities | | | 13,289 | | | | 13,907 | | | | 11,260 | |
Other interest and dividend income | | | 2,917 | | | | 2,421 | | | | 6,840 | |
Total interest and dividend income | | | 148,607 | | | | 144,527 | | | | 146,436 | |
INTEREST EXPENSE | | | | | | | | | |
Deposits | | | 42,857 | | | | 44,380 | | | | 52,076 | |
Other borrowings | | | 1,502 | | | | 1,396 | | | | 3,919 | |
Subordinated notes and debentures | | | 4,377 | | | | 2,781 | | | | 2,986 | |
Total interest expense | | | 48,736 | | | | 48,557 | | | | 58,981 | |
Net interest income | | | 99,871 | | | | 95,970 | | | | 87,455 | |
PROVISION FOR CREDIT LOSSES | | | 5,298 | | | | 11,923 | | | | 7,475 | |
Net interest income after provision for credit losses | | | 94,573 | | | | 84,047 | | | | 79,980 | |
NON-INTEREST INCOME | | | | | | | | | |
Fees and service charges on deposits | | | 2,741 | | | | 2,633 | | | | 2,591 | |
Loan servicing revenue | | | 3,062 | | | | 3,071 | | | | 3,174 | |
Loan servicing asset revaluation | | | (1,294 | ) | | | (2,150 | ) | | | (2,183 | ) |
ATM and interchange fees | | | 1,015 | | | | 1,059 | | | | 1,143 | |
Net losses on sales of securities available-for-sale | | | — | | | | (37 | ) | | | — | |
Change in fair value of equity securities, net | | | (298 | ) | | | 83 | | | | 388 | |
Net gains on sales of loans | | | 6,981 | | | | 5,414 | | | | 5,864 | |
Wealth management and trust income | | | 1,366 | | | | 1,074 | | | | 1,101 | |
Other non-interest income | | | 2,291 | | | | 3,336 | | | | 2,307 | |
Total non-interest income | | | 15,864 | | | | 14,483 | | | | 14,385 | |
NON-INTEREST EXPENSE | | | | | | | | | |
Salaries and employee benefits | | | 37,492 | | | | 37,819 | | | | 34,974 | |
Occupancy and equipment expense, net | | | 4,531 | | | | 4,739 | | | | 4,373 | |
Loan and lease related expenses | | | 1,274 | | | | 938 | | | | 703 | |
Legal, audit, and other professional fees | | | 3,876 | | | | 4,843 | | | | 3,643 | |
Data processing | | | 4,903 | | | | 4,986 | | | | 4,215 | |
Net (gain) loss recognized on other real estate owned and other related expenses | | | 617 | | | | (44 | ) | | | 74 | |
Other intangible assets amortization expense | | | 1,494 | | | | 1,499 | | | | 1,345 | |
Other non-interest expense | | | 6,331 | | | | 4,822 | | | | 5,000 | |
Total non-interest expense | | | 60,518 | | | | 59,602 | | | | 54,327 | |
INCOME BEFORE PROVISION FOR INCOME TAXES | | | 49,919 | | | | 38,928 | | | | 40,038 | |
PROVISION FOR INCOME TAXES | | | 12,719 | | | | 8,846 | | | | 9,710 | |
NET INCOME | | $ | 37,200 | | | $ | 30,082 | | | $ | 30,328 | |
EARNINGS PER COMMON SHARE | | | | | | | | | |
Basic | | $ | 0.82 | | | $ | 0.66 | | | $ | 0.70 | |
Diluted | | $ | 0.82 | | | $ | 0.66 | | | $ | 0.69 | |
BYLINE BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (unaudited) |
| | |
| As of or For the Three Months Ended | |
| September 30, | | | June 30, | | | September 30, | |
(dollars in thousands, except share and per share data) | 2025 | | | 2025 | | | 2024 | |
Earnings per Common Share | | | | | | | | |
Basic earnings per common share | $ | 0.82 | | | $ | 0.66 | | | $ | 0.70 | |
Diluted earnings per common share | $ | 0.82 | | | $ | 0.66 | | | $ | 0.69 | |
Adjusted diluted earnings per common share(1)(3) | $ | 0.83 | | | $ | 0.75 | | | $ | 0.70 | |
Weighted average common shares outstanding (basic) | | 45,102,828 | | | | 45,306,240 | | | | 43,516,006 | |
Weighted average common shares outstanding (diluted) | | 45,372,602 | | | | 45,484,392 | | | | 43,966,189 | |
Common shares outstanding | | 45,859,977 | | | | 45,866,649 | | | | 44,384,706 | |
Cash dividends per common share | $ | 0.10 | | | $ | 0.10 | | | $ | 0.09 | |
Dividend payout ratio on common stock | | 12.20 | % | | | 15.15 | % | | | 13.04 | % |
Book value per common share | $ | 26.99 | | | $ | 26.00 | | | $ | 24.70 | |
Tangible book value per common share(1) | $ | 22.58 | | | $ | 21.56 | | | $ | 20.21 | |
Key Ratios and Performance Metrics (annualized where applicable) | | | | | | | | |
Net interest margin | | 4.27 | % | | | 4.18 | % | | | 3.88 | % |
Net interest margin, fully taxable equivalent(1)(4) | | 4.28 | % | | | 4.19 | % | | | 3.89 | % |
Average cost of deposits | | 2.16 | % | | | 2.27 | % | | | 2.76 | % |
Efficiency ratio(1)(2) | | 51.00 | % | | | 52.61 | % | | | 52.02 | % |
Adjusted efficiency ratio(1)(2)(3) | | 50.27 | % | | | 48.20 | % | | | 51.62 | % |
Non-interest income to total revenues(1) | | 13.71 | % | | | 13.11 | % | | | 14.13 | % |
Non-interest expense to average assets | | 2.47 | % | | | 2.48 | % | | | 2.31 | % |
Adjusted non-interest expense to average assets(1)(3) | | 2.44 | % | | | 2.28 | % | | | 2.29 | % |
Return on average stockholders' equity | | 12.21 | % | | | 10.24 | % | | | 11.39 | % |
Adjusted return on average stockholders' equity(1)(3) | | 12.42 | % | | | 11.51 | % | | | 11.53 | % |
Return on average assets | | 1.52 | % | | | 1.25 | % | | | 1.29 | % |
Adjusted return on average assets(1)(3) | | 1.54 | % | | | 1.41 | % | | | 1.30 | % |
Pre-tax pre-provision return on average assets(1) | | 2.25 | % | | | 2.12 | % | | | 2.02 | % |
Adjusted pre-tax pre-provision return on average assets(1)(3) | | 2.29 | % | | | 2.32 | % | | | 2.03 | % |
Return on average tangible common stockholders' equity(1) | | 15.11 | % | | | 12.83 | % | | | 14.49 | % |
Adjusted return on average tangible common stockholders' equity(1)(3) | | 15.36 | % | | | 14.37 | % | | | 14.67 | % |
Non-interest-bearing deposits to total deposits | | 24.69 | % | | | 22.70 | % | | | 23.07 | % |
Loans and leases held for sale and loans and lease held for investment to total deposits | | 95.31 | % | | | 94.15 | % | | | 92.02 | % |
Deposits to total liabilities | | 91.29 | % | | | 91.59 | % | | | 90.03 | % |
Deposits per branch | $ | 173,960 | | | $ | 173,566 | | | $ | 162,998 | |
Asset Quality Ratios | | | | | | | | |
Non-performing loans and leases to total loans and leases held for investment, net before ACL | | 0.85 | % | | | 0.92 | % | | | 1.02 | % |
Total non-performing assets as a percentage of total assets | | 0.69 | % | | | 0.75 | % | | | 0.75 | % |
ACL to total loans and leases held for investment, net before ACL | | 1.42 | % | | | 1.47 | % | | | 1.44 | % |
Net charge-offs to average total loans and leases held for investment, net before ACL - loans and leases | | 0.38 | % | | | 0.43 | % | | | 0.49 | % |
Capital Ratios | | | | | | | | |
Common equity to total assets | | 12.61 | % | | | 12.27 | % | | | 11.63 | % |
Tangible common equity to tangible assets(1) | | 10.78 | % | | | 10.39 | % | | | 9.72 | % |
Leverage ratio | | 12.20 | % | | | 11.92 | % | | | 11.18 | % |
Common equity tier 1 capital ratio | | 12.15 | % | | | 11.85 | % | | | 11.35 | % |
Tier 1 capital ratio | | 13.12 | % | | | 12.83 | % | | | 12.39 | % |
Total capital ratio | | 15.81 | % | | | 14.87 | % | | | 14.41 | % |
(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 merger-related expenses and expenses related to the secondary public offering of common stock. |
(4) 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 QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES
(unaudited) |
| For the Three Months Ended | |
| September 30, 2025 | | | June 30, 2025 | | | September 30, 2024 | |
(dollars in thousands) | Average
Balance(5) | | | Interest
Inc / Exp | | | Avg.
Yield /
Rate | | | Average
Balance(5) | | | Interest
Inc / Exp | | | Avg.
Yield /
Rate | | | Average
Balance(5) | | | Interest
Inc / Exp | | | Avg.
Yield /
Rate | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 191,881 | | | $ | 1,859 | | | | 3.84 | % | | $ | 182,140 | | | $ | 1,655 | | | | 3.64 | % | | $ | 468,852 | | | $ | 5,771 | | | | 4.90 | % |
Loans and leases(1) | | 7,355,958 | | | | 132,401 | | | | 7.14 | % | | | 7,220,834 | | | | 128,199 | | | | 7.12 | % | | | 6,827,726 | | | | 128,336 | | | | 7.48 | % |
Taxable securities | | 1,585,013 | | | | 13,491 | | | | 3.38 | % | | | 1,650,463 | | | | 13,806 | | | | 3.36 | % | | | 1,508,987 | | | | 11,467 | | | | 3.02 | % |
Tax-exempt securities(2) | | 153,424 | | | | 1,084 | | | | 2.80 | % | | | 154,719 | | | | 1,098 | | | | 2.85 | % | | | 156,085 | | | | 1,091 | | | | 2.78 | % |
Total interest-earning assets | $ | 9,286,276 | | | $ | 148,835 | | | | 6.36 | % | | $ | 9,208,156 | | | $ | 144,758 | | | | 6.31 | % | | $ | 8,961,650 | | | $ | 146,665 | | | | 6.51 | % |
Allowance for credit losses - loans and leases | | (109,877 | ) | | | | | | | | | (106,278 | ) | | | | | | | | | (101,001 | ) | | | | | | |
All other assets | | 540,521 | | | | | | | | | | 531,939 | | | | | | | | | | 513,200 | | | | | | | |
TOTAL ASSETS | $ | 9,716,920 | | | | | | | | | $ | 9,633,817 | | | | | | | | | $ | 9,373,849 | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest checking | $ | 834,763 | | | $ | 3,682 | | | | 1.75 | % | | $ | 820,341 | | | $ | 3,551 | | | | 1.74 | % | | $ | 754,586 | | | $ | 4,439 | | | | 2.34 | % |
Money market accounts | | 2,986,541 | | | | 23,468 | | | | 3.12 | % | | | 2,905,465 | | | | 22,749 | | | | 3.14 | % | | | 2,386,909 | | | | 21,371 | | | | 3.56 | % |
Savings | | 495,506 | | | | 136 | | | | 0.11 | % | | | 506,874 | | | | 139 | | | | 0.11 | % | | | 495,541 | | | | 190 | | | | 0.15 | % |
Time deposits | | 1,654,056 | | | | 15,571 | | | | 3.73 | % | | | 1,810,909 | | | | 17,941 | | | | 3.97 | % | | | 2,134,587 | | | | 26,076 | | | | 4.86 | % |
Total interest-bearing-deposits | | 5,970,866 | | | | 42,857 | | | | 2.85 | % | | | 6,043,589 | | | | 44,380 | | | | 2.95 | % | | | 5,771,623 | | | | 52,076 | | | | 3.59 | % |
Other borrowings | | 307,457 | | | | 1,502 | | | | 1.94 | % | | | 298,916 | | | | 1,396 | | | | 1.87 | % | | | 474,498 | | | | 3,919 | | | | 3.29 | % |
Subordinated notes and debentures | | 190,074 | | | | 4,377 | | | | 9.14 | % | | | 145,175 | | | | 2,781 | | | | 7.68 | % | | | 144,702 | | | | 2,986 | | | | 8.21 | % |
Total borrowings | | 497,531 | | | | 5,879 | | | | 4.69 | % | | | 444,091 | | | | 4,177 | | | | 3.77 | % | | | 619,200 | | | | 6,905 | | | | 4.44 | % |
Total interest-bearing liabilities | $ | 6,468,397 | | | $ | 48,736 | | | | 2.99 | % | | $ | 6,487,680 | | | $ | 48,557 | | | | 3.00 | % | | $ | 6,390,823 | | | $ | 58,981 | | | | 3.67 | % |
Non-interest-bearing-demand deposits | | 1,888,693 | | | | | | | | | | 1,802,639 | | | | | | | | | | 1,741,250 | | | | | | | |
Other liabilities | | 151,540 | | | | | | | | | | 164,944 | | | | | | | | | | 182,148 | | | | | | | |
Total stockholders’ equity | | 1,208,290 | | | | | | | | | | 1,178,554 | | | | | | | | | | 1,059,628 | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 9,716,920 | | | | | | | | | $ | 9,633,817 | | | | | | | | | $ | 9,373,849 | | | | | | | |
Net interest spread(3) | | | | | | | | 3.37 | % | | | | | | | | | 3.31 | % | | | | | | | | | 2.84 | % |
Net interest income, fully taxable equivalent | | | | $ | 100,099 | | | | | | | | | $ | 96,201 | | | | | | | | | $ | 87,684 | | | | |
Net interest margin, fully taxable equivalent(2)(4) | | | | | | | | 4.28 | % | | | | | | | | | 4.19 | % | | | | | | | | | 3.89 | % |
Less: Tax-equivalent adjustment | | | | | 228 | | | | 0.01 | % | | | | | | 231 | | | | 0.01 | % | | | | | | 229 | | | | 0.01 | % |
Net interest income | | | | $ | 99,871 | | | | | | | | | $ | 95,970 | | | | | | | | | $ | 87,455 | | | | |
Net interest margin(4) | | | | | | | | 4.27 | % | | | | | | | | | 4.18 | % | | | | | | | | | 3.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loan accretion impact on margin | | | | $ | 2,528 | | | | 0.11 | % | | | | | $ | 2,978 | | | | 0.13 | % | | | | | $ | 2,982 | | | | 0.13 | % |
(1) Loan and lease balances are net of deferred origination fees and costs and initial direct 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 |
SELECTED BALANCE SHEET TABLES AND FINANCIAL RATIOS (unaudited) |
|
The following table presents our allocation of originated, purchased credit deteriorated (PCD), and acquired non-credit-deteriorated loans and leases at the dates indicated: |
| | | | | | | | | |
| | September 30, 2025 | | | June 30, 2025 | | | September 30, 2024 | |
(dollars in thousands) | | Amount | | | % of Total | | | Amount | | | % of Total | | | Amount | | | % of Total | |
Originated loans and leases: | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 2,234,986 | | | | 30.0 | % | | $ | 2,184,187 | | | | 29.8 | % | | $ | 2,040,072 | | | | 29.7 | % |
Residential real estate | | | 552,984 | | | | 7.4 | % | | | 534,062 | | | | 7.3 | % | | | 497,034 | | | | 7.2 | % |
Construction, land development, and other land | | | 412,032 | | | | 5.6 | % | | | 416,118 | | | | 5.6 | % | | | 415,636 | | | | 6.0 | % |
Commercial and industrial | | | 2,804,434 | | | | 37.7 | % | | | 2,737,054 | | | | 37.4 | % | | | 2,476,177 | | | | 36.0 | % |
Installment and other | | | 2,431 | | | | 0.0 | % | | | 2,984 | | | | 0.0 | % | | | 3,839 | | | | 0.1 | % |
Leasing financing receivables | | | 750,531 | | | | 10.1 | % | | | 731,610 | | | | 10.0 | % | | | 711,233 | | | | 10.3 | % |
Total originated loans and leases | | $ | 6,757,398 | | | | 90.8 | % | | $ | 6,606,015 | | | | 90.1 | % | | $ | 6,143,991 | | | | 89.3 | % |
Purchased credit deteriorated loans: | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 71,359 | | | | 1.0 | % | | $ | 84,747 | | | | 1.2 | % | | $ | 95,240 | | | | 1.4 | % |
Residential real estate | | | 24,061 | | | | 0.3 | % | | | 27,076 | | | | 0.4 | % | | | 31,362 | | | | 0.5 | % |
Construction, land development, and other land | | | 2,513 | | | | 0.0 | % | | | 2,487 | | | | 0.0 | % | | | 4 | | | | 0.0 | % |
Commercial and industrial | | | 19,193 | | | | 0.3 | % | | | 17,428 | | | | 0.2 | % | | | 14,526 | | | | 0.2 | % |
Installment and other | | | 81 | | | | 0.0 | % | | | 86 | | | | 0.0 | % | | | 110 | | | | 0.0 | % |
Total purchased credit deteriorated loans | | $ | 117,207 | | | | 1.6 | % | | $ | 131,824 | | | | 1.8 | % | | $ | 141,242 | | | | 2.1 | % |
Acquired non-credit-deteriorated loans and leases: | | | | | | | | | | | | | | | | | | |
Commercial real estate | | $ | 215,801 | | | | 2.9 | % | | $ | 224,442 | | | | 3.1 | % | | $ | 227,035 | | | | 3.3 | % |
Residential real estate | | | 178,896 | | | | 2.4 | % | | | 172,570 | | | | 2.4 | % | | | 181,976 | | | | 2.6 | % |
Construction, land development, and other land | | | 50,493 | | | | 0.7 | % | | | 61,897 | | | | 0.8 | % | | | 84,172 | | | | 1.2 | % |
Commercial and industrial | | | 106,827 | | | | 1.4 | % | | | 113,609 | | | | 1.6 | % | | | 100,852 | | | | 1.5 | % |
Installment and other | | | 14,133 | | | | 0.2 | % | | | 17,698 | | | | 0.2 | % | | | 32 | | | | 0.0 | % |
Leasing financing receivables | | | — | | | | — | | | | — | | | | — | | | | 146 | | | | 0.0 | % |
Total acquired non-credit-deteriorated loans and leases | | $ | 566,150 | | | | 7.6 | % | | $ | 590,216 | | | | 8.1 | % | | $ | 594,213 | | | | 8.6 | % |
Total loans and leases | | $ | 7,440,755 | | | | 100.0 | % | | $ | 7,328,055 | | | | 100.0 | % | | $ | 6,879,446 | | | | 100.0 | % |
Allowance for credit losses - loans and leases | | | (105,717 | ) | | | | | | (107,727 | ) | | | | | | (98,860 | ) | | | |
Total loans and leases, net of allowance for credit losses - loans and leases | | $ | 7,335,038 | | | | | | $ | 7,220,328 | | | | | | $ | 6,780,586 | | | | |
The following table presents the balance and activity within the allowance for credit losses - loans and lease for the periods indicated: |
| | | |
| | Three Months Ended | |
| | September 30, | | | June 30, | | | September 30, | |
(dollars in thousands) | | 2025 | | | 2025 | | | 2024 | |
ACL - loans and leases, beginning of period | | $ | 107,727 | | | $ | 100,420 | | | $ | 99,730 | |
Adjustment for acquired PCD loans | | | — | | | | 3,206 | | | | — | |
Provision for credit losses - loans and leases | | | 5,097 | | | | 11,757 | | | | 7,597 | |
Net charge-offs - loans and leases | | | (7,107 | ) | | | (7,656 | ) | | | (8,467 | ) |
ACL - loans and leases, end of period | | $ | 105,717 | | | $ | 107,727 | | | $ | 98,860 | |
Net charge-offs - loans and leases to average total loans and leases held for investment, net before ACL | | | 0.38 | % | | | 0.43 | % | | | 0.49 | % |
Provision for credit losses - loans and leases to net charge-offs - loans and leases during the period | | | 0.72 | x | | | 1.54 | x | | 0.90x | |
BYLINE BANCORP, INC. AND SUBSIDIARIES |
SELECTED BALANCE SHEET TABLES AND FINANCIAL RATIOS (unaudited) |
|
The following table presents the amounts of non-performing loans and leases and other real estate owned at the date indicated: |
| | | | | | | | | | | | |
| | | | | | | | | | | September 30, 2025 |
| | | | | | | | | | | Change from |
(dollars in thousands) | | September 30,
2025 | | June 30,
2025 | | September 30,
2024 | | June 30,
2025 | | September 30,
2024 |
Non-performing assets: | | | | | | | | | | | | | | | |
Non-accrual loans and leases | | $ | 63,158 | | | $ | 67,552 | | | $ | 70,507 | | | | (6.5 | )% | | | (10.4 | )% |
Past due loans and leases 90 days or more and still accruing interest | | | — | | | | — | | | | — | | | —% | | | —% | |
Total non-performing loans and leases | | $ | 63,158 | | | $ | 67,552 | | | $ | 70,507 | | | | (6.5 | )% | | | (10.4 | )% |
Other real estate owned | | | 4,220 | | | | 4,946 | | | | 532 | | | | (14.7 | )% | | | 692.8 | % |
Total non-performing assets | | $ | 67,378 | | | $ | 72,498 | | | $ | 71,039 | | | | (7.1 | )% | | | (5.2 | )% |
Total non-performing loans and leases as a percentage of total loans and leases | | | 0.85 | % | | | 0.92 | % | | | 1.02 | % | | | | | | |
Total non-performing assets as a percentage of total assets | | | 0.69 | % | | | 0.75 | % | | | 0.75 | % | | | | | | |
Allowance for credit losses - loans and leases as a percentage of non-performing loans and leases | | | 167.38 | % | | | 159.47 | % | | | 140.21 | % | | | | | | |
| | | | | | | | | | | | | | | |
Non-performing assets guaranteed by U.S. government: | | | | | | | | | | | | | | | |
Non-accrual loans guaranteed | | $ | 8,417 | | | $ | 8,819 | | | $ | 11,332 | | | | (4.6 | )% | | | (25.7 | )% |
Past due loans 90 days or more and still accruing interest guaranteed | | | — | | | | — | | | | — | | | —% | | | —% | |
Total non-performing loans guaranteed | | $ | 8,417 | | | $ | 8,819 | | | $ | 11,332 | | | | (4.6 | )% | | | (25.7 | )% |
Total non-performing loans and leases not guaranteed as a percentage of total loans and leases | | | 0.74 | % | | | 0.80 | % | | | 0.86 | % | | | | | | |
Total non-performing assets not guaranteed as a percentage of total assets | | | 0.60 | % | | | 0.66 | % | | | 0.63 | % | | | | | | |
The following table presents the composition of deposits at the dates indicated: |
| | | | | | | | | | | |
| | | | | | | | | | | September 30, 2025 |
| | | | | | | | | | | Change from |
(dollars in thousands) | | September 30,
2025 | | June 30,
2025 | | September 30,
2024 | | June 30,
2025 | | September 30,
2024 |
Non-interest-bearing demand deposits | | $ | 1,932,869 | | | $ | 1,773,229 | | | $ | 1,729,908 | | | | 9.0 | % | | | 11.7 | % |
Interest-bearing checking accounts | | | 868,922 | | | | 857,460 | | | | 749,721 | | | | 1.3 | % | | | 15.9 | % |
Money market demand accounts | | | 2,957,995 | | | | 2,996,684 | | | | 2,426,522 | | | | (1.3 | )% | | | 21.9 | % |
Other savings | | | 488,894 | | | | 501,020 | | | | 489,618 | | | | (2.4 | )% | | | (0.1 | )% |
Time deposits (below $250,000) | | | 1,151,764 | | | | 1,216,990 | | | | 1,639,658 | | | | (5.4 | )% | | | (29.8 | )% |
Time deposits ($250,000 and above) | | | 427,753 | | | | 465,096 | | | | 462,460 | | | | (8.0 | )% | | | (7.5 | )% |
Total deposits | | $ | 7,828,197 | | | $ | 7,810,479 | | | $ | 7,497,887 | | | | 0.2 | % | | | 4.4 | % |
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 non-interest expense, adjusted non-interest expense excluding amortization of intangible assets, adjusted efficiency ratio, adjusted non-interest expense to average assets, tax equivalent net interest income, 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 net income, adjusted pre-tax pre-provision net income, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible common equity, tangible assets, tangible net income available to common stockholders, adjusted tangible net income available to common stockholders, 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 | |
| | September 30, | | | June 30, | | | September 30, | |
(dollars in thousands, except per share data) | | 2025 | | | 2025 | | | 2024 | |
Net income and earnings per share excluding significant items: | | | | | | | | | |
Reported Net Income | | $ | 37,200 | | | $ | 30,082 | | | $ | 30,328 | |
Significant items: | | | | | | | | | |
Merger-related expenses | | | — | | | | 4,450 | | | | 411 | |
Secondary public offering of common stock expenses | | | — | | | | 413 | | | | — | |
Loss on extinguishment of debt | | | 843 | | | | — | | | | — | |
Tax benefit | | | (221 | ) | | | (1,117 | ) | | | (32 | ) |
Adjusted Net Income | | $ | 37,822 | | | $ | 33,828 | | | $ | 30,707 | |
Reported Diluted Earnings per Share | | $ | 0.82 | | | $ | 0.66 | | | $ | 0.69 | |
Significant items: | | | | | | | | | |
Merger-related expenses | | | — | | | | 0.10 | | | | 0.01 | |
Secondary public offering of common stock expenses | | | — | | | | 0.01 | | | | — | |
Loss on extinguishment of debt | | | 0.02 | | | | — | | | | — | |
Tax benefit | | | (0.01 | ) | | | (0.02 | ) | | | — | |
Adjusted Diluted Earnings per Share | | $ | 0.83 | | | $ | 0.75 | | | $ | 0.70 | |
BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) |
| | As of or For the Three Months Ended | |
| | September 30, | | | June 30, | | | September 30, | |
(dollars in thousands, except per share data, ratios annualized, where applicable) | | 2025 | | | 2025 | | | 2024 | |
Adjusted non-interest expense: | | | | | | | | | |
Non-interest expense | | $ | 60,518 | | | $ | 59,602 | | | $ | 54,327 | |
Less: Merger-related expenses | | | — | | | | 4,450 | | | | 411 | |
Less: Secondary public offering of common stock expenses | | | — | | | | 413 | | | | — | |
Less: Loss on extinguishment of debt | | | 843 | | | | — | | | | — | |
Adjusted non-interest expense | | $ | 59,675 | | | $ | 54,739 | | | $ | 53,916 | |
Adjusted non-interest expense excluding amortization of intangible assets: | | | | | | | | | |
Adjusted non-interest expense | | $ | 59,675 | | | $ | 54,739 | | | $ | 53,916 | |
Less: Amortization of intangible assets | | | 1,494 | | | | 1,499 | | | | 1,345 | |
Adjusted non-interest expense excluding amortization of intangible assets | | $ | 58,181 | | | $ | 53,240 | | | $ | 52,571 | |
Pre-tax pre-provision net income: | | | | | | | | | |
Pre-tax income | | $ | 49,919 | | | $ | 38,928 | | | $ | 40,038 | |
Add: Provision for credit losses | | | 5,298 | | | | 11,923 | | | | 7,475 | |
Pre-tax pre-provision net income | | $ | 55,217 | | | $ | 50,851 | | | $ | 47,513 | |
Adjusted pre-tax pre-provision net income: | | | | | | | | | |
Pre-tax pre-provision net income | | $ | 55,217 | | | $ | 50,851 | | | $ | 47,513 | |
Add: Merger-related expenses | | | — | | | | 4,450 | | | | 411 | |
Add: Secondary public offering of common stock expenses | | | — | | | | 413 | | | | — | |
Add: Loss on extinguishment of debt | | | 843 | | | | — | | | | — | |
Adjusted pre-tax pre-provision net income | | $ | 56,060 | | | $ | 55,714 | | | $ | 47,924 | |
Tax equivalent net interest income: | | | | | | | | | |
Net interest income | | $ | 99,871 | | | $ | 95,970 | | | $ | 87,455 | |
Add: Tax-equivalent adjustment | | | 228 | | | | 231 | | | | 229 | |
Net interest income, fully taxable equivalent | | $ | 100,099 | | | $ | 96,201 | | | $ | 87,684 | |
Total revenue: | | | | | | | | | |
Net interest income | | $ | 99,871 | | | $ | 95,970 | | | $ | 87,455 | |
Add: Non-interest income | | | 15,864 | | | | 14,483 | | | | 14,385 | |
Total revenue | | $ | 115,735 | | | $ | 110,453 | | | $ | 101,840 | |
Tangible common stockholders' equity: | | | | | | | | | |
Total stockholders' equity | | $ | 1,237,682 | | | $ | 1,192,416 | | | $ | 1,096,312 | |
Less: Goodwill and other intangibles | | | 202,014 | | | | 203,508 | | | | 199,443 | |
Tangible common stockholders' equity | | $ | 1,035,668 | | | $ | 988,908 | | | $ | 896,869 | |
Tangible assets: | | | | | | | | | |
Total assets | | $ | 9,812,375 | | | $ | 9,720,218 | | | $ | 9,424,316 | |
Less: Goodwill and other intangibles | | | 202,014 | | | | 203,508 | | | | 199,443 | |
Tangible assets | | $ | 9,610,361 | | | $ | 9,516,710 | | | $ | 9,224,873 | |
Average tangible common stockholders' equity: | | | | | | | | | |
Average total stockholders' equity | | $ | 1,208,290 | | | $ | 1,178,554 | | | $ | 1,059,628 | |
Less: Average goodwill and other intangibles | | | 202,723 | | | | 203,767 | | | | 200,091 | |
Average tangible common stockholders' equity | | $ | 1,005,567 | | | $ | 974,787 | | | $ | 859,537 | |
Average tangible assets: | | | | | | | | | |
Average total assets | | $ | 9,716,920 | | | $ | 9,633,817 | | | $ | 9,373,849 | |
Less: Average goodwill and other intangibles | | | 202,723 | | | | 203,767 | | | | 200,091 | |
Average tangible assets | | $ | 9,514,197 | | | $ | 9,430,050 | | | $ | 9,173,758 | |
Tangible net income: | | | | | | | | | |
Net income | | $ | 37,200 | | | $ | 30,082 | | | $ | 30,328 | |
Add: After-tax intangible asset amortization | | | 1,103 | | | | 1,107 | | | | 986 | |
Tangible net income | | $ | 38,303 | | | $ | 31,189 | | | $ | 31,314 | |
Adjusted tangible net income: | | | | | | | | | |
Tangible net income | | $ | 38,303 | | | $ | 31,189 | | | $ | 31,314 | |
Add: Merger-related expenses | | | — | | | | 4,450 | | | | 411 | |
Add: Secondary public offering of common stock expenses | | | — | | | | 413 | | | | — | |
Add: Loss on extinguishment of debt | | | 843 | | | | — | | | | — | |
Add: Tax benefit on significant items | | | (221 | ) | | | (1,117 | ) | | | (32 | ) |
Adjusted tangible net income | | $ | 38,925 | | | $ | 34,935 | | | $ | 31,693 | |
BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) |
| | | |
| | As of or For the Three Months Ended | |
| | September 30, | | | June 30, | | | September 30, | |
(dollars in thousands, except share and per share data, ratios annualized, where applicable) | | 2025 | | | 2025 | | | 2024 | |
Pre-tax pre-provision return on average assets: | | | | | | | | | |
Pre-tax pre-provision net income | | $ | 55,217 | | | $ | 50,851 | | | $ | 47,513 | |
Average total assets | | | 9,716,920 | | | | 9,633,817 | | | | 9,373,849 | |
Pre-tax pre-provision return on average assets | | | 2.25 | % | | | 2.12 | % | | | 2.02 | % |
Adjusted pre-tax pre-provision return on average assets: | | | | | | | | | |
Adjusted pre-tax pre-provision net income | | $ | 56,060 | | | $ | 55,714 | | | $ | 47,924 | |
Average total assets | | | 9,716,920 | | | | 9,633,817 | | | | 9,373,849 | |
Adjusted pre-tax pre-provision return on average assets | | | 2.29 | % | | | 2.32 | % | | | 2.03 | % |
Net interest margin, fully taxable equivalent: | | | | | | | | | |
Net interest income, fully taxable equivalent | | $ | 100,099 | | | $ | 96,201 | | | $ | 87,684 | |
Total average interest-earning assets | | | 9,286,276 | | | | 9,208,156 | | | | 8,961,650 | |
Net interest margin, fully taxable equivalent | | | 4.28 | % | | | 4.19 | % | | | 3.89 | % |
Non-interest income to total revenues: | | | | | | | | | |
Non-interest income | | $ | 15,864 | | | $ | 14,483 | | | $ | 14,385 | |
Total revenues | | | 115,735 | | | | 110,453 | | | | 101,840 | |
Non-interest income to total revenues | | | 13.71 | % | | | 13.11 | % | | | 14.13 | % |
Adjusted non-interest expense to average assets: | | | | | | | | | |
Adjusted non-interest expense | | $ | 59,675 | | | $ | 54,739 | | | $ | 53,916 | |
Average total assets | | | 9,716,920 | | | | 9,633,817 | | | | 9,373,849 | |
Adjusted non-interest expense to average assets | | | 2.44 | % | | | 2.28 | % | | | 2.29 | % |
Adjusted efficiency ratio: | | | | | | | | | |
Adjusted non-interest expense excluding amortization of intangible assets | | $ | 58,181 | | | $ | 53,240 | | | $ | 52,571 | |
Total revenues | | | 115,735 | | | | 110,453 | | | | 101,840 | |
Adjusted efficiency ratio | | | 50.27 | % | | | 48.20 | % | | | 51.62 | % |
Adjusted return on average assets: | | | | | | | | | |
Adjusted net income | | $ | 37,822 | | | $ | 33,828 | | | $ | 30,707 | |
Average total assets | | | 9,716,920 | | | | 9,633,817 | | | | 9,373,849 | |
Adjusted return on average assets | | | 1.54 | % | | | 1.41 | % | | | 1.30 | % |
Adjusted return on average stockholders' equity: | | | | | | | | | |
Adjusted net income | | $ | 37,822 | | | $ | 33,828 | | | $ | 30,707 | |
Average stockholders' equity | | | 1,208,290 | | | | 1,178,554 | | | | 1,059,628 | |
Adjusted return on average stockholders' equity | | | 12.42 | % | | | 11.51 | % | | | 11.53 | % |
Tangible common equity to tangible assets: | | | | | | | | | |
Tangible common equity | | $ | 1,035,668 | | | $ | 988,908 | | | $ | 896,869 | |
Tangible assets | | | 9,610,361 | | | | 9,516,710 | | | | 9,224,873 | |
Tangible common equity to tangible assets | | | 10.78 | % | | | 10.39 | % | | | 9.72 | % |
Return on average tangible common stockholders' equity: | | | | | | | | | |
Tangible net income | | $ | 38,303 | | | $ | 31,189 | | | $ | 31,314 | |
Average tangible common stockholders' equity | | | 1,005,567 | | | | 974,787 | | | | 859,537 | |
Return on average tangible common stockholders' equity | | | 15.11 | % | | | 12.83 | % | | | 14.49 | % |
Adjusted return on average tangible common stockholders' equity: | | | | | | | | | |
Adjusted tangible net income | | $ | 38,925 | | | $ | 34,935 | | | $ | 31,693 | |
Average tangible common stockholders' equity | | | 1,005,567 | | | | 974,787 | | | | 859,537 | |
Adjusted return on average tangible common stockholders' equity | | | 15.36 | % | | | 14.37 | % | | | 14.67 | % |
Tangible book value per share: | | | | | | | | | |
Tangible common equity | | $ | 1,035,668 | | | $ | 988,908 | | | $ | 896,869 | |
Common shares outstanding | | | 45,859,977 | | | | 45,866,649 | | | | 44,384,706 | |
Tangible book value per share | | $ | 22.58 | | | $ | 21.56 | | | $ | 20.21 | |
Source: Byline Bancorp, Inc.