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Byline Bancorp, Inc. Reports First Quarter 2022 Financial Results

Select First Quarter 2022 Financial Highlights

  • Net income of $22.3 million, or $0.58 per diluted share
  • Net interest income of $58.7 million and $19.4 million non-interest income
    • Total revenue1 of $78.2 million
  • Net interest margin of 3.81%
  • Return on average assets of 1.35%
  • Efficiency ratio of 54.96%
  • Non-interest bearing deposits 41.3% of total deposits
  • Originated loan and leases increased $299.5 million, total loan and lease production of $324.9 million
  • Common Equity Tier 1 to risk weighted assets of 10.75%

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 $22.3 million, or $0.58 per diluted share, for the first quarter of 2022, compared with net income of $17.2 million, or $0.45 per diluted share, for the fourth quarter of 2021, and net income of $21.8 million, or $0.56 per diluted share, for the first quarter 2021.

Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., commented, “During the first quarter, we delivered strong results driven by solid loan and lease production and deposit gathering across our commercial banking platform. We continue to manage our operating expenses prudently, even as we invest for the future. Our credit quality remains strong, and we continue to approach credit decisions with a through-the-cycle lens. We continued to return capital to our stockholders, including repurchasing nearly $8 million of common stock. The year is off to a great start, and I would like to thank the Byline employees, who once again enabled our strong performance through their dedication and hard work.”

Alberto J. Paracchini, President of Byline Bancorp, Inc. added, “While the geopolitical and macro environment has become more volatile, we remain focused on executing our strategy. Despite this environment, our results during the quarter show we continued to effectively support our customers and I am encouraged that our more resilient and diversified franchise can generate solid returns in uncertain markets.”

Redemption of Series B Preferred Stock

On March 31, 2022, the Company redeemed all 10,438 outstanding shares of its 7.5% fixed-to-floating noncumulative perpetual preferred stock, Series B. The redemption totaled $10.6 million, including the quarterly dividend payment.

Board Declares Cash Dividend of $0.09 per Share

On April 26, 2022, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on May 23, 2022, to stockholders of record of the Company's common stock as of May 9, 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

 

 

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

 

(dollars in thousands)

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Avg.

Yield /

Rate

 

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Avg.

Yield /

Rate

 

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Avg.

Yield /

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

74,822

 

 

$

29

 

 

 

0.16

%

 

$

106,170

 

 

$

42

 

 

 

0.16

%

 

$

55,477

 

 

$

28

 

 

 

0.21

%

Loans and leases(1)

 

4,670,070

 

 

 

55,426

 

 

 

4.81

%

 

 

4,610,608

 

 

 

58,570

 

 

 

5.04

%

 

 

4,432,246

 

 

 

53,808

 

 

 

4.92

%

Taxable securities

 

1,339,345

 

 

 

5,475

 

 

 

1.66

%

 

 

1,288,969

 

 

 

5,111

 

 

 

1.57

%

 

 

1,430,625

 

 

 

5,379

 

 

 

1.52

%

Tax-exempt securities(2)

 

169,652

 

 

 

1,124

 

 

 

2.69

%

 

 

184,015

 

 

 

1,217

 

 

 

2.62

%

 

 

179,364

 

 

 

1,194

 

 

 

2.70

%

Total interest-earning assets

$

6,253,889

 

 

$

62,054

 

 

 

4.02

%

 

$

6,189,762

 

 

$

64,940

 

 

 

4.16

%

 

$

6,097,712

 

 

$

60,409

 

 

 

4.02

%

Allowance for loan

and lease losses

 

(55,885

)

 

 

 

 

 

 

 

 

(59,144

)

 

 

 

 

 

 

 

 

(66,989

)

 

 

 

 

 

 

All other assets

 

507,982

 

 

 

 

 

 

 

 

 

568,451

 

 

 

 

 

 

 

 

 

557,042

 

 

 

 

 

 

 

TOTAL ASSETS

$

6,705,986

 

 

 

 

 

 

 

 

$

6,699,069

 

 

 

 

 

 

 

 

$

6,587,765

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

$

579,297

 

 

$

178

 

 

 

0.12

%

 

$

659,841

 

 

$

236

 

 

 

0.14

%

 

$

546,730

 

 

$

199

 

 

 

0.15

%

Money market accounts

 

1,255,431

 

 

 

474

 

 

 

0.15

%

 

 

1,089,398

 

 

 

345

 

 

 

0.13

%

 

 

1,124,101

 

 

 

381

 

 

 

0.14

%

Savings

 

649,269

 

 

 

76

 

 

 

0.05

%

 

 

633,469

 

 

 

75

 

 

 

0.05

%

 

 

577,504

 

 

 

67

 

 

 

0.05

%

Time deposits

 

662,080

 

 

 

359

 

 

 

0.22

%

 

 

688,154

 

 

 

381

 

 

 

0.22

%

 

 

777,266

 

 

 

774

 

 

 

0.40

%

Total interest-bearing

deposits

 

3,146,077

 

 

 

1,087

 

 

 

0.14

%

 

 

3,070,862

 

 

 

1,037

 

 

 

0.13

%

 

 

3,025,601

 

 

 

1,421

 

 

 

0.19

%

Other borrowings

 

290,545

 

 

 

395

 

 

 

0.55

%

 

 

385,787

 

 

 

330

 

 

 

0.34

%

 

 

649,639

 

 

 

502

 

 

 

0.31

%

Subordinated notes and

debentures

 

110,490

 

 

 

1,600

 

 

 

5.87

%

 

 

110,341

 

 

 

1,589

 

 

 

5.71

%

 

 

109,859

 

 

 

1,596

 

 

 

5.89

%

Total borrowings

 

401,035

 

 

 

1,995

 

 

 

2.02

%

 

 

496,128

 

 

 

1,919

 

 

 

1.53

%

 

 

759,498

 

 

 

2,098

 

 

 

1.12

%

Total interest-bearing liabilities

$

3,547,112

 

 

$

3,082

 

 

 

0.35

%

 

$

3,566,990

 

 

$

2,956

 

 

 

0.33

%

 

$

3,785,099

 

 

$

3,519

 

 

 

0.38

%

Non-interest-bearing

demand deposits

 

2,248,035

 

 

 

 

 

 

 

 

 

2,222,583

 

 

 

 

 

 

 

 

 

1,924,178

 

 

 

 

 

 

 

Other liabilities

 

78,678

 

 

 

 

 

 

 

 

 

70,521

 

 

 

 

 

 

 

 

 

72,036

 

 

 

 

 

 

 

Total stockholders’ equity

 

832,161

 

 

 

 

 

 

 

 

 

838,975

 

 

 

 

 

 

 

 

 

806,452

 

 

 

 

 

 

 

TOTAL LIABILITIES AND

STOCKHOLDERS’ EQUITY

$

6,705,986

 

 

 

 

 

 

 

 

$

6,699,069

 

 

 

 

 

 

 

 

$

6,587,765

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

3.67

%

 

 

 

 

 

 

 

 

3.83

%

 

 

 

 

 

 

 

 

3.64

%

Net interest income, fully

taxable equivalent

 

 

 

$

58,972

 

 

 

 

 

 

 

 

$

61,984

 

 

 

 

 

 

 

 

$

56,890

 

 

 

 

Net interest margin, fully

taxable equivalent(2)(4)

 

 

 

 

 

 

 

3.82

%

 

 

 

 

 

 

 

 

3.97

%

 

 

 

 

 

 

 

 

3.78

%

Tax-equivalent adjustment

 

 

 

 

(236

)

 

 

0.01

%

 

 

 

 

 

(256

)

 

 

0.01

%

 

 

 

 

 

(250

)

 

 

0.01

%

Net interest income

 

 

 

$

58,736

 

 

 

 

 

 

 

 

$

61,728

 

 

 

 

 

 

 

 

$

56,640

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

3.81

%

 

 

 

 

 

 

 

 

3.96

%

 

 

 

 

 

 

 

 

3.77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact

on margin

 

 

 

$

1,476

 

 

 

0.10

%

 

 

 

 

$

1,450

 

 

 

0.09

%

 

 

 

 

$

1,968

 

 

 

0.13

%

(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:

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

 

 

Three Months Ended

 

 

Change from

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

55,426

 

 

$

58,570

 

 

$

53,808

 

 

 

(5.4

)%

 

 

3.0

%

Interest on securities

 

 

6,155

 

 

 

5,619

 

 

 

6,089

 

 

 

9.5

%

 

 

1.1

%

Other interest and dividend income

 

 

237

 

 

 

495

 

 

 

262

 

 

 

(52.2

)%

 

 

(9.6

)%

Total interest and dividend income

 

 

61,818

 

 

 

64,684

 

 

 

60,159

 

 

 

(4.4

)%

 

 

2.8

%

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,087

 

 

 

1,037

 

 

 

1,421

 

 

 

4.8

%

 

 

(23.5

)%

Other borrowings

 

 

395

 

 

 

330

 

 

 

502

 

 

 

19.9

%

 

 

(21.4

)%

Subordinated notes and debentures

 

 

1,600

 

 

 

1,589

 

 

 

1,596

 

 

 

0.7

%

 

 

0.3

%

Total interest expense

 

 

3,082

 

 

 

2,956

 

 

 

3,519

 

 

 

4.3

%

 

 

(12.4

)%

Net interest income

 

$

58,736

 

 

$

61,728

 

 

$

56,640

 

 

 

(4.8

)%

 

 

3.7

%

Net interest income for the first quarter of 2022 was $58.7 million, a decrease of $3.0 million, or 4.8%, from the fourth quarter of 2021.

The decrease in net interest income was primarily due to:

  • A decrease of $3.1 million in interest income on loans and leases, due to lower fee income mainly due to lower volume of PPP loan forgiveness.

Partially offset by:

  • An increase of $536,000 in interest income on securities due to the rising interest rate environment.

Tax-equivalent net interest margin for the first quarter of 2022 was 3.82%, a decrease of 15 basis points compared to the fourth quarter of 2021. Total net accretion income on acquired loans contributed 10 basis points to the net interest margin for the first quarter of 2022 compared to nine basis points for the fourth quarter of 2021, an increase of one basis point. PPP loan interest income and net fee income combined, contributed $2.7 million to net interest income for the first quarter of 2022 compared to $4.5 million for the fourth quarter of 2021.

The average cost of total deposits was 0.08% for the first quarter of 2022, flat compared to the fourth quarter of 2021. Average non-interest-bearing demand deposits increased $25.5 million, while average money market account deposits increased by $166.0 million. Average non-interest-bearing demand deposits were 41.7% of average total deposits for the first quarter of 2022 compared to 42.0% during the fourth quarter of 2021.

Provision for Loan and Lease Losses

The provision for loan and lease losses was $5.0 million for the first quarter of 2022, an increase of $6.3 million compared to a recapture of provision of $1.3 million for the fourth quarter of 2021. The increase in provision during the first quarter of 2022 was mainly driven by changes to qualitative factors surrounding macroeconomic environment and growth in the loan and lease portfolio.

Non-interest Income

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

 

 

Three Months Ended

 

 

March 31, 2022

Change from

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

$

1,884

 

 

$

1,955

 

 

$

1,664

 

 

 

(3.6

)%

 

 

13.2

%

Loan servicing revenue

 

 

3,380

 

 

 

3,392

 

 

 

2,769

 

 

 

(0.3

)%

 

 

22.1

%

Loan servicing asset revaluation

 

 

(1,231

)

 

 

(2,510

)

 

 

(1,505

)

 

 

(50.9

)%

 

 

(18.2

)%

ATM and interchange fees

 

 

1,049

 

 

 

1,219

 

 

 

1,012

 

 

 

(14.0

)%

 

 

3.6

%

Net realized gains (losses) on securities

available-for-sale

 

 

 

 

 

(21

)

 

 

1,462

 

 

NM

 

 

NM

 

Change in fair value of equity securities, net

 

 

(151

)

 

 

(98

)

 

 

(206

)

 

 

54.8

%

 

 

(26.7

)%

Net gains on sales of loans

 

 

10,827

 

 

 

12,924

 

 

 

8,319

 

 

 

(16.2

)%

 

 

30.1

%

Wealth management and trust income

 

 

1,048

 

 

 

764

 

 

 

768

 

 

 

37.3

%

 

 

36.5

%

Other non-interest income

 

 

2,620

 

 

 

1,389

 

 

 

1,459

 

 

 

88.7

%

 

 

79.6

%

Total non-interest income

 

$

19,426

 

 

$

19,014

 

 

$

15,742

 

 

 

2.2

%

 

 

23.4

%

Non-interest income for the first quarter of 2022 was $19.4 million, an increase of $412,000, or 2.2%, compared to $19.0 million for the fourth quarter of 2021.

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

  • An increase of $1.2 million in other non-interest income due to higher swap income; and
  • A decrease of $1.3 million in loan servicing asset revaluation charges due to lower downward asset revaluation adjustment resulting from favorable fair value adjustments due to decreased prepayment speeds and discount rates.

Partially offset by:

  • A decrease in net gains on sales of loans of $2.1 million due to lower volume of sales and lower premium rates.

During the first quarter of 2022, we sold $102.3 million of U.S. government guaranteed loans compared to $113.9 million during the fourth quarter of 2021.

Non-interest Expense

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

 

 

Three Months Ended

 

 

March 31, 2022

Change from

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

28,959

 

 

$

28,850

 

 

$

21,806

 

 

 

0.4

%

 

 

32.8

%

Occupancy and equipment expense, net

 

 

5,128

 

 

 

4,995

 

 

 

5,779

 

 

 

2.7

%

 

 

(11.3

)%

Impairment charge on assets held for sale

 

 

 

 

 

8,351

 

 

 

604

 

 

NM

 

 

NM

 

Loan and lease related expenses

 

 

(891

)

 

 

2,328

 

 

 

951

 

 

NM

 

 

NM

 

Legal, audit and other professional fees

 

 

2,600

 

 

 

2,376

 

 

 

2,214

 

 

 

9.5

%

 

 

17.5

%

Data processing

 

 

3,186

 

 

 

3,070

 

 

 

2,755

 

 

 

3.8

%

 

 

15.7

%

Net loss recognized on other real estate

owned and other related expenses

 

 

54

 

 

 

26

 

 

 

621

 

 

 

110.9

%

 

 

(91.2

)%

Other intangible assets amortization expense

 

 

1,596

 

 

 

1,738

 

 

 

1,749

 

 

 

(8.1

)%

 

 

(8.7

)%

Other non-interest expense

 

 

3,923

 

 

 

7,234

 

 

 

2,363

 

 

 

(45.8

)%

 

 

66.0

%

Total non-interest expense

 

$

44,555

 

 

$

58,968

 

 

$

38,842

 

 

 

(24.4

)%

 

 

14.7

%

Non-interest expense for the first quarter of 2022 was $44.6 million, a decrease of $14.4 million, or 24.4%, from $59.0 million for the fourth quarter of 2021.

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

  • A decrease of $12.4 million in asset impairment charges, which were taken during the fourth quarter of 2021 due to branch consolidations and our real estate strategy; and
  • A decrease of $3.2 million in loan and lease related expenses mainly related to the recapture of government guaranteed loan expenses.

Our efficiency ratio was 54.96% for the first quarter of 2022 compared to 70.88% for the fourth quarter of 2021. Excluding asset impairment charges, our adjusted efficiency ratio1 was 55.46% for the fourth quarter of 2021.

(1)

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

INCOME TAXES

We recorded income tax expense of $6.3 million during the first quarter of 2022, compared to $5.9 million during the fourth quarter of 2021. The effective tax rate was 22.0% and 25.5% for the first quarter of 2022 and fourth quarter of 2021, respectively. The decrease in the effective tax rate during the first quarter of 2022 was a result of income tax benefits related to share-based compensation.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $6.8 billion at March 31, 2022, an increase of $138.5 million compared to $6.7 billion at December 31, 2021.

The current quarter increase was primarily due to:

  • An increase in net loans and leases of $247.5 million primarily due to growth in originated commercial real estate and commercial and industrial loans.

Partially offset by:

  • A decrease in securities available-for-sale of $85.2 million due to changes in market values and additional paydowns received during the period.

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

 

 

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

 

(dollars in thousands)

 

Amount

 

 

% of

Total

 

 

Amount

 

 

% of

Total

 

 

Amount

 

 

% of

Total

 

Originated loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,527,920

 

 

 

31.9

%

 

$

1,379,000

 

 

 

30.4

%

 

$

1,064,151

 

 

 

23.9

%

Residential real estate

 

 

399,638

 

 

 

8.3

%

 

 

379,796

 

 

 

8.4

%

 

 

399,958

 

 

 

9.0

%

Construction, land development, and

other land

 

 

351,519

 

 

 

7.3

%

 

 

323,886

 

 

 

7.1

%

 

 

238,122

 

 

 

5.3

%

Commercial and industrial

 

 

1,698,025

 

 

 

35.5

%

 

 

1,534,745

 

 

 

33.8

%

 

 

1,285,759

 

 

 

28.9

%

Paycheck Protection Program

 

 

36,260

 

 

 

0.8

%

 

 

123,712

 

 

 

2.7

%

 

 

617,006

 

 

 

13.8

%

Installment and other

 

 

945

 

 

 

0.0

%

 

 

940

 

 

 

0.0

%

 

 

1,094

 

 

 

0.0

%

Leasing financing receivables

 

 

379,527

 

 

 

7.9

%

 

 

352,247

 

 

 

7.8

%

 

 

243,399

 

 

 

5.5

%

Total originated loans and leases

 

$

4,393,834

 

 

 

91.7

%

 

$

4,094,326

 

 

 

90.2

%

 

$

3,849,489

 

 

 

86.4

%

Acquired impaired loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

67,092

 

 

 

1.4

%

 

$

72,160

 

 

 

1.6

%

 

$

96,059

 

 

 

2.2

%

Residential real estate

 

 

47,347

 

 

 

1.0

%

 

 

49,401

 

 

 

1.1

%

 

 

74,283

 

 

 

1.7

%

Construction, land development, and

other land

 

 

1,357

 

 

 

0.0

%

 

 

1,312

 

 

 

0.0

%

 

 

1,992

 

 

 

0.0

%

Commercial and industrial

 

 

3,792

 

 

 

0.1

%

 

 

4,014

 

 

 

0.1

%

 

 

8,842

 

 

 

0.2

%

Installment and other

 

 

163

 

 

 

0.0

%

 

 

164

 

 

 

0.0

%

 

 

191

 

 

 

0.0

%

Total acquired impaired loans

 

$

119,751

 

 

 

2.5

%

 

$

127,051

 

 

 

2.8

%

 

$

181,367

 

 

 

4.1

%

Acquired non-impaired loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

184,353

 

 

 

3.8

%

 

$

214,588

 

 

 

4.7

%

 

$

271,458

 

 

 

6.0

%

Residential real estate

 

 

47,735

 

 

 

1.0

%

 

 

51,317

 

 

 

1.1

%

 

 

71,038

 

 

 

1.6

%

Construction, land development, and

other land

 

 

196

 

 

 

0.1

%

 

 

201

 

 

 

0.1

%

 

 

210

 

 

 

0.0

%

Commercial and industrial

 

 

37,794

 

 

 

0.8

%

 

 

43,202

 

 

 

1.0

%

 

 

69,795

 

 

 

1.6

%

Installment and other

 

 

248

 

 

 

0.0

%

 

 

264

 

 

 

0.0

%

 

 

331

 

 

 

0.0

%

Leasing financing receivables

 

 

5,157

 

 

 

0.1

%

 

 

6,179

 

 

 

0.1

%

 

 

10,932

 

 

 

0.3

%

Total acquired non-impaired loans

and leases

 

$

275,483

 

 

 

5.8

%

 

$

315,751

 

 

 

7.0

%

 

$

423,764

 

 

 

9.5

%

Total loans and leases

 

$

4,789,068

 

 

 

100.0

%

 

$

4,537,128

 

 

 

100.0

%

 

$

4,454,620

 

 

 

100.0

%

Allowance for loan and lease losses

 

 

(59,458

)

 

 

 

 

 

(55,012

)

 

 

 

 

 

(65,590

)

 

 

 

Total loans and leases, net of allowance for

loan and lease losses

 

$

4,729,610

 

 

 

 

 

$

4,482,116

 

 

 

 

 

$

4,389,030

 

 

 

 

PPP loans outstanding were $36.3 million as of March 31, 2022, compared with $123.7 million at December 31, 2021. The decreased was as a result of forgiveness of PPP loans. Forgiveness for the first quarter 2022 was $73.7 million compared to $160.3 million for the fourth quarter of 2021. As of March 31, 2022, 279 PPP loans remain outstanding, and more than 94% of PPP loan balances have been forgiven.

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:

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

Change from

 

(dollars in thousands)

 

March 31,

2022

 

 

December 31,

2021

 

 

March 31,

2021

 

 

December 31,

2021

 

 

March 31,

2021

 

Non-performing assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans and leases

 

$

20,277

 

 

$

23,130

 

 

$

37,084

 

 

 

(12.3

)%

 

 

(45.3

)%

Past due loans and leases 90 days or more

and still accruing interest

 

 

 

 

 

 

 

 

 

 

—%

 

 

—%

 

Total non-performing loans and leases

 

$

20,277

 

 

$

23,130

 

 

$

37,084

 

 

 

(12.3

)%

 

 

(45.3

)%

Other real estate owned

 

 

2,221

 

 

 

2,112

 

 

 

5,952

 

 

 

5.2

%

 

 

(62.7

)%

Total non-performing assets

 

$

22,498

 

 

$

25,242

 

 

$

43,036

 

 

 

(10.9

)%

 

 

(47.7

)%

Accruing troubled debt restructured loans (1)

 

$

1,456

 

 

$

1,927

 

 

$

2,719

 

 

 

(24.4

)%

 

 

(46.5

)%

Total non-performing loans and leases as a

percentage of total loans and leases

 

 

0.42

%

 

 

0.51

%

 

 

0.83

%

 

 

 

 

 

 

Total non-performing assets as a percentage

of total assets

 

 

0.33

%

 

 

0.38

%

 

 

0.64

%

 

 

 

 

 

 

Allowance for loan and lease losses as a

percentage of non-performing loans and

leases

 

 

293.23

%

 

 

237.84

%

 

 

176.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets guaranteed by

U.S. government:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans guaranteed

 

$

1,832

 

 

$

3,270

 

 

$

3,388

 

 

 

(44.0

)%

 

 

(45.9

)%

Past due loans 90 days or more and still

accruing interest guaranteed

 

 

 

 

 

 

 

 

 

 

—%

 

 

—%

 

Total non-performing loans guaranteed

 

$

1,832

 

 

$

3,270

 

 

$

3,388

 

 

 

(44.0

)%

 

 

(45.9

)%

Accruing troubled debt restructured loans

guaranteed (1)

 

$

 

 

$

 

 

$

 

 

—%

 

 

—%

 

Total non-performing loans and leases

not guaranteed as a percentage of total

loans and leases

 

 

0.39

%

 

 

0.44

%

 

 

0.76

%

 

 

 

 

 

 

Total non-performing assets not guaranteed

as a percentage of total assets

 

 

0.30

%

 

 

0.33

%

 

 

0.59

%

 

 

 

 

 

 

(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 $20.3 million at March 31, 2022, a decrease of $2.9 million from $23.1 million at December 31, 2021 primarily due to payoffs.

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

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2021

 

Allowance for loan and lease losses, beginning of period

 

$

55,012

 

 

$

60,598

 

 

$

66,347

 

Provision/(recapture) for loan and lease losses

 

 

4,995

 

 

 

(1,293

)

 

 

4,367

 

Net charge-offs of loans and leases

 

 

(549

)

 

 

(4,293

)

 

 

(5,124

)

Allowance for loan and lease losses, end of period

 

$

59,458

 

 

$

55,012

 

 

$

65,590

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan and lease losses to period end

total loans and leases held for investment

 

 

1.24

%

 

 

1.21

%

 

 

1.47

%

Net charge-offs (annualized) to average loans

and leases outstanding during the period

 

 

0.05

%

 

 

0.37

%

 

 

0.47

%

Provision/(recapture) for loan and lease losses

to net charge-offs during the period

 

 

9.09

x

 

(0.30)x

 

 

 

0.85

x

The allowance for loan and lease losses as a percentage of total loans and leases held for investment increased to 1.24% at March 31, 2022 compared to 1.21% at December 31, 2021.

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 anticipates adopting the standard on December 31, 2022. We are in the process of implementation and determining the impact that this new authoritative guidance will have on our consolidated financial statements.

Net Charge-Offs

Net charge-offs during the first quarter of 2022 were $549,000, or 0.05% of average loans and leases, on an annualized basis, a decrease of $3.7 million compared to $4.3 million, or 0.37% of average loans and leases, during the fourth quarter of 2021, and a decrease of $4.6 million from $5.1 million or 0.47% of average loans and leases from the comparable period a year ago.

Net charge-offs for the first quarter of 2022 included $362,000 in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the fourth quarter of 2021 and first quarter of 2021 included $1.5 million and $3.3 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:

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

Change from

 

(dollars in thousands)

 

March 31,

2022

 

 

December 31,

2021

 

 

March 31,

2021

 

 

December 31,

2021

 

 

March 31,

2021

 

Non-interest-bearing demand deposits

 

$

2,281,612

 

 

$

2,158,420

 

 

$

2,015,643

 

 

 

5.7

%

 

 

13.2

%

Interest-bearing checking accounts

 

 

596,497

 

 

 

572,426

 

 

 

567,660

 

 

 

4.2

%

 

 

5.1

%

Money market demand accounts

 

 

1,357,679

 

 

 

1,106,272

 

 

 

1,075,330

 

 

 

22.7

%

 

 

26.3

%

Other savings

 

 

659,218

 

 

 

638,218

 

 

 

600,725

 

 

 

3.3

%

 

 

9.7

%

Time deposits (below $250,000)

 

 

505,141

 

 

 

532,589

 

 

 

579,682

 

 

 

(5.2

)%

 

 

(12.9

)%

Time deposits ($250,000 and above)

 

 

129,955

 

 

 

147,122

 

 

 

185,500

 

 

 

(11.7

)%

 

 

(29.9

)%

Total deposits

 

$

5,530,102

 

 

$

5,155,047

 

 

$

5,024,540

 

 

 

7.3

%

 

 

10.1

%

Total deposits increased to $5.5 billion at March 31, 2022 compared to $5.2 billion at December 31, 2021. Non-interest-bearing deposits were 41.3% and 41.9% of total deposits at March 31, 2022 and December 31, 2021, respectively.

The increase in the current quarter was primarily due to:

  • An increase in money market demand accounts of $251.4 million, driven primarily by business accounts; and
  • An increase in non-interest-bearing deposits of $123.2 million, due to increases in commercial deposits.

Partially offset by:

  • A decrease in time deposits of $44.6 million, principally driven by maturities.

Total borrowings and other liabilities were $515.9 million at March 31, 2022, a decrease of $188.9 million from $704.7 million at December 31, 2021, primarily driven by a $210.0 million decrease in FHLB advances.

Stockholders’ Equity

Total stockholders’ equity was $788.7 million at March 31, 2022, a decrease of $47.7 million from $836.4 million at December 31, 2021. The decrease was primarily due to an increase in accumulated other comprehensive loss, the repurchase of shares of our common stock under the Company's stock repurchase program, and the redemption of the Series B Preferred Stock. These were offset by an increase to retained earnings.

Under its stock repurchase program, the Company repurchased an aggregate 282,819 shares of its common stock at an average price of $26.84 per share during the first quarter of 2022.

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

 

 

Actual

 

 

Minimum

Capital

Required

 

 

Required

to be

Considered

Well Capitalized

 

March 31, 2022

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

Total capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

837,188

 

 

 

13.72

%

 

$

488,018

 

 

 

8.00

%

 

N/A

 

 

N/A

 

Bank

 

 

779,153

 

 

 

12.81

%

 

 

486,427

 

 

 

8.00

%

 

$

608,034

 

 

 

10.00

%

Tier 1 capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

700,728

 

 

 

11.49

%

 

$

366,013

 

 

 

6.00

%

 

N/A

 

 

N/A

 

Bank

 

$

717,693

 

 

 

11.80

%

 

 

364,820

 

 

 

6.00

%

 

$

486,427

 

 

 

8.00

%

Common Equity Tier 1 (CET1) to

risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

655,728

 

 

 

10.75

%

 

$

274,510

 

 

 

4.50

%

 

N/A

 

 

N/A

 

Bank

 

 

717,693

 

 

 

11.80

%

 

 

273,615

 

 

 

4.50

%

 

$

395,222

 

 

 

6.50

%

Tier 1 capital to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

700,728

 

 

 

10.70

%

 

$

261,913

 

 

 

4.00

%

 

N/A

 

 

N/A

 

Bank

 

 

717,693

 

 

 

10.97

%

 

$

261,750

 

 

 

4.00

%

 

$

327,187

 

 

 

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, April 29, 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 864125. A recorded replay can be accessed through May 13, 2022 by dialing (866) 813-9403; passcode: 091877.

A slide presentation relating to our first 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 $6.8 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)

 

 

 

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

48,015

 

 

$

35,247

 

 

$

46,900

 

 

$

50,558

 

 

$

47,101

 

Interest bearing deposits with other banks

 

 

105,564

 

 

 

122,684

 

 

 

95,978

 

 

 

52,138

 

 

 

66,038

 

Cash and cash equivalents

 

 

153,579

 

 

 

157,931

 

 

 

142,878

 

 

 

102,696

 

 

 

113,139

 

Equity and other securities, at fair value

 

 

10,677

 

 

 

10,578

 

 

 

10,299

 

 

 

10,575

 

 

 

8,557

 

Securities available-for-sale, at fair value

 

 

1,369,368

 

 

 

1,454,542

 

 

 

1,427,605

 

 

 

1,495,789

 

 

 

1,675,907

 

Securities held-to-maturity, at amortized cost

 

 

3,882

 

 

 

3,885

 

 

 

3,887

 

 

 

3,890

 

 

 

3,892

 

Restricted stock, at cost

 

 

13,977

 

 

 

22,002

 

 

 

15,927

 

 

 

11,927

 

 

 

19,057

 

Loans held for sale

 

 

39,520

 

 

 

64,460

 

 

 

48,372

 

 

 

25,046

 

 

 

28,584

 

Loans and leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

 

4,789,068

 

 

 

4,537,128

 

 

 

4,609,228

 

 

 

4,469,457

 

 

 

4,454,620

 

Allowance for loan and lease losses

 

 

(59,458

)

 

 

(55,012

)

 

 

(60,598

)

 

 

(61,719

)

 

 

(65,590

)

Net loans and leases

 

 

4,729,610

 

 

 

4,482,116

 

 

 

4,548,630

 

 

 

4,407,738

 

 

 

4,389,030

 

Servicing assets, at fair value

 

 

24,497

 

 

 

23,744

 

 

 

23,597

 

 

 

24,683

 

 

 

22,140

 

Premises and equipment, net

 

 

62,281

 

 

 

62,548

 

 

 

76,995

 

 

 

80,482

 

 

 

85,182

 

Other real estate owned, net

 

 

2,221

 

 

 

2,112

 

 

 

3,033

 

 

 

4,417

 

 

 

5,952

 

Goodwill and other intangible assets, net

 

 

163,962

 

 

 

165,558

 

 

 

167,296

 

 

 

169,034

 

 

 

170,882

 

Bank-owned life insurance

 

 

80,604

 

 

 

80,039

 

 

 

60,992

 

 

 

60,628

 

 

 

60,258

 

Deferred tax assets, net

 

 

67,335

 

 

 

50,329

 

 

 

45,165

 

 

 

43,127

 

 

 

48,662

 

Accrued interest receivable and other assets

 

 

113,123

 

 

 

116,328

 

 

 

129,775

 

 

 

100,570

 

 

 

118,883

 

Total assets

 

$

6,834,636

 

 

$

6,696,172

 

 

$

6,704,451

 

 

$

6,540,602

 

 

$

6,750,125

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

2,281,612

 

 

$

2,158,420

 

 

$

2,117,749

 

 

$

2,089,455

 

 

$

2,015,643

 

Interest-bearing deposits

 

 

3,248,490

 

 

 

2,996,627

 

 

 

3,040,529

 

 

 

3,002,740

 

 

 

3,008,897

 

Total deposits

 

 

5,530,102

 

 

 

5,155,047

 

 

 

5,158,278

 

 

 

5,092,195

 

 

 

5,024,540

 

Other borrowings

 

 

311,450

 

 

 

519,723

 

 

 

539,119

 

 

 

446,836

 

 

 

749,719

 

Subordinated notes, net

 

 

73,560

 

 

 

73,517

 

 

 

73,473

 

 

 

73,429

 

 

 

73,386

 

Junior subordinated debentures issued to

capital trusts, net

 

 

37,011

 

 

 

36,906

 

 

 

36,796

 

 

 

36,682

 

 

 

36,565

 

Accrued expenses and other liabilities

 

 

93,842

 

 

 

74,597

 

 

 

72,367

 

 

 

74,387

 

 

 

72,120

 

Total liabilities

 

 

6,045,965

 

 

 

5,859,790

 

 

 

5,880,033

 

 

 

5,723,529

 

 

 

5,956,330

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Common stock

 

 

388

 

 

 

387

 

 

 

386

 

 

 

385

 

 

 

385

 

Additional paid-in capital

 

 

595,006

 

 

 

593,753

 

 

 

592,192

 

 

 

590,422

 

 

 

589,209

 

Retained earnings

 

 

290,397

 

 

 

271,676

 

 

 

258,077

 

 

 

236,363

 

 

 

210,385

 

Treasury stock

 

 

(40,732

)

 

 

(31,570

)

 

 

(31,161

)

 

 

(20,712

)

 

 

(8,275

)

Accumulated other comprehensive income

(loss), net of tax

 

 

(56,388

)

 

 

(8,302

)

 

 

(5,514

)

 

 

177

 

 

 

(8,347

)

Total stockholders’ equity

 

 

788,671

 

 

 

836,382

 

 

 

824,418

 

 

 

817,073

 

 

 

793,795

 

Total liabilities and stockholders’ equity

 

$

6,834,636

 

$

6,696,172

 

 

$

6,704,451

 

$

6,540,602

 

 

$

6,750,125

 

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

Three Months Ended

 

 

 

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

(dollars in thousands, except per share data)

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

55,426

 

 

$

58,570

 

 

$

56,291

 

 

$

54,324

 

 

$

53,808

 

Interest on securities

 

 

6,155

 

 

 

5,619

 

 

 

5,534

 

 

 

6,359

 

 

 

6,089

 

Other interest and dividend income

 

 

237

 

 

 

495

 

 

 

947

 

 

 

628

 

 

 

262

 

Total interest and dividend income

 

 

61,818

 

 

 

64,684

 

 

 

62,772

 

 

 

61,311

 

 

 

60,159

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,087

 

 

 

1,037

 

 

 

986

 

 

 

1,058

 

 

 

1,421

 

Other borrowings

 

 

395

 

 

 

330

 

 

 

349

 

 

 

482

 

 

 

502

 

Subordinated notes and debentures

 

 

1,600

 

 

 

1,589

 

 

 

1,592

 

 

 

1,597

 

 

 

1,596

 

Total interest expense

 

 

3,082

 

 

 

2,956

 

 

 

2,927

 

 

 

3,137

 

 

 

3,519

 

Net interest income

 

 

58,736

 

 

 

61,728

 

 

 

59,845

 

 

 

58,174

 

 

 

56,640

 

PROVISION/(RECAPTURE) FOR LOAN

AND LEASE LOSSES

 

 

4,995

 

 

 

(1,293

)

 

 

352

 

 

 

(1,969

)

 

 

4,367

 

Net interest income after provision/(recapture)

for loan and lease losses

 

 

53,741

 

 

 

63,021

 

 

 

59,493

 

 

 

60,143

 

 

 

52,273

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

1,884

 

 

 

1,955

 

 

 

1,867

 

 

 

1,768

 

 

 

1,664

 

Loan servicing revenue

 

 

3,380

 

 

 

3,392

 

 

 

3,344

 

 

 

3,188

 

 

 

2,769

 

Loan servicing asset revaluation

 

 

(1,231

)

 

 

(2,510

)

 

 

(2,650

)

 

 

7

 

 

 

(1,505

)

ATM and interchange fees

 

 

1,049

 

 

 

1,219

 

 

 

1,201

 

 

 

1,044

 

 

 

1,012

 

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

 

 

 

 

 

(21

)

 

 

130

 

 

 

(136

)

 

 

1,462

 

Change in fair value of equity securities, net

 

 

(151

)

 

 

(98

)

 

 

(275

)

 

 

517

 

 

 

(206

)

Net gains on sales of loans

 

 

10,827

 

 

 

12,924

 

 

 

12,761

 

 

 

12,270

 

 

 

8,319

 

Wealth management and trust income

 

 

1,048

 

 

 

764

 

 

 

815

 

 

 

722

 

 

 

768

 

Other non-interest income

 

 

2,620

 

 

 

1,389

 

 

 

1,302

 

 

 

1,622

 

 

 

1,459

 

Total non-interest income

 

 

19,426

 

 

 

19,014

 

 

 

18,495

 

 

 

21,002

 

 

 

15,742

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

28,959

 

 

 

28,850

 

 

 

25,978

 

 

 

24,588

 

 

 

21,806

 

Occupancy and equipment expense, net

 

 

5,128

 

 

 

4,995

 

 

 

4,982

 

 

 

4,856

 

 

 

5,779

 

Impairment charge on assets held for sale

 

 

 

 

 

8,351

 

 

 

1,434

 

 

 

1,943

 

 

 

604

 

Loan and lease related expenses

 

 

(891

)

 

 

2,328

 

 

 

1,175

 

 

 

1,503

 

 

 

951

 

Legal, audit, and other professional fees

 

 

2,600

 

 

 

2,376

 

 

 

2,710

 

 

 

2,898

 

 

 

2,214

 

Data processing

 

 

3,186

 

 

 

3,070

 

 

 

3,108

 

 

 

2,847

 

 

 

2,755

 

Net loss recognized on other real estate

owned and other related expenses

 

 

54

 

 

 

26

 

 

 

42

 

 

 

389

 

 

 

621

 

Other intangible assets amortization expense

 

 

1,596

 

 

 

1,738

 

 

 

1,738

 

 

 

1,848

 

 

 

1,749

 

Other non-interest expense

 

 

3,923

 

 

 

7,234

 

 

 

3,013

 

 

 

2,109

 

 

 

2,363

 

Total non-interest expense

 

 

44,555

 

 

 

58,968

 

 

 

44,180

 

 

 

42,981

 

 

 

38,842

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

28,612

 

 

 

23,067

 

 

 

33,808

 

 

 

38,164

 

 

 

29,173

 

PROVISION FOR INCOME TAXES

 

 

6,301

 

 

 

5,878

 

 

 

8,502

 

 

 

9,672

 

 

 

7,375

 

NET INCOME

 

 

22,311

 

 

 

17,189

 

 

 

25,306

 

 

 

28,492

 

 

 

21,798

 

Dividends on preferred shares

 

 

196

 

 

 

196

 

 

 

196

 

 

 

195

 

 

 

196

 

INCOME AVAILABLE TO COMMON STOCKHOLDERS

 

$

22,115

 

 

$

16,993

 

 

$

25,110

 

 

$

28,297

 

 

$

21,602

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

 

$

0.46

 

 

$

0.68

 

 

$

0.75

 

 

$

0.57

 

Diluted

 

$

0.58

 

 

$

0.45

 

 

$

0.66

 

 

$

0.73

 

 

$

0.56

 

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

 

 

As of or For the Three Months Ended

 

(dollars in thousands, except share

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

and per share data)

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.60

 

 

$

0.46

 

 

$

0.68

 

 

$

0.75

 

 

$

0.57

 

Diluted earnings per common share

$

0.58

 

 

$

0.45

 

 

$

0.66

 

 

$

0.73

 

 

$

0.56

 

Adjusted diluted earnings per common

share(2)(3)(4)

$

0.58

 

 

$

0.69

 

 

$

0.69

 

 

$

0.77

 

 

$

0.57

 

Weighted average common shares

outstanding (basic)

 

37,123,161

 

 

 

37,124,176

 

 

 

37,200,778

 

 

 

37,965,658

 

 

 

38,164,201

 

Weighted average common shares

outstanding (diluted)

 

38,042,822

 

 

 

37,999,401

 

 

 

38,018,301

 

 

 

38,696,036

 

 

 

38,915,482

 

Common shares outstanding

 

37,811,582

 

 

 

37,713,903

 

 

 

37,690,087

 

 

 

38,094,972

 

 

 

38,641,851

 

Cash dividends per common share

$

0.09

 

 

$

0.09

 

 

$

0.09

 

 

$

0.06

 

 

$

0.06

 

Dividend payout ratio on

common stock

 

15.52

%

 

 

20.00

%

 

 

13.64

%

 

 

8.22

%

 

 

10.71

%

Tangible book value per

common share(1)

$

16.52

 

 

$

17.51

 

 

$

17.16

 

 

$

16.74

 

 

$

15.85

 

Key Ratios and Performance Metrics

(annualized where applicable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin, fully taxable

equivalent (1)(5)

 

3.82

%

 

 

3.97

%

 

 

3.92

%

 

 

3.76

%

 

 

3.78

%

Average cost of deposits

 

0.08

%

 

 

0.08

%

 

 

0.08

%

 

 

0.08

%

 

 

0.12

%

Efficiency ratio(2)

 

54.96

%

 

 

70.88

%

 

 

54.18

%

 

 

51.95

%

 

 

51.25

%

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

 

54.96

%

 

 

55.46

%

 

 

52.35

%

 

 

49.50

%

 

 

50.41

%

Non-interest expense to average assets

 

2.69

%

 

 

3.49

%

 

 

2.67

%

 

 

2.57

%

 

 

2.39

%

Adjusted non-interest expense to

average assets(1)(3)

 

2.69

%

 

 

2.76

%

 

 

2.58

%

 

 

2.45

%

 

 

2.35

%

Return on average stockholders' equity

 

10.87

%

 

 

8.13

%

 

 

12.19

%

 

 

14.10

%

 

 

10.96

%

Adjusted return on average

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

 

10.87

%

 

 

12.42

%

 

 

12.69

%

 

 

14.80

%

 

 

11.18

%

Return on average assets

 

1.35

%

 

 

1.02

%

 

 

1.53

%

 

 

1.70

%

 

 

1.34

%

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

 

1.35

%

 

 

1.56

%

 

 

1.59

%

 

 

1.78

%

 

 

1.37

%

Non-interest income to total

revenues(1)

 

24.85

%

 

 

23.55

%

 

 

23.61

%

 

 

26.53

%

 

 

21.75

%

Pre-tax pre-provision return on

average assets(1)

 

2.03

%

 

 

1.29

%

 

 

2.07

%

 

 

2.16

%

 

 

2.06

%

Adjusted pre-tax pre-provision return

on average assets(1)(3)

 

2.03

%

 

 

2.03

%

 

 

2.15

%

 

 

2.28

%

 

 

2.10

%

Return on average tangible common

stockholders' equity(1)

 

14.36

%

 

 

10.94

%

 

 

16.22

%

 

 

18.87

%

 

 

14.86

%

Adjusted return on average tangible

common stockholders' equity(1)(3)

 

14.36

%

 

 

16.38

%

 

 

16.86

%

 

 

19.77

%

 

 

15.15

%

Non-interest-bearing deposits to

total deposits

 

41.26

%

 

 

41.87

%

 

 

41.06

%

 

 

41.03

%

 

 

40.12

%

Loans and leases held for sale and

loans and lease held for

investment to total deposits

 

87.31

%

 

 

89.26

%

 

 

90.29

%

 

 

88.26

%

 

 

89.23

%

Deposits to total liabilities

 

91.47

%

 

 

87.97

%

 

 

87.73

%

 

 

88.97

%

 

 

84.36

%

Deposits per branch

$

125,684

 

 

$

117,160

 

 

$

117,234

 

 

$

115,732

 

 

$

109,229

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans and leases to

total loans and leases held for

investment, net before ALLL

 

0.42

%

 

 

0.51

%

 

 

0.75

%

 

 

0.79

%

 

 

0.83

%

ALLL to total loans and leases held for

investment, net before ALLL

 

1.24

%

 

 

1.21

%

 

 

1.31

%

 

 

1.38

%

 

 

1.47

%

Net charge-offs to average total loans

and leases held for investment,

net before ALLL

 

0.05

%

 

 

0.37

%

 

 

0.13

%

 

 

0.17

%

 

 

0.47

%

Acquisition accounting adjustments(4)

$

3,364

 

 

$

4,769

 

 

$

6,327

 

 

$

9,393

 

 

$

10,424

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity to total assets

 

11.54

%

 

 

12.33

%

 

 

12.14

%

 

 

12.33

%

 

 

11.61

%

Tangible common equity to

tangible assets(1)

 

9.36

%

 

 

10.11

%

 

 

9.89

%

 

 

10.01

%

 

 

9.31

%

Leverage ratio

 

10.70

%

 

 

10.89

%

 

 

11.21

%

 

 

10.82

%

 

 

10.93

%

Common equity tier 1 capital ratio

 

10.75

%

 

 

11.39

%

 

 

11.32

%

 

 

11.97

%

 

 

12.09

%

Tier 1 capital ratio

 

11.49

%

 

 

12.37

%

 

 

12.32

%

 

 

13.05

%

 

 

13.20

%

Total capital ratio

 

13.72

%

 

 

14.70

%

 

 

14.78

%

 

 

15.74

%

 

 

15.96

%

(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

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

 

 

 

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

(dollars in thousands, except per share data)

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

Net income and earnings per share

excluding significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Net Income

 

$

22,311

 

 

$

17,189

 

 

$

25,306

 

 

$

28,492

 

 

$

21,798

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

and ROU asset

 

 

 

 

 

12,449

 

 

 

1,434

 

 

 

1,943

 

 

 

604

 

Tax benefit

 

 

 

 

 

(3,377

)

 

 

(390

)

 

 

(530

)

 

 

(165

)

Adjusted Net Income

 

$

22,311

 

 

$

26,261

 

 

$

26,350

 

 

$

29,905

 

 

$

22,237

 

Reported Diluted Earnings per Share

 

$

0.58

 

 

$

0.45

 

 

$

0.66

 

 

$

0.73

 

 

$

0.56

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

and ROU asset

 

 

 

 

 

0.33

 

 

 

0.04

 

 

 

0.05

 

 

 

0.02

 

Tax benefit

 

 

 

 

 

(0.09

)

 

 

(0.01

)

 

 

(0.01

)

 

 

(0.01

)

Adjusted Diluted Earnings per Share

 

$

0.58

 

 

$

0.69

 

 

$

0.69

 

 

$

0.77

 

 

$

0.57

 

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

 

As of or For the Three Months Ended

 

(dollars in thousands, except per share data,

 

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

ratios annualized, where applicable)

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

Adjusted non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

$

44,555

 

 

$

58,968

 

 

$

44,180

 

 

$

42,981

 

 

$

38,842

 

Less: Significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

and ROU asset

 

 

 

 

 

12,449

 

 

 

1,434

 

 

 

1,943

 

 

 

604

 

Adjusted non-interest expense

 

$

44,555

 

 

$

46,519

 

 

$

42,746

 

 

$

41,038

 

 

$

38,238

 

Adjusted non-interest expense excluding

amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

44,555

 

 

$

46,519

 

 

$

42,746

 

 

$

41,038

 

 

$

38,238

 

Less: Amortization of intangible assets

 

 

1,596

 

 

 

1,738

 

 

 

1,738

 

 

 

1,848

 

 

 

1,749

 

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

42,959

 

 

$

44,781

 

 

$

41,008

 

 

$

39,190

 

 

$

36,489

 

Pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income

 

$

28,612

 

 

$

23,067

 

 

$

33,808

 

 

$

38,164

 

 

$

29,173

 

Add: Provision/(recapture) for loan

and lease losses

 

 

4,995

 

 

 

(1,293

)

 

 

352

 

 

 

(1,969

)

 

 

4,367

 

Pre-tax pre-provision net income

 

$

33,607

 

 

$

21,774

 

 

$

34,160

 

 

$

36,195

 

 

$

33,540

 

Adjusted pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

33,607

 

 

$

21,774

 

 

$

34,160

 

 

$

36,195

 

 

$

33,540

 

Impairment charges on assets held for sale

and ROU asset

 

 

 

 

 

12,449

 

 

 

1,434

 

 

 

1,943

 

 

 

604

 

Adjusted pre-tax pre-provision net income

 

$

33,607

 

 

$

34,223

 

 

$

35,594

 

 

$

38,138

 

 

$

34,144

 

Tax equivalent net interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

58,736

 

 

$

61,728

 

 

$

59,845

 

 

$

58,174

 

 

$

56,640

 

Add: Tax-equivalent adjustment

 

 

236

 

 

 

256

 

 

 

264

 

 

 

269

 

 

 

250

 

Net interest income, fully taxable equivalent

 

$

58,972

 

 

$

61,984

 

 

$

60,109

 

 

$

58,443

 

 

$

56,890

 

Total revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

58,736

 

 

$

61,728

 

 

$

59,845

 

 

$

58,174

 

 

$

56,640

 

Add: Non-interest income

 

 

19,426

 

 

 

19,014

 

 

 

18,495

 

 

 

21,002

 

 

 

15,742

 

Total revenue

 

$

78,162

 

 

$

80,742

 

 

$

78,340

 

 

$

79,176

 

 

$

72,382

 

Tangible common stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

788,671

 

 

$

836,382

 

 

$

824,418

 

 

$

817,073

 

 

$

793,795

 

Less: Preferred stock

 

 

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Less: Goodwill and other intangibles

 

 

163,962

 

 

 

165,558

 

 

 

167,296

 

 

 

169,034

 

 

 

170,882

 

Tangible common stockholders' equity

 

$

624,709

 

 

$

660,386

 

 

$

646,684

 

 

$

637,601

 

 

$

612,475

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,834,636

 

 

$

6,696,172

 

 

$

6,704,451

 

 

$

6,540,602

 

 

$

6,750,125

 

Less: Goodwill and other intangibles

 

 

163,962

 

 

 

165,558

 

 

 

167,296

 

 

 

169,034

 

 

 

170,882

 

Tangible assets

 

$

6,670,674

 

 

$

6,530,614

 

 

$

6,537,155

 

 

$

6,371,568

 

 

$

6,579,243

 

Average tangible common stockholders'

equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total stockholders' equity

 

$

832,161

 

 

$

838,975

 

 

$

823,754

 

 

$

810,490

 

 

$

806,452

 

Less: Average preferred stock

 

 

9,974

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Less: Average goodwill and other

intangibles

 

 

164,837

 

 

 

166,396

 

 

 

168,140

 

 

 

169,906

 

 

 

171,795

 

Average tangible common stockholders'

equity

 

$

657,350

 

 

$

662,141

 

 

$

645,176

 

 

$

630,146

 

 

$

624,219

 

Average tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

6,705,986

 

 

$

6,699,069

 

 

$

6,560,868

 

 

$

6,720,492

 

 

$

6,587,765

 

Less: Average goodwill and other

intangibles

 

 

164,837

 

 

 

166,396

 

 

 

168,140

 

 

 

169,906

 

 

 

171,795

 

Average tangible assets

 

$

6,541,149

 

 

$

6,532,673

 

 

$

6,392,728

 

 

$

6,550,586

 

 

$

6,415,970

 

Tangible net income available to common

stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common

stockholders

 

$

22,115

 

 

$

16,993

 

 

$

25,110

 

 

$

28,297

 

 

$

21,602

 

Add: After-tax intangible asset amortization

 

 

1,163

 

 

 

1,266

 

 

 

1,265

 

 

 

1,344

 

 

 

1,272

 

Tangible net income available to common

stockholders

 

$

23,278

 

 

$

18,259

 

 

$

26,375

 

 

$

29,641

 

 

$

22,874

 

Adjusted tangible net income available

to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

23,278

 

 

$

18,259

 

 

$

26,375

 

 

$

29,641

 

 

$

22,874

 

Impairment charges on assets held for sale

and ROU asset

 

 

 

 

 

12,449

 

 

 

1,434

 

 

 

1,943

 

 

 

604

 

Tax benefit on significant items

 

 

 

 

 

(3,377

)

 

 

(390

)

 

 

(530

)

 

 

(165

)

Adjusted tangible net income available to

common stockholders

 

$

23,278

 

 

$

27,331

 

 

$

27,419

 

 

$

31,054

 

 

$

23,313

 

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

 

As of or For the Three Months Ended

 

(dollars in thousands, except share and per share

data, ratios annualized, where applicable)

 

March

31,

 

 

December

31,

 

 

September

30,

 

 

June

30,

 

 

March

31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

Pre-tax pre-provision return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

33,607

 

 

$

21,774

 

 

$

34,160

 

 

$

36,195

 

 

$

33,540

 

Average total assets

 

 

6,705,986

 

 

 

6,699,069

 

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

Pre-tax pre-provision return on average assets

 

 

2.03

%

 

 

1.29

%

 

 

2.07

%

 

 

2.16

%

 

 

2.06

%

Adjusted pre-tax pre-provision return on average

assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pre-tax pre-provision net income

 

$

33,607

 

 

$

34,223

 

 

$

35,594

 

 

$

38,138

 

 

$

34,144

 

Average total assets

 

 

6,705,986

 

 

 

6,699,069

 

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

Adjusted pre-tax pre-provision return on average

assets

 

 

2.03

%

 

 

2.03

%

 

 

2.15

%

 

 

2.28

%

 

 

2.10

%

Net interest margin, fully taxable equivalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income, fully taxable equivalent

 

$

58,972

 

 

$

61,984

 

 

$

60,109

 

 

$

58,443

 

 

$

56,890

 

Total average interest-earning assets

 

 

6,253,889

 

 

 

6,189,762

 

 

 

6,076,065

 

 

 

6,231,616

 

 

 

6,097,712

 

Net interest margin, fully taxable equivalent

 

 

3.82

%

 

 

3.97

%

 

 

3.92

%

 

 

3.76

%

 

 

3.78

%

Non-interest income to total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

$

19,426

 

 

$

19,014

 

 

$

18,495

 

 

$

21,002

 

 

$

15,742

 

Total revenues

 

 

78,162

 

 

 

80,742

 

 

 

78,340

 

 

 

79,176

 

 

 

72,382

 

Non-interest income to total revenues

 

 

24.85

%

 

 

23.55

%

 

 

23.61

%

 

 

26.53

%

 

 

21.75

%

Adjusted non-interest expense to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

44,555

 

 

$

46,519

 

 

$

42,746

 

 

$

41,038

 

 

$

38,238

 

Average total assets

 

 

6,705,986

 

 

 

6,699,069

 

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

Adjusted non-interest expense to average assets

 

 

2.69

%

 

 

2.76

%

 

 

2.58

%

 

 

2.45

%

 

 

2.35

%

Adjusted efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

42,959

 

 

$

44,781

 

 

$

41,008

 

 

$

39,190

 

 

$

36,489

 

Total revenues

 

 

78,162

 

 

 

80,742

 

 

 

78,340

 

 

 

79,176

 

 

 

72,382

 

Adjusted efficiency ratio

 

 

54.96

%

 

 

55.46

%

 

 

52.35

%

 

 

49.50

%

 

 

50.41

%

Adjusted return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

22,311

 

 

$

26,261

 

 

$

26,350

 

 

$

29,905

 

 

$

22,237

 

Average total assets

 

 

6,705,986

 

 

 

6,699,069

 

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

Adjusted return on average assets

 

 

1.35

%

 

 

1.56

%

 

 

1.59

%

 

 

1.78

%

 

 

1.37

%

Adjusted return on average stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

22,311

 

 

$

26,261

 

 

$

26,350

 

 

$

29,905

 

 

$

22,237

 

Average stockholders' equity

 

 

832,161

 

 

 

838,975

 

 

 

823,754

 

 

 

810,490

 

 

 

806,452

 

Adjusted return on average stockholders' equity

 

 

10.87

%

 

 

12.42

%

 

 

12.69

%

 

 

14.80

%

 

 

11.18

%

Tangible common equity to tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

624,709

 

 

$

660,386

 

 

$

646,684

 

 

$

637,601

 

 

$

612,475

 

Tangible assets

 

 

6,670,674

 

 

 

6,530,614

 

 

 

6,537,155

 

 

 

6,371,568

 

 

 

6,579,243

 

Tangible common equity to tangible assets

 

 

9.36

%

 

 

10.11

%

 

 

9.89

%

 

 

10.01

%

 

 

9.31

%

Return on average tangible common stockholders'

equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

23,278

 

 

$

18,259

 

 

$

26,375

 

 

$

29,641

 

 

$

22,874

 

Average tangible common stockholders' equity

 

 

657,350

 

 

 

662,141

 

 

 

645,176

 

 

 

630,146

 

 

 

624,219

 

Return on average tangible common

stockholders' equity

 

 

14.36

%

 

 

10.94

%

 

 

16.22

%

 

 

18.87

%

 

 

14.86

%

Adjusted return on average tangible common

stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted tangible net income available to

common stockholders

 

$

23,278

 

 

$

27,331

 

 

$

27,419

 

 

$

31,054

 

 

$

23,313

 

Average tangible common stockholders' equity

 

 

657,350

 

 

 

662,141

 

 

 

645,176

 

 

 

630,146

 

 

 

624,219

 

Adjusted return on average tangible common

stockholders' equity

 

 

14.36

%

 

 

16.38

%

 

 

16.86

%

 

 

19.77

%

 

 

15.15

%

Tangible book value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

624,709

 

 

$

660,386

 

 

$

646,684

 

 

$

637,601

 

 

$

612,475

 

Common shares outstanding

 

 

37,811,582

 

 

 

37,713,903

 

 

 

37,690,087

 

 

 

38,094,972

 

 

 

38,641,851

 

Tangible book value per share

 

$

16.52

 

 

$

17.51

 

 

$

17.16

 

 

$

16.74

 

 

$

15.85

 

 

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