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BY Byline Bancorp

Filed: 28 Oct 21, 4:27pm

Byline Bancorp, Inc.

Page 1 of 19

 

Exhibit 99.1

img195841198_0.jpg 

 

Byline Bancorp, Inc. Reports Third Quarter 2021 Financial Results

Select Third Quarter 2021 Highlights

Net income of $25.3 million, or $0.66 per diluted share
Net interest margin of 3.91%
Return on average assets of 1.53%, as adjusted1 1.59%
Efficiency ratio of 54.18%
Non-interest bearing deposits 41.1% of total deposits
Originated loans and leases increased $189.5 million, total production of $410.3 million
Common Equity Tier 1 to risk weighted assets of 11.32%

Chicago, IL, October 28, 2021 – 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 $25.3 million, or $0.66 per diluted share, for the third quarter of 2021, compared with net income of $28.5 million, or $0.73 per diluted share, for the second quarter of 2021 and net income of $13.1 million, or $0.34 per diluted share for the third quarter 2020. Adjusted net income1 was $26.4 million, or $0.69 per adjusted diluted share, for the third quarter of 2021, compared with $29.9 million, or $0.77 per adjusted diluted share1, for the second quarter of 2021 and $13.1 million, or $0.34 per adjusted diluted share for the third quarter of 2020.

Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, commented, “We reported strong third quarter results highlighted by robust balance sheet growth as our teams remained focused on taking care of our customers, while the economy continued to improve. We executed well on our commercial banking strategy during the quarter driven by solid loan and lease growth, net interest margin expansion while continuing to deploy excess capital through share repurchases and dividends. We remain optimistic about our opportunities to execute on our strategy in the future to further enhance the value of our franchise. I want to thank all of our employees for their continued hard work and dedication to serving all of our stakeholders.”

 

Alberto J. Paracchini, President of Byline Bancorp, added, “Our strong results were supported by continued momentum across our businesses resulting in loan and lease growth, strong inflows of commercial noninterest-bearing deposits, and higher net interest income. Excluding PPP loans, our total loans and leases grew at a 34.9% annualized rate during the third quarter and more than offset the decline in our PPP portfolio. Growth was particularly strong in the commercial, sponsor finance, leasing and government guaranteed loan portfolios. Thanks to the efforts of all of our bankers and team members, we continue to have a healthy loan pipeline, which we believe will result in continued growth of our business while benefiting the mix of earning assets.”

Board Declares Cash Dividend of $0.09 per Share

On October 26, 2021, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on November 23, 2021, to stockholders of record of the Company's common stock as of November 9, 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.

Byline Bancorp, Inc.

Page 2 of 19

STATEMENTS OF OPERATIONS

Net Interest Income

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

 

 

 

 

 

 

 

 

 

 

 

September 30, 2021

 

 

 

Three Months Ended

 

 

Change from

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

56,291

 

 

$

54,324

 

 

$

51,036

 

 

 

3.6

%

 

 

10.3

%

Interest on securities

 

 

5,534

 

 

 

6,359

 

 

 

7,070

 

 

 

(13.0

)%

 

 

(21.7

)%

Other interest and dividend income

 

 

947

 

 

 

628

 

 

 

128

 

 

 

50.6

%

 

 

644.4

%

Total interest and dividend income

 

 

62,772

 

 

 

61,311

 

 

 

58,234

 

 

 

2.4

%

 

 

7.8

%

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

986

 

 

 

1,058

 

 

 

2,760

 

 

 

(6.8

)%

 

 

(64.3

)%

Other borrowings

 

 

349

 

 

 

482

 

 

 

465

 

 

 

(27.4

)%

 

 

(24.8

)%

Subordinated notes and debentures

 

 

1,592

 

 

 

1,597

 

 

 

1,485

 

 

 

(0.4

)%

 

 

7.2

%

Total interest expense

 

 

2,927

 

 

 

3,137

 

 

 

4,710

 

 

 

(6.7

)%

 

 

(37.8

)%

Net interest income

 

$

59,845

 

 

$

58,174

 

 

$

53,524

 

 

 

2.9

%

 

 

11.8

%

 

 


Byline Bancorp, Inc.

Page 3 of 19

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

 

 

For the Three Months Ended

 

 

 

September 30, 2021

 

 

June 30, 2021

 

(dollars in thousands)

 

Average
Balance
(5)

 

 

Interest
Inc / Exp

 

 

Average
Yield /
Rate

 

 

Average
Balance
(5)

 

 

Interest
Inc / Exp

 

 

Average
Yield /
Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

40,088

 

 

$

19

 

 

 

0.19

%

 

$

75,382

 

 

$

28

 

 

 

0.15

%

Loans and leases(1)

 

 

4,539,111

 

 

 

56,291

 

 

 

4.92

%

 

 

4,491,197

 

 

 

54,324

 

 

 

4.85

%

Taxable securities

 

 

1,309,802

 

 

 

5,472

 

 

 

1.66

%

 

 

1,477,070

 

 

 

5,947

 

 

 

1.62

%

Tax-exempt securities(2)

 

 

187,064

 

 

 

1,254

 

 

 

2.66

%

 

 

187,967

 

 

 

1,281

 

 

 

2.73

%

Total interest-earning assets

 

$

6,076,065

 

 

$

63,036

 

 

 

4.12

%

 

$

6,231,616

 

 

$

61,580

 

 

 

3.96

%

Allowance for loan and lease losses

 

 

(61,528

)

 

 

 

 

 

 

 

 

(65,848

)

 

 

 

 

 

 

All other assets

 

 

546,331

 

 

 

 

 

 

 

 

 

554,724

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

6,560,868

 

 

 

 

 

 

 

 

$

6,720,492

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’
   EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

653,543

 

 

$

228

 

 

 

0.14

%

 

$

626,886

 

 

$

220

 

 

 

0.14

%

Money market accounts

 

 

1,031,009

 

 

 

280

 

 

 

0.11

%

 

 

1,052,223

 

 

 

279

 

 

 

0.11

%

Savings

 

 

625,037

 

 

 

75

 

 

 

0.05

%

 

 

607,035

 

 

 

72

 

 

 

0.05

%

Time deposits

 

 

709,805

 

 

 

403

 

 

 

0.23

%

 

 

717,795

 

 

 

487

 

 

 

0.27

%

Total interest-bearing deposits

 

 

3,019,394

 

 

 

986

 

 

 

0.13

%

 

 

3,003,939

 

 

 

1,058

 

 

 

0.14

%

Other borrowings

 

 

426,284

 

 

 

349

 

 

 

0.33

%

 

 

642,586

 

 

 

482

 

 

 

0.30

%

Subordinated notes and debentures

 

 

110,195

 

 

 

1,592

 

 

 

5.73

%

 

 

110,030

 

 

 

1,597

 

 

 

5.82

%

Total borrowings

 

 

536,479

 

 

 

1,941

 

 

 

1.44

%

 

 

752,616

 

 

 

2,079

 

 

 

1.11

%

Total interest-bearing liabilities

 

$

3,555,873

 

 

$

2,927

 

 

 

0.33

%

 

$

3,756,555

 

 

$

3,137

 

 

 

0.33

%

Non-interest-bearing demand deposits

 

 

2,106,189

 

 

 

 

 

 

 

 

 

2,085,358

 

 

 

 

 

 

 

Other liabilities

 

 

75,052

 

 

 

 

 

 

 

 

 

68,089

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

823,754

 

 

 

 

 

 

 

 

 

810,490

 

 

 

 

 

 

 

TOTAL LIABILITIES AND
   STOCKHOLDERS’ EQUITY

 

$

6,560,868

 

 

 

 

 

 

 

 

$

6,720,492

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

3.79

%

 

 

 

 

 

 

 

 

3.63

%

Net interest income, fully
  taxable equivalent

 

 

 

 

$

60,109

 

 

 

 

 

 

 

 

$

58,443

 

 

 

 

Net interest margin, fully
  taxable equivalent
(2)(4)

 

 

 

 

 

 

 

 

3.92

%

 

 

 

 

 

 

 

 

3.76

%

Tax-equivalent adjustment

 

 

 

 

 

(264

)

 

 

0.01

%

 

 

 

 

 

(269

)

 

 

0.02

%

Net interest income

 

 

 

 

$

59,845

 

 

 

 

 

 

 

 

$

58,174

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

3.91

%

 

 

 

 

 

 

 

 

3.74

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

$

1,638

 

 

 

0.11

%

 

 

 

 

$

1,395

 

 

 

0.09

%

 

(1) Loan and lease balances are net of deferred origination fees and costs and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances.

(2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

 


Byline Bancorp, Inc.

Page 4 of 19

Net interest income for the third quarter of 2021 was $59.8 million, an increase of $1.7 million, or 2.9%, from the second quarter of 2021.

The increase in net interest income was primarily due to:

An increase of $2.0 million in interest income on loans and leases, due to higher balances and yields on loans and leases and increased Paycheck Protection Program ("PPP") servicing fees resulting from a higher volume of loan forgiveness.

Partially offset by:

A decrease of $825,000 in interest income on securities, due to lower average balances of securities.

Tax-equivalent net interest margin for the third quarter of 2021 was 3.92%, an increase of 16 basis points compared to the second quarter of 2021. Total net accretion income on acquired loans contributed 11 basis points to the net interest margin for the third quarter of 2021 compared to nine basis points for the second quarter of 2021, an increase of two basis points. PPP loan interest income and net fee income combined contributed $5.4 million to net interest income for the third quarter of 2021 compared to $4.5 million for the second quarter of 2021 due to the timing of forgiveness of loans.

The average cost of total deposits was 0.08% for the third quarter of 2021, flat compared to the second quarter of 2021. Average non-interest-bearing demand deposits increased $20.8 million, while average money market account deposits decreased by $21.2 million. Average non-interest-bearing demand deposits were 41.1% of average total deposits for the third quarter of 2021 compared to 41.0% during the second quarter of 2021.

Provision for Loan and Lease Losses

The provision for loan and lease losses was $352,000 for the third quarter of 2021, an increase of $2.3 million compared to a recapture of provision of $2.0 million for the second quarter of 2021. The provision during the third quarter of 2021 was mainly driven by new loan and lease originations during the quarter, offset by a recapture of $1.7 million as a result of improved qualitative factors resulting from continued economic improvement.

Non-interest Income

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

 

 

Three Months Ended

 

 

September 30, 2021
Change from

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

$

1,867

 

 

$

1,768

 

 

$

1,603

 

 

 

5.6

%

 

 

16.4

%

Loan servicing revenue

 

 

3,344

 

 

 

3,188

 

 

 

2,936

 

 

 

4.9

%

 

 

13.9

%

Loan servicing asset revaluation

 

 

(2,650

)

 

 

7

 

 

 

1,122

 

 

NM

 

 

NM

 

ATM and interchange fees

 

 

1,201

 

 

 

1,044

 

 

 

1,028

 

 

 

15.0

%

 

 

16.7

%

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

 

 

130

 

 

 

(136

)

 

 

1,037

 

 

NM

 

 

 

(87.4

)%

Change in fair value of equity securities, net

 

 

(275

)

 

 

517

 

 

 

154

 

 

NM

 

 

NM

 

Net gains on sales of loans

 

 

12,761

 

 

 

12,270

 

 

 

12,671

 

 

 

4.0

%

 

 

0.7

%

Wealth management and trust income

 

 

815

 

 

 

722

 

 

 

693

 

 

 

12.8

%

 

 

17.7

%

Other non-interest income

 

 

1,302

 

 

 

1,622

 

 

 

990

 

 

 

(19.7

)%

 

 

31.7

%

Total non-interest income

 

$

18,495

 

 

$

21,002

 

 

$

22,234

 

 

 

(11.9

)%

 

 

(16.8

)%

 

 


Byline Bancorp, Inc.

Page 5 of 19

Non-interest income for the third quarter of 2021 was $18.5 million, a decrease of $2.5 million, or 11.9%, compared to $21.0 million for the second quarter of 2021.

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

A $2.7 million loan servicing asset revaluation charge, which was a $2.7 million downward valuation adjustment for the current quarter compared to a $7,000 upward valuation adjustment in the prior quarter, due to changes in the fair value of the servicing asset; and
A $793,000 decrease in the fair value of equity securities.

Partially offset by:

An increase of $491,000 in net gains on sales of loans due to higher volume of loan sales.

 

During the third quarter of 2021, we sold $104.2 million of U.S. government guaranteed loans compared to $100.6 million during the second quarter of 2021.

Non-interest Expense

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

 

 

Three Months Ended

 

 

September 30, 2021
Change from

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

25,978

 

 

$

24,588

 

 

$

23,126

 

 

 

5.7

%

 

 

12.3

%

Occupancy and equipment expense, net

 

 

4,982

 

 

 

4,856

 

 

 

5,220

 

 

 

2.6

%

 

 

(4.6

)%

Loan and lease related expenses

 

 

1,175

 

 

 

1,503

 

 

 

2,053

 

 

 

(21.7

)%

 

 

(42.7

)%

Legal, audit and other professional fees

 

 

2,710

 

 

 

2,898

 

 

 

2,390

 

 

 

(6.5

)%

 

 

13.4

%

Data processing

 

 

3,108

 

 

 

2,847

 

 

 

2,661

 

 

 

9.1

%

 

 

16.8

%

Net loss recognized on other real estate
   owned and other related expenses

 

 

42

 

 

 

389

 

 

 

349

 

 

 

(89.1

)%

 

 

(87.8

)%

Other intangible assets amortization expense

 

 

1,738

 

 

 

1,848

 

 

 

1,947

 

 

 

(6.0

)%

 

 

(10.7

)%

Other non-interest expense

 

 

4,447

 

 

 

4,052

 

 

 

3,941

 

 

 

9.7

%

 

 

12.8

%

Total non-interest expense

 

$

44,180

 

 

$

42,981

 

 

$

41,687

 

 

 

2.8

%

 

 

6.0

%

Non-interest expense for the third quarter of 2021 was $44.2 million, an increase of $1.2 million, or 2.8%, from $43.0 million for the second quarter of 2021.

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

An increase of $1.4 million in salaries and employee benefits, primarily due to new hires during the quarter and increased commission expense; and
An increase of $395,000 in other non-interest expense, mainly due to advertising campaigns launched during the quarter.

Partially offset by:

A decrease of $328,000 in loan and leases related expenses, mainly due to decreases in government guaranteed loan expenses; and
A decrease of $347,000 in net loss recognized on other real estate owned and other related expenses, due to decreases in write-downs.

Our efficiency ratio was 54.18% for the third quarter of 2021 compared to 51.95% for the second quarter of 2021. Excluding impairment charges on assets held for sale, our adjusted efficiency ratio1 was 52.35% for the third quarter of 2021, compared with 49.50% for the second quarter of 2021.

 


Byline Bancorp, Inc.

Page 6 of 19

INCOME TAXES

We recorded income tax expense of $8.5 million during the third quarter of 2021, compared to $9.7 million during the second quarter of 2021. The effective tax rate was 25.1%, and 25.3%, for the third quarter and second quarter of 2021, respectively.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $6.7 billion at September 30, 2021, an increase of $163.8 million compared to $6.5 billion at June 30, 2021.

The current quarter increase was primarily due to:

An increase in loans and leases of $139.8 million, as a result of new originations, primarily driven by commercial real estate and commercial and industrial loans.

Partially offset by:

A decreases of $68.2 million in securities available-for-sale, at fair value, due to principal paydowns used to fund loan and lease growth.

 

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

 

 

September 30, 2021

 

 

June 30, 2021

 

 

September 30, 2020

 

(dollars in thousands)

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

Originated loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,298,454

 

 

 

28.2

%

 

$

1,156,824

 

 

 

25.9

%

 

$

919,862

 

 

 

21.0

%

Residential real estate

 

 

387,578

 

 

 

8.4

%

 

 

389,758

 

 

 

8.7

%

 

 

458,364

 

 

 

10.5

%

Construction, land development, and
   other land

 

 

336,460

 

 

 

7.3

%

 

 

271,710

 

 

 

6.1

%

 

 

234,017

 

 

 

5.3

%

Commercial and industrial

 

 

1,480,076

 

 

 

32.1

%

 

 

1,350,471

 

 

 

30.2

%

 

 

1,214,099

 

 

 

27.8

%

Paycheck Protection Program

 

 

268,081

 

 

 

5.8

%

 

 

476,282

 

 

 

10.7

%

 

 

622,191

 

 

 

14.2

%

Installment and other

 

 

998

 

 

 

0.0

%

 

 

982

 

 

 

0.0

%

 

 

2,346

 

 

 

0.1

%

Leasing financing receivables

 

 

331,149

 

 

 

7.2

%

 

 

267,300

 

 

 

6.0

%

 

 

185,700

 

 

 

4.2

%

Total originated loans and leases

 

$

4,102,796

 

 

 

89.0

%

 

$

3,913,327

 

 

 

87.6

%

 

$

3,636,579

 

 

 

83.1

%

Acquired impaired loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

84,821

 

 

 

1.8

%

 

$

91,313

 

 

 

2.0

%

 

$

117,114

 

 

 

2.7

%

Residential real estate

 

 

61,893

 

 

 

1.3

%

 

 

67,401

 

 

 

1.5

%

 

 

84,197

 

 

 

1.9

%

Construction, land development, and
   other land

 

 

1,746

 

 

 

0.1

%

 

 

2,008

 

 

 

0.0

%

 

 

4,804

 

 

 

0.1

%

Commercial and industrial

 

 

6,651

 

 

 

0.1

%

 

 

7,444

 

 

 

0.2

%

 

 

10,489

 

 

 

0.3

%

Installment and other

 

 

169

 

 

 

0.0

%

 

 

180

 

 

 

0.0

%

 

 

214

 

 

 

0.0

%

Total acquired impaired loans

 

$

155,280

 

 

 

3.3

%

 

$

168,346

 

 

 

3.7

%

 

$

216,818

 

 

 

5.0

%

Acquired non-impaired loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

235,103

 

 

 

5.1

%

 

$

254,739

 

 

 

5.6

%

 

$

310,879

 

 

 

7.1

%

Residential real estate

 

 

58,283

 

 

 

1.3

%

 

 

65,119

 

 

 

1.5

%

 

 

90,835

 

 

 

2.1

%

Construction, land development, and
   other land

 

 

206

 

 

 

0.0

%

 

 

208

 

 

 

0.0

%

 

 

213

 

 

 

0.0

%

Commercial and industrial

 

 

49,678

 

 

 

1.1

%

 

 

58,320

 

 

 

1.3

%

 

 

104,221

 

 

 

2.4

%

Installment and other

 

 

275

 

 

 

0.0

%

 

 

311

 

 

 

0.0

%

 

 

583

 

 

 

0.0

%

Leasing financing receivables

 

 

7,607

 

 

 

0.2

%

 

 

9,087

 

 

 

0.3

%

 

 

14,389

 

 

 

0.3

%

Total acquired non-impaired loans
   and leases

 

$

351,152

 

 

 

7.7

%

 

$

387,784

 

 

 

8.7

%

 

$

521,120

 

 

 

11.9

%

Total loans and leases

 

$

4,609,228

 

 

 

100.0

%

 

$

4,469,457

 

 

 

100.0

%

 

$

4,374,517

 

 

 

100.0

%

Allowance for loan and lease losses

 

 

(60,598

)

 

 

 

 

 

(61,719

)

 

 

 

 

 

(61,258

)

 

 

 

Total loans and leases, net of allowance for
   loan and lease losses

 

$

4,548,630

 

 

 

 

 

$

4,407,738

 

 

 

 

 

$

4,313,259

 

 

 

 

 

 


Byline Bancorp, Inc.

Page 7 of 19

Paycheck Protection Program

The following table presents the net PPP loans outstanding as of September 30, 2021:

 

 

PPP Loans Outstanding

 

(dollars in thousands)

 

First Round

 

 

Second Round

 

 

Total

 

Principal outstanding

 

$

12,561

 

 

$

263,058

 

 

$

275,619

 

Unearned processing fee

 

 

(176

)

 

 

(9,503

)

 

 

(9,679

)

Deferred cost

 

 

47

 

 

 

2,094

 

 

 

2,141

 

PPP loans, net

 

$

12,432

 

 

$

255,649

 

 

$

268,081

 

Number of loans outstanding

 

 

128

 

 

 

1,624

 

 

 

1,752

 

 

 

 

 

 

 

 

 

 

 

Forgiven

 

 

95.9

%

 

 

22.3

%

 

 

70.7

%

In review or submission process

 

 

0.9

%

 

 

10.9

%

 

 

4.3

%

Not applied for forgiveness

 

 

3.2

%

 

 

66.8

%

 

 

25.0

%

PPP loans decreased by $208.2 million in the third quarter of 2021 primarily as a result of forgiveness of PPP loans. Forgiveness for the third quarter 2021 was $202.4 million compared to $180.7 million for the second quarter of 2021.

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:

 

 

 

 

 

 

 

 

 

 

 

% Change from

 

(dollars in thousands)

 

September 30, 2021

 

 

June 30, 2021

 

 

September 30, 2020

 

 

June 30, 2021

 

 

September 30, 2020

 

Non-performing assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans and leases

 

$

34,465

 

 

$

35,514

 

 

$

43,196

 

 

 

(3.0

)%

 

 

(20.2

)%

Past due loans and leases 90 days or more
   and still accruing interest

 

 

 

 

 

 

 

 

 

 

—%

 

 

—%

 

Total non-performing loans and leases

 

$

34,465

 

 

$

35,514

 

 

$

43,196

 

 

 

(3.0

)%

 

 

(20.2

)%

Other real estate owned

 

 

3,033

 

 

 

4,417

 

 

 

8,150

 

 

 

(31.3

)%

 

 

(62.8

)%

Total non-performing assets

 

$

37,498

 

 

$

39,931

 

 

$

51,346

 

 

 

(6.1

)%

 

 

(27.0

)%

Accruing troubled debt restructured loans (1)

 

$

2,366

 

 

$

2,395

 

 

$

2,293

 

 

 

(1.3

)%

 

 

3.2

%

Total non-performing loans and leases as a
   percentage of total loans and leases

 

 

0.75

%

 

 

0.79

%

 

 

0.99

%

 

 

 

 

 

 

Total non-performing assets as a percentage
   of total assets

 

 

0.56

%

 

 

0.61

%

 

 

0.79

%

 

 

 

 

 

 

Allowance for loan and lease losses as a
   percentage of non-performing loans and
   leases

 

 

175.82

%

 

 

173.79

%

 

 

141.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets guaranteed by
   U.S. government:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans guaranteed

 

$

6,326

 

 

$

5,847

 

 

$

3,749

 

 

 

8.2

%

 

 

68.8

%

Past due loans 90 days or more and still
   accruing interest guaranteed

 

 

 

 

 

 

 

 

 

 

—%

 

 

—%

 

Total non-performing loans guaranteed

 

$

6,326

 

 

$

5,847

 

 

$

3,749

 

 

 

8.2

%

 

 

68.8

%

Accruing troubled debt restructured loans
   guaranteed
(1)

 

$

 

 

$

 

 

$

 

 

—%

 

 

—%

 

Total non-performing loans and leases
   not guaranteed as a percentage of total
   loans and leases

 

 

0.61

%

 

 

0.66

%

 

 

0.90

%

 

 

 

 

 

 

Total non-performing assets not guaranteed
   as a percentage of total assets

 

 

0.46

%

 

 

0.52

%

 

 

0.73

%

 

 

 

 

 

 

Variances in non-performing assets were:

Non-performing loans and leases were $34.5 million at September 30, 2021, a decrease of $1.0 million from $35.5 million at June 30, 2021; and
Other real estate owned was $3.0 million at September 30, 2021, a decrease of $1.4 million from $4.4 million at June 30, 2021 due to sales.

 


Byline Bancorp, Inc.

Page 8 of 19

Allowance for Loan and Lease Losses

The following table presents the balance and activity within the allowance for loan and lease losses for the periods indicated:

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

Allowance for loan and lease losses, beginning of period

 

$

61,719

 

 

$

65,590

 

 

$

51,300

 

Provision/(recapture) for loan and lease losses

 

 

352

 

 

 

(1,969

)

 

 

15,740

 

Net charge-offs of loans and leases

 

 

(1,473

)

 

 

(1,902

)

 

 

(5,782

)

Allowance for loan and lease losses, end of period

 

$

60,598

 

 

$

61,719

 

 

$

61,258

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan and lease losses to period end
   total loans and leases held for investment

 

 

1.31

%

 

 

1.38

%

 

 

1.40

%

Net charge-offs (annualized) to average loans
   and leases outstanding during the period

 

 

0.13

%

 

 

0.17

%

 

 

0.53

%

Provision/(recapture) for loan and lease losses
   to net charge-offs during the period

 

 

0.24

x

 

(1.04)x

 

 

 

2.72

x

 

The allowance for loan and lease losses as a percentage of total loans and leases held for investment decreased to 1.31% at September 30, 2021 compared to 1.38% at June 30, 2021. The allowance for loan and lease losses as a percentage of total loans and leases held for investment excluding PPP loans decreased to 1.40% at September 30, 2021 from 1.55% at June 30, 2021.

In June 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance on the recognition of credit losses, which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. In November 2019, the FASB delayed the effective date of the standard for smaller reporting companies, which includes emerging growth companies. Assuming we remain an emerging growth company, 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 third quarter of 2021 were $1.5 million, or 0.13% of average loans and leases, on an annualized basis, a decrease of $429,000 compared to $1.9 million or 0.17% of average loans and leases, during the second quarter of 2021, and a decrease of $4.3 million from $5.8 million or 0.53% of average loans and leases from the comparable period a year ago.

Net charge-offs for the third quarter of 2021 included $1.3 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the second quarter of 2021 and third quarter of 2020 included $1.6 million and $4.1 million, respectively, in the unguaranteed portion of U.S. government guaranteed loans.

 

 


Byline Bancorp, Inc.

Page 9 of 19

Deposits and Other Liabilities

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

 

 

 

 

 

 

 

 

 

 

 

Change from

 

(dollars in thousands)

 

September 30, 2021

 

 

June 30, 2021

 

 

September 30, 2020

 

 

June 30, 2021

 

 

September 30, 2020

 

Non-interest-bearing demand deposits

 

$

2,117,749

 

 

$

2,089,455

 

 

$

1,718,682

 

 

 

1.4

%

 

 

23.2

%

Interest-bearing checking accounts

 

 

652,824

 

 

 

653,558

 

 

 

584,682

 

 

 

(0.1

)%

 

 

11.7

%

Money market demand accounts

 

 

1,057,419

 

 

 

1,023,675

 

 

 

1,153,433

 

 

 

3.3

%

 

 

(8.3

)%

Other savings

 

 

627,294

 

 

 

613,136

 

 

 

542,741

 

 

 

2.3

%

 

 

15.6

%

Time deposits (below $250,000)

 

 

553,364

 

 

 

567,469

 

 

 

622,328

 

 

 

(2.5

)%

 

 

(11.1

)%

Time deposits ($250,000 and above)

 

 

149,628

 

 

 

144,902

 

 

 

188,379

 

 

 

3.3

%

 

 

(20.6

)%

Total deposits

 

$

5,158,278

 

 

$

5,092,195

 

 

$

4,810,245

 

 

 

1.3

%

 

 

7.2

%

 

Total deposits were $5.2 billion at September 30, 2021, an increase of $66.1 million, or 1.3%, compared to $5.1 billion at June 30, 2021. Non-interest-bearing deposits were 41.1% and 41.0% of total deposits at September 30, 2021 and June 30, 2021, respectively.

The increase in the current quarter was primarily due to:

An increase in non-interest-bearing deposits of $28.3 million, due to increases in commercial deposits; and
An increase in money market demand accounts of $33.7 million, principally driven by increases in personal money market accounts.

Total borrowings and other liabilities were $721.8 million at September 30, 2021, an increase of $90.4 million from $631.3 million at June 30, 2021, primarily driven by an increase in Federal Home Loan Bank advances of $243.0 million, offset by the Paycheck Protection Program Liquidity Facility decreasing by $148.3 million to $156.4 million at September 30, 2021 from $304.7 million at June 30, 2021.

Stockholders’ Equity

Total stockholders’ equity was $824.4 million at September 30, 2021, an increase of $7.3 million from $817.1 million at June 30, 2021. The increase was primarily due to an increase in retained earnings, offset by a decrease in the fair value of available-for-sale securities, and repurchases of common stock.

Under its stock repurchase program the Company repurchased an aggregate of 460,220 shares at an average price per share of $22.62 during the third quarter, and 1,331,708 shares at an average price of $21.68 year-to-date.

 


Byline Bancorp, Inc.

Page 10 of 19

The following table presents actual regulatory capital dollar amounts and ratios of the Company and Byline Banks of September 30, 2021:

 

 

Actual

 

 

Minimum Capital
Required

 

 

Required to be
Considered
Well Capitalized

 

September 30, 2021

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

Total capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

821,646

 

 

 

14.78

%

 

$

444,596

 

 

 

8.00

%

 

N/A

 

 

N/A

 

Bank

 

 

747,862

 

 

 

13.50

%

 

 

443,176

 

 

 

8.00

%

 

$

553,971

 

 

 

10.00

%

Tier 1 capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

684,523

 

 

 

12.32

%

 

$

333,447

 

 

 

6.00

%

 

N/A

 

 

N/A

 

Bank

 

$

685,739

 

 

 

12.38

%

 

 

332,382

 

 

 

6.00

%

 

$

443,176

 

 

 

8.00

%

Common Equity Tier 1 (CET1) to
   risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

629,085

 

 

 

11.32

%

 

$

250,085

 

 

 

4.50

%

 

N/A

 

 

N/A

 

Bank

 

 

685,739

 

 

 

12.38

%

 

 

249,287

 

 

 

4.50

%

 

$

360,081

 

 

 

6.50

%

Tier 1 capital to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

684,523

 

 

 

11.21

%

 

$

244,268

 

 

 

4.00

%

 

N/A

 

 

N/A

 

Bank

 

 

685,739

 

 

 

11.24

%

 

 

244,138

 

 

 

4.00

%

 

$

305,173

 

 

 

5.00

%

 

Capital ratios for the period presented are based on the Basel III regulatory capital framework as applied to our current business and operations, and are subject to, among other things, completion and filing of our regulatory reports and ongoing regulatory review and implementation guidance.

Conference Call, Webcast and Slide Presentation

We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, October 29, 2021 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 611698. A recorded replay can be accessed through November 12, 2021 by dialing (866) 813-9403; passcode: 960656.

A slide presentation relating to our third quarter 2021 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 $6.7 billion in assets and operates more than 40 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.

 


Byline Bancorp, Inc.

Page 11 of 19

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.

The COVID-19 pandemic is adversely affecting us, our employees, customers, counterparties and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Deterioration in general business and economic conditions, including increases in unemployment rates or turbulence in U.S. or global financial markets, could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, and lead to a tightening of credit and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways.

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, 2020. 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.

Contacts:

Investors:

Media:

Brooks Rennie

Erin O’Neill

Investor Relations Manager

Director of Marketing

312-660-5805

773-475-2901

brennie@bylinebank.com

eoneill@bylinebank.com

 

 

 

 

 


Byline Bancorp, Inc.

Page 12 of 19

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

(dollars in thousands)

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

46,900

 

 

$

50,558

 

 

$

47,101

 

 

$

41,432

 

 

$

47,433

 

Interest bearing deposits with other banks

 

 

95,978

 

 

 

52,138

 

 

 

66,038

 

 

 

41,988

 

 

 

53,645

 

Cash and cash equivalents

 

 

142,878

 

 

 

102,696

 

 

 

113,139

 

 

 

83,420

 

 

 

101,078

 

Equity and other securities, at fair value

 

 

10,299

 

 

 

10,575

 

 

 

8,557

 

 

 

8,764

 

 

 

8,335

 

Securities available-for-sale, at fair value

 

 

1,427,605

 

 

 

1,495,789

 

 

 

1,675,907

 

 

 

1,447,230

 

 

 

1,509,211

 

Securities held-to-maturity, at amortized cost

 

 

3,887

 

 

 

3,890

 

 

 

3,892

 

 

 

4,395

 

 

 

4,400

 

Restricted stock, at cost

 

 

15,927

 

 

 

11,927

 

 

 

19,057

 

 

 

10,507

 

 

 

9,652

 

Loans held for sale

 

 

48,372

 

 

 

25,046

 

 

 

28,584

 

 

 

7,924

 

 

 

49,049

 

Loans and leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

 

4,609,228

 

 

 

4,469,457

 

 

 

4,454,620

 

 

 

4,340,535

 

 

 

4,374,517

 

Allowance for loan and lease losses

 

 

(60,598

)

 

 

(61,719

)

 

 

(65,590

)

 

 

(66,347

)

 

 

(61,258

)

Net loans and leases

 

 

4,548,630

 

 

 

4,407,738

 

 

 

4,389,030

 

 

 

4,274,188

 

 

 

4,313,259

 

Servicing assets, at fair value

 

 

23,597

 

 

 

24,683

 

 

 

22,140

 

 

 

22,042

 

 

 

21,267

 

Premises and equipment, net

 

 

76,995

 

 

 

80,482

 

 

 

85,182

 

 

 

86,728

 

 

 

94,638

 

Other real estate owned, net

 

 

3,033

 

 

 

4,417

 

 

 

5,952

 

 

 

6,350

 

 

 

8,150

 

Goodwill and other intangible assets, net

 

 

167,296

 

 

 

169,034

 

 

 

170,882

 

 

 

172,631

 

 

 

174,523

 

Bank-owned life insurance

 

 

60,992

 

 

 

60,628

 

 

 

60,258

 

 

 

10,009

 

 

 

9,952

 

Deferred tax assets, net

 

 

45,165

 

 

 

43,127

 

 

 

48,662

 

 

 

40,181

 

 

 

35,945

 

Accrued interest receivable and other assets

 

 

129,775

 

 

 

100,570

 

 

 

118,883

 

 

 

216,283

 

 

 

157,054

 

Total assets

 

$

6,704,451

 

 

$

6,540,602

 

 

$

6,750,125

 

 

$

6,390,652

 

 

$

6,496,513

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

2,117,749

 

 

$

2,089,455

 

 

$

2,015,643

 

 

$

1,762,676

 

 

$

1,718,682

 

Interest-bearing deposits

 

 

3,040,529

 

 

 

3,002,740

 

 

 

3,008,897

 

 

 

2,989,355

 

 

 

3,091,563

 

Total deposits

 

 

5,158,278

 

 

 

5,092,195

 

 

 

5,024,540

 

 

 

4,752,031

 

 

 

4,810,245

 

Other borrowings

 

 

539,119

 

 

 

446,836

 

 

 

749,719

 

 

 

647,901

 

 

 

710,560

 

Subordinated notes, net

 

 

73,473

 

 

 

73,429

 

 

 

73,386

 

 

 

73,342

 

 

 

73,299

 

Junior subordinated debentures issued to
   capital trusts, net

 

 

36,796

 

 

 

36,682

 

 

 

36,565

 

 

 

36,451

 

 

 

36,331

 

Accrued expenses and other liabilities

 

 

72,367

 

 

 

74,387

 

 

 

72,120

 

 

 

75,463

 

 

 

71,382

 

Total liabilities

 

 

5,880,033

 

 

 

5,723,529

 

 

 

5,956,330

 

 

 

5,585,188

 

 

 

5,701,817

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Common stock

 

 

386

 

 

 

385

 

 

 

385

 

 

 

384

 

 

 

383

 

Additional paid-in capital

 

 

592,192

 

 

 

590,422

 

 

 

589,209

 

 

 

587,165

 

 

 

586,057

 

Retained earnings

 

 

258,077

 

 

 

236,363

 

 

 

210,385

 

 

 

191,098

 

 

 

180,162

 

Treasury stock

 

 

(31,161

)

 

 

(20,712

)

 

 

(8,275

)

 

 

(1,668

)

 

 

(1,668

)

Accumulated other comprehensive income
   (loss), net of tax

 

 

(5,514

)

 

 

177

 

 

 

(8,347

)

 

 

18,047

 

 

 

19,324

 

Total stockholders’ equity

 

 

824,418

 

 

 

817,073

 

 

 

793,795

 

 

 

805,464

 

 

 

794,696

 

Total liabilities and stockholders’ equity

 

$

6,704,451

 

 

$

6,540,602

 

 

$

6,750,125

 

 

$

6,390,652

 

 

$

6,496,513

 

 

 


Byline Bancorp, Inc.

Page 13 of 19

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

(dollars in thousands, except per share data)

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2021

 

 

2020

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

56,291

 

 

$

54,324

 

 

$

53,808

 

 

$

53,441

 

 

$

51,036

 

 

$

164,423

 

 

$

155,347

 

Interest on securities

 

 

5,534

 

 

 

6,359

 

 

 

6,089

 

 

 

6,252

 

 

 

7,070

 

 

 

17,982

 

 

 

22,616

 

Other interest and dividend income

 

 

947

 

 

 

628

 

 

 

262

 

 

 

232

 

 

 

128

 

 

 

1,837

 

 

 

1,342

 

Total interest and dividend income

 

 

62,772

 

 

 

61,311

 

 

 

60,159

 

 

 

59,925

 

 

 

58,234

 

 

 

184,242

 

 

 

179,305

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

986

 

 

 

1,058

 

 

 

1,421

 

 

 

1,814

 

 

 

2,760

 

 

 

3,465

 

 

 

14,810

 

Other borrowings

 

 

349

 

 

 

482

 

 

 

502

 

 

 

480

 

 

 

465

 

 

 

1,333

 

 

 

2,838

 

Subordinated notes and debentures

 

 

1,592

 

 

 

1,597

 

 

 

1,596

 

 

 

1,611

 

 

 

1,485

 

 

 

4,785

 

 

 

2,699

 

Total interest expense

 

 

2,927

 

 

 

3,137

 

 

 

3,519

 

 

 

3,905

 

 

 

4,710

 

 

 

9,583

 

 

 

20,347

 

Net interest income

 

 

59,845

 

 

 

58,174

 

 

 

56,640

 

 

 

56,020

 

 

 

53,524

 

 

 

174,659

 

 

 

158,958

 

PROVISION/(RECAPTURE) FOR LOAN
   AND LEASE LOSSES

 

 

352

 

 

 

(1,969

)

 

 

4,367

 

 

 

10,236

 

 

 

15,740

 

 

 

2,750

 

 

 

45,713

 

Net interest income after
  provision/(recapture) for
  loan and lease losses

 

 

59,493

 

 

 

60,143

 

 

 

52,273

 

 

 

45,784

 

 

 

37,784

 

 

 

171,909

 

 

 

113,245

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

1,867

 

 

 

1,768

 

 

 

1,664

 

 

 

1,740

 

 

 

1,603

 

 

 

5,299

 

 

 

4,731

 

Loan servicing revenue

 

 

3,344

 

 

 

3,188

 

 

 

2,769

 

 

 

2,645

 

 

 

2,936

 

 

 

9,301

 

 

 

8,674

 

Loan servicing asset revaluation

 

 

(2,650

)

 

 

7

 

 

 

(1,505

)

 

 

(2,298

)

 

 

1,122

 

 

 

(4,148

)

 

 

(2,653

)

ATM and interchange fees

 

 

1,201

 

 

 

1,044

 

 

 

1,012

 

 

 

1,076

 

 

 

1,028

 

 

 

3,257

 

 

 

3,089

 

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

 

 

130

 

 

 

(136

)

 

 

1,462

 

 

 

2,889

 

 

 

1,037

 

 

 

1,456

 

 

 

2,412

 

Change in fair value of equity securities,
   net

 

 

(275

)

 

 

517

 

 

 

(206

)

 

 

428

 

 

 

154

 

 

 

36

 

 

 

301

 

Net gains on sales of loans

 

 

12,761

 

 

 

12,270

 

 

 

8,319

 

 

 

9,449

 

 

 

12,671

 

 

 

33,350

 

 

 

23,900

 

Wealth management and trust income

 

 

815

 

 

 

722

 

 

 

768

 

 

 

710

 

 

 

693

 

 

 

2,305

 

 

 

1,970

 

Other non-interest income

 

 

1,302

 

 

 

1,622

 

 

 

1,459

 

 

 

1,051

 

 

 

990

 

 

 

4,383

 

 

 

1,946

 

Total non-interest income

 

 

18,495

 

 

 

21,002

 

 

 

15,742

 

 

 

17,690

 

 

 

22,234

 

 

 

55,239

 

 

 

44,370

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

25,978

 

 

 

24,588

 

 

 

21,806

 

 

 

22,559

 

 

 

23,126

 

 

 

72,372

 

 

 

67,197

 

Occupancy and equipment expense, net

 

 

4,982

 

 

 

4,856

 

 

 

5,779

 

 

 

6,854

 

 

 

5,220

 

 

 

15,617

 

 

 

16,103

 

Loan and lease related expenses

 

 

1,175

 

 

 

1,503

 

 

 

951

 

 

 

1,324

 

 

 

2,053

 

 

 

3,629

 

 

 

4,631

 

Legal, audit, and other professional fees

 

 

2,710

 

 

 

2,898

 

 

 

2,214

 

 

 

1,336

 

 

 

2,390

 

 

 

7,822

 

 

 

6,802

 

Data processing

 

 

3,108

 

 

 

2,847

 

 

 

2,755

 

 

 

2,748

 

 

 

2,661

 

 

 

8,710

 

 

 

8,152

 

Net loss recognized on other real
   estate owned and other related
   expenses

 

 

42

 

 

 

389

 

 

 

621

 

 

 

495

 

 

 

349

 

 

 

1,052

 

 

 

1,324

 

Other intangible assets amortization
   expense

 

 

1,738

 

 

 

1,848

 

 

 

1,749

 

 

 

1,892

 

 

 

1,947

 

 

 

5,335

 

 

 

5,732

 

Other non-interest expense

 

 

4,447

 

 

 

4,052

 

 

 

2,967

 

 

 

9,813

 

 

 

3,941

 

 

 

11,466

 

 

 

12,460

 

Total non-interest expense

 

 

44,180

 

 

 

42,981

 

 

 

38,842

 

 

 

47,021

 

 

 

41,687

 

 

 

126,003

 

 

 

122,401

 

INCOME BEFORE PROVISION FOR INCOME
   TAXES

 

 

33,808

 

 

 

38,164

 

 

 

29,173

 

 

 

16,453

 

 

 

18,331

 

 

 

101,145

 

 

 

35,214

 

PROVISION FOR INCOME TAXES

 

 

8,502

 

 

 

9,672

 

 

 

7,375

 

 

 

4,162

 

 

 

5,260

 

 

 

25,549

 

 

 

10,038

 

NET INCOME

 

 

25,306

 

 

 

28,492

 

 

 

21,798

 

 

 

12,291

 

 

 

13,071

 

 

 

75,596

 

 

 

25,176

 

Dividends on preferred shares

 

 

196

 

 

 

195

 

 

 

196

 

 

 

196

 

 

 

196

 

 

 

587

 

 

 

587

 

INCOME AVAILABLE TO COMMON
   STOCKHOLDERS

 

$

25,110

 

 

$

28,297

 

 

$

21,602

 

 

$

12,095

 

 

$

12,875

 

 

$

75,009

 

 

$

24,589

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.68

 

 

$

0.75

 

 

$

0.57

 

 

$

0.32

 

 

$

0.34

 

 

$

1.99

 

 

$

0.65

 

Diluted

 

$

0.66

 

 

$

0.73

 

 

$

0.56

 

 

$

0.31

 

 

$

0.34

 

 

$

1.95

 

 

$

0.64

 

 

 


Byline Bancorp, Inc.

Page 14 of 19

BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

(dollars in thousands, except share

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

   and per share data)

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2021

 

 

2020

 

Common Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

59,845

 

 

$

58,174

 

 

$

56,640

 

 

$

56,020

 

 

$

53,524

 

 

$

174,659

 

 

$

158,958

 

Provision/(recapture) for loan and
  lease losses

 

352

 

 

 

(1,969

)

 

 

4,367

 

 

 

10,236

 

 

 

15,740

 

 

 

2,750

 

 

 

45,713

 

Non-interest income

 

18,495

 

 

 

21,002

 

 

 

15,742

 

 

 

17,690

 

 

 

22,234

 

 

 

55,239

 

 

 

44,370

 

Non-interest expense

 

44,180

 

 

 

42,981

 

 

 

38,842

 

 

 

47,021

 

 

 

41,687

 

 

 

126,003

 

 

 

122,401

 

Income before provision for
  income taxes

 

33,808

 

 

 

38,164

 

 

 

29,173

 

 

 

16,453

 

 

 

18,331

 

 

 

101,145

 

 

 

35,214

 

Provision for income taxes

 

8,502

 

 

 

9,672

 

 

 

7,375

 

 

 

4,162

 

 

 

5,260

 

 

 

25,549

 

 

 

10,038

 

Net income

 

25,306

 

 

 

28,492

 

 

 

21,798

 

 

 

12,291

 

 

 

13,071

 

 

 

75,596

 

 

 

25,176

 

Dividends on preferred shares

 

196

 

 

 

195

 

 

 

196

 

 

 

196

 

 

 

196

 

 

 

587

 

 

 

587

 

Net income available
  to common stockholders

$

25,110

 

 

$

28,297

 

 

$

21,602

 

 

$

12,095

 

 

$

12,875

 

 

$

75,009

 

 

$

24,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.68

 

 

$

0.75

 

 

$

0.57

 

 

$

0.32

 

 

$

0.34

 

 

$

1.99

 

 

$

0.65

 

Diluted earnings per common share

$

0.66

 

 

$

0.73

 

 

$

0.56

 

 

$

0.31

 

 

$

0.34

 

 

$

1.95

 

 

$

0.64

 

Adjusted diluted earnings per common
   share
(2)(3)(4)

$

0.69

 

 

$

0.77

 

 

$

0.57

 

 

$

0.38

 

 

$

0.34

 

 

$

2.02

 

 

$

0.65

 

Weighted average common shares
   outstanding (basic)

 

37,200,778

 

 

 

37,965,658

 

 

 

38,164,201

 

 

 

38,202,665

 

 

 

38,057,350

 

 

 

37,773,350

 

 

 

37,973,694

 

Weighted average common shares
   outstanding (diluted)

 

38,018,301

 

 

 

38,696,036

 

 

 

38,915,482

 

 

 

38,574,129

 

 

 

38,249,335

 

 

 

38,523,112

 

 

 

38,251,963

 

Common shares outstanding

 

37,690,087

 

 

 

38,094,972

 

 

 

38,641,851

 

 

 

38,618,054

 

 

 

38,568,916

 

 

 

37,690,087

 

 

 

38,568,916

 

Cash dividends per common share

$

0.09

 

 

$

0.06

 

 

$

0.06

 

 

$

0.03

 

 

$

0.03

 

 

$

0.21

 

 

$

0.09

 

Dividend payout ratio on
  common stock

 

13.64

%

 

 

8.22

%

 

 

10.71

%

 

 

9.68

%

 

 

8.82

%

 

 

10.77

%

 

 

14.06

%

Tangible book value per
  common share
(1)

$

17.16

 

 

$

16.74

 

 

$

15.85

 

 

$

16.12

 

 

$

15.81

 

 

$

17.16

 

 

$

15.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Ratios and Performance Metrics
   (annualized where applicable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin, fully taxable
  equivalent
(1)(5)

 

3.92

%

 

 

3.76

%

 

 

3.78

%

 

 

3.78

%

 

 

3.61

%

 

 

3.82

%

 

 

3.82

%

Average cost of deposits

 

0.08

%

 

 

0.08

%

 

 

0.12

%

 

 

0.15

%

 

 

0.22

%

 

 

0.09

%

 

 

0.43

%

Efficiency ratio(2)

 

54.18

%

 

 

51.95

%

 

 

51.25

%

 

 

61.22

%

 

 

52.46

%

 

 

52.49

%

 

 

57.38

%

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

 

52.35

%

 

 

49.50

%

 

 

50.41

%

 

 

55.77

%

 

 

52.42

%

 

 

50.76

%

 

 

57.01

%

Non-interest expense to average assets

 

2.67

%

 

 

2.57

%

 

 

2.39

%

 

 

2.92

%

 

 

2.59

%

 

 

2.54

%

 

 

2.70

%

Adjusted non-interest expense to
   average assets
(1)(3)

 

2.58

%

 

 

2.45

%

 

 

2.35

%

 

 

2.67

%

 

 

2.59

%

 

 

2.46

%

 

 

2.68

%

Return on average stockholders' equity

 

12.19

%

 

 

14.10

%

 

 

10.96

%

 

 

6.07

%

 

 

6.57

%

 

 

12.42

%

 

 

4.33

%

Adjusted return on average
   stockholders' equity
(1)(3)(4)

 

12.69

%

 

 

14.80

%

 

 

11.18

%

 

 

7.50

%

 

 

6.58

%

 

 

12.90

%

 

 

4.42

%

Return on average assets

 

1.53

%

 

 

1.70

%

 

 

1.34

%

 

 

0.76

%

 

 

0.81

%

 

 

1.53

%

 

 

0.56

%

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

 

1.59

%

 

 

1.78

%

 

 

1.37

%

 

 

0.94

%

 

 

0.81

%

 

 

1.58

%

 

 

0.57

%

Non-interest income to total
   revenues
(1)

 

23.61

%

 

 

26.53

%

 

 

21.75

%

 

 

24.00

%

 

 

29.35

%

 

 

24.03

%

 

 

21.82

%

Pre-tax pre-provision return on
   average assets
(1)

 

2.07

%

 

 

2.16

%

 

 

2.06

%

 

 

1.66

%

 

 

2.12

%

 

 

2.10

%

 

 

1.79

%

Adjusted pre-tax pre-provision return
  on average assets
(1)(3)

 

2.15

%

 

 

2.28

%

 

 

2.10

%

 

 

1.91

%

 

 

2.12

%

 

 

2.18

%

 

 

1.80

%

Return on average tangible common
   stockholders' equity
(1)

 

16.22

%

 

 

18.87

%

 

 

14.86

%

 

 

8.61

%

 

 

9.39

%

 

 

16.66

%

 

 

6.51

%

Adjusted return on average tangible
   common stockholders' equity
(1)(3)

 

16.86

%

 

 

19.77

%

 

 

15.15

%

 

 

10.47

%

 

 

9.40

%

 

 

17.27

%

 

 

6.63

%

Non-interest-bearing deposits to
  total deposits

 

41.06

%

 

 

41.03

%

 

 

40.12

%

 

 

37.09

%

 

 

35.73

%

 

 

41.06

%

 

 

35.73

%

Loans and leases held for sale and
  loans and lease held for
  investment to total deposits

 

90.29

%

 

 

88.26

%

 

 

89.23

%

 

 

91.51

%

 

 

91.96

%

 

 

90.29

%

 

 

91.96

%

Deposits to total liabilities

 

87.73

%

 

 

88.97

%

 

 

84.36

%

 

 

85.08

%

 

 

84.36

%

 

 

87.73

%

 

 

84.36

%

Deposits per branch

$

117,234

 

 

$

115,732

 

 

$

109,229

 

 

$

103,305

 

 

$

84,390

 

 

$

117,234

 

 

$

84,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

-

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans and leases to
   total loans and leases held for
   investment, net before ALLL

 

0.75

%

 

 

0.79

%

 

 

0.83

%

 

 

0.95

%

 

 

0.99

%

 

 

0.75

%

 

 

0.99

%

ALLL to total loans and leases held for
   investment, net before ALLL

 

1.31

%

 

 

1.38

%

 

 

1.47

%

 

 

1.53

%

 

 

1.40

%

 

 

1.31

%

 

 

1.40

%

Net charge-offs to average total loans
   and leases held for investment,
   net before ALLL

 

0.13

%

 

 

0.17

%

 

 

0.47

%

 

 

0.47

%

 

 

0.53

%

 

 

0.25

%

 

 

0.53

%

Acquisition accounting adjustments(4)

$

6,327

 

 

$

9,393

 

 

$

10,424

 

 

$

13,389

 

 

$

17,133

 

 

$

6,327

 

 

$

17,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity to total assets

 

12.14

%

 

 

12.33

%

 

 

11.61

%

 

 

12.44

%

 

 

12.07

%

 

 

12.14

%

 

 

12.07

%

Tangible common equity to
  tangible assets
(1)

 

9.89

%

 

 

10.01

%

 

 

9.31

%

 

 

10.01

%

 

 

9.64

%

 

 

9.89

%

 

 

9.64

%

Leverage ratio

 

11.21

%

 

 

10.82

%

 

 

10.93

%

 

 

11.12

%

 

 

10.93

%

 

 

11.21

%

 

 

10.93

%

Common equity tier 1 capital ratio

 

11.32

%

 

 

11.97

%

 

 

12.09

%

 

 

12.20

%

 

 

12.55

%

 

 

11.32

%

 

 

12.55

%

Tier 1 capital ratio

 

12.32

%

 

 

13.05

%

 

 

13.20

%

 

 

13.36

%

 

 

13.77

%

 

 

12.32

%

 

 

13.77

%

Total capital ratio

 

14.78

%

 

 

15.74

%

 

 

15.96

%

 

 

16.18

%

 

 

16.67

%

 

 

14.78

%

 

 

16.67

%

(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, merger-related expenses, and core systems conversion expense.

(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.

Page 15 of 19

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,

 

 

 

2021

 

 

2020

 

(dollars in thousands)

 

Average
Balance
(5)

 

 

Interest
Inc / Exp

 

 

Average
Yield /
Rate

 

 

Average
Balance
(5)

 

 

Interest
Inc / Exp

 

 

Average
Yield /
Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

40,088

 

 

$

19

 

 

 

0.19

%

 

$

48,678

 

 

$

25

 

 

 

0.20

%

Loans and leases(1)

 

 

4,539,111

 

 

 

56,291

 

 

 

4.92

%

 

 

4,360,203

 

 

 

51,036

 

 

 

4.66

%

Taxable securities

 

 

1,309,802

 

 

 

5,472

 

 

 

1.66

%

 

 

1,364,516

 

 

 

6,341

 

 

 

1.85

%

Tax-exempt securities(2)

 

 

187,064

 

 

 

1,254

 

 

 

2.66

%

 

 

143,157

 

 

 

1,054

 

 

 

2.93

%

Total interest-earning assets

 

$

6,076,065

 

 

$

63,036

 

 

 

4.12

%

 

$

5,916,554

 

 

$

58,456

 

 

 

3.93

%

Allowance for loan and lease losses

 

 

(61,528

)

 

 

 

 

 

 

 

 

(53,964

)

 

 

 

 

 

 

All other assets

 

 

546,331

 

 

 

 

 

 

 

 

 

538,700

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

6,560,868

 

 

 

 

 

 

 

 

$

6,401,290

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’
   EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

653,543

 

 

$

228

 

 

 

0.14

%

 

$

565,917

 

 

$

226

 

 

 

0.16

%

Money market accounts

 

 

1,031,009

 

 

 

280

 

 

 

0.11

%

 

 

1,202,016

 

 

 

634

 

 

 

0.21

%

Savings

 

 

625,037

 

 

 

75

 

 

 

0.05

%

 

 

535,396

 

 

 

64

 

 

 

0.05

%

Time deposits

 

 

709,805

 

 

 

403

 

 

 

0.23

%

 

 

870,228

 

 

 

1,836

 

 

 

0.84

%

Total interest-bearing deposits

 

 

3,019,394

 

 

 

986

 

 

 

0.13

%

 

 

3,173,557

 

 

 

2,760

 

 

 

0.35

%

Other borrowings

 

 

426,284

 

 

 

349

 

 

 

0.33

%

 

 

538,237

 

 

 

465

 

 

 

0.34

%

Subordinated notes and debentures

 

 

110,195

 

 

 

1,592

 

 

 

5.73

%

 

 

100,756

 

 

 

1,485

 

 

 

5.86

%

Total borrowings

 

 

536,479

 

 

 

1,941

 

 

 

1.44

%

 

 

638,993

 

 

 

1,950

 

 

 

1.21

%

Total interest-bearing liabilities

 

$

3,555,873

 

 

$

2,927

 

 

 

0.33

%

 

$

3,812,549

 

 

$

4,710

 

 

 

0.49

%

Non-interest-bearing demand deposits

 

 

2,106,189

 

 

 

 

 

 

 

 

 

1,742,787

 

 

 

 

 

 

 

Other liabilities

 

 

75,052

 

 

 

 

 

 

 

 

 

54,844

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

823,754

 

 

 

 

 

 

 

 

 

791,111

 

 

 

 

 

 

 

TOTAL LIABILITIES AND
   STOCKHOLDERS’ EQUITY

 

$

6,560,868

 

 

 

 

 

 

 

 

$

6,401,290

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

3.79

%

 

 

 

 

 

 

 

 

3.44

%

Net interest income, fully
  taxable equivalent

 

 

 

 

$

60,109

 

 

 

 

 

 

 

 

$

53,746

 

 

 

 

Net interest margin, fully
  taxable equivalent
(2)(4)

 

 

 

 

 

 

 

 

3.92

%

 

 

 

 

 

 

 

 

3.61

%

Tax-equivalent adjustment

 

 

 

 

 

(264

)

 

 

0.01

%

 

 

 

 

 

(222

)

 

 

0.01

%

Net interest income

 

 

 

 

$

59,845

 

 

 

 

 

 

 

 

$

53,524

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

3.91

%

 

 

 

 

 

 

 

 

3.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

$

1,638

 

 

 

0.11

%

 

 

 

 

$

3,911

 

 

 

0.26

%

 

(1) Loan and lease balances are net of deferred origination fees and costs and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances.

(2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

 

 

 


Byline Bancorp, Inc.

Page 16 of 19

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

For the Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

(dollars in thousands)

 

Average
Balance
(5)

 

 

Interest
Inc / Exp

 

 

Average
Yield /
Rate

 

 

Average
Balance
(5)

 

 

Interest
Inc / Exp

 

 

Average
Yield /
Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,926

 

 

$

75

 

 

 

0.18

%

 

$

48,861

 

 

$

207

 

 

 

0.57

%

Loans and leases(1)

 

 

4,487,909

 

 

 

164,423

 

 

 

4.90

%

 

 

4,148,465

 

 

 

155,347

 

 

 

5.00

%

Taxable securities

 

 

1,405,390

 

 

 

16,798

 

 

 

1.60

%

 

 

1,261,458

 

 

 

21,678

 

 

 

2.30

%

Tax-exempt securities(2)

 

 

184,826

 

 

 

3,729

 

 

 

2.70

%

 

 

115,161

 

 

 

2,625

 

 

 

3.04

%

Total interest-earning assets

 

$

6,135,051

 

 

$

185,025

 

 

 

4.03

%

 

$

5,573,945

 

 

$

179,857

 

 

 

4.31

%

Allowance for loan and lease losses

 

 

(64,768

)

 

 

 

 

 

 

 

 

(43,584

)

 

 

 

 

 

 

All other assets

 

 

552,660

 

 

 

 

 

 

 

 

 

522,321

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

6,622,943

 

 

 

 

 

 

 

 

$

6,052,682

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’
   EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

609,444

 

 

$

647

 

 

 

0.14

%

 

$

432,785

 

 

$

651

 

 

 

0.20

%

Money market accounts

 

 

1,068,770

 

 

 

940

 

 

 

0.12

%

 

 

1,126,588

 

 

 

3,794

 

 

 

0.45

%

Savings

 

 

603,366

 

 

 

214

 

 

 

0.05

%

 

 

509,001

 

 

 

186

 

 

 

0.05

%

Time deposits

 

 

734,708

 

 

 

1,664

 

 

 

0.30

%

 

 

986,419

 

 

 

10,179

 

 

 

1.38

%

Total interest-bearing deposits

 

 

3,016,288

 

 

 

3,465

 

 

 

0.15

%

 

 

3,054,793

 

 

 

14,810

 

 

 

0.81

%

Other borrowings

 

 

572,018

 

 

 

1,333

 

 

 

0.31

%

 

 

531,395

 

 

 

2,838

 

 

 

0.71

%

Subordinated notes and debentures

 

 

110,029

 

 

 

4,785

 

 

 

5.81

%

 

 

59,591

 

 

 

2,699

 

 

 

6.05

%

Total borrowings

 

 

682,047

 

 

 

6,118

 

 

 

1.20

%

 

 

590,986

 

 

 

5,537

 

 

 

1.25

%

Total interest-bearing liabilities

 

$

3,698,335

 

 

$

9,583

 

 

 

0.35

%

 

$

3,645,779

 

 

$

20,347

 

 

 

0.75

%

Non-interest-bearing demand deposits

 

 

2,039,242

 

 

 

 

 

 

 

 

 

1,578,704

 

 

 

 

 

 

 

Other liabilities

 

 

71,737

 

 

 

 

 

 

 

 

 

50,677

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

813,629

 

 

 

 

 

 

 

 

 

777,522

 

 

 

 

 

 

 

TOTAL LIABILITIES AND
   STOCKHOLDERS’ EQUITY

 

$

6,622,943

 

 

 

 

 

 

 

 

$

6,052,682

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

3.68

%

 

 

 

 

 

 

 

 

3.56

%

Net interest income, fully
  taxable equivalent

 

 

 

 

$

175,442

 

 

 

 

 

 

 

 

$

159,510

 

 

 

 

Net interest margin, fully
  taxable equivalent
(2)(4)

 

 

 

 

 

 

 

 

3.82

%

 

 

 

 

 

 

 

 

3.82

%

Tax-equivalent adjustment

 

 

 

 

 

(783

)

 

 

0.01

%

 

 

 

 

 

(552

)

 

 

0.01

%

Net interest income

 

 

 

 

$

174,659

 

 

 

 

 

 

 

 

$

158,958

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

3.81

%

 

 

 

 

 

 

 

 

3.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

$

5,001

 

 

 

0.11

%

 

 

 

 

$

10,754

 

 

 

0.26

%

 

(1) Loan and lease balances are net of deferred origination fees and costs and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances.

(2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

 

 


Byline Bancorp, Inc.

Page 17 of 19

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, non-interest income to total revenues, adjusted return on average stockholders’ equity, adjusted return on average assets, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common stockholders' equity, and adjusted return on average tangible common stockholders' equity. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See below in the financial schedules included in this press release for a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. Additionally, please refer to the Company’s Annual Report on Form 10-K for the detailed definitions of these non-GAAP financial measures.

 

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

(dollars in thousands, except per share data)

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2021

 

 

2020

 

Net income and earnings per share
   excluding significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Net Income

 

$

25,306

 

 

$

28,492

 

 

$

21,798

 

 

$

12,291

 

 

$

13,071

 

 

$

75,596

 

 

$

25,176

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

 

 

1,435

 

 

 

1,942

 

 

 

604

 

 

 

4,022

 

 

 

32

 

 

 

3,981

 

 

 

747

 

Tax benefit

 

 

(391

)

 

 

(529

)

 

 

(165

)

 

 

(1,120

)

 

 

(9

)

 

 

(1,085

)

 

 

(208

)

Adjusted Net Income

 

$

26,350

 

 

$

29,905

 

 

$

22,237

 

 

$

15,193

 

 

$

13,094

 

 

$

78,492

 

 

$

25,715

 

Reported Diluted Earnings per Share

 

$

0.66

 

 

$

0.73

 

 

$

0.56

 

 

$

0.31

 

 

$

0.34

 

 

$

1.95

 

 

$

0.64

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

 

 

0.04

 

 

 

0.05

 

 

 

0.02

 

 

 

0.10

 

 

 

 

 

 

0.10

 

 

 

0.02

 

Tax benefit

 

 

(0.01

)

 

 

(0.01

)

 

 

(0.01

)

 

 

(0.03

)

 

 

 

 

 

(0.03

)

 

 

(0.01

)

Adjusted Diluted Earnings per Share

 

$

0.69

 

 

$

0.77

 

 

$

0.57

 

 

$

0.38

 

 

$

0.34

 

 

$

2.02

 

 

$

0.65

 

 

 


Byline Bancorp, Inc.

Page 18 of 19

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

(dollars in thousands, except per share data,

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

  ratios annualized, where applicable)

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2021

 

 

2020

 

Adjusted non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

$

44,180

 

 

$

42,981

 

 

$

38,842

 

 

$

47,021

 

 

$

41,687

 

 

$

126,003

 

 

$

122,401

 

Less: Significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

 

 

1,435

 

 

 

1,942

 

 

 

604

 

 

 

4,022

 

 

 

32

 

 

 

3,981

 

 

 

747

 

Adjusted non-interest expense

 

$

42,745

 

 

$

41,039

 

 

$

38,238

 

 

$

42,999

 

 

$

41,655

 

 

$

122,022

 

 

$

121,654

 

Adjusted non-interest expense excluding
   amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

42,745

 

 

$

41,039

 

 

$

38,238

 

 

$

42,999

 

 

$

41,655

 

 

$

122,022

 

 

$

121,654

 

Less: Amortization of intangible assets

 

 

1,738

 

 

 

1,848

 

 

 

1,749

 

 

 

1,892

 

 

 

1,947

 

 

 

5,335

 

 

 

5,732

 

Adjusted non-interest expense excluding
   amortization of intangible assets

 

$

41,007

 

 

$

39,191

 

 

$

36,489

 

 

$

41,107

 

 

$

39,708

 

 

$

116,687

 

 

$

115,922

 

Pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income

 

$

33,808

 

 

$

38,164

 

 

$

29,173

 

 

$

16,453

 

 

$

18,331

 

 

$

101,145

 

 

$

35,214

 

Add: Provision/(recapture) for loan
  and lease losses

 

 

352

 

 

 

(1,969

)

 

 

4,367

 

 

 

10,236

 

 

 

15,740

 

 

 

2,750

 

 

 

45,713

 

Pre-tax pre-provision net income

 

$

34,160

 

 

$

36,195

 

 

$

33,540

 

 

$

26,689

 

 

$

34,071

 

 

$

103,895

 

 

$

80,927

 

Adjusted pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

34,160

 

 

$

36,195

 

 

$

33,540

 

 

$

26,689

 

 

$

34,071

 

 

$

103,895

 

 

$

80,927

 

Impairment charges on assets held for sale

 

 

1,435

 

 

 

1,942

 

 

 

604

 

 

 

4,022

 

 

 

32

 

 

 

3,981

 

 

 

747

 

Adjusted pre-tax pre-provision net income

 

$

35,595

 

 

$

38,137

 

 

$

34,144

 

 

$

30,711

 

 

$

34,103

 

 

$

107,876

 

 

$

81,674

 

Tax equivalent net interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

59,845

 

 

$

58,174

 

 

$

56,640

 

 

$

56,020

 

 

$

53,524

 

 

$

174,659

 

 

$

158,958

 

Add: Tax-equivalent adjustment

 

 

264

 

 

 

269

 

 

 

250

 

 

 

240

 

 

 

222

 

 

 

783

 

 

 

552

 

Net interest income, fully taxable equivalent

 

$

60,109

 

 

$

58,443

 

 

$

56,890

 

 

$

56,260

 

 

$

53,746

 

 

$

175,442

 

 

$

159,510

 

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

59,845

 

 

$

58,174

 

 

$

56,640

 

 

$

56,020

 

 

$

53,524

 

 

$

174,659

 

 

$

158,958

 

Add: Non-interest income

 

 

18,495

 

 

 

21,002

 

 

 

15,742

 

 

 

17,690

 

 

 

22,234

 

 

 

55,239

 

 

 

44,370

 

Total revenues

 

$

78,340

 

 

$

79,176

 

 

$

72,382

 

 

$

73,710

 

 

$

75,758

 

 

$

229,898

 

 

$

203,328

 

Tangible common stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

824,418

 

 

$

817,073

 

 

$

793,795

 

 

$

805,464

 

 

$

794,696

 

 

$

824,418

 

 

$

794,696

 

Less: Preferred stock

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Less: Goodwill and other intangibles

 

 

167,296

 

 

 

169,034

 

 

 

170,882

 

 

 

172,631

 

 

 

174,523

 

 

 

167,296

 

 

 

174,523

 

Tangible common stockholders' equity

 

$

646,684

 

 

$

637,601

 

 

$

612,475

 

 

$

622,395

 

 

$

609,735

 

 

$

646,684

 

 

$

609,735

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,704,451

 

 

$

6,540,602

 

 

$

6,750,125

 

 

$

6,390,652

 

 

$

6,496,513

 

 

$

6,704,451

 

 

$

6,496,513

 

Less: Goodwill and other intangibles

 

 

167,296

 

 

 

169,034

 

 

 

170,882

 

 

 

172,631

 

 

 

174,523

 

 

 

167,296

 

 

 

174,523

 

Tangible assets

 

$

6,537,155

 

 

$

6,371,568

 

 

$

6,579,243

 

 

$

6,218,021

 

 

$

6,321,990

 

 

$

6,537,155

 

 

$

6,321,990

 

Average tangible common stockholders'
   equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total stockholders' equity

 

$

823,754

 

 

$

810,490

 

 

$

806,452

 

 

$

805,593

 

 

$

791,111

 

 

$

813,629

 

 

$

777,522

 

Less: Average preferred stock

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Less: Average goodwill and other
   intangibles

 

 

168,140

 

 

 

169,906

 

 

 

171,795

 

 

 

173,536

 

 

 

175,443

 

 

 

169,934

 

 

 

177,426

 

Average tangible common stockholders'
  equity

 

$

645,176

 

 

$

630,146

 

 

$

624,219

 

 

$

621,619

 

 

$

605,230

 

 

$

633,257

 

 

$

589,658

 

Average tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

6,560,868

 

 

$

6,720,492

 

 

$

6,587,765

 

 

$

6,400,621

 

 

$

6,401,290

 

 

$

6,622,943

 

 

$

6,052,682

 

Less: Average goodwill and other
   intangibles

 

 

168,140

 

 

 

169,906

 

 

 

171,795

 

 

 

173,536

 

 

 

175,443

 

 

 

169,934

 

 

 

177,426

 

Average tangible assets

 

$

6,392,728

 

 

$

6,550,586

 

 

$

6,415,970

 

 

$

6,227,085

 

 

$

6,225,847

 

 

$

6,453,009

 

 

$

5,875,256

 

Tangible net income available to common
   stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common
  stockholders

 

$

25,110

 

 

$

28,297

 

 

$

21,602

 

 

$

12,095

 

 

$

12,875

 

 

$

75,009

 

 

$

24,589

 

Add: After-tax intangible asset amortization

 

 

1,265

 

 

 

1,344

 

 

 

1,272

 

 

 

1,365

 

 

 

1,405

 

 

 

3,881

 

 

 

4,136

 

Tangible net income available to common
   stockholders

 

$

26,375

 

 

$

29,641

 

 

$

22,874

 

 

$

13,460

 

 

$

14,280

 

 

$

78,890

 

 

$

28,725

 

Adjusted tangible net income available
  to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common
   stockholders

 

$

26,375

 

 

$

29,641

 

 

$

22,874

 

 

$

13,460

 

 

$

14,280

 

 

$

78,890

 

 

$

28,725

 

Impairment charges on assets held for sale

 

 

1,435

 

 

 

1,942

 

 

 

604

 

 

 

4,022

 

 

 

32

 

 

 

3,981

 

 

 

747

 

Tax benefit on significant items

 

 

(391

)

 

 

(529

)

 

 

(165

)

 

 

(1,120

)

 

 

(9

)

 

 

(1,085

)

 

 

(208

)

Adjusted tangible net income available to
   common stockholders

 

$

27,419

 

 

$

31,054

 

 

$

23,313

 

 

$

16,362

 

 

$

14,303

 

 

$

81,786

 

 

$

29,264

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

(dollars in thousands, except share and per share
   data, ratios annualized, where applicable)

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2021

 

 

2020

 

Pre-tax pre-provision return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

34,160

 

 

$

36,195

 

 

$

33,540

 

 

$

26,689

 

 

$

34,071

 

 

$

103,895

 

 

$

80,927

 

Average total assets

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

 

 

6,400,621

 

 

 

6,401,290

 

 

 

6,622,943

 

 

 

6,052,682

 

Pre-tax pre-provision return on average assets

 

 

2.07

%

 

 

2.16

%

 

 

2.06

%

 

 

1.66

%

 

 

2.12

%

 

 

2.10

%

 

 

1.79

%

 

 


Byline Bancorp, Inc.

Page 19 of 19

Adjusted pre-tax pre-provision return on average
   assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pre-tax pre-provision net income

 

$

35,595

 

 

$

38,137

 

 

$

34,144

 

 

$

30,711

 

 

$

34,103

 

 

$

107,876

 

 

$

81,674

 

Average total assets

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

 

 

6,400,621

 

 

 

6,401,290

 

 

 

6,622,943

 

 

 

6,052,682

 

Adjusted pre-tax pre-provision return on average
   assets

 

 

2.15

%

 

 

2.28

%

 

 

2.10

%

 

 

1.91

%

 

 

2.12

%

 

 

2.18

%

 

 

1.80

%

Net interest margin, fully taxable equivalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income, fully taxable equivalent

 

$

60,109

 

 

$

58,443

 

 

$

56,890

 

 

$

56,260

 

 

$

53,746

 

 

$

175,442

 

 

$

159,510

 

Total average interest-earning assets

 

 

6,076,065

 

 

 

6,231,616

 

 

 

5,913,746

 

 

 

5,916,554

 

 

 

5,916,554

 

 

 

6,135,051

 

 

 

5,573,945

 

Net interest margin, fully taxable equivalent

 

 

3.92

%

 

 

3.76

%

 

 

3.78

%

 

 

3.78

%

 

 

3.61

%

 

 

3.82

%

 

 

3.82

%

Non-interest income to total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

$

18,495

 

 

$

21,002

 

 

$

15,742

 

 

$

17,690

 

 

$

22,234

 

 

$

55,239

 

 

$

44,370

 

Total revenues

 

 

78,340

 

 

 

79,176

 

 

 

72,382

 

 

 

73,710

 

 

 

75,758

 

 

 

229,898

 

 

 

203,328

 

Non-interest income to total revenues

 

 

23.61

%

 

 

26.53

%

 

 

21.75

%

 

 

24.00

%

 

 

29.35

%

 

 

24.03

%

 

 

21.82

%

Adjusted non-interest expense to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

42,745

 

 

$

41,039

 

 

$

38,238

 

 

$

42,999

 

 

$

41,655

 

 

$

122,022

 

 

$

121,654

 

Average total assets

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

 

 

6,400,621

 

 

 

6,401,290

 

 

 

6,622,943

 

 

 

6,052,682

 

Adjusted non-interest expense to average assets

 

 

2.58

%

 

 

2.45

%

 

 

2.35

%

 

 

2.67

%

 

 

2.59

%

 

 

2.46

%

 

 

2.68

%

Adjusted efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense excluding
   amortization of intangible assets

 

$

41,007

 

 

$

39,191

 

 

$

36,489

 

 

$

41,107

 

 

$

39,708

 

 

$

116,687

 

 

$

115,922

 

Total revenues

 

 

78,340

 

 

 

79,176

 

 

 

72,382

 

 

 

73,710

 

 

 

75,758

 

 

 

229,898

 

 

 

203,328

 

Adjusted efficiency ratio

 

 

52.35

%

 

 

49.50

%

 

 

50.41

%

 

 

55.77

%

 

 

52.42

%

 

 

50.76

%

 

 

57.01

%

Adjusted return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

26,350

 

 

$

29,905

 

 

$

22,237

 

 

$

15,193

 

 

$

13,094

 

 

$

78,492

 

 

$

25,715

 

Average total assets

 

 

6,560,868

 

 

 

6,720,492

 

 

 

6,587,765

 

 

 

6,400,621

 

 

 

6,401,290

 

 

 

6,622,943

 

 

 

6,052,682

 

Adjusted return on average assets

 

 

1.59

%

 

 

1.78

%

 

 

1.37

%

 

 

0.94

%

 

 

0.81

%

 

 

1.58

%

 

 

0.57

%

Adjusted return on average stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

26,350

 

 

$

29,905

 

 

$

22,237

 

 

$

15,193

 

 

$

13,094

 

 

$

78,492

 

 

$

25,715

 

Average stockholders' equity

 

 

823,754

 

 

 

810,490

 

 

 

806,452

 

 

 

805,593

 

 

 

791,111

 

 

 

813,629

 

 

 

777,522

 

Adjusted return on average stockholders' equity

 

 

12.69

%

 

 

14.80

%

 

 

11.18

%

 

 

7.50

%

 

 

6.58

%

 

 

12.90

%

 

 

4.42

%

Tangible common equity to tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

646,684

 

 

$

637,601

 

 

$

612,475

 

 

$

622,395

 

 

$

609,735

 

 

$

646,684

 

 

$

609,735

 

Tangible assets

 

 

6,537,155

 

 

 

6,371,568

 

 

 

6,579,243

 

 

 

6,218,021

 

 

 

6,321,990

 

 

 

6,537,155

 

 

 

6,321,990

 

Tangible common equity to tangible assets

 

 

9.89

%

 

 

10.01

%

 

 

9.31

%

 

 

10.01

%

 

 

9.64

%

 

 

9.89

%

 

 

9.64

%

Return on average tangible common stockholders'
   equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common
   stockholders

 

$

26,375

 

 

$

29,641

 

 

$

22,874

 

 

$

13,460

 

 

$

14,280

 

 

$

78,890

 

 

$

28,725

 

Average tangible common stockholders' equity

 

 

645,176

 

 

 

630,146

 

 

 

624,219

 

 

 

621,619

 

 

 

605,230

 

 

 

633,257

 

 

 

589,658

 

Return on average tangible common
   stockholders' equity

 

 

16.22

%

 

 

18.87

%

 

 

14.86

%

 

 

8.61

%

 

 

9.39

%

 

 

16.66

%

 

 

6.51

%

Adjusted return on average tangible common
   stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted tangible net income available to
   common stockholders

 

$

27,419

 

 

$

31,054

 

 

$

23,313

 

 

$

16,362

 

 

$

14,303

 

 

$

81,786

 

 

$

29,264

 

Average tangible common stockholders' equity

 

 

645,176

 

 

 

630,146

 

 

 

624,219

 

 

 

621,619

 

 

 

605,230

 

 

 

633,257

 

 

 

589,658

 

Adjusted return on average tangible common
   stockholders' equity

 

 

16.86

%

 

 

19.77

%

 

 

15.15

%

 

 

10.47

%

 

 

9.40

%

 

 

17.27

%

 

 

6.63

%

Tangible book value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

646,684

 

 

$

637,601

 

 

$

612,475

 

 

$

622,395

 

 

$

609,735

 

 

$

646,684

 

 

$

609,735

 

Common shares outstanding

 

 

37,690,087

 

 

 

38,094,972

 

 

 

38,641,851

 

 

 

38,618,054

 

 

 

38,568,916

 

 

 

37,690,087

 

 

 

38,568,916

 

Tangible book value per share

 

$

17.16

 

 

$

16.74

 

 

$

15.85

 

 

$

16.12

 

 

$

15.81

 

 

$

17.16

 

 

$

15.81