UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 23, 2020
BYLINE BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
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001-38139 |
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36-3012593 |
(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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180 North LaSalle Street, Suite 300 |
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Chicago, Illinois |
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60601 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(773) 244-7000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
BY |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
2
On January 23, 2020, Byline Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2019. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
The information included under this Item 2.02 of Form 8-K and the attached exhibit are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
(d) Exhibits.
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Exhibit No. |
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Description |
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99.1 |
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Fourth Quarter 2019 Financial Results Press Release, dated January 23, 2020 |
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ‘‘may’’, ‘‘might’’, ‘‘should’’, ‘‘could’’, ‘‘predict’’, ‘‘potential’’, ‘‘believe’’, ‘‘expect’’, ‘‘continue’’, ‘‘will’’, ‘‘anticipate’’, ‘‘seek’’, ‘‘estimate’’, ‘‘intend’’, ‘‘plan’’, ‘‘projection’’, ‘‘would’’, ‘‘annualized’’, “target” and ‘‘outlook’’, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgement and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication. No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.
Certain risks and important factors that could affect Byline’s future results are identified in its Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission, including among other things under the heading “Risk Factors” in such Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws.
3
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BYLINE BANCORP, INC. |
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Date: January 23, 2020 |
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By: |
/s/ Alberto J. Paracchini |
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Name: |
Alberto J. Paracchini |
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Title: |
President and Chief Executive Officer |
4
EX-99.1
Byline Bancorp, Inc. Reports Full Year and Fourth Quarter 2019 Financial Results
Full Year 2019 Highlights
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• |
Net income of $57.0 million, or $1.48 per diluted share |
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• |
Return on average assets improved to 1.08% for 2019 |
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• |
Net interest margin of 4.47% for 2019 |
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• |
Efficiency ratio improved to 61.09% for 2019 compared to 65.15% for 2018 |
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• |
Originated loans and leases increased $597.9 million, or 26.7%, from December 31, 2018 |
Fourth Quarter 2019 Highlights
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Net income of $15.9 million, or $0.41 per diluted share |
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• |
Return on average assets of 1.16% |
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Net interest margin of 4.32% |
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Efficiency ratio of 60.93% for the fourth quarter of 2019 |
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Originated loans and leases increased $67.5 million, or 2.4%, from September 30, 2019 |
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• |
Initiated cash dividend of $0.03 per share to common stockholders for the quarter and approved share repurchase program |
Chicago, IL, January 23, 2020 – Byline Bancorp, Inc. (the “Company” or “Byline”)(NYSE: BY), the parent company of Byline Bank (the “Bank”), today reported net income of $15.9 million, or $0.41 per diluted share, for the fourth quarter of 2019, compared with net income of $15.3 million, or $0.39 per diluted share, for the third quarter of 2019, and net income of $17.1 million, or $0.46 per diluted share, for the fourth quarter of 2018. The Company’s financial results include certain costs associated with its integration of First Evanston Bancorp, Inc. and its bank subsidiary First Bank & Trust, and its acquisition and integration of Oak Park River Forest Bankshares, Inc. (“Oak Park River Forest”) and its bank subsidiary Community Bank of Oak Park River Forest. Excluding these merger-related expenses, core system conversion expenses, and impairment charges on assets held for sale, adjusted net income1 was $16.1 million, or $0.42 per adjusted diluted share1, for the fourth quarter of 2019, compared with $16.2 million, or $0.41 per adjusted diluted share, for the third quarter of 2019, and $18.1 million, or $0.49 per adjusted diluted share, for the fourth quarter of 2018. A reconciliation of adjusted net income and adjusted diluted earnings per share to net income and diluted earnings per share, respectively, according to accounting principles generally accepted in the United States of America (“GAAP”) is provided in the financial tables at the end of this release.
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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. |
Byline Bancorp, Inc.
Page 2 of 22
Alberto J. Paracchini, President and Chief Executive Officer of Byline, commented, “Our fourth quarter performance completed another strong year for the Byline franchise. In 2019, we completed another accretive acquisition with the addition of Oak Park River Forest Bankshares, capitalized on disruption in the Chicago marketplace to add significant new banking talent to our organization, and continued to attract new commercial clients to the Bank. As we moved through the year, we also made steady progress on improving our deposit mix and better managing our funding costs. Our improving profitability enabled us to initiate a cash dividend in the fourth quarter and deliver additional value to our shareholders. With the strong foundation we have built and our unique positioning in the Chicago market, we believe we have good opportunities to continue enhancing the value of our franchise in the coming years.”
STATEMENTS OF OPERATIONS
Net Interest Income
The following table presents net interest income for the periods indicated:
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Three Months Ended |
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Year Ended |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
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December 31, |
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December 31, |
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December 31, |
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(dollars in thousands) |
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2019 |
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2019 |
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2019 |
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2019 |
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2018 |
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2019 |
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2018 |
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INTEREST AND DIVIDEND INCOME |
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Interest and fees on loans and leases |
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$ |
58,203 |
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$ |
63,391 |
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$ |
59,524 |
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$ |
54,383 |
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$ |
56,646 |
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$ |
235,501 |
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$ |
184,972 |
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Interest on taxable securities |
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6,683 |
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6,554 |
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6,237 |
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5,759 |
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5,334 |
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25,233 |
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19,037 |
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Interest on tax-exempt securities |
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529 |
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486 |
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428 |
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343 |
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355 |
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1,786 |
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1,095 |
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Other interest and dividend income |
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500 |
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598 |
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571 |
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625 |
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560 |
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2,294 |
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1,847 |
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Total interest and dividend income |
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65,915 |
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71,029 |
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66,760 |
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61,110 |
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62,895 |
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264,814 |
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206,951 |
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INTEREST EXPENSE |
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Deposits |
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9,325 |
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9,618 |
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9,306 |
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8,076 |
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7,115 |
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36,325 |
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19,329 |
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Federal Home Loan Bank advances |
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1,917 |
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2,771 |
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2,174 |
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2,099 |
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1,719 |
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8,961 |
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6,160 |
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Subordinated debentures and other borrowings |
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759 |
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802 |
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832 |
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850 |
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800 |
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3,243 |
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2,857 |
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Total interest expense |
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12,001 |
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13,191 |
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12,312 |
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11,025 |
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9,634 |
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48,529 |
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28,346 |
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Net interest income |
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$ |
53,914 |
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$ |
57,838 |
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$ |
54,448 |
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$ |
50,085 |
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$ |
53,261 |
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$ |
216,285 |
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$ |
178,605 |
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Byline Bancorp, Inc.
Page 3 of 22
The following table presents the quarter-to-date schedule of average interest-earning assets and average interest-bearing liabilities for the periods indicated:
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For the Three Months Ended |
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December 31, 2019 |
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September 30, 2019 |
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(dollars in thousands) |
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Average Balance(5) |
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Interest Inc / Exp |
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Average Yield / Rate |
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Average Balance(5) |
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Interest Inc / Exp |
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Average Yield / Rate |
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ASSETS |
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Cash and cash equivalents |
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$ |
38,624 |
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$ |
220 |
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2.25 |
% |
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$ |
34,225 |
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$ |
253 |
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2.93 |
% |
Loans and leases(1) |
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3,807,731 |
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58,203 |
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6.06 |
% |
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3,860,770 |
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63,391 |
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6.51 |
% |
Taxable securities |
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1,025,975 |
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6,963 |
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2.69 |
% |
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996,750 |
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6,899 |
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2.75 |
% |
Tax-exempt securities(2) |
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84,640 |
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529 |
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2.48 |
% |
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76,161 |
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|
486 |
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2.53 |
% |
Total interest-earning assets |
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$ |
4,956,970 |
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$ |
65,915 |
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5.28 |
% |
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$ |
4,967,906 |
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$ |
71,029 |
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5.67 |
% |
Allowance for loan and lease losses |
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(32,688 |
) |
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(32,246 |
) |
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All other assets |
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502,764 |
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500,102 |
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TOTAL ASSETS |
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$ |
5,427,046 |
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$ |
5,435,762 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Deposits |
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Interest checking |
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$ |
399,065 |
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$ |
612 |
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0.61 |
% |
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$ |
358,185 |
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$ |
524 |
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0.58 |
% |
Money market accounts |
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790,565 |
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1,945 |
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0.98 |
% |
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735,724 |
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1,917 |
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1.03 |
% |
Savings |
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474,394 |
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63 |
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0.05 |
% |
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475,417 |
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114 |
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0.10 |
% |
Time deposits |
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1,231,641 |
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6,705 |
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2.16 |
% |
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1,270,050 |
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7,063 |
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2.21 |
% |
Total interest-bearing deposits |
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2,895,665 |
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9,325 |
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1.28 |
% |
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2,839,376 |
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9,618 |
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1.34 |
% |
Federal Home Loan Bank advances |
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371,730 |
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1,917 |
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2.05 |
% |
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530,055 |
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2,771 |
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2.07 |
% |
Other borrowed funds |
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80,039 |
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|
759 |
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3.76 |
% |
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70,080 |
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|
802 |
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4.54 |
% |
Total borrowings |
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451,769 |
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2,676 |
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2.35 |
% |
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600,135 |
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3,573 |
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2.36 |
% |
Total interest-bearing liabilities |
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$ |
3,347,434 |
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$ |
12,001 |
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1.42 |
% |
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$ |
3,439,511 |
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$ |
13,191 |
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1.52 |
% |
Non-interest-bearing demand deposits |
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1,288,960 |
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1,223,556 |
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Other liabilities |
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44,907 |
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42,914 |
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Total stockholders’ equity |
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745,745 |
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729,781 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
5,427,046 |
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$ |
5,435,762 |
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Net interest spread(3) |
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3.86 |
% |
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4.15 |
% |
Net interest income |
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|
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$ |
53,914 |
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$ |
57,838 |
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Net interest margin(4) |
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4.32 |
% |
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4.62 |
% |
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Net loan accretion impact on margin |
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$ |
5,418 |
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0.43 |
% |
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$ |
7,703 |
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0.62 |
% |
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(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. |
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(2) |
Interest income and rates exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality. |
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(3) |
Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
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(4) |
Represents net interest income (annualized) divided by total average earning assets. |
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(5) |
Average balances are average daily balances. |
Byline Bancorp, Inc.
Page 4 of 22
Net interest income for the fourth quarter of 2019 was $53.9 million, a decrease of $3.9 million, or 6.8%, from $57.8 million for the third quarter of 2019.
The decrease in net interest income was primarily due to:
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• |
A decrease of $5.2 million in interest and fees on loans and leases, mainly due to a $2.3 million decrease in accretion income on acquired loans and lower average yields on loans as a result of decreases in short-term rates in September and October 2019. |
Partially offset by:
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• |
A decrease of $854,000 in interest expense on Federal Home Loan Bank advances, mostly due to a decrease in average advances during the quarter as average lower-cost deposits grew; and |
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• |
A decrease of $293,000 in interest expense on deposits, as a result of lower average time deposit balances and cost attributable to maturities of higher-rate time deposits. |
Net interest margin for the fourth quarter of 2019 was 4.32%, a decrease of 30 basis points compared to 4.62% for the third quarter of 2019. Total net accretion income on acquired loans contributed 43 basis points to the net interest margin for the fourth quarter of 2019 compared to 62 basis points for the third quarter of 2019, a decrease of 19 basis points. The net interest margin decrease during the fourth quarter of 2019 was primarily driven by decreased loan and lease yields largely resulting from decreased loan accretion income and decreases in short-term rates.
The average cost of total deposits was 0.88% for the fourth quarter of 2019, a decrease of six basis points compared to the third quarter of 2019, mainly due to a favorable change in deposit mix and a lower average cost of time deposits. Average non-interest-bearing demand deposits, money market accounts, and interest-bearing checking accounts grew by $65.4 million, $54.8 million, and $40.9 million, respectively, while average time deposits decreased by $38.4 million.
Provision for Loan and Lease Losses
The provision for loan and lease losses was $4.4 million for the fourth quarter of 2019, a decrease of $1.5 million compared to $5.9 million for the third quarter of 2019. The fourth quarter included allocations of $3.2 million for originated loans and leases, $524,000 for acquired non-impaired loans, and $694,000 for acquired impaired loans. The provision during the fourth quarter of 2019 for originated loans reflects growth in that portfolio, particularly the unguaranteed portion of government guaranteed loans.
Byline Bancorp, Inc.
Page 5 of 22
The following table presents the components of non-interest income for the periods indicated:
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Three Months Ended |
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Year Ended |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
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December 31, |
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December 31, |
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|
December 31, |
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(dollars in thousands) |
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2019 |
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2019 |
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2019 |
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2019 |
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2018 |
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2019 |
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2018 |
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|||||||
NON-INTEREST INCOME |
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|
Fees and service charges on deposits |
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$ |
1,635 |
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|
$ |
1,612 |
|
|
$ |
1,441 |
|
|
$ |
1,770 |
|
|
$ |
1,852 |
|
|
$ |
6,458 |
|
|
$ |
6,445 |
|
Loan servicing revenue |
|
|
2,834 |
|
|
|
2,692 |
|
|
|
2,630 |
|
|
|
2,539 |
|
|
|
2,667 |
|
|
|
10,695 |
|
|
|
10,272 |
|
Loan servicing asset revaluation |
|
|
(2,545 |
) |
|
|
(1,610 |
) |
|
|
(1,223 |
) |
|
|
(1,261 |
) |
|
|
(2,862 |
) |
|
|
(6,639 |
) |
|
|
(9,269 |
) |
ATM and interchange fees |
|
|
1,150 |
|
|
|
973 |
|
|
|
945 |
|
|
|
717 |
|
|
|
1,010 |
|
|
|
3,785 |
|
|
|
4,313 |
|
Net gains on sales of securities available-for-sale |
|
|
— |
|
|
|
178 |
|
|
|
973 |
|
|
|
— |
|
|
|
160 |
|
|
|
1,151 |
|
|
|
164 |
|
Change in fair value of equity securities, net |
|
|
381 |
|
|
|
(15 |
) |
|
|
551 |
|
|
|
499 |
|
|
|
— |
|
|
|
1,416 |
|
|
|
— |
|
Net gains on sales of loans |
|
|
8,735 |
|
|
|
9,405 |
|
|
|
7,472 |
|
|
|
6,233 |
|
|
|
9,337 |
|
|
|
31,845 |
|
|
|
31,551 |
|
Wealth management and trust income |
|
|
704 |
|
|
|
653 |
|
|
|
626 |
|
|
|
595 |
|
|
|
679 |
|
|
|
2,578 |
|
|
|
1,545 |
|
Other non-interest income |
|
|
1,622 |
|
|
|
918 |
|
|
|
768 |
|
|
|
896 |
|
|
|
1,447 |
|
|
|
4,204 |
|
|
|
5,505 |
|
Total non-interest income |
|
$ |
14,516 |
|
|
$ |
14,806 |
|
|
$ |
14,183 |
|
|
$ |
11,988 |
|
|
$ |
14,290 |
|
|
$ |
55,493 |
|
|
$ |
50,526 |
|
Non-interest income for the fourth quarter of 2019 was $14.5 million, a decrease of $290,000, or 2.0%, compared to $14.8 million for the third quarter of 2019.
The decrease in total non-interest income was primarily due to:
|
• |
An increase of $935,000 in loan servicing asset revaluation, reflecting an unfavorable change in fair value of the servicing asset as a result of increased prepayments and discount rates; and |
|
A decrease of $670,000 in net gains on sales of loans, mainly due to a decrease in average premium on sales of government guaranteed loans. |
Partially offset by:
|
• |
An increase of $704,000 in other non-interest income, mostly due to a favorable swap valuation adjustment and increased swap activity; and |
|
An increase in the change in fair value of equity securities, net, of $396,000 due to an increase in the fair value of those securities. |
During the fourth quarter of 2019, the Company sold $101.5 million of U.S. government guaranteed loans compared to $93.3 million during the third quarter of 2019. The increase in sales is principally due to the timing of loans closed becoming fully funded.
Byline Bancorp, Inc.
Page 6 of 22
The following table presents the components of non-interest expense for the periods indicated:
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
24,228 |
|
|
$ |
24,537 |
|
|
$ |
23,652 |
|
|
$ |
22,892 |
|
|
$ |
21,548 |
|
|
$ |
95,309 |
|
|
$ |
80,382 |
|
Occupancy expense, net |
|
|
4,306 |
|
|
|
3,745 |
|
|
|
4,337 |
|
|
|
4,280 |
|
|
|
4,027 |
|
|
|
16,668 |
|
|
|
15,829 |
|
Equipment expense |
|
|
935 |
|
|
|
767 |
|
|
|
732 |
|
|
|
669 |
|
|
|
641 |
|
|
|
3,103 |
|
|
|
2,419 |
|
Loan and lease related expenses |
|
|
2,648 |
|
|
|
1,949 |
|
|
|
1,841 |
|
|
|
1,577 |
|
|
|
2,223 |
|
|
|
8,015 |
|
|
|
6,109 |
|
Legal, audit and other professional fees |
|
|
2,340 |
|
|
|
4,066 |
|
|
|
2,981 |
|
|
|
2,066 |
|
|
|
2,746 |
|
|
|
11,453 |
|
|
|
11,373 |
|
Data processing |
|
|
2,678 |
|
|
|
4,062 |
|
|
|
3,849 |
|
|
|
3,144 |
|
|
|
2,846 |
|
|
|
13,733 |
|
|
|
18,242 |
|
Net loss (gain) recognized on other real estate owned and other related expenses |
|
|
122 |
|
|
|
95 |
|
|
|
252 |
|
|
|
196 |
|
|
|
48 |
|
|
|
665 |
|
|
|
235 |
|
Regulatory assessments |
|
|
157 |
|
|
|
228 |
|
|
|
371 |
|
|
|
(59 |
) |
|
|
462 |
|
|
|
697 |
|
|
|
1,744 |
|
Other intangible assets amortization expense |
|
|
2,003 |
|
|
|
2,003 |
|
|
|
1,959 |
|
|
|
1,773 |
|
|
|
1,834 |
|
|
|
7,738 |
|
|
|
5,629 |
|
Advertising and promotions |
|
|
1,114 |
|
|
|
843 |
|
|
|
732 |
|
|
|
709 |
|
|
|
590 |
|
|
|
3,398 |
|
|
|
1,723 |
|
Telecommunications |
|
|
488 |
|
|
|
474 |
|
|
|
537 |
|
|
|
464 |
|
|
|
391 |
|
|
|
1,963 |
|
|
|
1,710 |
|
Other non-interest expense |
|
|
2,675 |
|
|
|
2,679 |
|
|
|
2,711 |
|
|
|
2,968 |
|
|
|
2,732 |
|
|
|
11,033 |
|
|
|
9,501 |
|
Total non-interest expense |
|
$ |
43,694 |
|
|
$ |
45,448 |
|
|
$ |
43,954 |
|
|
$ |
40,679 |
|
|
$ |
40,088 |
|
|
$ |
173,775 |
|
|
$ |
154,896 |
|
Non-interest expense for the fourth quarter of 2019 was $43.7 million, a decrease of $1.8 million, or 3.9%, from $45.4 million for the third quarter of 2019.
The decrease in total non-interest expense was primarily due to:
|
• |
A decrease of $1.7 million in legal, audit and other professional fees, as the prior quarter reflected $1.5 million of non-recurring professional services costs; |
|
• |
A decrease of $1.4 million in data processing expense, mostly due to expenses associated with our Oak Park River Forest core system conversion during the prior quarter; and |
|
• |
A decrease of $309,000 in salaries and employee benefits, as the prior quarter included acquisition related salary and employee benefit costs. |
Partially offset by:
|
• |
An increase of $699,000 in loan and lease related expenses due to higher loan expenses on government guaranteed loans; |
|
An increase of $561,000 in occupancy expense, net, largely due to a favorable accrual adjustment to property tax expense in the prior quarter as well as an increase in rental expense related to office expansion; and |
|
• |
|
• |
An increase of $271,000 in advertising and promotions expense due to additional media advertisement during the quarter. |
The Company’s efficiency ratio was 60.93% for the fourth quarter of 2019, compared with 59.81% for the third quarter of 2019. Excluding merger-related expenses, core system conversion expenses, and impairment charges on assets held for sale, the Company’s adjusted efficiency ratio1 was 60.51% for the fourth quarter of 2019, compared with 58.17% for the third quarter of 2019.
|
(1) |
Represents a non-GAAP financial measure. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. |
Byline Bancorp, Inc.
Page 7 of 22
INCOME TAXES
The Company recorded income tax expense of $4.5 million during the fourth quarter of 2019, an effective tax rate of 22.1%, compared to $5.9 million during the third quarter of 2019, an effective tax rate of 27.9%. The decrease in the effective tax rate was due to tax benefits recorded as a result of the recognition of tax assets associated with other real estate owned.
STATEMENTS OF FINANCIAL CONDITION
Total assets were $5.5 billion at December 31, 2019, an increase of $83.5 million compared to $5.4 billion at September 30, 2019, and an increase of $579.2 million compared to $4.9 billion at December 31, 2018.
The current quarter increase was primarily due to:
|
• |
An increase in securities of $154.7 million, reflecting purchases of mortgage-backed securities during the quarter; |
|
• |
An increase in loans held for sale of $4.6 million, largely due to the timing of loan originations during the quarter; and |
|
• |
An increase in other real estate owned of $3.4 million due to the volume of transfers in exceeding sales. |
Partially offset by:
|
• |
A decrease in loans and leases of $45.4 million, mostly due to a decrease of $112.9 million in our acquired loan portfolio, partially offset by an increase of $67.5 million in our originated loan portfolio; and |
|
A decrease in cash and cash equivalents of $28.1 million due to the redeployment of cash into earning assets. |
Byline Bancorp, Inc.
Page 8 of 22
The following table shows our allocation of the originated, acquired impaired, and acquired non-impaired loans and leases at the dates indicated:
|
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
|||||||||||||||
(dollars in thousands) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
||||||
Originated loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
792,263 |
|
|
|
20.9 |
% |
|
$ |
772,559 |
|
|
|
20.2 |
% |
|
$ |
652,234 |
|
|
|
18.6 |
% |
Residential real estate |
|
|
483,072 |
|
|
|
12.8 |
% |
|
|
497,839 |
|
|
|
13.0 |
% |
|
|
466,309 |
|
|
|
13.3 |
% |
Construction, land development, and other land |
|
|
235,794 |
|
|
|
6.2 |
% |
|
|
236,780 |
|
|
|
6.2 |
% |
|
|
144,128 |
|
|
|
4.1 |
% |
Commercial and industrial |
|
|
1,160,996 |
|
|
|
30.7 |
% |
|
|
1,096,400 |
|
|
|
28.6 |
% |
|
|
803,508 |
|
|
|
22.9 |
% |
Installment and other |
|
|
5,372 |
|
|
|
0.1 |
% |
|
|
7,818 |
|
|
|
0.2 |
% |
|
|
11,718 |
|
|
|
0.3 |
% |
Leasing financing receivables |
|
|
158,155 |
|
|
|
4.2 |
% |
|
|
156,758 |
|
|
|
4.1 |
% |
|
|
159,901 |
|
|
|
4.6 |
% |
Total originated loans and leases |
|
$ |
2,835,652 |
|
|
|
74.9 |
% |
|
$ |
2,768,154 |
|
|
|
72.3 |
% |
|
$ |
2,237,798 |
|
|
|
63.8 |
% |
Acquired impaired loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
135,914 |
|
|
|
3.6 |
% |
|
$ |
142,435 |
|
|
|
3.7 |
% |
|
$ |
146,808 |
|
|
|
4.2 |
% |
Residential real estate |
|
|
100,223 |
|
|
|
2.7 |
% |
|
|
109,409 |
|
|
|
2.9 |
% |
|
|
113,934 |
|
|
|
3.3 |
% |
Construction, land development, and other land |
|
|
5,373 |
|
|
|
0.1 |
% |
|
|
4,562 |
|
|
|
0.1 |
% |
|
|
3,779 |
|
|
|
0.1 |
% |
Commercial and industrial |
|
|
16,909 |
|
|
|
0.4 |
% |
|
|
18,349 |
|
|
|
0.5 |
% |
|
|
12,617 |
|
|
|
0.4 |
% |
Installment and other |
|
|
249 |
|
|
|
0.0 |
% |
|
|
267 |
|
|
|
0.0 |
% |
|
|
404 |
|
|
|
0.0 |
% |
Total acquired impaired loans |
|
$ |
258,668 |
|
|
|
6.8 |
% |
|
$ |
275,022 |
|
|
|
7.2 |
% |
|
$ |
277,542 |
|
|
|
8.0 |
% |
Acquired non-impaired loans and leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
348,365 |
|
|
|
9.2 |
% |
|
$ |
391,294 |
|
|
|
10.2 |
% |
|
$ |
462,565 |
|
|
|
13.2 |
% |
Residential real estate |
|
|
128,527 |
|
|
|
3.4 |
% |
|
|
141,855 |
|
|
|
3.7 |
% |
|
|
124,659 |
|
|
|
3.6 |
% |
Construction, land development, and other land |
|
|
37,490 |
|
|
|
1.0 |
% |
|
|
39,657 |
|
|
|
1.0 |
% |
|
|
37,442 |
|
|
|
1.1 |
% |
Commercial and industrial |
|
|
153,660 |
|
|
|
4.1 |
% |
|
|
187,413 |
|
|
|
4.9 |
% |
|
|
328,672 |
|
|
|
9.4 |
% |
Installment and other |
|
|
944 |
|
|
|
0.0 |
% |
|
|
1,269 |
|
|
|
0.0 |
% |
|
|
1,596 |
|
|
|
0.0 |
% |
Leasing financing receivables |
|
|
22,355 |
|
|
|
0.6 |
% |
|
|
26,426 |
|
|
|
0.7 |
% |
|
|
31,352 |
|
|
|
0.9 |
% |
Total acquired non-impaired loans and leases |
|
$ |
691,341 |
|
|
|
18.3 |
% |
|
$ |
787,914 |
|
|
|
20.5 |
% |
|
$ |
986,286 |
|
|
|
28.2 |
% |
Total loans and leases |
|
$ |
3,785,661 |
|
|
|
100.0 |
% |
|
$ |
3,831,090 |
|
|
|
100.0 |
% |
|
$ |
3,501,626 |
|
|
|
100.0 |
% |
Allowance for loan and lease losses |
|
|
(31,936 |
) |
|
|
|
|
|
|
(31,585 |
) |
|
|
|
|
|
|
(25,201 |
) |
|
|
|
|
Total loans and leases, net of allowance for loan and lease losses |
|
$ |
3,753,725 |
|
|
|
|
|
|
$ |
3,799,505 |
|
|
|
|
|
|
$ |
3,476,425 |
|
|
|
|
|
Byline Bancorp, Inc.
Page 9 of 22
Non-Performing Assets
The following table sets forth the amounts of non-performing loans and leases (excluding acquired impaired), non-performing assets, and other real estate owned at the dates indicated:
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Non-performing assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans and leases |
|
$ |
36,272 |
|
|
$ |
39,529 |
|
|
$ |
34,027 |
|
|
$ |
28,539 |
|
|
$ |
25,834 |
|
Past due loans and leases 90 days or more and still accruing interest |
|
|
— |
|
|
|
— |
|
|
|
996 |
|
|
|
— |
|
|
|
— |
|
Accruing troubled debt restructured loans |
|
|
1,771 |
|
|
|
2,204 |
|
|
|
1,529 |
|
|
|
1,921 |
|
|
|
1,813 |
|
Total non-performing loans and leases |
|
|
38,043 |
|
|
|
41,733 |
|
|
|
36,552 |
|
|
|
30,460 |
|
|
|
27,647 |
|
Other real estate owned |
|
|
9,896 |
|
|
|
6,502 |
|
|
|
6,531 |
|
|
|
4,595 |
|
|
|
5,041 |
|
Total non-performing assets |
|
$ |
47,939 |
|
|
$ |
48,235 |
|
|
$ |
43,083 |
|
|
$ |
35,055 |
|
|
$ |
32,688 |
|
Total non-performing loans and leases as a percentage of total loans and leases |
|
|
1.00 |
% |
|
|
1.09 |
% |
|
|
0.95 |
% |
|
|
0.85 |
% |
|
|
0.79 |
% |
Total non-performing assets as a percentage of total assets |
|
|
0.87 |
% |
|
|
0.89 |
% |
|
|
0.80 |
% |
|
|
0.70 |
% |
|
|
0.66 |
% |
Allowance for loan and lease losses as a percentage of non-performing loans and leases |
|
|
83.95 |
% |
|
|
75.68 |
% |
|
|
85.17 |
% |
|
|
88.99 |
% |
|
|
91.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets guaranteed by U.S. government: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans guaranteed |
|
$ |
4,232 |
|
|
$ |
4,167 |
|
|
$ |
4,723 |
|
|
$ |
5,070 |
|
|
$ |
4,245 |
|
Past due loans 90 days or more and still accruing interest guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Accruing troubled debt restructured loans guaranteed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
381 |
|
Total non-performing loans guaranteed |
|
$ |
4,232 |
|
|
$ |
4,167 |
|
|
$ |
4,723 |
|
|
$ |
5,070 |
|
|
$ |
4,626 |
|
Total non-performing loans and leases not guaranteed as a percentage of total loans and leases |
|
|
0.89 |
% |
|
|
0.98 |
% |
|
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.66 |
% |
Total non-performing assets not guaranteed as a percentage of total assets |
|
|
0.79 |
% |
|
|
0.81 |
% |
|
|
0.71 |
% |
|
|
0.60 |
% |
|
|
0.57 |
% |
Variances in non-performing assets:
|
• |
Non-performing loans and leases were $38.0 million at December 31, 2019, a decrease of $3.6 million from $41.7 million at September 30, 2019, principally due to loan resolutions; and |
|
• |
Other real estate owned was $9.9 million at December 31, 2019, an increase of $3.4 million from $6.5 million at September 30, 2019 due to higher volume of transfers from loans exceeding sales. |
U.S. government guaranteed balances of non-performing loans were consistent at $4.2 million at December 31, 2019 and September 30, 2019.
Byline Bancorp, Inc.
Page 10 of 22
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 |
|
|
Year Ended |
|
||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
Allowance for loan and lease losses, beginning of period |
|
$ |
31,585 |
|
|
$ |
31,132 |
|
|
$ |
27,106 |
|
|
$ |
25,201 |
|
|
$ |
23,424 |
|
|
$ |
25,201 |
|
|
$ |
16,706 |
|
Provision for loan and lease losses |
|
|
4,387 |
|
|
|
5,931 |
|
|
|
6,391 |
|
|
|
3,999 |
|
|
|
3,882 |
|
|
|
20,708 |
|
|
|
18,795 |
|
Net charge-offs of loans and leases |
|
|
(4,036 |
) |
|
|
(5,478 |
) |
|
|
(2,365 |
) |
|
|
(2,094 |
) |
|
|
(2,105 |
) |
|
|
(13,973 |
) |
|
|
(10,300 |
) |
Allowance for loan and lease losses, end of period |
|
$ |
31,936 |
|
|
$ |
31,585 |
|
|
$ |
31,132 |
|
|
$ |
27,106 |
|
|
$ |
25,201 |
|
|
$ |
31,936 |
|
|
$ |
25,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses to period end total loans and leases held for investment |
|
|
0.84 |
% |
|
|
0.82 |
% |
|
|
0.81 |
% |
|
|
0.76 |
% |
|
|
0.72 |
% |
|
|
0.84 |
% |
|
|
0.72 |
% |
Net charge-offs (annualized) to average loans and leases outstanding during the period |
|
|
0.42 |
% |
|
|
0.56 |
% |
|
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.24 |
% |
|
|
0.37 |
% |
|
|
0.35 |
% |
Provision for loan and lease losses to net charge-offs during the period |
|
1.09x |
|
|
1.08x |
|
|
2.70x |
|
|
1.91x |
|
|
1.84x |
|
|
|
1.48 |
x |
|
1.82x |
|
The allowance for loan and lease losses as a percentage of total loans and leases held for investment increased to 0.84% at December 31, 2019, compared to 0.82% at September 30, 2019 and 0.72% at December 31, 2018.
In June 2016, the Financial Accounting Standards Board (“FASB”) issued new authoritative guidance on the recognition of credit losses which replaces the incurred loss impairment methodology in current authoritative guidance with a methodology that reflects expected credit losses. In November 2019, the FASB delayed the effective date of the new authoritative guidance for entities, like the Company, that are not classified as Public Business Entities. Assuming the Company remains an emerging growth company, the new authoritative guidance is effective for fiscal years beginning after December 15, 2022. The Company is in process of implementation and determining the impact that this new authoritative guidance will have on the Company’s consolidated financial statements.
Net Charge-Offs
Net charge-offs during the fourth quarter of 2019 were $4.0 million, or 0.42% of average loans and leases, on an annualized basis, a decrease of $1.4 million compared to $5.5 million, or 0.56% of average loans and leases, during the third quarter of 2019, and an increase from $2.1 million, or 0.24%, for the comparable quarter one year ago.
The net charge-offs during the quarter were primarily attributed to the unguaranteed portion of U.S. government guaranteed loans. Net charge-offs for the fourth quarter of 2019 included $3.6 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the third quarter of 2019 included $4.8 million and fourth quarter of 2018 included $1.8 million in the unguaranteed portion of U.S. government guaranteed loans.
Byline Bancorp, Inc.
Page 11 of 22
Deposits and Other Liabilities
The following table presents the composition of deposits at the dates indicated:
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
Non-interest-bearing demand deposits |
|
$ |
1,279,641 |
|
|
$ |
1,221,431 |
|
|
$ |
1,240,375 |
|
|
$ |
1,163,255 |
|
|
$ |
1,192,873 |
|
Interest-bearing checking accounts |
|
|
338,185 |
|
|
|
372,049 |
|
|
|
345,081 |
|
|
|
305,393 |
|
|
|
296,339 |
|
Money market demand accounts |
|
|
881,387 |
|
|
|
745,154 |
|
|
|
728,954 |
|
|
|
611,634 |
|
|
|
640,401 |
|
Other savings |
|
|
475,839 |
|
|
|
471,878 |
|
|
|
480,756 |
|
|
|
468,524 |
|
|
|
476,418 |
|
Time deposits (below $250,000) |
|
|
916,723 |
|
|
|
966,866 |
|
|
|
980,162 |
|
|
|
967,999 |
|
|
|
911,603 |
|
Time deposits ($250,000 and above) |
|
|
255,802 |
|
|
|
302,936 |
|
|
|
284,915 |
|
|
|
291,711 |
|
|
|
232,282 |
|
Total deposits |
|
$ |
4,147,577 |
|
|
$ |
4,080,314 |
|
|
$ |
4,060,243 |
|
|
$ |
3,808,516 |
|
|
$ |
3,749,916 |
|
Total deposits were $4.1 billion at December 31, 2019, an increase of $67.3 million compared to September 30, 2019, an increase of 1.6%. Non-interest-bearing deposits rose to 30.9% of total deposits at December 31, 2019 from 29.9% at September 30, 2019.
The increase in the current quarter was primarily due to:
|
• |
An increase in money market demand deposits of $136.2 million, from $745.2 million at September 30, 2019 to $881.4 million at December 31, 2019, largely driven by growth in business account balances; and |
|
• |
An increase in non-interest-bearing demand deposits of $58.2 million, from $1.2 billion at September 30, 2019 to $1.3 billion at December 31, 2019, also driven by increases in business account balances. |
Partially offset by:
|
• |
A decrease in time deposits of $97.3 million, from $1.3 billion at September 30, 2019 to $1.2 billion at December 31, 2019, principally driven by decreases in brokered certificates; and |
|
• |
A decrease in interest-bearing checking deposits of $33.9 million, from $372.0 million at September 30, 2019 to $338.2 million at December 31, 2019, mainly driven by NOW business account balances. |
Total borrowings and other liabilities were $624.1 million at December 31, 2019, an increase of $2.0 million from $622.1 million at September 30, 2019, mainly due to an increase in securities sold under agreements to repurchase partially offset by a decrease in FHLB advances.
Stockholders’ Equity
Total stockholders’ equity was $750.1 million at December 31, 2019, an increase of $14.2 million from $735.9 million at September 30, 2019. The increase was due to net income generated during the quarter less dividends declared. On December 12, 2019, the Company announced that its Board of Directors declared the first cash dividend on its common stock of $0.03 per share for the fourth quarter of 2019.
Stockholders’ equity increased $99.4 million from $650.7 million at December 31, 2018. The increase was mainly due to net income generated during the year and the stock consideration issued in connection with the acquisition.
Byline Bancorp, Inc.
Page 12 of 22
On November 1, 2019, the Company announced that its Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of the Company’s outstanding common stock. The program will be in effect until December 31, 2020, unless terminated earlier. The Company has not made any stock repurchases under this program.
The following table presents the actual regulatory capital dollar amounts and ratios of the Company and Byline Bank as of December 31, 2019:
|
|
Actual |
|
|
Minimum Capital Required |
|
|
Required to be Considered Well Capitalized |
|
|||||||||||||||
December 31, 2019 |
|
Amount |
|
|
Ratio |
|
|
Amount |
|
|
Ratio |
|
|
Amount |
|
|
Ratio |
|
||||||
Total capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
627,573 |
|
|
|
14.43 |
% |
|
$ |
347,835 |
|
|
|
8.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
602,684 |
|
|
|
13.87 |
% |
|
|
347,564 |
|
|
|
8.00 |
% |
|
$ |
434,454 |
|
|
|
10.00 |
% |
Tier 1 capital to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
594,477 |
|
|
|
13.67 |
% |
|
$ |
260,876 |
|
|
|
6.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
569,588 |
|
|
|
13.11 |
% |
|
|
260,673 |
|
|
|
6.00 |
% |
|
$ |
347,564 |
|
|
|
8.00 |
% |
Common Equity Tier 1 (CET1) to risk weighted assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
537,539 |
|
|
|
12.36 |
% |
|
$ |
195,657 |
|
|
|
4.50 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
569,588 |
|
|
|
13.11 |
% |
|
|
195,504 |
|
|
|
4.50 |
% |
|
$ |
282,395 |
|
|
|
6.50 |
% |
Tier 1 capital to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
594,477 |
|
|
|
11.39 |
% |
|
$ |
208,771 |
|
|
|
4.00 |
% |
|
N/A |
|
|
N/A |
|
||
Bank |
|
|
569,588 |
|
|
|
10.92 |
% |
|
|
208,647 |
|
|
|
4.00 |
% |
|
$ |
260,809 |
|
|
|
5.00 |
% |
Capital ratios for the period presented are based on the Basel III regulatory capital framework as applied to the Company’s current business and operations, and are subject to, among other things, completion and filing of the Company’s regulatory reports and ongoing regulatory review and implementation guidance.
Conference Call, Webcast and Slide Presentation
The Company will host a conference call and webcast at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) on Friday, January 24, 2020 to discuss its full year and quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (877) 512-8755. A recorded replay can be accessed through February 7, 2020 by dialing (877) 344-7529; passcode: 10138134.
A slide presentation relating to the fourth quarter 2019 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the News and Events page of the Company’s investor relations website at www.bylinebancorp.com.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $5.5 billion in assets and operates more than 50 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 13 of 22
This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures include adjusted net income, adjusted diluted earnings per share, adjusted efficiency ratio, adjusted non-interest expense to average assets, non-interest income to total revenues, adjusted return on average stockholders’ equity, adjusted return on average assets, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common stockholders' equity, and adjusted return on average tangible common stockholders' equity. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See “Reconciliation of Non-GAAP Financial Measures” in the financial schedules included in this press release for a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. Additionally, please refer to the Company’s Annual Report on Form 10-K for the detailed definitions of these non-GAAP financial measures.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ‘‘may’’, ‘‘might’’, ‘‘should’’, ‘‘could’’, ‘‘predict’’, ‘‘potential’’, ‘‘believe’’, ‘‘expect’’, ‘‘continue’’, ‘‘will’’, ‘‘anticipate’’, ‘‘seek’’, ‘‘estimate’’, ‘‘intend’’, ‘‘plan’’, ‘‘projection’’, ‘‘would’’, ‘‘annualized’’, “target” and ‘‘outlook’’, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgement and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication. No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.
Certain risks and important factors that could affect Byline’s future results are identified in its Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission, including among other things under the heading “Risk Factors” in such Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws.
Byline Bancorp, Inc.
Page 14 of 22
Investors: |
Media: |
Tony Rossi |
Erin O’Neill |
Financial Profiles, Inc. 310-622-8221 |
Director of Marketing Byline Bank |
BYIR@bylinebank.com |
773-475-2901 |
|
eoneill@bylinebank.com |
|
|
Byline Bancorp, Inc.
Page 15 of 22
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|||||
(dollars in thousands) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
48,228 |
|
|
$ |
75,275 |
|
|
$ |
57,513 |
|
|
$ |
50,026 |
|
|
$ |
30,190 |
|
Interest bearing deposits with other banks |
|
|
32,509 |
|
|
|
33,564 |
|
|
|
31,802 |
|
|
|
31,971 |
|
|
|
91,670 |
|
Cash and cash equivalents |
|
|
80,737 |
|
|
|
108,839 |
|
|
|
89,315 |
|
|
|
81,997 |
|
|
|
121,860 |
|
Equity and other securities, at fair value |
|
|
8,031 |
|
|
|
7,648 |
|
|
|
7,662 |
|
|
|
7,216 |
|
|
|
— |
|
Securities available-for-sale, at fair value |
|
|
1,186,292 |
|
|
|
1,031,933 |
|
|
|
969,029 |
|
|
|
964,553 |
|
|
|
817,656 |
|
Securities held-to-maturity, at amortized cost |
|
|
4,412 |
|
|
|
4,417 |
|
|
|
4,421 |
|
|
|
4,425 |
|
|
|
99,266 |
|
Restricted stock, at cost |
|
|
22,127 |
|
|
|
24,331 |
|
|
|
22,937 |
|
|
|
19,202 |
|
|
|
19,202 |
|
Loans held for sale |
|
|
11,732 |
|
|
|
7,176 |
|
|
|
18,473 |
|
|
|
510 |
|
|
|
19,827 |
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases |
|
|
3,785,661 |
|
|
|
3,831,090 |
|
|
|
3,863,148 |
|
|
|
3,567,566 |
|
|
|
3,501,626 |
|
Allowance for loan and lease losses |
|
|
(31,936 |
) |
|
|
(31,585 |
) |
|
|
(31,132 |
) |
|
|
(27,106 |
) |
|
|
(25,201 |
) |
Net loans and leases |
|
|
3,753,725 |
|
|
|
3,799,505 |
|
|
|
3,832,016 |
|
|
|
3,540,460 |
|
|
|
3,476,425 |
|
Servicing assets, at fair value |
|
|
19,471 |
|
|
|
19,939 |
|
|
|
19,760 |
|
|
|
19,534 |
|
|
|
19,693 |
|
Accrued interest receivable |
|
|
13,283 |
|
|
|
13,013 |
|
|
|
12,913 |
|
|
|
11,974 |
|
|
|
10,863 |
|
Premises and equipment, net |
|
|
96,140 |
|
|
|
96,006 |
|
|
|
96,588 |
|
|
|
97,069 |
|
|
|
97,680 |
|
Assets held for sale |
|
|
15,362 |
|
|
|
15,472 |
|
|
|
16,329 |
|
|
|
13,596 |
|
|
|
14,489 |
|
Other real estate owned, net |
|
|
9,896 |
|
|
|
6,502 |
|
|
|
6,531 |
|
|
|
4,595 |
|
|
|
5,041 |
|
Goodwill |
|
|
148,353 |
|
|
|
145,638 |
|
|
|
145,638 |
|
|
|
128,177 |
|
|
|
128,177 |
|
Other intangible assets, net |
|
|
31,902 |
|
|
|
33,905 |
|
|
|
35,908 |
|
|
|
31,646 |
|
|
|
33,419 |
|
Bank-owned life insurance |
|
|
9,750 |
|
|
|
9,699 |
|
|
|
9,634 |
|
|
|
6,087 |
|
|
|
5,961 |
|
Deferred tax assets, net |
|
|
38,315 |
|
|
|
33,388 |
|
|
|
35,737 |
|
|
|
30,534 |
|
|
|
35,643 |
|
Due from counterparty |
|
|
43,145 |
|
|
|
47,045 |
|
|
|
34,226 |
|
|
|
20,691 |
|
|
|
5,338 |
|
Other assets |
|
|
29,136 |
|
|
|
33,822 |
|
|
|
34,119 |
|
|
|
27,659 |
|
|
|
32,034 |
|
Total assets |
|
$ |
5,521,809 |
|
|
$ |
5,438,278 |
|
|
$ |
5,391,236 |
|
|
$ |
5,009,925 |
|
|
$ |
4,942,574 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand deposits |
|
$ |
1,279,641 |
|
|
$ |
1,221,431 |
|
|
$ |
1,240,375 |
|
|
$ |
1,163,255 |
|
|
$ |
1,192,873 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW, savings accounts, and money market accounts |
|
|
1,695,411 |
|
|
|
1,589,081 |
|
|
|
1,554,791 |
|
|
|
1,385,551 |
|
|
|
1,413,158 |
|
Time deposits |
|
|
1,172,525 |
|
|
|
1,269,802 |
|
|
|
1,265,077 |
|
|
|
1,259,710 |
|
|
|
1,143,885 |
|
Total deposits |
|
|
4,147,577 |
|
|
|
4,080,314 |
|
|
|
4,060,243 |
|
|
|
3,808,516 |
|
|
|
3,749,916 |
|
Accrued interest payable |
|
|
3,677 |
|
|
|
4,778 |
|
|
|
4,522 |
|
|
|
4,390 |
|
|
|
3,484 |
|
Line of credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Federal Home Loan Bank advances |
|
|
490,000 |
|
|
|
506,000 |
|
|
|
500,000 |
|
|
|
425,000 |
|
|
|
425,000 |
|
Securities sold under agreements to repurchase |
|
|
49,638 |
|
|
|
32,290 |
|
|
|
32,885 |
|
|
|
34,369 |
|
|
|
34,166 |
|
Junior subordinated debentures issued to capital trusts, net |
|
|
37,334 |
|
|
|
37,207 |
|
|
|
37,059 |
|
|
|
36,912 |
|
|
|
36,768 |
|
Accrued expenses and other liabilities |
|
|
43,468 |
|
|
|
41,823 |
|
|
|
38,852 |
|
|
|
31,989 |
|
|
|
42,568 |
|
Total liabilities |
|
|
4,771,694 |
|
|
|
4,702,412 |
|
|
|
4,673,561 |
|
|
|
4,341,176 |
|
|
|
4,291,902 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
Common stock |
|
|
379 |
|
|
|
378 |
|
|
|
378 |
|
|
|
362 |
|
|
|
361 |
|
Additional paid-in capital |
|
|
580,965 |
|
|
|
579,564 |
|
|
|
578,828 |
|
|
|
548,005 |
|
|
|
546,849 |
|
Retained earnings |
|
|
159,033 |
|
|
|
144,525 |
|
|
|
129,379 |
|
|
|
116,363 |
|
|
|
102,522 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(700 |
) |
|
|
961 |
|
|
|
(1,348 |
) |
|
|
(6,419 |
) |
|
|
(9,498 |
) |
Total stockholders’ equity |
|
|
750,115 |
|
|
|
735,866 |
|
|
|
717,675 |
|
|
|
668,749 |
|
|
|
650,672 |
|
Total liabilities and stockholders’ equity |
|
$ |
5,521,809 |
|
|
$ |
5,438,278 |
|
|
$ |
5,391,236 |
|
|
$ |
5,009,925 |
|
|
$ |
4,942,574 |
|
Byline Bancorp, Inc.
Page 16 of 22
BYLINE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
(dollars in thousands, except per share data) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
|
$ |
58,203 |
|
|
$ |
63,391 |
|
|
$ |
59,524 |
|
|
$ |
54,383 |
|
|
$ |
56,646 |
|
|
$ |
235,501 |
|
|
$ |
184,972 |
|
Interest on taxable securities |
|
|
6,683 |
|
|
|
6,554 |
|
|
|
6,237 |
|
|
|
5,759 |
|
|
|
5,334 |
|
|
|
25,233 |
|
|
|
19,037 |
|
Interest on tax-exempt securities |
|
|
529 |
|
|
|
486 |
|
|
|
428 |
|
|
|
343 |
|
|
|
355 |
|
|
|
1,786 |
|
|
|
1,095 |
|
Other interest and dividend income |
|
|
500 |
|
|
|
598 |
|
|
|
571 |
|
|
|
625 |
|
|
|
560 |
|
|
|
2,294 |
|
|
|
1,847 |
|
Total interest and dividend income |
|
|
65,915 |
|
|
|
71,029 |
|
|
|
66,760 |
|
|
|
61,110 |
|
|
|
62,895 |
|
|
|
264,814 |
|
|
|
206,951 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
9,325 |
|
|
|
9,618 |
|
|
|
9,306 |
|
|
|
8,076 |
|
|
|
7,115 |
|
|
|
36,325 |
|
|
|
19,329 |
|
Federal Home Loan Bank advances |
|
|
1,917 |
|
|
|
2,771 |
|
|
|
2,174 |
|
|
|
2,099 |
|
|
|
1,719 |
|
|
|
8,961 |
|
|
|
6,160 |
|
Subordinated debentures and other borrowings |
|
|
759 |
|
|
|
802 |
|
|
|
832 |
|
|
|
850 |
|
|
|
800 |
|
|
|
3,243 |
|
|
|
2,857 |
|
Total interest expense |
|
|
12,001 |
|
|
|
13,191 |
|
|
|
12,312 |
|
|
|
11,025 |
|
|
|
9,634 |
|
|
|
48,529 |
|
|
|
28,346 |
|
Net interest income |
|
|
53,914 |
|
|
|
57,838 |
|
|
|
54,448 |
|
|
|
50,085 |
|
|
|
53,261 |
|
|
|
216,285 |
|
|
|
178,605 |
|
PROVISION FOR LOAN AND LEASE LOSSES |
|
|
4,387 |
|
|
|
5,931 |
|
|
|
6,391 |
|
|
|
3,999 |
|
|
|
3,882 |
|
|
|
20,708 |
|
|
|
18,795 |
|
Net interest income after provision for loan and lease losses |
|
|
49,527 |
|
|
|
51,907 |
|
|
|
48,057 |
|
|
|
46,086 |
|
|
|
49,379 |
|
|
|
195,577 |
|
|
|
159,810 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges on deposits |
|
|
1,635 |
|
|
|
1,612 |
|
|
|
1,441 |
|
|
|
1,770 |
|
|
|
1,852 |
|
|
|
6,458 |
|
|
|
6,445 |
|
Loan servicing revenue |
|
|
2,834 |
|
|
|
2,692 |
|
|
|
2,630 |
|
|
|
2,539 |
|
|
|
2,667 |
|
|
|
10,695 |
|
|
|
10,272 |
|
Loan servicing asset revaluation |
|
|
(2,545 |
) |
|
|
(1,610 |
) |
|
|
(1,223 |
) |
|
|
(1,261 |
) |
|
|
(2,862 |
) |
|
|
(6,639 |
) |
|
|
(9,269 |
) |
ATM and interchange fees |
|
|
1,150 |
|
|
|
973 |
|
|
|
945 |
|
|
|
717 |
|
|
|
1,010 |
|
|
|
3,785 |
|
|
|
4,313 |
|
Net gains on sales of securities available-for-sale |
|
|
— |
|
|
|
178 |
|
|
|
973 |
|
|
|
— |
|
|
|
160 |
|
|
|
1,151 |
|
|
|
164 |
|
Change in fair value of equity securities, net |
|
|
381 |
|
|
|
(15 |
) |
|
|
551 |
|
|
|
499 |
|
|
|
— |
|
|
|
1,416 |
|
|
|
— |
|
Net gains on sales of loans |
|
|
8,735 |
|
|
|
9,405 |
|
|
|
7,472 |
|
|
|
6,233 |
|
|
|
9,337 |
|
|
|
31,845 |
|
|
|
31,551 |
|
Wealth management and trust income |
|
|
704 |
|
|
|
653 |
|
|
|
626 |
|
|
|
595 |
|
|
|
679 |
|
|
|
2,578 |
|
|
|
1,545 |
|
Other non-interest income |
|
|
1,622 |
|
|
|
918 |
|
|
|
768 |
|
|
|
896 |
|
|
|
1,447 |
|
|
|
4,204 |
|
|
|
5,505 |
|
Total non-interest income |
|
|
14,516 |
|
|
|
14,806 |
|
|
|
14,183 |
|
|
|
11,988 |
|
|
|
14,290 |
|
|
|
55,493 |
|
|
|
50,526 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
24,228 |
|
|
|
24,537 |
|
|
|
23,652 |
|
|
|
22,892 |
|
|
|
21,548 |
|
|
|
95,309 |
|
|
|
80,382 |
|
Occupancy expense, net |
|
|
4,306 |
|
|
|
3,745 |
|
|
|
4,337 |
|
|
|
4,280 |
|
|
|
4,027 |
|
|
|
16,668 |
|
|
|
15,829 |
|
Equipment expense |
|
|
935 |
|
|
|
767 |
|
|
|
732 |
|
|
|
669 |
|
|
|
641 |
|
|
|
3,103 |
|
|
|
2,419 |
|
Loan and lease related expenses |
|
|
2,648 |
|
|
|
1,949 |
|
|
|
1,841 |
|
|
|
1,577 |
|
|
|
2,223 |
|
|
|
8,015 |
|
|
|
6,109 |
|
Legal, audit, and other professional fees |
|
|
2,340 |
|
|
|
4,066 |
|
|
|
2,981 |
|
|
|
2,066 |
|
|
|
2,746 |
|
|
|
11,453 |
|
|
|
11,373 |
|
Data processing |
|
|
2,678 |
|
|
|
4,062 |
|
|
|
3,849 |
|
|
|
3,144 |
|
|
|
2,846 |
|
|
|
13,733 |
|
|
|
18,242 |
|
Net loss recognized on other real estate owned and other related expenses |
|
|
122 |
|
|
|
95 |
|
|
|
252 |
|
|
|
196 |
|
|
|
48 |
|
|
|
665 |
|
|
|
235 |
|
Regulatory assessments |
|
|
157 |
|
|
|
228 |
|
|
|
371 |
|
|
|
(59 |
) |
|
|
462 |
|
|
|
697 |
|
|
|
1,744 |
|
Other intangible assets amortization expense |
|
|
2,003 |
|
|
|
2,003 |
|
|
|
1,959 |
|
|
|
1,773 |
|
|
|
1,834 |
|
|
|
7,738 |
|
|
|
5,629 |
|
Advertising and promotions |
|
|
1,114 |
|
|
|
843 |
|
|
|
732 |
|
|
|
709 |
|
|
|
590 |
|
|
|
3,398 |
|
|
|
1,723 |
|
Telecommunications |
|
|
488 |
|
|
|
474 |
|
|
|
537 |
|
|
|
464 |
|
|
|
391 |
|
|
|
1,963 |
|
|
|
1,710 |
|
Other non-interest expense |
|
|
2,675 |
|
|
|
2,679 |
|
|
|
2,711 |
|
|
|
2,968 |
|
|
|
2,732 |
|
|
|
11,033 |
|
|
|
9,501 |
|
Total non-interest expense |
|
|
43,694 |
|
|
|
45,448 |
|
|
|
43,954 |
|
|
|
40,679 |
|
|
|
40,088 |
|
|
|
173,775 |
|
|
|
154,896 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
20,349 |
|
|
|
21,265 |
|
|
|
18,286 |
|
|
|
17,395 |
|
|
|
23,581 |
|
|
|
77,295 |
|
|
|
55,440 |
|
PROVISION FOR INCOME TAXES |
|
|
4,497 |
|
|
|
5,923 |
|
|
|
5,075 |
|
|
|
4,798 |
|
|
|
6,460 |
|
|
|
20,293 |
|
|
|
14,247 |
|
NET INCOME |
|
|
15,852 |
|
|
|
15,342 |
|
|
|
13,211 |
|
|
|
12,597 |
|
|
|
17,121 |
|
|
|
57,002 |
|
|
|
41,193 |
|
Dividends on preferred shares |
|
|
196 |
|
|
|
196 |
|
|
|
195 |
|
|
|
196 |
|
|
|
196 |
|
|
|
783 |
|
|
|
783 |
|
INCOME AVAILABLE TO COMMON STOCKHOLDERS |
|
$ |
15,656 |
|
|
$ |
15,146 |
|
|
$ |
13,016 |
|
|
$ |
12,401 |
|
|
$ |
16,925 |
|
|
$ |
56,219 |
|
|
$ |
40,410 |
|
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.41 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.34 |
|
|
$ |
0.47 |
|
|
$ |
1.51 |
|
|
$ |
1.21 |
|
Diluted |
|
$ |
0.41 |
|
|
$ |
0.39 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.46 |
|
|
$ |
1.48 |
|
|
$ |
1.18 |
|
Byline Bancorp, Inc.
Page 17 of 22
BYLINE BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (unaudited)
|
|
As of or For the Three Months Ended |
|
|
As of or For the Year Ended |
|
||||||||||||||||||||||
(dollars in thousands, except share and |
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
per share data) |
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||
Earnings per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.41 |
|
|
$ |
0.40 |
|
|
$ |
0.35 |
|
|
$ |
0.34 |
|
|
$ |
0.47 |
|
|
$ |
1.51 |
|
|
$ |
1.21 |
|
Diluted earnings per common share |
|
$ |
0.41 |
|
|
$ |
0.39 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.46 |
|
|
$ |
1.48 |
|
|
$ |
1.18 |
|
Adjusted diluted earnings per common share(2)(3)(4) |
|
$ |
0.42 |
|
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.38 |
|
|
$ |
0.49 |
|
|
$ |
1.62 |
|
|
$ |
1.43 |
|
Weighted average common shares outstanding (basic) |
|
|
37,872,835 |
|
|
|
37,831,356 |
|
|
|
37,263,352 |
|
|
|
36,169,477 |
|
|
|
36,116,189 |
|
|
|
37,290,486 |
|
|
|
33,292,619 |
|
Weighted average common shares outstanding (diluted) |
|
|
38,537,899 |
|
|
|
38,487,180 |
|
|
|
37,948,006 |
|
|
|
36,876,574 |
|
|
|
36,900,589 |
|
|
|
37,986,463 |
|
|
|
34,179,754 |
|
Common shares outstanding |
|
|
38,256,500 |
|
|
|
38,169,126 |
|
|
|
38,115,219 |
|
|
|
36,398,144 |
|
|
|
36,343,239 |
|
|
|
38,256,500 |
|
|
|
36,343,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios and Performance Metrics (annualized where applicable) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
4.32 |
% |
|
|
4.62 |
% |
|
|
4.51 |
% |
|
|
4.43 |
% |
|
|
4.69 |
% |
|
|
4.47 |
% |
|
|
4.60 |
% |
Cost of deposits |
|
|
0.88 |
% |
|
|
0.94 |
% |
|
|
0.92 |
% |
|
|
0.87 |
% |
|
|
0.75 |
% |
|
|
0.91 |
% |
|
|
0.60 |
% |
Efficiency ratio(1) |
|
|
60.93 |
% |
|
|
59.81 |
% |
|
|
61.19 |
% |
|
|
62.68 |
% |
|
|
56.63 |
% |
|
|
61.09 |
% |
|
|
65.15 |
% |
Adjusted efficiency ratio(1)(2)(3) |
|
|
60.51 |
% |
|
|
58.17 |
% |
|
|
56.02 |
% |
|
|
59.55 |
% |
|
|
54.76 |
% |
|
|
58.53 |
% |
|
|
59.68 |
% |
Non-interest expense to average assets |
|
|
3.19 |
% |
|
|
3.32 |
% |
|
|
3.34 |
% |
|
|
3.32 |
% |
|
|
3.25 |
% |
|
|
3.29 |
% |
|
|
3.65 |
% |
Adjusted non-interest expense to average assets(2)(3) |
|
|
3.17 |
% |
|
|
3.23 |
% |
|
|
3.07 |
% |
|
|
3.17 |
% |
|
|
3.15 |
% |
|
|
3.16 |
% |
|
|
3.36 |
% |
Return on average stockholders' equity |
|
|
8.43 |
% |
|
|
8.34 |
% |
|
|
7.60 |
% |
|
|
7.75 |
% |
|
|
10.61 |
% |
|
|
8.05 |
% |
|
|
7.34 |
% |
Adjusted return on average stockholders' equity(2)(3)(4) |
|
|
8.54 |
% |
|
|
8.78 |
% |
|
|
9.16 |
% |
|
|
8.61 |
% |
|
|
11.21 |
% |
|
|
8.77 |
% |
|
|
8.85 |
% |
Return on average assets |
|
|
1.16 |
% |
|
|
1.12 |
% |
|
|
1.00 |
% |
|
|
1.03 |
% |
|
|
1.39 |
% |
|
|
1.08 |
% |
|
|
0.97 |
% |
Adjusted return on average assets(2)(3)(4) |
|
|
1.17 |
% |
|
|
1.18 |
% |
|
|
1.21 |
% |
|
|
1.14 |
% |
|
|
1.47 |
% |
|
|
1.18 |
% |
|
|
1.17 |
% |
Non-interest income to total revenues(2) |
|
|
21.21 |
% |
|
|
20.38 |
% |
|
|
20.67 |
% |
|
|
19.31 |
% |
|
|
21.16 |
% |
|
|
20.42 |
% |
|
|
22.05 |
% |
Pre-tax pre-provision return on average assets(2) |
|
|
1.81 |
% |
|
|
1.98 |
% |
|
|
1.88 |
% |
|
|
1.75 |
% |
|
|
2.23 |
% |
|
|
1.86 |
% |
|
|
1.75 |
% |
Adjusted pre-tax pre-provision return on average assets(2)(3) |
|
|
1.83 |
% |
|
|
2.07 |
% |
|
|
2.15 |
% |
|
|
1.91 |
% |
|
|
2.33 |
% |
|
|
1.99 |
% |
|
|
2.05 |
% |
Return on average tangible common stockholders' equity(2) |
|
|
12.20 |
% |
|
|
12.22 |
% |
|
|
11.32 |
% |
|
|
11.37 |
% |
|
|
15.49 |
% |
|
|
11.80 |
% |
|
|
10.44 |
% |
Adjusted return on average tangible common stockholders' equity(2)(3)(4) |
|
|
12.35 |
% |
|
|
12.82 |
% |
|
|
13.44 |
% |
|
|
12.54 |
% |
|
|
16.31 |
% |
|
|
12.78 |
% |
|
|
12.44 |
% |
Non-interest-bearing deposits to total deposits |
|
|
30.85 |
% |
|
|
29.93 |
% |
|
|
30.55 |
% |
|
|
30.54 |
% |
|
|
31.81 |
% |
|
|
30.85 |
% |
|
|
31.81 |
% |
Loans and leases held for sale and loans and lease held for investment to total deposits |
|
|
91.56 |
% |
|
|
94.07 |
% |
|
|
95.60 |
% |
|
|
93.69 |
% |
|
|
93.91 |
% |
|
|
91.56 |
% |
|
|
93.91 |
% |
Deposits to total liabilities |
|
|
86.92 |
% |
|
|
86.77 |
% |
|
|
86.88 |
% |
|
|
87.73 |
% |
|
|
87.37 |
% |
|
|
86.92 |
% |
|
|
87.37 |
% |
Deposits per branch |
|
$ |
67,993 |
|
|
$ |
66,890 |
|
|
$ |
66,561 |
|
|
$ |
65,664 |
|
|
$ |
63,558 |
|
|
$ |
67,993 |
|
|
$ |
63,558 |
|
Tangible book value per common share(2) |
|
$ |
14.62 |
|
|
$ |
14.30 |
|
|
$ |
13.79 |
|
|
$ |
13.70 |
|
|
$ |
13.17 |
|
|
$ |
14.62 |
|
|
$ |
13.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans and leases to total loans and leases held for investment, net before ALLL |
|
|
1.00 |
% |
|
|
1.09 |
% |
|
|
0.95 |
% |
|
|
0.85 |
% |
|
|
0.79 |
% |
|
|
1.00 |
% |
|
|
0.79 |
% |
ALLL to total loans and leases held for investment, net before ALLL |
|
|
0.84 |
% |
|
|
0.82 |
% |
|
|
0.81 |
% |
|
|
0.76 |
% |
|
|
0.72 |
% |
|
|
0.84 |
% |
|
|
0.72 |
% |
Net charge-offs to average total loans and leases held for investment, net before ALLL |
|
|
0.42 |
% |
|
|
0.56 |
% |
|
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.24 |
% |
|
|
0.37 |
% |
|
|
0.35 |
% |
Acquisition accounting adjustments(5) |
|
$ |
28,511 |
|
|
$ |
31,053 |
|
|
$ |
37,109 |
|
|
$ |
29,341 |
|
|
$ |
34,029 |
|
|
$ |
28,511 |
|
|
$ |
34,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity to total assets |
|
|
13.40 |
% |
|
|
13.34 |
% |
|
|
13.12 |
% |
|
|
13.14 |
% |
|
|
12.95 |
% |
|
|
13.40 |
% |
|
|
12.95 |
% |
Tangible common equity to tangible assets(2) |
|
|
10.47 |
% |
|
|
10.38 |
% |
|
|
10.09 |
% |
|
|
10.28 |
% |
|
|
10.01 |
% |
|
|
10.47 |
% |
|
|
10.01 |
% |
Leverage ratio |
|
|
11.39 |
% |
|
|
11.14 |
% |
|
|
11.09 |
% |
|
|
11.27 |
% |
|
|
11.05 |
% |
|
|
11.39 |
% |
|
|
11.05 |
% |
Common equity tier 1 capital ratio |
|
|
12.36 |
% |
|
|
12.12 |
% |
|
|
11.65 |
% |
|
|
12.14 |
% |
|
|
11.85 |
% |
|
|
12.36 |
% |
|
|
11.85 |
% |
Tier 1 capital ratio |
|
|
13.67 |
% |
|
|
13.43 |
% |
|
|
12.96 |
% |
|
|
13.57 |
% |
|
|
13.30 |
% |
|
|
13.67 |
% |
|
|
13.30 |
% |
Total capital ratio |
|
|
14.43 |
% |
|
|
14.19 |
% |
|
|
13.71 |
% |
|
|
14.28 |
% |
|
|
13.99 |
% |
|
|
14.43 |
% |
|
|
13.99 |
% |
|
(1) |
Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income. |
|
(2) |
Represents a non-GAAP financial measure. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. |
|
(3) |
Calculation excludes impairment charges, merger-related expenses, and core systems conversion expense. |
|
(4) |
Calculation excludes incremental income tax expense or benefit related to changes in corporate income tax rates and reversal of valuation allowance on net deferred tax assets. |
|
(5) |
Represents the remaining net unaccreted discount as a result of applying the fair value adjustment at the time of the business combination on acquired loans. |
Byline Bancorp, Inc.
Page 18 of 22
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 December 31, |
|
|||||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
||||||||||||||||||
(dollars in thousands) |
|
Average Balance(5) |
|
|
Interest Inc / Exp |
|
|
Average Yield / Rate |
|
|
Average Balance(5) |
|
|
Interest Inc / Exp |
|
|
Average Yield / Rate |
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
38,624 |
|
|
$ |
220 |
|
|
|
2.25 |
% |
|
$ |
91,852 |
|
|
$ |
316 |
|
|
|
1.37 |
% |
Loans and leases(1) |
|
|
3,807,731 |
|
|
|
58,203 |
|
|
|
6.06 |
% |
|
|
3,470,264 |
|
|
|
56,646 |
|
|
|
6.48 |
% |
Taxable securities |
|
|
1,025,975 |
|
|
|
6,963 |
|
|
|
2.69 |
% |
|
|
886,349 |
|
|
|
5,578 |
|
|
|
2.50 |
% |
Tax-exempt securities(2) |
|
|
84,640 |
|
|
|
529 |
|
|
|
2.48 |
% |
|
|
56,649 |
|
|
|
355 |
|
|
|
2.48 |
% |
Total interest-earning assets |
|
$ |
4,956,970 |
|
|
$ |
65,915 |
|
|
|
5.28 |
% |
|
$ |
4,505,114 |
|
|
$ |
62,895 |
|
|
|
5.54 |
% |
Allowance for loan and lease losses |
|
|
(32,688 |
) |
|
|
|
|
|
|
|
|
|
|
(24,215 |
) |
|
|
|
|
|
|
|
|
All other assets |
|
|
502,764 |
|
|
|
|
|
|
|
|
|
|
|
415,535 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
5,427,046 |
|
|
|
|
|
|
|
|
|
|
$ |
4,896,434 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
399,065 |
|
|
$ |
612 |
|
|
|
0.61 |
% |
|
$ |
308,821 |
|
|
$ |
407 |
|
|
|
0.52 |
% |
Money market accounts |
|
|
790,565 |
|
|
|
1,945 |
|
|
|
0.98 |
% |
|
|
653,141 |
|
|
|
1,505 |
|
|
|
0.91 |
% |
Savings |
|
|
474,394 |
|
|
|
63 |
|
|
|
0.05 |
% |
|
|
489,486 |
|
|
|
157 |
|
|
|
0.13 |
% |
Time deposits |
|
|
1,231,641 |
|
|
|
6,705 |
|
|
|
2.16 |
% |
|
|
1,130,308 |
|
|
|
5,046 |
|
|
|
1.77 |
% |
Total interest-bearing deposits |
|
|
2,895,665 |
|
|
|
9,325 |
|
|
|
1.28 |
% |
|
|
2,581,756 |
|
|
|
7,115 |
|
|
|
1.09 |
% |
Federal Home Loan Bank advances |
|
|
371,730 |
|
|
|
1,917 |
|
|
|
2.05 |
% |
|
|
360,891 |
|
|
|
1,719 |
|
|
|
1.89 |
% |
Other borrowed funds |
|
|
80,039 |
|
|
|
759 |
|
|
|
3.76 |
% |
|
|
65,226 |
|
|
|
800 |
|
|
|
4.86 |
% |
Total borrowings |
|
|
451,769 |
|
|
|
2,676 |
|
|
|
2.35 |
% |
|
|
426,117 |
|
|
|
2,519 |
|
|
|
2.35 |
% |
Total interest-bearing liabilities |
|
$ |
3,347,434 |
|
|
$ |
12,001 |
|
|
|
1.42 |
% |
|
$ |
3,007,873 |
|
|
$ |
9,634 |
|
|
|
1.27 |
% |
Non-interest-bearing demand deposits |
|
|
1,288,960 |
|
|
|
|
|
|
|
|
|
|
|
1,194,445 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
44,907 |
|
|
|
|
|
|
|
|
|
|
|
54,231 |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
745,745 |
|
|
|
|
|
|
|
|
|
|
|
639,885 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,427,046 |
|
|
|
|
|
|
|
|
|
|
$ |
4,896,434 |
|
|
|
|
|
|
|
|
|
Net interest spread(3) |
|
|
|
|
|
|
|
|
|
|
3.86 |
% |
|
|
|
|
|
|
|
|
|
|
4.27 |
% |
Net interest income |
|
|
|
|
|
$ |
53,914 |
|
|
|
|
|
|
|
|
|
|
$ |
53,261 |
|
|
|
|
|
Net interest margin(4) |
|
|
|
|
|
|
|
|
|
|
4.32 |
% |
|
|
|
|
|
|
|
|
|
|
4.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan accretion impact on margin |
|
|
|
|
|
$ |
5,418 |
|
|
|
0.43 |
% |
|
|
|
|
|
$ |
6,351 |
|
|
|
0.56 |
% |
|
(1) |
Loan and lease balances are net of deferred origination fees and costs and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances. |
|
(2) |
Interest income and rates exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality. |
|
(3) |
Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
|
(4) |
Represents net interest income (annualized) divided by total average earning assets. |
|
(5) |
Average balances are average daily balances. |
Byline Bancorp, Inc.
Page 19 of 22
BYLINE BANCORP, INC. AND SUBSIDIARIES
YEAR-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited)
|
|
For the Year Ended December 31, |
|
|||||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
||||||||||||||||||
(dollars in thousands) |
|
Average Balance(5) |
|
|
Interest Inc / Exp |
|
|
Average Yield / Rate |
|
|
Average Balance(5) |
|
|
Interest Inc / Exp |
|
|
Average Yield / Rate |
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
43,636 |
|
|
$ |
1,018 |
|
|
|
2.33 |
% |
|
$ |
76,710 |
|
|
$ |
964 |
|
|
|
1.26 |
% |
Loans and leases(1) |
|
|
3,741,607 |
|
|
|
235,501 |
|
|
|
6.29 |
% |
|
|
2,947,458 |
|
|
|
184,972 |
|
|
|
6.28 |
% |
Taxable securities |
|
|
981,453 |
|
|
|
26,509 |
|
|
|
2.70 |
% |
|
|
817,360 |
|
|
|
19,920 |
|
|
|
2.44 |
% |
Tax-exempt securities(2) |
|
|
71,173 |
|
|
|
1,786 |
|
|
|
2.51 |
% |
|
|
44,245 |
|
|
|
1,095 |
|
|
|
2.47 |
% |
Total interest-earning assets |
|
$ |
4,837,869 |
|
|
$ |
264,814 |
|
|
|
5.47 |
% |
|
$ |
3,885,773 |
|
|
$ |
206,951 |
|
|
|
5.33 |
% |
Allowance for loan and lease losses |
|
|
(29,650 |
) |
|
|
|
|
|
|
|
|
|
|
(20,378 |
) |
|
|
|
|
|
|
|
|
All other assets |
|
|
468,823 |
|
|
|
|
|
|
|
|
|
|
|
373,207 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
5,277,042 |
|
|
|
|
|
|
|
|
|
|
$ |
4,238,602 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
|
$ |
346,329 |
|
|
$ |
2,002 |
|
|
|
0.58 |
% |
|
$ |
260,405 |
|
|
$ |
953 |
|
|
|
0.37 |
% |
Money market accounts |
|
|
709,379 |
|
|
|
7,111 |
|
|
|
1.00 |
% |
|
|
522,599 |
|
|
|
3,857 |
|
|
|
0.74 |
% |
Savings |
|
|
474,709 |
|
|
|
434 |
|
|
|
0.09 |
% |
|
|
465,322 |
|
|
|
465 |
|
|
|
0.10 |
% |
Time deposits |
|
|
1,244,070 |
|
|
|
26,778 |
|
|
|
2.15 |
% |
|
|
954,686 |
|
|
|
14,054 |
|
|
|
1.47 |
% |
Total interest-bearing deposits |
|
|
2,774,487 |
|
|
|
36,325 |
|
|
|
1.31 |
% |
|
|
2,203,012 |
|
|
|
19,329 |
|
|
|
0.88 |
% |
Federal Home Loan Bank advances |
|
|
440,478 |
|
|
|
8,961 |
|
|
|
2.03 |
% |
|
|
365,533 |
|
|
|
6,160 |
|
|
|
1.69 |
% |
Other borrowed funds |
|
|
73,703 |
|
|
|
3,243 |
|
|
|
4.40 |
% |
|
|
60,259 |
|
|
|
2,857 |
|
|
|
4.74 |
% |
Total borrowings |
|
|
514,181 |
|
|
|
12,204 |
|
|
|
2.37 |
% |
|
|
425,792 |
|
|
|
9,017 |
|
|
|
2.12 |
% |
Total interest-bearing liabilities |
|
$ |
3,288,668 |
|
|
$ |
48,529 |
|
|
|
1.48 |
% |
|
$ |
2,628,804 |
|
|
$ |
28,346 |
|
|
|
1.08 |
% |
Non-interest-bearing demand deposits |
|
|
1,238,410 |
|
|
|
|
|
|
|
|
|
|
|
1,002,955 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
41,764 |
|
|
|
|
|
|
|
|
|
|
|
45,275 |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
708,200 |
|
|
|
|
|
|
|
|
|
|
|
561,568 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
5,277,042 |
|
|
|
|
|
|
|
|
|
|
$ |
4,238,602 |
|
|
|
|
|
|
|
|
|
Net interest spread(3) |
|
|
|
|
|
|
|
|
|
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
4.25 |
% |
Net interest income |
|
|
|
|
|
$ |
216,285 |
|
|
|
|
|
|
|
|
|
|
$ |
178,605 |
|
|
|
|
|
Net interest margin(4) |
|
|
|
|
|
|
|
|
|
|
4.47 |
% |
|
|
|
|
|
|
|
|
|
|
4.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan accretion impact on margin |
|
|
|
|
|
$ |
23,190 |
|
|
|
0.48 |
% |
|
|
|
|
|
$ |
20,550 |
|
|
|
0.53 |
% |
|
(1) |
Loan and lease balances are net of deferred origination fees and costs and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances. |
|
(2) |
Interest income and rates exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality. |
|
(3) |
Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
|
(4) |
Represents net interest income divided by total average earning assets. |
|
(5) |
Average balances are average daily balances. |
Byline Bancorp, Inc.
Page 20 of 22
BYLINE BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
|
|
As of or For the Three Months Ended |
|
|
As of or For the Year Ended |
|
||||||||||||||||||||||
(dollars in thousands, except per share data) |
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|||||||
Net income and earnings per share excluding significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Net Income |
|
$ |
15,852 |
|
|
$ |
15,342 |
|
|
$ |
13,211 |
|
|
$ |
12,597 |
|
|
$ |
17,121 |
|
|
$ |
57,002 |
|
|
$ |
41,193 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental income tax benefit attributed to federal income tax reform |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(724 |
) |
Impairment charges on assets held for sale |
|
|
111 |
|
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
570 |
|
|
|
628 |
|
Merger-related expense |
|
|
127 |
|
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
4,340 |
|
|
|
2,056 |
|
Core system conversion expense |
|
|
48 |
|
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
2,049 |
|
|
|
9,847 |
|
Tax benefit on impairment charges and merger-related expenses |
|
|
(79 |
) |
|
|
(369 |
) |
|
|
(842 |
) |
|
|
(540 |
) |
|
|
(297 |
) |
|
|
(1,830 |
) |
|
|
(3,275 |
) |
Adjusted Net Income |
|
$ |
16,059 |
|
|
$ |
16,160 |
|
|
$ |
15,915 |
|
|
$ |
13,997 |
|
|
$ |
18,087 |
|
|
$ |
62,131 |
|
|
$ |
49,725 |
|
Reported Diluted Earnings per Share |
|
$ |
0.41 |
|
|
$ |
0.39 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.46 |
|
|
$ |
1.48 |
|
|
$ |
1.18 |
|
Significant items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental income tax benefit attributed to federal income tax reform |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
Impairment charges on assets held for sale |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
Merger-related expense |
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.08 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.12 |
|
|
|
0.06 |
|
Core system conversion expense |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.29 |
|
Tax benefit on impairment charges and merger-related expenses |
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.04 |
) |
|
|
(0.10 |
) |
Adjusted Diluted Earnings per Share |
|
$ |
0.42 |
|
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
0.38 |
|
|
$ |
0.49 |
|
|
$ |
1.62 |
|
|
$ |
1.43 |
|
Byline Bancorp, Inc.
Page 21 of 22
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 Year Ended |
|
||||||||||||||||||||||
(dollars in thousands, except per share data, ratios annualized, where applicable) |
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|||||||
Adjusted non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
43,694 |
|
|
$ |
45,448 |
|
|
$ |
43,954 |
|
|
$ |
40,679 |
|
|
$ |
40,088 |
|
|
$ |
173,775 |
|
|
$ |
154,896 |
|
Less: Significant items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charges on assets held for sale |
|
|
111 |
|
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
570 |
|
|
|
628 |
|
Merger-related expense |
|
|
127 |
|
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
4,340 |
|
|
|
2,056 |
|
Core system conversion expense |
|
|
48 |
|
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
2,049 |
|
|
|
9,847 |
|
Adjusted non-interest expense |
|
$ |
43,408 |
|
|
$ |
44,261 |
|
|
$ |
40,408 |
|
|
$ |
38,739 |
|
|
$ |
38,825 |
|
|
$ |
166,816 |
|
|
$ |
142,365 |
|
Adjusted non-interest expense excluding amortization of intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
43,408 |
|
|
$ |
44,261 |
|
|
$ |
40,408 |
|
|
$ |
38,739 |
|
|
$ |
38,825 |
|
|
$ |
166,816 |
|
|
$ |
142,365 |
|
Less: Amortization of intangible assets |
|
|
2,003 |
|
|
|
2,003 |
|
|
|
1,959 |
|
|
|
1,773 |
|
|
|
1,834 |
|
|
|
7,738 |
|
|
|
5,629 |
|
Adjusted non-interest expense excluding amortization of intangible assets |
|
$ |
41,405 |
|
|
$ |
42,258 |
|
|
$ |
38,449 |
|
|
$ |
36,966 |
|
|
$ |
36,991 |
|
|
$ |
159,078 |
|
|
$ |
136,736 |
|
Pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income |
|
$ |
20,349 |
|
|
$ |
21,265 |
|
|
$ |
18,286 |
|
|
$ |
17,395 |
|
|
$ |
23,581 |
|
|
$ |
77,295 |
|
|
$ |
55,440 |
|
Add: Provision for loan and lease losses |
|
|
4,387 |
|
|
|
5,931 |
|
|
|
6,391 |
|
|
|
3,999 |
|
|
|
3,882 |
|
|
|
20,708 |
|
|
|
18,795 |
|
Pre-tax pre-provision net income |
|
$ |
24,736 |
|
|
$ |
27,196 |
|
|
$ |
24,677 |
|
|
$ |
21,394 |
|
|
$ |
27,463 |
|
|
$ |
98,003 |
|
|
$ |
74,235 |
|
Adjusted pre-tax pre-provision net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
24,736 |
|
|
$ |
27,196 |
|
|
$ |
24,677 |
|
|
$ |
21,394 |
|
|
$ |
27,463 |
|
|
$ |
98,003 |
|
|
$ |
74,235 |
|
Impairment charges on assets held for sale |
|
|
111 |
|
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
570 |
|
|
|
628 |
|
Merger-related expense |
|
|
127 |
|
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
4,340 |
|
|
|
2,056 |
|
Core system conversion expense |
|
|
48 |
|
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
2,049 |
|
|
|
9,847 |
|
Adjusted pre-tax pre-provision net income |
|
$ |
25,022 |
|
|
$ |
28,383 |
|
|
$ |
28,223 |
|
|
$ |
23,334 |
|
|
$ |
28,726 |
|
|
$ |
104,962 |
|
|
$ |
86,766 |
|
Total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
53,914 |
|
|
$ |
57,838 |
|
|
$ |
54,448 |
|
|
$ |
50,085 |
|
|
$ |
53,261 |
|
|
$ |
216,285 |
|
|
$ |
178,605 |
|
Add: Non-interest income |
|
|
14,516 |
|
|
|
14,806 |
|
|
|
14,183 |
|
|
|
11,988 |
|
|
|
14,290 |
|
|
|
55,493 |
|
|
|
50,526 |
|
Total revenues |
|
$ |
68,430 |
|
|
$ |
72,644 |
|
|
$ |
68,631 |
|
|
$ |
62,073 |
|
|
$ |
67,551 |
|
|
$ |
271,778 |
|
|
$ |
229,131 |
|
Tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
750,115 |
|
|
$ |
735,866 |
|
|
$ |
717,675 |
|
|
$ |
668,749 |
|
|
$ |
650,672 |
|
|
$ |
750,115 |
|
|
$ |
650,672 |
|
Less: Preferred stock |
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
Less: Goodwill |
|
|
148,353 |
|
|
|
145,638 |
|
|
|
145,638 |
|
|
|
128,177 |
|
|
|
128,177 |
|
|
|
148,353 |
|
|
|
128,177 |
|
Less: Core deposit intangibles and other intangibles |
|
|
31,902 |
|
|
|
33,905 |
|
|
|
35,908 |
|
|
|
31,646 |
|
|
|
33,419 |
|
|
|
31,902 |
|
|
|
33,419 |
|
Tangible common stockholders' equity |
|
$ |
559,422 |
|
|
$ |
545,885 |
|
|
$ |
525,691 |
|
|
$ |
498,488 |
|
|
$ |
478,638 |
|
|
$ |
559,422 |
|
|
$ |
478,638 |
|
Tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,521,809 |
|
|
$ |
5,438,278 |
|
|
$ |
5,391,236 |
|
|
$ |
5,009,925 |
|
|
$ |
4,942,574 |
|
|
$ |
5,521,809 |
|
|
$ |
4,942,574 |
|
Less: Goodwill |
|
|
148,353 |
|
|
|
145,638 |
|
|
|
145,638 |
|
|
|
128,177 |
|
|
|
128,177 |
|
|
|
148,353 |
|
|
|
128,177 |
|
Less: Core deposit intangibles and other intangibles |
|
|
31,902 |
|
|
|
33,905 |
|
|
|
35,908 |
|
|
|
31,646 |
|
|
|
33,419 |
|
|
|
31,902 |
|
|
|
33,419 |
|
Tangible assets |
|
$ |
5,341,554 |
|
|
$ |
5,258,735 |
|
|
$ |
5,209,690 |
|
|
$ |
4,850,102 |
|
|
$ |
4,780,978 |
|
|
$ |
5,341,554 |
|
|
$ |
4,780,978 |
|
Average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total stockholders' equity |
|
$ |
745,745 |
|
|
$ |
729,781 |
|
|
$ |
696,928 |
|
|
$ |
659,156 |
|
|
$ |
639,885 |
|
|
$ |
708,200 |
|
|
$ |
561,568 |
|
Less: Average preferred stock |
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
|
|
10,438 |
|
Less: Average goodwill |
|
|
146,202 |
|
|
|
145,638 |
|
|
|
140,073 |
|
|
|
128,177 |
|
|
|
127,543 |
|
|
|
140,087 |
|
|
|
97,349 |
|
Less: Average core deposit intangibles and other intangibles |
|
|
32,990 |
|
|
|
35,102 |
|
|
|
35,163 |
|
|
|
32,747 |
|
|
|
34,564 |
|
|
|
34,004 |
|
|
|
27,679 |
|
Average tangible common stockholders' equity |
|
$ |
556,115 |
|
|
$ |
538,603 |
|
|
$ |
511,254 |
|
|
$ |
487,794 |
|
|
$ |
467,340 |
|
|
$ |
523,671 |
|
|
$ |
426,102 |
|
Average tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
$ |
5,427,046 |
|
|
$ |
5,435,762 |
|
|
$ |
5,274,820 |
|
|
$ |
4,963,706 |
|
|
$ |
4,896,434 |
|
|
$ |
5,277,042 |
|
|
$ |
4,238,602 |
|
Less: Average goodwill |
|
|
146,202 |
|
|
|
145,638 |
|
|
|
140,073 |
|
|
|
128,177 |
|
|
|
127,543 |
|
|
|
140,087 |
|
|
|
97,349 |
|
Less: Average core deposit intangibles and other intangibles |
|
|
32,990 |
|
|
|
35,102 |
|
|
|
35,163 |
|
|
|
32,747 |
|
|
|
34,564 |
|
|
|
34,004 |
|
|
|
27,679 |
|
Average tangible assets |
|
$ |
5,247,854 |
|
|
$ |
5,255,022 |
|
|
$ |
5,099,584 |
|
|
$ |
4,802,782 |
|
|
$ |
4,734,327 |
|
|
$ |
5,102,951 |
|
|
$ |
4,113,574 |
|
Tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
|
$ |
15,656 |
|
|
$ |
15,146 |
|
|
$ |
13,016 |
|
|
$ |
12,401 |
|
|
$ |
16,925 |
|
|
$ |
56,219 |
|
|
$ |
40,410 |
|
Add: After-tax intangible asset amortization |
|
|
1,445 |
|
|
|
1,445 |
|
|
|
1,413 |
|
|
|
1,279 |
|
|
|
1,323 |
|
|
|
5,583 |
|
|
|
4,061 |
|
Tangible net income available to common stockholders |
|
$ |
17,101 |
|
|
$ |
16,591 |
|
|
$ |
14,429 |
|
|
$ |
13,680 |
|
|
$ |
18,248 |
|
|
$ |
61,802 |
|
|
$ |
44,471 |
|
Adjusted tangible net income available to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
17,101 |
|
|
$ |
16,591 |
|
|
$ |
14,429 |
|
|
$ |
13,680 |
|
|
$ |
18,248 |
|
|
$ |
61,802 |
|
|
$ |
44,471 |
|
Incremental income tax benefit attributed to federal income tax reform |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(724 |
) |
Impairment charges on assets held for sale |
|
|
111 |
|
|
|
67 |
|
|
|
— |
|
|
|
392 |
|
|
|
372 |
|
|
|
570 |
|
|
|
628 |
|
Merger-related expense |
|
|
127 |
|
|
|
1,043 |
|
|
|
3,152 |
|
|
|
18 |
|
|
|
266 |
|
|
|
4,340 |
|
|
|
2,056 |
|
Core system conversion expense |
|
|
48 |
|
|
|
77 |
|
|
|
394 |
|
|
|
1,530 |
|
|
|
625 |
|
|
|
2,049 |
|
|
|
9,847 |
|
Tax benefit on significant items |
|
|
(79 |
) |
|
|
(369 |
) |
|
|
(842 |
) |
|
|
(540 |
) |
|
|
(297 |
) |
|
|
(1,830 |
) |
|
|
(3,275 |
) |
Adjusted tangible net income available to common stockholders |
|
$ |
17,308 |
|
|
$ |
17,409 |
|
|
$ |
17,133 |
|
|
$ |
15,080 |
|
|
$ |
19,214 |
|
|
$ |
66,931 |
|
|
$ |
53,003 |
|
Byline Bancorp, Inc.
Page 22 of 22
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 Year Ended |
|
||||||||||||||||||||||
(dollars in thousands, except share and per share data, ratios annualized, where applicable) |
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|||||||
Pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net income |
|
$ |
24,736 |
|
|
$ |
27,196 |
|
|
$ |
24,677 |
|
|
$ |
21,394 |
|
|
$ |
27,463 |
|
|
$ |
98,003 |
|
|
$ |
74,235 |
|
Average total assets |
|
|
5,427,046 |
|
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
5,277,042 |
|
|
|
4,238,602 |
|
Pre-tax pre-provision return on average assets |
|
|
1.81 |
% |
|
|
1.98 |
% |
|
|
1.88 |
% |
|
|
1.75 |
% |
|
|
2.23 |
% |
|
|
1.86 |
% |
|
|
1.75 |
% |
Adjusted pre-tax pre-provision return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax pre-provision net income |
|
$ |
25,022 |
|
|
$ |
28,383 |
|
|
$ |
28,223 |
|
|
$ |
23,334 |
|
|
$ |
28,726 |
|
|
$ |
104,962 |
|
|
$ |
86,766 |
|
Average total assets |
|
|
5,427,046 |
|
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
5,277,042 |
|
|
|
4,238,602 |
|
Adjusted pre-tax pre-provision return on average assets |
|
|
1.83 |
% |
|
|
2.07 |
% |
|
|
2.15 |
% |
|
|
1.91 |
% |
|
|
2.33 |
% |
|
|
1.99 |
% |
|
|
2.05 |
% |
Non-interest income to total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
$ |
14,516 |
|
|
$ |
14,806 |
|
|
$ |
14,183 |
|
|
$ |
11,988 |
|
|
$ |
14,290 |
|
|
$ |
55,493 |
|
|
$ |
50,526 |
|
Total revenues |
|
|
68,430 |
|
|
|
72,644 |
|
|
|
68,631 |
|
|
|
62,073 |
|
|
|
67,551 |
|
|
|
271,778 |
|
|
|
229,131 |
|
Non-interest income to total revenues |
|
|
21.21 |
% |
|
|
20.38 |
% |
|
|
20.67 |
% |
|
|
19.31 |
% |
|
|
21.16 |
% |
|
|
20.42 |
% |
|
|
22.05 |
% |
Adjusted non-interest expense to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
$ |
43,408 |
|
|
$ |
44,261 |
|
|
$ |
40,408 |
|
|
$ |
38,739 |
|
|
$ |
38,825 |
|
|
$ |
166,816 |
|
|
$ |
142,365 |
|
Average total assets |
|
|
5,427,046 |
|
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
5,277,042 |
|
|
|
4,238,602 |
|
Adjusted non-interest expense to average assets |
|
|
3.17 |
% |
|
|
3.23 |
% |
|
|
3.07 |
% |
|
|
3.17 |
% |
|
|
3.15 |
% |
|
|
3.16 |
% |
|
|
3.36 |
% |
Adjusted efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense excluding amortization of intangible assets |
|
$ |
41,405 |
|
|
$ |
42,258 |
|
|
$ |
38,449 |
|
|
$ |
36,966 |
|
|
$ |
36,991 |
|
|
$ |
159,078 |
|
|
$ |
136,736 |
|
Total revenues |
|
|
68,430 |
|
|
|
72,644 |
|
|
|
68,631 |
|
|
|
62,073 |
|
|
|
67,551 |
|
|
|
271,778 |
|
|
|
229,131 |
|
Adjusted efficiency ratio |
|
|
60.51 |
% |
|
|
58.17 |
% |
|
|
56.02 |
% |
|
|
59.55 |
% |
|
|
54.76 |
% |
|
|
58.53 |
% |
|
|
59.68 |
% |
Adjusted return on average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
16,059 |
|
|
$ |
16,160 |
|
|
$ |
15,915 |
|
|
$ |
13,997 |
|
|
$ |
18,087 |
|
|
$ |
62,131 |
|
|
$ |
49,725 |
|
Average total assets |
|
|
5,427,046 |
|
|
|
5,435,762 |
|
|
|
5,274,820 |
|
|
|
4,963,706 |
|
|
|
4,896,434 |
|
|
|
5,277,042 |
|
|
|
4,238,602 |
|
Adjusted return on average assets |
|
|
1.17 |
% |
|
|
1.18 |
% |
|
|
1.21 |
% |
|
|
1.14 |
% |
|
|
1.47 |
% |
|
|
1.18 |
% |
|
|
1.17 |
% |
Adjusted return on average stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
16,059 |
|
|
$ |
16,160 |
|
|
$ |
15,915 |
|
|
$ |
13,997 |
|
|
$ |
18,087 |
|
|
$ |
62,131 |
|
|
$ |
49,725 |
|
Average stockholders' equity |
|
|
745,745 |
|
|
|
729,781 |
|
|
|
696,928 |
|
|
|
659,156 |
|
|
|
639,885 |
|
|
|
708,200 |
|
|
|
561,568 |
|
Adjusted return on average stockholders' equity |
|
|
8.54 |
% |
|
|
8.78 |
% |
|
|
9.16 |
% |
|
|
8.61 |
% |
|
|
11.21 |
% |
|
|
8.77 |
% |
|
|
8.85 |
% |
Tangible common equity to tangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
559,422 |
|
|
$ |
545,885 |
|
|
$ |
525,691 |
|
|
$ |
498,488 |
|
|
$ |
478,638 |
|
|
$ |
559,422 |
|
|
$ |
478,638 |
|
Tangible assets |
|
|
5,341,554 |
|
|
|
5,258,735 |
|
|
|
5,209,690 |
|
|
|
4,850,102 |
|
|
|
4,780,978 |
|
|
|
5,341,554 |
|
|
|
4,780,978 |
|
Tangible common equity to tangible assets |
|
|
10.47 |
% |
|
|
10.38 |
% |
|
|
10.09 |
% |
|
|
10.28 |
% |
|
|
10.01 |
% |
|
|
10.47 |
% |
|
|
10.01 |
% |
Return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible net income available to common stockholders |
|
$ |
17,101 |
|
|
$ |
16,591 |
|
|
$ |
14,429 |
|
|
$ |
13,680 |
|
|
$ |
18,248 |
|
|
$ |
61,802 |
|
|
$ |
44,471 |
|
Average tangible common stockholders' equity |
|
|
556,115 |
|
|
|
538,603 |
|
|
|
511,254 |
|
|
|
487,794 |
|
|
|
467,340 |
|
|
|
523,671 |
|
|
|
426,102 |
|
Return on average tangible common stockholders' equity |
|
|
12.20 |
% |
|
|
12.22 |
% |
|
|
11.32 |
% |
|
|
11.37 |
% |
|
|
15.49 |
% |
|
|
11.80 |
% |
|
|
10.44 |
% |
Adjusted return on average tangible common stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted tangible net income available to common stockholders |
|
$ |
17,308 |
|
|
$ |
17,409 |
|
|
$ |
17,133 |
|
|
$ |
15,080 |
|
|
$ |
19,214 |
|
|
$ |
66,931 |
|
|
$ |
53,003 |
|
Average tangible common stockholders' equity |
|
|
556,115 |
|
|
|
538,603 |
|
|
|
511,254 |
|
|
|
487,794 |
|
|
|
467,340 |
|
|
|
523,671 |
|
|
|
426,102 |
|
Adjusted return on average tangible common stockholders' equity |
|
|
12.35 |
% |
|
|
12.82 |
% |
|
|
13.44 |
% |
|
|
12.54 |
% |
|
|
16.31 |
% |
|
|
12.78 |
% |
|
|
12.44 |
% |
Tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
559,422 |
|
|
$ |
545,885 |
|
|
$ |
525,691 |
|
|
$ |
498,488 |
|
|
$ |
478,638 |
|
|
$ |
559,422 |
|
|
$ |
478,638 |
|
Common shares outstanding |
|
|
38,256,028 |
|
|
|
38,169,126 |
|
|
|
38,115,219 |
|
|
|
36,398,144 |
|
|
|
36,343,239 |
|
|
|
38,256,028 |
|
|
|
36,343,239 |
|
Tangible book value per share |
|
$ |
14.62 |
|
|
$ |
14.30 |
|
|
$ |
13.79 |
|
|
$ |
13.70 |
|
|
$ |
13.17 |
|
|
$ |
14.62 |
|
|
$ |
13.17 |
|