Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Byline Bancorp, Inc. Reports Third Quarter 2020 Financial Results


Byline Bancorp, Inc. (the "Company" or "Byline")(NYSE: BY), the parent company of Byline Bank (the "Bank"), today reported net income of $13.1 million, or $0.34 per diluted share, for the third quarter of 2020, compared with net income of $9.1 million, or $0.24 per diluted share, for the second quarter of 2020, and net income of $15.3 million, or $0.39 per diluted share, for the third quarter of 2019.

Alberto J. Paracchini, President and Chief Executive Officer of Byline, commented, "Our results for the quarter continues to show solid performance in a challenging operating environment. We saw strong growth in pre-tax, pre-provision income driven by improved business activity, strong fee income and disciplined expense management. This allowed us to continue to build our allowance for loan and lease losses and add to our capital base.

"This quarter we also announced the additional consolidation of 11 branch locations in order to better align our spending with current customer behaviors and continue investing in our digital capabilities and franchise. Looking forward, our focus remains on supporting new and existing customers, executing our strategy and growing the value of our franchise," said Mr. Paracchini.

Third Quarter 2020 Updates

Branch Consolidations

On September 18, 2020, we announced plans to optimize our branch network as part of efforts to accommodate changing customer behaviors while also recognizing operating efficiencies. Byline Bank plans to consolidate 11 of its 57 full-service offices, or approximately 20% of its branch network. Most of the impacted branches are located within two miles of another Byline Bank branch that will continue to operate within the respective market. These branch consolidations are scheduled to commence on December 31, 2020 and will result in a one-time charge of approximately $5.9 million, including $696,000 recognized during the third quarter 2020 related to salaries and employee benefit expenses. We anticipate annualized cost savings of approximately $4.3 million beginning in 2021, an estimated 25% of which will be utilized to increase investment in our digital banking platform and the continued renovation and upgrading of other retail branches.

Deferrals and Paycheck Protection Program

We continue working with our customers and borrowers impacted by the pandemic through deferrals and PPP loans. During the third quarter 2020:

2

Excludes PPP loans.

The following table presents information regarding the net PPP loans as of September 30, 2020:

 

 

PPP Loan Size

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

$0 - $50,000

 

 

$50,001 - $150,000

 

 

$150,001 -

$2,000,000

 

 

Over $2,000,000

 

 

Total

 

Principal outstanding

 

$

37,993

 

 

$

84,385

 

 

$

428,361

 

 

$

84,639

 

 

$

635,378

 

Unearned processing fee

 

 

(1,479

)

 

 

(3,254

)

 

 

(12,157

)

 

 

(653

)

 

 

(17,543

)

Deferred cost

 

 

2,138

 

 

 

1,089

 

 

 

1,098

 

 

 

31

 

 

 

4,356

 

PPP loans, net

 

$

38,652

 

 

$

82,220

 

 

$

417,302

 

 

$

84,017

 

 

$

622,191

 

Number of loans

 

 

1,831

 

 

 

951

 

 

 

958

 

 

 

27

 

 

 

3,767

 

STATEMENTS OF OPERATIONS

Net Interest Income

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

(dollars in thousands)

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2020

 

 

2019

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and

leases

 

$

51,036

 

 

$

50,153

 

 

$

54,158

 

 

$

58,203

 

 

$

63,391

 

 

$

155,347

 

 

$

177,298

 

Interest on securities

 

 

7,070

 

 

 

7,530

 

 

 

8,016

 

 

 

7,212

 

 

 

7,040

 

 

 

22,616

 

 

 

19,807

 

Other interest and dividend

income

 

 

128

 

 

 

222

 

 

 

992

 

 

 

500

 

 

 

598

 

 

 

1,342

 

 

 

1,794

 

Total interest and dividend

income

 

 

58,234

 

 

 

57,905

 

 

 

63,166

 

 

 

65,915

 

 

 

71,029

 

 

 

179,305

 

 

 

198,899

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,760

 

 

 

4,246

 

 

 

7,804

 

 

 

9,325

 

 

 

9,618

 

 

 

14,810

 

 

 

27,000

 

Other borrowings

 

 

465

 

 

 

476

 

 

 

1,897

 

 

 

1,989

 

 

 

2,835

 

 

 

2,838

 

 

 

7,266

 

Subordinated notes and

debentures

 

 

1,485

 

 

 

574

 

 

 

640

 

 

 

687

 

 

 

738

 

 

 

2,699

 

 

 

2,262

 

Total interest expense

 

 

4,710

 

 

 

5,296

 

 

 

10,341

 

 

 

12,001

 

 

 

13,191

 

 

 

20,347

 

 

 

36,528

 

Net interest income

$

53,524

 

$

52,609

 

 

$

52,825

 

$

53,914

 

 

$

57,838

 

$

158,958

 

 

$

162,371

 

The following table presents the average interest-earning assets and average interest-bearing liabilities for the periods indicated:

 

 

For the Three Months Ended

 

 

 

September 30, 2020

 

 

June 30, 2020

 

(dollars in thousands)

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Average

Yield /

Rate

 

 

Average

Balance(5)

 

 

Interest

Inc / Exp

 

 

Average

Yield /

Rate

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

48,678

 

 

$

25

 

 

 

0.20

%

 

$

58,971

 

 

$

25

 

 

 

0.17

%

Loans and leases(1)

 

 

4,360,203

 

 

 

51,036

 

 

 

4.66

%

 

 

4,283,654

 

 

 

50,153

 

 

 

4.71

%

Taxable securities

 

 

1,364,516

 

 

 

6,341

 

 

 

1.85

%

 

 

1,243,604

 

 

 

7,021

 

 

 

2.27

%

Tax-exempt securities(2)

 

 

143,157

 

 

 

832

 

 

 

2.31

%

 

 

117,340

 

 

 

706

 

 

 

2.42

%

Total interest-earning assets

 

$

5,916,554

 

 

$

58,234

 

 

 

3.92

%

 

$

5,703,569

 

 

$

57,905

 

 

 

4.08

%

Allowance for loan and lease losses

 

 

(53,964

)

 

 

 

 

 

 

 

 

 

 

(43,009

)

 

 

 

 

 

 

 

 

All other assets

 

 

538,700

 

 

 

 

 

 

 

 

 

 

 

526,414

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

6,401,290

 

 

 

 

 

 

 

 

 

 

$

6,186,974

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

565,917

 

 

$

226

 

 

 

0.16

%

 

$

392,070

 

 

$

165

 

 

 

0.17

%

Money market accounts

 

 

1,202,016

 

 

 

634

 

 

 

0.21

%

 

 

1,214,713

 

 

 

946

 

 

 

0.31

%

Savings

 

 

535,396

 

 

 

64

 

 

 

0.05

%

 

 

511,049

 

 

 

61

 

 

 

0.05

%

Time deposits

 

 

870,227

 

 

 

1,836

 

 

 

0.84

%

 

 

976,710

 

 

 

3,074

 

 

 

1.27

%

Total interest-bearing

deposits

 

 

3,173,556

 

 

 

2,760

 

 

 

0.35

%

 

 

3,094,542

 

 

 

4,246

 

 

 

0.55

%

Other borrowings

 

 

538,237

 

 

 

465

 

 

 

0.34

%

 

 

534,766

 

 

 

476

 

 

 

0.36

%

Subordinated notes and debentures

 

 

100,756

 

 

 

1,485

 

 

 

5.86

%

 

 

40,180

 

 

 

574

 

 

 

5.75

%

Total borrowings

 

 

638,993

 

 

 

1,950

 

 

 

1.21

%

 

 

574,946

 

 

 

1,050

 

 

 

0.73

%

Total interest-bearing liabilities

 

$

3,812,549

 

 

$

4,710

 

 

 

0.49

%

 

$

3,669,488

 

 

$

5,296

 

 

 

0.58

%

Non-interest-bearing demand deposits

 

 

1,742,787

 

 

 

 

 

 

 

 

 

 

 

1,692,723

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

54,843

 

 

 

 

 

 

 

 

 

 

 

48,884

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

 

791,111

 

 

 

 

 

 

 

 

 

 

 

775,879

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY

 

$

6,401,290

 

 

 

 

 

 

 

 

 

 

$

6,186,974

 

 

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

 

 

3.43

%

 

 

 

 

 

 

 

 

 

 

3.50

%

Net interest income

 

 

 

 

 

$

53,524

 

 

 

 

 

 

 

 

 

 

$

52,609

 

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

 

 

3.60

%

 

 

 

 

 

 

 

 

 

 

3.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

 

$

3,911

 

 

 

0.26

%

 

 

 

 

 

$

3,172

 

 

 

0.22

 

(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.

Net interest income for the third quarter of 2020 was $53.5 million, an increase of $915,000, or 1.7%, from the second quarter of 2020.

The increase in net interest income was primarily due to:

Offset by:

Net interest margin for the third quarter of 2020 was 3.60%, a decrease of 11 basis points compared to 3.71% for the second quarter of 2020. Total net accretion income on acquired loans contributed 26 basis points to the net interest margin for the third quarter of 2020 compared to 22 basis points for the second quarter of 2020, an increase of 4 basis points. The net interest margin decrease during the third quarter of 2020 was primarily driven by decreased loan and lease yields largely resulting from the impact of decreases in short-term rates and lower-yielding PPP loan balances. Net interest margin was also impacted by an increase in borrowed funds costs due to the full quarter impact of interest accrual on the subordinated notes. These decreases were partly offset by a decrease in the cost of funds and higher average non-interest-bearing demand deposit balances.

The average cost of total deposits was 0.22% for the third quarter of 2020, a decrease of 14 basis points compared to the second quarter of 2020, mainly due to a lower average cost of money market accounts and time deposits as well as a favorable change in deposit mix. Average non-interest-bearing demand deposits grew by $50.1 million, while average time deposits decreased by $106.5 million. Average non-interest-bearing demand deposits were 35.4% of average total deposits for the third quarter of 2020 unchanged compared to the second quarter of 2020.

Provision for Loan and Lease Losses

The provision for loan and lease losses was $15.7 million for the third quarter of 2020, an increase of $222,000 compared to $15.5 million for the second quarter of 2020. The third quarter included allocations of $14.8 million for originated loans and leases, $1.0 million for acquired impaired loans, and a credit of $118,000 for acquired non-impaired loans. The provision during the third quarter of 2020 included $6.4 million in specific impairments, including $3.3 million related to the unguaranteed portion of government guaranteed loans. The third quarter provision included $8.4 million to address the continued economic uncertainty caused by the COVID-19 pandemic and the uncertainty around additional government relief.

Non-interest Income

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

(dollars in thousands)

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2020

 

 

2019

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on

deposits

 

$

1,603

 

 

$

1,455

 

 

$

1,673

 

 

$

1,635

 

 

$

1,612

 

 

$

4,731

 

 

$

4,823

 

Loan servicing revenue

 

 

2,936

 

 

 

2,980

 

 

 

2,758

 

 

 

2,834

 

 

 

2,692

 

 

 

8,674

 

 

 

7,861

 

Loan servicing asset revaluation

 

 

1,122

 

 

 

(711

)

 

 

(3,064

)

 

 

(2,545

)

 

 

(1,610

)

 

 

(2,653

)

 

 

(4,094

)

ATM and interchange fees

 

 

1,028

 

 

 

845

 

 

 

1,216

 

 

 

1,150

 

 

 

973

 

 

 

3,089

 

 

 

2,635

 

Net gains on sales of securities

available-for-sale

 

 

1,037

 

 

 

?

 

 

 

1,375

 

 

 

?

 

 

 

178

 

 

 

2,412

 

 

 

1,151

 

Change in fair value of equity securities, net

 

 

154

 

 

 

766

 

 

 

(619

)

 

 

381

 

 

 

(15

)

 

 

301

 

 

 

1,035

 

Net gains on sales of loans

 

 

12,671

 

 

 

6,456

 

 

 

4,773

 

 

 

8,735

 

 

 

9,405

 

 

 

23,900

 

 

 

23,110

 

Wealth management and trust income

 

 

693

 

 

 

608

 

 

 

669

 

 

 

704

 

 

 

653

 

 

 

1,970

 

 

 

1,874

 

Other non-interest income

 

 

1,008

 

 

 

389

 

 

 

392

 

 

 

1,622

 

 

 

918

 

 

 

1,789

 

 

 

2,582

 

Total non-interest income

 

$

22,252

 

 

$

12,788

 

 

$

9,173

 

 

$

14,516

 

 

$

14,806

 

 

$

44,213

 

 

$

40,977

 

Non-interest income for the third quarter of 2020 was $22.3 million, an increase of $9.5 million, or 74.0% compared to $12.8 million for the second quarter of 2020.

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

During the third quarter of 2020, we sold $121.2 million of U.S. government guaranteed loans compared to $78.7 million during the second quarter of 2020. The increase in sales was driven by increased SBA 7(a) origination volumes and higher demand for U.S. government guaranteed loans.

Non-interest Expense

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

(dollars in thousands)

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2020

 

 

2019

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

23,126

 

 

$

19,405

 

 

$

24,666

 

 

$

24,228

 

 

$

24,537

 

 

$

67,197

 

 

$

71,081

 

Occupancy and equipment expense, net

 

 

5,220

 

 

 

5,359

 

 

 

5,524

 

 

 

5,241

 

 

 

4,512

 

 

 

16,103

 

 

 

14,530

 

Loan and lease related expenses

 

 

2,053

 

 

 

1,260

 

 

 

1,311

 

 

 

2,648

 

 

 

1,949

 

 

 

4,624

 

 

 

5,367

 

Legal, audit and other professional fees

 

 

2,390

 

 

 

2,078

 

 

 

2,334

 

 

 

2,340

 

 

 

4,066

 

 

 

6,802

 

 

 

9,113

 

Data processing

 

 

2,661

 

 

 

2,826

 

 

 

2,665

 

 

 

2,678

 

 

 

4,062

 

 

 

8,152

 

 

 

11,055

 

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

 

 

349

 

 

 

456

 

 

 

519

 

 

 

122

 

 

 

95

 

 

 

1,324

 

 

 

543

 

Other intangible assets amortization expense

 

 

1,947

 

 

 

1,892

 

 

 

1,893

 

 

 

2,002

 

 

 

2,003

 

 

 

5,732

 

 

 

5,735

 

Other non-interest expense

 

 

3,959

 

 

 

3,736

 

 

 

4,615

 

 

 

4,435

 

 

 

4,224

 

 

 

12,310

 

 

 

12,657

 

Total non-interest expense

 

$

41,705

 

 

$

37,012

 

 

$

43,527

 

 

$

43,694

 

 

$

45,448

 

 

$

122,244

 

 

$

130,081

 

Non-interest expense for the third quarter of 2020 was $41.7 million, an increase of $4.7 million, or 12.7%, from $37.0 million for the second quarter of 2020.

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

Our efficiency ratio was 52.47% for the third quarter of 2020 compared to 53.70% for the second quarter of 2020.

INCOME TAXES

We recorded income tax expense of $5.3 million during the third quarter of 2020, an effective tax rate of 28.7% compared to $3.7 million during the second quarter of 2020, an effective tax rate of 29.0%.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $6.5 billion at September 30, 2020, an increase of $103.8 million compared to $6.4 billion at June 30, 2020, and an increase of $1.1 billion compared to $5.4 billion at September 30, 2019.

The current quarter increase was primarily due to:

Partially offset by:

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

 

 

September 30, 2020

 

 

June 30, 2020

 

 

September 30, 2019

 

(dollars in thousands)

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

 

Amount

 

 

% of Total

 

Originated loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

919,862

 

 

 

21.0

%

 

$

919,510

 

 

 

20.9

%

 

$

772,559

 

 

 

20.2

%

Residential real estate

 

 

458,364

 

 

 

10.5

%

 

 

480,692

 

 

 

10.9

%

 

 

497,839

 

 

 

13.0

%

Construction, land development, and other land

 

 

234,017

 

 

 

5.3

%

 

 

219,261

 

 

 

5.0

%

 

 

236,780

 

 

 

6.2

%

Commercial and industrial

 

 

1,214,099

 

 

 

27.8

%

 

 

1,200,996

 

 

 

27.4

%

 

 

1,096,400

 

 

 

28.6

%

Paycheck protection program

 

 

622,191

 

 

 

14.2

%

 

 

611,664

 

 

 

13.9

%

 

 

?

 

 

 

0.0

%

Installment and other

 

 

2,346

 

 

 

0.1

%

 

 

2,714

 

 

 

0.1

%

 

 

7,818

 

 

 

0.2

%

Leasing financing receivables

 

 

185,700

 

 

 

4.2

%

 

 

160,741

 

 

 

3.7

%

 

 

156,758

 

 

 

4.1

%

Total originated loans and leases

 

$

3,636,579

 

 

 

83.1

%

 

$

3,595,578

 

 

 

81.9

%

 

$

2,768,154

 

 

 

72.3

%

Acquired impaired loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

117,114

 

 

 

2.7

%

 

$

126,405

 

 

 

2.9

%

 

$

142,435

 

 

 

3.7

%

Residential real estate

 

 

84,197

 

 

 

1.9

%

 

 

90,784

 

 

 

2.1

%

 

 

109,409

 

 

 

2.9

%

Construction, land development, and other land

 

 

4,804

 

 

 

0.1

%

 

 

4,784

 

 

 

0.1

%

 

 

4,562

 

 

 

0.1

%

Commercial and industrial

 

 

10,489

 

 

 

0.3

%

 

 

13,485

 

 

 

0.3

%

 

 

18,349

 

 

 

0.5

%

Installment and other

 

 

214

 

 

 

0.0

%

 

 

226

 

 

 

0.0

%

 

 

267

 

 

 

0.0

%

Total acquired impaired loans

 

$

216,818

 

 

 

5.0

%

 

$

235,684

 

 

 

5.4

%

 

$

275,022

 

 

 

7.2

%

Acquired non-impaired loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

310,879

 

 

 

7.1

%

 

$

305,041

 

 

 

6.9

%

 

$

391,294

 

 

 

10.2

%

Residential real estate

 

 

90,835

 

 

 

2.1

%

 

 

99,288

 

 

 

2.2

%

 

 

141,855

 

 

 

3.7

%

Construction, land development, and

other land

 

 

213

 

 

 

0.0

%

 

 

21,958

 

 

 

0.5

%

 

 

39,657

 

 

 

1.0

%

Commercial and industrial

 

 

104,221

 

 

 

2.4

%

 

 

116,668

 

 

 

2.7

%

 

 

187,413

 

 

 

4.9

%

Installment and other

 

 

583

 

 

 

0.0

%

 

 

818

 

 

 

0.0

%

 

 

1,269

 

 

 

0.0

%

Leasing financing receivables

 

 

14,389

 

 

 

0.3

%

 

 

16,087

 

 

 

0.4

%

 

 

26,426

 

 

 

0.7

%

Total acquired non-impaired loans and leases

 

$

521,120

 

 

 

11.9

%

 

$

559,860

 

 

 

12.7

%

 

$

787,914

 

 

 

20.5

%

Total loans and leases

 

$

4,374,517

 

 

 

100.0

%

 

$

4,391,122

 

 

 

100.0

%

 

$

3,831,090

 

 

 

100.0

%

Allowance for loan and lease losses

 

 

(61,258

)

 

 

 

 

 

 

(51,300

)

 

 

 

 

 

 

(31,585

)

 

 

 

 

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

 

$

4,313,259

 

 

 

 

 

 

$

4,339,822

 

 

 

 

 

 

$

3,799,505

 

 

 

 

 

 

ASSET QUALITY

Non-Performing Assets

The following table sets forth the amounts of non-performing loans and leases (excluding acquired impaired), other real estate owned, and accruing troubled debt restructured loans at the dates indicated:

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

(dollars in thousands)

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

Non-performing assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans and leases

 

$

43,196

 

 

$

40,505

 

 

$

48,964

 

 

$

36,272

 

 

$

39,528

 

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

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

Total non-performing loans and leases

 

$

43,196

 

 

$

40,505

 

 

$

48,964

 

 

$

36,272

 

 

$

39,528

 

Other real estate owned

 

 

8,150

 

 

 

8,652

 

 

 

9,273

 

 

 

9,896

 

 

 

6,502

 

Total non-performing assets

 

$

51,346

 

 

$

49,157

 

 

$

58,237

 

 

$

46,168

 

 

$

46,030

 

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

 

 

0.99

%

 

 

0.92

%

 

 

1.27

%

 

 

0.96

%

 

 

1.03

%

Total non-performing assets as a percentage of total assets

 

 

0.79

%

 

 

0.77

%

 

 

1.02

%

 

 

0.84

%

 

 

0.85

%

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

leases

 

 

141.81

%

 

 

126.65

%

 

 

85.45

%

 

 

88.05

%

 

 

79.91

%

Accruing troubled debt restructured loans (1)

 

$

2,293

 

 

$

3,151

 

 

$

1,725

 

 

$

1,771

 

 

$

2,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans guaranteed

 

$

3,749

 

 

$

3,755

 

 

$

4,957

 

 

$

4,232

 

 

$

4,167

 

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

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

Total non-performing loans guaranteed

 

$

3,749

 

 

$

3,755

 

 

$

4,957

 

 

$

4,232

 

 

$

4,167

 

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

 

 

0.90

%

 

 

0.84

%

 

 

1.14

%

 

 

0.85

%

 

 

0.92

%

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

 

 

0.73

%

 

 

0.71

%

 

 

0.93

%

 

 

0.76

%

 

 

0.77

%

Accruing troubled debt restructured loans guaranteed (1)

 

$

?

 

 

$

?

 

 

$

?

 

 

$

?

 

 

$

?

 

(1)

Accruing troubled debt restructured loans are not included in total non-performing loans and leases or in non-performing assets.

Variances in non-performing assets were:

U.S. government guaranteed balances of non-performing loans were $3.7 million at September 30, 2020 and $3.8 million at June 30, 2020.

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

 

 

Nine Months Ended

 

(dollars in thousands)

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2020

 

 

2019

 

Allowance for loan and lease losses, beginning of period

 

$

51,300

 

 

$

41,840

 

 

$

31,936

 

 

$

31,585

 

 

$

31,132

 

 

$

31,936

 

 

$

25,201

 

Provision for loan and lease losses

 

 

15,740

 

 

 

15,518

 

 

 

14,455

 

 

 

4,387

 

 

 

5,931

 

 

 

45,713

 

 

 

16,321

 

Net charge-offs of loans and leases

 

 

(5,782

)

 

 

(6,058

)

 

 

(4,551

)

 

 

(4,036

)

 

 

(5,478

)

 

 

(16,391

)

 

 

(9,937

)

Allowance for loan and lease losses,

end of period

 

$

61,258

 

 

$

51,300

 

 

$

41,840

 

 

$

31,936

 

 

$

31,585

 

 

$

61,258

 

 

$

31,585

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan and lease losses

to period end total loans and

leases held for investment

 

 

1.40

%

 

 

1.17

%

 

 

1.08

%

 

 

0.84

%

 

 

0.82

%

 

 

1.40

%

 

 

0.82

%

Net charge-offs (annualized) to

average loans and leases

outstanding during the period

 

 

0.53

%

 

 

0.57

%

 

 

0.48

%

 

 

0.42

%

 

 

0.56

%

 

 

0.53

%

 

 

0.36

%

Provision for loan and lease losses to

net charge-offs during the period

 

2.72x

 

 

2.56x

 

 

3.18x

 

 

1.09x

 

 

1.08x

 

 

 

2.79

x

 

1.64x

 

The allowance for loan and lease losses as a percentage of total loans and leases held for investment increased to 1.40% at September 30, 2020 compared to 1.17% at June 30, 2020 and 0.82% at September 30, 2019. The allowance for loan and lease losses as a percentage of total loans and leases held for investment excluding PPP loans increased to 1.63% at September 30, 2020 from 1.36% at June 20, 2020.

In June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance on the recognition of credit losses which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. In November 2019, the FASB delayed the effective date of the standard for smaller reporting companies, which includes emerging growth companies. Assuming we remain an emerging growth company, the standard is effective for fiscal years beginning after December 15, 2022. We are in the process of implementation and determining the impact that this new authoritative guidance will have on our consolidated financial statements.

Net Charge-Offs

Net charge-offs during the third quarter of 2020 were $5.8 million, or 0.53% of average loans and leases, on an annualized basis, a decrease of $276,000 compared to $6.1 million, or 0.57% of average loans and leases, during the second quarter of 2020, and an increase of $304,000 from $5.5 million, or 0.56% of average loans and leases, for the comparable quarter one year ago.

Net charge-offs for the third quarter of 2020 included $4.1 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the second quarter of 2020 included $2.0 million and for the third quarter of 2019 included $4.8 million in the unguaranteed portion of U.S. government guaranteed loans.

Deposits and Other Liabilities

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

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

(dollars in thousands)

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

Non-interest-bearing demand deposits

 

$

1,718,682

 

 

$

1,768,675

 

 

$

1,290,896

 

 

$

1,279,641

 

 

$

1,221,431

 

Interest-bearing checking accounts

 

 

584,682

 

 

 

503,909

 

 

 

355,678

 

 

 

338,185

 

 

 

372,049

 

Money market demand accounts

 

 

1,153,433

 

 

 

1,233,748

 

 

 

1,104,276

 

 

 

881,387

 

 

 

745,154

 

Other savings

 

 

542,741

 

 

 

525,043

 

 

 

486,131

 

 

 

475,839

 

 

 

471,878

 

Time deposits (below $250,000)

 

 

622,328

 

 

 

710,429

 

 

 

800,759

 

 

 

916,723

 

 

 

966,866

 

Time deposits ($250,000 and above)

 

 

188,379

 

 

 

216,541

 

 

 

201,096

 

 

 

255,802

 

 

 

302,936

 

Total deposits

 

$

4,810,245

 

 

$

4,958,345

 

 

$

4,238,836

 

 

$

4,147,577

 

 

$

4,080,314

 

Total deposits were $4.8 billion at September 30, 2020, a decrease of $148.1 million, or 3.0% compared to June 30, 2020. Non-interest-bearing deposits were 35.7% of total deposits at September 30, 2020 and June 30, 2020.

The decrease in the current quarter was primarily due to:

Partially offset by:

Total borrowings and other liabilities were $891.6 million at September 30, 2020, an increase of $237.3 million from $654.2 million at June 30, 2020, primarily driven by an increase in Federal Home Loan Bank advances and the additional subordinated notes offering during the quarter, as described in more detail below.

Stockholders' Equity

Total stockholders' equity was $794.7 million at September 30, 2020, an increase of $13.8 million from $780.9 million at June 30, 2020. The increase was primarily due to net income generated during the quarter less dividends declared.

The following table presents the actual regulatory capital dollar amounts and ratios of the Company and Byline Bank as of September 30, 2020:

 

 

Actual

 

 

Minimum Capital

Required

 

 

Required to be

Considered

Well Capitalized

 

September 30, 2020

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

Total capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

757,133

 

 

 

16.67

%

 

$

363,274

 

 

 

8.00

%

 

N/A

 

 

N/A

 

Bank

 

 

656,395

 

 

 

14.50

%

 

 

362,063

 

 

 

8.00

%

 

$

452,579

 

 

 

10.00

%

Tier 1 capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

625,287

 

 

 

13.77

%

 

$

272,456

 

 

 

6.00

%

 

N/A

 

 

N/A

 

Bank

 

 

599,736

 

 

 

13.25

%

 

 

271,547

 

 

 

6.00

%

 

$

362,063

 

 

 

8.00

%

Common Equity Tier 1 (CET1) to

risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

569,849

 

 

 

12.55

%

 

$

204,342

 

 

 

4.50

%

 

N/A

 

 

N/A

 

Bank

 

 

599,736

 

 

 

13.25

%

 

 

203,661

 

 

 

4.50

%

 

$

294,176

 

 

 

6.50

%

Tier 1 capital to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

625,287

 

 

 

10.93

%

 

$

228,874

 

 

 

4.00

%

 

N/A

 

 

N/A

 

Bank

 

 

599,736

 

 

 

10.49

%

 

 

228,729

 

 

 

4.00

%

 

$

285,912

 

 

 

5.00

%

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

On August 3, 2020, we completed a public offering of an additional $25.0 million aggregate principal amount of 6.00% fixed-to-floating rate subordinated notes due July 1, 2030. The subordinated notes are part of the same series of notes as the $50.0 million in aggregate principal amount of subordinated notes issued on June 26, 2020. The notes bear a fixed interest rate of 6.00% until July 1, 2025 or earlier redemption, and a floating interest rate equal to a benchmark rate, which is expected to be three-month term SOFR plus 588 basis points thereafter until maturity or earlier redemption. The subordinated notes are intended to qualify as Tier 2 capital for regulatory capital purposes.

Conference Call, Webcast and Slide Presentation

We will host a conference call and webcast at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) on Friday, October 23, 2020 to discuss our quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (877) 512-8755. A recorded replay can be accessed through November 7, 2020 by dialing (877) 344-7529; passcode: 10146069.

A slide presentation relating to the third quarter 2020 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 $6.5 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.

Non-GAAP Financial Measures

This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These measures include adjusted net income, adjusted diluted earnings per share, adjusted efficiency ratio, adjusted non-interest expense to average assets, 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.

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

No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.

Certain risks and important factors that could affect Byline's future results are identified in 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 its Annual Report on Form 10-K for the year ended December 31, 2019, and its Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws.

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

(dollars in thousands)

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

47,433

 

 

$

51,818

 

 

$

45,233

 

 

$

48,228

 

 

$

75,275

 

Interest bearing deposits with other banks

 

 

53,645

 

 

 

88,113

 

 

 

74,386

 

 

 

32,509

 

 

 

33,564

 

Cash and cash equivalents

 

 

101,078

 

 

 

139,931

 

 

 

119,619

 

 

 

80,737

 

 

 

108,839

 

Equity and other securities, at fair value

 

 

8,335

 

 

 

8,181

 

 

 

7,413

 

 

 

8,031

 

 

 

7,648

 

Securities available-for-sale, at fair value

 

 

1,509,211

 

 

 

1,426,871

 

 

 

1,299,483

 

 

 

1,186,292

 

 

 

1,031,933

 

Securities held-to-maturity, at amortized cost

 

 

4,400

 

 

 

4,404

 

 

 

4,408

 

 

 

4,412

 

 

 

4,417

 

Restricted stock, at cost

 

 

9,652

 

 

 

6,232

 

 

 

24,197

 

 

 

22,127

 

 

 

24,331

 

Loans held for sale

 

 

49,049

 

 

 

3,031

 

 

 

13,299

 

 

 

11,732

 

 

 

7,176

 

Loans and leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

 

4,374,517

 

 

 

4,391,122

 

 

 

3,860,259

 

 

 

3,785,661

 

 

 

3,831,090

 

Allowance for loan and lease losses

 

 

(61,258

)

 

 

(51,300

)

 

 

(41,840

)

 

 

(31,936

)

 

 

(31,585

)

Net loans and leases

 

 

4,313,259

 

 

 

4,339,822

 

 

 

3,818,419

 

 

 

3,753,725

 

 

 

3,799,505

 

Servicing assets, at fair value

 

 

21,267

 

 

 

18,351

 

 

 

17,800

 

 

 

19,471

 

 

 

19,939

 

Premises and equipment, net

 

 

94,638

 

 

 

95,546

 

 

 

96,446

 

 

 

96,140

 

 

 

96,006

 

Other real estate owned, net

 

 

8,150

 

 

 

8,652

 

 

 

9,273

 

 

 

9,896

 

 

 

6,502

 

Goodwill and other intangible assets, net

 

 

174,523

 

 

 

176,470

 

 

 

178,362

 

 

 

180,255

 

 

 

179,543

 

Bank-owned life insurance

 

 

9,952

 

 

 

9,896

 

 

 

9,898

 

 

 

9,750

 

 

 

9,699

 

Deferred tax assets, net

 

 

35,945

 

 

 

37,082

 

 

 

33,845

 

 

 

38,315

 

 

 

33,388

 

Accrued interest receivable and other assets

 

 

157,054

 

 

 

119,049

 

 

 

102,292

 

 

 

100,926

 

 

 

109,352

 

Total assets

 

$

6,496,513

 

 

$

6,393,518

 

 

$

5,734,754

 

 

$

5,521,809

 

 

$

5,438,278

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

1,718,682

 

 

$

1,768,675

 

 

$

1,290,896

 

 

$

1,279,641

 

 

$

1,221,431

 

Interest-bearing deposits

 

 

3,091,563

 

 

 

3,189,670

 

 

 

2,947,940

 

 

 

2,867,936

 

 

 

2,858,883

 

Total deposits

 

 

4,810,245

 

 

 

4,958,345

 

 

 

4,238,836

 

 

 

4,147,577

 

 

 

4,080,314

 

Other borrowings

 

 

710,560

 

 

 

510,414

 

 

 

640,647

 

 

 

539,638

 

 

 

538,290

 

Subordinated notes, net

 

 

73,299

 

 

 

48,777

 

 

 

?

 

 

 

?

 

 

 

?

 

Junior subordinated debentures issued to capital trusts, net

 

 

36,331

 

 

 

36,206

 

 

 

37,462

 

 

 

37,334

 

 

 

37,207

 

Accrued expenses and other liabilities

 

 

71,382

 

 

 

58,841

 

 

 

55,142

 

 

 

47,145

 

 

 

46,601

 

Total liabilities

 

 

5,701,817

 

 

 

5,612,583

 

 

 

4,972,087

 

 

 

4,771,694

 

 

 

4,702,412

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Common stock

 

 

383

 

 

 

381

 

 

 

380

 

 

 

379

 

 

 

378

 

Additional paid-in capital

 

 

586,057

 

 

 

583,307

 

 

 

582,517

 

 

 

580,965

 

 

 

579,564

 

Retained earnings

 

 

180,162

 

 

 

168,444

 

 

 

160,652

 

 

 

159,033

 

 

 

144,525

 

Treasury stock

 

 

(1,668

)

 

 

(1,668

)

 

 

(1,668

)

 

 

?

 

 

 

?

 

Accumulated other comprehensive income (loss), net of tax

 

 

19,324

 

 

 

20,033

 

 

 

10,348

 

 

 

(700

)

 

 

961

 

Total stockholders' equity

 

 

794,696

 

 

 

780,935

 

 

 

762,667

 

 

 

750,115

 

 

 

735,866

 

Total liabilities and stockholders' equity

 

$

6,496,513

 

 

$

6,393,518

 

 

$

5,734,754

 

 

$

5,521,809

 

 

$

5,438,278

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(dollars in thousands, except per share data)

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2020

 

 

2020

 

 

2020

 

 

2019

 

 

2019

 

 

2020

 

 

2019

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

51,036

 

 

$

50,153

 

 

$

54,158

 

 

$

58,203

 

 

$

63,391

 

 

$

155,347

 

 

$

177,298

 

Interest on securities

 

 

7,070

 

 

 

7,530

 

 

 

8,016

 

 

 

7,212

 

 

 

7,040

 

 

 

22,616

 

 

 

19,807

 

Other interest and dividend income

 

 

128

 

 

 

222

 

 

 

992

 

 

 

500

 

 

 

598

 

 

 

1,342

 

 

 

1,794

 

Total interest and dividend income

 

 

58,234

 

 

 

57,905

 

 

 

63,166

 

 

 

65,915

 

 

 

71,029

 

 

 

179,305

 

 

 

198,899

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,760

 

 

 

4,246

 

 

 

7,804

 

 

 

9,325

 

 

 

9,618

 

 

 

14,810

 

 

 

27,000

 

Other borrowings

 

 

465

 

 

 

476

 

 

 

1,897

 

 

 

1,989

 

 

 

2,835

 

 

 

2,838

 

 

 

7,266

 

Subordinated notes and debentures

 

 

1,485

 

 

 

574

 

 

 

640

 

 

 

687

 

 

 

738

 

 

 

2,699

 

 

 

2,262

 

Total interest expense

 

 

4,710

 

 

 

5,296

 

 

 

10,341

 

 

 

12,001

 

 

 

13,191

 

 

 

20,347

 

 

 

36,528

 

Net interest income

 

 

53,524

 

 

 

52,609

 

 

 

52,825

 

 

 

53,914

 

 

 

57,838

 

 

 

158,958

 

 

 

162,371

 

PROVISION FOR LOAN AND LEASE LOSSES

 

 

15,740

 

 

 

15,518

 

 

 

14,455

 

 

 

4,387

 

 

 

5,931

 

 

 

45,713

 

 

 

16,321

 

Net interest income after provision

for loan and lease losses

 

 

37,784

 

 

 

37,091

 

 

 

38,370

 

 

 

49,527

 

 

 

51,907

 

 

 

113,245

 

 

 

146,050

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

1,603

 

 

 

1,455

 

 

 

1,673

 

 

 

1,635

 

 

 

1,612

 

 

 

4,731

 

 

 

4,823

 

Loan servicing revenue

 

 

2,936

 

 

 

2,980

 

 

 

2,758

 

 

 

2,834

 

 

 

2,692

 

 

 

8,674

 

 

 

7,861

 

Loan servicing asset revaluation

 

 

1,122

 

 

 

(711

)

 

 

(3,064

)

 

 

(2,545

)

 

 

(1,610

)

 

 

(2,653

)

 

 

(4,094

)

ATM and interchange fees

 

 

1,028

 

 

 

845

 

 

 

1,216

 

 

 

1,150

 

 

 

973

 

 

 

3,089

 

 

 

2,635

 

Net gains on sales of securities

available-for-sale

 

 

1,037

 

 

 

?

 

 

 

1,375

 

 

 

?

 

 

 

178

 

 

 

2,412

 

 

 

1,151

 

Change in fair value of equity securities, net

 

 

154

 

 

 

766

 

 

 

(619

)

 

 

381

 

 

 

(15

)

 

 

301

 

 

 

1,035

 

Net gains on sales of loans

 

 

12,671

 

 

 

6,456

 

 

 

4,773

 

 

 

8,735

 

 

 

9,405

 

 

 

23,900

 

 

 

23,110

 

Wealth management and trust income

 

 

693

 

 

 

608

 

 

 

669

 

 

 

704

 

 

 

653

 

 

 

1,970

 

 

 

1,874

 

Other non-interest income

 

 

1,008

 

 

 

389

 

 

 

392

 

 

 

1,622

 

 

 

918

 

 

 

1,789

 

 

 

2,582

 

Total non-interest income

 

 

22,252

 

 

 

12,788

 

 

 

9,173

 

 

 

14,516

 

 

 

14,806

 

 

 

44,213

 

 

 

40,977

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

23,126

 

 

 

19,405

 

 

 

24,666

 

 

 

24,228

 

 

 

24,537

 

 

 

67,197

 

 

 

71,081

 

Occupancy and equipment expense, net

 

 

5,220

 

 

 

5,359

 

 

 

5,524

 

 

 

5,241

 

 

 

4,512

 

 

 

16,103

 

 

 

14,530

 

Loan and lease related expenses

 

 

2,053

 

 

 

1,260

 

 

 

1,311

 

 

 

2,648

 

 

 

1,949

 

 

 

4,624

 

 

 

5,367

 

Legal, audit, and other professional fees

 

 

2,390

 

 

 

2,078

 

 

 

2,334

 

 

 

2,340

 

 

 

4,066

 

 

 

6,802

 

 

 

9,113

 

Data processing

 

 

2,661

 

 

 

2,826

 

 

 

2,665

 

 

 

2,678

 

 

 

4,062

 

 

 

8,152

 

 

 

11,055

 

Net loss recognized on other real

estate owned and other related

expenses

 

 

349

 

 

 

456

 

 

 

519

 

 

 

122

 

 

 

95

 

 

 

1,324

 

 

 

543

 

Other intangible assets amortization expense

 

 

1,947

 

 

 

1,892

 

 

 

1,893

 

 

 

2,002

 

 

 

2,003

 

 

 

5,732

 

 

 

5,735

 

Other non-interest expense

 

 

3,959

 

 

 

3,736

 

 

 

4,615

 

 

 

4,435

 

 

 

4,224

 

 

 

12,310

 

 

 

12,657

 

Total non-interest expense

 

 

41,705

 

 

 

37,012

 

 

 

43,527

 

 

 

43,694

 

 

 

45,448

 

 

 

122,244

 

 

 

130,081

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

18,331

 

 

 

12,867

 

 

 

4,016

 

 

 

20,349

 

 

 

21,265

 

 

 

35,214

 

 

 

56,946

 

PROVISION FOR INCOME TAXES

 

 

5,260

 

 

 

3,728

 

 

 

1,050

 

 

 

4,497

 

 

 

5,923

 

 

 

10,038

 

 

 

15,796

 

NET INCOME

 

 

13,071

 

 

 

9,139

 

 

 

2,966

 

 

 

15,852

 

 

 

15,342

 

 

 

25,176

 

 

 

41,150

 

Dividends on preferred shares

 

 

196

 

 

 

195

 

 

 

196

 

 

 

196

 

 

 

196

 

 

 

587

 

 

 

587

 

INCOME AVAILABLE TO COMMON STOCKHOLDERS

 

$

12,875

 

 

$

8,944

 

 

$

2,770

 

 

$

15,656

 

 

$

15,146

 

 

$

24,589

 

 

$

40,563

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.34

 

 

$

0.24

 

 

$

0.07

 

 

$

0.41

 

 

$

0.40

 

 

$

0.65

 

 

$

1.09

 

Diluted

 

$

0.34

 

 

$

0.24

 

 

$

0.07

 

 

$

0.41

 

 

$

0.39

 

 

$

0.64

 

 

$

1.07

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

 

 

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

(dollars in thousands, except share and per share data)

 

September 30,
2020

 

 

June 30,
2020

 

 

March 31,
2020

 

 

December 31,
2019

 

 

September 30,
2019

 

 

September 30,
2020

 

 

September 30,
2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.34

 

 

$

0.24

 

 

$

0.07

 

 

$

0.41

 

 

$

0.40

 

 

$

0.65

 

 

$

1.09

 

Diluted earnings per common share

 

$

0.34

 

 

$

0.24

 

 

$

0.07

 

 

$

0.41

 

 

$

0.39

 

 

$

0.64

 

 

$

1.07

 

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

 

$

0.34

 

 

$

0.24

 

 

$

0.09

 

 

$

0.42

 

 

$

0.41

 

 

$

0.65

 

 

$

1.20

 

Weighted average common shares

outstanding (basic)

 

 

38,057,350

 

 

 

37,919,480

 

 

 

37,943,333

 

 

 

37,872,835

 

 

 

37,831,356

 

 

 

37,973,694

 

 

 

37,094,083

 

Weighted average common shares

outstanding (diluted)

 

 

38,249,335

 

 

 

38,027,289

 

 

 

38,663,658

 

 

 

38,537,899

 

 

 

38,487,180

 

 

 

38,251,963

 

 

 

37,818,868

 

Common shares outstanding

 

 

38,568,916

 

 

 

38,383,217

 

 

 

38,383,021

 

 

 

38,256,500

 

 

 

38,169,126

 

 

 

38,568,916

 

 

 

38,169,126

 

Cash dividends per common share

 

$

0.03

 

 

$

0.03

 

 

$

0.03

 

 

$

0.03

 

 

N/A

 

 

$

0.09

 

 

N/A

 

Dividend payout ratio on common stock

 

 

8.82

%

 

 

12.50

%

 

 

42.86

%

 

 

7.32

%

 

N/A

 

 

 

14.06

%

 

N/A

 

Tangible book value per common share(1)

 

$

15.81

 

 

$

15.47

 

 

$

14.95

 

 

$

14.62

 

 

$

14.30

 

 

$

15.81

 

 

$

14.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Ratios and Performance Metrics

(annualized where applicable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

3.60

%

 

 

3.71

%

 

 

4.17

%

 

 

4.32

%

 

 

4.62

%

 

 

3.81

%

 

 

4.52

%

Average cost of deposits

 

 

0.22

%

 

 

0.36

%

 

 

0.75

%

 

 

0.88

%

 

 

0.94

%

 

 

0.43

%

 

 

0.91

%

Efficiency ratio(2)

 

 

52.47

%

 

 

53.70

%

 

 

67.16

%

 

 

60.93

%

 

 

59.81

%

 

 

57.35

%

 

 

61.15

%

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

 

 

52.43

%

 

 

53.70

%

 

 

66.00

%

 

 

60.51

%

 

 

58.17

%

 

 

56.98

%

 

 

57.87

%

Non-interest expense to average assets

 

 

2.59

%

 

 

2.41

%

 

 

3.15

%

 

 

3.19

%

 

 

3.32

%

 

 

2.70

%

 

 

3.33

%

Adjusted non-interest expense to

average assets(1)(3)

 

 

2.59

%

 

 

2.41

%

 

 

3.09

%

 

 

3.17

%

 

 

3.23

%

 

 

2.68

%

 

 

3.16

%

Return on average stockholders' equity

 

 

6.57

%

 

 

4.74

%

 

 

1.56

%

 

 

8.43

%

 

 

8.34

%

 

 

4.33

%

 

 

7.91

%

Adjusted return on average

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

 

 

6.58

%

 

 

4.74

%

 

 

1.83

%

 

 

8.54

%

 

 

8.78

%

 

 

4.42

%

 

 

8.86

%

Return on average assets

 

 

0.81

%

 

 

0.59

%

 

 

0.21

%

 

 

1.16

%

 

 

1.12

%

 

 

0.56

%

 

 

1.05

%

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

 

 

0.81

%

 

 

0.59

%

 

 

0.25

%

 

 

1.17

%

 

 

1.18

%

 

 

0.57

%

 

 

1.18

%

Non-interest income to total revenues(1)

 

 

29.37

%

 

 

19.56

%

 

 

14.79

%

 

 

21.21

%

 

 

20.38

%

 

 

21.76

%

 

 

20.15

%

Pre-tax pre-provision return on

average assets(1)

 

 

2.12

%

 

 

1.85

%

 

 

1.33

%

 

 

1.81

%

 

 

1.98

%

 

 

1.79

%

 

 

1.87

%

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

 

 

2.12

%

 

 

1.85

%

 

 

1.39

%

 

 

1.83

%

 

 

2.07

%

 

 

1.80

%

 

 

2.04

%

Return on average tangible common

stockholders' equity(1)

 

 

9.39

%

 

 

7.05

%

 

 

2.89

%

 

 

12.20

%

 

 

12.22

%

 

 

6.51

%

 

 

11.66

%

Adjusted return on average tangible

common stockholders' equity(1)(3)

 

 

9.40

%

 

 

7.05

%

 

 

3.25

%

 

 

12.35

%

 

 

12.82

%

 

 

6.63

%

 

 

12.94

%

Non-interest-bearing deposits to total

deposits

 

 

35.73

%

 

 

35.67

%

 

 

30.45

%

 

 

30.85

%

 

 

29.93

%

 

 

35.73

%

 

 

29.93

%

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

 

 

91.96

%

 

 

88.62

%

 

 

91.38

%

 

 

91.56

%

 

 

94.07

%

 

 

91.96

%

 

 

94.07

%

Deposits to total liabilities

 

 

84.36

%

 

 

88.34

%

 

 

85.25

%

 

 

86.92

%

 

 

86.77

%

 

 

84.36

%

 

 

86.77

%

Deposits per branch

 

$

84,389

 

 

$

86,989

 

 

$

74,366

 

 

$

67,993

 

 

$

66,890

 

 

$

84,389

 

 

$

66,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.99

%

 

 

0.92

%

 

 

1.27

%

 

 

0.96

%

 

 

1.03

%

 

 

0.99

%

 

 

1.03

%

ALLL to total loans and leases held for

investment, net before ALLL

 

 

1.40

%

 

 

1.17

%

 

 

1.08

%

 

 

0.84

%

 

 

0.82

%

 

 

1.40

%

 

 

0.82

%

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

 

 

0.53

%

 

 

0.57

%

 

 

0.48

%

 

 

0.42

%

 

 

0.56

%

 

 

0.53

%

 

 

0.36

%

Acquisition accounting adjustments(4)

 

$

17,133

 

 

$

19,324

 

 

$

25,889

 

 

$

28,511

 

 

$

31,053

 

 

$

17,133

 

 

$

31,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity to total assets

 

 

12.08

%

 

 

12.05

%

 

 

13.12

%

 

 

13.40

%

 

 

13.34

%

 

 

12.08

%

 

 

13.34

%

Tangible common equity to tangible assets(1)

 

 

9.65

%

 

 

9.55

%

 

 

10.33

%

 

 

10.47

%

 

 

10.38

%

 

 

9.65

%

 

 

10.38

%

Leverage ratio

 

 

10.93

%

 

 

10.29

%

 

 

11.18

%

 

 

11.39

%

 

 

11.14

%

 

 

10.93

%

 

 

11.14

%

Common equity tier 1 capital ratio

 

 

12.55

%

 

 

12.33

%

 

 

12.24

%

 

 

12.36

%

 

 

12.12

%

 

 

12.55

%

 

 

12.12

%

Tier 1 capital ratio

 

 

13.77

%

 

 

13.56

%

 

 

13.52

%

 

 

13.67

%

 

 

13.43

%

 

 

13.77

%

 

 

13.43

%

Total capital ratio

 

 

16.67

%

 

 

15.86

%

 

 

14.50

%

 

 

14.43

%

 

 

14.19

%

 

 

16.67

%

 

 

14.19

%

(1)

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

(2)

Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income.

(3)

Calculation excludes impairment charges, merger-related expenses, and core systems conversion expense.

(4)

Represents the remaining net unaccreted discount as a result of applying the fair value adjustment at the time of the business combination on acquired loans.

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

 

For the Three Months Ended September 30,

 

 

 

2020

 

 

2019

 

(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

 

$

48,678

 

 

$

25

 

 

 

0.20

%

 

$

34,225

 

 

$

253

 

 

 

2.93

%

Loans and leases(1)

 

 

4,360,203

 

 

 

51,036

 

 

 

4.66

%

 

 

3,860,770

 

 

 

63,391

 

 

 

6.51

%

Taxable securities

 

 

1,364,516

 

 

 

6,341

 

 

 

1.85

%

 

 

996,750

 

 

 

6,899

 

 

 

2.75

%

Tax-exempt securities(2)

 

 

143,157

 

 

 

832

 

 

 

2.31

%

 

 

76,161

 

 

 

486

 

 

 

2.53

%

Total interest-earning assets

 

$

5,916,554

 

 

$

58,234

 

 

 

3.92

%

 

$

4,967,906

 

 

$

71,029

 

 

 

5.67

%

Allowance for loan and lease losses

 

 

(53,964

)

 

 

 

 

 

 

 

 

 

 

(32,246

)

 

 

 

 

 

 

 

 

All other assets

 

 

538,700

 

 

 

 

 

 

 

 

 

 

 

500,102

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

6,401,290

 

 

 

 

 

 

 

 

 

 

$

5,435,762

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

565,917

 

 

$

226

 

 

 

0.16

%

 

$

358,185

 

 

$

524

 

 

 

0.58

%

Money market accounts

 

 

1,202,016

 

 

 

634

 

 

 

0.21

%

 

 

735,724

 

 

 

1,917

 

 

 

1.03

%

Savings

 

 

535,396

 

 

 

64

 

 

 

0.05

%

 

 

475,417

 

 

 

114

 

 

 

0.10

%

Time deposits

 

 

870,227

 

 

 

1,836

 

 

 

0.84

%

 

 

1,270,050

 

 

 

7,063

 

 

 

2.21

%

Total interest-bearing deposits

 

 

3,173,556

 

 

 

2,760

 

 

 

0.35

%

 

 

2,839,376

 

 

 

9,618

 

 

 

1.34

%

Other borrowings

 

 

538,237

 

 

 

465

 

 

 

0.34

%

 

 

563,026

 

 

 

2,834

 

 

 

2.00

%

Subordinated notes and debentures

 

 

100,756

 

 

 

1,485

 

 

 

5.86

%

 

 

37,109

 

 

 

739

 

 

 

7.89

%

Total borrowings

 

 

638,993

 

 

 

1,950

 

 

 

1.21

%

 

 

600,135

 

 

 

3,573

 

 

 

2.36

%

Total interest-bearing liabilities

 

$

3,812,549

 

 

$

4,710

 

 

 

0.49

%

 

$

3,439,511

 

 

$

13,191

 

 

 

1.52

%

Non-interest-bearing demand deposits

 

 

1,742,787

 

 

 

 

 

 

 

 

 

 

 

1,223,556

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

54,843

 

 

 

 

 

 

 

 

 

 

 

42,914

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

 

791,111

 

 

 

 

 

 

 

 

 

 

 

729,781

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

6,401,290

 

 

 

 

 

 

 

 

 

 

$

5,435,762

 

 

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

 

 

3.43

%

 

 

 

 

 

 

 

 

 

 

4.15

%

Net interest income

 

 

 

 

 

$

53,524

 

 

 

 

 

 

 

 

 

 

$

57,838

 

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

 

 

3.60

%

 

 

 

 

 

 

 

 

 

 

4.62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

 

$

3,911

 

 

 

0.26

%

 

 

 

 

 

$

7,703

 

 

 

0.62

%

(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. AND SUBSIDIARIES

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

 

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

(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

 

$

48,861

 

 

$

207

 

 

 

0.57

%

 

$

45,327

 

 

$

798

 

 

 

2.35

%

Loans and leases(1)

 

 

4,148,465

 

 

 

155,347

 

 

 

5.00

%

 

 

3,719,323

 

 

 

177,298

 

 

 

6.37

%

Taxable securities

 

 

1,261,458

 

 

 

21,678

 

 

 

2.30

%

 

 

966,449

 

 

 

19,546

 

 

 

2.70

%

Tax-exempt securities(2)

 

 

115,161

 

 

 

2,073

 

 

 

2.40

%

 

 

66,635

 

 

 

1,257

 

 

 

2.52

%

Total interest-earning assets

 

$

5,573,945

 

 

$

179,305

 

 

 

4.30

%

 

$

4,797,734

 

 

$

198,899

 

 

 

5.54

%

Allowance for loan and lease losses

 

 

(43,584

)

 

 

 

 

 

 

 

 

 

 

(28,626

)

 

 

 

 

 

 

 

 

All other assets

 

 

522,321

 

 

 

 

 

 

 

 

 

 

 

457,383

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

6,052,682

 

 

 

 

 

 

 

 

 

 

$

5,226,491

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

432,785

 

 

$

651

 

 

 

0.20

%

 

$

328,558

 

 

$

1,390

 

 

 

0.57

%

Money market accounts

 

 

1,126,588

 

 

 

3,794

 

 

 

0.45

%

 

 

682,020

 

 

 

5,166

 

 

 

1.01

%

Savings

 

 

509,001

 

 

 

186

 

 

 

0.05

%

 

 

474,815

 

 

 

371

 

 

 

0.10

%

Time deposits

 

 

986,419

 

 

 

10,179

 

 

 

1.38

%

 

 

1,248,258

 

 

 

20,073

 

 

 

2.15

%

Total interest-bearing deposits

 

 

3,054,793

 

 

 

14,810

 

 

 

0.65

%

 

 

2,733,651

 

 

 

27,000

 

 

 

1.32

%

Other borrowings

 

 

531,395

 

 

 

2,838

 

 

 

0.71

%

 

 

498,229

 

 

 

7,266

 

 

 

1.95

%

Subordinated notes and debentures

 

 

59,591

 

 

 

2,699

 

 

 

6.05

%

 

 

36,964

 

 

 

2,262

 

 

 

8.18

%

Total borrowings

 

 

590,986

 

 

 

5,537

 

 

 

1.25

%

 

 

535,193

 

 

 

9,528

 

 

 

2.38

%

Total interest-bearing liabilities

 

$

3,645,779

 

 

$

20,347

 

 

 

0.75

%

 

$

3,268,844

 

 

$

36,528

 

 

 

1.49

%

Non-interest-bearing demand deposits

 

 

1,578,704

 

 

 

 

 

 

 

 

 

 

 

1,221,375

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

50,677

 

 

 

 

 

 

 

 

 

 

 

40,705

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

 

777,522

 

 

 

 

 

 

 

 

 

 

 

695,547

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

6,052,682

 

 

 

 

 

 

 

 

 

 

$

5,226,471

 

 

 

 

 

 

 

 

 

Net interest spread(3)

 

 

 

 

 

 

 

 

 

 

3.55

%

 

 

 

 

 

 

 

 

 

 

4.05

%

Net interest income

 

 

 

 

 

$

158,958

 

 

 

 

 

 

 

 

 

 

$

162,371

 

 

 

 

 

Net interest margin(4)

 

 

 

 

 

 

 

 

 

 

3.81

%

 

 

 

 

 

 

 

 

 

 

4.52

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact on margin

 

 

 

 

 

$

10,754

 

 

 

0.26

%

 

 

 

 

 

$

17,772

 

 

 

0.50

%

(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. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

 

 

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

(dollars in thousands, except per share data)

 

September 30,
2020

 

 

June 30,
2020

 

 

March 31,
2020

 

 

December 31,
2019

 

 

September 30,
2019

 

 

September 30,
2020

 

 

September 30,
2019

 

Net income and earnings per share

excluding significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported Net Income

 

$

13,071

 

 

$

9,139

 

 

$

2,966

 

 

$

15,852

 

 

$

15,342

 

 

$

25,176

 

 

$

41,150

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

 

 

32

 

 

 

?

 

 

 

715

 

 

 

111

 

 

 

67

 

 

 

747

 

 

 

459

 

Merger-related expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

127

 

 

 

1,043

 

 

 

?

 

 

 

4,213

 

Core system conversion expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

48

 

 

 

77

 

 

 

?

 

 

 

2,001

 

Tax benefit on impairment charges and

merger-related expenses

 

 

(9

)

 

 

?

 

 

 

(199

)

 

 

(79

)

 

 

(369

)

 

 

(208

)

 

 

(1,751

)

Adjusted Net Income

 

$

13,094

 

 

$

9,139

 

 

$

3,482

 

 

$

16,059

 

 

$

16,160

 

 

$

25,715

 

 

$

46,072

 

Reported Diluted Earnings per Share

 

$

0.34

 

 

$

0.24

 

 

$

0.07

 

 

$

0.41

 

 

$

0.39

 

 

$

0.64

 

 

$

1.07

 

Significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

 

 

?

 

 

 

?

 

 

 

0.02

 

 

 

?

 

 

 

?

 

 

 

0.02

 

 

 

0.01

 

Merger-related expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

0.01

 

 

 

0.03

 

 

 

?

 

 

 

0.11

 

Core system conversion expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

0.05

 

Tax benefit on impairment charges and merger-related expenses

 

 

?

 

 

 

?

 

 

 

?

 

 

 

?

 

 

 

(0.01

)

 

 

(0.01

)

 

 

(0.04

)

Adjusted Diluted Earnings per Share

 

$

0.34

 

 

$

0.24

 

 

$

0.09

 

 

$

0.42

 

 

$

0.41

 

 

$

0.65

 

 

$

1.20

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

(dollars in thousands, except per share data,

ratios annualized, where applicable)

 

September 30,
2020

 

 

June 30,
2020

 

 

March 31,
2020

 

 

December 31,
2019

 

 

September 30,
2019

 

 

September 30,
2020

 

 

September 30,
2019

 

Adjusted non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

$

41,705

 

 

$

37,012

 

 

$

43,527

 

 

$

43,694

 

 

$

45,448

 

 

$

122,244

 

 

$

130,081

 

Less: Significant items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

 

 

32

 

 

 

?

 

 

 

715

 

 

 

111

 

 

 

67

 

 

 

747

 

 

 

459

 

Merger-related expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

127

 

 

 

1,043

 

 

 

?

 

 

 

4,213

 

Core system conversion expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

48

 

 

 

77

 

 

 

?

 

 

 

2,001

 

Adjusted non-interest expense

 

$

41,673

 

 

$

37,012

 

 

$

42,812

 

 

$

43,408

 

 

$

44,261

 

 

$

121,497

 

 

$

123,408

 

Adjusted non-interest expense excluding

amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

41,673

 

 

$

37,012

 

 

$

42,812

 

 

$

43,408

 

 

$

44,261

 

 

$

121,497

 

 

$

123,408

 

Less: Amortization of intangible assets

 

 

1,947

 

 

 

1,892

 

 

 

1,893

 

 

 

2,002

 

 

 

2,003

 

 

 

5,732

 

 

 

5,735

 

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

39,726

 

 

$

35,120

 

 

$

40,919

 

 

$

41,406

 

 

$

42,258

 

 

$

115,765

 

 

$

117,673

 

Pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income

 

$

18,331

 

 

$

12,867

 

 

$

4,016

 

 

$

20,349

 

 

$

21,265

 

 

$

35,214

 

 

$

56,946

 

Add: Provision for loan and lease losses

 

 

15,740

 

 

 

15,518

 

 

 

14,455

 

 

 

4,387

 

 

 

5,931

 

 

 

45,713

 

 

 

16,321

 

Pre-tax pre-provision net income

 

$

34,071

 

 

$

28,385

 

 

$

18,471

 

 

$

24,736

 

 

$

27,196

 

 

$

80,927

 

 

$

73,267

 

Adjusted pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

34,071

 

 

$

28,385

 

 

$

18,471

 

 

$

24,736

 

 

$

27,196

 

 

$

80,927

 

 

$

73,267

 

Impairment charges on assets held for sale

 

 

32

 

 

 

?

 

 

 

715

 

 

 

111

 

 

 

67

 

 

 

747

 

 

 

459

 

Merger-related expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

127

 

 

 

1,043

 

 

 

?

 

 

 

4,213

 

Core system conversion expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

48

 

 

 

77

 

 

 

?

 

 

 

2,001

 

Adjusted pre-tax pre-provision net income

 

$

34,103

 

 

$

28,385

 

 

$

19,186

 

 

$

25,022

 

 

$

28,383

 

 

$

81,674

 

 

$

79,940

 

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

53,524

 

 

$

52,609

 

 

$

52,825

 

 

$

53,914

 

 

$

57,838

 

 

$

158,958

 

 

$

162,371

 

Add: Non-interest income

 

 

22,252

 

 

 

12,788

 

 

 

9,173

 

 

 

14,516

 

 

 

14,806

 

 

 

44,213

 

 

 

40,977

 

Total revenues

 

$

75,776

 

 

$

65,397

 

 

$

61,998

 

 

$

68,430

 

 

$

72,644

 

 

$

203,171

 

 

$

203,348

 

Tangible common stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

794,696

 

 

$

780,935

 

 

$

762,667

 

 

$

750,115

 

 

$

735,866

 

 

$

794,696

 

 

$

735,866

 

Less: Preferred stock

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Less: Goodwill and other intangibles

 

 

174,523

 

 

 

176,470

 

 

 

178,362

 

 

 

180,255

 

 

 

179,543

 

 

 

174,523

 

 

 

179,543

 

Tangible common stockholders' equity

 

$

609,735

 

 

$

594,027

 

 

$

573,867

 

 

$

559,422

 

 

$

545,885

 

 

$

609,735

 

 

$

545,885

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,496,513

 

 

$

6,393,518

 

 

$

5,734,754

 

 

$

5,521,809

 

 

$

5,438,278

 

 

$

6,496,513

 

 

$

5,438,278

 

Less: Goodwill and other intangibles

 

 

174,523

 

 

 

176,470

 

 

 

178,362

 

 

 

180,255

 

 

 

179,543

 

 

 

174,523

 

 

 

179,543

 

Tangible assets

 

$

6,321,990

 

 

$

6,217,048

 

 

$

5,556,392

 

 

$

5,341,554

 

 

$

5,258,735

 

 

$

6,321,990

 

 

$

5,258,735

 

Average tangible common stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total stockholders' equity

 

$

791,111

 

 

$

765,427

 

 

$

745,745

 

 

$

729,781

 

 

$

696,928

 

 

$

777,522

 

 

$

695,547

 

Less: Average preferred stock

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

 

 

10,438

 

Less: Average goodwill and other

intangibles

 

 

175,444

 

 

 

179,416

 

 

 

179,192

 

 

 

180,740

 

 

 

175,236

 

 

 

177,426

 

 

 

172,373

 

Average tangible common stockholders' equity

 

$

605,229

 

 

$

575,573

 

 

$

556,115

 

 

$

538,603

 

 

$

511,254

 

 

$

589,658

 

 

$

512,736

 

Average tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

6,401,290

 

 

$

6,186,974

 

 

$

5,565,952

 

 

$

5,427,046

 

 

$

5,435,762

 

 

$

6,052,682

 

 

$

5,226,491

 

Less: Average goodwill and other

intangibles

 

 

175,444

 

 

 

179,416

 

 

 

179,192

 

 

 

180,740

 

 

 

175,236

 

 

 

177,426

 

 

 

172,373

 

Average tangible assets

 

$

6,225,846

 

 

$

6,007,558

 

 

$

5,386,760

 

 

$

5,246,306

 

 

$

5,260,526

 

 

$

5,875,256

 

 

$

5,054,118

 

Tangible net income available to common

stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

12,875

 

 

$

8,944

 

 

$

2,770

 

 

$

15,656

 

 

$

15,146

 

 

$

24,589

 

 

$

40,563

 

Add: After-tax intangible asset amortization

 

 

1,405

 

 

 

1,365

 

 

 

1,366

 

 

 

1,445

 

 

 

1,445

 

 

 

4,136

 

 

 

4,138

 

Tangible net income available to common

stockholders

 

$

14,280

 

 

$

10,309

 

 

$

4,136

 

 

$

17,101

 

 

$

16,591

 

 

$

28,725

 

 

$

44,701

 

Adjusted tangible net income available to common

stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

14,280

 

 

$

10,309

 

 

$

4,136

 

 

$

17,101

 

 

$

16,591

 

 

$

28,725

 

 

$

44,701

 

Impairment charges on assets held for sale

 

 

32

 

 

 

?

 

 

 

715

 

 

 

111

 

 

 

67

 

 

 

747

 

 

 

459

 

Merger-related expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

127

 

 

 

1,043

 

 

 

?

 

 

 

4,213

 

Core system conversion expense

 

 

?

 

 

 

?

 

 

 

?

 

 

 

48

 

 

 

77

 

 

 

?

 

 

 

2,001

 

Tax benefit on significant items

 

 

(9

)

 

 

?

 

 

 

(199

)

 

 

(79

)

 

 

(369

)

 

 

(208

)

 

 

(1,751

)

Adjusted tangible net income available to common stockholders

 

$

14,303

 

 

$

10,309

 

 

$

4,652

 

 

$

17,308

 

 

$

17,409

 

 

$

29,264

 

 

$

49,623

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

 

As of or For the Three Months Ended

 

 

As of or For the Nine Months Ended

 

(dollars in thousands, except share and per share

data, ratios annualized, where applicable)

 

September 30,
2020

 

 

June 30,
2020

 

 

March 31,
2020

 

 

December 31,
2019

 

 

September 30,
2019

 

 

September 30,
2020

 

 

September 30,
2019

 

Pre-tax pre-provision return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

34,071

 

 

$

28,385

 

 

$

18,471

 

 

$

24,736

 

 

$

27,196

 

 

$

80,927

 

 

$

73,267

 

Average total assets

 

 

6,401,290

 

 

 

6,186,974

 

 

 

5,565,952

 

 

 

5,427,046

 

 

 

5,435,762

 

 

 

6,052,682

 

 

 

5,226,491

 

Pre-tax pre-provision return on average assets

 

 

2.12

%

 

 

1.85

%

 

 

1.33

%

 

 

1.81

%

 

 

1.98

%

 

 

 

 

 

 

1.87

%

Adjusted pre-tax pre-provision return on average

assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted pre-tax pre-provision net income

 

$

34,103

 

 

$

28,385

 

 

$

19,186

 

 

$

25,022

 

 

$

28,383

 

 

$

81,674

 

 

$

79,940

 

Average total assets

 

 

6,401,290

 

 

 

6,186,974

 

 

 

5,565,952

 

 

 

5,427,046

 

 

 

5,435,762

 

 

 

6,052,682

 

 

 

5,226,491

 

Adjusted pre-tax pre-provision return on average

assets

 

 

2.12

%

 

 

1.85

%

 

 

1.39

%

 

 

1.83

%

 

 

2.07

%

 

 

1.80

%

 

 

2.04

%

Non-interest income to total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

$

22,252

 

 

$

12,788

 

 

$

9,173

 

 

$

14,516

 

 

$

14,806

 

 

$

44,213

 

 

$

40,977

 

Total revenues

 

 

75,776

 

 

 

65,397

 

 

 

61,998

 

 

 

68,430

 

 

 

72,644

 

 

 

203,171

 

 

 

203,348

 

Non-interest income to total revenues

 

 

29.37

%

 

 

19.56

%

 

 

14.79

%

 

 

21.21

%

 

 

20.38

%

 

 

21.76

%

 

 

20.15

%

Adjusted non-interest expense to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

41,673

 

 

$

37,012

 

 

$

42,812

 

 

$

43,408

 

 

$

44,261

 

 

$

121,497

 

 

$

123,408

 

Average total assets

 

 

6,401,290

 

 

 

6,186,974

 

 

 

5,565,952

 

 

 

5,427,046

 

 

 

5,435,762

 

 

 

6,052,682

 

 

 

5,226,491

 

Adjusted non-interest expense to average assets

 

 

2.59

%

 

 

2.41

%

 

 

3.09

%

 

 

3.17

%

 

 

3.23

%

 

 

2.68

%

 

 

3.16

%

Adjusted efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

39,726

 

 

$

35,120

 

 

$

40,919

 

 

$

41,406

 

 

$

42,258

 

 

$

115,765

 

 

$

117,673

 

Total revenues

 

 

75,776

 

 

 

65,397

 

 

 

61,998

 

 

 

68,430

 

 

 

72,644

 

 

 

203,171

 

 

 

203,348

 

Adjusted efficiency ratio

 

 

52.43

%

 

 

53.70

%

 

 

66.00

%

 

 

60.51

%

 

 

58.17

%

 

 

56.98

%

 

 

57.87

%

Adjusted return on average assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

13,094

 

 

$

9,139

 

 

$

3,482

 

 

$

16,059

 

 

$

16,160

 

 

$

25,715

 

 

$

46,072

 

Average total assets

 

 

6,401,290

 

 

 

6,186,974

 

 

 

5,565,952

 

 

 

5,427,046

 

 

 

5,435,762

 

 

 

6,052,682

 

 

 

5,226,491

 

Adjusted return on average assets

 

 

0.81

%

 

 

0.59

%

 

 

0.25

%

 

 

1.17

%

 

 

1.18

%

 

 

0.57

%

 

 

1.18

%

Adjusted return on average stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

13,094

 

 

$

9,139

 

 

$

3,482

 

 

$

16,059

 

 

$

16,160

 

 

$

25,715

 

 

$

46,072

 

Average stockholders' equity

 

 

791,111

 

 

 

765,427

 

 

 

745,745

 

 

 

729,781

 

 

 

696,928

 

 

 

777,522

 

 

 

695,547

 

Adjusted return on average stockholders' equity

 

 

6.58

%

 

 

4.74

%

 

 

1.83

%

 

 

8.54

%

 

 

8.78

%

 

 

4.42

%

 

 

8.86

%

Tangible common equity to tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

609,735

 

 

$

594,027

 

 

$

573,867

 

 

$

559,422

 

 

$

545,885

 

 

$

609,735

 

 

$

545,885

 

Tangible assets

 

 

6,321,990

 

 

 

6,217,048

 

 

 

5,556,392

 

 

 

5,341,554

 

 

 

5,258,735

 

 

 

6,321,990

 

 

 

5,258,735

 

Tangible common equity to tangible assets

 

 

9.65

%

 

 

9.55

%

 

 

10.33

%

 

 

10.47

%

 

 

10.38

%

 

 

9.65

%

 

 

10.38

%

Return on average tangible common stockholders'

equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

14,280

 

 

$

10,309

 

 

$

4,136

 

 

$

17,101

 

 

$

16,591

 

 

$

28,725

 

 

$

44,701

 

Average tangible common stockholders' equity

 

 

605,229

 

 

 

575,573

 

 

 

556,115

 

 

 

538,603

 

 

 

511,254

 

 

 

589,658

 

 

 

512,736

 

Return on average tangible common

stockholders' equity

 

 

9.39

%

 

 

7.05

%

 

 

2.89

%

 

 

12.20

%

 

 

12.22

%

 

 

6.51

%

 

 

11.66

%

Adjusted return on average tangible common

stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted tangible net income available to common

stockholders

 

$

14,303

 

 

$

10,309

 

 

$

4,652

 

 

$

17,308

 

 

$

17,409

 

 

$

29,264

 

 

$

49,623

 

Average tangible common stockholders' equity

 

 

605,229

 

 

 

575,573

 

 

 

556,115

 

 

 

538,603

 

 

 

511,254

 

 

 

589,658

 

 

 

512,736

 

Adjusted return on average tangible common

stockholders' equity

 

 

9.40

%

 

 

7.05

%

 

 

3.25

%

 

 

12.35

%

 

 

12.82

%

 

 

6.63

%

 

 

12.94

%

Tangible book value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

609,735

 

 

$

594,027

 

 

$

573,867

 

 

$

559,422

 

 

$

545,885

 

 

$

609,735

 

 

$

545,885

 

Common shares outstanding

 

 

38,568,916

 

 

 

38,383,217

 

 

 

38,383,021

 

 

 

38,256,500

 

 

 

38,169,126

 

 

 

38,568,916

 

 

 

38,169,126

 

Tangible book value per share

 

$

15.81

 

 

$

15.47

 

 

$

14.95

 

 

$

14.62

 

 

$

14.30

 

 

$

15.81

 

 

$

14.30

 

 


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