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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to ______

Commission File Number 001-38139

 

 

img60415194_0.jpg 

Byline Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

36-3012593

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification Number)

 

180 North LaSalle Street, Suite 300

Chicago, Illinois 60601

(Address of Principal Executive Offices)

(773) 244-7000

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock

BY

New York Stock Exchange

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Common Stock, $0.01 par value, 37,477,753\shares outstanding as of November 2, 2022

 

 

 


BYLINE BANCORP, INC.

FORM 10-Q

September 30, 2022

INDEX

 

 

 

 

 

Page

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

3

Item 1.

 

Financial Statements. The Unaudited Interim Condensed Consolidated Financial Statements of Byline Bancorp, Inc.

 

3

 

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

 

10

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

43

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

76

Item 4.

 

Controls and Procedures

 

77

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

78

Item 1.

 

Legal Proceedings

 

78

Item 1A.

 

Risk Factors

 

78

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

78

Item 3.

 

Defaults Upon Senior Securities

 

78

Item 4.

 

Mine Safety Disclosures

 

78

Item 5.

 

Other Information

 

78

Item 6.

 

Exhibits

 

79

 

 

 

2


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

 

 

 

 

 

 

 

 

(dollars in thousands, except share data)

 

September 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

56,546

 

 

$

35,247

 

Interest bearing deposits with other banks

 

 

159,744

 

 

 

122,684

 

Cash and cash equivalents

 

 

216,290

 

 

 

157,931

 

Equity and other securities, at fair value

 

 

7,279

 

 

 

10,578

 

Securities available-for-sale, at fair value

 

 

1,181,654

 

 

 

1,454,542

 

Securities held-to-maturity, at amortized cost (fair value at September 30, 2022—$3,825, December 31, 2021 —$3,992)

 

 

3,877

 

 

 

3,885

 

Restricted stock, at cost

 

 

27,077

 

 

 

22,002

 

Loans held for sale

 

 

33,975

 

 

 

64,460

 

Loans and leases:

 

 

 

 

 

 

Loans and leases

 

 

5,275,471

 

 

 

4,537,128

 

Allowance for loan and lease losses

 

 

(64,655

)

 

 

(55,012

)

Net loans and leases

 

 

5,210,816

 

 

 

4,482,116

 

Servicing assets, at fair value

 

 

21,127

 

 

 

23,744

 

Premises and equipment, net

 

 

59,049

 

 

 

62,548

 

Other real estate owned, net

 

 

4,402

 

 

 

2,112

 

Goodwill and other intangible assets, net

 

 

160,484

 

 

 

165,558

 

Bank-owned life insurance

 

 

81,592

 

 

 

80,039

 

Deferred tax assets, net

 

 

91,532

 

 

 

50,329

 

Accrued interest receivable and other assets

 

 

178,433

 

 

 

116,328

 

Total assets

 

$

7,277,587

 

 

$

6,696,172

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

2,142,183

 

 

$

2,158,420

 

Interest-bearing deposits

 

 

3,470,273

 

 

 

2,996,627

 

Total deposits

 

 

5,612,456

 

 

 

5,155,047

 

Other borrowings

 

 

653,954

 

 

 

519,723

 

Subordinated notes, net

 

 

73,648

 

 

 

73,517

 

Junior subordinated debentures issued to capital trusts, net

 

 

37,232

 

 

 

36,906

 

Accrued interest payable and other liabilities

 

 

152,732

 

 

 

74,597

 

Total liabilities

 

 

6,530,022

 

 

 

5,859,790

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

10,438

 

Common stock

 

 

389

 

 

 

387

 

Additional paid-in capital

 

 

597,049

 

 

 

593,753

 

Retained earnings

 

 

326,560

 

 

 

271,676

 

Treasury stock, at cost

 

 

(51,535

)

 

 

(31,570

)

Accumulated other comprehensive loss, net of tax

 

 

(124,898

)

 

 

(8,302

)

Total stockholders’ equity

 

 

747,565

 

 

 

836,382

 

Total liabilities and stockholders’ equity

 

$

7,277,587

 

 

$

6,696,172

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

Preferred
Shares

 

 

Common
Shares

 

 

Preferred
Shares

 

 

Common
Shares

 

Par value

 

$

0.01

 

 

$

0.01

 

 

$

0.01

 

 

$

0.01

 

Shares authorized

 

 

50,000

 

 

 

150,000,000

 

 

 

50,000

 

 

 

150,000,000

 

Shares issued

 

 

 

 

 

39,515,466

 

 

 

10,438

 

 

 

39,203,747

 

Shares outstanding

 

 

 

 

 

37,465,902

 

 

 

10,438

 

 

 

37,713,903

 

Treasury shares

 

 

 

 

 

2,049,564

 

 

 

 

 

 

1,489,844

 

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

3


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

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

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

72,824

 

 

$

56,291

 

 

$

187,924

 

 

$

164,423

 

Interest on securities

 

 

6,402

 

 

 

5,534

 

 

 

18,821

 

 

 

17,982

 

Other interest and dividend income

 

 

677

 

 

 

947

 

 

 

1,522

 

 

 

1,837

 

Total interest and dividend income

 

 

79,903

 

 

 

62,772

 

 

 

208,267

 

 

 

184,242

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

5,971

 

 

 

986

 

 

 

9,186

 

 

 

3,465

 

Other borrowings

 

 

3,232

 

 

 

349

 

 

 

4,724

 

 

 

1,333

 

Subordinated notes and debentures

 

 

1,825

 

 

 

1,592

 

 

 

5,119

 

 

 

4,785

 

Total interest expense

 

 

11,028

 

 

 

2,927

 

 

 

19,029

 

 

 

9,583

 

Net interest income

 

 

68,875

 

 

 

59,845

 

 

 

189,238

 

 

 

174,659

 

PROVISION FOR LOAN AND LEASE LOSSES

 

 

4,176

 

 

 

352

 

 

 

15,079

 

 

 

2,750

 

Net interest income after provision
   for loan and lease losses

 

 

64,699

 

 

 

59,493

 

 

 

174,159

 

 

 

171,909

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

2,128

 

 

 

1,867

 

 

 

6,071

 

 

 

5,299

 

Loan servicing revenue

 

 

3,422

 

 

 

3,344

 

 

 

10,186

 

 

 

9,301

 

Loan servicing asset revaluation

 

 

(2,342

)

 

 

(2,650

)

 

 

(8,209

)

 

 

(4,148

)

ATM and interchange fees

 

 

1,007

 

 

 

1,201

 

 

 

3,187

 

 

 

3,257

 

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

 

 

(2

)

 

 

130

 

 

 

50

 

 

 

1,456

 

Change in fair value of equity securities, net

 

 

(581

)

 

 

(275

)

 

 

(1,313

)

 

 

36

 

Net gains on sales of loans

 

 

5,580

 

 

 

12,761

 

 

 

26,390

 

 

 

33,350

 

Wealth management and trust income

 

 

995

 

 

 

815

 

 

 

2,943

 

 

 

2,305

 

Other non-interest income

 

 

1,785

 

 

 

1,302

 

 

 

6,274

 

 

 

4,383

 

Total non-interest income

 

 

11,992

 

 

 

18,495

 

 

 

45,579

 

 

 

55,239

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

29,587

 

 

 

25,978

 

 

 

86,243

 

 

 

72,372

 

Occupancy and equipment expense, net

 

 

3,919

 

 

 

4,982

 

 

 

13,456

 

 

 

15,617

 

Impairment charge on assets held for sale

 

 

 

 

 

1,434

 

 

 

 

 

 

3,981

 

Loan and lease related expenses

 

 

530

 

 

 

1,175

 

 

 

581

 

 

 

3,629

 

Legal, audit and other professional fees

 

 

2,733

 

 

 

2,710