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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 March 31, 2024

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

 

 

img62256471_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, 44,124,124 shares outstanding as of April 30, 2024

 

 

 


 

BYLINE BANCORP, INC.

FORM 10-Q

March 31, 2024

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

 

9

Item 2.

 

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

 

44

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

72

Item 4.

 

Controls and Procedures

 

73

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

74

Item 1.

 

Legal Proceedings

 

74

Item 1A.

 

Risk Factors

 

74

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

74

Item 3.

 

Defaults Upon Senior Securities

 

74

Item 4.

 

Mine Safety Disclosures

 

74

Item 5.

 

Other Information

 

74

Item 6.

 

Exhibits

 

75

 

 

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)

 

March 31, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

58,640

 

 

$

60,431

 

Interest bearing deposits with other banks

 

 

578,197

 

 

 

165,705

 

Cash and cash equivalents

 

 

636,837

 

 

 

226,136

 

Equity and other securities, at fair value

 

 

9,135

 

 

 

8,743

 

Securities available-for-sale, at fair value (amortized cost
   at March 31, 2024—$
1,562,427, December 31, 2023—$1,516,801)

 

 

1,379,147

 

 

 

1,342,480

 

Securities held-to-maturity, at amortized cost (fair value
   at March 31, 2024—$
1,149, December 31, 2023 —$1,149)

 

 

1,156

 

 

 

1,157

 

Restricted stock, at cost

 

 

22,793

 

 

 

16,304

 

Loans held for sale

 

 

23,568

 

 

 

18,005

 

Loans and leases:

 

 

 

 

 

 

Loans and leases

 

 

6,778,214

 

 

 

6,684,306

 

Allowance for credit losses - loans and leases

 

 

(102,366

)

 

 

(101,686

)

Net loans and leases

 

 

6,675,848

 

 

 

6,582,620

 

Servicing assets, at fair value

 

 

20,992

 

 

 

19,844

 

Premises and equipment, net

 

 

64,466

 

 

 

66,627

 

Goodwill and other intangible assets, net

 

 

202,133

 

 

 

203,478

 

Bank-owned life insurance

 

 

97,748

 

 

 

96,900

 

Deferred tax assets, net

 

 

53,029

 

 

 

50,058

 

Accrued interest receivable and other assets

 

 

223,651

 

 

 

249,615

 

Total assets

 

$

9,410,503

 

 

$

8,881,967

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

1,851,727

 

 

$

1,905,876

 

Interest-bearing deposits

 

 

5,498,475

 

 

 

5,271,123

 

Total deposits

 

 

7,350,202

 

 

 

7,176,999

 

Other borrowings

 

 

721,173

 

 

 

395,190

 

Subordinated notes, net

 

 

73,909

 

 

 

73,866

 

Junior subordinated debentures issued to capital trusts, net

 

 

70,567

 

 

 

70,452

 

Accrued interest payable and other liabilities

 

 

185,603

 

 

 

175,309

 

Total liabilities

 

 

8,401,454

 

 

 

7,891,816

 

COMMITMENTS AND CONTINGENT LIABILITIES (Note 14)

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

Common stock

 

 

452

 

 

 

451

 

Additional paid-in capital

 

 

708,844

 

 

 

710,488

 

Retained earnings

 

 

455,532

 

 

 

429,036

 

Treasury stock, at cost

 

 

(48,869

)

 

 

(49,707

)

Accumulated other comprehensive loss, net of tax

 

 

(106,910

)

 

 

(100,117

)

Total stockholders’ equity

 

 

1,009,049

 

 

 

990,151

 

Total liabilities and stockholders’ equity

 

$

9,410,503

 

 

$

8,881,967

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Preferred
Shares

 

 

Common
Shares

 

 

Preferred
Shares

 

 

Common
Shares

 

Par value

 

$

0.01

 

 

$

0.01

 

 

$

0.01

 

 

$

0.01

 

Shares authorized

 

 

25,000,000

 

 

 

150,000,000

 

 

 

25,000,000

 

 

 

150,000,000

 

Shares issued

 

 

 

 

 

45,946,804

 

 

 

 

 

 

45,714,241

 

Shares outstanding

 

 

 

 

 

44,108,387

 

 

 

 

 

 

43,764,056

 

Treasury shares

 

 

 

 

 

1,838,417

 

 

 

 

 

 

1,950,185

 

 

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

 

 

 

March 31,

 

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

 

2024

 

 

2023

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

123,792

 

 

$

92,343

 

Interest on securities

 

 

9,734

 

 

 

6,600

 

Other interest and dividend income

 

 

4,795

 

 

 

1,059

 

Total interest and dividend income

 

 

138,321

 

 

 

100,002

 

INTEREST EXPENSE

 

 

 

 

 

 

Deposits

 

 

45,962

 

 

 

16,298

 

Other borrowings

 

 

3,824

 

 

 

5,888

 

Subordinated notes and debentures

 

 

2,994

 

 

 

2,098

 

Total interest expense

 

 

52,780

 

 

 

24,284

 

Net interest income

 

 

85,541

 

 

 

75,718

 

PROVISION FOR CREDIT LOSSES

 

 

6,643

 

 

 

9,825

 

Net interest income after provision
   for credit losses

 

 

78,898

 

 

 

65,893

 

NON-INTEREST INCOME

 

 

 

 

 

 

Fees and service charges on deposits

 

 

2,427

 

 

 

2,120

 

Loan servicing revenue

 

 

3,364

 

 

 

3,380

 

Loan servicing asset revaluation

 

 

(703

)

 

 

656

 

ATM and interchange fees

 

 

1,075

 

 

 

1,063

 

Change in fair value of equity securities, net

 

 

392

 

 

 

350

 

Net gains on sales of loans

 

 

5,533

 

 

 

5,148

 

Wealth management and trust income

 

 

1,157

 

 

 

924

 

Other non-interest income

 

 

2,228

 

 

 

1,504

 

Total non-interest income

 

 

15,473

 

 

 

15,145

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

Salaries and employee benefits

 

 

33,953

 

 

 

30,394

 

Occupancy and equipment expense, net

 

 

5,284

 

 

 

4,444

 

Impairment charge on assets held for sale

 

 

 

 

 

20

 

Loan and lease related expenses

 

 

685

 

 

 

963

 

Legal, audit and other professional fees

 

 

2,719

 

 

 

3,114

 

Data processing

 

 

4,145

 

 

 

3,783

 

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

 

 

(98

)

 

 

(103

)

Other intangible assets amortization expense

 

 

1,345

 

 

 

1,455

 

Other non-interest expense

 

 

5,776

 

 

 

4,730

 

Total non-interest expense

 

 

53,809

 

 

 

48,800

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

40,562

 

 

 

32,238

 

PROVISION FOR INCOME TAXES

 

 

10,122

 

 

 

8,293

 

NET INCOME

 

$

30,440

 

 

$

23,945

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

Basic

 

$

0.70

 

 

$

0.65

 

Diluted

 

$

0.70

 

 

$

0.64

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

4


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

Three Months Ended

 

 

 

March 31,

 

(dollars in thousands)

 

2024

 

 

2023

 

Net income

 

$

30,440

 

 

$

23,945

 

Securities available-for-sale

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

(8,959

)

 

 

14,599

 

Tax effect

 

 

2,389

 

 

 

(3,900

)

Net of tax

 

 

(6,570

)

 

 

10,699

 

Cash flow hedges

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

4,531

 

 

 

194

 

Reclassification adjustments for net gains included
   in net income

 

 

(4,836

)

 

 

(1,956

)

Tax effect

 

 

82

 

 

 

471

 

Net of tax

 

 

(223

)

 

 

(1,291

)

Total other comprehensive income (loss)

 

 

(6,793

)

 

 

9,408

 

Comprehensive income

 

$

23,647

 

 

$

33,353

 

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

5


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Accumulated
Other

 

 

Total

 

(dollars in thousands,

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Stockholders’

 

 except share data)

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Equity

 

Balance, January 1, 2023

 

 

37,492,775

 

 

$

389

 

 

$

598,297

 

 

$

335,794

 

 

$

(51,114

)

 

$

(117,550

)

 

$

765,816

 

Net income

 

 

 

 

 

 

 

 

 

 

 

23,945

 

 

 

 

 

 

 

 

 

23,945

 

Other comprehensive income,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,408

 

 

 

9,408

 

Restricted stock activity, net

 

 

220,652

 

 

 

1

 

 

 

(1,704

)

 

 

 

 

 

48

 

 

 

 

 

 

(1,655

)

Cash dividends declared on
   common stock ($
0.09 per share)

 

 

 

 

 

 

 

 

 

 

 

(3,374

)

 

 

 

 

 

 

 

 

(3,374

)

Share-based compensation
   expense

 

 

 

 

 

 

 

 

1,510

 

 

 

 

 

 

 

 

 

 

 

 

1,510

 

Balance, March 31, 2023

 

 

37,713,427

 

 

$

390

 

 

$

598,103

 

 

$

356,365

 

 

$

(51,066

)

 

$

(108,142

)

 

$

795,650

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Accumulated
Other

 

 

Total

 

(dollars in thousands,

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Stockholders’

 

except share data)

Shares

 

Amount

 

 

Capital

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Equity

 

Balance, January 1, 2024

 

43,764,056

 

$

451

 

 

$

710,488

 

 

$

429,036

 

 

$

(49,707

)

 

$

(100,117

)

 

$

990,151

 

Net income

 

 

 

 

 

 

 

 

 

30,440

 

 

 

 

 

 

 

 

 

30,440

 

Other comprehensive loss,
   net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,793

)

 

 

(6,793

)

Issuance of common stock upon
   exercise of stock options, net

 

68,186

 

 

 

 

 

(331

)

 

 

 

 

 

(671

)

 

 

 

 

 

(1,002

)

Restricted stock activity, net

 

276,145

 

 

1

 

 

 

(3,159

)

 

 

 

 

 

1,509

 

 

 

 

 

 

(1,649

)

Cash dividends declared on
   common stock ($
0.09 per share)

 

 

 

 

 

 

 

 

 

(3,944

)

 

 

 

 

 

 

 

 

(3,944

)

Share-based compensation
   expense

 

 

 

 

 

 

1,846

 

 

 

 

 

 

 

 

 

 

 

 

1,846

 

Balance, March 31, 2024

 

44,108,387

 

$

452

 

 

$

708,844

 

 

$

455,532

 

 

$

(48,869

)

 

$

(106,910

)

 

$

1,009,049

 

 

 

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

6


 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

Three Months Ended

 

 

March 31,

 

(dollars in thousands)

2024

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

Net income

$

30,440

 

 

$

23,945

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

Provision for credit losses

 

6,643

 

 

 

9,825

 

Impairment loss on premises and equipment

 

1,069

 

 

 

 

Impairment loss on operating lease right-of-use asset

 

194

 

 

 

 

Impairment loss on assets held for sale

 

 

 

 

20

 

Depreciation and amortization of premises and equipment

 

1,307

 

 

 

981

 

Net amortization (accretion) of securities

 

(481

)

 

 

856

 

Net change in fair value of equity securities

 

(392

)

 

 

(350

)

Net gains on sales and disposal of premises and equipment

 

(482

)

 

 

 

Net gains on sales of loans

 

(5,533

)

 

 

(5,148

)

Originations of U.S. government guaranteed loans

 

(79,089

)

 

 

(53,602

)

Proceeds from U.S. government guaranteed loans sold

 

35,005

 

 

 

46,824

 

Accretion of premiums and discounts on acquired loans, net

 

(4,284

)

 

 

(729

)

Net change in servicing assets

 

(1,148

)

 

 

(1,772

)

Net losses on sales and valuation adjustments of other real estate owned

 

18

 

 

 

296

 

Net amortization of other acquisition accounting adjustments

 

1,626

 

 

 

1,455

 

Amortization of subordinated debt issuance cost

 

43

 

 

 

44

 

Accretion of junior subordinated debentures discount

 

115

 

 

 

104

 

Share-based compensation expense

 

1,846

 

 

 

1,510

 

Deferred tax benefit

 

(501

)

 

 

(134

)

Increase in cash surrender value of bank owned life insurance

 

(848

)

 

 

(588

)

Changes in assets and liabilities:

 

 

 

 

 

Accrued interest receivable and other assets

 

(374

)

 

 

10,214

 

Accrued interest payable and other liabilities

 

77,162

 

 

 

15,384

 

Net cash provided by operating activities

 

62,336

 

 

 

49,135

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

Purchases of securities available-for-sale

 

(106,623

)

 

 

(1,280

)

Proceeds from maturities and calls of securities available-for-sale

 

31,953

 

 

 

3,784

 

Proceeds from paydowns of securities available-for-sale

 

28,916

 

 

 

21,262

 

Purchases of Federal Home Loan Bank stock, net

 

(6,489

)

 

 

(10,575

)

Net change in loans and leases

 

(95,840

)