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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, 2021

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

 

 

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, 38,629,513 shares outstanding as of May 5, 2021

 

 

 

 


 

BYLINE BANCORP, INC.

FORM 10-Q

March 31, 2021

INDEX

 

 

 

 

 

Page

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

3

Item 1.

 

Financial Statements. The Unaudited Interim Condensed Consolidated Financial Statements of Byline Bancorp, Inc. filed as part of the report:

 

3

 

 

Notes to Unaudited Interim Condensed Consolidated Financial Statements

 

10

Item 2.

 

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

 

44

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

77

Item 4.

 

Controls and Procedures

 

78

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

79

Item 1.

 

Legal Proceedings

 

79

Item 1A.

 

Risk Factors

 

79

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

79

Item 3.

 

Defaults Upon Senior Securities

 

79

Item 4.

 

Mine Safety Disclosures

 

79

Item 5.

 

Other Information

 

79

Item 6.

 

Exhibits

 

80

 

 

 

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, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

47,101

 

 

$

41,432

 

Interest bearing deposits with other banks

 

 

66,038

 

 

 

41,988

 

Cash and cash equivalents

 

 

113,139

 

 

 

83,420

 

Equity and other securities, at fair value

 

 

8,557

 

 

 

8,764

 

Securities available-for-sale, at fair value

 

 

1,675,907

 

 

 

1,447,230

 

Securities held-to-maturity, at amortized cost (fair value at March 31, 2021—$4,066, December 31, 2020 —$4,573)

 

 

3,892

 

 

 

4,395

 

Restricted stock, at cost

 

 

19,057

 

 

 

10,507

 

Loans held for sale

 

 

28,584

 

 

 

7,924

 

Loans and leases:

 

 

 

 

 

 

 

 

Loans and leases

 

 

4,454,620

 

 

 

4,340,535

 

Allowance for loan and lease losses

 

 

(65,590

)

 

 

(66,347

)

Net loans and leases

 

 

4,389,030

 

 

 

4,274,188

 

Servicing assets, at fair value

 

 

22,140

 

 

 

22,042

 

Premises and equipment, net

 

 

85,182

 

 

 

86,728

 

Other real estate owned, net

 

 

5,952

 

 

 

6,350

 

Goodwill and other intangible assets, net

 

 

170,882

 

 

 

172,631

 

Bank-owned life insurance

 

 

60,258

 

 

 

10,009

 

Deferred tax assets, net

 

 

48,662

 

 

 

40,181

 

Accrued interest receivable and other assets

 

 

118,883

 

 

 

216,283

 

Total assets

 

$

6,750,125

 

 

$

6,390,652

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

2,015,643

 

 

$

1,762,676

 

Interest-bearing deposits

 

 

3,008,897

 

 

 

2,989,355

 

Total deposits

 

 

5,024,540

 

 

 

4,752,031

 

Other borrowings

 

 

749,719

 

 

 

647,901

 

Subordinated notes, net

 

 

73,386

 

 

 

73,342

 

Junior subordinated debentures issued to capital trusts, net

 

 

36,565

 

 

 

36,451

 

Accrued interest payable and other liabilities

 

 

72,120

 

 

 

75,463

 

Total liabilities

 

 

5,956,330

 

 

 

5,585,188

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock

 

 

10,438

 

 

 

10,438

 

Common stock

 

 

385

 

 

 

384

 

Additional paid-in capital

 

 

589,209

 

 

 

587,165

 

Retained earnings

 

 

210,385

 

 

 

191,098

 

Treasury stock, at cost

 

 

(8,275

)

 

 

(1,668

)

Accumulated other comprehensive income (loss), net of tax

 

 

(8,347

)

 

 

18,047

 

Total stockholders’ equity

 

 

793,795

 

 

 

805,464

 

Total liabilities and stockholders’ equity

 

$

6,750,125

 

 

$

6,390,652

 

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

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

 

 

10,438

 

 

 

39,106,222

 

 

 

10,438

 

 

 

38,736,540

 

Shares outstanding

 

 

10,438

 

 

 

38,641,851

 

 

 

10,438

 

 

 

38,618,054

 

Treasury shares

 

 

 

 

 

464,371

 

 

 

 

 

 

118,486

 

 

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)

 

2021

 

 

2020

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

53,808

 

 

$

54,158

 

Interest on securities

 

 

6,089

 

 

 

8,016

 

Other interest and dividend income

 

 

262

 

 

 

992

 

Total interest and dividend income

 

 

60,159

 

 

 

63,166

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

1,421

 

 

 

7,804

 

Other borrowings

 

 

502

 

 

 

1,897

 

Subordinated notes and debentures

 

 

1,596

 

 

 

640

 

Total interest expense

 

 

3,519

 

 

 

10,341

 

Net interest income

 

 

56,640

 

 

 

52,825

 

PROVISION FOR LOAN AND LEASE LOSSES

 

 

4,367

 

 

 

14,455

 

Net interest income after provision for loan and lease losses

 

 

52,273

 

 

 

38,370

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

1,664

 

 

 

1,673

 

Loan servicing revenue

 

 

2,769

 

 

 

2,758

 

Loan servicing asset revaluation

 

 

(1,505

)

 

 

(3,064

)

ATM and interchange fees

 

 

1,012

 

 

 

1,216

 

Net gains on sales of securities available-for-sale

 

 

1,462

 

 

 

1,375

 

Change in fair value of equity securities, net

 

 

(206

)

 

 

(619

)

Net gains on sales of loans

 

 

8,319

 

 

 

4,773

 

Wealth management and trust income

 

 

768

 

 

 

669

 

Other non-interest income

 

 

1,459

 

 

 

526

 

Total non-interest income

 

 

15,742

 

 

 

9,307

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

21,806

 

 

 

24,666

 

Occupancy and equipment expense, net

 

 

5,779

 

 

 

5,524

 

Loan and lease related expenses

 

 

951

 

 

 

1,318

 

Legal, audit and other professional fees

 

 

2,214

 

 

 

2,334

 

Data processing

 

 

2,755

 

 

 

2,665

 

Net loss recognized on other real estate owned and other

   related expenses

 

 

621

 

 

 

519

 

Other intangible assets amortization expense

 

 

1,749

 

 

 

1,893

 

Other non-interest expense

 

 

2,967

 

 

 

4,742

 

Total non-interest expense

 

 

38,842

 

 

 

43,661

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

29,173

 

 

 

4,016

 

PROVISION FOR INCOME TAXES

 

 

7,375

 

 

 

1,050

 

NET INCOME

 

 

21,798

 

 

 

2,966

 

Dividends on preferred shares

 

 

196

 

 

 

196

 

INCOME AVAILABLE TO COMMON STOCKHOLDERS

 

$

21,602

 

 

$

2,770

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

0.57

 

 

$

0.07

 

Diluted

 

$

0.56

 

 

$

0.07

 

 

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)

 

2021

 

 

2020

 

Net income

 

$

21,798

 

 

$

2,966

 

Securities available-for-sale

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

(40,131

)

 

 

16,665

 

Reclassification adjustments for net gains included in net income

 

 

(1,462

)

 

 

(1,375

)

Tax effect

 

 

11,582

 

 

 

(4,258

)

Net of tax

 

 

(30,011

)

 

 

11,032

 

Cash flow hedges

 

 

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

4,992

 

 

 

 

Reclassification adjustments for net losses included in net income

 

 

21

 

 

 

21

 

Tax effect

 

 

(1,396

)

 

 

(5

)

Net of tax

 

 

3,617

 

 

 

16

 

Total other comprehensive income (loss)

 

 

(26,394

)

 

 

11,048

 

Comprehensive income (loss)

 

$

(4,596

)

 

$

14,014

 

 

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

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Stockholders’

 

(dollars in thousands, except share data)

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Equity

 

Balance, January 1, 2020

 

 

10,438

 

 

$

10,438

 

 

 

38,256,500

 

 

$

379

 

 

$

580,965

 

 

$

159,033

 

 

$

 

 

$

(700

)

 

$

750,115

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,966

 

 

 

 

 

 

 

 

 

2,966

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,048

 

 

 

11,048

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

55,402

 

 

 

1

 

 

 

676

 

 

 

 

 

 

 

 

 

 

 

 

677

 

Restricted stock activity

 

 

 

 

 

 

 

 

174,036