Welcome to our dedicated page for Byline Bancorp news (Ticker: BY), a resource for investors and traders seeking the latest updates and insights on Byline Bancorp stock.
Byline Bancorp, Inc. reports developments tied to its role as the parent company of Byline Bank, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Company news centers on quarterly earnings, net interest income, deposit costs, loan and lease trends, credit-loss provisioning, and fee revenue across its commercial and community banking activities.
Recurring updates also cover capital management actions such as dividends and stock repurchases, small-ticket equipment leasing, SBA lending, and Byline Bank's presence in the Chicago and Milwaukee metropolitan areas.
Byline Bancorp (NYSE: BY) has received significant credit rating upgrades from Kroll Bond Rating Agency (KBRA). The agency upgraded Byline's senior unsecured debt rating to BBB+ from BBB, subordinated debt to BBB from BBB-, and short-term debt to K2 from K3. Byline Bank also saw improvements with deposit and senior unsecured debt ratings rising to A- from BBB+ and subordinated debt to BBB+ from BBB.
KBRA's decision is based on Byline's strong and resilient earnings capacity across various interest rate environments, demonstrating top quartile profitability within KBRA-rated institutions. The company's government lending team provides revenue support during declining rate environments, while management has proactively adjusted the balance sheet toward a more neutral position to prepare for potential Fed rate cuts.
The ratings reflect Byline's solid strategic execution, successful acquisition integration history, and strong management team. Notable is the approximately 30% insider ownership, which KBRA views as a credit strength. The company has also made proactive investments in infrastructure, risk systems, and talent in preparation for crossing the $10 billion asset threshold.
Byline Bancorp (NYSE: BY) reported strong Q4 2024 financial results with net income of $30.3 million and diluted EPS of $0.69. Full-year net income reached $120.8 million with $2.75 diluted EPS. Key Q4 highlights include net interest income of $88.5 million (up 1.2% from Q3), non-interest income of $16.1 million (up 12.3%), and a net interest margin of 4.01%.
The company's total assets reached $9.5 billion, marking a 6.9% increase year-over-year. The Board declared a cash dividend increase of 11.1% to $0.10 per share, payable February 18, 2025. Credit quality remained stable with the Allowance for Credit Losses (ACL) at $98.0 million and non-performing assets at 0.71% of total assets.
Byline Bancorp (NYSE: BY) has appointed Brian F. Doran as Executive Vice President, General Counsel. In his new role, Doran will lead the company's legal function and corporate governance initiatives while providing operational and strategic support to the organization and its Board of Directors.
Executive Chairman and CEO Roberto R. Herencia praised Doran's accomplishments and legal background, highlighting how his expertise will benefit Byline. President Alberto J. Paracchini expressed confidence in Doran's leadership abilities and contribution to Byline's strategy of becoming Chicago's preeminent commercial bank.
Byline Bancorp (NYSE: BY) has scheduled its fourth quarter 2024 financial results announcement for Thursday, January 23, 2025, after market close. The company will host a conference call and webcast on Friday, January 24, 2025, at 9:00 a.m. Central Time to discuss the results.
Investors and analysts can participate in the Q&A session through telephone access (833-470-1428; passcode: 861322) or via webcast on the company's Investor Relations website. A telephone replay will be available through February 7, 2025 (866-813-9403; passcode: 409178), and an archived version of the webcast will be accessible shortly after the live call ends.
Byline Bancorp (NYSE: BY) has announced a new stock repurchase program authorized by its Board of Directors. The program allows for the repurchase of up to 1.25 million shares, representing approximately 2.8% of the company's outstanding common stock. The program will be effective from January 1, 2025 to December 31, 2025.
The shares may be repurchased through open market purchases or private negotiations, including through Rule 10b5-1 plans, subject to market conditions and legal requirements. The company maintains discretion over the timing, number, and price of shares purchased, with no obligation to complete the program.
Byline Bank has achieved dual recognition as a top workplace for 2024, being named among Chicago's Best Workplaces by the Chicago Sun-Times and Best Workplaces in Illinois by the Illinois Society for Human Resource Management. The bank ranked in the top 25 workplaces in Chicago and secured 6th position among large companies.
The recognition process involved a comprehensive two-part evaluation: workplace policies and practices (25% of total evaluation) and employee experience surveys (75%). Dana Rose, Chief Human Resources Officer, emphasized the significance of employee feedback in securing these awards and highlighted the bank's commitment to fostering a collaborative workplace culture.
Byline Bancorp (NYSE: BY) reported Q3 2024 financial results with net income of $30.3 million, or $0.69 diluted earnings per share. Net interest income increased 1.1% to $87.5 million, while non-interest income grew 12.0% to $14.4 million. Total deposits increased by $150.7 million to $7.5 billion. The company maintained strong asset quality with an allowance for credit losses of $98.9 million. The efficiency ratio improved to 52.02%, and the company declared a quarterly cash dividend of $0.09 per share. Notable developments include a definitive merger agreement with First Security Bancorp and a tangible book value per share increase of 7.3% quarter-over-quarter.
Byline Bancorp, Inc. (NYSE: BY) has announced it will release its third quarter 2024 financial results after market close on Thursday, October 24, 2024. The company will host a conference call and webcast on Friday, October 25, 2024, at 9:00 a.m. Central Time to discuss these results. Analysts and investors can participate in the question-and-answer session.
Conference call details:
- Date: Friday, October 25, 2024
- Time: 9:00 a.m. Central Time
- Telephone Access: 833-470-1428; passcode: 097541
- Telephone Replay (available through November 8, 2024): 866-813-9403; passcode: 402924
A live webcast will be available on the News and Events page in the Investor Relations section of Byline Bancorp's website. An archived version will be accessible shortly after the call ends.
Byline Bancorp (NYSE: BY) and First Security Bancorp have announced a definitive merger agreement valued at approximately $41.0 million. The transaction will combine First Security Trust and Savings Bank with Byline Bancorp, strengthening Byline's position as Chicago's largest community bank with assets under $10 billion. Post-merger, Byline will have $7.3 billion in loans, $7.8 billion in deposits, and 45 branches across the Chicago metropolitan area.
The deal terms include 2.1794 Byline shares for each First Security Bancorp share, representing approximately $57.01 per First Security share based on Byline's closing price of $26.16 on September 27, 2024. The merger is expected to close in Q2 2025, subject to regulatory approvals and First Security Bancorp stockholder approval.
Byline Bank has been recognized as one of the 2024-2025 Best Companies to Work For In The Midwest by U.S. News & World Report. This prestigious accolade highlights Byline Bank's commitment to meeting employee needs and creating a positive work environment. The recognition is based on factors such as pay and benefits, work-life balance, job stability, comfort, belongingness, and career opportunities.
Dana Rose, Chief Human Resources Officer at Byline Bank, expressed pride in this achievement, crediting the company's outstanding employees. The U.S. News ratings, which now include 549 companies across various lists, aim to reflect evolving employee sentiments in choosing ideal workplaces. Companies were evaluated based on Glassdoor reviews and data from partners like Revelio Labs, Good Jobs First, and QUODD.