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) reported fourth-quarter 2020 net income of $12.3 million ($0.31/share), a decrease from $13.1 million ($0.34/share) in Q3 2020. Adjusted net income rose to $15.2 million ($0.38/share) from $13.1 million. Loan and lease growth, excluding PPP loans, improved, while asset quality remained strong with a decline in non-performing assets. The company increased its dividend to $0.06/share and resumed its stock repurchase program. Total assets decreased to $6.4 billion, driven by lower securities and loans, while reserves were increased to 1.53% of total loans.
Byline Bancorp, Inc. (NYSE: BY) will release its fourth quarter 2020 financial results on January 28, 2021, after market close. A conference call to discuss these results is scheduled for January 29, 2021, at 9:00 a.m. CT. Analysts and investors can participate in the Q&A session. Byline Bancorp operates Byline Bank, a commercial bank based in Chicago, with approximately $6.5 billion in assets and over 40 branches, catering to small- and medium-sized businesses and consumers, while being a leading Small Business Administration lender.
Byline Bancorp, Inc. (NYSE: BY) has announced a new stock repurchase program enabling the buyback of up to 1.25 million shares, constituting about 3.2% of its outstanding common stock. This program, effective January 1, 2021, aims to enhance shareholder value amidst economic uncertainties. Previously, 118,486 shares were purchased under the expired program. The decision to pause repurchases in Q1 2021 was influenced by the pandemic's impact. The timing, number, and price of future repurchases will be determined based on market conditions.
Byline Bancorp, Inc. (NYSE: BY) has declared a cash dividend of $0.03 per share for the upcoming quarter. This dividend will be payable on January 5, 2021, to all stockholders on record as of the close of business on December 22, 2020. The company, based in Chicago, operates Byline Bank, which manages approximately $6.5 billion in assets and has more than 50 branches across the Chicago and Milwaukee areas. Byline Bank provides various commercial and retail banking services and is a leading Small Business Administration lender in the U.S.
Byline Bancorp reported a net income of $13.1 million or $0.34 per diluted share for Q3 2020, up from $9.1 million in Q2 2020 but down from $15.3 million in Q3 2019. The company is consolidating 11 branches, expecting $4.3 million in annualized cost savings starting 2021. Active loan deferrals decreased significantly to $27.9 million, while the allowance for loan losses rose to $61.3 million. Non-interest income surged 74% to $22.3 million, driven by loan sales and servicing revenue.
Byline Bancorp, Inc. (NYSE: BY) will release its third quarter 2020 financial results after market close on October 22, 2020. A conference call and webcast is set for October 23, 2020, at 9:00 a.m. Central Time to discuss the results. Investors can access the call via phone at 877-512-8755 or through a live webcast available on the company's Investor Relations page. Byline Bancorp operates over 50 branches and has approximately $6.4 billion in assets, focusing on small- and medium-sized businesses and consumers.