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 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.