Byline Bancorp, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

CHICAGO--(BUSINESS WIRE)--Byline Bancorp, Inc. (NYSE: BY), today reported: At or For the quarter Full Year Highlights (compared to prior year) 4Q24 3Q24 4Q23 Financial Results ($ in thousands) • Net income increased $12.9 million, or 11.9% Net interest income $ 88,524 $ 87,455 $ 86,285 Non-interest income 16,149 14,385 14,503 • Net interest income up $17.4 million, or 5.3%; NIM of 3.97% Total revenue(1) 104,673 101,840 100,788 Non-interest expense (NIE) 57,431 54,327 53,584 Pre-tax pre-provision net income (PTPP)(1) 47,242 47,513 47,204 • PTPP net income of $188.1 million(1), up 6.1% Provision for credit losses 6,878 7,475 7,235 Provision for income taxes 10,044 9,710 10,365 • NIE/AA: 2.38%, down 22 bps Net Income $ 30,320 $ 30,328 $ 29,604 • Total assets of $9.5 billion, an increase of $614.6 million, or 6.9% Per Share Diluted earnings per share (EPS) $ 0.69 $ 0.69 $ 0.68 Dividends declared per common share 0.09 0.09 0.09 • TBV per share of $20.09(1), up 11.7% Book value per share 24.55 24.70 22.62 Tangible book value (TBV) per share(1) 20.09 20.21 17.98 4Q24 Highlights (compared to prior quarter) Balance Sheet & Credit Quality ($ in thousands) • Net interest income of $88.5 million, an increase of $1.1 million, or 1.2% Total deposits $ 7,458,628 $ 7,497,887 $ 7,176,999 Total loans and leases 6,910,022 6,899,401 6,702,311 Net charge-offs 7,792 8,467 12,186 • NIM of 4.01%, up 13 bps Allowance for credit losses (ACL) 97,988 98,860 101,686 ACL to total loans and leases held for investment 1.42% 1.44% 1.52% • Non-interest income of $16.1 million, an increase of $1.8 million, or 12.3% Select Ratios (annualized where applicable) Efficiency ratio(1) 53.58% 52.02% 51.63% • PTPP net income of $47.2 million(1) Return on average assets (ROAA) 1.31% 1.29% 1.34% Return on average stockholders' equity 11.03% 11.39% 12.56% • PTPP ROAA of 2.04%(1), 9th consecutive quarter greater than 2.00% Return on average tangible common equity(1) 13.92% 14.49% 16.68% Net interest margin (NIM) 4.01% 3.88% 4.08% Common equity to total assets 11.49% 11.63% 11.15% • NPA/total assets 0.71%, down 4 bps Tangible common equity to tangible assets(1) 9.61% 9.72% 9.06% Common equity tier 1 11.70% 11.35% 10.35% • CET1 of 11.70%, up 35 bps (1) Represents non-GAAP financial measures. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. CEO/President Commentary Roberto R. Herencia, Executive Chairman and CEO of Byline Bancorp, commented, "We continued to execute our strategy of becoming the preeminent commercial bank in Chicago throughout 2024, characterized by delivering record full-year financial results, adding new banking talent, attracting new commercial customers to the Bank and executing our M&A strategy with our pending acquisition of First Security Bancorp, Inc. As we enter 2025, we are committed to advancing our strategy, strengthening our franchise, and creating lasting value for our stockholders." Alberto J. Paracchini, President of Byline Bancorp, added, "Our results in the fourth quarter, highlighted by strong earnings and profitability, cap off a successful 2024, underscoring the momentum we’ve built and our commitment to driving long-term value. Our business units performed well during the year, and we’re pleased with our progress and excited about the opportunities ahead. We believe we are well positioned to support our continued growth and I want to thank all our employees who enabled our strong performance for their dedication, talent and contributions." Board Declares Cash Dividend of $0.10 per Share On January 21, 2025, the Company's Board of Directors declared a cash dividend of $0.10 per share which represents an 11.1% increase from the previous quarterly dividend of $0.09 per share. The dividend will be paid on February 18, 2025, to stockholders of record of the Company's common stock as of February 4, 2025. STATEMENTS OF OPERATIONS HIGHLIGHTS Net Interest Income Quarterly results Net interest income for the fourth quarter of 2024 was $88.5 million, an increase of $1.1 million, or 1.2%, from the third quarter of 2024. The increase in net interest income was primarily due to decreases in interest expense on deposits and interest expense on other borrowings primarily due to the lower interest rate environment. These were offset by decreases in interest and fees on loans and leases primarily due to lower yields as a result of the lower interest rate environment. Tax-equivalent net interest margin(1) for the fourth quarter of 2024 was 4.02%, an increase of 13 basis points compared to the third quarter of 2024. Net loan accretion income positively contributed 12 basis points to the net interest margin for the current quarter compared to 13 basis points for the prior quarter. The average cost of total deposits was 2.48% for the fourth quarter of 2024, a decrease of 28 basis points compared to the third quarter of 2024, as a result of lower rates paid on interest bearing deposits. Average non-interest-bearing demand deposits were 23.8% of average total deposits for the current quarter compared to 23.2% during the prior quarter. Full-year results Net interest income for the year ended December 31, 2024 was $348.0 million, an increase of $17.4 million, or 5.3%, for the year ended December 31, 2023. The increase in net interest income was primarily due to increases in interest and dividend income due to growth in the loan and lease portfolio, offset by increases in deposit interest expense due to growth in the deposit base. Tax-equivalent net interest margin(1) for the year ended December 31, 2024 was 3.98%, a decrease of 34 basis points compared to 4.32% the year ended December 31, 2023. Net loan accretion income positively contributed 15 basis points to the net interest margin during 2024 compared to 22 basis points during 2023. The average cost of total deposits was 2.61% for the year ended December 31, 2024, an increase of 71 basis points compared to the year ended December 31, 2023, as a result of deposit growth, shift in deposit mix, and higher average rates paid on time deposits and money market accounts. Average non-interest-bearing demand deposits were 24.4% of average total deposits for the year ended December 31, 2024 compared to 30.7% during the prior year. Provision for Credit Losses Quarterly results The provision for credit losses was $6.9 million for the fourth quarter of 2024, a decrease of $597,000 compared to $7.5 million for the third quarter of 2024, mainly attributed to decreases in non-performing loans and leases. The provision for credit losses for the quarter is comprised of a provision for loan and lease losses of $6.9 million compared to $7.6 million in the third quarter of 2024, and a recapture of the provision for unfunded commitments of $42,000 compared to $122,000 in the third quarter of 2024. Full-year results The provision for credit losses was $27.0 million for the year ended December 31, 2024, a decrease of $4.6 million compared to $31.7 million for the year ended December 31, 2023, mainly attributable to lower non-performing loans and leases, and no day one provision resulting from acquisition accounting. The provision for credit losses for the current year was comprised of a provision for loan and lease losses of $28.3 million compared to $32.2 million in the prior year, and a recapture of the provision for unfunded commitments of $1.2 million compared to $567,000 in the prior year. Non-interest Income Quarterly results Non-interest income for the fourth quarter of 2024 was $16.1 million, an increase of $1.8 million, or 12.3%, compared to $14.4 million for the third quarter of 2024. The increase in total non-interest income was primarily due to increases in net gains on sales of loans, and increased net loan servicing income. The increase in net gains on sales of loans was primarily due to higher volumes and premiums. Net gains on sales of loans were $7.1 million for the current quarter, an increase of $1.2 million, or 21.2% compared to the prior quarter. During the fourth quarter of 2024, we sold $88.9 million of U.S. government guaranteed loans compared to $79.5 million during the third quarter of 2024. Full-year results Non-interest income for the year ended December 31, 2024 was $58.9 million, an increase of $2.5 million, or 4.5%, compared to $56.3 million for the year ended December 31, 2023. The increase in total non-interest income was primarily due to increases in other non-interest income due to increased swap fee activity and increases in net gains on sales of loans due to higher premiums; offset by lower net loan servicing income. Net gains on sales of loans were $24.5 million for the year ended December 31, 2024, an increase of $1.7 million or 7.6% compared to the prior year. During the year ended December 31, 2024, we sold $314.8 million of U.S. government guaranteed loans compared to $348.4 million during the prior year. Non-interest Expense Quarterly results Non-interest expense for the fourth quarter of 2024 was $57.4 million, an increase of $3.1 million, or 5.7%, compared to $54.3 million for the third quarter of 2024. The increase in non-interest expense was mainly due to increases in salaries and employee benefits and net loss recognized on other real estate owned and other related expenses. The increases in salaries and employee benefits were due to higher incentive and equity-based compensation expense, and enhancements to our employee benefits. The increase in net loss recognized on other real estate owned and other related expenses due to additions to the other real estate owned portfolio. Our efficiency ratio was 53.58% for the fourth quarter of 2024 compared to 52.02% for the third quarter of 2024, an increase of 156 basis points. Our adjusted efficiency ratio was 53.37%(1) for the fourth quarter of 2024 compared to 51.62%(1) for the third quarter of 2024, an increase of 175 basis points. Full-year results Non-interest expense for the year ended December 31, 2024 was $218.8 million, an increase of $9.2 million, or 4.4%, compared to $209.6 million for the year ended December 31, 2023. The increase in non-interest expense was mainly due to increased salaries and employee benefits, due to higher salaries and incentives; partially offset by lower data processing expenses due to merger-related data processing expenses incurred during 2023. Our efficiency ratio was 52.45% for the year ended December 31, 2024 compared to 52.62% for the year ended December 31, 2023, a decrease of 17 basis points. Our adjusted efficiency ratio was 52.24%(1) for the year ended December 31, 2024 compared to 49.61%(1) for the year ended December 31, 2023, an increase of 263 basis points. Income Taxes Quarterly results We recorded income tax expense of $10.0 million during the fourth quarter of 2024, compared to $9.7 million during the third quarter of 2024. The effective tax rates were 24.9% and 24.3% for the fourth quarter of 2024 and third quarter of 2024, respectively. The increase in the effective tax rate was due to income tax benefits related to share-based compensation taken in the third quarter. Full-year results We recorded income tax expense of $40.3 million during the year ended December 31, 2024, compared to $37.8 million during the year ended December 31, 2023. The effective tax rates were 25.0% and 25.9% for the current year and prior year, respectively. The decrease in the effective tax rate was due to higher income tax benefits related to share-based compensation. STATEMENTS OF FINANCIAL CONDITION HIGHLIGHTS Assets Total assets were $9.5 billion as of December 31, 2024, an increase of $72.2 million, or 0.8%, compared to $9.4 billion at September 30, 2024, and an increase of $614.6 million from $8.9 billion as of December 31, 2023. The increase for the current quarter was mainly due to an increase in cash and cash equivalents of $110.5 million, primarily due to higher FHLB advances, offset by decreases in securities available-for-sale of $86.4 million. The increase for the current year was mainly due to an increase in cash and cash equivalents of $337.0 million due to higher FHLB advances, an increase in net loans and leases of $226.2 million due to organic growth, and an increase in securities available-for-sale of $73.2 million due to purchases of securities. Asset and Credit Quality The ACL was $98.0 million as of December 31, 2024, a decrease of $872,000, or 0.9%, from $98.9 million at September 30, 2024, mainly due to net charge-offs. The ACL decreased $3.7 million from $101.7 million as of December 31, 2023, primarily due to lower provision for credit losses and higher charge-offs during 2024 compared to 2023. Net charge-offs of loans and leases during the fourth quarter of 2024 were $7.8 million, or 0.45% of average loans and leases, on an annualized basis. This was a decrease of $675,000 compared to net charge-offs of $8.5 million, or 0.49% of average loans and leases, during the third quarter of 2024. The decrease for the quarter was primarily due to higher recoveries compared to the prior quarter. Net charge-offs of loans and leases during the year ended December 31, 2024 were $32.0 million, or 0.47% of average loans and leases, an increase of $8.9 million, compared to $23.1 million, or 0.38% of average loans and leases, during the year ended December 31, 2023. The increase for the current year was due to resolution of several non-performing loans. Non-performing assets were $67.2 million, or 0.71% of total assets, as of December 31, 2024, a decrease of $3.8 million from $71.0 million, or 0.75% of total assets, at September 30, 2024. The decrease was primarily in non-accrual conventional loans due to active resolutions. The government guaranteed portion of non-performing loans included in non-performing assets was $9.9 million at December 31, 2024 compared to $11.3 million at September 30, 2024, a decrease of $1.5 million. Non-performing assets increased $1.9 million compared to December 31, 2023, primarily due to increases in other real estate owned. The government guaranteed portion of non-performing loans included in non-performing assets at December 31, 2024 increased $5.7 million compared to $4.1 million at December 31, 2023. Deposits and Other Liabilities Total deposits decreased $39.3 million to $7.5 billion at December 31, 2024 compared to $7.5 billion at September 30, 2024, and increased $281.6 million from $7.2 billion at December 31, 2023. The decrease in deposits in the current quarter was due to decreases in time deposits, offset by increases in money market demand accounts. The increase in deposits for the full year was primarily due to increased money market demand accounts and interest bearing checking accounts. Total borrowings and other liabilities were $946.4 million at December 31, 2024, an increase of $116.3 million from $830.1 million at September 30, 2024, and an increase of $231.6 million compared to $714.8 million at December 31, 2023. The increases were primarily driven by increased FHLB advances. Stockholders’ Equity Total stockholders’ equity was $1.1 billion at December 31, 2024, a decrease of $4.8 million, or 0.4%, from September 30, 2024, primarily due to an increase in accumulated other comprehensive loss, offset by increases to retained earnings from net income. Total stockholders' equity increased by $101.3 million, or 10.2% compared to $990.2 million at December 31, 2023, primarily due to retained earnings from net income. (1) Represents non-GAAP financial measures. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. Conference Call, Webcast and Slide Presentation We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, January 24, 2025, to discuss our quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (833) 470-1428; passcode 861322. A recorded replay can be accessed through February 7, 2025, by dialing (866) 813-9403; passcode: 409178. A slide presentation relating to our fourth quarter 2024 results will be accessible prior to the conference call. The slide presentation and webcast of the conference call can be accessed on our investor relations website at www.bylinebancorp.com. About Byline Bancorp, Inc. Headquartered in Chicago, Byline Bancorp, Inc. is the parent company of Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $9.5 billion in assets and operates 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services including small ticket equipment leasing solutions and is one of the top Small Business Administration lenders in the United States. Forward-Looking Statements This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as "may," ‘‘might," "should," "could," ‘‘predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would," "annualized," "target" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgment and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication. No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication. Certain risks and important factors that could affect Byline’s future results are identified in our Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws. BYLINE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) December 31, September 30, December 31, (dollars in thousands) 2024 2024 2023 ASSETS Cash and due from banks $ 58,759 $ 77,047 $ 60,431 Interest bearing deposits with other banks 504,379 375,549 165,705 Cash and cash equivalents 563,138 452,596 226,136 Equity and other securities, at fair value 9,865 9,132 8,743 Securities available-for-sale, at fair value 1,415,696 1,502,108 1,342,480 Securities held-to-maturity, at amortized cost 605 605 1,157 Restricted stock, at cost 27,452 22,743 16,304 Loans held for sale 3,200 19,955 18,005 Loans and leases: Loans and leases 6,906,822 6,879,446 6,684,306 Allowance for credit losses - loans and leases (97,988 ) (98,860 ) (101,686 ) Net loans and leases 6,808,834 6,780,586 6,582,620 Servicing assets, at fair value 18,952 18,945 19,844 Premises and equipment, net 60,502 63,135 66,627 Other real estate owned, net 5,170 532 1,200 Goodwill and other intangible assets, net 198,098 199,443 203,478 Bank-owned life insurance 100,083 99,295 96,900 Deferred tax assets, net 56,458 37,737 50,058 Accrued interest receivable and other assets 228,476 217,504 248,415 Total assets $ 9,496,529 $ 9,424,316 $ 8,881,967 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Non-interest-bearing demand deposits $ 1,756,098 $ 1,729,908 $ 1,905,876 Interest-bearing deposits 5,702,530 5,767,979 5,271,123 Total deposits 7,458,628 7,497,887 7,176,999 Other borrowings 618,773 518,786 395,190 Subordinated notes, net 74,040 73,997 73,866 Junior subordinated debentures issued to capital trusts, net 70,890 70,783 70,452 Accrued expenses and other liabilities 182,701 166,551 175,309 Total liabilities 8,405,032 8,328,004 7,891,816 STOCKHOLDERS’ EQUITY Common stock 455 454 451 Additional paid-in capital 717,763 714,864 710,488 Retained earnings 533,901 507,576 429,036 Treasury stock (46,935 ) (47,904 ) (49,707 ) Accumulated other comprehensive loss, net of tax (113,687 ) (78,678 ) (100,117 ) Total stockholders’ equity 1,091,497 1,096,312 990,151 Total liabilities and stockholders’ equity $ 9,496,529 $ 9,424,316 $ 8,881,967 BYLINE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Year Ended (dollars in thousands, December 31, September 30, December 31, December 31, December 31, except per share data) 2024 2024 2023 2024 2023 INTEREST AND DIVIDEND INCOME Interest and fees on loans and leases $ 123,702 $ 128,336 $ 124,042 $ 502,353 $ 440,984 Interest on securities 11,710 11,260 9,227 43,218 30,801 Other interest and dividend income 4,191 6,840 2,345 20,358 7,693 Total interest and dividend income 139,603 146,436 135,614 565,929 479,478 INTEREST EXPENSE Deposits 46,725 52,076 43,252 192,366 121,436 Other borrowings 1,466 3,919 3,051 13,669 17,161 Subordinated notes and debentures 2,888 2,986 3,026 11,848 10,260 Total interest expense 51,079 58,981 49,329 217,883 148,857 Net interest income 88,524 87,455 86,285 348,046 330,621 PROVISION FOR CREDIT LOSSES 6,878 7,475 7,235 27,041 31,653 Net interest income after provision for credit losses 81,646 79,980 79,050 321,005 298,968 NON-INTEREST INCOME Fees and service charges on deposits 2,648 2,591 2,486 10,214 9,211 Loan servicing revenue 3,151 3,174 3,377 12,905 13,503 Loan servicing asset revaluation (1,350 ) (2,183 ) (1,234 ) (6,704 ) (5,089 ) ATM and interchange fees 1,083 1,143 1,082 4,464 4,462 Net realized losses on securities available-for-sale (699 ) — — (699 ) — Change in fair value of equity securities, net 732 388 841 1,122 1,071 Net gains on sales of loans 7,107 5,864 5,480 24,540 22,805 Wealth management and trust income 1,110 1,101 1,256 4,310 4,158 Other non-interest income 2,367 2,307 1,215 8,699 6,194 Total non-interest income 16,149 14,385 14,503 58,851 56,315 NON-INTEREST EXPENSE Salaries and employee benefits 37,281 34,974 31,974 140,119 126,979 Occupancy and equipment expense, net 4,407 4,373 4,346 18,703 18,508 Impairment charge on assets held for sale — — 1,980 — 2,000 Loan and lease related expenses 660 703 649 2,789 2,936 Legal, audit, and other professional fees 3,358 3,643 2,352 13,428 12,946 Data processing 4,473 4,215 4,982 16,869 19,509 Net loss recognized on other real estate owned and other related expenses 654 74 89 568 385 Other intangible assets amortization expense 1,345 1,345 1,550 5,380 6,011 Other non-interest expense 5,253 5,000 5,662 20,921 20,329 Total non-interest expense 57,431 54,327 53,584 218,777 209,603 INCOME BEFORE PROVISION FOR INCOME TAXES 40,364 40,038 39,969 161,079 145,680 PROVISION FOR INCOME TAXES 10,044 9,710 10,365 40,320 37,802 NET INCOME $ 30,320 $ 30,328 $ 29,604 $ 120,759 $ 107,878 EARNINGS PER COMMON SHARE Basic $ 0.69 $ 0.70 $ 0.69 $ 2.78 $ 2.69 Diluted $ 0.69 $ 0.69 $ 0.68 $ 2.75 $ 2.67 BYLINE BANCORP, INC. AND SUBSIDIARIES SELECTED FINANCIAL DATA (unaudited) As of or For the Three Months Ended As of or For the Year Ended (dollars in thousands, except share December 31, September 30, December 31, December 31, December 31, and per share data) 2024 2024 2023 2024 2023 Earnings per Common Share Basic earnings per common share $ 0.69 $ 0.70 $ 0.69 $ 2.78 $ 2.69 Diluted earnings per common share $ 0.69 $ 0.69 $ 0.68 $ 2.75 $ 2.67 Adjusted diluted earnings per common share(1)(3) $ 0.69 $ 0.70 $ 0.73 $ 2.76 $ 2.89 Weighted average common shares outstanding (basic) 43,656,793 43,516,006 43,065,294 43,448,856 40,045,208 Weighted average common shares outstanding (diluted) 44,179,818 43,966,189 43,537,778 43,853,939 40,445,553 Common shares outstanding 44,459,584 44,384,706 43,764,056 44,459,584 43,764,056 Cash dividends per common share $ 0.09 $ 0.09 $ 0.09 $ 0.36 $ 0.36 Dividend payout ratio on common stock 13.04 % 13.04 % 13.24 % 13.09 % 13.48 % Book value per common share $ 24.55 $ 24.70 $ 22.62 $ 24.55 $ 22.62 Tangible book value per common share(1) $ 20.09 $ 20.21 $ 17.98 $ 20.09 $ 17.98 Key Ratios and Performance Metrics (annualized where applicable) Net interest margin 4.01 % 3.88 % 4.08 % 3.97 % 4.31 % Net interest margin, fully taxable equivalent (1)(4) 4.02 % 3.89 % 4.09 % 3.98 % 4.32 % Average cost of deposits 2.48 % 2.76 % 2.42 % 2.61 % 1.90 % Efficiency ratio(1)(2) 53.58 % 52.02 % 51.63 % 52.45 % 52.62 % Adjusted efficiency ratio(1)(2)(3) 53.37 % 51.62 % 48.64 % 52.24 % 49.61 % Non-interest income to total revenues(1) 15.43 % 14.13 % 14.39 % 14.46 % 14.55 % Non-interest expense to average assets 2.48 % 2.31 % 2.42 % 2.38 % 2.60 % Adjusted non-interest expense to average assets(1)(3) 2.47 % 2.29 % 2.28 % 2.37 % 2.46 % Return on average stockholders' equity 11.03 % 11.39 % 12.56 % 11.61 % 12.50 % Adjusted return on average stockholders' equity(1)(3) 11.10 % 11.53 % 13.50 % 11.68 % 13.53 % Return on average assets 1.31 % 1.29 % 1.34 % 1.31 % 1.34 % Adjusted return on average assets(1)(3) 1.32 % 1.30 % 1.44 % 1.32 % 1.45 % Pre-tax pre-provision return on average assets(1) 2.04 % 2.02 % 2.13 % 2.05 % 2.20 % Adjusted pre-tax pre-provision return on average assets(1)(3) 2.05 % 2.03 % 2.27 % 2.06 % 2.35 % Return on average tangible common stockholders' equity(1) 13.92 % 14.49 % 16.68 % 14.85 % 16.46 % Adjusted return on average tangible common stockholders' equity(1)(3) 14.02 % 14.67 % 17.89 % 14.94 % 17.76 % Non-interest-bearing deposits to total deposits 23.54 % 23.07 % 26.56 % 23.54 % 26.56 % Loans and leases held for sale and loans and lease held for investment to total deposits 92.64 % 92.02 % 93.39 % 92.64 % 93.39 % Deposits to total liabilities 88.74 % 90.03 % 90.94 % 88.74 % 90.94 % Deposits per branch $ 162,144 $ 162,998 $ 149,521 $ 162,144 $ 149,521 Asset Quality Ratios Non-performing loans and leases to total loans and leases held for investment, net before ACL 0.90 % 1.02 % 0.96 % 0.90 % 0.96 % Total non-performing assets as a percentage of total assets 0.71 % 0.75 % 0.74 % 0.71 % 0.74 % ACL to total loans and leases held for investment, net before ACL 1.42 % 1.44 % 1.52 % 1.42 % 1.52 % Net charge-offs to average total loans and leases held for investment, net before ACL - loans and leases 0.45 % 0.49 % 0.73 % 0.47 % 0.38 % Capital Ratios Common equity to total assets 11.49 % 11.63 % 11.15 % 11.49 % 11.15 % Tangible common equity to tangible assets(1) 9.61 % 9.72 % 9.06 % 9.61 % 9.06 % Leverage ratio 11.74 % 11.18 % 10.86 % 11.74 % 10.86 % Common equity tier 1 capital ratio 11.70 % 11.35 % 10.35 % 11.70 % 10.35 % Tier 1 capital ratio 12.73 % 12.39 % 11.39 % 12.73 % 11.39 % Total capital ratio 14.74 % 14.41 % 13.38 % 14.74 % 13.38 % (1) Represents a non-GAAP financial measure. See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. (2) Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income. (3) Calculation excludes merger-related expenses and impairment charges on ROU assets. (4) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. BYLINE BANCORP, INC. AND SUBSIDIARIES QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited) For the Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 (dollars in thousands) Average Balance(5) Interest Inc / Exp Avg. Yield / Rate Average Balance(5) Interest Inc / Exp Avg. Yield / Rate Average Balance(5) Interest Inc / Exp Avg. Yield / Rate ASSETS Cash and cash equivalents $ 272,409 $ 2,721 3.97 % $ 468,852 $ 5,771 4.90 % $ 201,862 $ 1,822 3.58 % Loans and leases(1) 6,828,128 123,702 7.21 % 6,827,726 128,336 7.48 % 6,632,827 124,042 7.42 % Taxable securities 1,529,134 12,317 3.20 % 1,508,987 11,467 3.02 % 1,389,580 8,848 2.53 % Tax-exempt securities(2) 155,505 1,093 2.80 % 156,085 1,091 2.78 % 163,608 1,142 2.77 % Total interest-earning assets $ 8,785,176 $ 139,833 6.33 % $ 8,961,650 $ 146,665 6.51 % $ 8,387,877 $ 135,854 6.43 % Allowance for credit losses - loans and leases (100,281 ) (101,001 ) (106,474 ) All other assets 516,740 513,200 506,233 TOTAL ASSETS $ 9,201,635 $ 9,373,849 $ 8,787,636 LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits Interest checking $ 717,222 $ 3,478 1.93 % $ 754,586 $ 4,439 2.34 % $ 570,706 $ 2,335 1.62 % Money market accounts 2,480,805 19,951 3.20 % 2,386,909 21,371 3.56 % 2,159,841 18,730 3.44 % Savings 486,262 130 0.11 % 495,541 190 0.15 % 560,372 208 0.15 % Time deposits 2,020,225 23,166 4.56 % 2,134,587 26,076 4.86 % 1,861,279 21,979 4.68 % Total interest-bearing deposits 5,704,514 46,725 3.26 % 5,771,623 52,076 3.59 % 5,152,198 43,252 3.33 % Other borrowings 301,959 1,466 1.93 % 474,498 3,919 3.29 % 395,711 3,051 3.06 % Subordinated notes and debentures 144,853 2,888 7.93 % 144,702 2,986 8.21 % 144,230 3,026 8.32 % Total borrowings 446,812 4,354 3.88 % 619,200 6,905 4.44 % 539,941 6,077 4.47 % Total interest-bearing liabilities $ 6,151,326 $ 51,079 3.30 % $ 6,390,823 $ 58,981 3.67 % $ 5,692,139 $ 49,329 3.44 % Non-interest-bearing demand deposits 1,777,273 1,741,250 1,950,644 Other liabilities 179,011 182,148 209,656 Total stockholders’ equity 1,094,025 1,059,628 935,197 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 9,201,635 $ 9,373,849 $ 8,787,636 Net interest spread(3) 3.03 % 2.84 % 2.99 % Net interest income, fully taxable equivalent $ 88,754 $ 87,684 $ 86,525 Net interest margin, fully taxable equivalent(2)(4) 4.02 % 3.89 % 4.09 % Less: Tax-equivalent adjustment 230 0.01 % 229 0.01 % 240 0.01 % Net interest income $ 88,524 $ 87,455 $ 86,285 Net interest margin(4) 4.01 % 3.88 % 4.08 % Net loan accretion impact on margin $ 2,590 0.12 % $ 2,982 0.13 % $ 5,110 0.24 % (1) Loan and lease balances are net of deferred origination fees and costs and initial direct costs. Non-accrual loans and leases are included in total loan and lease balances. (2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. (3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. (4) Represents net interest income (annualized) divided by total average earning assets. (5) Average balances are average daily balances. BYLINE BANCORP, INC. AND SUBSIDIARIES YEAR-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited) For the Year Ended December 31, 2024 December 31, 2023 (dollars in thousands) Average Balance(4) Interest Inc / Exp Average Yield / Rate Average Balance(4) Interest Inc / Exp Average Yield / Rate ASSETS Cash and cash equivalents $ 346,777 $ 15,635 4.51 % $ 157,754 $ 5,029 3.19 % Loans and leases(1) 6,786,547 502,353 7.40 % 6,038,797 440,984 7.30 % Taxable securities 1,483,640 44,476 3.00 % 1,322,379 30,068 2.27 % Tax-exempt securities(2) 157,050 4,386 2.79 % 158,918 4,300 2.71 % Total interest-earning assets $ 8,774,014 $ 566,850 6.46 % $ 7,677,848 $ 480,381 6.26 % Allowance for credit losses - loans and leases (101,695 ) (98,067 ) All other assets 515,023 468,550 TOTAL ASSETS $ 9,187,342 $ 8,048,331 LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits Interest checking $ 695,156 $ 14,442 2.08 % $ 574,335 $ 9,212 1.60 % Money market accounts 2,344,309 80,960 3.45 % 1,802,675 53,933 2.99 % Savings 506,889 711 0.14 % 585,820 883 0.15 % Time deposits 2,024,942 96,253 4.75 % 1,468,836 57,408 3.91 % Total interest-bearing deposits 5,571,296 192,366 3.45 % 4,431,666 121,436 2.74 % Other borrowings 442,364 13,648 3.09 % 484,984 17,125 3.53 % Federal funds purchased 348 21 6.05 % 685 36 5.30 % Subordinated notes and debentures 144,624 11,848 8.19 % 127,825 10,260 8.03 % Total borrowings 587,336 25,517 4.34 % 613,494 27,421 4.47 % Total interest-bearing liabilities $ 6,158,632 $ 217,883 3.54 % $ 5,045,160 $ 148,857 2.95 % Non-interest-bearing demand deposits 1,802,258 1,965,663 Other liabilities 185,937 174,416 Total stockholders’ equity 1,040,515 863,092 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 9,187,342 $ 8,048,331 Net interest spread(3) 2.92 % 3.31 % Net interest income, fully taxable equivalent $ 348,967 $ 331,524 Net interest margin, fully taxable equivalent(2)(4) 3.98 % 4.32 % Less: Tax-equivalent adjustment 921 0.01 % 903 0.01 % Net interest income $ 348,046 $ 330,621 Net interest margin(4) 3.97 % 4.31 % Net loan accretion impact on margin $ 13,511 0.15 % $ 16,726 0.22 % (1) Loan and lease balances are net of deferred origination fees and costs and initial direct costs. Non-accrual loans and leases are included in total loan and lease balances. (2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%. (3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. (4) Average balances are average daily balances. BYLINE BANCORP, INC. AND SUBSIDIARIES SELECTED BALANCE SHEET TABLES AND FINANCIAL RATIOS (unaudited) The following table presents our allocation of originated, purchased credit deteriorated (PCD), and acquired non-credit-deteriorated loans and leases at the dates indicated: December 31, 2024 September 30, 2024 December 31, 2023 (dollars in thousands) Amount % of Total Amount % of Total Amount % of Total Originated loans and leases: Commercial real estate $ 2,071,952 30.0 % $ 2,040,072 29.7 % $ 1,907,029 28.5 % Residential real estate 513,422 7.4 % 497,034 7.2 % 465,133 7.0 % Construction, land development, and other land 429,596 6.2 % 415,636 6.0 % 415,162 6.2 % Commercial and industrial 2,509,083 36.3 % 2,476,177 36.0 % 2,311,563 34.6 % Installment and other 3,847 0.1 % 3,839 0.1 % 2,919 0.0 % Leasing financing receivables 715,899 10.4 % 711,233 10.3 % 665,239 10.0 % Total originated loans and leases $ 6,243,799 90.4 % $ 6,143,991 89.3 % $ 5,767,045 86.3 % Purchased credit deteriorated loans: Commercial real estate $ 82,934 1.2 % $ 95,240 1.4 % $ 137,807 2.1 % Residential real estate 30,515 0.4 % 31,362 0.5 % 42,510 0.6 % Construction, land development, and other land — 0.0 % 4 0.0 % 25,331 0.4 % Commercial and industrial 14,081 0.2 % 14,526 0.2 % 19,460 0.3 % Installment and other 105 0.0 % 110 0.0 % 125 0.0 % Total purchased credit deteriorated loans $ 127,635 1.8 % $ 141,242 2.1 % $ 225,233 3.4 % Acquired non-credit-deteriorated loans and leases: Commercial real estate $ 199,531 2.9 % $ 227,035 3.3 % $ 275,476 4.1 % Residential real estate 182,165 2.6 % 181,976 2.6 % 211,887 3.2 % Construction, land development, and other land 59,673 0.9 % 84,172 1.2 % 86,344 1.3 % Commercial and industrial 93,969 1.4 % 100,852 1.5 % 117,538 1.7 % Installment and other 14 0.0 % 32 0.0 % 156 0.0 % Leasing financing receivables 36 0.0 % 146 0.0 % 627 0.0 % Total acquired non-credit-deteriorated loans and leases $ 535,388 7.8 % $ 594,213 8.6 % $ 692,028 10.3 % Total loans and leases $ 6,906,822 100.0 % $ 6,879,446 100.0 % $ 6,684,306 100.0 % Allowance for credit losses - loans and leases (97,988 ) (98,860 ) (101,686 ) Total loans and leases, net of allowance for credit losses - loans and leases $ 6,808,834 $ 6,780,586 $ 6,582,620 The following table presents the balance and activity within the allowance for credit losses - loans and lease for the periods indicated: Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, (dollars in thousands) 2024 2024 2023 2024 2023 ACL - loans and leases, beginning of period $ 98,860 $ 99,730 $ 105,696 $ 101,686 $ 81,924 Adjustment for acquired PCD loans — — — — 10,596 Provision for credit losses - loans and leases 6,920 7,597 8,176 28,286 32,220 Net charge-offs - loans and leases (7,792 ) (8,467 ) (12,186 ) (31,984 ) (23,054 ) ACL - loans and leases, end of period $ 97,988 $ 98,860 $ 101,686 $ 97,988 $ 101,686 Net charge-offs - loans and leases to average total loans and leases held for investment, net before ACL 0.45 % 0.49 % 0.73 % 0.47 % 0.38 % Provision for credit losses - loans and leases to net charge-offs - loans and leases during the period 0.89 x 0.90 x 0.67 x 0.88 x 1.40 x BYLINE BANCORP, INC. AND SUBSIDIARIES SELECTED BALANCE SHEET TABLES AND FINANCIAL RATIOS (unaudited) The following table presents the amounts of non-performing loans and leases and other real estate owned at the date indicated: December 31, 2024 Change from (dollars in thousands) December 31, 2024 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Non-performing assets: Non-accrual loans and leases $ 62,076 $ 70,507 $ 64,107 (12.0 )% (3.2 )% Past due loans and leases 90 days or more and still accruing interest — — — — % — % Total non-performing loans and leases $ 62,076 $ 70,507 $ 64,107 (12.0 )% (3.2 )% Other real estate owned 5,170 532 1,200 871.2 % 330.7 % Total non-performing assets $ 67,246 $ 71,039 $ 65,307 (5.3 )% 3.0 % Total non-performing loans and leases as a percentage of total loans and leases 0.90 % 1.02 % 0.96 % Total non-performing assets as a percentage of total assets 0.71 % 0.75 % 0.74 % Allowance for credit losses - loans and lease as a percentage of non-performing loans and leases 157.85 % 140.21 % 158.62 % Non-performing assets guaranteed by U.S. government: Non-accrual loans guaranteed $ 9,862 $ 11,332 $ 4,154 (13.0 )% 137.4 % Past due loans 90 days or more and still accruing interest guaranteed — — — — % — % Total non-performing loans guaranteed $ 9,862 $ 11,332 $ 4,154 (13.0 )% 137.4 % Total non-performing loans and leases not guaranteed as a percentage of total loans and leases 0.76 % 0.86 % 0.90 % Total non-performing assets not guaranteed as a percentage of total assets 0.60 % 0.63 % 0.69 % The following table presents the composition of deposits at the dates indicated: December 31, 2024 Change from (dollars in thousands) December 31, 2024 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Non-interest-bearing demand deposits $ 1,756,098 $ 1,729,908 $ 1,905,876 1.5 % (7.9 )% Interest-bearing checking accounts 767,835 749,721 577,609 2.4 % 32.9 % Money market demand accounts 2,518,157 2,426,522 2,266,030 3.8 % 11.1 % Other savings 483,650 489,618 542,532 (1.2 )% (10.9 )% Time deposits (below $250,000) 1,498,277 1,639,658 1,520,082 (8.6 )% (1.4 )% Time deposits ($250,000 and above) 434,611 462,460 364,870 (6.0 )% 19.1 % Total deposits $ 7,458,628 $ 7,497,887 $ 7,176,999 (0.5 )% 3.9 % BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited) Non-GAAP Financial Measures This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures include adjusted net income, adjusted diluted earnings per share, adjusted efficiency ratio, adjusted non-interest expense to average assets, tax-equivalent net interest margin, total revenue, non-interest income to total revenues, adjusted return on average stockholders’ equity, adjusted return on average assets, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common stockholders' equity, and adjusted return on average tangible common stockholders' equity. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See below in the financial schedules included in this press release for a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. Additionally, please refer to the Company’s Annual Report on Form 10-K for the detailed definitions of these non-GAAP financial measures. As of or For the Three Months Ended As of or For the Year Ended December 31, September 30, December 31, December 31, December 31, (dollars in thousands, except per share data) 2024 2024 2023 2024 2023 Net income and earnings per share excluding significant items: Reported Net Income $ 30,320 $ 30,328 $ 29,604 $ 120,759 $ 107,878 Significant items: Impairment charges on assets held for sale and ROU assets — — 1,981 194 2,395 Merger-related expenses 218 411 1,035 629 9,222 Tax benefit (1 ) (32 ) (793 ) (85 ) (2,696 ) Adjusted Net Income $ 30,537 $ 30,707 $ 31,827 $ 121,497 $ 116,799 Reported Diluted Earnings per Share $ 0.69 $ 0.69 $ 0.68 $ 2.75 $ 2.67 Significant items: Impairment charges on assets held for sale and ROU assets — — 0.05 — 0.06 Merger-related expenses — 0.01 0.02 0.01 0.23 Tax benefit — — (0.02 ) — (0.07 ) Adjusted Diluted Earnings per Share $ 0.69 $ 0.70 $ 0.73 $ 2.76 $ 2.89 BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) As of or For the Three Months Ended As of or For the Year Ended (dollars in thousands, except per share data, December 31, September 30, December 31, December 31, December 31, ratios annualized, where applicable) 2024 2024 2023 2024 2023 Adjusted non-interest expense: Non-interest expense $ 57,431 $ 54,327 $ 53,584 $ 218,777 $ 209,603 Less: Impairment charges on assets held for sale and ROU assets — — 1,981 194 2,395 Less: Merger-related expenses 218 411 1,035 629 9,222 Adjusted non-interest expense $ 57,213 $ 53,916 $ 50,568 $ 217,954 $ 197,986 Adjusted non-interest expense excluding amortization of intangible assets: Adjusted non-interest expense $ 57,213 $ 53,916 $ 50,568 $ 217,954 $ 197,986 Less: Amortization of intangible assets 1,345 1,345 1,550 5,380 6,011 Adjusted non-interest expense excluding amortization of intangible assets $ 55,868 $ 52,571 $ 49,018 $ 212,574 $ 191,975 Pre-tax pre-provision net income: Pre-tax income $ 40,364 $ 40,038 $ 39,969 $ 161,079 $ 145,680 Add: Provision for credit losses 6,878 7,475 7,235 27,041 31,653 Pre-tax pre-provision net income $ 47,242 $ 47,513 $ 47,204 $ 188,120 $ 177,333 Adjusted pre-tax pre-provision net income: Pre-tax pre-provision net income $ 47,242 $ 47,513 $ 47,204 $ 188,120 $ 177,333 Add: Impairment charges on assets held for sale and ROU assets — — 1,981 194 2,395 Add: Merger-related expenses 218 411 1,035 629 9,222 Adjusted pre-tax pre-provision net income $ 47,460 $ 47,924 $ 50,220 $ 188,943 $ 188,950 Tax equivalent net interest income: Net interest income $ 88,524 $ 87,455 $ 86,285 $ 348,046 $ 330,621 Add: Tax-equivalent adjustment 230 229 240 921 903 Net interest income, fully taxable equivalent $ 88,754 $ 87,684 $ 86,525 $ 348,967 $ 331,524 Total revenue: Net interest income $ 88,524 $ 87,455 $ 86,285 $ 348,046 $ 330,621 Add: Non-interest income 16,149 14,385 14,503 58,851 $ 56,315 Total revenue $ 104,673 $ 101,840 $ 100,788 $ 406,897 $ 386,936 Tangible common stockholders' equity: Total stockholders' equity $ 1,091,497 $ 1,096,312 $ 990,151 $ 1,091,497 $ 990,151 Less: Goodwill and other intangibles 198,098 199,443 203,478 198,098 203,478 Tangible common stockholders' equity $ 893,399 $ 896,869 $ 786,673 $ 893,399 $ 786,673 Tangible assets: Total assets $ 9,496,529 $ 9,424,316 $ 8,881,967 $ 9,496,529 $ 8,881,967 Less: Goodwill and other intangibles 198,098 199,443 203,478 198,098 203,478 Tangible assets $ 9,298,431 $ 9,224,873 $ 8,678,489 $ 9,298,431 $ 8,678,489 Average tangible common stockholders' equity: Average total stockholders' equity $ 1,094,025 $ 1,059,628 $ 935,197 $ 1,040,515 $ 863,092 Less: Average goodwill and other intangibles 198,697 200,091 204,191 200,740 180,717 Average tangible common stockholders' equity $ 895,328 $ 859,537 $ 731,006 $ 839,775 $ 682,375 Average tangible assets: Average total assets $ 9,201,635 $ 9,373,849 $ 8,787,636 $ 9,187,342 $ 8,048,331 Less: Average goodwill and other intangibles 198,697 200,091 204,191 200,740 180,717 Average tangible assets $ 9,002,938 $ 9,173,758 $ 8,583,445 $ 8,986,602 $ 7,867,614 Tangible net income available to common stockholders: Net income available to common stockholders $ 30,320 $ 30,328 $ 29,604 $ 120,759 $ 107,878 Add: After-tax intangible asset amortization 1,015 986 1,138 3,974 4,408 Tangible net income available to common stockholders $ 31,335 $ 31,314 $ 30,742 $ 124,733 $ 112,286 Adjusted tangible net income available to common stockholders: Tangible net income available to common stockholders $ 31,335 $ 31,314 $ 30,742 $ 124,733 $ 112,286 Add: Impairment charges on assets held for sale and ROU assets — — 1,981 194 2,395 Add: Merger-related expenses 218 411 1,035 629 9,222 Add: Tax benefit on significant items (1 ) (32 ) (793 ) (85 ) (2,696 ) Adjusted tangible net income available to common stockholders $ 31,552 $ 31,693 $ 32,965 $ 125,471 $ 121,207 BYLINE BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited) As of or For the Three Months Ended As of or For the Year Ended (dollars in thousands, except share and per share December 31, September 30, December 31, December 31, December 31, data, ratios annualized, where applicable) 2024 2024 2023 2024 2023 Pre-tax pre-provision return on average assets: Pre-tax pre-provision net income $ 47,242 $ 47,513 $ 47,204 $ 188,120 $ 177,333 Average total assets 9,201,635 9,373,849 8,787,636 9,187,342 8,048,331 Pre-tax pre-provision return on average assets 2.04 % 2.02 % 2.13 % 2.05 % 2.20 % Adjusted pre-tax pre-provision return on average assets: Adjusted pre-tax pre-provision net income $ 47,460 $ 47,924 $ 50,220 $ 188,943 $ 188,950 Average total assets 9,201,635 9,373,849 8,787,636 9,187,342 8,048,331 Adjusted pre-tax pre-provision return on average assets 2.05 % 2.03 % 2.27 % 2.06 % 2.35 % Net interest margin, fully taxable equivalent: Net interest income, fully taxable equivalent $ 88,754 $ 87,684 $ 86,525 $ 348,967 $ 331,524 Total average interest-earning assets 8,785,176 8,961,650 8,387,877 8,774,014 7,677,848 Net interest margin, fully taxable equivalent 4.02 % 3.89 % 4.09 % 3.98 % 4.32 % Non-interest income to total revenues: Non-interest income $ 16,149 $ 14,385 $ 14,503 $ 58,851 $ 56,315 Total revenues 104,673 101,840 100,788 406,897 386,936 Non-interest income to total revenues 15.43 % 14.13 % 14.39 % 14.46 % 14.55 % Adjusted non-interest expense to average assets: Adjusted non-interest expense $ 57,213 $ 53,916 $ 50,568 $ 217,954 $ 197,986 Average total assets 9,201,635 9,373,849 8,787,636 9,187,342 8,048,331 Adjusted non-interest expense to average assets 2.47 % 2.29 % 2.28 % 2.37 % 2.46 % Adjusted efficiency ratio: Adjusted non-interest expense excluding amortization of intangible assets $ 55,868 $ 52,571 $ 49,018 $ 212,574 $ 191,975 Total revenues 104,673 101,840 100,788 406,897 386,936 Adjusted efficiency ratio 53.37 % 51.62 % 48.64 % 52.24 % 49.61 % Adjusted return on average assets: Adjusted net income $ 30,537 $ 30,707 $ 31,827 $ 121,497 $ 116,799 Average total assets 9,201,635 9,373,849 8,787,636 9,187,342 8,048,331 Adjusted return on average assets 1.32 % 1.30 % 1.44 % 1.32 % 1.45 % Adjusted return on average stockholders' equity: Adjusted net income $ 30,537 $ 30,707 $ 31,827 $ 121,497 $ 116,799 Average stockholders' equity 1,094,025 1,059,628 935,197 1,040,515 863,092 Adjusted return on average stockholders' equity 11.10 % 11.53 % 13.50 % 11.68 % 13.53 % Tangible common equity to tangible assets: Tangible common equity $ 893,399 $ 896,869 $ 786,673 $ 893,399 $ 786,673 Tangible assets 9,298,431 9,224,873 8,678,489 9,298,431 8,678,489 Tangible common equity to tangible assets 9.61 % 9.72 % 9.06 % 9.61 % 9.06 % Return on average tangible common stockholders' equity: Tangible net income available to common stockholders $ 31,335 $ 31,314 $ 30,742 $ 124,733 $ 112,286 Average tangible common stockholders' equity 895,328 859,537 731,006 839,775 682,375 Return on average tangible common stockholders' equity 13.92 % 14.49 % 16.68 % 14.85 % 16.46 % Adjusted return on average tangible common stockholders' equity: Adjusted tangible net income available to common stockholders $ 31,552 $ 31,693 $ 32,965 $ 125,471 $ 121,207 Average tangible common stockholders' equity 895,328 859,537 731,006 839,775 682,375 Adjusted return on average tangible common stockholders' equity 14.02 % 14.67 % 17.89 % 14.94 % 17.76 % Tangible book value per share: Tangible common equity $ 893,399 $ 896,869 $ 786,673 $ 893,399 $ 786,673 Common shares outstanding 44,459,584 44,384,706 43,764,056 44,459,584 43,764,056 Tangible book value per share $ 20.09 $ 20.21 $ 17.98 $ 20.09 $ 17.98

Byline Bancorp, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

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