The following is a summary of the Byline Bancorp, Inc. (BY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Byline Bancorp reported Q1 net income of $30.4 million and EPS of $0.70 per diluted share on revenue of $101 million, including charges of approximately $1 million related to branch consolidations.

• Loans and leases increased 6% annually to $6.8 billion while total deposits grew 9.7% to $7.4 billion.

• Return on assets was 136 basis points and return on tangible common equity was 15.9%.

• Pre-tax pre-provision income for the quarter stood at $47.2 million and non-interest income increased by 6.7% from the last quarter to reach $15.5 million.

Business Progress:

• Two branch locations are set to be consolidated in Q2, expected to save about $1.1 million annually beginning Q3.

• The bank lowered its loan-to-deposit ratio and paid off $11.3 million on its holding company line of credit, providing additional liquidity and reducing borrowing costs.

• Growth is expected in mid single-digits for the coming quarters, supported by the addition of talented bankers to the franchise and expansion of fixed rate business.

• The bank leveraged $200 million via Federal funds to boost net interest income, with a plan to maintain this transaction for a year if profitable.

• Organic growth is prioritized over Merger and Acquisition activity, with progress seen in leasing business and reducing asset sensitivity.

• With close monitoring of its SBA portfolio and a planned shift towards a balance between variable and fixed rate loans, the bank is aiming to reduce asset sensitivity.

• Preparations are underway for crossing the $10 billion threshold in 2025, with readiness for increased regulatory scrutiny.

More details: Byline Bancorp IR

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