Q2 2024 Byline Bancorp Inc Earnings Call Transcript
Key Points
- Byline Bancorp Inc (BY) reported strong profitability metrics, ranking in the top quartile among peers.
- Net income for the quarter was $29.7 million, or $0.68 per diluted share, with revenue up 10% year-on-year.
- The company experienced good loan growth of $103 million or 6.1% annualized, driven by commercial and leasing loan books.
- Return on assets remained solid at 131 basis points, and ROTCE was comfortably above the equity cost of capital at 15.27%.
- Capital ratios increased during the quarter, with CET1 and total capital approaching 11% and 14%, respectively.
- The efficiency ratio increased slightly to 52% for the quarter, indicating higher operational costs.
- Net charge-offs increased to $9.5 million compared to $6.2 million in the previous quarter, driven by one acquired C&I loan relationship.
- Non-interest income was down approximately $2.6 million linked quarter, primarily due to a $2.5 million negative fair value mark on the loan servicing asset.
- The margin declined slightly to 3.98% from 4% in the previous quarter, reflecting a slight decrease in net interest income.
- Provision expenses for the quarter were $6 million, indicating ongoing credit risk management challenges.
Good morning and welcome to the Byline Bancorp second quarter 2024 earnings call. My name is Makhai and I will be your conference operator today. (operator instructions) Please note the conference call is being recorded.
At this time, I would like to introduce Mr. Brooks Rennie, Head of Investor Relations for Byline Bancorp, to begin the conference call.
Thank you, Makhai. Good morning, everyone, and welcome to the Byline Bancorp's second quarter 2024 earnings conference call. In accordance with Regulation FD, this call is being recorded and is available via webcast on our Investor Relations website, along with our earnings release and the corresponding presentation slides.
As part of todays call, management may make certain statements that constitute projections, beliefs, or other forward-looking statements regarding future events or the future financial performance of the company. We caution that such statements are subject to certain risks, uncertainties, and
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