Q3 2024 Byline Bancorp Inc Earnings Call Transcript
Key Points
- Byline Bancorp Inc (BY) reported strong profitability metrics, ranking in the top quartile among peers.
- The company announced a merger with First Security Bank Corp, adding $355 million in assets and $323 million in deposits.
- Net income for the third quarter was $30.3 million, or $0.69 per diluted share, with a strong return on tangible common equity of 14.5%.
- Total revenue increased to $102 million, driven by higher net interest income and non-interest income.
- Byline Bancorp Inc (BY) was recognized with multiple workplace awards, highlighting its positive work culture and employee satisfaction.
- The net interest margin declined by 10 basis points to 3.89% due to higher cash balances and lower accretion.
- Loan growth remained flat at $6.9 billion, impacted by higher payoffs of acquired loans.
- Non-performing loans increased slightly, with NPLs to total loans at 1.02%, excluding government-guaranteed loans.
- Provision expenses rose to $7.5 million, attributed to increases in individually assessed loans in the government-guaranteed loan portfolio.
- Interest-bearing deposit costs increased more than expected, impacting the overall cost structure.
Okay, good morning and welcome to Byline Bancorp third quarter, 2024 earnings call. My name is Kate 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 Brooks Rennie investor Relations for Byline Bank Corp to begin the conference call.
Thank you, Kate. Good morning, everyone. And welcome to Byline Bank Corp's third quarter, 2024 earnings conference call.
In accordance with regulation FD. This call is being recorded and is available via webcast, our investor relations website along with our earnings release and the corresponding presentation slides.
As part of today's 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 some certain risks uncertainties and other
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