Byline Bancorp, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved a net income of $30.3 million for Q3 2024, an increase from $28.2 million in Q3 2023. For the nine months ended September 30, 2024, net income rose to $90.4 million, compared to $78.3 million for the same period in 2023. Basic earnings per share for the quarter were $0.70, up from $0.66 a year earlier, while diluted earnings per share increased to $0.69 from $0.65.
Total revenues for Q3 2024 were $101.8 million, a slight decrease from $104.8 million in Q3 2023. The decline was attributed to a $5.0 million decrease in net interest income, which fell to $87.5 million from $92.5 million year-over-year. This was offset by a $2.0 million increase in non-interest income, which reached $14.4 million, driven by higher fees and service charges.
The company’s net interest income for the nine months ended September 30, 2024, increased by $15.2 million to $259.5 million, primarily due to growth in the loan and lease portfolio. The provision for credit losses decreased by $4.3 million during the same period, reflecting improved credit quality.
Byline Bancorp's total assets grew to $9.4 billion as of September 30, 2024, up from $8.9 billion at the end of 2023. Total deposits increased by $320.9 million, or 4.5%, to $7.5 billion. The company reported a decrease in non-interest-bearing deposits, which fell to $1.7 billion, while interest-bearing checking accounts rose to $749.7 million.
Strategically, Byline completed the acquisition of Inland Bancorp, Inc. on July 1, 2023, enhancing its market presence in the Chicagoland area. The merger-related expenses for the Inland acquisition were not reported for the current quarter, indicating the integration process is complete. Additionally, Byline announced a proposed acquisition of First Security Bancorp, expected to close in the first half of 2025, pending regulatory and stockholder approvals.
The company’s stockholders' equity increased to $1.1 billion, a 10.7% rise from $990.2 million at the end of 2023, primarily due to retained earnings and a decrease in accumulated other comprehensive loss. Byline remains classified as "well-capitalized," exceeding all regulatory capital requirements.
About BYLINE BANCORP, INC.
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