Byline Bancorp, Inc. has recently released its 10-K report, providing detailed insights into its financial performance and operations for the fiscal year ended December 31, 2024. Byline Bancorp, Inc. operates as the bank holding company for Byline Bank, offering various banking products and services for small and medium-sized businesses, commercial real estate, financial sponsors, and consumers in the United States. The company provides retail deposit products, commercial loans, treasury management, wealth management services, and investment, trust, and wealth management services. Byline Bancorp, Inc. was founded in 1914 and is headquartered in Chicago, Illinois.
In the 10-K report, the management's discussion and analysis of financial condition and results of operations for 2024 compared to 2023 revealed that Byline Bancorp reported consolidated net income of $120.8 million for the year ended December 31, 2024, compared to net income of $107.9 million for the year ended December 31, 2023, marking an increase of $12.9 million or 11.9%. This increase in net income was primarily attributable to a $17.4 million increase in net interest income, a $4.6 million decrease in provision for credit losses, and a $2.5 million increase in non-interest income. However, this was partially offset by a $9.2 million increase in non-interest expense and a $2.5 million increase in provision for income taxes.
The company's results of operations for the years ended December 31, 2024, and 2023, produced an annual return on average assets of 1.31% and 1.34% and a return on average stockholders’ equity of 11.61% and 12.50%, respectively. Byline Bancorp also declared dividends on common shares amounting to $15.9 million and $14.6 million for the years ended December 31, 2024, and 2023, respectively. Net income available to common stockholders was $120.8 million, or $2.78 per basic and $2.75 per diluted common share for 2024, compared to $107.9 million, or $2.69 per basic and $2.67 per diluted common share for 2023.
Furthermore, Byline Bancorp's critical accounting policies and estimates, including the determination of the allowance for credit losses, valuation of intangible assets such as goodwill, fair value estimates, and assessment of impairment for other intangible assets, were discussed in detail within the 10-K report.
The selected financial data for the years ended December 31, 2024, 2023, and 2022, showed a notable increase in net interest income from $265.3 million in 2022 to $348.0 million in 2024. Additionally, the provision for credit losses decreased from $31.7 million in 2023 to $27.0 million in 2024, contributing to the overall improvement in net income.
Byline Bancorp's 10-K report provides a comprehensive overview of its financial performance, strategic initiatives, and risk management practices, offering valuable insights for investors and stakeholders. Following these announcements, the company's shares moved 1.3%, and are now trading at a price of $28.54. For more information, read the company's full 10-K submission here.
