Byline Bancorp, Inc. has recently released its 10-K report, providing details on its financial performance for the 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 and financial sponsors, and consumers in the United States. The company's services include retail deposit products, commercial loans, wealth management, and trust services.
In the 10-K report, Byline Bancorp provided an analysis of its financial condition and results of operations in Item 7. The report stated that the company 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, representing an increase of $12.9 million or 11.9%. This increase in net income was attributed 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 offset by a $9.2 million increase in non-interest expense and a $2.5 million increase in provision for income taxes.
Byline Bancorp also disclosed that dividends declared on common shares were $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 the year ended December 31, 2024, compared to $107.9 million, or $2.69 per basic and $2.67 per diluted common share for the year ended December 31, 2023.
The report also highlighted the company's critical accounting policies and estimates, focusing on the determination of the allowance for credit losses, the valuation of intangible assets such as goodwill, fair value estimates, and the assessment of impairment for other intangible assets.
Furthermore, the 10-K report included selected financial data, summarizing certain historical consolidated financial information of Byline for the fiscal years ended December 31, 2024, 2023, and 2022. This data included figures for net interest income, provision for credit losses, non-interest income, non-interest expense, income before income taxes, provision for income taxes, net income, and earnings per common share.
As a result of these announcements, the company's shares have moved 1.3% on the market, and are now trading at a price of $28.54. If you want to know more, read the company's complete 10-K report here.
