Business Wire | Apr 29, 2021 04:06PM EDT

Byline Bancorp, Inc. Reports First Quarter 2021 Financial Results

Apr. 29, 2021

CHICAGO--(BUSINESS WIRE)--Apr. 29, 2021--Byline Bancorp, Inc. (the "Company" or "Byline") (NYSE: BY), the parent company of Byline Bank (the "Bank"), today reported net income of $21.8 million, or $0.56 per diluted share, for the first quarter of 2021, compared with net income of $12.3 million, or $0.31 per diluted share, for the fourth quarter of 2020 and net income of $3.0 million, or $0.07 per diluted share for the first quarter 2020. Adjusted net income1 was $22.2 million, or $0.57 per adjusted diluted share, for the first quarter of 2021, compared with $15.2 million, or $0.38 per adjusted diluted share1, for the fourth quarter of 2020 and $3.5 million, or $0.09 per adjusted diluted share for the first quarter of 2020.

Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, commented, "We delivered a very strong first quarter driven by solid loan and lease production and deposit gathering across our commercial banking platform, the continued reduction in our average cost of deposits, improved asset quality, and increased efficiencies following our ongoing branch consolidations. The significant progress we have made in enhancing our earnings power through organic growth and accretive acquisitions resulted in the highest return on average stockholders' equity since our IPO in 2017."

Alberto J. Paracchini, President of Byline Bancorp, added, "Increasing confidence in the strength of the economic recovery is being reflected in higher loan demand and a growing loan pipeline. Given our strong liquidity and capital, we believe we are well positioned to support a higher level of loan growth going forward, which should lead to further increases in our level of profitability with a favorable shift in our mix of earning assets in the coming quarters," said Mr. Paracchini.

Board Declares Cash Dividend of $0.06 per Share

On April 27, 2021, the Company's Board of Directors declared a cash dividend of $0.06 per share, payable on May 25, 2021, to stockholders of record of the Company's common stock as of May 11, 2021.

First Quarter 2021 Updates

Paycheck Protection Program (PPP)

As of March 31, 2021, over $501.2 million of PPP loans were in various stages of the SBA forgiveness process, with over $283.7 million approved for forgiveness by the SBA. As of April 26, 2021, we have received over 2,800 applications and approved the funding of $329.8 million of second round PPP loans.

We have helped our customers navigate over 6,600 applications, resulting in $964.8 million in PPP funds to help these small businesses to support their employees during COVID-19.

(1) Represents non-GAAP financial measures. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

The following table presents the net PPP loans outstanding as of March 31, 2021:

PPP Loans Outstanding

(dollars in thousands) First Round Second Round Total

Principal outstanding $ 323,686 $ 307,484 $ 631,170

Unearned processing fee (5,447 ) (13,330 ) (18,777 )

Deferred cost 1,366 3,247 4,613

PPP loans, net $ 319,605 $ 297,401 $ 617,006

Number of loans 1,769 2,252 4,021

Loan and Lease Deferrals

In support of customers impacted by COVID-19 and keeping with regulatory guidance, we began offering relief through payment deferrals during the first quarter of 2020. The following table shows active deferrals by category at the dates indicated (dollars in thousands):

Active Deferrals

March 31, 2021 As of March 31, 2021 As of December 31, 2020 Change from

December 31, 2020

% of % of Total Total Count Amount Loans Count Amount Loans Count Amount and and Leases Leases ^(2) ^(2)

Commercial 11 $ 19,336 0.47 % 21 $ 22,905 0.60 % (10 ) $ (3,569 )Banking

Consumer 2 49 <0.01 % 2 703 0.02 % - (654 )Loans

Leasing 7 303 0.01 % 30 1,528 0.04 % (23 ) (1,225 )

GovernmentGuaranteed 106 34,688 0.84 % 262 75,444 1.97 % (156 ) (40,756 )Lending

Total 126 $ 54,376 1.31 % 315 $ 100,580 2.63 % (189 ) $ (46,204 )

STATEMENTS OF OPERATIONS

Net Interest Income

The following table presents net interest income for the periods indicated:

March 31, 2021 Three Months Ended Change from

March December March December March 31, 31, 31, 31, 31,

(dollars in 2021 2020 2020 2020 2020 thousands)

INTEREST AND DIVIDEND INCOME

Interest and fees )on loans and $ 53,808 $ 53,441 $ 54,158 0.7 % (0.6 %leases

Interest on 6,089 6,252 8,016 (2.6 ) (24.0 )securities % %

Other interest and 262 232 992 12.8 % (73.6 )dividend income %

Total interest and 60,159 59,925 63,166 0.4 % (4.8 )dividend income %

INTEREST EXPENSE

Deposits 1,421 1,814 7,804 (21.6 ) (81.8 ) % %

Other borrowings 502 480 1,897 4.6 % (73.5 ) %

Subordinated notes 1,596 1,611 640 (1.0 ) 149.5 %and debentures %

Total interest 3,519 3,905 10,341 (9.9 ) (66.0 )expense % %

Net interest $ 56,640 $ 56,020 $ 52,825 1.1 % 7.2 %income

(2) Excludes PPP loans.

The following table presents the average interest-earning assets and average interest-bearing liabilities for the periods indicated. Net interest income and margin are adjusted to reflect tax-exempt interest income on a tax-equivalent basis using tax rates effective as of the end of the period:

For the Three Months Ended

March 31, 2021 December 31, 2020

Average Average(dollars in Average Interest Average Interestthousands) Yield / Yield / Balance^(5) Inc / Exp Balance^(5) Inc / Exp Rate Rate

ASSETS

Cash and cash $ 55,477 $ 28 0.21 % $ 39,500 $ 21 0.22 %equivalents

Loans and leases^(1) 4,432,246 53,808 4.92 % 4,340,388 53,441 4.90 %

Taxable securities 1,430,625 5,379 1.52 % 1,364,980 5,555 1.62 %

Tax-exempt 179,364 1,194 2.70 % 168,878 1,148 2.71 %securities^(2)

Totalinterest-earning $ 6,097,712 $ 60,409 4.02 % $ 5,913,746 $ 60,165 4.05 %assets

Allowance for loan (66,989 ) (63,891 ) and lease losses

All other assets 557,042 550,766

TOTAL ASSETS $ 6,587,765 $ 6,400,621

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits

Interest checking $ 546,730 $ 199 0.15 % $ 578,520 $ 287 0.20 %

Money market 1,124,101 381 0.14 % 1,152,012 444 0.15 %accounts

Savings 577,504 67 0.05 % 554,633 66 0.05 %

Time deposits 777,266 774 0.40 % 802,409 1,017 0.50 %

Totalinterest-bearing 3,025,601 1,421 0.19 % 3,087,574 1,814 0.23 %deposits

Other borrowings 649,639 502 0.31 % 577,309 480 0.33 %

Subordinated notes 109,859 1,596 5.89 % 109,704 1,611 5.84 %and debentures

Total borrowings 759,498 2,098 1.12 % 687,013 2,091 1.21 %

Totalinterest-bearing $ 3,785,099 $ 3,519 0.38 % $ 3,774,587 $ 3,905 0.41 %liabilities

Non-interest-bearing 1,924,178 1,761,902 demand deposits

Other liabilities 72,036 58,539

Total stockholders' 806,452 805,593 equity

TOTAL LIABILITIESAND STOCKHOLDERS' $ 6,587,765 $ 6,400,621 EQUITY

Net interest spread^ 3.64 % 3.64 %(3)

Net interest income,fully taxable $ 56,890 $ 56,260 equivalent

Net interest margin,fully taxable 3.78 % 3.78 %equivalent^(2)(4)

Tax-equivalent (250 ) 0.01 % (240 ) 0.01 %adjustment

Net interest income $ 56,640 $ 56,020

Net interest margin^ 3.77 % 3.77 %(4)



Net loan accretion $ 1,968 0.13 % $ 2,304 0.16 %impact on margin

(1)

Loan and lease balances are net of deferred origination fees and costs and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances.

(2)

Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

(3)

Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4)

Represents net interest income (annualized) divided by total average earning assets.

(5)

Average balances are average daily balances.

Net interest income for the first quarter of 2021 was $56.6 million, an increase of $620,000, or 1.1%, from the fourth quarter of 2020.

The increase in net interest income was primarily due to:

* An increase of $367,000 in interest income on loans and leases, due to the recognition of net fee income related to PPP loan forgiveness; and * A decrease of $393,000 in interest expense on deposits, due to maturities of higher-rate time deposits and lower rates paid;

Partially offset by:

* A decrease of $163,000 in interest income on securities, due to elevated prepayment speeds and runoff of higher yielding securities resulting in lower yields.

Tax-equivalent net interest margin for the first quarter of 2021 was 3.78%, flat compared to the fourth quarter of 2020. Total net accretion income on acquired loans contributed 13 basis points to the net interest margin for the first quarter of 2021 compared to 16 basis points for the fourth quarter of 2020, a decrease of three basis points. PPP interest income and net fee income combined contributed $7.0 million to net interest income for the first quarter 2021 compared to $5.5 million for the fourth quarter 2020.

The average cost of total deposits was 0.12% for the first quarter of 2021, a decrease of three basis points compared to the fourth quarter of 2020, mainly due to a lower average cost of time deposits and interest-bearing demand, as well as a favorable change in deposit mix. Average non-interest-bearing demand deposits increased $162.3 million, while average time deposits decreased by $25.1 million. Average non-interest-bearing demand deposits were 38.9% of average total deposits for the first quarter of 2021 compared to 36.3% the fourth quarter of 2020.

Provision for Loan and Lease Losses

The provision for loan and lease losses was $4.4 million for the first quarter of 2021, a decrease of $5.9 million compared to $10.2 million for the fourth quarter of 2020. The provision during the first quarter of 2021 mainly included net specific impairments of $5.6 million primarily driven by the unguaranteed portion of government guaranteed loans, partially offset by a release in provision for acquired impaired loans.

Non-interest Income

The following table presents the components of non-interest income for the periods indicated:

Loan and lease balances are net of deferred origination fees and costs(1) and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances.

Interest income and rates include the effects of a tax equivalent(2) adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

Net interest income for the first quarter of 2021 was $56.6 million, an increase of $620,000, or 1.1%, from the fourth quarter of 2020.

The increase in net interest income was primarily due to:

* An increase of $367,000 in interest income on loans and leases, due to the recognition of net fee income related to PPP loan forgiveness; and * A decrease of $393,000 in interest expense on deposits, due to maturities of higher-rate time deposits and lower rates paid;

Partially offset by:

* A decrease of $163,000 in interest income on securities, due to elevated prepayment speeds and runoff of higher yielding securities resulting in lower yields.

Tax-equivalent net interest margin for the first quarter of 2021 was 3.78%, flat compared to the fourth quarter of 2020. Total net accretion income on acquired loans contributed 13 basis points to the net interest margin for the first quarter of 2021 compared to 16 basis points for the fourth quarter of 2020, a decrease of three basis points. PPP interest income and net fee income combined contributed $7.0 million to net interest income for the first quarter 2021 compared to $5.5 million for the fourth quarter 2020.

The average cost of total deposits was 0.12% for the first quarter of 2021, a decrease of three basis points compared to the fourth quarter of 2020, mainly due to a lower average cost of time deposits and interest-bearing demand, as well as a favorable change in deposit mix. Average non-interest-bearing demand deposits increased $162.3 million, while average time deposits decreased by $25.1 million. Average non-interest-bearing demand deposits were 38.9% of average total deposits for the first quarter of 2021 compared to 36.3% the fourth quarter of 2020.

Provision for Loan and Lease Losses

The provision for loan and lease losses was $4.4 million for the first quarter of 2021, a decrease of $5.9 million compared to $10.2 million for the fourth quarter of 2020. The provision during the first quarter of 2021 mainly included net specific impairments of $5.6 million primarily driven by the unguaranteed portion of government guaranteed loans, partially offset by a release in provision for acquired impaired loans.

Non-interest Income

The following table presents the components of non-interest income for the periods indicated:

March 31, 2021 Three Months Ended Change from

March December March December March 31, 31, 31, 31, 31,

(dollars in 2021 2020 2020 2020 2020 thousands)

NON-INTEREST INCOME

Fees and service ) )charges on $ 1,664 $ 1,740 $ 1,673 (4.3 % (0.5 %deposits

Loan servicing 2,769 2,645 2,758 4.7 % 0.4 %revenue

Loan servicing (1,505 ) (2,298 ) (3,064 ) (34.5 ) (50.9 )asset revaluation % %

ATM and 1,012 1,076 1,216 (5.9 ) (16.7 )interchange fees % %

Net gains on sales )of securities 1,462 2,889 1,375 (49.4 % 6.3 %available-for-sale

Change in fair ) )value of equity (206 ) 428 (619 ) (148.1 % (66.7 %securities, net

Net gains on sales 8,319 9,449 4,773 (12.0 ) 74.3 %of loans %

Wealth management 768 710 669 8.1 % 14.7 %and trust income

Other non-interest 1,459 1,051 526 38.7 % 178.0 %income

Total non-interest $ 15,742 $ 17,690 $ 9,307 (11.0 ) 69.2 %income %

Non-interest income for the first quarter of 2021 was $15.7 million, a decrease of $1.9 million, or 11.0%, compared to $17.7 million for the fourth quarter of 2020.

The decrease in total non-interest income was primarily due to:

* A decrease of $1.1 million in net gains on sales of loans, mainly due to lower volume of loans sold; and * A decrease of $1.4 million in net gains on sales of securities available-for-sale resulting from decreased volume of sales.

Partially offset by:

* A decrease of $793,000 for loan servicing asset revaluation charges, which was $1.5 million for the current quarter compared to $2.3 million in the prior quarter, due to changes in fair value of the servicing asset.

During the first quarter of 2021, we sold $73.9 million of U.S. government guaranteed loans compared to $108.1 million during the fourth quarter of 2020.

Non-interest Expense

The following table presents the components of non-interest expense for the periods indicated:

March 31, 2021 Three Months Ended Change from

March December March December March 31, 31, 31, 31, 31,

(dollars in 2021 2020 2020 2020 2020 thousands)

NON-INTEREST EXPENSE

Salaries and ) )employee $ 21,806 $ 22,559 $ 24,666 (3.3 % (11.6 %benefits

Occupancy and )equipment 5,779 6,854 5,524 (15.7 % 4.6 %expense, net

Loan and lease ) )related 951 1,324 1,318 (28.2 % (27.8 %expenses

Legal, auditand other 2,214 1,336 2,334 65.7 % (5.1 )professional %fees

Data processing 2,755 2,748 2,665 0.3 % 3.4 %

Net lossrecognized onother realestate owned 621 495 519 25.3 % 19.6 %and otherrelatedexpenses

Otherintangible ) )assets 1,749 1,892 1,893 (7.6 % (7.6 %amortizationexpense

Other ) )non-interest 2,967 9,813 4,742 (69.8 % (37.4 %expense

Total ) )non-interest $ 38,842 $ 47,021 $ 43,661 (17.4 % (11.0 %expense

Non-interest expense for the first quarter of 2021 was $38.8 million, a decrease of $8.2 million, or 17.4%, from $47.0 million for the fourth quarter of 2020 mainly attributed to our strategic branch consolidation efforts during the fourth quarter of 2020.

The decrease in total non-interest expense was primarily due to:

* A decrease of $6.8 million in other non-interest expense, mainly due to lower impairment charges on assets held for sale and net losses on other asset disposals; and * A decrease of $1.1 million in occupancy and equipment expense, net, mainly due to lower lease obligation expense.

Partially offset by:

* An increase of $878,000 in legal, audit and other professional fees mainly due to increased loan-related and other legal fees.

Our efficiency ratio improved to 51.25% for the first quarter of 2021 compared to 61.22% for the fourth quarter of 2020. Excluding impairment charges on assets held for sale, the Company's adjusted efficiency ratio1 was 50.41% for the first quarter of 2021, compared with 55.77% for the fourth quarter of 2020.

INCOME TAXES

We recorded income tax expense of $7.4 million during the first quarter of 2021, compared to $4.2 million during the fourth quarter of 2020. The effective tax rate for both periods was 25.3%.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $6.8 billion at March 31, 2021, an increase of $359.5 million compared to $6.4 billion at December 31, 2020.

The current quarter increase was primarily due to:

* An increase in securities of $228.0 million, principally a result of purchases of mortgage backed securities during the quarter; * An increase in loans and leases of $114.1 million, primarily due to the new round of PPP loan funding; and * An increase in bank-owned life insurance of $50.2 million primarily due to the purchase of additional policies.

Partially offset by:

* A decrease in other assets of $107.1 million mainly due to the timing of settlement of government guaranteed loans and securities sold during the prior quarter.

The following table shows our allocation of the originated, acquired impaired, and acquired non-impaired loans and leases at the dates indicated:

March 31, 2021 December 31, 2020 March 31, 2020

(dollars in Amount % of Amount % of Amount % of thousands) Total Total Total

Originatedloans and leases

Commercial $ 1,064,151 23.9 % $ 1,017,587 23.5 % $ 839,244 21.7 %real estate

Residential 399,958 9.0 % 414,220 9.6 % 480,946 12.5 %real estate

Construction,landdevelopment, 238,122 5.3 % 226,408 5.2 % 242,001 6.3 %and otherland

Commercialand 1,285,759 28.9 % 1,276,527 29.4 % 1,263,688 32.7 %industrial

Paycheckprotection 617,006 13.8 % 517,815 11.9 % - - program

Installment 1,094 0.0 % 1,267 0.0 % 4,594 0.1 %and other

Leasingfinancing 243,399 5.5 % 214,636 4.9 % 154,173 4.0 %receivables

Totaloriginated $ 3,849,489 86.4 % $ 3,668,460 84.5 % $ 2,984,646 77.3 %loans andleases

Acquiredimpaired loans

Commercial $ 96,059 2.2 % $ 108,484 2.5 % $ 127,895 3.3 %real estate

Residential 74,283 1.7 % 78,840 1.9 % 94,198 2.5 %real estate

Construction,landdevelopment, 1,992 0.0 % 4,113 0.1 % 5,291 0.1 %and otherland

Commercialand 8,842 0.2 % 10,178 0.2 % 15,808 0.4 %industrial

Installment 191 0.0 % 202 0.0 % 236 0.0 %and other

Totalacquired $ 181,367 4.1 % $ 201,817 4.7 % $ 243,428 6.3 %impairedloans

Acquirednon-impaired loans andleases

Commercial $ 271,458 6.0 % $ 295,599 6.8 % $ 327,820 8.5 %real estate

Residential 71,038 1.6 % 79,211 1.8 % 118,853 3.1 %real estate

Construction,landdevelopment, 210 0.0 % 212 0.0 % 30,484 0.8 %and otherland

Commercialand 69,795 1.6 % 82,195 1.9 % 135,063 3.5 %industrial

Installment 331 0.0 % 536 0.0 % 891 0.0 %and other

Leasingfinancing 10,932 0.3 % 12,505 0.3 % 19,074 0.5 %receivables

Totalacquirednon-impaired $ 423,764 9.5 % $ 470,258 10.8 % $ 632,185 16.4 %loans andleases

Total loans $ 4,454,620 100.0 % $ 4,340,535 100.0 % $ 3,860,259 100.0 %and leases

Allowance forloan and (65,590 ) (66,347 ) (41,840 ) lease losses

Total loansand leases,net of $ 4,389,030 $ 4,274,188 $ 3,818,419 allowance forloan andlease losses

ASSET QUALITY

Non-Performing Assets

The following table sets forth the amounts of non-performing loans and leases (excluding acquired impaired), other real estate owned, and accruing troubled debt restructured loans at the dates indicated:

March 31, 2021 Change from

March March March(dollars in 31, December 31, December 31, thousands) 31, 2020 31, 2020 2021 2020 2020

Non-performing assets:

Non-accrual ) )loans and $ 37,084 $ 41,103 $ 48,964 (9.8 % (24.3 %leases

Past due loansand leases 90days or more - - - - % - %and stillaccruinginterest

Totalnon-performing $ 37,084 $ 41,103 $ 48,964 (9.8 ) (24.3 )loans and % %leases

Other real 5,952 6,350 9,273 (6.3 ) (35.8 )estate owned % %

Total ) )non-performing $ 43,036 $ 47,453 $ 58,237 (9.3 % (26.1 %assets

Accruingtroubled debt $ 2,719 $ 2,495 $ 1,725 9.0 % 57.7 %restructuredloans ^(1)

Totalnon-performingloans andleases as a 0.83 % 0.95 % 1.27 % percentage oftotal loans andleases

Totalnon-performingassets as a 0.64 % 0.74 % 1.02 % percentage oftotal assets

Allowance forloan and leaselosses as apercentage of 176.87 % 161.42 % 85.45 % non-performingloans andleases



Non-performingassetsguaranteed by

U.S.government:

Non-accrual ) )loans $ 3,388 $ 3,645 $ 4,957 (7.0 % (31.7 %guaranteed

Past due loans90 days or moreand still - - - -% -% accruinginterestguaranteed

Totalnon-performing $ 3,388 $ 3,645 $ 4,957 (7.0 ) (31.7 )loans % %guaranteed

Accruingtroubled debtrestructured $ - $ - $ - -% -% loansguaranteed ^(1)

Totalnon-performingloans andleases not 0.76 % 0.86 % 1.14 % guaranteed as apercentage oftotal loans andleases

Totalnon-performingassets not 0.59 % 0.69 % 0.93 % guaranteed as apercentage oftotal assets



(1) Accruing troubled debt restructured loans are not included in totalnon-performing loans and leases or in non-performing assets.

Variances in non-performing assets were:

* Non-performing loans and leases were $37.1 million at March 31, 2021, a decrease of $4.0 million from $41.1 million at December 31, 2020; and * Other real estate owned was $6.0 million at March 31, 2021, a decrease of $398,000 from $6.4 million at December 31, 2020 mainly due to sales and write downs.

U.S. government guaranteed balances of non-performing loans were $3.4 million at March 31, 2021 and $3.6 million at December 31, 2020.

Allowance for Loan and Lease Losses

The following table presents the balance and activity within the allowance for loan and lease losses for the periods indicated:

Three Months Ended

March December March 31, 31, 31,

(dollars in thousands) 2021 2020 2020

Allowance for loan and lease losses, $ 66,347 $ 61,258 $ 31,936 beginning of period

Provision for loan and lease losses 4,367 10,236 14,455

Net charge-offs of loans and leases (5,124 ) (5,147 ) (4,551 )

Allowance for loan and lease losses, end $ 65,590 $ 66,347 $ 41,840 of period



Allowance for loan and lease losses toperiod end total loans and leases held 1.47 % 1.53 % 1.08 %for investment

Net charge-offs (annualized) to averageloans and leases outstanding during the 0.47 % 0.47 % 0.48 %period

Provision for loan and lease losses to 0.85 x 1.99 x 3.18 xnet charge-offs during the period

The allowance for loan and lease losses as a percentage of total loans and leases held for investment decreased to 1.47% at March 31, 2021 compared to 1.53% at December 31, 2020. The allowance for loan and lease losses as a percentage of total loans and leases held for investment excluding PPP loans decreased to 1.71% at March 31, 2021 from 1.74% at December 31, 2020.

In June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance on the recognition of credit losses, which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. In November 2019, the FASB delayed the effective date of the standard for smaller reporting companies, which includes emerging growth companies. Assuming we remain an emerging growth company, the standard is effective for fiscal years beginning after December 15, 2022. We are in the process of implementation and determining the impact that this new authoritative guidance will have on our consolidated financial statements.

Net Charge-Offs

Net charge-offs during the first quarter of 2021 and fourth quarter of 2020 were $5.1 million for each quarter, or 0.47% of average loans and leases, on an annualized basis, for each quarter.

Net charge-offs for the first quarter of 2021 included $3.3 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the fourth quarter of 2020 included $5.0 million in the unguaranteed portion of U.S. government guaranteed loans.

Deposits and Other Liabilities

The following table presents the composition of deposits at the dates indicated:

March 31, 2021 Change from

(dollars in March 31, December March 31, December March thousands) 2021 31, 2020 2020 31, 2020 31, 2020

Non-interest-bearing $ 2,015,643 $ 1,762,676 $ 1,290,896 14.4 % 56.1 %demand deposits

Interest-bearing 567,660 494,424 355,678 14.8 % 59.6 %checking accounts

Money market demand 1,075,330 1,142,709 1,104,276 (5.9 ) (2.6 )accounts % %

Other savings 600,725 564,700 486,131 6.4 % 23.6 %

Time deposits (below 579,682 600,810 800,759 (3.5 ) (27.6 )$250,000) % %

Time deposits 185,500 186,712 201,096 (0.6 ) (7.8 )($250,000 and above) % %

Total deposits $ 5,024,540 $ 4,752,031 $ 4,238,836 5.7 % 18.5 %

Total deposits were $5.0 billion at March 31, 2021, an increase of $272.5 million, or 5.7%, compared to $4.8 billion at December 31, 2020. Non-interest-bearing deposits were 40.1% and 37.1% of total deposits at March 31, 2021 and December 31, 2020, respectively.

The increase in the current quarter was primarily due to:

* An increase in non-interest-bearing deposits of $253.0 million, due to increases in commercial deposits; and * An increase in interest-bearing checking accounts of $73.2 million, mostly due to increases in personal and brokered accounts.

Partially offset by:

* A decrease in money market demand accounts of $67.4 million, principally driven by decreases purchase money market deposits offset by increases in seasonal public funds.

Total borrowings and other liabilities were $931.8 million at March 31, 2021, an increase of $98.6 million from $833.2 million at December 31, 2020, primarily driven by an increase in Federal Home Loan Bank advances of $95.0 million. The Paycheck Protection Program Liquidity Facility increased $15.7 million to $387.6 million at March 31, 2021 from $371.9 million at December 31, 2020.

Stockholders' Equity

Total stockholders' equity was $793.8 million at March 31, 2021, a decrease of $11.7 million from $805.5 million at December 31, 2020. The decrease was primarily due to a decrease in the fair value of available-for-sale securities.

Under its board approved stock repurchase program announced in the fourth quarter of 2020, the Company repurchased an aggregate of 332,744 shares at an average price per share of $19.12 and is authorized to purchase up to an aggregate of 1,250,000 shares of the Company's outstanding common stock. The program is in effect until December 31, 2022, unless terminated earlier.

The following table presents the actual regulatory capital dollar amounts and ratios of the Company and Byline Bank as of March 31, 2021:

Required to be Minimum Capital Actual Considered Required Well Capitalized

March Amount Ratio Amount Ratio Amount Ratio 31, 2021

Totalcapitalto risk weightedassets:

Company $ 793,016 15.96 % $ 397,443 8.00 % N/A N/A

Bank 701,759 14.17 % 396,075 8.00 % $ 495,093 10.00 %

Tier 1capitalto risk weightedassets:

Company $ 655,851 13.20 % $ 298,083 6.00 % N/A N/A

Bank 639,805 12.92 % 297,056 6.00 % $ 396,075 8.00 %

CommonEquityTier 1(CET1) to riskweightedassets:

Company $ 600,413 12.09 % $ 223,562 4.50 % N/A N/A

Bank 639,805 12.92 % 222,792 4.50 % $ 321,811 6.50 %

Tier 1capitalto averageassets:

Company $ 655,851 10.93 % $ 239,918 4.00 % N/A N/A

Bank 639,805 10.68 % 239,711 4.00 % $ 299,639 5.00 %

Capital ratios for the period presented are based on the Basel III regulatory capital framework as applied to our current business and operations, and are subject to, among other things, completion and filing of our regulatory reports and ongoing regulatory review and implementation guidance.

Conference Call, Webcast and Slide Presentation

We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, April 30, 2021 to discuss our quarterly financial results. Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (877) 512-8755. A recorded replay can be accessed through May 14, 2021 by dialing (877) 344-7529; passcode: 10153981.

A slide presentation relating to our first quarter 2021 results will be accessible prior to the conference call. The slide presentation and webcast of the conference call can be accessed on our investor relations website at www.bylinebancorp.com.

About Byline Bancorp, Inc.

Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $6.7 billion in assets and operates more than 40 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top five Small Business Administration lenders in the United States.

Non-GAAP Financial Measures

This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These measures include adjusted net income, adjusted diluted earnings per share, adjusted efficiency ratio, adjusted non-interest expense to average assets, tax-equivalent net interest margin, non-interest income to total revenues, adjusted return on average stockholders' equity, adjusted return on average assets, pre-tax pre-provision return on average assets, adjusted pre-tax pre-provision return on average assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common stockholders' equity, and adjusted return on average tangible common stockholders' equity. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company's financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See "Reconciliation of Non-GAAP Financial Measures" in the financial schedules included in this press release for a reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures. Additionally, please refer to the Company's Annual Report on Form 10-K for the detailed definitions of these non-GAAP financial measures.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ''may'', ''might'', ''should'', ''could'', ''predict'', ''potential'', ''believe'', ''expect'', ''continue'', ''will'', ''anticipate'', ''seek'', ''estimate'', ''intend'', ''plan'', ''projection'', ''would'', ''annualized'', "target" and ''outlook'', or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements involve estimates and known and unknown risks, and reflect various assumptions and involve elements of subjective judgement and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication.

The COVID-19 pandemic is adversely affecting us, our employees, customers, counterparties and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Deterioration in general business and economic conditions, including increases in unemployment rates or turbulence in U.S. or global financial markets, could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, and lead to a tightening of credit and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways.

No representations, warranties or guarantees are or will be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication.

Certain risks and important factors that could affect Byline's future results are identified in our Annual Report on Form 10-K and other reports we file with the Securities and Exchange Commission, including among other things under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement speaks only as of the date on which it is made, and Byline undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise unless required under the federal securities laws.

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

March 31, December September June 30, March 31, 31, 30,

(dollars in 2021 2020 2020 2020 2020 thousands)

ASSETS

Cash and due from $ 47,101 $ 41,432 $ 47,433 $ 51,818 $ 45,233 banks

Interest bearingdeposits with other 66,038 41,988 53,645 88,113 74,386 banks

Cash and cash 113,139 83,420 101,078 139,931 119,619 equivalents

Equity and othersecurities, at fair 8,557 8,764 8,335 8,181 7,413 value

Securitiesavailable-for-sale, 1,675,907 1,447,230 1,509,211 1,426,871 1,299,483 at fair value

Securitiesheld-to-maturity, at 3,892 4,395 4,400 4,404 4,408 amortized cost

Restricted stock, at 19,057 10,507 9,652 6,232 24,197 cost

Loans held for sale 28,584 7,924 49,049 3,031 13,299

Loans and leases:

Loans and leases 4,454,620 4,340,535 4,374,517 4,391,122 3,860,259

Allowance for loan (65,590 ) (66,347 ) (61,258 ) (51,300 ) (41,840 )and lease losses

Net loans and leases 4,389,030 4,274,188 4,313,259 4,339,822 3,818,419

Servicing assets, at 22,140 22,042 21,267 18,351 17,800 fair value

Premises and 85,182 86,728 94,638 95,546 96,446 equipment, net

Operating lease 9,672 - - - - right-of-use assets

Other real estate 5,952 6,350 8,150 8,652 9,273 owned, net

Goodwill and otherintangible assets, 170,882 172,631 174,523 176,470 178,362 net

Bank-owned life 60,258 10,009 9,952 9,896 9,898 insurance

Deferred tax assets, 48,662 40,181 35,945 37,082 33,845 net

Accrued interestreceivable and other 109,211 216,283 157,054 119,049 102,292 assets

Total assets $ 6,750,125 $ 6,390,652 $ 6,496,513 $ 6,393,518 $ 5,734,754

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Non-interest-bearing $ 2,015,643 $ 1,762,676 $ 1,718,682 $ 1,768,675 $ 1,290,896 demand deposits

Interest-bearing 3,008,897 2,989,355 3,091,563 3,189,670 2,947,940 deposits

Total deposits 5,024,540 4,752,031 4,810,245 4,958,345 4,238,836

Other borrowings 749,719 647,901 710,560 510,414 640,647

Subordinated notes, 73,386 73,342 73,299 48,777 - net

Junior subordinateddebentures issued to 36,565 36,451 36,331 36,206 37,462 capital trusts, net

Operating lease 12,273 - - - - liabilities

Accrued expenses and 59,847 75,463 71,382 58,841 55,142 other liabilities

Total liabilities 5,956,330 5,585,188 5,701,817 5,612,583 4,972,087

STOCKHOLDERS' EQUITY

Preferred stock 10,438 10,438 10,438 10,438 10,438

Common stock 385 384 383 381 380

Additional paid-in 589,209 587,165 586,057 583,307 582,517 capital

Retained earnings 210,385 191,098 180,162 168,444 160,652

Treasury stock (8,275 ) (1,668 ) (1,668 ) (1,668 ) (1,668 )

Accumulated othercomprehensive income (8,347 ) 18,047 19,324 20,033 10,348 (loss), net of tax

Total stockholders' 793,795 805,464 794,696 780,935 762,667 equity

Total liabilitiesand stockholders' $ 6,750,125 $ 6,390,652 $ 6,496,513 $ 6,393,518 $ 5,734,754 equity

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands, except per share data)

2021

2020

2020

2020

2020

INTEREST AND DIVIDEND INCOME

Interest and fees on loans and leases

$

53,808

$

53,441

$

51,036

$

50,153

$

54,158

Interest on securities

6,089

6,252

7,070

7,530

8,016

Other interest and dividend income

262

232

128

222

992

Total interest and dividend income

60,159

59,925

58,234

57,905

63,166

INTEREST EXPENSE

Deposits

1,421

1,814

2,760

4,246

7,804

Other borrowings

502

480

465

476

1,897

Subordinated notes and debentures

1,596

1,611

1,485

574

640

Total interest expense

3,519

3,905

4,710

5,296

10,341

Net interest income

56,640

56,020

53,524

52,609

52,825

PROVISION FOR LOAN AND LEASE LOSSES

4,367

10,236

15,740

15,518

14,455

Net interest income after provision for loan and lease losses

52,273

45,784

37,784

37,091

38,370

NON-INTEREST INCOME

Fees and service charges on deposits

1,664

1,740

1,603

1,455

1,673

Loan servicing revenue

2,769

2,645

2,936

2,980

2,758

Loan servicing asset revaluation

(1,505

)

(2,298

)

1,122

(711

)

(3,064

)

ATM and interchange fees

1,012

1,076

1,028

845

1,216

Net gains on sales of securities available-for-sale

1,462

2,889

1,037

-

1,375

Change in fair value of equity securities, net

(206

)

428

154

766

(619

)

Net gains on sales of loans

8,319

9,449

12,671

6,456

4,773

Wealth management and trust income

768

710

693

608

669

Other non-interest income

1,459

1,051

990

430

526

Total non-interest income

15,742

17,690

22,234

12,829

9,307

NON-INTEREST EXPENSE

Salaries and employee benefits

21,806

22,559

23,126

19,405

24,666

Occupancy and equipment expense, net

5,779

6,854

5,220

5,359

5,524

Loan and lease related expenses

951

1,324

2,053

1,260

1,318

Legal, audit, and other professional fees

2,214

1,336

2,390

2,078

2,334

Data processing

2,755

2,748

2,661

2,826

2,665

Net loss recognized on other real estate owned and other related expenses

621

495

349

456

519

Other intangible assets amortization expense

1,749

1,892

1,947

1,892

1,893

Other non-interest expense

2,967

9,813

3,941

3,777

4,742

Total non-interest expense

38,842

47,021

41,687

37,053

43,661

INCOME BEFORE PROVISION FOR INCOME TAXES

29,173

16,453

18,331

12,867

4,016

PROVISION FOR INCOME TAXES

7,375

4,162

5,260

3,728

1,050

NET INCOME

21,798

12,291

13,071

9,139

2,966

Dividends on preferred shares

196

196

196

195

196

INCOME AVAILABLE TO COMMON STOCKHOLDERS

$

21,602

$

12,095

$

12,875

$

8,944

$

2,770

EARNINGS PER COMMON SHARE

Basic

$

0.57

$

0.32

$

0.34

$

0.24

$

0.07

Diluted

$

0.56

$

0.31

$

0.34

$

0.24

$

0.07

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months Ended

March December September June 30, March 31, 31, 30, 31,

(dollars inthousands, except 2021 2020 2020 2020 2020 per share data)

INTEREST AND DIVIDEND INCOME

Interest and feeson loans and $ 53,808 $ 53,441 $ 51,036 $ 50,153 $ 54,158 leases

Interest on 6,089 6,252 7,070 7,530 8,016 securities

Other interest and 262 232 128 222 992 dividend income

Total interest and 60,159 59,925 58,234 57,905 63,166 dividend income

INTEREST EXPENSE

Deposits 1,421 1,814 2,760 4,246 7,804

Other borrowings 502 480 465 476 1,897

Subordinated notes 1,596 1,611 1,485 574 640 and debentures

Total interest 3,519 3,905 4,710 5,296 10,341 expense

Net interest 56,640 56,020 53,524 52,609 52,825 income

PROVISION FOR LOAN 4,367 10,236 15,740 15,518 14,455 AND LEASE LOSSES

Net interestincome after 52,273 45,784 37,784 37,091 38,370 provision for loanand lease losses

NON-INTEREST INCOME

Fees and servicecharges on 1,664 1,740 1,603 1,455 1,673 deposits

Loan servicing 2,769 2,645 2,936 2,980 2,758 revenue

Loan servicing (1,505 ) (2,298 ) 1,122 (711 ) (3,064 )asset revaluation

ATM and 1,012 1,076 1,028 845 1,216 interchange fees

Net gains on salesof securities 1,462 2,889 1,037 - 1,375 available-for-sale

Change in fairvalue of equity (206 ) 428 154 766 (619 )securities, net

Net gains on sales 8,319 9,449 12,671 6,456 4,773 of loans

Wealth management 768 710 693 608 669 and trust income

Other non-interest 1,459 1,051 990 430 526 income

Total non-interest 15,742 17,690 22,234 12,829 9,307 income

NON-INTEREST EXPENSE

Salaries and 21,806 22,559 23,126 19,405 24,666 employee benefits

Occupancy andequipment expense, 5,779 6,854 5,220 5,359 5,524 net

Loan and lease 951 1,324 2,053 1,260 1,318 related expenses

Legal, audit, andother professional 2,214 1,336 2,390 2,078 2,334 fees

Data processing 2,755 2,748 2,661 2,826 2,665

Net lossrecognized onother real estate 621 495 349 456 519 owned and otherrelated expenses

Other intangibleassets 1,749 1,892 1,947 1,892 1,893 amortizationexpense

Other non-interest 2,967 9,813 3,941 3,777 4,742 expense

Total non-interest 38,842 47,021 41,687 37,053 43,661 expense

INCOME BEFOREPROVISION FOR 29,173 16,453 18,331 12,867 4,016 INCOME TAXES

PROVISION FOR 7,375 4,162 5,260 3,728 1,050 INCOME TAXES

NET INCOME 21,798 12,291 13,071 9,139 2,966

Dividends on 196 196 196 195 196 preferred shares

INCOME AVAILABLETO COMMON $ 21,602 $ 12,095 $ 12,875 $ 8,944 $ 2,770 STOCKHOLDERS

EARNINGS PER COMMON SHARE

Basic $ 0.57 $ 0.32 $ 0.34 $ 0.24 $ 0.07

Diluted $ 0.56 $ 0.31 $ 0.34 $ 0.24 $ 0.07

BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

As of or For the Three Months Ended

(dollars in thousands, except share and

March 31,

December 31,

September 30,

June 30,

March 31,

per share data)

2021

2020

2020

2020

2020

Common Share Data

Summary of Operations

Earnings per Common Share

Basic earnings per common share

$

0.57

$

0.32

$

0.34

$

0.24

$

0.07

Diluted earnings per common share

$

0.56

$

0.31

$

0.34

$

0.24

$

0.07

Adjusted diluted earnings per common share(2)(3)(4)

$

0.57

$

0.38

$

0.34

$

0.24

$

0.09

Weighted average common shares outstanding (basic)

38,164,201

38,202,665

38,057,350

37,919,480

37,943,333

Weighted average common shares outstanding (diluted)

38,915,482

38,574,129

38,249,335

38,027,289

38,663,658

Common shares outstanding

38,641,851

38,618,054

38,568,916

38,383,217

38,383,021

Cash dividends per common share

$

0.06

$

0.03

$

0.03

$

0.03

$

0.03

Dividend payout ratio on common stock

10.71

%

9.68

%

8.82

%

12.50

%

42.86

%

Tangible book value per common share(1)

$

15.85

$

16.12

$

15.81

$

15.47

$

14.95

Key Ratios and Performance Metrics (annualized where applicable)

Net interest margin, fully taxable equivalent (1)(5)

3.78

%

3.78

%

3.61

%

3.72

%

4.18

%

Average cost of deposits

0.12

%

0.15

%

0.22

%

0.36

%

0.75

%

Efficiency ratio(2)

51.25

%

61.22

%

52.46

%

53.73

%

67.23

%

Adjusted efficiency ratio(1)(2)(3)

50.41

%

55.77

%

52.42

%

53.73

%

66.08

%

Non-interest expense to average assets

2.39

%

2.92

%

2.59

%

2.41

%

3.15

%

Adjusted non-interest expense to average assets(1)(3)

2.35

%

2.67

%

2.59

%

2.41

%

3.10

%

Return on average stockholders' equity

10.96

%

6.07

%

6.57

%

4.74

%

1.56

%

Adjusted return on average stockholders' equity(1)(3)(4)

11.18

%

7.50

%

6.58

%

4.74

%

1.83

%

Return on average assets

1.34

%

0.76

%

0.81

%

0.59

%

0.21

%

Adjusted return on average assets(1)(3)(4)

1.37

%

0.94

%

0.81

%

0.59

%

0.25

%

Non-interest income to total revenues(1)

21.75

%

24.00

%

29.35

%

19.61

%

14.98

%

Pre-tax pre-provision return on average assets(1)

2.06

%

1.66

%

2.12

%

1.85

%

1.33

%

Adjusted pre-tax pre-provision return on average assets(1)(3)

2.10

%

1.91

%

2.12

%

1.85

%

1.39

%

Return on average tangible common stockholders' equity(1)

14.86

%

8.61

%

9.39

%

7.05

%

2.89

%

Adjusted return on average tangible common stockholders' equity(1)(3)

15.15

%

10.47

%

9.40

%

7.05

%

3.25

%

Non-interest-bearing deposits to total deposits

40.12

%

37.09

%

35.73

%

35.67

%

30.45

%

Loans and leases held for sale and loans and lease held for investment to total deposits

89.23

%

91.51

%

91.96

%

88.62

%

91.38

%

Deposits to total liabilities

84.36

%

85.08

%

84.36

%

88.34

%

85.25

%

Deposits per branch

$

109,229

$

103,305

$

84,390

$

86,989

$

74,366

Asset Quality Ratios

Non-performing loans and leases to total loans and leases held for investment, net before ALLL

0.83

%

0.95

%

0.99

%

0.92

%

1.27

%

ALLL to total loans and leases held for investment, net before ALLL

1.47

%

1.53

%

1.40

%

1.17

%

1.08

%

Net charge-offs to average total loans and leases held for investment, net before ALLL

0.47

%

0.47

%

0.53

%

0.57

%

0.48

%

Acquisition accounting adjustments(4)

$

10,424

$

13,389

$

17,133

$

19,324

$

25,889

Capital Ratios

Common equity to total assets

11.61

%

12.44

%

12.07

%

12.05

%

13.12

%

Tangible common equity to tangible assets(1)

9.31

%

10.01

%

9.64

%

9.55

%

10.33

%

Leverage ratio

10.93

%

11.12

%

10.93

%

10.29

%

11.18

%

Common equity tier 1 capital ratio

12.09

%

12.20

%

12.55

%

12.33

%

12.24

%

Tier 1 capital ratio

13.20

%

13.36

%

13.77

%

13.56

%

13.52

%

Total capital ratio

15.96

%

16.18

%

16.67

%

15.86

%

14.50

%

BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

As of or For the Three Months Ended

(dollars in Septemberthousands, except March 31, December 31, 30, June 30, March 31, share and

per share data) 2021 2020 2020 2020 2020

Common Share Data

Summary of Operations

Earnings per Common Share

Basic earnings per $ 0.57 $ 0.32 $ 0.34 $ 0.24 $ 0.07 common share

Diluted earnings per $ 0.56 $ 0.31 $ 0.34 $ 0.24 $ 0.07 common share

Adjusted dilutedearnings per common $ 0.57 $ 0.38 $ 0.34 $ 0.24 $ 0.09 share^(2)(3)(4)

Weighted averagecommon shares 38,164,201 38,202,665 38,057,350 37,919,480 37,943,333 outstanding (basic)

Weighted averagecommon shares 38,915,482 38,574,129 38,249,335 38,027,289 38,663,658 outstanding(diluted)

Common shares 38,641,851 38,618,054 38,568,916 38,383,217 38,383,021 outstanding

Cash dividends per $ 0.06 $ 0.03 $ 0.03 $ 0.03 $ 0.03 common share

Dividend payoutratio on common 10.71 % 9.68 % 8.82 % 12.50 % 42.86 %stock

Tangible book value $ 15.85 $ 16.12 $ 15.81 $ 15.47 $ 14.95 per common share^(1)



Key Ratios andPerformance Metrics (annualized whereapplicable)

Net interest margin,fully taxable 3.78 % 3.78 % 3.61 % 3.72 % 4.18 %equivalent ^(1)(5)

Average cost of 0.12 % 0.15 % 0.22 % 0.36 % 0.75 %deposits

Efficiency ratio^(2) 51.25 % 61.22 % 52.46 % 53.73 % 67.23 %

Adjusted efficiency 50.41 % 55.77 % 52.42 % 53.73 % 66.08 %ratio^(1)(2)(3)

Non-interest expense 2.39 % 2.92 % 2.59 % 2.41 % 3.15 %to average assets

Adjustednon-interest expense 2.35 % 2.67 % 2.59 % 2.41 % 3.10 %to average assets^(1)(3)

Return on average 10.96 % 6.07 % 6.57 % 4.74 % 1.56 %stockholders' equity

Adjusted return onaverage 11.18 % 7.50 % 6.58 % 4.74 % 1.83 %stockholders' equity^(1)(3)(4)

Return on average 1.34 % 0.76 % 0.81 % 0.59 % 0.21 %assets

Adjusted return onaverage assets^(1) 1.37 % 0.94 % 0.81 % 0.59 % 0.25 %(3)(4)

Non-interest incometo total revenues^ 21.75 % 24.00 % 29.35 % 19.61 % 14.98 %(1)

Pre-taxpre-provision return 2.06 % 1.66 % 2.12 % 1.85 % 1.33 %on average assets^(1)

Adjusted pre-taxpre-provision return 2.10 % 1.91 % 2.12 % 1.85 % 1.39 %on average assets^(1)(3)

Return on averagetangible common 14.86 % 8.61 % 9.39 % 7.05 % 2.89 %stockholders' equity^(1)

Adjusted return onaverage tangible 15.15 % 10.47 % 9.40 % 7.05 % 3.25 %common stockholders'equity^(1)(3)

Non-interest-bearingdeposits to total 40.12 % 37.09 % 35.73 % 35.67 % 30.45 %deposits

Loans and leasesheld for sale andloans and lease held 89.23 % 91.51 % 91.96 % 88.62 % 91.38 %for investment tototal deposits

Deposits to total 84.36 % 85.08 % 84.36 % 88.34 % 85.25 %liabilities

Deposits per branch $ 109,229 $ 103,305 $ 84,390 $ 86,989 $ 74,366



Asset Quality Ratios

Non-performing loansand leases to totalloans and leases 0.83 % 0.95 % 0.99 % 0.92 % 1.27 %held for investment,net before ALLL

ALLL to total loansand leases held for 1.47 % 1.53 % 1.40 % 1.17 % 1.08 %investment, netbefore ALLL

Net charge-offs toaverage total loansand leases held for 0.47 % 0.47 % 0.53 % 0.57 % 0.48 %investment, netbefore ALLL

Acquisitionaccounting $ 10,424 $ 13,389 $ 17,133 $ 19,324 $ 25,889 adjustments^(4)



Capital Ratios

Common equity to 11.61 % 12.44 % 12.07 % 12.05 % 13.12 %total assets

Tangible commonequity to tangible 9.31 % 10.01 % 9.64 % 9.55 % 10.33 %assets^(1)

Leverage ratio 10.93 % 11.12 % 10.93 % 10.29 % 11.18 %

Common equity tier 1 12.09 % 12.20 % 12.55 % 12.33 % 12.24 %capital ratio

Tier 1 capital ratio 13.20 % 13.36 % 13.77 % 13.56 % 13.52 %

Total capital ratio 15.96 % 16.18 % 16.67 % 15.86 % 14.50 %

(1)

Represents a non-GAAP financial measure. See "Reconciliation of non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

(2)

Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income.

(3)

Calculation excludes impairment charges, merger-related expenses, and core systems conversion expense.

(4)

Represents the remaining net unaccreted discount as a result of applying the fair value adjustment at the time of the business combination on acquired loans.

(5)

Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

Represents a non-GAAP financial measure. See "Reconciliation of non-GAAP(1) Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

(2) Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income.

(3) Calculation excludes impairment charges, merger-related expenses, and core systems conversion expense.

Represents the remaining net unaccreted discount as a result of applying(4) the fair value adjustment at the time of the business combination on acquired loans.

Interest income and rates include the effects of a tax equivalent(5) adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

BYLINE BANCORP, INC. AND SUBSIDIARIES

QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited)

For the Three Months Ended March 31,

2021

2020

(dollars in thousands)

Average

Balance(5)

Interest

Inc / Exp

Average

Yield /

Rate

Average

Balance(5)

Interest

Inc / Exp

Average

Yield /

Rate

ASSETS

Cash and cash equivalents

$

55,477

$

28

0.21

%

$

38,934

$

157

1.63

%

Loans and leases(1)

4,432,246

53,808

4.92

%

3,799,213

54,158

5.73

%

Taxable securities

1,430,625

5,379

1.52

%

1,175,120

8,316

2.85

%

Tax-exempt securities(2)

179,364

1,194

2.70

%

84,679

677

3.22

%

Total interest-earning assets

$

6,097,712

$

60,409

4.02

%

$

5,097,946

$

63,308

4.99

%

Allowance for loan and lease losses

(66,989

)

(33,664

)

All other assets

557,042

501,670

TOTAL ASSETS

$

6,587,765

$

5,565,952

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits

Interest checking

$

546,730

$

199

0.15

%

$

338,905

$

260

0.31

%

Money market accounts

1,124,101

381

0.14

%

962,205

2,214

0.93

%

Savings

577,504

67

0.05

%

480,270

61

0.05

%

Time deposits

777,266

774

0.40

%

1,113,596

5,269

1.90

%

Total interest-bearing deposits

3,025,601

1,421

0.19

%

2,894,976

7,804

1.08

%

Other borrowings

649,639

502

0.31

%

521,108

1,897

1.46

%

Subordinated notes and debentures

109,859

1,596

5.89

%

37,385

640

6.88

%

Total borrowings

759,498

2,098

1.12

%

558,493

2,537

1.83

%

Total interest-bearing liabilities

$

3,785,099

$

3,519

0.38

%

$

3,453,469

$

10,341

1.20

%

Non-interest-bearing demand deposits

1,924,178

1,298,800

Other liabilities

72,036

48,256

Total stockholders' equity

806,452

765,427

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

6,587,765

$

5,565,952

Net interest spread(3)

3.64

%

3.79

%

Net interest income, fully taxable equivalent

$

56,890

$

52,967

Net interest margin, fully taxable equivalent(2)(4)

3.78

%

4.18

%

Tax-equivalent adjustment

(250

)

0.01

%

(142

)

0.01

%

Net interest income

$

56,640

$

52,825

Net interest margin(4)

3.77

%

4.17

%

Net loan accretion impact on margin

$

1,968

0.13

%

$

3,671

0.29

%

BYLINE BANCORP, INC. AND SUBSIDIARIES

QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGEINTEREST-BEARING LIABILITIES (unaudited)

For the Three Months Ended March 31,

2021 2020

Interest Average Interest Average Average Average(dollars in thousands) Inc / Yield / Inc / Yield / Balance^(5) Exp Balance^(5) Exp Rate Rate

ASSETS

Cash and cash equivalents $ 55,477 $ 28 0.21 % $ 38,934 $ 157 1.63 %

Loans and leases^(1) 4,432,246 53,808 4.92 % 3,799,213 54,158 5.73 %

Taxable securities 1,430,625 5,379 1.52 % 1,175,120 8,316 2.85 %

Tax-exempt securities^(2) 179,364 1,194 2.70 % 84,679 677 3.22 %

Total interest-earning $ 6,097,712 $ 60,409 4.02 % $ 5,097,946 $ 63,308 4.99 %assets

Allowance for loan and (66,989 ) (33,664 ) lease losses

All other assets 557,042 501,670

TOTAL ASSETS $ 6,587,765 $ 5,565,952

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits

Interest checking $ 546,730 $ 199 0.15 % $ 338,905 $ 260 0.31 %

Money market accounts 1,124,101 381 0.14 % 962,205 2,214 0.93 %

Savings 577,504 67 0.05 % 480,270 61 0.05 %

Time deposits 777,266 774 0.40 % 1,113,596 5,269 1.90 %

Total interest-bearing 3,025,601 1,421 0.19 % 2,894,976 7,804 1.08 %deposits

Other borrowings 649,639 502 0.31 % 521,108 1,897 1.46 %

Subordinated notes and 109,859 1,596 5.89 % 37,385 640 6.88 %debentures

Total borrowings 759,498 2,098 1.12 % 558,493 2,537 1.83 %

Total interest-bearing $ 3,785,099 $ 3,519 0.38 % $ 3,453,469 $ 10,341 1.20 %liabilities

Non-interest-bearing 1,924,178 1,298,800 demand deposits

Other liabilities 72,036 48,256

Total stockholders' equity 806,452 765,427

TOTAL LIABILITIES AND $ 6,587,765 $ 5,565,952 STOCKHOLDERS' EQUITY

Net interest spread^(3) 3.64 % 3.79 %

Net interest income, fully $ 56,890 $ 52,967 taxable equivalent

Net interest margin, fully 3.78 % 4.18 %taxable equivalent^(2)(4)

Tax-equivalent adjustment (250 ) 0.01 % (142 ) 0.01 %

Net interest income $ 56,640 $ 52,825

Net interest margin^(4) 3.77 % 4.17 %



Net loan accretion impact $ 1,968 0.13 % $ 3,671 0.29 %on margin

(1)

Loan and lease balances are net of deferred origination fees and costs and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances.

(2)

Interest income and rates include the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

(3)

Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4)

Represents net interest income (annualized) divided by total average earning assets.

(5)

Average balances are average daily balances.

Loan and lease balances are net of deferred origination fees and costs(1) and initial indirect costs. Non-accrual loans and leases are included in total loan and lease balances.

Interest income and rates include the effects of a tax equivalent(2) adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

As of or For the Three Months Ended

(dollars in thousands, except per share data)

March 31,

2021

December 31,

2020

September 30,

2020

June 30,

2020

March 31,

2020

Net income and earnings per share

excluding significant items

Reported Net Income

$

21,798

$

12,291

$

13,071

$

9,139

$

2,966

Significant items:

Impairment charges on assets held for sale

604

4,022

32

-

715

Tax benefit

(165

)

(1,120

)

(9

)

-

(199

)

Adjusted Net Income

$

22,237

$

15,193

$

13,094

$

9,139

$

3,482

Reported Diluted Earnings per Share

$

0.56

$

0.31

$

0.34

$

0.24

$

0.07

Significant items:

Impairment charges on assets held for sale

0.02

0.10

-

-

0.02

Tax benefit

(0.01

)

(0.03

)

-

-

-

Adjusted Diluted Earnings per Share

$

0.57

$

0.38

$

0.34

$

0.24

$

0.09

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

As of or For the Three Months Ended

(dollars in March December September June Marchthousands, 31, 31, 30, 30, 31, except pershare data) 2021 2020 2020 2020 2020

Net income andearnings pershare excludingsignificantitems

Reported Net $ 21,798 $ 12,291 $ 13,071 $ 9,139 $ 2,966 Income

Significant items:

Impairmentcharges on 604 4,022 32 - 715 assets held forsale

Tax benefit (165 ) (1,120 ) (9 ) - (199 )

Adjusted Net $ 22,237 $ 15,193 $ 13,094 $ 9,139 $ 3,482 Income

ReportedDiluted $ 0.56 $ 0.31 $ 0.34 $ 0.24 $ 0.07 Earnings perShare

Significant items:

Impairmentcharges on 0.02 0.10 - - 0.02 assets held forsale

Tax benefit (0.01 ) (0.03 ) - - -

Adjusted Diluted $ 0.57 $ 0.38 $ 0.34 $ 0.24 $ 0.09Earnings per Share

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)

As of or For the Three Months Ended

(dollars in thousands, except per share data,

ratios annualized, where applicable)

March 31,

2021

December 31,

2020

September 30,

2020

June 30,

2020

March 31,

2020

Adjusted non-interest expense:

Non-interest expense

$

38,842

$

47,021

$

41,687

$

37,053

$

43,661

Less: Significant items

Impairment charges on assets held for sale

604

4,022

32

-

715

Adjusted non-interest expense

$

38,238

$

42,999

$

41,655

$

37,053

$

42,946

Adjusted non-interest expense excluding

amortization of intangible assets:

Adjusted non-interest expense

$

38,238

$

42,999

$

41,655

$

37,053

$

42,946

Less: Amortization of intangible assets

1,749

1,892

1,947

1,892

1,893

Adjusted non-interest expense excluding

amortization of intangible assets

$

36,489

$

41,107

$

39,708

$

35,161

$

41,053

Pre-tax pre-provision net income:

Pre-tax income

$

29,173

$

16,453

$

18,331

$

12,867

$

4,016

Add: Provision for loan and lease losses

4,367

10,236

15,740

15,518

14,455

Pre-tax pre-provision net income

$

33,540

$

26,689

$

34,071

$

28,385

$

18,471

Adjusted pre-tax pre-provision net income:

Pre-tax pre-provision net income

$

33,540

$

26,689

$

34,071

$

28,385

$

18,471

Impairment charges on assets held for sale

604

4,022

32

-

715

Adjusted pre-tax pre-provision net income

$

34,144

$

30,711

$

34,103

$

28,385

$

19,186

Tax Equivalent Net Interest Income

Net interest income

$

56,640

$

56,020

$

53,524

$

52,609

$

52,825

Add: Tax-equivalent adjustment

250

240

222

188

142

Net interest income, fully taxable equivalent

$

56,890

$

56,260

$

53,746

$

52,797

$

52,967

Total revenues:

Net interest income

$

56,640

$

56,020

$

53,524

$

52,609

$

52,825

Add: Non-interest income

15,742

17,690

22,234

12,829

9,307

Total revenues

$

72,382

$

73,710

$

75,758

$

65,438

$

62,132

Tangible common stockholders' equity:

Total stockholders' equity

$

793,795

$

805,464

$

794,696

$

780,935

$

762,667

Less: Preferred stock

10,438

10,438

10,438

10,438

10,438

Less: Goodwill and other intangibles

170,882

172,631

174,523

176,470

178,362

Tangible common stockholders' equity

$

612,475

$

622,395

$

609,735

$

594,027

$

573,867

Tangible assets:

Total assets

$

6,750,125

$

6,390,652

$

6,496,513

$

6,393,518

$

5,734,754

Less: Goodwill and other intangibles

170,882

172,631

174,523

176,470

178,362

Tangible assets

$

6,579,243

$

6,218,021

$

6,321,990

$

6,217,048

$

5,556,392

Average tangible common stockholders' equity:

Average total stockholders' equity

$

806,452

$

805,593

$

791,111

$

775,879

$

765,427

Less: Average preferred stock

10,438

10,438

10,438

10,438

10,438

Less: Average goodwill and other

intangibles

171,795

173,536

175,443

177,440

179,416

Average tangible common stockholders' equity

$

624,219

$

621,619

$

605,230

$

588,001

$

575,573

Average tangible assets:

Average total assets

$

6,587,765

$

6,400,621

$

6,401,290

$

6,186,974

$

5,565,952

Less: Average goodwill and other

intangibles

171,795

173,536

175,443

177,440

179,416

Average tangible assets

$

6,415,970

$

6,227,085

$

6,225,847

$

6,009,534

$

5,386,536

Tangible net income available to common

stockholders:

Net income available to common stockholders

$

21,602

$

12,095

$

12,875

$

8,944

$

2,770

Add: After-tax intangible asset amortization

1,272

1,365

1,405

1,365

1,366

Tangible net income available to common

stockholders

$

22,874

$

13,460

$

14,280

$

10,309

$

4,136

Adjusted tangible net income available to common

stockholders:

Tangible net income available to common

stockholders

$

22,874

$

13,460

$

14,280

$

10,309

$

4,136

Impairment charges on assets held for sale

604

4,022

32

-

715

Tax benefit

(165

)

(1,120

)

(9

)

-

(199

)

Adjusted tangible net income available to

common stockholders

$

23,313

$

16,362

$

14,303

$

10,309

$

4,652

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)

As of or For the Three Months Ended

(dollars inthousands,except per December Septembershare data, March 31, 31, 30, June 30, March 31, ratios 2021 2020 2020 2020 2020annualized,whereapplicable)

Adjustednon-interest expense:

Non-interest $ 38,842 $ 47,021 $ 41,687 $ 37,053 $ 43,661 expense

Less:Significant items

Impairmentcharges on 604 4,022 32 - 715 assets heldfor sale

Adjustednon-interest $ 38,238 $ 42,999 $ 41,655 $ 37,053 $ 42,946 expense

Adjustednon-interestexpenseexcluding

amortizationof intangibleassets:

Adjustednon-interest $ 38,238 $ 42,999 $ 41,655 $ 37,053 $ 42,946 expense

Less:Amortization 1,749 1,892 1,947 1,892 1,893 of intangibleassets

Adjustednon-interestexpenseexcluding $ 36,489 $ 41,107 $ 39,708 $ 35,161 $ 41,053

amortizationof intangibleassets

Pre-taxpre-provision net income:

Pre-tax income $ 29,173 $ 16,453 $ 18,331 $ 12,867 $ 4,016

Add: Provisionfor loan and 4,367 10,236 15,740 15,518 14,455 lease losses

Pre-taxpre-provision $ 33,540 $ 26,689 $ 34,071 $ 28,385 $ 18,471 net income

Adjustedpre-tax pre-provisionnet income:

Pre-taxpre-provision $ 33,540 $ 26,689 $ 34,071 $ 28,385 $ 18,471 net income

Impairmentcharges on 604 4,022 32 - 715 assets heldfor sale

Adjustedpre-tax $ 34,144 $ 30,711 $ 34,103 $ 28,385 $ 19,186 pre-provisionnet income

Tax EquivalentNet Interest Income

Net interest $ 56,640 $ 56,020 $ 53,524 $ 52,609 $ 52,825 income

Add:Tax-equivalent 250 240 222 188 142 adjustment

Net interestincome, fully $ 56,890 $ 56,260 $ 53,746 $ 52,797 $ 52,967 taxableequivalent

Total revenues:

Net interest $ 56,640 $ 56,020 $ 53,524 $ 52,609 $ 52,825 income

Add:Non-interest 15,742 17,690 22,234 12,829 9,307 income

Total revenues $ 72,382 $ 73,710 $ 75,758 $ 65,438 $ 62,132

Tangiblecommon stockholders'equity:

Totalstockholders' $ 793,795 $ 805,464 $ 794,696 $ 780,935 $ 762,667 equity

Less:Preferred 10,438 10,438 10,438 10,438 10,438 stock

Less: Goodwilland other 170,882 172,631 174,523 176,470 178,362 intangibles

Tangiblecommon $ 612,475 $ 622,395 $ 609,735 $ 594,027 $ 573,867 stockholders'equity

Tangible assets:

Total assets $ 6,750,125 $ 6,390,652 $ 6,496,513 $ 6,393,518 $ 5,734,754

Less: Goodwilland other 170,882 172,631 174,523 176,470 178,362 intangibles

Tangible $ 6,579,243 $ 6,218,021 $ 6,321,990 $ 6,217,048 $ 5,556,392 assets

Averagetangiblecommon stockholders'equity:

Average totalstockholders' $ 806,452 $ 805,593 $ 791,111 $ 775,879 $ 765,427 equity

Less: Averagepreferred 10,438 10,438 10,438 10,438 10,438 stock

Less: Averagegoodwill andother 171,795 173,536 175,443 177,440 179,416

intangibles

Averagetangiblecommon $ 624,219 $ 621,619 $ 605,230 $ 588,001 $ 575,573 stockholders'equity

Averagetangible assets:

Average total $ 6,587,765 $ 6,400,621 $ 6,401,290 $ 6,186,974 $ 5,565,952 assets

Less: Averagegoodwill andother 171,795 173,536 175,443 177,440 179,416

intangibles

Averagetangible $ 6,415,970 $ 6,227,085 $ 6,225,847 $ 6,009,534 $ 5,386,536 assets

Tangible netincomeavailable to common

stockholders:

Net incomeavailable to $ 21,602 $ 12,095 $ 12,875 $ 8,944 $ 2,770 commonstockholders

Add: After-taxintangible 1,272 1,365 1,405 1,365 1,366 assetamortization

Tangible netincomeavailable to $ 22,874 $ 13,460 $ 14,280 $ 10,309 $ 4,136 common

stockholders

Adjustedtangible netincomeavailable to common

stockholders:

Tangible netincomeavailable to $ 22,874 $ 13,460 $ 14,280 $ 10,309 $ 4,136 common

stockholders

Impairmentcharges on 604 4,022 32 - 715 assets heldfor sale

Tax benefit (165 ) (1,120 ) (9 ) - (199 )

Adjustedtangible netincomeavailable to $ 23,313 $ 16,362 $ 14,303 $ 10,309 $ 4,652

commonstockholders

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued) (unaudited)

As of or For the Three Months Ended

(dollars in thousands, except share and per share

data, ratios annualized, where applicable)

March 31,

2021

December 31,

2020

September 30,

2020

June 30,

2020

March 31,

2020

Pre-tax pre-provision return on average assets:

Pre-tax pre-provision net income

$

33,540

$

26,689

$

34,071

$

28,385

$

18,471

Average total assets

6,587,765

6,400,621

6,401,290

6,186,974

5,565,952

Pre-tax pre-provision return on average assets

2.06

%

1.66

%

2.12

%

1.85

%

1.33

%

Adjusted pre-tax pre-provision return on average assets:

Adjusted pre-tax pre-provision net income

$

34,144

$

30,711

$

34,103

$

28,385

$

19,186

Average total assets

6,587,765

6,400,621

6,401,290

6,186,974

5,565,952

Adjusted pre-tax pre-provision return on average assets

2.10

%

1.91

%

2.12

%

1.85

%

1.39

%

Net interest margin, fully taxable equivalent

Net interest income, fully taxable equivalent

$

56,890

$

56,260

$

53,746

$

52,797

$

52,967

Total average interest-earning assets

6,097,712

5,913,746

5,916,554

5,703,569

5,097,946

Net interest margin, fully taxable equivalent

3.78

%

3.78

%

3.61

%

3.72

%

4.18

%

Non-interest income to total revenues:

Non-interest income

$

15,742

$

17,690

$

22,234

$

12,829

$

9,307

Total revenues

72,382

73,710

75,758

65,438

62,132

Non-interest income to total revenues

21.75

%

24.00

%

29.35

%

19.61

%

14.98

%

Adjusted non-interest expense to average assets:

Adjusted non-interest expense

$

38,238

$

42,999

$

41,655

$

37,053

$

42,946

Average total assets

6,587,765

6,400,621

6,401,290

6,186,974

5,565,952

Adjusted non-interest expense to average assets

2.35

%

2.67

%

2.59

%

2.41

%

3.10

%

Adjusted efficiency ratio:

Adjusted non-interest expense excluding amortization of intangible assets

$

36,489

$

41,107

$

39,708

$

35,161

$

41,053

Total revenues

72,382

73,710

75,758

65,438

62,132

Adjusted efficiency ratio

50.41

%

55.77

%

52.42

%

53.73

%

66.08

%

Adjusted return on average assets:

Adjusted net income

$

22,237

$

15,193

$

13,094

$

9,139

$

3,482

Average total assets

6,587,765

6,400,621

6,401,290

6,186,974

5,565,952

Adjusted return on average assets

1.37

%

0.94

%

0.81

%

0.59

%

0.25

%

Adjusted return on average stockholders' equity:

Adjusted net income

$

22,237

$

15,193

$

13,094

$

9,139

$

3,482

Average stockholders' equity

806,452

805,593

791,111

775,879

765,427

Adjusted return on average stockholders' equity

11.18

%

7.50

%

6.58

%

4.74

%

1.83

%

Tangible common equity to tangible assets:

Tangible common equity

$

612,475

$

622,395

$

609,735

$

594,027

$

573,867

Tangible assets

6,579,243

6,218,021

6,321,990

6,217,048

5,556,392

Tangible common equity to tangible assets

9.31

%

10.01

%

9.64

%

9.55

%

10.33

%

Return on average tangible common stockholders' equity:

Tangible net income available to common stockholders

$

22,874

$

13,460

$

14,280

$

10,309

$

4,136

Average tangible common stockholders' equity

624,219

621,619

605,230

588,001

575,573

Return on average tangible common stockholders' equity

14.86

%

8.61

%

9.39

%

7.05

%

2.89

%

Adjusted return on average tangible common stockholders' equity:

Adjusted tangible net income available to common stockholders

$

23,313

$

16,362

$

14,303

$

10,309

$

4,652

Average tangible common stockholders' equity

624,219

621,619

605,230

588,001

575,573

Adjusted return on average tangible common stockholders' equity

15.15

%

10.47

%

9.40

%

7.05

%

3.25

%

Tangible book value per share:

Tangible common equity

$

612,475

$

622,395

$

609,735

$

594,027

$

573,867

Common shares outstanding

38,641,851

38,618,054

38,568,916

38,383,217

38,383,021

Tangible book value per share

$

15.85

$

16.12

$

15.81

$

15.47

$

14.95

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429006096/en/

CONTACT: Investors: Tony Rossi Financial Profiles, Inc. 310-622-8221 BYIR@bylinebank.com

CONTACT: Media: Erin O'Neill Director of Marketing Byline Bank 773-475-2901 eoneill@bylinebank.com