BYLINE BANCORP, INC. Files 2023 10-K

TL;DR

<b>BYLINE BANCORP, INC. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

BYLINE BANCORP, INC. (BY) filed a Annual Report (10-K) with the SEC on March 4, 2024. BYLINE BANCORP, INC. filed its 2023 10-K on March 4, 2024. The filing covers the fiscal year ending December 31, 2023. The company's Standard Industrial Classification is 'STATE COMMERCIAL BANKS [6022]'. Key dates include the filing date of 2024-03-04 and the reporting period ending 2023-12-31. The company's business address is 180 NORTH LASALLE STREET, SUITE 300, CHICAGO, IL 60601.

Why It Matters

For investors and stakeholders tracking BYLINE BANCORP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of BYLINE BANCORP, INC.'s financial performance, operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — BYLINE BANCORP, INC. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of its financial assets.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand BYLINE BANCORP, INC.'s performance and outlook.

Key Numbers

• 2023-12-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-03-04 — Filing Date (FILED AS OF DATE)
• 6022 — Standard Industrial Classification (SIC Code for Commercial Banks)

Key Players & Entities

• BYLINE BANCORP, INC. (company) — COMPANY CONFORMED NAME
• 0000950170-24-024969 (other) — ACCESSION NUMBER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240304 (date) — FILED AS OF DATE
• 6022 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• 363012593 (other) — IRS NUMBER
• 001-38139 (other) — SEC FILE NUMBER
• 180 NORTH LASALLE STREET, SUITE 300 (address) — BUSINESS ADDRESS

FAQ

Industry Context

BYLINE BANCORP, INC. operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and regulatory policies.

Regulatory Implications

As a commercial bank, BYLINE BANCORP, INC. is subject to extensive regulation by federal and state authorities, including capital requirements, lending standards, and consumer protection laws.

What Investors Should Do

1. Analyze the company's loan portfolio segments and their performance.
2. Review the company's risk management strategies and disclosures.
3. Examine the company's capital adequacy and liquidity position.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-04: Filing Date — Date BYLINE BANCORP, INC. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial filing provided for analysis, so no comparison to a previous filing is available.

Key Financial Figures

• $8.9 b — 23, we had consolidated total assets of $8.9 billion, total gross loans and leases out
• $6.7 b — l gross loans and leases outstanding of $6.7 billion, total deposits of $7.2 billion,
• $7.2 b — ding of $6.7 billion, total deposits of $7.2 billion, and total stockholders' equity o
• $990.2 million — lion, and total stockholders' equity of $990.2 million. Strategic growth As part of our st
• $1.1 million — onsolidations to generate approximately $1.1 million of annual cost savings and anticipate a
• $1.5 million — ngs and anticipate a one-time charge of $1.5 million. We plan to continue to leverage our
• $100 million — wer middle market businesses with up to $100 million of annual revenue and seeks to establis
• $2.7 billion — 3, the C&I group managed a portfolio of $2.7 billion in loans outstanding. 5 Table of Co
• $1.3 billion — of December 31, 2023, the CRE group had $1.3 billion in loans outstanding. Sponsor finance
• $2.0 million — tion and amortization generally between $2.0 million and $10.0 million. We support the acqui
• $10.0 million — tion generally between $2.0 million and $10.0 million. We support the acquisition, recapitali
• $658.9 million — r size. As of December 31, 2023, we had $658.9 million in sponsor finance loans outstanding.
• $385.7 million — As of December 31, 2023, the group had $385.7 million in loan syndications outstanding. Com
• $93.3 million — of U.S. government guaranteed loans of $93.3 million. The total unpaid principal balances of
• $1.7 billion — and USDA loans serviced for others was $1.7 billion at December 31, 2023. Community banki

Filing Documents

• by-20231231.htm (10-K) — 11379KB
• by-ex4_2.htm (EX-4.2) — 26KB
• by-ex10_10.htm (EX-10.10) — 8KB
• by-ex10_14.htm (EX-10.14) — 26KB
• by-ex10_15.htm (EX-10.15) — 26KB
• by-ex21_1.htm (EX-21.1) — 20KB
• by-ex23_1.htm (EX-23.1) — 4KB
• by-ex31_1.htm (EX-31.1) — 14KB
• by-ex31_2.htm (EX-31.2) — 14KB
• by-ex32_1.htm (EX-32.1) — 15KB
• by-ex97_1.htm (EX-97.1) — 28KB
• img17383661_0.jpg (GRAPHIC) — 1KB
• img18307182_0.jpg (GRAPHIC) — 1KB
• img61361780_0.jpg (GRAPHIC) — 35KB
• img61361780_1.jpg (GRAPHIC) — 35KB
• img61361780_2.jpg (GRAPHIC) — 46KB
• 0000950170-24-024969.txt (&nbsp;) — 50287KB
• by-20231231.xsd (EX-101.SCH) — 3858KB
• by-20231231_htm.xml (XML) — 13623KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 127 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III Item 10. Directors, Executive Officers and Corporate Governance 127 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 129 Item 14. Principal Accounting Fees and Services 129 PART IV Item 15. Exhibits and Financial Statement Schedules 130 Item 16. Form 10-K Summary 131

Signatures

Signatures 132 i Table of Contents Special Note Regarding Forward-Looking Statements Our ability to predict results or the actual effects of future plans, strategies or events is inherently uncertain. Factors which could cause actual results or conditions to differ materially from those reflected in forward-looking statements include: uncertainty regarding domestic, foreign, and geopolitical developments and the United States and global economic outlook that may impact market conditions or affect demand for certain banking products and services, and the impact on our customers, which could impair the ability of our borrowers to repay outstanding loans and leases, impair collateral values and further increase our allowance for credit losses - loans and leases, as well as r

Business

Item 1. Business . General Byline Bancorp, Inc., headquartered in Chicago, Illinois, is a bank holding company and we conduct all our business activities through our subsidiary, Byline Bank, a full service commercial bank, and Byline Bank's subsidiaries. The words "the Company," "we," "Byline," "our" and "us" refer to Byline Bancorp, Inc. and its consolidated subsidiaries, unless we indicate otherwise. We offer a broad range of banking products and services to small and medium sized businesses, commercial real estate and financial sponsors and to consumers who generally live or work near our branches. We also offer online account opening to consumer and business customers through our website and provide trust and wealth management services to our customers. In addition to our traditional commercial banking business, we provide small ticket equipment leasing solutions through Byline Financial Group, a wholly-owned subsidiary of Byline Bank, headquartered in Bannockburn, Illinois with sales offices in Illinois, and sales representatives in Illinois, Michigan, New Jersey, and New York. We participate in U.S. government guaranteed lending programs and originate U.S. government guaranteed loans. Byline Bank was the fifth most active originator of SBA loans in the country and the most active SBA lender in Illinois, and Wisconsin, as reported by the SBA for the fiscal year ended September 30, 2023. As of December 31, 2023, we had consolidated total assets of $8.9 billion, total gross loans and leases outstanding of $6.7 billion, total deposits of $7.2 billion, and total stockholders' equity of $990.2 million. Strategic growth As part of our strategic growth plan, we explore potential opportunities for expansion in our primary and adjacent market areas through organic growth and the acquisition of financial institutions, branches, and non-banking organizations. Organic Growth We believe our local presence and our scale are essential to the continued growth of

View Full Filing

View this 10-K filing on SEC EDGAR