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Byline Bancorp, Inc. Reports First Quarter 2023 Financial Results

Select First Quarter 2023 Financial Highlights

  • Net income of $23.9 million, or $0.64 per diluted share
  • Pre-tax pre-provision return on average assets of 2.32%1
  • Return on average assets of 1.32%; Return on average tangible common equity of 16.20%1
  • Net interest margin of 4.38%; down one bp from the previous quarter
  • Efficiency ratio of 52.10%
  • Total loans and leases of $5.5 billion, quarterly increase of $74.6 million
  • Total deposits of $5.8 billion, quarterly increase of $117.5 million
  • Tangible Common Equity to Tangible Assets of 8.66%1
  • Common Equity Tier 1 to Risk Weighted Assets of 10.27%

Byline Bancorp, Inc. ("Byline", the “Company”, "we", "our", or "us") (NYSE: BY), the parent company of Byline Bank (the “Bank”), today reported net income of $23.9 million, or $0.64 per diluted share, for the first quarter of 2023 compared with net income of $24.4 million, or $0.65 per diluted share, for the fourth quarter of 2022, and net income of $21.4 million2, or $0.56 per diluted share, for the first quarter 2022.

Roberto R. Herencia, Executive Chairman and Chief Executive Officer of Byline Bancorp, Inc., commented, “Our first quarter results reflect the resiliency of our diversified business model and prudent management, notwithstanding continued rate increases and a challenging operating environment. We remain focused on executing our strategy, supporting new and existing customers and growing the value of our franchise. I am proud of the way our bankers navigated the recent turmoil within our industry, with a focus on serving our customers and communities.”

Alberto J. Paracchini, President of Byline Bancorp, Inc. added, “We delivered solid financial results for the first quarter as our performance was both balanced and strong during a period of heightened volatility and uncertainty. During the quarter, we increased our capital position and we believe we continue to maintain a high level of liquidity given the environment. At the same time, we grew revenue by 17% year-over-year, controlled non-interest expenses, achieved positive operating leverage, maintained credit quality and delivered strong profitability. Looking forward, we believe our diversified franchise, and strong capital and liquidity, position us well for the remainder of 2023.”

Board Declares Cash Dividend of $0.09 per Share

On April 25, 2023, the Company's Board of Directors declared a cash dividend of $0.09 per share, payable on May 23, 2023, to stockholders of record of the Company's common stock as of May 9, 2023.

(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.

(2)

Recast due to the adoption of ASU 2016-13 Financial Instruments - Credit Losses on December 31, 2022, which was applied retrospectively to January 1, 2022. Results for periods beginning after September 30, 2022 are presented under the new standard, while prior quarters previously reported are recast as if the new standard had been applied since January 1, 2022. Refer to our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the adoption of the standard.

STATEMENTS OF OPERATIONS

Net Interest Income

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, 2023

 

December 31, 2022

 

Recast March 31, 2022

(dollars in thousands)

Average

Balance(5)

 

Interest

Inc / Exp

 

Avg.

Yield /

Rate

 

Average

Balance(5)

 

Interest

Inc / Exp

 

Avg.

Yield /

Rate

 

Average

Balance(5)

 

Interest

Inc / Exp

 

Avg.

Yield /

Rate

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

97,578

 

 

$

442

 

1.84

%

 

$

89,367

 

 

$

234

 

1.04

%

 

$

74,822

 

 

$

29

 

0.16

%

Loans and leases(1)

 

5,484,372

 

 

 

92,343

 

6.83

%

 

 

5,389,210

 

 

$

85,720

 

6.31

%

 

 

4,669,047

 

 

 

55,138

 

4.79

%

Taxable securities

 

1,275,377

 

 

 

6,431

 

2.04

%

 

 

1,288,750

 

 

$

7,043

 

2.17

%

 

 

1,339,345

 

 

 

5,358

 

1.62

%

Tax-exempt securities(2)

 

151,817

 

 

 

994

 

2.65

%

 

 

155,562

 

 

$

1,021

 

2.60

%

 

 

169,652

 

 

 

1,124

 

2.69

%

Total interest-earning assets

$

7,009,144

 

 

$

100,210

 

5.80

%

 

$

6,922,889

 

 

$

94,018

 

5.39

%

 

$

6,252,866

 

 

$

61,649

 

4.00

%

Allowance for credit losses -

loans and leases

 

(84,321

)

 

 

 

 

 

 

(81,815

)

 

 

 

 

 

 

(68,058

)

 

 

 

 

All other assets

 

420,328

 

 

 

 

 

 

 

424,979

 

 

 

 

 

 

 

512,668

 

 

 

 

 

TOTAL ASSETS

$

7,345,151

 

 

 

 

 

 

$

7,266,053

 

 

 

 

 

 

$

6,697,476

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

$

606,008

 

 

$

2,494

 

1.67

%

 

$

596,627

 

 

$

1,902

 

1.27

%

 

$

579,297

 

 

$

178

 

0.12

%

Money market accounts

 

1,465,677

 

 

 

7,728

 

2.14

%

 

 

1,472,050

 

 

 

5,458

 

1.47

%

 

 

1,255,431

 

 

 

474

 

0.15

%

Savings

 

613,590

 

 

 

227

 

0.15

%

 

 

647,536

 

 

 

243

 

0.15

%

 

 

649,269

 

 

 

76

 

0.05

%

Time deposits

 

966,409

 

 

 

5,849

 

2.45

%

 

 

788,856

 

 

 

3,007

 

1.51

%

 

 

662,080

 

 

 

359

 

0.22

%

Total interest-bearing

deposits

 

3,651,684

 

 

 

16,298

 

1.81

%

 

 

3,505,069

 

 

 

10,610

 

1.20

%

 

 

3,146,077

 

 

 

1,087

 

0.14

%

Other borrowings

 

573,433

 

 

 

5,852

 

4.14

%

 

 

514,518

 

 

 

4,598

 

3.55

%

 

 

290,545

 

 

 

395

 

0.55

%

Federal funds purchased

 

2,778

 

 

 

36

 

5.30

%

 

 

 

 

 

 

0.00

%

 

 

 

 

 

 

0.00

%

Subordinated notes and

debentures

 

111,101

 

 

 

2,098

 

7.66

%

 

 

110,947

 

 

 

1,992

 

7.12

%

 

 

110,490

 

 

 

1,600

 

5.87

%

Total borrowings

 

687,312

 

 

 

7,986

 

4.71

%

 

 

625,465

 

 

 

6,590

 

4.18

%

 

 

401,035

 

 

 

1,995

 

2.02

%

Total interest-bearing liabilities

$

4,338,996

 

 

$

24,284

 

2.27

%

 

$

4,130,534

 

 

$

17,200

 

1.65

%

 

$

3,547,112

 

 

$

3,082

 

0.35

%

Non-interest-bearing

demand deposits

 

2,076,613

 

 

 

 

 

 

 

2,235,464

 

 

 

 

 

 

 

2,248,035

 

 

 

 

 

Other liabilities

 

145,253

 

 

 

 

 

 

 

151,763

 

 

 

 

 

 

 

80,276

 

 

 

 

 

Total stockholders’ equity

 

784,289

 

 

 

 

 

 

 

748,292

 

 

 

 

 

 

 

822,053

 

 

 

 

 

TOTAL LIABILITIES AND

STOCKHOLDERS’ EQUITY

$

7,345,151

 

 

 

 

 

 

$

7,266,053

 

 

 

 

 

 

$

6,697,476

 

 

 

 

 

Net interest spread(3)

 

 

 

 

3.53

%

 

 

 

 

 

3.74

%

 

 

 

 

 

3.65

%

Net interest income, fully

taxable equivalent

 

 

$

75,926

 

 

 

 

 

$

76,818

 

 

 

 

 

$

58,567

 

 

Net interest margin, fully

taxable equivalent(2)(4)

 

 

 

 

4.39

%

 

 

 

 

 

4.40

%

 

 

 

 

 

3.80

%

Less: Tax-equivalent adjustment

 

 

 

208

 

0.01

%

 

 

 

 

214

 

0.01

%

 

 

 

 

236

 

0.02

%

Net interest income

 

 

$

75,718

 

 

 

 

 

$

76,604

 

 

 

 

 

$

58,331

 

 

Net interest margin(4)

 

 

 

 

4.38

%

 

 

 

 

 

4.39

%

 

 

 

 

 

3.78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loan accretion impact

on margin

 

 

$

729

 

0.04

%

 

 

 

$

369

 

0.02

%

 

 

 

$

1,187

 

0.08

%

___________________

(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.

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

 

 

 

 

 

 

 

 

March 31, 2023

 

 

Three Months Ended

 

Change from

 

 

 

 

 

 

Recast

 

 

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

March 31,

(dollars in thousands)

 

2023

 

2022

 

2022

 

2022

 

2022

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

92,343

 

$

85,720

 

$

55,138

 

 

7.7

%

 

 

67.5

%

Interest on securities

 

 

6,600

 

 

6,569

 

 

6,155

 

 

0.5

%

 

 

7.2

%

Other interest and dividend income

 

 

1,059

 

 

1,515

 

 

120

 

 

(30.1

)%

 

 

781.5

%

Total interest and dividend income

 

 

100,002

 

 

93,804

 

 

61,413

 

 

6.6

%

 

 

62.8

%

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

16,298

 

 

10,610

 

 

1,087

 

 

53.6

%

 

 

1399.7

%

Other borrowings

 

 

5,888

 

 

4,598

 

 

395

 

 

28.1

%

 

 

1391.2

%

Subordinated notes and debentures

 

 

2,098

 

 

1,992

 

 

1,600

 

 

5.3

%

 

 

31.1

%

Total interest expense

 

 

24,284

 

 

17,200

 

 

3,082

 

 

41.2

%

 

 

688.1

%

Net interest income

 

$

75,718

 

$

76,604

 

$

58,331

 

 

(1.2

)%

 

 

29.8

%

Net interest income for the first quarter of 2023 was $75.7 million, a decrease of $886,000, or 1.2%, from the fourth quarter of 2022. The decrease was driven by day count and rising interest rates.

The decrease in net interest income was primarily due to:

  • An increase of $5.7 million in deposit interest expense mainly due to higher average balances and higher rates paid on time deposits and money market accounts; and
  • An increase of $1.3 million in interest expense on other borrowings due to higher rates paid and average balances on borrowings.

Partially offset by:

  • An increase of $6.6 million in interest income and fees on loans and leases due to higher yields on loans and leases.

Tax-equivalent net interest margin for the first quarter of 2023 was 4.39%, a decrease of one basis point compared to the fourth quarter of 2022. Total net loan accretion income impact on margin contributed four basis points to the net interest margin for the first quarter of 2023 compared to two basis points for the fourth quarter of 2022.

The average cost of total deposits was 1.15% for the first quarter of 2023, an increase of 42 basis points compared to the fourth quarter of 2022. Average non-interest-bearing demand deposits were 36.3% of average total deposits for the first quarter of 2023 compared to 38.9% during the fourth quarter of 2022.

Provision for Credit Losses

The provision for credit losses was $9.8 million for the first quarter of 2023, an increase of $4.0 million compared to $5.8 million for the fourth quarter of 2022. The provision for credit losses is comprised of a provision for loan and lease losses of $9.7 million and a provision for unfunded commitments of $113,000. The increase in provision during the first quarter of 2023 was primarily driven by increases in specific reserves on loans that were individually evaluated for impairment, changes in expected losses driven by macro-economic factors, and growth in the loan and lease portfolio.

Non-interest Income

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

 

 

 

 

 

 

 

 

March 31, 2023

 

 

Three Months Ended

 

Change from

 

 

 

 

 

 

Recast

 

 

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

March 31,

(dollars in thousands)

 

2023

 

2022

 

2022

 

2022

 

2022

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

$

2,120

 

$

2,081

 

 

$

1,884

 

 

 

1.9

%

 

 

12.5

%

Loan servicing revenue

 

 

3,380

 

 

3,293

 

 

 

3,380

 

 

 

2.7

%

 

 

0.0

%

Loan servicing asset revaluation

 

 

656

 

 

(3,534

)

 

 

(1,231

)

 

NM

 

 

 

(153.3

)%

ATM and interchange fees

 

 

1,063

 

 

1,250

 

 

 

1,049

 

 

 

(14.9

)%

 

 

1.3

%

Change in fair value of equity securities, net

 

 

350

 

 

710

 

 

 

(35

)

 

 

(50.6

)%

 

NM

 

Net gains on sales of loans

 

 

5,148

 

 

5,509

 

 

 

10,827

 

 

 

(6.6

)%

 

 

(52.4

)%

Wealth management and trust income

 

 

924

 

 

864

 

 

 

1,048

 

 

 

7.0

%

 

 

(11.9

)%

Other non-interest income

 

 

1,504

 

 

1,282

 

 

 

2,621

 

 

 

17.2

%

 

 

(42.6

)%

Total non-interest income

 

$

15,145

 

$

11,455

 

 

$

19,543

 

 

 

32.2

%

 

 

(22.5

)%

Non-interest income for the first quarter of 2023 was $15.1 million, an increase of $3.7 million, or 32.2%, compared to $11.5 million for the fourth quarter of 2022.

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

  • An increase of $4.2 million in the valuation of the loan servicing asset from favorable fair value adjustments due to improvements in market conditions.

Partially offset by:

  • A decrease of $361,000 in the net gain on sales of loans, due to lower volume of loan sales.

During the first quarter of 2023, we sold $72.2 million of U.S. government guaranteed loans compared to $86.0 million during the fourth quarter of 2022.

Non-interest Expense

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

 

 

 

 

 

 

 

 

March 31, 2023

 

 

Three Months Ended

 

Change from

 

 

 

 

 

 

Recast

 

 

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

March 31,

(dollars in thousands)

 

2023

 

2022

 

2022

 

2022

 

2022

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

30,394

 

 

$

31,808

 

$

28,959

 

 

 

(4.4

)%

 

 

5.0

%

Occupancy and equipment expense, net

 

 

4,444

 

 

 

3,532

 

 

5,128

 

 

 

25.8

%

 

 

(13.3

)%

Impairment charge on assets held for sale

 

 

20

 

 

 

372

 

 

 

 

 

(94.8

)%

 

NM

 

Loan and lease related expenses

 

 

963

 

 

 

1,126

 

 

(891

)

 

 

(14.4

)%

 

 

(208.1

)%

Legal, audit and other professional fees

 

 

3,114

 

 

 

3,204

 

 

2,600

 

 

 

(2.8

)%

 

 

19.8

%

Data processing

 

 

3,783

 

 

 

3,406

 

 

3,186

 

 

 

11.1

%

 

 

18.7

%

Net (gain) loss recognized on other real estate

owned and other related expenses

 

 

(103

)

 

 

221

 

 

54

 

 

NM

 

 

NM

 

Other intangible assets amortization expense

 

 

1,455

 

 

 

1,596

 

 

1,596

 

 

 

(8.8

)%

 

 

(8.8

)%

Other non-interest expense

 

 

4,730

 

 

 

5,235

 

 

3,324

 

 

 

(9.6

)%

 

 

42.3

%

Total non-interest expense

 

$

48,800

 

 

$

50,500

 

$

43,956

 

 

 

(3.4

)%

 

 

11.0

%

Non-interest expense for the first quarter of 2023 was $48.8 million, a decrease of $1.7 million, or 3.4%, from $50.5 million for the fourth quarter of 2022.

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

  • A decrease of $1.4 million in salaries and employee benefits mainly due to decreases in incentive compensation, offset by increases in payroll taxes; and
  • A decrease of $505,000 in other non-interest expense, as the prior quarter included net losses of $480,000 in leasehold improvements.

Partially offset by:

  • An increase of $912,000 in occupancy and equipment expense, net, primarily due to increases in real estate taxes and building maintenance; and
  • An increase of $377,000 in data processing mainly due to merger related expenses.

Our efficiency ratio was 52.10% for the first quarter of 2023 compared to 55.53% for the fourth quarter of 2022.

INCOME TAXES

We recorded income tax expense of $8.3 million during the first quarter of 2023, compared to $7.4 million during the fourth quarter of 2022. The effective tax rate was 25.7% and 23.2% for the first quarter of 2023 and fourth quarter of 2022, respectively. The increase in the effective tax rate is primarily due to the effect of a prior quarter tax benefit related to share-based compensation.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $7.5 billion at March 31, 2023, an increase of $167.4 million compared to $7.4 billion at December 31, 2022.

The current quarter increase was primarily due to:

  • An increase in cash and cash equivalents of $104.9 million primarily to augment liquidity levels given the environment and support customer activities; and
  • An increase in net loans and leases of $85.5 million primarily due to growth in the originated loan and lease portfolio.

Partially offset by:

  • A decrease in loans held for sale of $19.4 million, driven mainly by lower volume of government guaranteed loans.

The following table shows our allocation of the originated, purchase credit deteriorated, and non-credit deteriorated loans and leases at the dates indicated:

 

 

 

 

 

 

 

 

Recast

 

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

(dollars in thousands)

 

Amount

 

% of Total

 

Amount

 

% of Total

 

Amount

 

% of Total

Originated loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,749,808

 

 

 

31.7

%

 

$

1,712,152

 

 

 

31.6

%

 

$

1,530,703

 

 

 

32.0

%

Residential real estate

 

 

441,291

 

 

 

8.0

%

 

 

426,226

 

 

 

7.9

%

 

 

399,852

 

 

 

8.3

%

Construction, land development, and

other land

 

 

446,763

 

 

 

8.1

%

 

 

438,617

 

 

 

8.1

%

 

 

351,518

 

 

 

7.3

%

Commercial and industrial

 

 

2,060,537

 

 

 

37.4

%

 

 

2,029,855

 

 

 

37.5

%

 

 

1,697,555

 

 

 

35.5

%

Paycheck Protection Program

 

 

730

 

 

 

0.0

%

 

 

761

 

 

 

0.0

%

 

 

36,260

 

 

 

0.8

%

Installment and other

 

 

1,603

 

 

 

0.0

%

 

 

1,410

 

 

 

0.0

%

 

 

946

 

 

 

0.0

%

Leasing financing receivables

 

 

552,174

 

 

 

10.0

%

 

 

521,689

 

 

 

9.6

%

 

 

379,527

 

 

 

7.9

%

Total originated loans and leases

 

$

5,252,906

 

 

 

95.2

%

 

$

5,130,710

 

 

 

94.7

%

 

$

4,396,361

 

 

 

91.8

%

Purchased credit deteriorated loans

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

39,000

 

 

 

0.7

%

 

$

45,143

 

 

 

0.8

%

 

$

62,480

 

 

 

1.3

%

Residential real estate

 

 

30,070

 

 

 

0.6

%

 

 

32,228

 

 

 

0.6

%

 

 

46,576

 

 

 

1.0

%

Construction, land development, and

other land

 

 

345

 

 

 

0.0

%

 

 

372

 

 

 

0.0

%

 

 

1,383

 

 

 

0.0

%

Commercial and industrial

 

 

1,745

 

 

 

0.0

%

 

 

2,192

 

 

 

0.0

%

 

 

3,884

 

 

 

0.1

%

Installment and other

 

 

134

 

 

 

0.0

%

 

 

140

 

 

 

0.0

%

 

 

161

 

 

 

0.0

%

Total purchased credit deteriorated loans

 

$

71,294

 

 

 

1.3

%

 

$

80,075

 

 

 

1.4

%

 

$

114,484

 

 

 

2.4

%

Acquired non-credit-deteriorated loans and leases

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

140,576

 

 

 

2.6

%

 

$

152,193

 

 

 

2.8

%

 

$

185,107

 

 

 

3.9

%

Residential real estate

 

 

27,975

 

 

 

0.5

%

 

 

31,508

 

 

 

0.6

%

 

 

48,173

 

 

 

1.0

%

Construction, land development, and

other land

 

 

 

 

 

0.0

%

 

 

 

 

 

0.0

%

 

 

196

 

 

 

0.0

%

Commercial and industrial

 

 

20,793

 

 

 

0.4

%

 

 

24,266

 

 

 

0.5

%

 

 

37,882

 

 

 

0.8

%

Installment and other

 

 

85

 

 

 

0.0

%

 

 

209

 

 

 

0.0

%

 

 

247

 

 

 

0.0

%

Leasing financing receivables

 

 

1,703

 

 

 

0.0

%

 

 

2,297

 

 

 

0.0

%

 

 

5,157

 

 

 

0.1

%

Total acquired non-credit-deteriorated

loans and leases

 

$

191,132

 

 

 

3.5

%

 

$

210,473

 

 

 

3.9

%

 

$

276,762

 

 

 

5.8

%

Total loans and leases

 

$

5,515,332

 

 

 

100.0

%

 

$

5,421,258

 

 

 

100.0

%

 

$

4,787,607

 

 

 

100.0

%

Allowance for credit losses - loans and leases

 

 

(90,465

)

 

 

 

 

(81,924

)

 

 

 

 

(72,107

)

 

 

Total loans and leases, net of allowance for

credit losses - loans and leases

 

$

5,424,867

 

 

 

 

$

5,339,334

 

 

 

 

$

4,715,500

 

 

 

ASSET QUALITY

Non-Performing Assets

The following table sets forth the amounts of non-performing loans and leases and other real estate owned at the dates indicated:

 

 

 

 

 

 

 

 

March 31, 2023

 

 

 

 

 

 

Recast

 

Change from

(dollars in thousands)

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

 

December 31, 2022

 

March 31, 2022

Non-performing assets:

 

 

 

 

 

 

 

 

 

 

Non-accrual loans and leases

 

$

46,536

 

 

$

36,027

 

 

$

33,236

 

 

 

29.2

%

 

 

40.0

%

Past due loans and leases 90 days or more

and still accruing interest

 

 

 

 

 

 

 

 

 

 

%

 

%

Total non-performing loans and leases

 

$

46,536

 

 

$

36,027

 

 

$

33,236

 

 

 

29.2

%

 

 

40.0

%

Other real estate owned

 

 

3,712

 

 

 

4,717

 

 

 

2,221

 

 

 

(21.3

)%

 

 

67.1

%

Total non-performing assets

 

$

50,248

 

 

$

40,744

 

 

$

35,457

 

 

 

23.3

%

 

 

41.7

%

Total non-performing loans and leases as a

percentage of total loans and leases

 

 

0.84

%

 

 

0.66

%

 

 

0.69

%

 

 

 

 

Total non-performing assets as a percentage

of total assets

 

 

0.67

%

 

 

0.55

%

 

 

0.52

%

 

 

 

 

Allowance for credit losses - loans and lease

as a percentage of non-performing

loans and leases

 

 

194.40

%

 

 

227.40

%

 

 

216.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing assets guaranteed by

U.S. government:

 

 

 

 

 

 

 

 

 

 

Non-accrual loans guaranteed

 

$

2,335

 

 

$

2,225

 

 

$

1,832

 

 

 

5.0

%

 

 

27.5

%

Past due loans 90 days or more and still

accruing interest guaranteed

 

 

 

 

 

 

 

 

 

 

%

 

%

Total non-performing loans guaranteed

 

$

2,335

 

 

$

2,225

 

 

$

1,832

 

 

 

5.0

%

 

 

27.5

%

Total non-performing loans and leases

not guaranteed as a percentage of total

loans and leases

 

 

0.80

%

 

 

0.62

%

 

 

0.66

%

 

 

 

 

Total non-performing assets not guaranteed

as a percentage of total assets

 

 

0.64

%

 

 

0.52

%

 

 

0.49

%

 

 

 

 

Variances in non-performing assets were:

  • Non-performing loans and leases were $46.5 million at March 31, 2023, an increase of $10.5 million from $36.0 million at December 31, 2022, primarily due to an increase in impaired loans.
  • Other real estate owned was $3.7 million at March 31, 2023, a decrease of $1.0 million from $4.7 million at December 31, 2022, primarily due to sales of properties.

Allowance for Credit Losses ("ACL") - Loans and Leases

The following table presents the balance and activity within the allowance for credit losses - loans and leases for the periods indicated:

 

 

Three Months Ended

 

 

 

 

 

 

Recast

 

 

March 31,

 

December 31,

 

March 31,

(dollars in thousands)

 

2023

 

2022

 

2022

ACL - loans and leases, beginning of period

 

$

81,924

 

 

$

79,704

 

 

$

55,012

 

Cumulative effect adjustment (ASU 2016-13)

 

 

 

 

 

 

 

 

12,168

 

Provision for credit losses - loans and leases

 

 

9,712

 

 

 

5,399

 

 

 

5,723

 

Net charge-offs - loans and leases

 

 

(1,171

)

 

 

(3,179

)

 

 

(796

)

ACL - loans and leases, end of period

 

$

90,465

 

 

$

81,924

 

 

$

72,107

 

Net charge-offs - loans and leases to average total

loans and leases held for investment, net before ACL

 

 

0.09

%

 

 

0.24

%

 

 

0.07

%

Provision for credit losses - loans and leases

to net charge-offs - loans and leases during the period

 

 

8.29x

 

 

1.70x

 

 

7.19x

Net charge-offs of loans and leases during the first quarter of 2023 were $1.2 million, or 0.09% of average loans and leases, on an annualized basis, a decrease of $2.0 million compared to $3.2 million, or 0.24% of average loans and leases, during the fourth quarter of 2022, and an increase of $375,000 from $796,000 or 0.07% of average loans and leases from the comparable period a year ago.

Net charge-offs for the first quarter of 2023 included $1.1 million in the unguaranteed portion of U.S. government guaranteed loans, while net charge-offs for the fourth quarter of 2022 and first quarter of 2022 included $645,000 and $362,000, respectively, 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, 2023

 

 

 

 

 

 

 

Change from

(dollars in thousands)

March 31, 2023

 

December 31, 2022

 

March 31, 2022

 

December 31, 2022

 

March 31, 2022

Non-interest-bearing demand deposits

$

1,952,045

 

$

2,138,645

 

$

2,281,612

 

 

(8.7

)%

 

 

(14.4

)%

Interest-bearing checking accounts

 

560,837

 

 

592,098

 

 

596,497

 

 

(5.3

)%

 

 

(6.0

)%

Money market demand accounts

 

1,453,688

 

 

1,415,653

 

 

1,357,679

 

 

2.7

%

 

 

7.1

%

Other savings

 

590,231

 

 

625,798

 

 

659,218

 

 

(5.7

)%

 

 

(10.5

)%

Time deposits (below $250,000)

 

1,089,785

 

 

762,250

 

 

505,141

 

 

43.0

%

 

 

115.7

%

Time deposits ($250,000 and above)

 

166,066

 

 

160,677

 

 

129,955

 

 

3.4

%

 

 

27.8

%

Total deposits

$

5,812,652

 

$

5,695,121

 

$

5,530,102

 

 

2.1

%

 

 

5.1

%

Total deposits increased to $5.8 billion at March 31, 2023 compared to $5.7 billion at December 31, 2022. Non-interest-bearing deposits were 33.6% and 37.6% of total deposits at March 31, 2023 and December 31, 2022, respectively. Estimated total uninsured deposits were $1.6 billion as of March 31, 2023 and December 31, 2022, and represented 27.9% and 28.2% of total deposits, respectively.

The increase in deposits in the current quarter was due to:

  • An increase in time deposits of $332.9 million, principally due to deposit mix changes, including migration of deposits from other core deposit accounts to time deposits; and
  • An increase in money market demand accounts of $38.0 million, mainly due to inflows of public funds.

Partially offset by:

  • A decrease in non-interest-bearing demand deposits of $186.6 million, primarily due to seasonal fluctuations in balances and a competitive interest rate environment.

Total borrowings and other liabilities were $922.0 million at March 31, 2023, an increase of $20.0 million from $902.0 million at December 31, 2022, primarily driven by increases to securities sold under agreements to repurchase due to prevailing market conditions.

Stockholders’ Equity

Total stockholders’ equity was $795.7 million at March 31, 2023, an increase of $29.8 million from $765.8 million at December 31, 2022. The increase was primarily due to increased retained earnings due to net income and decreased accumulated other comprehensive loss due to decreased unrealized losses on AFS securities.

The following table presents actual regulatory capital dollar amounts and ratios of the Company and the Bank as of March 31, 2023:

 

 

Actual

 

Minimum Capital

Required

 

Required to be

Considered

Well Capitalized

March 31, 2023

 

Amount

 

Ratio

 

Amount

 

Ratio

 

Amount

 

Ratio

Total capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

931,827

 

 

13.19

%

 

$

565,374

 

 

8.00

%

 

N/A

 

N/A

 

Bank

 

 

884,077

 

 

12.55

%

 

 

563,335

 

 

8.00

%

 

$

704,168

 

 

10.00

%

Tier 1 capital to risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

770,494

 

 

10.90

%

 

$

424,031

 

 

6.00

%

 

N/A

 

N/A

 

Bank

 

 

797,744

 

 

11.33

%

 

 

422,501

 

 

6.00

%

 

$

563,335

 

 

8.00

%

Common Equity Tier 1 (CET1) to

risk weighted assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

725,494

 

 

10.27

%

 

$

318,023

 

 

4.50

%

 

N/A

 

N/A

 

Bank

 

 

797,744

 

 

11.33

%

 

 

316,876

 

 

4.50

%

 

$

457,709

 

 

6.50

%

Tier 1 capital to average assets:

 

 

 

 

 

 

 

 

 

 

 

 

Company

 

$

770,494

 

 

10.46

%

 

$

294,524

 

 

4.00

%

 

N/A

 

N/A

 

Bank

 

 

797,744

 

 

10.85

%

 

$

293,994

 

 

4.00

%

 

$

367,492

 

 

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. The ratios above reflect the Company’s election to opt into the regulators’ joint current expected credit losses ("CECL") transition provision, which allows the Company to phase in the capital impact of the adoption of CECL over the next three years beginning January 1, 2022. Accordingly, capital ratios as of March 31, 2023 reflect 50% of the CECL impact.

CECL Adoption

On December 31, 2022, the Company adopted CECL and applied it retrospectively to the period beginning January 1, 2022 using the modified retrospective method of accounting. Results for reporting periods beginning after September 30, 2022 are presented under the new standard, while prior quarters previously reported are recast as if the new standard had been applied since January 1, 2022. Refer to our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the adoption of the standard.

Conference Call, Webcast and Slide Presentation

We will host a conference call and webcast at 9:00 a.m. Central Time on Friday, April 28, 2023 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 (833) 470-1428; passcode 370613. A recorded replay can be accessed through May 12, 2023 by dialing (866) 813-9403; passcode: 354719

A slide presentation relating to our first quarter 2023 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 of Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $7.5 billion in assets and operates more than 30 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 Small Business Administration lenders in the United States.

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 judgment 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.

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, 2022. 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)

 

 

 

 

 

 

Recast

 

Recast

 

Recast

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

(dollars in thousands)

 

2023

 

2022

 

2022

 

2022

 

2022

ASSETS

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

52,725

 

 

$

62,274

 

 

$

56,546

 

 

$

58,844

 

 

$

48,015

 

Interest bearing deposits with other banks

 

 

231,486

 

 

 

117,079

 

 

 

159,744

 

 

 

83,057

 

 

 

105,564

 

Cash and cash equivalents

 

 

284,211

 

 

 

179,353

 

 

 

216,290

 

 

 

141,901

 

 

 

153,579

 

Equity and other securities, at fair value

 

 

8,339

 

 

 

7,989

 

 

 

7,279

 

 

 

7,860

 

 

 

10,677

 

Securities available-for-sale, at fair value

 

 

1,164,387

 

 

 

1,174,431

 

 

 

1,181,654

 

 

 

1,273,138

 

 

 

1,369,368

 

Securities held-to-maturity, at amortized cost

 

 

2,704

 

 

 

2,705

 

 

 

3,877

 

 

 

3,880

 

 

 

3,882

 

Restricted stock, at cost

 

 

38,777

 

 

 

28,202

 

 

 

27,077

 

 

 

30,002

 

 

 

13,977

 

Loans held for sale

 

 

28,379

 

 

 

47,823

 

 

 

33,975

 

 

 

17,284

 

 

 

39,520

 

Loans and leases:

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

 

5,515,332

 

 

 

5,421,258

 

 

 

5,275,126

 

 

 

5,167,716

 

 

 

4,787,607

 

Allowance for credit losses - loans and leases

 

 

(90,465

)

 

 

(81,924

)

 

 

(79,704

)

 

 

(74,048

)

 

 

(72,107

)

Net loans and leases

 

 

5,424,867

 

 

 

5,339,334

 

 

 

5,195,422

 

 

 

5,093,668

 

 

 

4,715,500

 

Servicing assets, at fair value

 

 

20,944

 

 

 

19,172

 

 

 

21,127

 

 

 

22,155

 

 

 

24,497

 

Premises and equipment, net

 

 

56,098

 

 

 

56,798

 

 

 

59,049

 

 

 

60,773

 

 

 

62,281

 

Other real estate owned, net

 

 

3,712

 

 

 

4,717

 

 

 

4,402

 

 

 

4,749

 

 

 

2,221

 

Goodwill and other intangible assets, net

 

 

157,432

 

 

 

158,887

 

 

 

160,484

 

 

 

162,094

 

 

 

163,962

 

Bank-owned life insurance

 

 

82,693

 

 

 

82,093

 

 

 

81,592

 

 

 

81,100

 

 

 

80,604

 

Deferred tax assets, net

 

 

64,918

 

 

 

68,213

 

 

 

95,831

 

 

 

82,412

 

 

 

71,355

 

Accrued interest receivable and other assets

 

 

192,885

 

 

 

193,224

 

 

 

179,218

 

 

 

143,014

 

 

 

114,035

 

Total assets

 

$

7,530,346

 

 

$

7,362,941

 

 

$

7,267,277

 

 

$

7,124,030

 

 

$

6,825,458

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

$

1,952,045

 

 

$

2,138,645

 

 

$

2,142,183

 

 

$

2,180,927

 

 

$

2,281,612

 

Interest-bearing deposits

 

 

3,860,607

 

 

 

3,556,476

 

 

 

3,470,273

 

 

 

3,207,450

 

 

 

3,248,490

 

Total deposits

 

 

5,812,652

 

 

 

5,695,121

 

 

 

5,612,456

 

 

 

5,388,377

 

 

 

5,530,102

 

Other borrowings

 

 

662,810

 

 

 

640,399

 

 

 

653,954

 

 

 

748,092

 

 

 

311,450

 

Subordinated notes, net

 

 

73,735

 

 

 

73,691

 

 

 

73,648

 

 

 

73,604

 

 

 

73,560

 

Junior subordinated debentures issued to

capital trusts, net

 

 

37,442

 

 

 

37,338

 

 

 

37,232

 

 

 

37,123

 

 

 

37,011

 

Accrued expenses and other liabilities

 

 

148,057

 

 

 

150,576

 

 

 

154,182

 

 

 

121,186

 

 

 

95,674

 

Total liabilities

 

 

6,734,696

 

 

 

6,597,125

 

 

 

6,531,472

 

 

 

6,368,382

 

 

 

6,047,797

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

390

 

 

 

389

 

 

 

389

 

 

 

388

 

 

 

388

 

Additional paid-in capital

 

 

598,103

 

 

 

598,297

 

 

 

597,049

 

 

 

595,938

 

 

 

595,006

 

Retained earnings

 

 

356,365

 

 

 

335,794

 

 

 

314,800

 

 

 

297,765

 

 

 

279,387

 

Treasury stock

 

 

(51,066

)

 

 

(51,114

)

 

 

(51,535

)

 

 

(47,181

)

 

 

(40,732

)

Accumulated other comprehensive loss, net of tax

 

 

(108,142

)

 

 

(117,550

)

 

 

(124,898

)

 

 

(91,262

)

 

 

(56,388

)

Total stockholders’ equity

 

 

795,650

 

 

 

765,816

 

 

 

735,805

 

 

 

755,648

 

 

 

777,661

 

Total liabilities and stockholders’ equity

 

$

7,530,346

 

 

$

7,362,941

 

 

$

7,267,277

 

 

$

7,124,030

 

 

$

6,825,458 

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

Three Months Ended

 

 

 

 

 

 

Recast

 

Recast

 

Recast

(dollars in thousands,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

except per share data)

 

2023

 

2022

 

2022

 

2022

 

2022

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

92,343

 

 

$

85,720

 

 

$

72,635

 

 

$

59,919

 

 

$

55,138

 

Interest on securities

 

 

6,600

 

 

 

6,569

 

 

 

6,402

 

 

 

6,264

 

 

 

6,155

 

Other interest and dividend income

 

 

1,059

 

 

 

1,515

 

 

 

626

 

 

 

496

 

 

 

120

 

Total interest and dividend income

 

 

100,002

 

 

 

93,804

 

 

 

79,663

 

 

 

66,679

 

 

 

61,413

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

16,298

 

 

 

10,610

 

 

 

5,971

 

 

 

2,128

 

 

 

1,087

 

Other borrowings

 

 

5,888

 

 

 

4,598

 

 

 

3,232

 

 

 

1,097

 

 

 

395

 

Subordinated notes and debentures

 

 

2,098

 

 

 

1,992

 

 

 

1,825

 

 

 

1,694

 

 

 

1,600

 

Total interest expense

 

 

24,284

 

 

 

17,200

 

 

 

11,028

 

 

 

4,919

 

 

 

3,082

 

Net interest income

 

 

75,718

 

 

 

76,604

 

 

 

68,635

 

 

 

61,760

 

 

 

58,331

 

PROVISION FOR CREDIT LOSSES

 

 

9,825

 

 

 

5,826

 

 

 

7,208

 

 

 

4,286

 

 

 

6,559

 

Net interest income after

provision for

credit losses

 

 

65,893

 

 

 

70,778

 

 

 

61,427

 

 

 

57,474

 

 

 

51,772

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposits

 

 

2,120

 

 

 

2,081

 

 

 

2,128

 

 

 

2,059

 

 

 

1,884

 

Loan servicing revenue

 

 

3,380

 

 

 

3,293

 

 

 

3,422

 

 

 

3,384

 

 

 

3,380

 

Loan servicing asset revaluation

 

 

656

 

 

 

(3,534

)

 

 

(2,342

)

 

 

(4,636

)

 

 

(1,231

)

ATM and interchange fees

 

 

1,063

 

 

 

1,250

 

 

 

1,007

 

 

 

1,131

 

 

 

1,049

 

Net realized gains (losses) on securities

available-for-sale

 

 

 

 

 

 

 

 

(2

)

 

 

52

 

 

 

 

Change in fair value of equity

securities, net

 

 

350

 

 

 

710

 

 

 

(581

)

 

 

(697

)

 

 

(35

)

Net gains on sales of loans

 

 

5,148

 

 

 

5,509

 

 

 

5,580

 

 

 

9,983

 

 

 

10,827

 

Wealth management and trust income

 

 

924

 

 

 

864

 

 

 

995

 

 

 

900

 

 

 

1,048

 

Other non-interest income

 

 

1,504

 

 

 

1,282

 

 

 

1,836

 

 

 

2,097

 

 

 

2,621

 

Total non-interest income

 

 

15,145

 

 

 

11,455

 

 

 

12,043

 

 

 

14,273

 

 

 

19,543

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

30,394

 

 

 

31,808

 

 

 

29,587

 

 

 

27,697

 

 

 

28,959

 

Occupancy and equipment expense,

net

 

 

4,444

 

 

 

3,532

 

 

 

3,919

 

 

 

4,409

 

 

 

5,128

 

Impairment charge on assets

held for sale

 

 

20

 

 

 

372

 

 

 

 

 

 

 

 

 

 

Loan and lease related expenses

 

 

963

 

 

 

1,126

 

 

 

530

 

 

 

942

 

 

 

(891

)

Legal, audit, and other

professional fees

 

 

3,114

 

 

 

3,204

 

 

 

2,733

 

 

 

1,820

 

 

 

2,600

 

Data processing

 

 

3,783

 

 

 

3,406

 

 

 

3,370

 

 

 

3,396

 

 

 

3,186

 

Net (gain) loss recognized on other real

estate owned and other related

expenses

 

 

(103

)

 

 

221

 

 

 

275

 

 

 

158

 

 

 

54

 

Other intangible assets amortization

expense

 

 

1,455

 

 

 

1,596

 

 

 

1,611

 

 

 

1,868

 

 

 

1,596

 

Other non-interest expense

 

 

4,730

 

 

 

5,235

 

 

 

4,016

 

 

 

3,295

 

 

 

3,324

 

Total non-interest expense

 

 

48,800

 

 

 

50,500

 

 

 

46,041

 

 

 

43,585

 

 

 

43,956

 

INCOME BEFORE PROVISION FOR

INCOME TAXES

 

 

32,238

 

 

 

31,733

 

 

 

27,429

 

 

 

28,162

 

 

 

27,359

 

PROVISION FOR INCOME TAXES

 

 

8,293

 

 

 

7,366

 

 

 

7,020

 

 

 

6,382

 

 

 

5,961

 

NET INCOME

 

 

23,945

 

 

 

24,367

 

 

 

20,409

 

 

 

21,780

 

 

 

21,398

 

Dividends on preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

196

 

INCOME AVAILABLE TO COMMON

STOCKHOLDERS

 

$

23,945

 

 

$

24,367

 

 

$

20,409

 

 

$

21,780

 

 

$

21,202

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.65

 

 

$

0.66

 

 

$

0.55

 

 

$

0.59

 

 

$

0.57

 

Diluted

 

$

0.64

 

 

$

0.65

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

 

As of or For the Three Months Ended

 

 

 

 

 

Recast

 

Recast

 

Recast

(dollars in thousands, except share

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

and per share data)

2023

 

2022

 

2022

 

2022

 

2022

Common Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Common Share

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.65

 

 

$

0.66

 

 

$

0.55

 

 

$

0.59

 

 

$

0.57

 

Diluted earnings per common share

$

0.64

 

 

$

0.65

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

Adjusted diluted earnings per

common share(1)(2)(3)(4)

$

0.65

 

 

$

0.67

 

 

$

0.55

 

 

$

0.58

 

 

$

0.56

 

Weighted average common shares

outstanding (basic)

 

36,955,085

 

 

 

36,856,221

 

 

 

36,851,973

 

 

 

37,064,795

 

 

 

37,123,161

 

Weighted average common shares

outstanding (diluted)

 

37,539,912

 

 

 

37,360,113

 

 

 

37,371,159

 

 

 

37,612,268

 

 

 

38,042,822

 

Common shares outstanding

 

37,713,427

 

 

 

37,492,775

 

 

 

37,465,902

 

 

 

37,669,102

 

 

 

37,811,582

 

Cash dividends per common share

$

0.09

 

 

$

0.09

 

 

$

0.09

 

 

$

0.09

 

 

$

0.09

 

Dividend payout ratio on

common stock

 

14.06

%

 

 

13.85

%

 

 

16.36

%

 

 

15.52

%

 

 

16.07

%

Tangible book value per

common share(1)

$

16.92

 

 

$

16.19

 

 

$

15.36

 

 

$

15.76

 

 

$

16.23

 

Key Ratios and Performance Metrics

(annualized where applicable)

 

 

 

 

 

 

 

 

 

Net interest margin, fully taxable

equivalent (1)(5)

 

4.39

%

 

 

4.40

%

 

 

4.04

%

 

 

3.78

%

 

 

3.80

%

Average cost of deposits

 

1.15

%

 

 

0.73

%

 

 

0.43

%

 

 

0.16

%

 

 

0.08

%

Efficiency ratio(2)

 

52.10

%

 

 

55.53

%

 

 

55.07

%

 

 

54.87

%

 

 

54.40

%

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

 

51.54

%

 

 

54.50

%

 

 

55.07

%

 

 

54.87

%

 

 

54.40

%

Non-interest income to total

revenues(1)

 

16.67

%

 

 

13.01

%

 

 

14.93

%

 

 

18.77

%

 

 

25.09

%

Non-interest expense to average assets

 

2.69

%

 

 

2.76

%

 

 

2.56

%

 

 

2.51

%

 

 

2.66

%

Adjusted non-interest expense to

average assets(1)(3)

 

2.67

%

 

 

2.71

%

 

 

2.56

%

 

 

2.51

%

 

 

2.66

%

Return on average stockholders' equity

 

12.38

%

 

 

12.92

%

 

 

10.57

%

 

 

11.35

%

 

 

10.56

%

Adjusted return on average

stockholders' equity(1)(3)(4)

 

12.62

%

 

 

13.34

%

 

 

10.57

%

 

 

11.35

%

 

 

10.56

%

Return on average assets

 

1.32

%

 

 

1.33

%

 

 

1.13

%

 

 

1.25

%

 

 

1.30

%

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

 

1.35

%

 

 

1.37

%

 

 

1.13

%

 

 

1.25

%

 

 

1.30

%

Pre-tax pre-provision return on

average assets(1)

 

2.32

%

 

 

2.05

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

Adjusted pre-tax pre-provision return

on average assets(1)(3)

 

2.35

%

 

 

2.10

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

Return on average tangible common

stockholders' equity(1)

 

16.20

%

 

 

17.21

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

Adjusted return on average tangible

common stockholders' equity(1)(3)

 

16.49

%

 

 

17.75

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

Non-interest-bearing deposits to

total deposits

 

33.58

%

 

 

37.55

%

 

 

38.17

%

 

 

40.47

%

 

 

41.26

%

Loans and leases held for sale and

loans and lease held for

investment to total deposits

 

95.37

%

 

 

96.03

%

 

 

94.59

%

 

 

96.23

%

 

 

87.29

%

Deposits to total liabilities

 

86.31

%

 

 

86.33

%

 

 

85.93

%

 

 

84.61

%

 

 

91.44

%

Deposits per branch

$

152,965

 

 

$

149,872

 

 

$

147,696

 

 

$

141,799

 

 

$

125,684

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

Non-performing loans and leases to

total loans and leases held for

investment, net before ACL

 

0.84

%

 

 

0.66

%

 

 

0.80

%

 

 

0.83

%

 

 

0.69

%

ACL to total loans and leases held for investment,

net before ACL

 

1.64

%

 

 

1.51

%

 

 

1.51

%

 

 

1.43

%

 

 

1.51

%

Net charge-offs to average total loans

and leases held for investment,

net before ACL - loans and leases

 

0.09

%

 

 

0.24

%

 

 

0.14

%

 

 

0.17

%

 

 

0.07

%

Capital Ratios

 

 

 

 

 

 

 

 

 

Common equity to total assets

 

10.57

%

 

 

10.40

%

 

 

10.12

%

 

 

10.61

%

 

 

11.39

%

Tangible common equity to

tangible assets(1)

 

8.66

%

 

 

8.42

%

 

 

8.10

%

 

 

8.53

%

 

 

9.21

%

Leverage ratio

 

10.46

%

 

 

10.29

%

 

 

10.30

%

 

 

10.34

%

 

 

10.70

%

Common equity tier 1 capital ratio

 

10.27

%

 

 

10.20

%

 

 

10.24

%

 

 

10.26

%

 

 

10.75

%

Tier 1 capital ratio

 

10.90

%

 

 

10.85

%

 

 

10.91

%

 

 

10.95

%

 

 

11.49

%

Total capital ratio

 

13.19

%

 

 

13.00

%

 

 

13.02

%

 

 

13.09

%

 

 

13.72

%

___________________

(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.

(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%.

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

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, total revenue, 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 below 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.

 

 

As of or For the Three Months Ended

 

 

 

 

 

 

Recast

 

Recast

 

Recast

 

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

(dollars in thousands, except per share data)

 

2023

 

2022

 

2022

 

2022

 

2022

Net income and earnings per share

excluding significant items

 

 

 

 

 

 

 

 

 

 

Reported Net Income

 

$

23,945

 

 

$

24,367

 

 

$

20,409

 

$

21,780

 

$

21,398

Significant items:

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held

for sale and ROU asset

 

 

20

 

 

 

372

 

 

 

 

 

 

 

Merger-related expenses

 

 

489

 

 

 

538

 

 

 

 

 

 

 

Tax benefit

 

 

(56

)

 

 

(118

)

 

 

 

 

 

 

Adjusted Net Income

 

$

24,398

 

 

$

25,159

 

 

$

20,409

 

$

21,780

 

$

21,398

Reported Diluted Earnings per Share

 

$

0.64

 

 

$

0.65

 

 

$

0.55

 

$

0.58

 

$

0.56

Significant items:

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held

for sale and ROU asset

 

 

 

 

 

0.01

 

 

 

 

 

 

 

Merger-related expenses

 

 

0.01

 

 

 

0.01

 

 

 

 

 

 

 

Tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Diluted Earnings per Share

 

$

0.65

 

 

$

0.67

 

 

$

0.55

 

$

0.58

 

$

0.56

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

As of or For the Three Months Ended

 

 

 

 

 

 

Recast

 

Recast

 

Recast

(dollars in thousands, except per share data,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

ratios annualized, where applicable)

 

2023

 

2022

 

2022

 

2022

 

2022

Adjusted non-interest expense:

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

$

48,800

 

 

$

50,500

 

 

$

46,041

 

$

43,585

 

$

43,956

Less: Significant items

 

 

 

 

 

 

 

 

 

 

Impairment charges on assets held for sale

and ROU asset

 

 

20

 

 

 

372

 

 

 

 

 

 

 

Merger-related expenses

 

 

489

 

 

 

538

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

48,291

 

 

$

49,590

 

 

$

46,041

 

$

43,585

 

$

43,956

Adjusted non-interest expense excluding

amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

48,291

 

 

$

49,590

 

 

$

46,041

 

$

43,585

 

$

43,956

Less: Amortization of intangible assets

 

 

1,455

 

 

 

1,596

 

 

 

1,611

 

 

1,868

 

 

1,596

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

46,836

 

 

$

47,994

 

 

$

44,430

 

$

41,717

 

$

42,360

Pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

Pre-tax income

 

$

32,238

 

 

$

31,733

 

 

$

27,429

 

$

28,162

 

$

27,359

Add: Provision for credit losses

 

 

9,825

 

 

 

5,826

 

 

 

7,208

 

 

4,286

 

 

6,559

Pre-tax pre-provision net income

 

$

42,063

 

 

$

37,559

 

 

$

34,637

 

$

32,448

 

$

33,918

Adjusted pre-tax pre-provision net income:

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

42,063

 

 

$

37,559

 

 

$

34,637

 

$

32,448

 

$

33,918

Add: Impairment charges on assets held for sale

and ROU asset

 

 

20

 

 

 

372

 

 

 

 

 

 

 

Add: Merger-related expenses

 

 

489

 

 

 

538

 

 

 

 

 

 

 

Adjusted pre-tax pre-provision net income

 

$

42,572

 

 

$

38,469

 

 

$

34,637

 

$

32,448

 

$

33,918

Tax equivalent net interest income

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

75,718

 

 

$

76,604

 

 

$

68,635

 

$

61,760

 

$

58,331

Add: Tax-equivalent adjustment

 

 

208

 

 

 

214

 

 

 

228

 

 

237

 

 

236

Net interest income, fully taxable equivalent

 

$

75,926

 

 

$

76,818

 

 

$

68,863

 

$

61,997

 

$

58,567

Total revenue:

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

75,718

 

 

$

76,604

 

 

$

68,635

 

$

61,760

 

$

58,331

Add: Non-interest income

 

 

15,145

 

 

 

11,455

 

 

 

12,043

 

 

14,273

 

 

19,543

Total revenue

 

$

90,863

 

 

$

88,059

 

 

$

80,678

 

$

76,033

 

$

77,874

Tangible common stockholders' equity:

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

 

$

795,650

 

 

$

765,816

 

 

$

735,805

 

$

755,648

 

$

777,661

Less: Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

Less: Goodwill and other intangibles

 

 

157,432

 

 

 

158,887

 

 

 

160,484

 

 

162,094

 

 

163,962

Tangible common stockholders' equity

 

$

638,218

 

 

$

606,929

 

 

$

575,321

 

$

593,554

 

$

613,699

Tangible assets:

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

7,530,346

 

 

$

7,362,941

 

 

$

7,267,277

 

$

7,124,030

 

$

6,825,458

Less: Goodwill and other intangibles

 

 

157,432

 

 

 

158,887

 

 

 

160,484

 

 

162,094

 

 

163,962

Tangible assets

 

$

7,372,914

 

 

$

7,204,054

 

 

$

7,106,793

 

$

6,961,936

 

$

6,661,496

Average tangible common stockholders'

equity:

 

 

 

 

 

 

 

 

 

 

Average total stockholders' equity

 

$

784,289

 

 

$

748,292

 

 

$

765,821

 

$

769,658

 

$

822,053

Less: Average preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

9,974

Less: Average goodwill and other

intangibles

 

 

158,181

 

 

 

159,680

 

 

 

161,292

 

 

163,068

 

 

164,837

Average tangible common stockholders'

equity

 

$

626,108

 

 

$

588,612

 

 

$

604,529

 

$

606,590

 

$

647,242

Average tangible assets:

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

7,345,151

 

 

$

7,266,053

 

 

$

7,137,472

 

$

6,966,564

 

$

6,697,476

Less: Average goodwill and other

intangibles

 

 

158,181

 

 

 

159,680

 

 

 

161,292

 

 

163,068

 

 

164,837

Average tangible assets

 

$

7,186,970

 

 

$

7,106,373

 

 

$

6,976,180

 

$

6,803,496

 

$

6,532,639

Tangible net income available to common

stockholders:

 

 

 

 

 

 

 

 

 

 

Net income available to common

stockholders

 

$

23,945

 

 

$

24,367

 

 

$

20,409

 

$

21,780

 

$

21,202

Add: After-tax intangible asset amortization

 

 

1,066

 

 

 

1,170

 

 

 

1,181

 

 

1,369

 

 

1,170

Tangible net income available to common

stockholders

 

$

25,011

 

 

$

25,537

 

 

$

21,590

 

$

23,149

 

$

22,372

Adjusted tangible net income available

to common stockholders:

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

25,011

 

 

$

25,537

 

 

$

21,590

 

$

23,149

 

$

22,372

Impairment charges on assets held for sale

and ROU asset

 

 

20

 

 

 

372

 

 

 

 

 

 

 

Merger-related expenses

 

 

489

 

 

 

538

 

 

 

 

 

 

 

Tax benefit on significant items

 

 

(56

)

 

 

(118

)

 

 

 

 

 

 

Adjusted tangible net income available to

common stockholders

 

$

25,464

 

 

$

26,329

 

 

$

21,590

 

$

23,149

 

$

22,372

 

BYLINE BANCORP, INC. AND SUBSIDIARIES

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

 

 

As of or For the Three Months Ended

 

 

 

 

 

 

Recast

 

Recast

 

Recast

(dollars in thousands, except share and per share

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

data, ratios annualized, where applicable)

 

2023

 

2022

 

2022

 

2022

 

2022

Pre-tax pre-provision return on average assets:

 

 

 

 

 

 

 

 

 

 

Pre-tax pre-provision net income

 

$

42,063

 

 

$

37,559

 

 

$

34,637

 

 

$

32,448

 

 

$

33,918

 

Average total assets

 

 

7,345,151

 

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

Pre-tax pre-provision return on average assets

 

 

2.32

%

 

 

2.05

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

Adjusted pre-tax pre-provision return on average

assets:

 

 

 

 

 

 

 

 

 

 

Adjusted pre-tax pre-provision net income

 

$

42,572

 

 

$

38,469

 

 

$

34,637

 

 

$

32,448

 

 

$

33,918

 

Average total assets

 

 

7,345,151

 

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

Adjusted pre-tax pre-provision return on average

assets

 

 

2.35

%

 

 

2.10

%

 

 

1.93

%

 

 

1.87

%

 

 

2.05

%

Net interest margin, fully taxable equivalent

 

 

 

 

 

 

 

 

 

 

Net interest income, fully taxable equivalent

 

$

75,926

 

 

$

76,818

 

 

$

68,863

 

 

$

61,997

 

 

$

58,567

 

Total average interest-earning assets

 

 

7,009,144

 

 

 

6,922,889

 

 

 

6,763,916

 

 

 

6,572,416

 

 

 

6,252,866

 

Net interest margin, fully taxable equivalent

 

 

4.39

%

 

 

4.40

%

 

 

4.04

%

 

 

3.78

%

 

 

3.80

%

Non-interest income to total revenues:

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

$

15,145

 

 

$

11,455

 

 

$

12,043

 

 

$

14,273

 

 

$

19,543

 

Total revenues

 

 

90,863

 

 

 

88,059

 

 

 

80,678

 

 

 

76,033

 

 

 

77,874

 

Non-interest income to total revenues

 

 

16.67

%

 

 

13.01

%

 

 

14.93

%

 

 

18.77

%

 

 

25.09

%

Adjusted non-interest expense to average assets:

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense

 

$

48,291

 

 

$

49,590

 

 

$

46,041

 

 

$

43,585

 

 

$

43,956

 

Average total assets

 

 

7,345,151

 

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

Adjusted non-interest expense to average assets

 

 

2.67

%

 

 

2.71

%

 

 

2.56

%

 

 

2.51

%

 

 

2.66

%

Adjusted efficiency ratio:

 

 

 

 

 

 

 

 

 

 

Adjusted non-interest expense excluding

amortization of intangible assets

 

$

46,836

 

 

$

47,994

 

 

$

44,430

 

 

$

41,717

 

 

$

42,360

 

Total revenues

 

 

90,863

 

 

 

88,059

 

 

 

80,678

 

 

 

76,033

 

 

 

77,874

 

Adjusted efficiency ratio

 

 

51.54

%

 

 

54.50

%

 

 

55.07

%

 

 

54.87

%

 

 

54.40

%

Adjusted return on average assets:

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

24,398

 

 

$

25,159

 

 

$

20,409

 

 

$

21,780

 

 

$

21,398

 

Average total assets

 

 

7,345,151

 

 

 

7,266,053

 

 

 

7,137,472

 

 

 

6,966,564

 

 

 

6,697,476

 

Adjusted return on average assets

 

 

1.35

%

 

 

1.37

%

 

 

1.13

%

 

 

1.25

%

 

 

1.30

%

Adjusted return on average stockholders' equity:

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

24,398

 

 

$

25,159

 

 

$

20,409

 

 

$

21,780

 

 

$

21,398

 

Average stockholders' equity

 

 

784,289

 

 

 

748,292

 

 

 

765,821

 

 

 

769,658

 

 

 

822,053

 

Adjusted return on average stockholders' equity

 

 

12.62

%

 

 

13.34

%

 

 

10.57

%

 

 

11.35

%

 

 

10.56

%

Tangible common equity to tangible assets:

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

638,218

 

 

$

606,929

 

 

$

575,321

 

 

$

593,554

 

 

$

613,699

 

Tangible assets

 

 

7,372,914

 

 

 

7,204,054

 

 

 

7,106,793

 

 

 

6,961,936

 

 

 

6,661,496

 

Tangible common equity to tangible assets

 

 

8.66

%

 

 

8.42

%

 

 

8.10

%

 

 

8.53

%

 

 

9.21

%

Return on average tangible common stockholders'

equity:

 

 

 

 

 

 

 

 

 

 

Tangible net income available to common

stockholders

 

$

25,011

 

 

$

25,537

 

 

$

21,590

 

 

$

23,149

 

 

$

22,372

 

Average tangible common stockholders' equity

 

 

626,108

 

 

 

588,612

 

 

 

604,529

 

 

 

606,590

 

 

 

647,242

 

Return on average tangible common

stockholders' equity

 

 

16.20

%

 

 

17.21

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

Adjusted return on average tangible common

stockholders' equity:

 

 

 

 

 

 

 

 

 

 

Adjusted tangible net income available to

common stockholders

 

$

25,464

 

 

$

26,329

 

 

$

21,590

 

 

$

23,149

 

 

$

22,372

 

Average tangible common stockholders' equity

 

 

626,108

 

 

 

588,612

 

 

 

604,529

 

 

 

606,590

 

 

 

647,242

 

Adjusted return on average tangible common

stockholders' equity

 

 

16.49

%

 

 

17.75

%

 

 

14.17

%

 

 

15.31

%

 

 

14.02

%

Tangible book value per share:

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

638,218

 

 

$

606,929

 

 

$

575,321

 

 

$

593,554

 

 

$

613,699

 

Common shares outstanding

 

 

37,713,427

 

 

 

37,492,775

 

 

 

37,465,902

 

 

 

37,669,102

 

 

 

37,811,582

 

Tangible book value per share

 

$

16.92

 

 

$

16.19

 

 

$

15.36

 

 

$

15.76

 

 

$

16.23

 

 

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