Byline Bancorp Inc (BY) Reports Q3 2023 Earnings: Net Income of $28.2 Million
Byline Bancorp Inc (NYSE:BY) reported a net income of $28.2 million for Q3 2023, with diluted earnings per share of $0.65.
Net interest income rose to $92.5 million, a significant increase from $76.2 million in Q2 2023.
The company completed the acquisition and integration of Inland Bancorp, Inc., contributing to its financial growth.
Byline Bancorp Inc (NYSE:BY) remains the top Illinois SBA 7(a) lender for the 15th consecutive year.
On October 26, 2023, Byline Bancorp Inc (NYSE:BY) released its Q3 2023 earnings report, showcasing a net income of $28.2 million, up from $26.1 million in Q2 2023. The company's diluted earnings per share stood at $0.65.
Financial Performance and Highlights
The company's net interest income rose to $92.5 million, a significant increase from $76.2 million in Q2 2023. The total revenue for Q3 2023 was $104.8 million, compared to $90.5 million in Q2 2023. The company's non-interest income for the quarter was $12.4 million, slightly down from $14.3 million in Q2 2023.
Byline Bancorp Inc (NYSE:BY) successfully completed the acquisition and integration of Inland Bancorp, Inc., which contributed to the company's financial growth. The company's total assets stood at $8.9 billion, with total loans and leases amounting to $6.6 billion.
CEO/President Commentary
Roberto R. Herencia, Executive Chairman and CEO of Byline Bancorp, commented, "We successfully completed the core system conversion and integration of our recent acquisition of Inland Bancorp, which we believe has strengthened the return profile of the company. With the expansion of our footprint and the continued execution of our strategic priorities, we see opportunities to leverage our products and services, and deliver enhanced stockholder value for years to come."
Alberto J. Paracchini, President of Byline Bancorp, added, "Adjusted third quarter results were highlighted by robust earnings, strong profitability, net interest margin expansion, solid deposit and loan growth, and controlled expenses. I want to thank our employees, who once again enabled our strong performance through their hard work."
Looking Ahead
Byline Bancorp Inc (NYSE:BY) remains committed to its strategic priorities, leveraging its products and services to deliver enhanced stockholder value. The company's robust earnings, strong profitability, and solid deposit and loan growth position it well for future success.
Explore the complete 8-K earnings release (here) from Byline Bancorp Inc for further details.
This article first appeared on GuruFocus.
