Byline Bancorp ( (BY) ) has released its Q4 earnings. Here is a breakdown of the information Byline Bancorp presented to its investors.
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Byline Bancorp, Inc., headquartered in Chicago, operates as the parent company of Byline Bank, a full-service commercial bank offering a wide range of banking products and services to small and medium-sized businesses, financial sponsors, and consumers, with notable expertise in Small Business Administration lending.
In its latest financial report, Byline Bancorp announced a strong financial performance for the fourth quarter and full year of 2024, with a net income of $30.3 million for the quarter and $120.8 million for the year. This translated to diluted earnings per share of $0.69 and $2.75, respectively.
Key highlights from the report include an increase in net interest income by 5.3%, reaching $348 million for the year, and a net interest margin of 3.97%. Non-interest income also saw an increase, driven by gains on sales of loans and loan servicing income. The company’s efficiency ratio stood at 52.45% for the year, showing a slight improvement from the previous year.
Looking ahead, Byline Bancorp’s management remains optimistic about the company’s growth prospects and strategic initiatives, including the acquisition of First Security Bancorp, Inc., aimed at further strengthening its franchise and delivering value to its stockholders.
