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Byline Bancorp Inc (BY)
NYSE:BY
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Byline Bancorp
(NYSE:BY)
71Outperform
Byline Bancorp (BY) vs. S&P 500 (SPY)
Market Cap
$1.17B
Dividend Yield1.41%
Average Volume (3M)133.30K
Price to Earnings (P/E)9.5
Beta (1Y)1.15
Revenue Growth16.41%
EPS Growth3.09%
CountryUS
Employees1,017
SectorFinancial
Sector Strength82
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.75
Shares Outstanding44,683,743
10 Day Avg. Volume152,964
30 Day Avg. Volume133,297
Financial Highlights & Ratios
PEG Ratio3.08
Price to Book (P/B)N/A
Price to Sales (P/S)3.13
Price to Cash Flow (P/CF)5.60
P/FCF Ratio3.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$34.67Price Target Upside32.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
Byline Bancorp Business Overview & Revenue Model
Company DescriptionByline Bancorp, Inc. operates as the bank holding company for Byline Bank that provides various banking products and services for small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers various retail deposit products, including non-interest-bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and time deposits; ATM and debit cards; and online, mobile, and text banking services, as well as commercial deposits. The company also provides term loans, revolving lines of credit, and construction financing services; senior secured financing solutions to private equity backed lower middle market companies; small business administration and united states department of agriculture loans; and treasury management products and services. In addition, it offers financing solutions for equipment vendors and their end users; and investment, trust, and wealth management services that include fiduciary and executor services, financial planning solutions, investment advisory services, and private banking services for foundations and endowments, and high net worth individuals. It operates through 43 branch locations in the Chicago metropolitan area and one branch in Brookfield, Wisconsin. The company was formerly known as Metropolitan Bank Group, Inc. and changed its name to Byline Bancorp, Inc. in 2015. Byline Bancorp, Inc. was founded in 1914 and is headquartered in Chicago, Illinois.
How the Company Makes MoneyByline Bancorp generates revenue primarily through interest income from its loan portfolio, which includes commercial loans, commercial real estate loans, and consumer loans. The bank earns money by charging interest on the funds it lends to businesses and individuals. Additionally, Byline Bancorp derives revenue from non-interest income sources such as fees generated from deposit accounts, treasury management services, and transaction processing. The company also benefits from strategic partnerships with financial service providers to offer a broader range of products and services to its clients. Factors such as economic conditions, interest rate environments, and regulatory changes can significantly impact the company's earnings.
Byline Bancorp Financial Statement Overview
Summary
Byline Bancorp exhibits a solid financial performance with revenue growth and improved profitability margins. The balance sheet reflects improved leverage management, and cash flows are robust, though there's some volatility in financing activities.Income Statement
Byline Bancorp has demonstrated consistent revenue growth over recent years, reaching a total revenue of $534.3 million in 2023 from $263.1 million in 2019. The net profit margin improved to 20.20% in 2023, indicating enhanced profitability. However, the absence of EBITDA data in 2023 limits the full analysis of operational efficiency.72
Positive
Balance Sheet
The company's balance sheet reflects a solid equity base with a Debt-to-Equity ratio reducing to 0.52 in 2023 from higher levels in previous years, showcasing improved leverage management. The equity ratio increased to 11.15% in 2023, indicating a stable capital structure, though it remains relatively low compared to industry norms.68
Positive
Cash Flow
Byline Bancorp's cash flow statement shows robust operating cash flows, growing significantly to $166.1 million in 2023. The Free Cash Flow to Net Income ratio indicates strong cash generation relative to earnings. However, fluctuations in financing cash flows suggest potential volatility in financial strategies.75
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 14.46K | 534.27M | 320.23M | 303.61M | 269.26M | Gross Profit |
| 14.46K | 353.28M | 320.23M | 303.61M | 269.26M | EBIT |
| -383.99M | 145.68M | 148.53M | 124.21M | 51.67M | EBITDA |
| 0.00 | 0.00 | 118.97M | 130.20M | 58.15M | Net Income Common Stockholders |
| 120.76M | 107.88M | 87.95M | 92.78M | 37.47M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 346.78M | 226.14M | 1.35B | 1.61B | 1.53B | Total Assets |
| 9.50B | 8.88B | 7.36B | 6.70B | 6.39B | Total Debt |
| 742.55M | 513.17M | 751.43M | 630.15M | 757.69M | Net Debt |
| 179.41M | 287.03M | 572.08M | 472.21M | 674.27M | Total Liabilities |
| 8.41B | 7.89B | 6.60B | 5.86B | 5.59B | Stockholders Equity |
| 1.04B | 990.15M | 765.82M | 836.38M | 805.46M |
| Cash Flow | Free Cash Flow | |||
| 26.94M | 162.21M | 216.70M | 72.19M | 105.11M | Operating Cash Flow |
| 26.94M | 166.07M | 220.33M | 74.43M | 109.02M | Investing Cash Flow |
| -330.92M | -336.24M | -819.86M | -236.05M | -886.36M | Financing Cash Flow |
| 492.76M | 216.96M | 620.95M | 236.13M | 780.01M |
Byline Bancorp Technical Analysis
Negative
26.16
Price Trends
28.13
Negative
29.04
Negative
27.41
Negative
Market Momentum
-0.48
Negative
36.79
Neutral
35.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BY, the sentiment is Negative. The current price of 26.16 is below the 20-day moving average (MA) of 26.66, below the 50-day MA of 28.13, and below the 200-day MA of 27.41, indicating a bearish trend. The MACD of -0.48 indicates Negative momentum. The RSI at 36.79 is Neutral, neither overbought nor oversold. The STOCH value of 35.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BY.
Byline Bancorp Risk Analysis
Byline Bancorp disclosed 34 risk factors in its most recent earnings report. Byline Bancorp reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Byline Bancorp Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $4.82B | 10.59 | 7.53% | 3.58% | 15.34% | -3.89% | |
72 Outperform | $21.60B | 12.12 | 9.93% | 4.19% | 10.13% | -1.25% | |
71 Outperform | $7.30B | 9.99 | 13.15% | 3.40% | 7.91% | 13.79% | |
71 Outperform | $1.17B | 9.50 | 11.60% | 1.41% | 16.41% | 3.09% | |
64 Neutral | $14.25B | 10.26 | 8.97% | 4.33% | 16.33% | -11.91% | |
60 Neutral | $8.41B | 10.74 | 12.32% | 1.97% | 13.60% | 8.85% | |
55 Neutral | $2.39B | 27.40 | 3.68% | 2.82% | 345.02% | ― |
* Financial Sector Average
Performance Comparison
BY
Byline Bancorp
26.17
5.35
25.70%
FNB
F.N.B.
13.45
0.07
0.52%
BANC
Banc of California
14.19
<0.01
0.07%
HBAN
Huntington Bancshares
15.01
1.86
14.14%
ZION
Zions Bancorporation National Association
49.86
8.29
19.94%
WAL
Western Alliance
76.83
15.55
25.38%
Byline Bancorp Earnings Call Summary
Earnings Call Date: Jan 23, 2025 | % Change Since: -7.37% | Next Earnings Date: Apr 24, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong overall performance for Byline Bancorp in 2024, with robust profitability and a solid capital position. However, loan and deposit growth were flat, and there were increases in payoff activity and operating expenses. Despite these challenges, the company managed to improve its net interest margin and increase its dividend, contributing to a generally positive outlook.Highlights
Record Profitability for Full Year 2024
Byline Bancorp reported net income of $121 million for the year, or $2.75 per diluted share, with revenue up 5% year-on-year to $407 million. Pretax pre-provision ROA was 205 basis points, ROA was 131 basis points, and ROTCE was just under 15%.
Strong Capital Position
Tangible book value per share increased by 12% year-on-year. Capital levels remained strong with TCE at 9.61%, CET1 just under 12%, and total capital at roughly 15%.
Dividend Increase
The company approved an 11.1% increase in its quarterly dividend.
Net Interest Margin Improvement
Net interest margin increased to 4.01%, up 13 basis points from the prior quarter.
Noninterest Income Growth
Noninterest income totaled $16.1 million, up 12.3% from the previous quarter, driven by a 21% increase in gain on sale of loans.
Lowlights
Flat Loan and Deposit Growth
Loans and deposits remained flat at $6.9 billion and $7.5 billion respectively as of quarter end.
Increased Payoff Activity
Payoff activity increased to $288 million, which was higher than anticipated.
Higher Operating Expenses
Expenses increased to $57.4 million due to higher incentive accruals, with the efficiency ratio rising to 53.6%.
Moderate Asset Quality
Overall credit costs came in at $6.9 million, slightly lower than last quarter. Net charge-offs were $7.8 million, and the allowance ended the quarter at 1.42% of total loans.
Company Guidance
During the Byline Bancorp Fourth Quarter 2024 Earnings Call, the executive team provided comprehensive guidance and insights into the company's performance and outlook. They highlighted a solid year with net income reaching $121 million, or $2.75 per diluted share, on revenues of $407 million, marking a 5% increase year-on-year. The company maintained strong profitability metrics, including a pre-tax pre-provision ROA of 205 basis points and an ROA of 131 basis points. The full-year loan growth was reported at 3%, funded by a 4% increase in deposits. Additionally, the company achieved positive operating leverage, reducing the cost-to-asset ratio by 22 basis points to 238 basis points. Capital levels remained robust, with TCE at 9.61%, CET1 just under 12%, and total capital around 15%. For the fourth quarter, Byline reported net income of $30.3 million or $0.69 per diluted share, with a net interest margin increase to 4.01% and a decrease in deposit costs by 28 basis points. They plan for mid-single-digit loan growth in 2025, maintaining disciplined expense management with a quarterly noninterest expense forecast of $55 million to $57 million.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.