Byline Bancorp, Inc. has released its financial results for the fourth quarter and full year of 2024. The company reported a quarterly net income of $30.3 million, equating to $0.69 diluted earnings per share, and a full-year net income of $120.8 million, translating to $2.75 diluted earnings per share. Highlights for the year included a 6.9% growth in total assets to $9.5 billion and an 11.7% increase in tangible book value per share to $20.09.

Net interest income grew by 5.3% year-over-year to $348 million, driven by increased interest and dividend income from loan and lease portfolio growth. However, the full-year net interest margin decreased by 34 basis points to 3.98%, reflecting higher deposit interest expenses. Non-interest income also rose, supported by gains on loan sales and higher swap fee activity, while non-interest expenses increased due to higher salaries, benefits, and incentive compensation.

Provision for credit losses decreased year-over-year to $27 million, reflecting improvements in non-performing loans. Total deposits grew 3.9% to $7.5 billion, supported by increased money market and checking accounts. Stockholders’ equity saw a 10.2% annual increase to $1.1 billion, primarily from retained earnings.

CEO Roberto R. Herencia emphasized the successful execution of Byline's commercial banking strategy, including record financial performance, talent acquisition, and a pending acquisition of First Security Bancorp, Inc. The company declared a $0.10 per share dividend, reflecting an 11.1% increase from the prior quarter.

Byline continues to strengthen its financial position with solid profitability metrics, including a return on average assets of 1.31% and a return on average tangible common equity of 13.92% for Q4. As part of its commitment to growth, the bank plans to sustain its strategic initiatives in 2025.