Second Quarter 2020 Highlights
- Net income of $9.1 million, or $0.24 per diluted share
- Net interest margin of 3.71%
- Return on average assets of 0.59%
- Efficiency ratio of 53.70%
- Originated loans and leases increased $610.9 million, or 20.5%, from March 31, 2020
- Originated $734.0 million in loans of which $626.8 million were under the Paycheck Protection Program (“PPP”)
- Completed a public offering of $50.0 million aggregate principal amount of 6.00% fixed-to-floating rate subordinated notes due 2030
- Common Equity Tier 1 to risk weighted assets of 12.33%
Byline Bancorp (NYSE: BY), the parent company of Byline Bank (the “Bank”), today reported net income of $9.1 million, or $0.24 per diluted share, for the second quarter of 2020, compared with net income of $3.0 million, or $0.07 per diluted share, for the first quarter of 2020, and net income of $13.2 million, or $0.34 per diluted share, for the second quarter of 2019.
Alberto J. Paracchini, President and Chief Executive Officer of Byline, commented, “We continued to operate in a challenging environment due to the ongoing COVID-19 pandemic. Notwithstanding, our team continued to execute well during the second quarter, which enabled us to deliver a solid financial performance while remaining committed to supporting our employees, customers, and communities. We actively participated in the Paycheck Protection Program, and we were able to help more than 3,600 small businesses access approximately $627 million in funding. Our participation in the PPP helped drive strong growth in both loans and deposits during the second quarter. We are also seeing improving demand for government guaranteed loans outside of the PPP, which resulted in a higher level of loan sales this quarter.