Byline Bancorp Q3 EPS rises 15%, revenue hits record
BY•Byline Bancorp reported record third-quarter revenue and diluted EPS up 14.6% year over year. It raised its quarterly dividend to $0.14 and repurchased shares, returning more than $20 million to shareholders.
1. Quarterly results
Byline Bancorp reported third-quarter net income of $41.8 million and net interest income of $103.7 million. Diluted EPS rose 14.6% from a year earlier, while total revenue and net interest income increased year over year.
2. Capital and growth
The company raised its quarterly dividend to $0.14 and repurchased shares, returning more than $20 million to shareholders. It said its acquisition of Illinois State Bancorp is expected to expand its market presence and core deposit base.
3. Performance drivers
Byline said higher yields on investment securities and lower wholesale funding costs drove net interest income growth. Deposit growth contributed to balance-sheet expansion, while the credit loss provision was lower because of improved collateral-related factors and lower loan balances.
