Byline Bancorp (BY) 8-K Byline Bancorp, Inc. Reports Third Quarter 2017 Financial Results

Exhibit 99.1

Byline Bancorp, Inc. Reports Third Quarter 2017 Financial Results

Third Quarter 2017 Summary

• Net income of $9.8 million

• Net interest margin improves to 4.18%

• Loan originations of $135.8 million

• Return on average assets improves to 1.17%

• Loan to deposit ratio increases to 88.01%

Chicago, IL, October 26, 2017 – Byline Bancorp, Inc. (NYSE: BY), the parent company of Byline Bank, today reported net income of $9.8 million, or $0.32 per diluted share, for the third quarter of 2017, compared with net income of $6.1 million, or $(0.18) per diluted share, for the second quarter of 2017, and net income of $1.6 million, or $0.08 per diluted share, for the third quarter of 2016.  

“We delivered a strong quarter driven by solid loan and lease growth and an expanding net interest margin,” said Alberto J. Paracchini, President and Chief Executive Officer of Byline Bancorp, Inc.  “We are gaining more traction with our business development efforts as we’ve moved through the year.  We had $135.8 million in gross loan originations during the third quarter, which resulted in double-digit annualized loan and lease growth despite consistent elevated pay-off activity. Our net interest margin is benefiting from a better mix of earning assets, higher loan yields and relatively stable funding costs.  As a result, we are seeing a positive impact on our margin and a higher level of net interest income,” said Mr. Paracchini.

STATEMENTS OF OPERATIONS

Net Interest Income

The following table presents net interest income for the periods indicated:

	Three Months Ended								Nine Months Ended
	September 30,		June 30,		March 31,		September 30,		September 30,		September 30,
(dollars in thousands)	2017		2017		2017		2016		2017		2016
INTEREST AND DIVIDEND    INCOME
Interest and fees on loans and    leases	$	30,933	$	29,181	$	28,396	$	19,081	$	88,510	$	56,334
Interest on taxable securities		3,720		3,703		3,790		3,312		11,213		10,492
Interest on tax-exempt securities		174		151		133		152		458		509
Other interest and dividend    income		217		280		169		112		666		254
Total interest and dividend    income		35,044		33,315		32,488		22,657		100,847		67,589
INTEREST EXPENSE
Deposits		2,112		1,923		1,483		1,063		5,518		3,281
Federal Home Loan Bank advances		850		772		660		200		2,282		371
Subordinated debentures and other    borrowings		670		809		807		529		2,286		1,571
Total interest expense		3,632		3,504		2,950		1,792		10,086		5,223
Net interest income	$	31,412	$	29,811	$	29,538	$	20,865	$	90,761	$	62,366

Byline Bancorp, Inc.

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The following table presents the quarter-to-date schedule of average interest-earning assets and average interest-bearing liabilities for the periods indicated:

	For the Three Months Ended
				September 30,								June 30,
	2017								2017
(dollars in thousands)	Average Balance(5)			Interest Inc / Exp		Average Yield / Rate			Average Balance(5)			Interest Inc / Exp		Average Yield / Rate
ASSETS
Cash and cash equivalents	$	48,354		$	106		0.87	%	$	80,327		$	174		0.87	%
Loans and leases(1)		2,193,076			30,933		5.60	%		2,153,482			29,181		5.44	%
Securities available-for-sale(2)		602,146			3,181		2.10	%		605,688			3,134		2.08	%
Securities held-to-maturity		111,345			650		2.32	%		116,931			675		2.32	%
Tax-exempt securities		26,166			174		2.63	%		21,413			151		2.83	%
Total interest-earning assets	$	2,981,087		$	35,044		4.66	%	$	2,977,841		$	33,315		4.49	%
Allowance for loan and lease losses		(14,570	)							(12,377	)
All other assets		340,669								319,201
TOTAL ASSETS	$	3,307,186							$	3,284,665
LIABILITIES AND STOCKHOLDERS’    EQUITY
Deposits
Interest checking	$	186,447		$	29		0.06	%	$	187,825		$	31		0.07	%
Money market accounts		388,365			275		0.28	%		374,383			226		0.24	%
Savings		441,096			79		0.07	%		447,324			79		0.07	%
Time deposits		758,518			1,729		0.90	%		799,285			1,587		0.80	%
Total interest bearing deposits		1,774,426			2,112		0.47	%		1,808,817			1,923		0.43	%
Federal Home Loan Bank advances		222,800			850		1.51	%		225,579			772		1.37	%
Other borrowed funds		60,418			670		4.40	%		76,255			809		4.26	%
Total borrowings		283,218			1,520		2.13	%		301,834			1,581		2.10	%
Total interest bearing liabilities	$	2,057,644		$	3,632		0.70	%	$	2,110,651		$	3,504		0.67	%
Non-interest checking		748,523								745,907
Other liabilities		42,577								31,290
Total stockholders’ equity		458,442								396,817
TOTAL LIABILITIES AND    STOCKHOLDERS’ EQUITY	$	3,307,186							$	3,284,665
Net interest spread(3)							3.96	%							3.82	%
Net interest income				$	31,412							$	29,811
Net interest margin(4)							4.18	%							4.02	%
Net loan accretion impact on margin				$	2,166		0.29	%				$	2,471		0.33	%
Net interest margin excluding loan    accretion(6)							3.89	%							3.69	%

(1) Loan and lease balances are net of deferred origination fees and costs and initial indirect costs.  Non-accrual loans and leases are included in total loan and lease balances.

(2) Interest income and rates exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax-exempt investment securities to a fully taxable basis due to immateriality.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

(6) Represents a non-GAAP financial measure.  See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

Net interest income for the third quarter of 2017 was $31.4 million, an increase of $1.6 million from $29.8 million for the second quarter of 2017.  

Byline Bancorp, Inc.

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The increase in net interest income was primarily due to:

• An increase of $1.8 million in interest and fees on loans and leases, primarily due to the growth in the originated loan and lease portfolio and increased average yields; and

• A decrease of $139,000 in interest expense on other borrowings, primarily due to the repayment of the outstanding balance of $16.2 million under the Company’s line of credit during the quarter.

Partially offset by:

• An increase of $189,000 in interest expense on deposits, primarily due to higher rates on interest-bearing deposit accounts; and

• An increase of $78,000 in interest expense on Federal Home Loan Bank advances, primarily due to higher rates.

Net interest margin for the third quarter of 2017 was 4.18%, an increase of 16 basis points from the second quarter of 2017. The primary driver of the increase in the net interest margin was due to the mix of earning assets, driven by the increased volume of, and related yields on, loans and leases during the quarter.  

Provision for Loan and Lease Losses

The provision for loan and lease losses was $3.9 million for the third quarter of 2017, an increase of $385,000 compared to $3.5 million for the second quarter of 2017.  This increase was primarily driven by the growth in the loan and lease portfolio.

Non-interest Income

The following table presents the components of non-interest income for the periods indicated:

	Three Months Ended									Nine Months Ended
	September 30,		June 30,		March 31,		September 30,			September 30,		September 30,
(dollars in thousands)	2017		2017		2017		2016			2017		2016
NON-INTEREST INCOME
Fees and service charges on    deposits	$	1,418	$	1,348	$	1,219	$	1,465		$	3,985	$	4,227
Servicing fees		959		1,076		919		—			2,954		—
ATM and interchange fees		1,495		1,499		1,348		1,470			4,342		4,392
Net gains on sales of securities    available-for-sale		—		—		8		802			8		3,231
Net gains (losses) on sales of loans		7,499		8,445		8,082		(60	)		24,026		(39	)
Fees on mortgage loan sales, net		—		—		2		46			2		101
Other non-interest income		547		825		730		1,053			2,102		3,350
Total non-interest income	$	11,918	$	13,193	$	12,308	$	4,776		$	37,419	$	15,262

Non-interest income for the third quarter of 2017 was $11.9 million, a decrease of $1.3 million from $13.2 million for the second quarter of 2017, primarily due to:  

• A decrease of $946,000 in net gains on sales of loans; and

• A decrease of $117,000 in servicing fees, primarily due to loan prepayments.

Byline Bancorp, Inc.

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During the third quarter of 2017, the Company sold $71.8 million of government guaranteed loans compared to $75.1 million during the second quarter of 2017, contributing to the decline in net gains on sale of loans for the quarter.

Non-interest Expense

The following table presents the components of non-interest expense for the periods indicated:

	Three Months Ended									Nine Months Ended
	September 30,		June 30,		March 31,			September 30,		September 30,		September 30,
(dollars in thousands)	2017		2017		2017			2016		2017		2016
NON-INTEREST EXPENSE
Salaries and employee benefits	$	16,323	$	17,226	$	16,602		$	11,266	$	50,151	$	34,206
Occupancy expense, net		3,301		3,485		3,739			3,358		10,525		10,511
Equipment expense		630		616		563			516		1,809		1,519
Loan and lease related expenses		891		801		877			443		2,569		1,090
Legal, audit and other professional fees		1,608		1,090		1,671			1,065		4,369		3,785
Data processing		2,399		2,447		2,409			1,990		7,255		5,760
Net (gain) loss recognized on other real estate    owned and other related expenses		565		141		(570	)		292		136		1,386
Regulatory assessments		326		384		184			502		894		1,930
Other intangible assets amortization expense		769		769		769			747		2,307		2,242
Advertising and promotions		196		318		289			156		803		454
Telecommunications		351		396		418			370		1,165		1,284
Other non-interest expense		3,706		1,576		1,900			1,679		7,182		5,521
Total non-interest expense	$	31,065	$	29,249	$	28,851		$	22,384	$	89,165	$	69,688

Non-interest expense for the third quarter of 2017 was $31.1 million, an increase of $1.8 million from $29.2 million for the second quarter of 2017.  

The increase in total non-interest expense was primarily due to:

• Impairment charges, included in other non-interest expense, of $951,000 during the third quarter of 2017, primarily related to the planned disposition of the former headquarters of Byline Bank;

• An increase of $518,000 in legal, audit and other professional fees, primarily due to the increased costs associated with being a public company;

• An increase of $424,000 in net loss recognized on other real estate owned and other related expenses, primarily due to lower gains on sales of other real estate owned properties; and

• An increase of $376,000 in provision for unfunded commitments, included in other non-interest expense, primarily due to growth in unfunded loan and lease commitments.

Partially offset by:

• A decrease of $903,000 in salaries and employee benefits, primarily due to decreased recruitment costs and increased deferred loan origination costs, mainly salary expense, due to increased loan and lease originations; and

• A decrease of $184,000 in occupancy expense, net, primarily due to reductions in real estate tax expenses.

The Company’s efficiency ratio was 69.92% for the third quarter of 2017, compared with 66.23% for the second quarter of 2017 and 84.38% for the third quarter of 2016.

Byline Bancorp, Inc.

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INCOME TAXES

The Company recorded an income tax benefit of $1.4 million during the third quarter of 2017 compared to a provision of $4.1 million during the second quarter of 2017, a decrease of $5.5 million.  As part of a budget package passed by the Legislature of the State of Illinois, the corporate income tax rate increased from 5.25% to 7.00% effective July 1, 2017.  The Company recorded a state income tax benefit of $4.6 million, or $0.16 per diluted share during the quarter ended September 30, 2017, as a result of increased value to the deferred tax asset related to the Company’s Illinois net loss deduction.

STATEMENTS OF FINANCIAL CONDITION

Total assets were $3.3 billion at September 30, 2017, a decrease of $54.7 million from $3.4 billion at June 30, 2017, and stable compared to $3.3 billion at December 31, 2016.

The decrease in the current quarter was primarily due to:

• The receipt of net proceeds due of $82.7 million in connection with the Company’s initial public offering;

• The completion of the repurchase of all of the Company’s Series A Preferred Stock for $25.5 million; and

• The repayment, in full, of the amount outstanding under the Company’s line of credit of $16.2 million.

Partially offset by:

• An increase in loans and leases of $67.1 million from $2.1 billion at June 30, 2017 to $2.2 billion at September 30, 2017.

Byline Bancorp, Inc.

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The following table shows our allocation of the originated, acquired impaired and acquired non-impaired loans and leases at the dates indicated:

	September 30, 2017						June 30, 2017						December 31, 2016
(dollars in thousands)	Amount			% of Total			Amount			% of Total			Amount			% of Total
Originated loans and leases
Commercial real estate	$	463,020			20.9	%	$	407,173			18.9	%	$	338,752			15.8	%
Residential real estate		398,062			18.0	%		384,545			17.9	%		394,168			18.3	%
Construction, land development, and    other land		85,666			3.9	%		83,618			3.9	%		119,357			5.6	%
Commercial and industrial		390,331			17.6	%		348,341			16.2	%		309,097			14.4	%
Installment and other		2,726			0.1	%		2,595			0.1	%		2,021			0.1	%
Leasing financing receivables		134,193			6.0	%		129,005			6.0	%		118,493			5.5	%
Total originated loans and leases	$	1,473,998			66.5	%	$	1,355,277			63.0	%	$	1,281,888			59.7	%
Acquired impaired loans
Commercial real estate	$	173,106			7.8	%	$	188,161			8.8	%	$	207,303			9.7	%
Residential real estate		152,149			6.9	%		162,349			7.6	%		175,717			8.2	%
Construction, land development, and    other land		5,424			0.2	%		5,830			0.3	%		6,979			0.3	%
Commercial and industrial		11,433			0.5	%		12,400			0.5	%		13,464			0.6	%
Installment and other		488			0.0	%		555			0.0	%		574			0.0	%
Total acquired impaired loans	$	342,600			15.4	%	$	369,295			17.2	%	$	404,037			18.8	%
Acquired non-impaired loans and leases
Commercial real estate	$	225,759			10.2	%	$	233,855			10.9	%	$	250,289			11.6	%
Residential real estate		32,451			1.5	%		37,822			1.8	%		40,853			1.9	%
Construction, land development, and    other land		3,214			0.2	%		3,187			0.1	%		14,430			0.7	%
Commercial and industrial		100,291			4.5	%		107,433			5.0	%		115,677			5.4	%
Installment and other		38			0.0	%		365			0.0	%		364			0.0	%
Leasing financing receivables		38,148			1.7	%		42,156			2.0	%		40,473			1.9	%
Total acquired non-impaired loans    and leases	$	399,901			18.1	%	$	424,818			19.8	%	$	462,086			21.5	%
Total loans and leases	$	2,216,499			100.0	%	$	2,149,390			100.0	%	$	2,148,011			100.0	%
Allowance for loan and lease losses		(15,980	)					(13,969	)					(10,923	)
Total loans and leases, net of allowance for    loan and lease losses	$	2,200,519					$	2,135,421					$	2,137,088

ASSET QUALITY

Non-Performing Assets

The following table sets forth the amounts of non-performing loans and leases, non-performing assets, and other real estate owned at the dates indicated:

(dollars in thousands)	September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016
Non-accrual loans and leases	$	15,121		$	15,291		$	7,843		$	6,784		$	7,105
Past due loans and leases 90 days or more    and still accruing interest		—			—			—			—			77
Accruing troubled debt restructured loans		1,631			981			1,004			602			686
Total non-performing loans and leases		16,752			16,272			8,847			7,386			7,868
Other real estate owned		13,859			12,684			13,173			16,570			15,274
Total non-performing assets	$	30,611		$	28,956		$	22,020		$	23,956		$	23,142
Total non-performing loans and leases as a    percentage of total loans and leases		0.76	%		0.76	%		0.41	%		0.34	%		0.46	%
Total non-performing assets as a percentage    of total assets		0.93	%		0.86	%		0.67	%		0.73	%		0.84	%
Allowance for loan and lease losses as a    percentage of non-performing loans and    leases		95.39	%		85.85	%		133.57	%		147.88	%		82.63	%

Byline Bancorp, Inc.

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Variances in credit quality metrics:

• Non-performing assets were $30.6 million at September 30, 2017, an increase of $1.7 million from $29.0 million at June 30, 2017;

• Non-performing loans and leases were $16.8 million at September 30, 2017, an increase of $480,000 from $16.3 million at June 30, 2017; and

• Other real estate owned was $13.9 million at September 30, 2017, an increase of $1.2 million from $12.7 million at June 30, 2017.

Allowance for Loan and Lease Losses

The following table presents the balance and activity within the allowance for loan and lease losses for the periods indicated:

	Three Months Ended												Nine Months Ended
	September 30,			June 30,			March 31,			September 30,			September 30,			September 30,
(dollars in thousands)	2017			2017			2017			2016			2017			2016
Allowance for loan and lease losses,    beginning of period	$	13,969		$	11,817		$	10,923		$	6,490		$	10,923		$	7,632
Provision for loan and lease losses		3,900			3,515			1,891			1,683			9,306			5,348
Net (charge-offs) recoveries of loans		(1,889	)		(1,363	)		(997	)		(1,672	)		(4,249	)		(6,479	)
Allowance for loan and lease losses,    end of period	$	15,980		$	13,969		$	11,817		$	6,501		$	15,980		$	6,501
Allowance for loan and lease losses to    period end total loans held for    investment		0.72	%		0.65	%		0.55	%		0.38	%		0.72	%		0.65	%
Net charge-offs (annualized) to average    loans outstanding during the period		0.34	%		0.26	%		0.19	%		0.40	%		0.26	%		0.56	%
Provision for loan and lease losses to    net charge-offs during the period		2.06	x		2.58	x		1.90	x		1.01	x		2.19	x		0.83	x

The allowance for loan and lease losses as a percentage of total loans and leases held for investment increased from 0.65% at June 30, 2017 to 0.72% at September 30, 2017. This increase was primarily driven by the growth in the loan and lease portfolio.

Net Charge-Offs

Net charge-offs during the third quarter of 2017 were $1.9 million, or 0.34% of average loans and leases, on an annualized basis, an increase of $526,000 compared to $1.4 million, or 0.26%, during the second quarter of 2017, primarily due to increased Small Business Administration loan charge-off activity.

Byline Bancorp, Inc.

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Deposits and Other Liabilities

The following table presents the composition of deposits at the dates indicated:

	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)	2017		2017		2017		2016		2016
Non-interest bearing demand deposits	$	753,662	$	781,636	$	732,267	$	724,457	$	673,823
Interest bearing checking accounts		187,232		182,351		192,317		173,929		190,732
Money market demand accounts		418,006		353,304		393,372		369,074		423,929
Other savings		435,536		445,220		446,847		446,418		438,015
Time deposits (below $100,000)		377,929		395,385		407,471		392,854		292,065
Time deposits ($100,000 and above)		348,564		382,702		403,565		383,662		224,279
Total deposits	$	2,520,929	$	2,540,598	$	2,575,839	$	2,490,394	$	2,242,843

Total deposits were $2.5 billion at September 30, 2017, a decrease of $19.7 million compared to the previous quarter but an increase of $30.5 million compared to December 31, 2016.

The decrease in the current quarter was primarily due to:

• A decrease in total time deposits of $51.6 million, from $778.1 million at June 30, 2017 to $726.5 million at September 30, 2017, primarily due to run-off of higher priced time deposits;

• A decrease in non-interest bearing demand deposits of $28.0 million, from $781.6 million at June 30, 2017 to $753.7 million at September 30, 2017, primarily due to the settlement of a new deposit relationship related to a new loan funding that occurred at the end of the prior quarter, as previously disclosed; and

• A decrease in other savings deposits of $9.7 million, from $445.2 million at June 30, 2017 to $435.5 million at September 30, 2017, primarily related to seasonal fluctuations.

Partially offset by:

• An increase in money market demand accounts of $64.7 million, from $353.3 million at June 30, 2017 to $418.0 million at September 30, 2017, primarily due to seasonal fluctuations from a deposit relationship; and

• An increase in interest bearing checking deposits of $4.9 million, from $182.4 million at June 30, 2017 to $187.2 million at September 30, 2017.

Total borrowings and other liabilities were $325.0 million at September 30, 2017, a decrease of $46.8 million from $371.8 million at June 30, 2017, and a decrease of $97.8 million from $422.8 million at December 31, 2016.

The decrease was primarily due to:

• The settlement of the repurchase of all of the Company’s Series A Preferred Stock for $25.5 million; and

• The repayment, in full, of the amount outstanding under the Company’s line of credit of $16.2 million.

Byline Bancorp, Inc.

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Partially offset by:

• An increase in Federal Home Loan Bank advances of $14.9 million, primarily due to the Bank’s ongoing funding needs as a result of increased loan demand.

Stockholders’ Equity

Total stockholders’ equity was $459.5 million at September 30, 2017, an increase of $11.8 million from $447.7 million at June 30, 2017, and an increase of $76.9 million from $382.7 million at December 31, 2016.  

The following table presents the actual regulatory capital dollar amounts and ratios of the Company and Byline Bank as of September 30, 2017:

	Actual					Minimum Capital Required					Required for the Bank to be Considered Well Capitalized
(dollars in thousands)	Amount		Ratio			Amount		Ratio			Amount		Ratio
Total capital to risk weighted assets:
Company	$	399,542		16.08	%	$	198,807		8.00	%	N/A		N/A
Bank		356,132		14.30	%		199,306		8.00	%		249,133		10.00	%
Tier 1 capital to risk weighted assets:
Company	$	381,934		15.37	%	$	149,105		6.00	%	N/A		N/A
Bank		338,524		13.59	%		149,480		6.00	%		199,306		8.00	%
Common Equity Tier 1 (CET1) to    risk weighted assets:
Company	$	346,052		13.93	%	$	111,829		4.50	%	N/A		N/A
Bank		338,524		13.59	%		112,110		4.50	%		161,937		6.50	%
Tier 1 capital to average assets:
Company	$	381,934		11.95	%	$	127,796		4.00	%	N/A		N/A
Bank		338,524		10.57	%		128,135		4.00	%		160,169		5.00	%

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) on Friday, October 27, 2017 to discuss its quarterly financial results.  Analysts and investors may participate in the question-and-answer session. The call can be accessed via telephone at (888) 317-6016.  A recorded replay can be accessed through November 10, 2017 by dialing (877) 344-7529; passcode: 10113038.

A slide presentation relating to the third quarter 2017 results will be accessible prior to the scheduled conference call.  The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations websiteatwww.bylinebancorp.com.

About Byline Bancorp, Inc.

Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $3.3 billion in assets and operates more than 50 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top 10 Small Business Administration lenders in the United States.  

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Non-GAAP Financial Measures

This release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures include non-interest income to total revenues, pre-tax pre-provision return on average assets, tangible book value per share and tangible common equity to tangible assets. Management believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations and cash flows computed in accordance with GAAP; however, management acknowledges that our non-GAAP financial measures have a number of limitations. As such, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures that we and other companies use. Management also uses these measures for peer comparison. See “Reconciliation of Non-GAAP Financial Measures” in the financial schedules included in this press release for a reconciliation of the non- GAAP financial measures to the comparable GAAP financial measures.

Non-interest income to total revenues is non-interest income divided by net interest income plus non-interest income. Management believes that it is standard practice in the industry to present non-interest income as a percentage of total revenue. Accordingly, management believes providing these measures may be useful for peer comparison.

Pre-tax pre-provision return on average assets is pre-tax income plus the provision for loan and lease losses, divided by average assets. Management believes this metric is important due to the tax benefit resulting from the reversal of the net deferred tax asset valuation allowance and demonstrates profitability excluding the tax benefit and excludes the provision for loan and lease losses.  

Tangible book value per share is calculated as tangible common equity, which is stockholders’ equity reduced by preferred stock and goodwill and other intangible assets, divided by total shares of common stock outstanding.  Management believes this metric is important due to the relative changes in the book value per share exclusive of changes in intangible assets.

Tangible common equity to tangible assets is calculated as tangible common equity divided by tangible assets, which is total assets reduced by goodwill and other intangible assets. Management believes this measure is important to investors and analysts interested in relative changes in the ratio of total stockholders’ equity to total assets, each exclusive of changes in intangible assets.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, made through the use of words or phrases such as ‘‘may’’, ‘‘might’’, ‘‘should’’, ‘‘could’’, ‘‘predict’’, ‘‘potential’’, ‘‘believe’’, ‘‘expect’’, ‘‘continue’’, ‘‘will’’, ‘‘anticipate’’, ‘‘seek’’, ‘‘estimate’’, ‘‘intend’’, ‘‘plan’’, ‘‘projection’’, ‘‘would’’, ‘‘annualized’’, “target” and ‘‘outlook’’, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Forward-looking statements reflect various assumptions and involve elements of subjective judgement and analysis, which may or may not prove to be correct, and which are subject to uncertainties and contingencies outside the control of Byline and its respective affiliates, directors, employees and other representatives, which could cause actual results to differ materially from those presented in this communication. No representations, warranties or guarantees are or will

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be made by Byline as to the reliability, accuracy or completeness of any forward-looking statements contained in this communication or that such forward-looking statements are or will remain based on reasonable assumptions. You should not place undue reliance on any forward-looking statements contained in this communication. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.

Contacts:

Investors:	Media:
Allyson Pooley/Tony Rossi	Erin O’Neill
Financial Profiles, Inc.	Director of Marketing
IRBY@bylinebank.com	Byline Bank
	773-475-2901
	eoneill@bylinebank.com

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BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

(dollars in thousands)	September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016
ASSETS
Cash and due from banks	$	16,193		$	17,740		$	15,541		$	17,735		$	15,972
Interest bearing deposits with other banks		46,043			62,081			67,726			28,798			34,988
Cash and cash equivalents		62,236			79,821			83,267			46,533			50,960
Securities available-for-sale, at fair value		584,684			591,933			590,507			608,560			628,619
Securities held-to-maturity, at amortized cost		121,453			127,397			132,897			138,846			147,441
Restricted stock, at cost		10,628			11,978			9,503			14,993			11,250
Loans held for sale		2,087			6,835			23,492			23,976			1,278
Loans and leases:
Loans and leases		2,216,499			2,149,390			2,143,534			2,148,011			1,717,509
Allowance for loan and lease losses		(15,980	)		(13,969	)		(11,817	)		(10,923	)		(6,501	)
Net loans and leases		2,200,519			2,135,421			2,131,717			2,137,088			1,711,008
Servicing assets, at fair value		21,669			21,424			21,223			21,091			—
Accrued interest receivable		7,183			6,961			7,498			6,866			5,937
Premises and equipment, net		96,334			98,891			99,563			102,074			105,301
Assets held for sale		12,938			13,666			13,666			14,748			11,178
Other real estate owned, net		13,859			12,684			13,173			16,570			15,274
Goodwill		51,975			51,975			51,975			51,975			25,688
Other intangible assets, net		17,522			18,290			19,058			19,826			20,100
Bank-owned life insurance		5,680			5,643			6,676			6,557			4,166
Deferred tax assets, net		60,350			58,784			62,925			67,760			—
Due from broker		—			82,699			—			—			—
Due from counterparty		21,084			19,257			—			—			—
Other assets		15,241			16,463			17,573			18,367			9,729
Total assets	$	3,305,442		$	3,360,122		$	3,284,713		$	3,295,830		$	2,747,929
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Non-interest bearing demand deposits	$	753,662		$	781,636		$	732,267		$	724,457		$	673,823
Interest bearing deposits:
NOW, savings accounts, and money market accounts		1,040,774			980,875			1,032,536			989,421			1,052,676
Time deposits		726,493			778,087			811,036			776,516			516,344
Total deposits		2,520,929			2,540,598			2,575,839			2,490,394			2,242,843
Accrued interest payable		1,184			1,562			1,893			2,427			484
Line of credit		—			16,150			18,150			20,650			—
Federal Home Loan Bank advances		234,559			219,611			209,663			313,715			183,000
Securities sold under agreements to repurchase		30,807			32,429			31,940			17,249			14,094
Junior subordinated debentures issued to capital trusts, net		27,482			27,309			27,130			26,926			25,371
Accrued expenses and other liabilities		30,948			74,732			30,415			41,811			31,033
Total liabilities		2,845,909			2,912,391			2,895,030			2,913,172			2,496,825
STOCKHOLDERS’ EQUITY
Preferred stock		10,438			10,438			25,441			25,441			15,003
Common stock		292			292			—			—			—
Additional paid-in capital		391,040			390,660			313,838			313,552			245,345
Retained earnings (accumulated deficit)		62,311			52,753			57,304			50,933			(12,982	)
Accumulated other comprehensive income (loss), net of tax		(4,548	)		(6,412	)		(6,900	)		(7,268	)		3,738
Total stockholders’ equity		459,533			447,731			389,683			382,658			251,104
Total liabilities and stockholders’ equity	$	3,305,442		$	3,360,122		$	3,284,713		$	3,295,830		$	2,747,929

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BYLINE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended												Nine Months Ended
	September 30,			June 30,			March 31,			September 30,			September 30,		September 30,
(dollars in thousands, except share and per share data)	2017			2017			2017			2016			2017		2016
INTEREST AND DIVIDEND INCOME
Interest and fees on loans and leases	$	30,933		$	29,181		$	28,396		$	19,081		$	88,510	$	56,334
Interest on taxable securities		3,720			3,703			3,790			3,312			11,213		10,492
Interest on tax-exempt securities		174			151			133			152			458		509
Other interest and dividend income		217			280			169			112			666		254
Total interest and dividend income		35,044			33,315			32,488			22,657			100,847		67,589
INTEREST EXPENSE
Deposits		2,112			1,923			1,483			1,063			5,518		3,281
Federal Home Loan Bank advances		850			772			660			200			2,282		371
Subordinated debentures and other borrowings		670			809			807			529			2,286		1,571
Total interest expense		3,632			3,504			2,950			1,792			10,086		5,223
Net interest income		31,412			29,811			29,538			20,865			90,761		62,366
PROVISION FOR LOAN AND LEASE LOSSES		3,900			3,515			1,891			1,683			9,306		5,348
Net interest income after provision for    loan and lease losses		27,512			26,296			27,647			19,182			81,455		57,018
NON-INTEREST INCOME
Fees and service charges on deposits		1,418			1,348			1,219			1,465			3,985		4,227
Servicing fees		959			1,076			919			—			2,954		—
ATM and interchange fees		1,495			1,499			1,348			1,470			4,342		4,392
Net gains on sales of securities available-for-    sale		—			—			8			802			8		3,231
Net gains (losses) on sales of loans		7,499			8,445			8,082			(60	)		24,026		(39	)
Fees on mortgage loan sales, net		—			—			2			46			2		101
Other non-interest income		547			825			730			1,053			2,102		3,350
Total non-interest income		11,918			13,193			12,308			4,776			37,419		15,262
NON-INTEREST EXPENSE
Salaries and employee benefits		16,323			17,226			16,602			11,266			50,151		34,206
Occupancy expense, net		3,301			3,485			3,739			3,358			10,525		10,511
Equipment expense		630			616			563			516			1,809		1,519
Loan and lease related expenses		891			801			877			443			2,569		1,090
Legal, audit and other professional fees		1,608			1,090			1,671			1,065			4,369		3,785
Data processing		2,399			2,447			2,409			1,990			7,255		5,760
Net (gain) loss recognized on other real estate    owned and other related expenses		565			141			(570	)		292			136		1,386
Regulatory assessments		326			384			184			502			894		1,930
Other intangible assets amortization expense		769			769			769			747			2,307		2,242
Advertising and promotions		196			318			289			156			803		454
Telecommunications		351			396			418			370			1,165		1,284
Other non-interest expense		3,706			1,576			1,900			1,679			7,182		5,521
Total non-interest expense		31,065			29,249			28,851			22,384			89,165		69,688
INCOME BEFORE PROVISION FOR INCOME    TAXES		8,365			10,240			11,104			1,574			29,709		2,592
PROVISION (BENEFIT) FOR INCOME TAXES		(1,390	)		4,094			4,544			9			7,248		(222	)
NET INCOME		9,755			6,146			6,560			1,565			22,461		2,814
Dividends on preferred shares		195			10,697			189			—			11,081		—
INCOME AVAILABLE (LOSS    ATTRIBUTABLE) TO COMMON    STOCKHOLDERS	$	9,560		$	(4,551	)	$	6,371		$	1,565		$	11,380	$	2,814
EARNINGS (LOSS) PER COMMON SHARE
Basic	$	0.33		$	(0.18	)	$	0.26		$	0.08		$	0.43	$	0.15
Diluted	$	0.32		$	(0.18	)	$	0.25		$	0.08		$	0.43	$	0.15
Weighted average common shares    outstanding for basic earnings (loss) per    common share		29,246,900			24,667,587			24,616,706			19,497,811			26,194,025		18,838,354
Diluted weighted average common shares    outstanding for diluted earnings (loss) per    common share		29,752,331			24,667,587			25,078,427			19,763,434			26,697,841		19,103,977

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BYLINE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA (unaudited)

	As of or For the Three Months Ended												As of or For the Nine Months Ended
	September 30,			June 30,			March 31,			September 30,			September 30,			September 30,
(dollars in thousands, except share and per share data)	2017			2017			2017			2016			2017			2016
Summary of Operations
Net interest income	$	31,412		$	29,811		$	29,538		$	20,865		$	90,761		$	62,366
Provision for loan and lease losses		3,900			3,515			1,891			1,683			9,306			5,348
Non-interest income		11,918			13,193			12,308			4,776			37,419			15,262
Non-interest expense		31,065			29,249			28,851			22,384			89,165			69,688
Income before provision for income taxes		8,365			10,240			11,104			1,574			29,709			2,592
Provision (benefit) for income taxes		(1,390	)		4,094			4,544			9			7,248			(222	)
Net income		9,755			6,146			6,560			1,565			22,461			2,814
Dividends on preferred shares		195			10,697			189			—			11,081			—
Net income (loss) available (attributable) to    common stockholders	$	9,560		$	(4,551	)	$	6,371		$	1,565		$	11,380		$	2,814
Earnings per Common Share
Basic earnings (loss) per common share	$	0.33		$	(0.18	)	$	0.26		$	0.08		$	0.43		$	0.15
Diluted earnings (loss) per common share	$	0.32		$	(0.18	)	$	0.25		$	0.08		$	0.43		$	0.15
Weighted average common shares outstanding    (basic)		29,246,900			24,667,587			24,616,706			19,497,811			26,194,025			18,838,354
Weighted average common shares outstanding    (diluted)		29,752,331			24,667,587			25,078,427			19,763,434			26,697,841			19,103,977
Common shares outstanding		29,305,400			29,246,900			24,616,706			20,410,850			29,305,400			20,410,850
Key Ratios (annualized where applicable)
Net interest margin		4.18	%		4.02	%		4.00	%		3.37	%		4.07	%		3.46	%
Cost of deposits		0.33	%		0.30	%		0.24	%		0.19	%		0.29	%		0.20	%
Efficiency ratio(1)		69.92	%		66.23	%		67.11	%		84.38	%		67.76	%		86.88	%
Non-interest expense to average assets		3.73	%		3.57	%		3.53	%		3.33	%		3.61	%		3.55	%
Return on average stockholders' equity		8.44	%		6.21	%		6.83	%		2.63	%		7.23	%		1.70	%
Return on average assets		1.17	%		0.75	%		0.80	%		0.23	%		0.91	%		0.14	%
Non-interest income to total revenues(2)		27.51	%		30.68	%		29.41	%		18.62	%		29.19	%		19.66	%
Pre-tax pre-provision return on average assets(2)		1.47	%		1.68	%		1.59	%		0.48	%		1.58	%		0.40	%
Non-interest bearing deposits to total deposits		29.90	%		30.77	%		28.43	%		30.04	%		29.90	%		30.04	%
Deposits per branch	$	44,227		$	44,572		$	45,190		$	33,475		$	44,227		$	33,475
Loans and leases held for sale and loans and lease    held for investment to total deposits		88.01	%		84.87	%		84.13	%		76.63	%		88.01	%		76.63	%
Deposits to total liabilities		88.58	%		87.23	%		88.97	%		89.83	%		88.58	%		89.83	%
Tangible book value per common share(2)	$	12.95		$	12.55		$	11.91		$	9.32		$	12.95		$	9.32
Asset Quality Ratios
Non-performing loans and leases to total loan and    leases held for investment, net before ALLL		0.76	%		0.76	%		0.41	%		0.46	%		0.76	%		0.46	%
ALLL to total loans and leases held for investment,    net before ALLL		0.72	%		0.65	%		0.55	%		0.38	%		0.72	%		0.38	%
Net charge-offs to average total loans and leases    held for investment, net before ALLL		0.34	%		0.26	%		0.19	%		0.40	%		0.26	%		0.56	%
Acquisition accounting adjustments(3)	$	34,249		$	37,713		$	41,024		$	15,864		$	34,249		$	15,864
Capital Ratios
Common equity to assets		13.59	%		13.01	%		11.09	%		8.59	%		13.59	%		8.59	%
Tangible common equity to tangible assets(2)		11.73	%		11.16	%		9.12	%		7.04	%		11.73	%		7.04	%
Leverage ratio		11.95	%		11.73	%		9.59	%		9.29	%		11.95	%		9.29	%
Common equity tier 1 capital ratio		13.93	%		13.61	%		10.85	%		10.22	%		13.93	%		10.22	%
Tier 1 capital ratio		15.37	%		15.06	%		12.94	%		12.84	%		15.37	%		12.84	%
Total capital ratio		16.08	%		15.68	%		13.49	%		13.22	%		16.08	%		13.22	%

(1) Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income.

(2) Represents a non-GAAP financial measure.  See Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

(3) Represents the remaining unamortized premium or unaccreted discount as a result of applying the fair value adjustment at the time of the business combination on acquired loans.

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Page 15 of 17

BYLINE BANCORP, INC. AND SUBSIDIARIES

QUARTER-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited)

	For the Three Months Ended September 30,
	2017								2016
(dollars in thousands)	Average Balance(5)			Interest Inc / Exp		Average Yield / Rate			Average Balance(5)			Interest Inc / Exp		Average Yield / Rate
ASSETS
Cash and cash equivalents	$	48,354		$	106		0.87	%	$	31,794		$	25		0.31	%
Loans and leases(1)		2,193,076			30,933		5.60	%		1,660,323			19,081		4.57	%
Securities available-for-sale(2)		602,146			3,181		2.10	%		614,285			2,750		1.78	%
Securities held-to-maturity		111,345			650		2.32	%		134,989			649		1.91	%
Tax-exempt securities		26,166			174		2.63	%		19,953			152		3.03	%
Total interest-earning assets	$	2,981,087		$	35,044		4.66	%	$	2,461,344		$	22,657		3.66	%
Allowance for loan and lease losses		(14,570	)							(6,938	)
All other assets		340,669								220,494
TOTAL ASSETS	$	3,307,186							$	2,674,900
LIABILITIES AND STOCKHOLDERS’    EQUITY
Deposits
Interest checking	$	186,447		$	29		0.06	%	$	185,583		$	33		0.07	%
Money market accounts		388,365			275		0.28	%		406,531			261		0.27	%
Savings		441,096			79		0.07	%		442,269			76		0.07	%
Time deposits		758,518			1,729		0.90	%		507,570			693		0.54	%
Total interest bearing deposits		1,774,426			2,112		0.47	%		1,541,953			1,063		0.27	%
Federal Home Loan Bank advances		222,800			850		1.51	%		173,141			200		0.46	%
Other borrowed funds		60,418			670		4.40	%		38,482			529		5.46	%
Total borrowings		283,218			1,520		2.13	%		211,623			729		1.37	%
Total interest bearing liabilities	$	2,057,644		$	3,632		0.70	%	$	1,753,576		$	1,792		0.41	%
Non-interest checking		748,523								653,642
Other liabilities		42,577								30,913
Total stockholders’ equity		458,442								236,769
TOTAL LIABILITIES AND    STOCKHOLDERS’ EQUITY	$	3,307,186							$	2,674,900
Net interest spread(3)							3.96	%							3.25	%
Net interest income				$	31,412							$	20,865
Net interest margin(4)							4.18	%							3.37	%
Net loan accretion impact on margin				$	2,166		0.29	%				$	1,185		0.19	%
Net interest margin excluding loan    accretion(6)							3.89	%							3.18	%

(1) Loan and lease balances are net of deferred origination fees and costs and initial indirect costs.  Non-accrual loans and leases are included in total loan and lease balances.

(2) Interest income and rates exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

(6) Represents a non-GAAP financial measure.  See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

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Page 16 of 17

BYLINE BANCORP, INC. AND SUBSIDIARIES

YEAR-TO-DATE STATEMENT OF AVERAGE INTEREST-EARNING ASSETS AND AVERAGE INTEREST-BEARING LIABILITIES (unaudited)

	For the Nine Months Ended September 30,
	2017								2016
(dollars in thousands)	Average Balance(5)			Interest Inc / Exp		Average Yield / Rate			Average Balance(5)			Interest Inc / Exp		Average Yield / Rate
ASSETS
Cash and cash equivalents	$	54,894		$	327		0.80	%	$	29,954		$	66		0.29	%
Loans and leases(1)		2,180,507			88,510		5.43	%		1,543,948			56,334		4.87	%
Securities available-for-sale(2)		610,249			9,525		2.09	%		676,334			8,647		1.71	%
Securities held-to-maturity		116,764			2,027		2.32	%		136,127			2,033		1.99	%
Tax-exempt securities		22,033			458		2.78	%		20,932			509		3.25	%
Total interest-earning assets	$	2,984,447		$	100,847		4.52	%	$	2,407,295		$	67,589		3.75	%
Allowance for loan and lease losses		(12,715	)							(7,525	)
All other assets		330,209								225,316
TOTAL ASSETS	$	3,301,941							$	2,625,086
LIABILITIES AND STOCKHOLDERS’    EQUITY
Deposits
Interest checking	$	185,409		$	87		0.06	%	$	187,159		$	97		0.07	%
Money market accounts		376,751			712		0.25	%		399,240			747		0.25	%
Savings		445,082			237		0.07	%		441,773			227		0.07	%
Time deposits		782,672			4,482		0.77	%		526,516			2,210		0.56	%
Total interest bearing deposits		1,789,914			5,518		0.41	%		1,554,688			3,281		0.28	%
Federal Home Loan Bank advances		249,630			2,282		1.22	%		124,277			371		0.40	%
Other borrowed funds		68,803			2,286		4.44	%		37,620			1,571		5.58	%
Total borrowings		318,433			4,568		1.92	%		161,897			1,942		1.60	%
Total interest bearing liabilities	$	2,108,347		$	10,086		0.64	%	$	1,716,585		$	5,223		0.41	%
Non-interest checking		736,982								650,803
Other liabilities		41,393								37,249
Total stockholders’ equity		415,219								220,449
TOTAL LIABILITIES AND    STOCKHOLDERS’ EQUITY	$	3,301,941							$	2,625,086
Net interest spread(3)							3.88	%							3.34	%
Net interest income				$	90,761							$	62,366
Net interest margin(4)							4.07	%							3.46	%
Net loan accretion impact on margin				$	6,347		0.28	%				$	1,502		0.08	%
Net interest margin excluding loan    accretion(6)							3.79	%							3.38	%

(1) Loan and lease balances are net of deferred origination fees and costs and initial indirect costs.  Non-accrual loans and leases are included in total loan and lease balances.

(2) Interest income and rates exclude the effects of a tax equivalent adjustment to adjust tax exempt investment income on tax exempt investment securities to a fully taxable basis due to immateriality.

(3) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(4) Represents net interest income (annualized) divided by total average earning assets.

(5) Average balances are average daily balances.

(6) Represents a non-GAAP financial measure.  See “Reconciliation of non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.

Byline Bancorp, Inc.

Page 17 of 17

BYLINE BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)

	As of or For the Three Months Ended												As of or For the Nine Months Ended
	September 30,			June 30,			March 31,			September 30,			September 30,			September 30,
(dollars in thousands, except share and per share data)	2017			2017			2017			2016			2017			2016
Net interest margin:
Reported net interest margin		4.18	%		4.02	%		4.00	%		3.37	%		4.07	%		3.46	%
Effect of accretion income on    acquired loans		(0.29	)%		(0.33	)%		(0.23	)%		(0.19	)%		(0.28	)%		(0.08	)%
Net interest margin excluding    accretion		3.89	%		3.69	%		3.77	%		3.18	%		3.79	%		3.38	%
Total revenues:
Net interest income	$	31,412		$	29,811		$	29,538		$	20,865		$	90,761		$	62,366
Add: Non-interest income		11,918			13,193			12,308			4,776			37,419			15,262
Total revenues	$	43,330		$	43,004		$	41,846		$	25,641		$	128,180		$	77,628
Non-interest income to total    revenues:
Non-interest income	$	11,918		$	13,193		$	12,308		$	4,776		$	37,419		$	15,262
Total revenues		43,330			43,004			41,846			25,641			128,180			77,628
Non-interest income to total    revenues		27.51	%		30.68	%		29.41	%		18.63	%		29.19	%		19.66	%
Pre-tax pre-provision net income:
Pre-tax income	$	8,365		$	10,240		$	11,104		$	1,574		$	29,709		$	2,592
Add: Provision for loan and lease    losses		3,900			3,515			1,891			1,683			9,306			5,348
Pre-tax pre-provision net income	$	12,265		$	13,755		$	12,995		$	3,257		$	39,015		$	7,940
Pre-tax pre-provision return on    average assets:
Total average assets	$	3,307,186		$	3,284,665		$	3,315,095		$	2,674,900		$	3,301,941		$	2,625,086
Pre-tax pre-provision net income		12,265			13,755			12,995			3,257			39,015			7,940
Pre-tax pre-provision return on    average assets		1.47	%		1.68	%		1.59	%		0.48	%		1.58	%		0.40	%
Tangible common equity:
Total stockholders' equity	$	459,533		$	447,731		$	389,683		$	251,104		$	459,533		$	251,104
Less: Preferred stock		10,438			10,438			25,441			15,003			10,438			15,003
Less: Goodwill		51,975			51,975			51,975			25,688			51,975			25,688
Less: Core deposit intangibles and    other intangibles		17,522			18,290			19,058			20,100			17,522			20,100
Tangible common equity	$	379,598		$	367,028		$	293,209		$	190,313		$	379,598		$	190,313
Tangible assets:
Total assets	$	3,305,442		$	3,360,122		$	3,284,713		$	2,747,929		$	3,305,442		$	2,747,929
Less: Goodwill		51,975			51,975			51,975			25,688			51,975			25,688
Less: Core deposit intangibles and    other intangibles		17,522			18,290			19,058			20,100			17,522			20,100
Tangible assets	$	3,235,945		$	3,289,857		$	3,213,680		$	2,702,141		$	3,235,945		$	2,702,141
Tangible book value per share:
Tangible common equity	$	379,598		$	367,028		$	293,209		$	190,313		$	379,598		$	190,313
Shares of common stock outstanding		29,305,400			29,246,900			24,616,706			20,410,850			29,305,400			20,410,850
Tangible book value per share	$	12.95		$	12.55		$	11.91		$	9.32		$	12.95		$	9.32
Tangible common equity to    tangible assets:
Tangible common equity	$	379,598		$	367,028		$	293,209		$	190,313		$	379,598		$	190,313
Tangible assets		3,235,945			3,289,857			3,213,680			2,702,141			3,235,945			2,702,141
Tangible common equity to tangible    assets		11.73	%		11.16	%		9.12	%		7.04	%		11.73	%		7.04	%