BYLINE BANCORP, INC. (BY)

CIK: 0001702750. SIC: 6022 State Commercial Banks. Latest 10-K as of: 2026-02-27.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6022 State Commercial Banks

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1702750. Latest filing source: 0001193125-26-083194.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001702750.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001702750.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001193125-26-201603.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-01. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion and analysis of Byline Bancorp, Inc.’s financial condition and results of operations and should be read in conjunction with our Unaudited Interim Condensed Consolidated Financial Statements and notes thereto included elsewhere in this report. The words "the Company," "we," "Byline," "management," "our" and "us" refer to Byline Bancorp, Inc. and its consolidated subsidiaries, unless we indicate otherwise. In addition to historical information, this discussion contains forward looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled "Special Note Regarding Forward Looking Statements" and "Risk Factors". Byline assumes no obligation to update any of these forward looking statements.

Forward-Looking Statements

Statements contained in this report and in other documents we file with or furnish to the Securities and Exchange Commission ("SEC") that are not historical facts may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives or assumptions of future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "believes," "expects," "can," "could," "may," "predicts," "potential," "opportunity," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "seeks," "intends" and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual strategies, actions or results to differ materially from those expressed in such statements, and are not guarantees of future results or other events or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions or results, based on management’s current expectations, assumptions and estimates on the date hereof, there can be no assurance that actual strategies, actions or results will not differ materially from expectations and readers are cautioned not to place undue reliance on such statements.

Our ability to predict results or the actual effects of future plans, strategies or events is inherently uncertain. Factors which could cause actual results or conditions to differ materially from those reflected in forward-looking statements include:

•
uncertainty regarding domestic, foreign, and geopolitical developments and the United States and global economic outlook that may impact market conditions or affect demand for certain banking products and services, and the impact on our customers, which could impair the ability of our borrowers to repay outstanding loans and leases, impair collateral values and further increase our allowance for credit losses - loans and leases, as well as result in possible asset impairment charges;

•
unforeseen credit quality problems or changing economic conditions that could result in charge-offs greater than we have anticipated in our allowance for credit losses - loans and leases or changes in the value of our investments;

•
commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;

•
deterioration in the financial condition of our borrowers resulting in significant increases in our loan and lease losses and provisions for those losses and other related adverse impacts to our results of operations and financial condition;

•
fair value estimates of certain of our assets and liabilities, which could change in value significantly from period to period;

•
competitive pressures in the financial services industry in our market areas relating to both pricing and loan and lease structures, which may impact our growth rate;

•
demand for loan products and deposit flows;

•
unanticipated developments in pending or prospective loan and/or lease transactions or greater-than-expected paydowns or payoffs of existing loans and leases;

•
inaccurate information and assumptions in our analytical and forecasting models used to manage our balance sheet;

•
unanticipated changes in monetary policies of the Federal Reserve or significant adjustments in the pace of, or market expectations for, future interest rate changes;

•
availability of sufficient and cost-effective sources of liquidity, funding, and capital as and when needed;

•
our ability to attract, retain or the loss of key personnel or an inability to recruit appropriate talent cost-effectively;

•
adverse effects on our information technology systems resulting from failures, human error or cyberattack, including the potential impact of disruptions or security breaches at our third-party service providers, any of which could result in an information or security breach, the disclosure or misuse of confidential or proprietary information, significant legal and financial losses and reputational harm;

•
greater-than-anticipated costs to support the growth of our business, including investments in new lines of business, products and services, or technology, process improvements or other infrastructure enhancements, or greater-than-anticipated compliance or regulatory costs and burdens;

•
the impact of possible future acquisitions, if any, including the costs and burdens of integration efforts;

•
the ability of the Company to receive dividends from Byline Bank;

43

•
legislative or regulatory changes, particularly potential changes in regulation. supervision, examination and enforcement priorities of the federal banking agencies in regard to financial services companies and/or the products and services offered by financial services companies;

•
changes in Small Business Administration ("SBA") and U.S. Department of Agriculture ("USDA") U.S. government guaranteed lending rules, regulations, loan products and funding limits, including specifically the SBA Section 7(a) program, as well as changes in SBA or USDA standard operating procedures or changes to the status of Byline Bank as an SBA Preferred Lender;

•
changes in accounting principles, policies and guidelines applicable to bank holding companies and banking generally;

•
the impact of a possible change in the federal or state income tax rates on our deferred tax assets and provision for income tax expense;

•
our ability to implement our growth strategy, including via acquisitions;

•
the possibility that any of the anticipated benefits of acquisitions will not be realized or will not be realized within the expected time period;

•
the risk that the integration of acquisition operations will be materially delayed or will be more costly or difficult than expected;

•
the effect of mergers on customer relationships and operating results; and

•
other risks detailed from time to time in filings we make with the SEC.

These risks and uncertainties should be considered in evaluating any forward-looking statements, and undue reliance should not be placed on such statements. Forward looking statements speak only as of the date they are made. You should also consider the risks, assumptions and uncertainties set forth in the "Risk Factors" section in our Annual Report on Form 10-K for the year ended December 31, 2025 that was filed with the SEC on February 27, 2026, as well as those set forth in the reports we file with the SEC. 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.

Overview

Our Business

We are a bank holding company headquartered in Chicago, Illinois, and conduct all our business activities through our subsidiary, Byline Bank, a full service commercial bank, and Byline Bank’s subsidiaries. Through Byline Bank, we offer a broad range of banking products and services to small and medium sized businesses, commercial real estate and financial sponsors and to consumers who generally live or work near our branches. We also offer online account opening to consumer and business customers through our website and provide trust and wealth management services to our customers. In addition to our traditional commercial banking business, we provide small ticket equipment leasing solutions through Byline Financial Group, a wholly-owned subsidiary of Byline Bank, headquartered in Bannockburn, Illinois, with sales offices in Illinois, and sales representatives in Illinois and California. We participate in U.S. government guaranteed lending programs and originate U.S. government guaranteed loans. Byline Bank is a leading originator of SBA loans and was the most active 7(a) lender in Illinois for the quarter ended March 31, 2026.

Our results of operations depend substantially on net interest income, which is the difference between interest income on interest-earning assets, consisting primarily of interest income on loans and lease receivables, including accretion income on loans, investment securities and other short-term investments, and interest expense on interest-bearing liabilities, consisting primarily of deposits and borrowings. Our results of operations are also dependent upon our generation of non-interest income, consisting primarily of income from fees and service charges on deposits, loan servicing revenue, wealth management and trust income, ATM and interchange fees, and net gains on sales of investment securities and loans. Other factors contributing to our results of operations include our provision for credit losses, provision for income taxes, and non-interest expenses, such as salaries and employee benefits, occupancy and equipment expenses, and other miscellaneous operating costs.

We reported consolidated net income of $37.6 million, or $0.84 per basic and $0.83 per diluted common share, for the three months ended March 31, 2026, compared to net income of $28.2 million, or $0.65 per basic and $0.64 per diluted common share, for the three months ended March 31, 2025, an increase of $9.3 million. The increase in net income was attributable to a $11.6 million increase in net interest income and $3.6 million decrease in the provision for credit losses, partially offset by a $2.3 million decrease to non-interest income.

Dividends declared and paid on common shares were $5.4 million and $4.4 million for the three months ended March 31, 2026 and 2025, respectively.

Our results of operations for the three months ended March 31, 2026 and 2025 yielded an annualized return on average assets of 1.56% and 1.25%, and an annualized return on average stockholders’ equity of 11.43% and 10.32%, respectively.

As of March 31, 2026, we had consolidated total assets of $9.9 billion, total gross loans and leases outstanding of $7.5 billion, total deposits of $7.8 billion, and total stockholders’ equity of $1.3 billion.

First Security Bancorp, Inc. Acquisition

On April 1, 2025, we completed our acquisition of First Security Bancorp, Inc. ("First Security") under the terms of a definitive merger agreement. Refer to Note 3—Acquisition of a Business for additional information.

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Critical Accounting Policies and Significant Estimates

Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America ("GAAP") and to general practices within the banking industry. To prepare financial statements and interim financial statements in conformity with GAAP, management makes estimates, assumptions and judgments based on available information. These estimates, assumptions and judgments affect the amounts reported in the financial statements and accompanying notes, which ar

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2026-02-27. Report date: 2025-12-31.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following is a discussion and analysis of our financial condition and results of operations and should be read in conjunction with our financial statements and notes thereto included in Part II, Item 8 of this report. In addition to historical information, this discussion contains forward‑looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled "Special Note Regarding Forward‑Looking Statements" and "Risk Factors". Byline assumes no obligation to update any of these forward‑looking statements.

Management’s discussion focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, refer to Part I, Item 7 of our 2024 Annual Report filed on Form 10-K, which was filed with the SEC on February 28, 2025.

Executive Summary

Our results of operations depend substantially on net interest income, which is the difference between interest income on interest-earning assets, consisting primarily of interest income on loans and lease receivables, including accretion income on loans, investment securities and other short-term investments, and interest expense on interest-bearing liabilities, consisting primarily of deposits and borrowings. Our results of operations are also dependent upon our generation of non-interest income, consisting primarily of income from fees and service charges on deposits, loan servicing revenue, wealth management and trust income, ATM and interchange fees, and net gains on sales of investment securities and loans. Other factors contributing to our results of operations include our provisions for credit losses, provision for income taxes, and non-interest expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing expenses, and other miscellaneous operating costs.

The Company's financial condition, operating results, and liquidity during 2025 were impacted by record revenues driven by growth in the loan and lease portfolio and lower rates paid on deposits, our acquisition of First Security, and actions taken to continue to strengthen the balance sheet.

We reported consolidated net income of $130.1 million for the year ended December 31, 2025, compared to net income of $120.8 million for the year ended December 31, 2024, an increase of $9.3 million, or 7.7%. The increase in net income was attributable to a $37.3 million increase in net interest income, and a $2.1 million increase in non-interest income, offset by a $18.1 million increase in non-interest expense, a $9.1 million increase in provision for credit losses, and a $2.9 million increase in provision for income taxes. For the years ended December 31, 2025 and 2024, our earnings per basic share were $2.90 and $2.78, and per diluted share were $2.89 and $2.75, respectively. Our results of operations for the years ended December 31, 2025 and 2024, produced an annual return on average assets of 1.36% and 1.31% and a return on average stockholders’ equity of 10.86% and 11.61%, respectively.

Total assets were $9.7 billion as of December 31, 2025, an increase of $156.1 million or 1.6%, compared to $9.5 billion as of December 31, 2024. Total deposits were $7.6 billion as of December 31, 2025, an increase $188.8 million or 2.5%, from $7.5 billion as of December 31, 2024. Total borrowings and other liabilities were $737.3 million at December 31, 2025, a decrease of $209.1 million or 22.1%, from $946.4 million as of December 31, 2024. Total stockholders' equity as of December 31, 2025 was $1.3 billion, an increase of $176.4 million or 16.2%, compared to $1.1 billion as of December 31, 2024. Dividends declared on common shares were $18.2 million and $15.9 million for the years ended December 31, 2025 and 2024, respectively. Dividends paid on common shares were $18.2 million and $15.8 million for the years ended December 31, 2025 and 2024, respectively.

Critical accounting policies and estimates

Our accounting and reporting policies conform to GAAP and to general practices within the banking industry. To prepare financial statements and interim financial statements in conformity with GAAP, management makes estimates, assumptions and judgments based on available information. These estimates, assumptions and judgments affect the amounts reported in the financial statements and accompanying notes, and are based on information available as of the date of the financial statements. As this information changes, actual results could differ from the estimates, assumptions and judgments reflected in the financial statements. In particular, management has identified several accounting policies that, due to the estimates, assumptions and judgments inherent in those policies, are critical in understanding our financial statements.

These critical accounting policies and estimates include (i) determination of the allowance for credit losses, (ii) the valuation of intangible assets such as goodwill, and assessment of impairment, (iii) fair value estimates, and (iv) the determination and assessment of impairment for other intangible assets.

The following is a discussion of the critical accounting policies and significant estimates that require us to make complex and subjective judgments. Additional information about these policies can be found in Note 1 of our audited consolidated financial statements contained in Part II, Item 8 of this report.

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Table of Contents

Allowance for credit losses

The allowance for credit losses ("ACL") represents management’s estimate of current expected credit losses over the life of a financial asset carried at amortized cost at an appropriate level based upon management’s evaluation of the adequacy of collectively and individually evaluated loss reserves.

The ACL is maintained at a level that management believes is appropriate to provide for current expected credit losses as of the dates of the Consolidated Statements of Financial Condition, and we have established methodologies for the determination of its adequacy. The methodologies are set forth in a formal policy and take into consideration relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. We increase our ACL by recording provisions for current expected credit losses against our income and decrease by charge‑offs, net of recoveries.

The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. While management uses available information to recognize losses on loans and leases, changes in economic or other conditions may necessitate revision of the estimate in future periods.

For each portfolio, management estimates expected credit losses over the life of each loan and lease utilizing lifetime or cumulative loss rate methodology. The lifetime loss rates are estimated by analyzing a combination of internal and external data related to historical performance of each loan and lease pool over a complete economic cycle. Loss rates are based on historical averages for each loan and lease pool, adjusted to reflect the impact of a forward-looking forecast of certain macroeconomic variables, primarily unemployment rates, which management considers to be both reasonable and supportable. Various economic scenarios are considered and weighted to arrive at the forecast that most reflects management’s expectation of future conditions. After a one-year forecast period, a one-year reversion period adjusts loss experience to the historical average on a straight-line basis.

Management also considers qualitative risk factor adjustments that are intended to capture internal and external trends not reflected in historical loss history. Each risk factor is assigned an allowance level based on management’s judgment as to the expected impact of each risk factor on each loan and lease portfolio and is monitored quarterly. All loans and leases of $500,000 or greater with an internal risk rating of substandard or below, or on nonaccrual status, are individually evaluated for impairment on a quarterly basis.

The Company also maintains an allowance for credit losses on off-balance sheet credit exposures for unfunded loan commitments. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life based on management’s consideration of past events, current conditions, and reasonable and supportable economic forecasts. Management tracks the level and trends in unused commitments and takes into consideration the same factors as those considered for purposes of the allowance for credit losses on outstanding loans.

Goodwill

For acquisitions, we are required to record the assets acquired, including identified intangible assets, and the liabilities assumed at their fair value. These determinations often involve estimates based on third party valuations, such as appraisals or other valuations based on discounted cash flow analyses or other valuation techniques that may consider estimates such as attrition, growth rates, or other relevant assumptions. Goodwill is not amortized but is evaluated for impairment on an annual basis or more frequently should events warrant. We have selected November 30 as the date to perform the annual goodwill impairment test.

Impairment testing is performed using either a qualitative or quantitative approach at the reporting unit level. Our goodwill is allocated to Byline Bank, which is our only applicable reporting unit for the purposes of testing goodwill for impairment. We first apply a qualitative approach in which we consider if any recent events or circumstances indicate it is more likely than not that the fair value of the reporting unit is less than its carrying amount. These events and circumstances include our performance, the condition of the related industry in which Byline Bank operates and general economic environment. If we determine it is more likely than not that impairment exists, we will consider the quantitative approach. Using a quantitative approach, we compare the reporting unit’s fair value to its carrying value. If the carrying value of the reporting unit is determined to be higher than its fair value, we would measure and recognize an impairment loss. An impairment loss would not exceed the total amount of goodwill allocated to the reporting unit.

Other intangible assets

Other intangible assets primarily consist of core deposit intangible assets and customer relationship intangible. In valuing intangible assets, we consider variables such as servicing costs, attrition rates and market discount rates. Intangible assets are reviewed annually, or more frequently when events or changes in circumstances occur that indicate that their carrying values may not be recoverable. If the recoverable amount of the intangible asset is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the fair value at that time. We also evaluate whether the events or circumstances have occurred that warrant a revision to the remaining useful lives of intangible assets. In cases where a revision is deemed appropriate, the remaining carrying amounts of the intangible assets are amortized over the revised remaining useful life. Core deposit intangibles are currently amortized over an approximate ten-year period and customer intangibles are amortized over a twelve-year period.

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Fair value of financial instruments

A portion of the Company’s assets and liabilities are carried at fair value on the Consolidated Statements of Financial Condition, with changes in fair value recorded either through earnings or other comprehensive income in accordance with applicable accounting principles. These include the Company’s available-for-sale debt securities, equity securities, derivatives, and servicing assets.

ASC Topic 820, Fair Value Measurement defines fair value as the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date.

The degree of management judgment involved in determining the fair value of assets and liabilities is dependent upon the availability of quoted market prices or observable market parameters. Assets acquired, liabilities assumed, and consideration exchanged are recorded at their respective acquisition date fair values. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not available, management judgment and the use of models are necessary to estimate fair value. Significant assumptions used in models, which include assumptions for interest rates, discount rates, prepayments, and credit losses, are independently verified against observable market data when possible. When changes in market conditions reduce the availability of quoted prices or observable data, the estimate of fair value becomes more subjective and requires a higher degree of management judgment.

Refer to Note 17 of the notes to our audited consolidated financial statements contained in Part II, Item 8 of this report for a complete discussion of our use of fair value and the related measurement practices.

Selected Financial Data.

The following table summarizes certain selected historical consolidated financial data of Byline as of or for the fiscal years ended December 31, 2025, 2024, and 2023, and is derived from our audited financial statements. It should be read in conjunction with our consolidated financial statements and related notes included in Part II, Item 8 of this report. Management uses the non-GAAP financial measures set forth herein in its analysis of our performance and believes that these non-GAAP financial measures provide useful information to management and investors; however, these disclosures should not be viewed as a substitute for results determined in accordance with GAAP financial measures.

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Table of Contents

As of or for the years ended December 31,

(Dollars in thousands except share and per share data)

2025

2024

2023

Income Statement Data

Net interest income

$

385,348

$

348,046

$

330,621

Provision for credit losses

36,102

27,041

31,653

Non-interest income

60,925

58,851

56,315

Non-interest expense

236,918

218,777

209,603

Income before income taxes

173,253

161,079

145,680

Provision for income taxes

43,202

40,320

37,802

Net income

$

130,051

$

120,759

$

107,878

Earnings per Common Share

Basic earnings per common share

$

2.90

$

2.78

$

2.69

Diluted earnings per common share

$

2.89

$

2.75

$

2.67

Adjusted diluted earnings per share(1)(2)(3)

$

3.00

$

2.76

$

2.89

Weighted-average common shares outstanding (basic)

44,798,651

43,448,856

40,045,208

Weighted-average common shares outstanding (diluted)

45,063,611

43,853,939

40,445,553

Common shares outstanding

45,545,928

44,459,584

43,764,056

Balance Sheet Data

Loans and leases held for investment, before allowance for credit losses - loans and leases(4)

$

7,509,369

$

6,906,822

$

6,684,306

Loans and leases held for sale

13,621

3,200

18,005

Allowance for credit losses - loans and leases (ACL)

108,834

97,988

101,686

Interest-bearing deposits in other banks

88,911

504,379

165,705

Investment securities

1,415,766

1,426,166

1,352,380

Assets held for sale

1,829

2,025

4,484

Other real estate owned, net

3,394

5,170

1,200

Goodwill and other intangibles

200,520

198,098

203,478

Servicing assets

19,234

18,952

19,844

Total assets

9,652,676

9,496,529

8,881,967

Total deposits

7,647,443

7,458,628

7,176,999

Total liabilities

8,384,770

8,405,032

7,891,816

Total stockholders’ equity

1,267,906

1,091,497

990,151

Deposits per branch

169,943

162,144

149,521

Book value per common share

27.84

24.55

22.62

Tangible book value per common share(1)

23.44

20.09

17.98

Performance Ratios

Net interest margin

4.22

%

3.97

%

4.31

%

Net interest margin, fully taxable equivalent(1)

4.23

3.98

4.32

Average cost of deposits

2.17

2.61

1.90

Efficiency ratio(5)

51.83

52.45

52.62

Adjusted efficiency ratio(1)(2)(5)

50.37

52.24

49.61

Non-interest expense to average assets

2.48

2.38

2.60

Adjusted non-interest expense to average assets(1)(2)

2.41

2.37

2.46

Return on average stockholders’ equity

10.86

11.61

12.50

Adjusted return on average stockholders' equity(1)(2)(3)

11.28

11.68

13.53

Return on average assets

1.36

1.31

1.34

Adjusted return on average assets(1)(2)(3)

1.41

1.32

1.45

Non-interest income to total revenues(1)

13.65

14.46

14.55

Pre-tax pre-provision return on average assets(1)

2.19

2.05

2.20

Adjusted pre-tax pre-provision return on average assets(1)(2)

2.26

2.06

2.35

Return on average tangible common stockholders' equity(1)

13.47

14.85

16.46

Adjusted return on average tangible common stockholders' equity(1)(2)(3)

13.97

14.94

17.76

Non-interest-bearing deposits to total deposits

23.78

23.54

26.56

Loans and leases held for sale and loans and leases held for investment to total deposits

98.37

92.64

93.39

Deposits to total liabilities

91.21

88.74

90.94

Asset Quality Ratios

Non-performing loans and leases / total loans and leases held for investment, net before ACL

0.95

%

0.90

%

0.96

%

Total non-performing assets as a percentage of total assets

0.77

0.71

0.74

ACL / total loans and leases held for investment, net before ACL

1.45

1.42

1.52

Net charge-offs / average total loans and leases held for investment, net before ACL

0.39

0.47

0.38

Capital Ratios

Common equity to assets

13.14

%

11.49

%

11.15

%

Tangible common equity to tangible assets(1)

11.29

9.61

9.06

Leverage ratio

12.53

11.74

10.86

Common equity tier 1 capital ratio

12.33

11.70

10.35

Tier 1 capital ratio

13.29

12.73

11.39

Total capital ratio

15.34

14.74

13.38

(1)
Represents a non-GAAP financial measure. See "GAAP Reconciliation and Management Explanation of non-GAAP Financial Measures" for a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure.

(2)
Calculation excludes impairment charges on assets held for sale and ROU assets, merger-related expenses, secondary public offering of common stock expenses, and loss on extinguishment of debt.

(3)
Calculations exclude incremental income tax benefit related to impairment charges, merger-related expenses, secondary public offering of common stock expenses, and loss on extinguishment of debt.

(4)
Represents loans and leases, net of acquisition accounting adjustments, unearned deferred fees and costs and initial indirect costs.

(5)
Represents non-interest expense less amortization of intangible assets divided by net interest income and non-interest income.

37

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GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

Some of the financial measures included in the "Selected Financial Data" are not measures of financial performance in accordance with GAAP. Our management uses the non‑GAAP financial measures set forth below in its analysis of our performance.

•
"Adjusted net income" and "adjusted diluted earnings per share" exclude certain significant items, which include impairment charges on assets held for sale and right-of use asset ("ROU"), merger-related expenses, secondary public offering of common stock expenses, and loss on extinguishment of debt, adjusted for applicable income tax. Management believes the significant items are not indicative of or useful to measure our operating performance on an ongoing basis.

•
"Net interest income, fully taxable-equivalent" and "net interest margin, fully taxable-equivalent" are adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. Management believes the metric provides useful comparable information to investors and that these measures may be useful for peer comparison.

•
"Total revenue" is the combination of net interest income and non-interest income. Management believes the metric is an important measure of the Company's operating performance on an ongoing basis.

•
"Adjusted non-interest expense" is non-interest expense excluding certain significant items, which include impairment charges on assets held for sale and ROU asset, merger-related expenses, secondary public offering of common stock expenses, and loss on extinguishment of debt. Management believes the significant items are not indicative of or useful to measure our operating performance on an ongoing basis.

•
"Adjusted non-interest expense excluding amortization of intangible assets" is adjusted non-interest expense excluding amortization of intangible assets expense. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"Adjusted efficiency ratio" is adjusted non-interest expense less amortization of intangible assets divided by net interest income and non-interest income. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"Adjusted non-interest expense to average assets" is adjusted non-interest expense divided by average assets. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"Adjusted return on average stockholders’ equity" is adjusted net income divided by average stockholders’ equity. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"Adjusted return on average assets" is adjusted net income divided by average assets. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"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 net income" is pre‑tax income plus the provision for credit losses. Management believes this metric demonstrates income excluding the tax provision or benefit and the provision for credit losses and enables investors and others to assess our ability to generate capital to cover credit losses through a credit cycle.

•
"Adjusted pre-tax pre-provision net income" is pre-tax pre-provision net income excluding certain significant items, which include impairment charges on assets held for sale and ROU asset, merger-related expenses, secondary public offering of common stock expenses, and loss on extinguishment of debt. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"Pre‑tax pre‑provision return on average assets" is pre-tax income plus the provision for credit losses, divided by average assets. Management believes this ratio demonstrates profitability excluding the tax provision or benefit and excludes the provision for credit losses.

•
"Adjusted pre-tax pre-provision return on average assets" excludes certain significant items, which include impairment charges on assets held for sale and ROU asset, merger-related expenses, secondary public offering of common stock expenses, and loss on extinguishment of debt.

•
"Tangible common stockholders' equity" is defined as total stockholders' equity reduced by preferred stock, goodwill and other intangible assets. Management does not consider servicing assets as an intangible asset for purposes of this calculation.

•
"Tangible assets" is defined as total assets reduced by goodwill and other intangible assets. Management does not consider servicing assets as an intangible asset for purposes of this calculation.

38

Table of Contents

•
"Tangible book value per common share" is calculated as tangible common stockholders' equity, which is stockholders’ equity reduced by preferred stock, 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 stockholders' equity to tangible assets" is calculated as tangible common stockholders' equity divided by tangible assets, which is total assets reduced by goodwill and other intangible assets. Management believes this metric 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.

•
"Tangible net income" is net income excluding after-tax intangible asset amortization.

•
"Adjusted tangible net income" is tangible net income excluding certain significant items. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"Return on average tangible common stockholders’ equity" is tangible net income divided by average tangible common stockholders’ equity. Management believes the metric is an important measure of our operating performance on an ongoing basis.

•
"Adjusted return on average tangible common stockholders’ equity" is adjusted tangible net income divided by average tangible common stockholders’ equity. Management believes the metric is an important measure of our operating performance on an ongoing basis.

We believe that these non‑GAAP financial measures provide useful information to its management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that our non‑GAAP financial measures have a number of limitations. As such, you should not view these disclosures 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.

The following reconciliation tables provide a more detailed analysis of the non‑GAAP financial measures discussed herein:

As of or for the years ended December 31,

(dollars in thousands, except per share data)

Net income and earnings per share excluding significant items

2025

2024

2023

Reported net income

$

130,051

$

120,759

$

107,878

Significant items:

Impairment charges on assets held for sale and ROU asset

195

194

2,395

Merger-related expense

5,087

629

9,222

Secondary public offering of common stock expenses

413

—

—

Loss on extinguishment of debt

843

—

—

Tax benefit

(1,522

)

(85

)

(2,696

)

Adjusted net income

$

135,067

$

121,497

$

116,799

Reported diluted earnings per share

$

2.89

$

2.75

$

2.67

Significant items:

Impairment charges on assets held for sale and ROU asset

—

—

0.06

Merger-related expense

0.11

0.01

0.23

Secondary public offering of common stock expenses

0.01

—

—

Loss on extinguishment of debt

0.02

—

—

Tax benefit

(0.03

)

—

(0.07

)

Adjusted diluted earnings per share

$

3.00

$

2.76

$

2.89

39

Table of Contents

As of or for the years ended December 31,

(dollars in thousands, except per share data)

2025

2024

2023

Adjusted non-interest expense:

    Non-interest expense

$

236,918

$

218,777

$

209,603

    Less: Significant items

    Impairment charges on assets held for sale and ROU asset

195

194

2,395

    Merger-related expense

5,087

629

9,222

    Secondary public offering of common stock expenses

413

—

—

    Loss on extinguishment of debt

843

—

—

    Adjusted non-interest expense

$

230,380

$

217,954

$

197,986

Adjusted non-interest expense excluding

   amortization of intangible assets:

    Adjusted non-interest expense

$

230,380

$

217,954

$

197,986

    Less: Amortization of intangible assets

5,605

5,380

6,011

    Adjusted non-interest expense excluding amortization of intangible assets

$

224,775

$

212,574

$

191,975

Pre-tax pre-provision net income:

    Pre-tax income

$

173,253

$

161,079

$

145,680

    Add: Provision for credit losses

36,102

27,041

31,653

    Pre-tax pre-provision net income

$

209,355

$

188,120

$

177,333

Adjusted pre-tax pre-provision net income:

    Pre-tax pre-provision net income

$

209,355

$

188,120

$

177,333

    Impairment charges on assets held for sale and ROU asset

195

194

2,395

    Merger-related expense

5,087

629

9,222

    Secondary public offering of common stock expenses

413

—

—

    Loss on extinguishment of debt

843

—

—

    Adjusted pre-tax pre-provision net income

$

215,893

$

188,943

$

188,950

Tax equivalent net interest income:

Net interest income

$

385,348

$

348,046

$

330,621

    Add: Tax-equivalent adjustment

901

921

903

    Net interest income, fully taxable equivalent

$

386,249

$

348,967

$

331,524

Total revenues:

    Net interest income

$

385,348

$

348,046

$

330,621

    Add: Non-interest income

60,925

58,851

56,315

    Total revenues

$

446,273

$

406,897

$

386,936

Tangible common stockholders' equity:

    Total stockholders' equity

$

1,267,906

$

1,091,497

$

990,151

    Less: Goodwill

181,852

181,705

181,705

    Less: Core deposit intangibles and other intangibles

18,668

16,393

21,773

    Tangible common stockholders' equity

$

1,067,386

$

893,399

$

786,673

Tangible assets:

    Total assets

$

9,652,676

$

9,496,529

$

8,881,967

    Less: Goodwill

181,852

181,705

181,705

    Less: Core deposit intangibles and other intangibles

18,668

16,393

21,773

    Tangible assets

$

9,452,156

$

9,298,431

$

8,678,489

Average tangible common stockholders' equity:

    Average total stockholders' equity

$

1,197,476

$

1,040,515

$

863,092

    Less: Average goodwill

181,719

181,705

164,487

    Less: Average core deposit intangibles and other intangibles

19,609

19,035

16,230

    Average tangible common stockholders' equity

$

996,148

$

839,775

$

682,375

Average tangible assets:

    Average total assets

$

9,556,954

$

9,187,342

$

8,048,331

    Less: Average goodwill

181,719

181,705

164,487

    Less: Average core deposit intangibles and other intangibles

19,609

19,035

16,230

    Average tangible assets

$

9,355,626

$

8,986,602

$

7,867,614

Tangible net income

    Net income

$

130,051

$

120,759

$

107,878

    Add: After-tax intangible asset amortization

4,140

3,974

4,408

    Tangible net income

$

134,191

$

124,733

$

112,286

Adjusted tangible net income:

    Tangible net income

$

134,191

$

124,733

$

112,286

    Impairment charges on assets held for sale and ROU asset

195

194

2,395

    Merger-related expense

5,087

629

9,222

Secondary public offering of common stock expenses

413

—

—

Loss on extinguishment of debt

843

—

—

    Tax benefit on significant items

(1,522

)

(85

)

(2,696

)

    Adjusted tangible net income

$

139,207

$

125,471

$

121,207

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Table of Contents

As of or for the years ended December 31,

(dollars in thousands, except share and per share data)

2025

2024

2023

Pre-tax pre-provision return on average assets:

    Pre-tax pre-provision net income

$

209,355

$

188,120

$

177,333

    Total average assets

9,556,954

9,187,342

8,048,331

    Pre-tax pre-provision return on average assets

2.19

%

2.05

%

2.20

%

Adjusted Pre-tax pre-provision return on average assets:

    Adjusted pre-tax pre-provision net income

$

215,893

$

188,943

$

188,950

    Total average assets

9,556,954

9,187,342

8,048,331

    Adjusted pre-tax pre-provision return on average assets

2.26

%

2.06

%

2.35

%

Net interest margin, fully taxable equivalent:

    Net interest income, fully taxable equivalent

$

386,249

$

348,967

$

331,524

    Total average interest-earning assets

9,130,196

8,774,014

7,677,848

    Net interest margin, fully taxable equivalent

4.23

%

3.98

%

4.32

%

Non-interest income to total revenues:

    Non-interest income

$

60,925

$

58,851

$

56,315

    Total revenues

446,273

406,897

386,936

    Non-interest income to total revenues

13.65

%

14.46

%

14.55

%

Adjusted non-interest expense to average assets:

    Adjusted non-interest expense

$

230,380

$

217,954

$

197,986

    Total average assets

9,556,954

9,187,342

8,048,331

    Adjusted non-interest expense to average assets

2.41

%

2.37

%

2.46

%

Adjusted efficiency ratio:

    Adjusted non-interest expense excluding amortization of intangible assets

$

224,775

$

212,574

$

191,975

    Total revenues

446,273

406,897

386,936

    Adjusted efficiency ratio

50.37

%

52.24

%

49.61

%

Adjusted return on average assets:

    Adjusted net income

$

135,067

$

121,497

$

116,799

    Total average assets

9,556,954

9,187,342

8,048,331

    Adjusted return on average assets

1.41

%

1.32

%

1.45

%

Adjusted return on average common stockholders' equity:

    Adjusted net income

$

135,067

$

121,497

$

116,799

    Average common stockholders' equity

1,197,476

1,040,515

863,092

    Adjusted return on average common stockholders' equity

11.28

%

11.68

%

13.53

%

Tangible common stockholders' equity to tangible assets:

    Tangible stockholders' equity

$

1,067,386

$

893,399

$

786,673

    Tangible assets

9,452,156

9,298,431

8,678,489

    Tangible common stockholders' equity to tangible assets

11.29

%

9.61

%

9.06

%

Return on average tangible common stockholders' equity:

    Tangible net income

$

134,191

$

124,733

$

112,286

    Average tangible common stockholders' equity

996,148

839,775

682,375

    Return on average tangible common stockholders' equity:

13.47

%

14.85

%

16.46

%

Adjusted return on average tangible common stockholders' equity:

    Adjusted tangible net income

$

139,207

$

125,471

$

121,207

    Average tangible common stockholders' equity

996,148

839,775

682,375

    Adjusted return on average tangible common stockholders' equity

13.97

%

14.94

%

17.76

%

Tangible book value per common share:

    Tangible common equity

$

1,067,386

$

893,399

$

786,673

    Common shares outstanding

45,545,928

44,459,584

43,764,056

    Tangible book value per common share

$

23.44

$

20.09

$

17.98

41

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Results of Operations

Net interest income

Net interest income, representing interest income less interest expense, is a significant contributor to our revenues and earnings. We generate interest income from interest and dividends on interest-earning assets, which include loans, leases and investment securities we own. We incur interest expense from interest paid on interest-bearing liabilities, which include interest-bearing deposits, subordinated notes, junior subordinated debentures and other borrowings. To evaluate net interest income, we measure and monitor (i) yields on our loans and other interest-earning assets, (ii) the costs of our deposits and other funding sources, (iii) our net interest spread and (iv) our net interest margin. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. Net interest margin is calculated as the net interest income divided by average interest-earning assets. Because non-interest-bearing sources of funds, such as non-interest-bearing deposits and stockholders’ equity, also fund interest-earning assets, net interest margin includes the benefit of these non-interest-bearing sources.

We also recognize income from the accretable discounts associated with the purchase of interest-earning assets. Because of our recapitalization and acquisitions, we derive a portion of our interest income from the accretable discounts on purchased credit deteriorated and acquired non-credit-deteriorated loans. The accretion is generally recognized over the life of the loan. As of December 31, 2025, purchased credit deteriorated loans accounted for under ASC Topic 326 represented 1.4% of our total loan portfolio, compared to 1.8% at December 31, 2024.

Changes in the market interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as the volume and types of interest-earning assets, interest-bearing and non-interest-bearing liabilities, are the largest drivers of periodic changes in net interest spread, net interest margin and net interest income. In addition, our interest income includes the accretion of the discounts on our purchased credit deteriorated and acquired non-credit-deteriorated loans, which will also affect our net interest spread, net interest margin and net interest income.

42

Table of Contents

The following tables present, for the periods indicated, information about (i) average balances, the total dollar amount of interest income from interest-earning assets and the resultant average yields; (ii) average balances, the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rates; (iii) net interest income; (iv) the interest rate spread; and (v) the net interest margin. Yields have been calculated on a pre-tax basis (dollars in thousands):

Year Ended December 31,

2025

2024

2023

Average

Balance(5)

Interest

Inc / Exp

Avg

Yield /

Rate

Average

Balance(5)

Interest

Inc / Exp

Avg

Yield /

Rate

Average

Balance(5)

Interest

Inc / Exp

Avg

Yield /

Rate

ASSETS

Cash and cash equivalents

$

175,760

$

6,270

3.57

%

$

346,777

$

15,635

4.51

%

$

157,754

$

5,029

3.19

%

Loans and leases(1)

7,226,607

511,224

7.07

%

6,786,547

502,353

7.40

%

6,038,797

440,984

7.30

%

Taxable securities

1,575,363

51,338

3.26

%

1,483,640

44,476

3.00

%

1,322,379

30,068

2.27

%

Tax-exempt securities(2)

152,466

4,289

2.81

%

157,050

4,386

2.79

%

158,918

4,300

2.71

%

Total interest-earning assets

$

9,130,196

$

573,121

6.28

%

$

8,774,014

$

566,850

6.46

%

$

7,677,848

$

480,381

6.26

%

Allowance for credit losses - loans and leases

(106,092

)

(101,695

)

(98,067

)

All other assets

532,850

515,023

468,550

TOTAL ASSETS

$

9,556,954

$

9,187,342

$

8,048,331

LIABILITIES AND STOCKHOLDERS’

   EQUITY

Deposits

Interest checking

$

828,122

$

14,181

1.71

%

$

695,156

$

14,442

2.08

%

$

574,335

$

9,212

1.60

%

Money market accounts

2,860,470

86,928

3.04

%

2,344,309

80,960

3.45

%

1,802,675

53,933

2.99

%

Savings

494,264

533

0.11

%

506,889

711

0.14

%

585,820

883

0.15

%

Time deposits

1,701,328

66,076

3.88

%

2,024,942

96,253

4.75

%

1,468,836

57,408

3.91

%

Total interest-bearing deposits

5,884,184

167,718

2.85

%

5,571,296

192,366

3.45

%

4,431,666

121,436

2.74

%

Other borrowings

319,151

6,372

2.00

%

442,364

13,648

3.09

%

484,984

17,125

3.53

%

Federal funds purchased

—

—

0.00

%

348

21

6.05

%

685

36

5.30

%

Subordinated notes and debentures

156,484

12,782

8.17

%

144,624

11,848

8.19

%

127,825

10,260

8.03

%

Total borrowings

475,635

19,154

4.03

%

587,336

25,517

4.34

%

613,494

27,421

4.47

%

Total interest-bearing liabilities

$

6,359,819

$

186,872

2.94

%

$

6,158,632

$

217,883

3.54

%

$

5,045,160

$

148,857

2.95

%

Non-interest bearing demand deposits

1,833,596

1,802,258

1,965,663

Other liabilities

166,063

185,937

174,416

Total stockholders’ equity

1,197,476

1,040,515

863,092

TOTAL LIABILITIES AND

   STOCKHOLDERS’ EQUITY

$

9,556,954

$

9,187,342

$

8,048,331

Net interest spread(3)

3.34

%

2.92

%

3.31

%

Net interest income, fully taxable equivalent

$

386,249

$

348,967

$

331,524

Net interest margin, fully taxable equivalent(2)(4)

4.23

%

3.98

%

4.32

%

Tax-equivalent adjustment

901

0.01

%

921

0.01

%

903

0.01

%

Net interest income

$

385,348

$

348,046

$

330,621

Net interest margin(4)

4.22

%

3.97

%

4.31

%

Net loan accretion impact on margin

$

10,413

0.11

%

$

13,511

0.15

%

$

16,726

0.22

%

(1)
Loan and lease balances are net of deferred origination fees and costs and initial direct costs. Fees included in loan and lease interest income were $8.8 million, $8.1 million, and $9.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. Non-accrual loans and leases are included in total loan and lease balances. Interest income on non-accruing loans is reflected in the period that it is collected, to the extent it is not applied to principal. Non-accrual loans are included in the average balances.

(2)
Interest income and rates include the effects of a tax equivalent adjustment to adjust tax-exempt investment income on tax-exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

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

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

(5)
Average balances are average daily balances.

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Table of Contents

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following tables set forth the effects of changing rates and volumes on our net interest income during the periods shown. Information is provided with respect to (i) effects on interest income attributable to changes in volume (changes in volume multiplied by prior rate) and (ii) effects on interest income attributable to changes in rate (changes in rate multiplied by prior volume). Changes applicable to both volume and rate have been allocated to volume. Yields have been calculated on a pre-tax basis. The tables below are a summary of the increases and decreases in interest income and interest expense resulting from changes in average balances (volume) and changes in average interest rates (dollars in thousands):

Year Ended December 31,

2025 Compared to 2024

2024 Compared to 2023

Change Due to

Change Due to

Total

Change Due to

Change Due to

Total

Volume

Rate

Change

Volume

Rate

Change

Interest income

Cash and cash equivalents

$

(6,105

)

$

(3,260

)

$

(9,365

)

$

8,524

$

2,082

$

10,606

Loans and leases(1)

31,267

(22,396

)

8,871

55,330

6,039

61,369

Taxable securities

3,005

3,857

6,862

4,755

9,653

14,408

Tax-exempt securities(2)

(128

)

31

(97

)

(41

)

127

86

Total interest income

$

28,039

$

(21,768

)

$

6,271

$

68,568

$

17,901

$

86,469

Interest expense

Deposits

Interest checking

$

2,311

$

(2,572

)

$

(261

)

$

2,473

$

2,757

$

5,230

Money market accounts

15,580

(9,612

)

5,968

18,735

8,292

27,027

Savings

(26

)

(152

)

(178

)

(113

)

(59

)

(172

)

Time deposits

(12,560

)

(17,617

)

(30,177

)

26,507

12,338

38,845

Total interest-bearing deposits

5,305

(29,953

)

(24,648

)

47,602

23,328

70,930

Other borrowings

(2,460

)

(4,816

)

(7,276

)

(1,343

)

(2,134

)

(3,477

)

Federal funds purchased

(21

)

—

(21

)

(20

)

5

(15

)

Subordinated notes and

  debentures

969

(35

)

934

1,383

205

1,588

Total borrowings

(1,512

)

(4,851

)

(6,363

)

20

(1,924

)

(1,904

)

Total interest expense

$

3,793

$

(34,804

)

$

(31,011

)

$

47,622

$

21,404

$

69,026

Net interest income, fully taxable

   equivalent

$

24,246

$

13,036

$

37,282

$

20,946

$

(3,503

)

$

17,443

(1) Includes loans and leases on non-accrual status.

(2) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax-exempt investment income on tax-exempt investment securities to a fully taxable basis, assuming a federal income tax rate of 21%.

Net interest income for the year ended December 31, 2025 was $385.3 million, an increase of $37.3 million, or 10.7% compared to 2024. The increase in interest income of $6.3 million was principally a result of growth in the loan and lease portfolio. The average balance of interest-earning assets was $9.1 billion for the year ended December 31, 2025, an increase of $356.2 million, or 4.1%, compared to 2024, primarily due to growth in our loan and lease portfolios and securities portfolio, offset by decreases to cash and cash equivalents. Interest expense decreased by $31.0 million or 14.2%, for the year ended December 31, 2025 compared to 2024, mostly due to lower rates paid and lower average balances on time deposits and partially offset by growth of money market accounts. Average total interest-bearing deposits increased $312.9 million, or 5.6% year over year.

Interest expense on borrowings for the year ended December 31, 2025 was $19.2 million compared to $25.5 million for the year ended December 31, 2024, a decrease of $6.4 million, or 24.9%. This decrease was driven mainly by lower rates paid on other borrowings.

The net interest margin for the year ended December 31, 2025 was 4.22%, an increase of 25 basis points compared to 3.97% for the year ended December 31, 2024. The average yield on interest-earning assets decreased 18 basis points to 6.28% for the year ended December 31, 2025 compared to 6.46% for the year ended December 31, 2024, while the average rate paid on interest-bearing liabilities decreased by 60 basis points to 2.94% from 3.54%, resulting in an increase in the interest rate spread of 42 basis points.

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Table of Contents

Net loan accretion income was $10.4 million for the year ended December 31, 2025 compared to $13.5 million for the year ended December 31, 2024, a decrease of $3.1 million. Total net loan accretion on acquired loans contributed 11 basis points to the net interest margin for the year ended December 31, 2025 compared to 15 basis points for the year ended December 31, 2024. Assuming no additional acquisitions, we expect loan accretion income to continue to decline as acquired loans mature. Projected accretion income as of December 31, 2025 is summarized as follows:

Estimated Projected Accretion(1)(2)

2026

$

4,916

2027

2,977

2028

1,724

2029

1,209

2030

820

Thereafter

8,650

Total

$

20,296

(1) Estimated projected accretion excludes contractual interest income on acquired loans and leases.

(2) Projections are updated quarterly, assume no prepayments, and are subject to change.

Provision for credit losses

The provision for credit losses reflects the amount required to maintain the ACL at an appropriate level based upon management’s evaluation of collectively and individually evaluated loss reserves. The provision for credit losses represents a charge to earnings necessary to establish an allowance for credit losses that, in management’s evaluation, is appropriate to provide coverage for current expected credit losses in the loan and lease portfolio. The ACL is increased by the provision for credit losses and is decreased by charge-offs, net of recoveries on prior charge-offs.

Provision for credit losses for the year ended December 31, 2025 was $36.1 million compared to $27.0 million for the year ended December 31, 2024, an increase of $9.1 million. The increase in provision was mainly due to growth in the loan and lease portfolio and higher non-performing loans and leases. On April 1, 2025, a provision for credit losses of $864,000 was recorded on acquired non-credit-deteriorated loans related to the First Security acquisition. For the year ended December 31, 2025, the provision for credit losses is comprised of a provision for loan and lease losses of $35.8 million and a provision for unfunded commitments of $348,000. For the year ended December 31, 2024, the provision for credit losses is comprised of a provision for loan and lease losses of $28.3 million and a recapture of provision for unfunded commitments of $1.2 million.

Non-interest income

Non-interest income was $60.9 million for the year ended December 31, 2025, compared to $58.9 million for the year ended December 31, 2024, an increase of $2.1 million or 3.5%.

The following table presents the major components of our non-interest income for the periods indicated (dollars in thousands):

Year ended December 31,

2025 compared to 2024

2024 compared to 2023

2025

2024

2023

$ Change

% Change

$ Change

% Change

Fees and service charges on deposits

$

10,876

$

10,214

$

9,211

$

662

6.5

%

$

1,003

10.9

%

Loan servicing revenue

12,261

12,905

13,503

(644

)

(5.0

)%

(598

)

(4.4

)%

Loan servicing asset revaluation

(5,602

)

(6,704

)

(5,089

)

1,102

(16.4

)%

(1,615

)

31.7

%

ATM and interchange fees

4,083

4,464

4,462

(381

)

(8.5

)%

2

0.1

%

Net losses on sales of securities

   available-for-sale

(21

)

(699

)

—

678

(97.1

)%

(699

)

100.0

%

Change in fair value of equity securities, net

795

1,122

1,071

(327

)

(29.1

)%

51

4.8

%

Net gains on sales of loans

22,719

24,540

22,805

(1,821

)

(7.4

)%

1,735

7.6

%

Wealth management and trust income

4,846

4,310

4,158

536

12.4

%

152

3.7

%

Other non-interest income

10,968

8,699

6,194

2,269

26.1

%

2,505

40.5

%

Total non-interest income

$

60,925

$

58,851

$

56,315

$

2,074

3.5

%

$

2,536

4.5

%

NM - Not meaningful

Fees and service charges on deposits represent amounts charged to customers for banking services, such as fees on deposit accounts, and include, but are not limited to, maintenance fees, insufficient fund fees, overdraft protection fees, wire transfer fees, treasury management fees, and other charges. Fees and service charges on deposits were $10.9 million for the year ended December 31, 2025, compared to $10.2 million for the year ended December 31, 2024, an increase of $662,000 or 6.5%. The increase was a result of growth in deposit balances and from new customers.

While portions of the loans that we originate are sold and generate gain on sale revenue, servicing rights for the majority of the loans that we sell are retained by us. In exchange for continuing to service loans that have been sold, we receive servicing revenue from a portion of the interest cash flow of the loan. We generated $12.3 million and $12.9 million in loan servicing revenue on the sold portion of U.S. government guaranteed loans for the years ended December 31, 2025 and 2024, respectively, a decrease of $644,000 or 5.0%.

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Table of Contents

At December 31, 2025 and 2024, the outstanding balance of U.S. government guaranteed loans serviced was $1.6 billion and $1.7 billion, respectively.

Loan servicing asset revaluation represents net changes in the fair value of our servicing assets. Loan servicing asset revaluation had a downward adjustment of $5.6 million for the year ended December 31, 2025, compared to a downward adjustment of $6.7 million for the year ended December 31, 2024, a decrease of $1.1 million, or 16.4% The variance was primarily driven by the change in fair value of the servicing asset mainly as a result of lower average discount rate.

Net gains on sales of loans were $22.7 million for the year ended December 31, 2025 compared to $24.5 million for the year ended December 31, 2024, a decrease of $1.8 million, or 7.4%. The decrease in net gains on sales was primarily driven by lower market premiums for U.S. government guaranteed loans. We sold $315.0 million and $314.8 million of U.S. government guaranteed loans during the years ended December 31, 2025 and 2024, respectively.

Wealth management and trust income represents fees charged to customers for investment, trust, and wealth management services and are primarily determined by total assets under administration. Wealth management and trust income was $4.8 million for the year ended December 31, 2025 compared to $4.3 million for the year ended December 31, 2024, an increase of $536,000 or 12.4%, mainly due to increased fees. Assets under administration were $823.2 million and $746.5 million as of December 31, 2025 and 2024, respectively, and include $115.2 million and $119.7 million of money market demand accounts included in interest-bearing deposits on the Consolidated Statements of Financial Condition.

Other non-interest income was $11.0 million for the year ended December 31, 2025 compared to $8.7 million for the year ended December 31, 2024, an increase of $2.3 million or 26.1%. The increase was primarily a result of increased swap fee income from increased swap activity.

Non-interest expense

We reported non-interest expense for the year ended December 31, 2025 of $236.9 million compared to $218.8 million for the year ended December 31, 2024, an increase of $18.1 million or 8.3%.

The following table presents the components of our non-interest expense for the periods indicated (dollars in thousands):

Year ended December 31,

2025 compared to 2024

2024 compared to 2023

2025

2024

2023

$ Change

% Change

$ Change

% Change

Salaries and employee benefits

$

150,376

$

140,119

$

126,979

$

10,257

7.3

%

$

13,140

10.3

%

Occupancy expense, net

14,512

14,686

14,030

(174

)

(1.2

)%

656

4.7

%

Equipment expense

3,752

4,017

4,478

(265

)

(6.6

)%

(461

)

(10.3

)%

Impairment charge on assets held for sale

195

—

2,000

195

100.0

%

(2,000

)

(100.0

)%

Loan and lease related expenses

3,623

2,789

2,936

834

29.9

%

(147

)

(5.0

)%

Legal, audit and other professional fees

16,058

13,428

12,946

2,630

19.6

%

482

3.7

%

Data processing

19,445

16,869

19,509

2,576

15.3

%

(2,640

)

(13.5

)%

Net loss recognized on other real

   estate owned and other related expenses

1,143

568

385

575

101.5

%

183

47.4

%

Regulatory assessments

4,250

4,179

4,143

71

1.7

%

36

0.9

%

Other intangible assets amortization

   expense

5,605

5,380

6,011

225

4.2

%

(631

)

(10.5

)%

Advertising and promotions

5,644

4,978

3,796

666

13.4

%

1,182

31.1

%

Telecommunications

884

870

1,447

14

1.7

%

(577

)

(39.9

)%

Other non-interest expense

11,431

10,894

10,943

537

4.9

%

(49

)

(0.5

)%

Total non-interest expense

$

236,918

$

218,777

$

209,603

$

18,141

8.3

%

$

9,174

4.4

%

NM - Not meaningful

Salaries and employee benefits, the single largest component of our non-interest expense, was $150.4 million for the year ended December 31, 2025 compared to $140.1 million for the year ended December 31, 2024, an increase of $10.3 million or 7.3%, primarily a result of merger-related expenses, merit salary increases, higher incentive compensation, and higher equity-based compensation.

Occupancy expense, net, and equipment expense for the year ended December 31, 2025 were $18.3 million compared to $18.7 million for the year ended December 31, 2024, a decrease of $439,000 or 2.3%, primarily as a result of our branch consolidation strategy.

Loan and lease related expenses for the year ended December 31, 2025 were $3.6 million compared to $2.8 million for the year ended December 31, 2024, an increase of $834,000, or 29.9%. The increase was mainly related to increased real estate taxes and insurance and increased appraisal and survey related expenses.

Legal, audit and other professional fees for the year ended December 31, 2025 were $16.1 million compared to $13.4 million for the year ended December 31, 2024, an increase of $2.6 million or 19.6%. The increase was principally driven by increased outside service fees, merger-related expenses, and fees and expenses related to the secondary public offering of our common stock.

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Table of Contents

Data processing expense for the year ended December 31, 2025 was $19.4 million compared to $16.9 million for the year ended December 31, 2024, an increase of $2.6 million or 15.3% primarily due to increased software licensing and maintenance expenses and from higher expenses associated with the First Security acquisition and integration.

Advertising and promotions for the year ended December 31, 2025 were $5.6 million compared to $5.0 million for the year ended December 31, 2024, an increase of $666,000 or 13.4%, primarily due to higher sponsorships and advertising spent on digital marketing campaigns.

Other non-interest expense for the year ended December 31, 2025 was $11.4 million compared to $10.9 million for the year ended December 31, 2024, an increase of $537,000 or 4.9%. Other non-interest expense for the year ended December 31, 2025 includes $843,000 related to the loss on extinguishment of subordinated debt.

For the years ended December 31, 2025 and 2024, our efficiency ratio was 51.83% and 52.45%, respectively. The improvement in the efficiency ratio was mainly driven by increased revenues and lower interest expense. For the years ended December 31, 2025 and 2024, our adjusted efficiency ratio was 50.37% and 52.24%, respectively. Please refer to the "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" included in Item 7 of this report, for more information on how our adjusted efficiency ratio is calculated.

Income Taxes

Income tax expense was $43.2 million for the year ended December 31, 2025, compared to $40.3 million for the year ended December 31, 2024. The increase in income tax expense was primarily due to increased income before provision for income taxes during 2025.

Our effective tax rate was 24.9% for the year ended December 31, 2025 and 25.0% for the year ended December 31, 2024. The decrease in our effective tax rate was primarily driven by a decrease in our state tax rate, net of our federal benefit. We expect our effective tax rate for 2026 to be approximately 25% to 27%.

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Table of Contents

Financial Condition

Balance sheet analysis

Our total assets increased by $156.1 million, or 1.6%, to $9.7 billion at December 31, 2025, compared to $9.5 billion at December 31, 2024.

Total liabilities decreased by $20.3 million, or 0.2%, to $8.4 billion at December 31, 2025 compared to December 31, 2024. The decrease is primarily attributed to a decrease in FHLB advances of $235.0 million, or 40.9%, due to repayments, offset by an increase in total deposits of $188.8 million, or 2.5%, primarily driven by deposits acquired through acquisition.

Investment portfolio

Our investment securities portfolio consists of securities classified as equity and other securities, at fair value, and securities available-for-sale, at fair value. There were no securities classified as trading in our investment portfolio as of or for the years ended December 31, 2025 and 2024. All available-for sale securities are carried at fair value and may be used for liquidity purposes should management consider it to be in our best interest. Securities available-for-sale consist primarily of residential mortgage-backed securities, commercial mortgage-backed securities and U.S. government agencies securities and has an average duration of 4.5 years at December 31, 2025.

Securities available-for-sale were $1.4 billion, a decrease of $10.6 million or 0.7%, compared to December 31, 2024. The decrease was primarily due to principal paydowns and sales of mortgage-backed securities, and maturities and calls of U.S. Treasury Notes and U.S. Government agency bonds, offset by purchases of residential and commercial mortgage-backed securities and lower unrealized losses.

There were no securities classified as held-to-maturity in our investment portfolio as of December 31, 2025. Securities held-to-maturity were $605,000 at December 31, 2024, which consisted of municipal securities, carried at amortized cost. We evaluated the held to maturity securities in an unrealized loss position for credit losses as of December 31, 2024 and determined there were none.

The fair value of our equity and other securities portfolio was $10.7 million at December 31, 2025, and $9.9 million at December 31, 2024.

The following tables summarize the fair value of the available-for-sale and held-to-maturity securities portfolio as of the dates presented (dollars in thousands):

December 31, 2025

December 31, 2024

Amortized

Cost

Fair

Value

Amortized

Cost

Fair

Value

Available-for-sale

U.S. Treasury Notes

$

29,655

$

29,890

$

32,783

$

32,570

U.S. Government agencies

118,674

109,747

151,912

136,487

Obligations of states, municipalities, and political

   subdivisions

56,705

54,554

84,188

79,306

Residential mortgage-backed securities

Agency

881,735

825,298

849,297

750,802

Non-agency

143,372

127,731

160,427

137,880

Commercial mortgage-backed securities

Agency

243,762

217,029

261,947

226,940

Corporate securities

30,318

29,433

40,623

38,462

Asset-backed securities

12,155

11,424

14,406

13,249

Total

$

1,516,376

$

1,405,106

$

1,595,583

$

1,415,696

December 31, 2025

December 31, 2024

Amortized

Cost

Fair

Value

Amortized

Cost

Fair

Value

Held-to-maturity

Obligations of states, municipalities, and political

   subdivisions

$

—

$

—

$

605

$

605

Total

$

—

$

—

$

605

$

605

Certain securities have fair values less than amortized cost and, therefore, contain unrealized losses. There were 205 investment securities with unrealized losses at December 31, 2025 totaling $121.6 million. We anticipate full recovery of amortized cost with respect to these securities by maturity, or sooner in the event of a more favorable market interest rate environment. We do not intend to sell these securities and it is not more likely than not that we will be required to sell them before recovery of their amortized cost basis, which may be at maturity.

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Table of Contents

The following table (dollars in thousands) set forth certain information regarding contractual maturities and the weighted average yields of our debt securities as of December 31, 2025. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Maturity as of December 31, 2025

Due in One Year or Less

Due from One to Five Years

Due from Five to Ten Years

Due after Ten Years

Amortized

Cost

Weighted

Average

Yield(1)

Amortized

Cost

Weighted

Average

Yield(1)

Amortized

Cost

Weighted

Average

Yield(1)

Amortized

Cost

Weighted

Average

Yield(1)

Available-for-sale

U.S. Treasury Notes

$

9,911

4.17

%

$

19,744

3.91

%

$

—

—

$

—

—

U.S. government agencies

7,671

3.62

%

66,169

1.54

%

39,834

1.65

%

5,000

3.36

%

Obligations of states,

   municipalities, and political

   subdivisions

2,917

3.69

%

8,415

3.62

%

14,929

3.47

%

30,444

2.42

%

Residential mortgage-backed

   securities

Agency

—

—

50,713

1.49

%

74,816

2.04

%

756,206

3.27

%

Non-agency

—

—

—

—

—

—

143,372

2.93

%

Commercial mortgage-backed

   securities

Agency

—

—

14,642

1.99

%

19,202

2.43

%

209,918

3.30

%

Corporate securities

—

—

21,312

4.72

%

9,006

3.46

%

—

—

Asset-backed securities

63

4.80

%

3,016

4.28

%

9,076

2.46

%

—

—

Total

$

20,562

3.90

%

$

184,011

2.33

%

$

166,863

2.22

%

$

1,144,940

3.21

%

(1) The weighted average yields are based on amortized cost.

Total non-taxable securities classified as obligations of states, municipalities and political subdivisions were $39.0 million at December 31, 2025, a decrease of $14.6 million from December 31, 2024.

There were no holdings of securities of any one issuer, other than U.S. government-sponsored entities and agencies, with total outstanding balances greater than 10% of our stockholders’ equity as of December 31, 2025 and 2024.

Restricted stock

As a member of the Federal Home Loan Bank system, Byline Bank is required to maintain an investment in the capital stock of the FHLB. No market exists for this stock, and it has no quoted market value. The stock is redeemable at par by the FHLB and is, therefore, carried at cost. In addition, Byline Bank owns stock of Bankers’ Bank, which is redeemable at par and carried at cost. As of December 31, 2025 and 2024, we held $21.3 million and $27.5 million, respectively, in FHLB and Bankers’ Bank stock. We evaluate impairment of our investment in FHLB and Bankers’ Bank based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. We did not identify any indicators of impairment of FHLB and Bankers’ Bank stock as of December 31, 2025 and 2024.

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Table of Contents

Loan and lease portfolio

Lending-related income is the most important component of our net interest income and is the main driver of the results of our operations. Total loans and leases at December 31, 2025 and 2024 were $7.5 billion and $6.9 billion, respectively, an increase of $602.5 million or 8.7%. The growth in the originated loan and lease portfolio was primarily driven by increases in commercial and industrial loans and leases, and commercial real estate. Purchased credit deteriorated loans and acquired non-credit-deteriorated loans and leases were $632.1 million at December 31, 2025, a decrease of $30.9 million, compared to $663.0 million at December 31, 2024. The decrease in the purchased credit deteriorated and acquired non-credit-deteriorated loan and lease portfolio was primarily due to renewals of loans as originated, resolutions of these loans, and charge-offs.

We strive to maintain a diversified loan and lease portfolio to help reduce the risk inherent in concentration in certain types of collateral. Our exposure to certain industries as of December 31, 2025 represents the following percentages of the portfolio: 35.9% real estate, 12.1% manufacturing, 9.5% finance and insurance, 6.5% wholesale trade, 5.0% accommodation and food services, and all other industries represent less than 5% of the portfolio or 31.0% of the total loan and lease portfolio. As of December 31, 2025, the loan portfolio included $407.3 million of unguaranteed SBA 7(a) and USDA loans with exposure to the following top three industries: 18.9% retail trade, 13.4% accommodation and food services and 8.2% manufacturing. The following table shows our allocation of originated, purchased credit deteriorated, and acquired non-credit-deteriorated loans and leases as of the dates presented (dollars in thousands):

December 31,

2025

2024

Amount

% of Total

Amount

% of Total

Originated loans and leases

Commercial real estate

$

2,338,109

31.1

%

$

2,071,952

30.0

%

Residential real estate

567,158

7.6

%

513,422

7.4

%

Construction, land development, and other land

360,003

4.8

%

429,596

6.2

%

Commercial and industrial

2,856,214

38.0

%

2,509,083

36.3

%

Installment and other

3,470

0.0

%

3,847

0.1

%

Leasing financing receivables

752,306

10.0

%

715,899

10.4

%

Total originated loans and leases

$

6,877,260

91.5

%

$

6,243,799

90.4

%

Purchased credit deteriorated loans

Commercial real estate

$

68,987

0.9

%

$

82,934

1.2

%

Residential real estate

20,788

0.3

%

30,515

0.4

%

Construction, land development, and other land

2,533

0.0

%

—

—

Commercial and industrial

12,570

0.2

%

14,081

0.2

%

Installment and other

73

0.0

%

105

0.0

%

Total purchased credit deteriorated loans

$

104,951

1.4

%

$

127,635

1.8

%

Acquired non-credit-deteriorated loans and leases

Commercial real estate

$

200,089

2.7

%

$

199,531

2.9

%

Residential real estate

169,478

2.3

%

182,165

2.6

%

Construction, land development, and other land

45,542

0.6

%

59,673

0.9

%

Commercial and industrial

97,786

1.3

%

93,969

1.4

%

Installment and other

14,263

0.2

%

14

0.0

%

Leasing financing receivables

—

—

36

0.0

%

Total acquired non-credit-deteriorated loans and leases

$

527,158

7.1

%

$

535,388

7.8

%

Total loans and leases

$

7,509,369

100.0

%

$

6,906,822

100.0

%

Allowance for credit losses - loans and leases

(108,834

)

(97,988

)

Total loans and leases, net of allowance for credit losses - loans and leases

$

7,400,535

$

6,808,834

Loans collateralized by real estate include: commercial real estate, residential real estate, and construction, land development, and other land. In the aggregate, loans collateralized by real estate comprised 50.3% and 51.6% of the total loan and lease portfolio at December 31, 2025 and 2024, respectively.

Commercial real estate loans. Commercial real estate loans, including owner occupied and non-owner occupied, comprised the largest portion of the real estate loan portfolio as of December 31, 2025 and totaled $2.6 billion, or 69.1%, of real estate loans and 34.7% of the total loan and lease portfolio. At December 31, 2024, commercial real estate loans totaled $2.4 billion and comprised 66.0% of real estate loans and 34.1% of the total loan and lease portfolio. Purchased credit deteriorated commercial real estate loans decreased from $82.9 million as of December 31, 2024 to $69.0 million as of December 31, 2025, as a result of the migration of renewed loans to originated, paydowns, resolutions, and charge-offs.

50

Table of Contents

As part of our risk assessment strategy, we strive to maintain a diversified commercial real estate portfolio, which is reviewed periodically by primary collateral type and geographic location. The following tables present details of our commercial real estate portfolio by collateral type and state (location of the property), as of the dates presented:

December 31, 2025

(dollars in thousands)

Owner Occupied Amount

Owner Occupied % of Total Loans and Leases

Non-Owner Occupied Amount

Non-Owner Occupied % of Total Loans and Leases

Total Amount

% of Total Loans and Leases

Commercial Real Estate (CRE)

Industrial/Warehouse

$

693,592

9.2

%

$

511,045

6.8

%

$

1,204,637

16.0

%

Retail/Restaurant

379,326

5.1

%

205,747

2.7

%

585,073

7.8

%

Office

89,262

1.2

%

150,446

2.0

%

239,708

3.2

%

Mixed Use

46,447

0.6

%

46,925

0.6

%

93,372

1.2

%

Other(1)

309,266

4.1

%

172,444

2.4

%

481,710

6.5

%

CRE, prior to deferred fees and costs

$

1,517,893

20.2

%

$

1,086,607

14.5

%

$

2,604,500

34.7

%

Net unamortized deferred fees and costs

3,732

0.0

%

(1,047

)

0.0

%

2,685

0.0

%

Total CRE

1,521,625

20.2

%

1,085,560

14.5

%

2,607,185

34.7

%

December 31, 2025

(dollars in thousands)

Owner Occupied Amount

Owner Occupied % of Total Loans and Leases

Non-Owner Occupied Amount

Non-Owner Occupied % of Total Loans and Leases

Total Amount

% of Total Loans and Leases

CRE Geography

Illinois

$

1,157,223

15.4

%

$

604,766

8.1

%

$

1,761,989

23.5

%

Wisconsin

82,898

1.1

%

60,284

0.8

%

143,182

1.9

%

New Jersey

9,453

0.1

%

118,222

1.6

%

127,675

1.7

%

California

38,424

0.5

%

35,823

0.5

%

74,247

1.0

%

Florida

20,311

0.3

%

44,242

0.6

%

64,553

0.9

%

Indiana

48,275

0.6

%

15,865

0.2

%

64,140

0.8

%

Arizona

19,482

0.4

%

36,465

0.5

%

55,947

0.9

%

Michigan

32,064

0.4

%

16,165

0.2

%

48,229

0.6

%

All Others(2)

109,763

1.4

%

154,775

2.0

%

264,538

3.4

%

CRE, prior to deferred fees and costs

$

1,517,893

20.2

%

$

1,086,607

14.5

%

$

2,604,500

34.7

%

Net unamortized deferred fees and costs

3,732

0.0

%

(1,047

)

0.0

%

2,685

0.0

%

Total CRE

$

1,521,625

20.2

%

$

1,085,560

14.5

%

$

2,607,185

34.7

%

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Table of Contents

December 31, 2024

(dollars in thousands)

Owner Occupied Amount

Owner Occupied % of Total Loans and Leases

Non-Owner Occupied Amount

Non-Owner Occupied % of Total Loans and Leases

Total Amount

% of Total Loans and Leases

Commercial Real Estate (CRE)

Industrial/Warehouse

$

618,174

9.0

%

$

459,483

6.7

%

$

1,077,657

15.6

%

Retail/Restaurant

345,928

5.0

%

182,575

2.6

%

528,503

7.7

%

Office

86,313

1.2

%

160,738

2.3

%

247,051

3.6

%

Mixed Use

42,653

0.6

%

34,762

0.5

%

77,415

1.1

%

Senior Housing/Healthcare

32,070

0.5

%

22,715

0.3

%

54,785

0.8

%

Hotel/Motel

21,655

0.3

%

21,315

0.3

%

42,970

0.6

%

Other(1)

227,911

3.3

%

94,933

1.4

%

322,844

4.7

%

CRE, prior to deferred fees and costs

$

1,374,704

19.9

%

$

976,521

14.1

%

$

2,351,225

34.0

%

Net unamortized deferred fees and costs

4,082

0.1

%

(890

)

0.0

%

3,192

0.1

%

Total CRE

$

1,378,786

20.0

%

$

975,631

14.1

%

$

2,354,417

34.1

%

December 31, 2024

(dollars in thousands)

Owner Occupied Amount

Owner Occupied % of Total Loans and Leases

Non-Owner Occupied Amount

Non-Owner Occupied % of Total Loans and Leases

Total Amount

% of Total Loans and Leases

CRE Geography

Illinois

$

1,041,719

15.1

%

$

555,235

8.0

%

$

1,596,954

23.1

%

Wisconsin

87,546

1.3

%

59,889

0.9

%

147,435

2.1

%

California

42,119

0.6

%

79,602

1.2

%

121,721

1.8

%

New Jersey

7,797

0.1

%

89,736

1.3

%

97,533

1.4

%

Florida

18,549

0.3

%

41,293

0.6

%

59,842

0.9

%

Indiana

45,299

0.7

%

12,652

0.2

%

57,951

0.8

%

Texas

24,077

0.3

%

18,357

0.3

%

42,434

0.6

%

Michigan

27,175

0.4

%

10,524

0.2

%

37,699

0.5

%

North Carolina

2,767

0.0

%

24,105

0.3

%

26,872

0.4

%

Georgia

6,545

0.1

%

17,320

0.3

%

23,865

0.3

%

All Others(2)

71,111

1.0

%

67,808

1.0

%

138,919

2.0

%

CRE, prior to deferred fees and costs

$

1,374,704

19.9

%

$

976,521

14.1

%

$

2,351,225

34.0

%

Net unamortized deferred fees and costs

4,082

0.1

%

(890

)

0.0

%

3,192

0.1

%

Total CRE

$

1,378,786

20.0

%

$

975,631

14.1

%

$

2,354,417

34.1

%

(1) Represents collateral types that represent less than 1% of the total loan and lease portfolio.

(2) Represents states and territories with less than 1% of the CRE portfolio.

The composition of the CRE loan portfolio remained stable at December 31, 2025 compared to December 31, 2024. Industrial/warehouse, retail/restaurant and office remain the top three collateral types in the CRE portfolio, and represented 26.9% of total loans and leases held for investment at December 31, 2025 compared to 26.8% at December 31, 2024. CRE office represents 9.2% of our total CRE portfolio as of December 31, 2025, compared to 10.5% as of December 31, 2024. Geographically, CRE loans in Illinois were 23.5% of total loans and leases held for investment and represented 67.6% of total CRE loans at December 31, 2025, compared to 23.1% of total loans and leases held for investment and 67.8% of total CRE loans at December 31, 2024. CRE loans outside of Illinois comprised 11.2% of total loans and leases held for investment as of December 31, 2025, compared to 10.9% as of December 31, 2024.

Owner occupied CRE loans were $1.5 billion, or 20.2% of our loan and lease portfolio at December 31, 2025, compared to $1.4 billion, or 20.0% of our loan and lease portfolio at December 31, 2024, an increase of $142.8 million, or 10.4%. Non-owner occupied CRE loans were $1.1 billion, or 14.5% of our loan and lease portfolio at December 31, 2025, compared to $975.6 million, or 14.1% of our loan and lease portfolio at December 31, 2024, an increase of $109.9 million, or 11.3%. Increases to both owner-occupied and non-owner occupied were driven primarily by increases to industrial/warehouse.

At December 31, 2025 and 2024, CRE loan concentration, as defined in the Federal Register to include owner-occupied and non-owner occupied CRE loans, construction land development and other land loans, multifamily property loans, and loans to finance CRE, construction and land development activities (that are not secured by real estate), as a percentage of Byline Bank's total capital were 268.3% and 278.2%, respectively. We have not experienced portfolio concentration shift during the year ended December 31, 2025 nor have we changed our underwriting standards.

Residential real estate loans. Residential real estate loans totaled $757.4 million at December 31, 2025, compared to $726.1 million at December 31, 2024, an increase of $31.3 million or 4.3%. The residential real estate loan portfolio comprised 20.1% and 20.3% of real estate loans as of December 31, 2025 and 2024, respectively, and 10.2% and 10.4% of total loans and leases at December 31, 2025 and 2024, respectively. Purchased credit deteriorated residential real estate loans decreased from $30.5 million as of December 31, 2024 to $20.8 million as of December 31, 2025, or 31.9%. Multifamily real estate loans, included in residential real

52

Table of Contents

estate loans, were $476.1 million and $429.9 million, or 36.4% of Byline Bank's total capital, at December 31, 2025 and 2024, respectively.

Construction, land development and other land loans. Construction, land development and other land loans totaled $408.1 million at December 31, 2025 compared to $489.3 million at December 31, 2024, a decrease of $81.2 million or 16.6%. The construction, land development and other land loan portfolio comprised 10.8% and 13.7% of real estate loans as of December 31, 2025 and 2024, respectively, and 5.4% and 7.1% of the total loan and lease portfolio as of December 31, 2025 and 2024, respectively. The construction, land development and other land loan portfolio was 31.1% and 41.3% of Byline Bank's total capital, at December 31, 2025 and 2024, respectively.

Commercial and industrial loans. Commercial and industrial loans totaled $3.0 billion and $2.6 billion at December 31, 2025 and 2024, respectively, an increase of $349.4 million, or 13.4%, primarily due to organic growth. The commercial and industrial loan portfolio comprised 39.5% and 37.9% of the total loan and lease portfolio as of December 31, 2025 and 2024, respectively.

Lease financing receivables comprised 10.0% and 10.4% of the total loan and lease portfolio as of December 31, 2025 and 2024, respectively. Total lease financing receivables were $752.3 million and $715.9 million at December 31, 2025 and 2024, respectively, an increase of $36.4 million, or 5.1%.

Loan and lease portfolio maturities and interest rate sensitivity

The following table shows our loan and lease portfolio by scheduled maturity at December 31, 2025 (dollars in thousands):

Due in One Year or Less

Due after One Year

Through Five Years

Due after Five Years

Through Fifteen Years

Due after Fifteen Years

Fixed

Rate

Floating

Rate

Fixed

Rate

Floating

Rate

Fixed

Rate

Floating

Rate

Fixed

Rate

Floating

Rate

Total

Originated loans and leases

Commercial real estate

$

222,745

$

351,275

$

882,844

$

462,064

$

151,944

$

122,573

$

6,470

$

138,194

$

2,338,109

Residential real estate

45,153

35,328

163,508

180,711

11,751

74,866

47,473

8,368

567,158

Construction, land

   development, and other land

1,593

109,870

25,307

199,744

4,638

17,018

—

1,833

360,003

Commercial and industrial

59,641

554,188

437,487

1,323,492

162,435

283,592

28,109

7,270

2,856,214

Installment and other

1,218

99

1,895

115

143

—

—

—

3,470

Leasing financing receivables

33,486

—

686,368

—

32,452

—

—

—

752,306

Total originated loans and

   leases

$

363,836

$

1,050,760

$

2,197,409

$

2,166,126

$

363,363

$

498,049

$

82,052

$

155,665

$

6,877,260

Purchased credit deteriorated

  loans

Commercial real estate

$

10,293

$

10,044

$

27,036

$

17,226

$

202

$

4,186

$

—

$

—

$

68,987

Residential real estate

1,592

424

8,380

1,237

3,405

259

3,377

2,114

20,788

Construction, land

   development, and other land

52

—

—

2,481

—

—

—

—

2,533

Commercial and industrial

7,023

—

597

36

—

4,914

—

—

12,570

Installment and other

1

—

72

—

—

—

—

—

73

Total purchased credit

  deteriorated loans

$

18,961

$

10,468

$

36,085

$

20,980

$

3,607

$

9,359

$

3,377

$

2,114

$

104,951

Acquired non-credit-

  deteriorated loans

  and leases

Commercial real estate

$

34,424

$

26,410

$

84,618

$

20,235

$

4,025

$

22,066

$

2,547

$

5,764

$

200,089

Residential real estate

8,633

21,481

35,741

4,686

5,355

6,532

3,127

83,923

169,478

Construction, land

    development, and other land

—

28,809

—

—

—

—

616

16,117

45,542

Commercial and industrial

15,722

4,283

35,704

4,674

36,007

1,396

—

—

97,786

Installment and other

9

9,995

137

4,122

—

—

—

—

14,263

Leasing financing receivables

—

—

—

—

—

—

—

—

—

Total acquired non-credit-

  deteriorated loans

  and leases

$

58,788

$

90,978

$

156,200

$

33,717

$

45,387

$

29,994

$

6,290

$

105,804

$

527,158

Total loans and leases

$

441,585

$

1,152,206

$

2,389,694

$

2,220,823

$

412,357

$

537,402

$

91,719

$

263,583

$

7,509,369

As of December 31, 2025, 44.4% of the loan and lease portfolio bears interest at fixed rates and 55.6% at floating rates. The expected life of our loan portfolio will differ from contractual maturities because borrowers may have the right to curtail or prepay their loans with or without penalties. Because a portion of the portfolio is accounted for under ASC 326, the carrying value is significantly affected by estimates and it is impracticable to allocate scheduled payments for those loans based on those estimates. Consequently, the tables presented include information limited to contractual maturities of the underlying loans.

Allowance for credit losses - loans and leases

53

Table of Contents

The ACL is determined by us on a quarterly basis, although we are engaged in monitoring the appropriate level of the allowance on a more frequent basis. The ACL reflects management’s estimate of current expected credit losses inherent in the loan and lease portfolios. The computation includes elements of judgment and high levels of subjectivity.

Factors considered by us include, but are not limited to, actual loss experience, peer loss experience, changes in size and risk profile of the portfolio, identification of individual problem loan and lease situations that may affect a borrower’s ability to repay, application of a reasonable and supportable forecast, and evaluation of the prevailing economic conditions. Changes in conditions may necessitate revision of the estimate in future periods.

We assess the ACL based on three categories: (i) originated loans and leases, (ii) acquired non-credit-deteriorated loans and leases, and (iii) purchased credit deteriorated loans.

Total ACL was $108.8 million at December 31, 2025 compared to $98.0 million at December 31, 2024, an increase of $10.8 million, or 11.1%. The increase was primarily due to growth in the loan and lease portfolio. Our ACL to total loans and leases held for investment, net before ACL was 1.45% and 1.42% of total loans and leases at December 31, 2025 and 2024, respectively. As of December 31, 2025, approximately $32.0 million of the ACL was allocated to unguaranteed loans in our government lending portfolio, compared to $39.1 million at December 31, 2024.

54

Table of Contents

The following table presents an analysis of the allowance for credit losses - loans and leases for the periods presented (dollars in thousands):

Commercial

Real Estate

Residential

Real

Estate

Construction,

Land

Development,

and Other

Land

Commercial

and

Industrial

Installment

and Other

Lease

Financing

Receivables

Total

Balance at December 31, 2024

$

27,873

$

2,920

$

2,445

$

56,589

$

45

$

8,116

$

97,988

Adjustment for acquired PCD loans

1,503

144

1,152

407

—

—

3,206

Provision (recapture) for PCD loans

(947

)

(357

)

12

(500

)

—

—

(1,792

)

Recapture for acquired

  non-credit-deteriorated loans

135

(50

)

95

37

59

—

276

Provision for originated loans

8,527

492

998

24,946

12

2,295

37,270

Total provision

$

7,715

$

85

$

1,105

$

24,483

$

71

$

2,295

$

35,754

Charge-offs for PCD

   loans

(2,776

)

—

—

—

—

—

(2,776

)

Charge-offs for acquired non-credit

   deteriorated loans

(53

)

—

—

(14

)

(2

)

—

(69

)

Charge-offs for originated loans

(8,707

)

(70

)

—

(20,351

)

(22

)

(2,376

)

(31,526

)

Total charge-offs

$

(11,536

)

$

(70

)

$

—

$

(20,365

)

$

(24

)

$

(2,376

)

$

(34,371

)

Recoveries for PCD

   loans

230

—

—

—

—

—

230

Recoveries for acquired non-credit

   deteriorated loans

—

—

—

10

—

—

10

Recoveries for originated loans

1,216

29

—

4,457

—

315

6,017

Total recoveries

$

1,446

$

29

$

—

$

4,467

$

—

$

315

$

6,257

Net (charge-offs) recoveries

(10,090

)

(41

)

—

(15,898

)

(24

)

(2,061

)

(28,114

)

Balance at December 31, 2025

$

27,001

$

3,108

$

4,702

$

65,581

$

92

$

8,350

$

108,834

Ending ACL balances

PCD loans

$

1,387

$

282

$

1,167

$

212

$

1

$

—

$

3,049

Acquired non-credit-deteriorated loans

1,741

369

412

1,021

58

—

3,601

Originated loans

23,873

2,457

3,123

64,348

33

8,350

102,184

Balance at December 31, 2025

$

27,001

$

3,108

$

4,702

$

65,581

$

92

$

8,350

$

108,834

Loans individually

   evaluated for impairment

$

5,466

$

176

$

1,166

$

15,365

$

—

$

—

$

22,173

Loans collectively

   evaluated for impairment

21,535

2,932

3,536

50,216

92

8,350

86,661

Balance at December 31, 2025

$

27,001

$

3,108

$

4,702

$

65,581

$

92

$

8,350

$

108,834

Loans and leases ending balances

Loans individually

   evaluated for impairment

$

46,376

$

468

$

3,097

$

44,888

$

—

$

—

$

94,829

Loans collectively

   evaluated for impairment

2,560,809

756,956

404,981

2,921,682

17,806

752,306

7,414,540

Total loans at December 31, 2025,

   gross

$

2,607,185

$

757,424

$

408,078

$

2,966,570

$

17,806

$

752,306

$

7,509,369

Ratio of net charge-offs to average

   loans outstanding during the year

PCD loans

0.04

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.04

%

Acquired non-credit-deteriorated loans

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

Originated loans

0.10

%

0.00

%

0.00

%

0.22

%

0.00

%

0.03

%

0.35

%

Total

0.14

%

0.00

%

0.00

%

0.22

%

0.00

%

0.03

%

0.39

%

Loans ending balance as a

   percentage of total loans, gross

Loans individually

   evaluated for impairment

0.62

%

0.01

%

0.04

%

0.60

%

0.00

%

0.00

%

1.27

%

Loans collectively

   evaluated for impairment

34.10

%

10.07

%

5.39

%

38.91

%

0.24

%

10.02

%

98.73

%

Total

34.72

%

10.08

%

5.43

%

39.51

%

0.24

%

10.02

%

100.00

%

55

Table of Contents

Commercial

Real Estate

Residential

Real

Estate

Construction,

Land

Development,

and Other

Land

Commercial

and

Industrial

Installment

and Other

Lease

Financing

Receivables

Total

Balance at December 31, 2023

$

33,237

$

3,495

$

2,906

$

53,782

$

36

$

8,230

$

101,686

Adjustment for acquired PCD loans

—

—

—

—

—

—

—

Provision (recapture) for PCD loans

(3,466

)

(407

)

(209

)

649

—

—

(3,433

)

Recapture for acquired

  non-credit-deteriorated loans

(302

)

(217

)

(290

)

(364

)

(1

)

(2

)

(1,176

)

Provision for originated loans

2,596

37

37

28,564

11

1,650

32,895

Total provision

$

(1,172

)

$

(587

)

$

(462

)

$

28,849

$

10

$

1,648

$

28,286

Charge-offs for PCD

   loans

(74

)

—

—

(2,513

)

—

—

(2,587

)

Charge-offs for acquired non-credit

   deteriorated loans

(140

)

—

—

(58

)

—

—

(198

)

Charge-offs for originated loans

(5,468

)

—

—

(25,562

)

(1

)

(2,535

)

(33,566

)

Total charge-offs

$

(5,682

)

$

—

$

—

$

(28,133

)

$

(1

)

$

(2,535

)

$

(36,351

)

Recoveries for PCD

   loans

84

—

1

100

—

—

185

Recoveries for acquired non-credit

   deteriorated loans

32

—

—

—

—

—

32

Recoveries for originated loans

1,374

12

—

1,991

—

773

4,150

Total recoveries

$

1,490

$

12

$

1

$

2,091

$

—

$

773

$

4,367

Net (charge-offs) recoveries

(4,192

)

12

1

(26,042

)

(1

)

(1,762

)

(31,984

)

Balance at December 31, 2024

$

27,873

$

2,920

$

2,445

$

56,589

$

45

$

8,116

$

97,988

Ending ACL balances

PCD loans

$

3,377

$

495

$

3

$

305

$

1

$

—

$

4,181

Acquired non-credit-deteriorated loans

1,659

419

317

988

1

—

3,384

Originated loans

22,837

2,006

2,125

55,296

43

8,116

90,423

Balance at December 31, 2024

$

27,873

$

2,920

$

2,445

$

56,589

$

45

$

8,116

$

97,988

Loans individually

   evaluated for impairment

$

6,853

$

67

$

—

$

16,649

$

—

$

—

$

23,569

Loans collectively

   evaluated for impairment

21,020

2,853

2,445

39,940

45

8,116

74,419

Balance at December 31, 2024

$

27,873

$

2,920

$

2,445

$

56,589

$

45

$

8,116

$

97,988

Loans and leases ending balances

Loans individually

   evaluated for impairment

$

36,421

$

1,365

$

—

$

40,712

$

—

$

—

$

78,498

Loans collectively

   evaluated for impairment

2,317,996

724,737

489,269

2,576,421

3,966

715,935

6,828,324

Total loans at December 31, 2024,

   gross

$

2,354,417

$

726,102

$

489,269

$

2,617,133

$

3,966

$

715,935

$

6,906,822

Ratio of net charge-offs to average

   loans outstanding during the year

PCD loans

0.00

%

0.00

%

0.00

%

0.04

%

0.00

%

0.00

%

0.04

%

Acquired non-credit-deteriorated loans

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

Originated loans

0.05

%

0.00

%

0.00

%

0.35

%

0.00

%

0.03

%

0.43

%

Total

0.05

%

0.00

%

0.00

%

0.39

%

0.00

%

0.03

%

0.47

%

Loans ending balance as a

   percentage of total loans, gross

Loans individually

   evaluated for impairment

0.53

%

0.02

%

0.00

%

0.59

%

0.00

%

0.00

%

1.14

%

Loans collectively

   evaluated for impairment

33.56

%

10.48

%

7.09

%

37.30

%

0.06

%

10.37

%

98.86

%

Total

34.09

%

10.50

%

7.09

%

37.89

%

0.06

%

10.37

%

100.00

%

56

Table of Contents

Non-performing assets

Non-performing loans and leases include loans and leases 90 days past due and still accruing and loans and leases accounted for on a non-accrual basis. Non-performing assets consist of non-performing loans and leases plus other real estate owned. Non-accrual loans and leases as December 31, 2025 and 2024 totaled $71.3 million and $62.1 million, respectively. Non-accrual loans and leases include $9.7 million and $9.9 million of U.S. government guaranteed balances at December 31, 2025 and 2024, respectively.

Total OREO decreased from $5.2 million as of December 31, 2024 to $3.4 million at December 31, 2025. The $1.8 million decrease in OREO resulted primarily from sales and write-downs of OREO.

The following table sets forth the amounts of non-performing loans and leases, non-performing assets, and OREO at the dates indicated (dollars in thousands):

December 31,

2025

December 31,

2024

Non-performing assets:

Non-accrual loans and leases(1)(2)

$

71,290

$

62,076

Past due loans and leases 90 days or more and still

   accruing interest

—

—

Total non-performing loans and leases

71,290

62,076

Other real estate owned

3,394

5,170

   Total non-performing assets

$

74,684

$

67,246

Total non-performing loans and leases as a percentage of total

   loans and leases

0.95

%

0.90

%

Total non-accrual loans and leases as a percentage of total

   loans and leases

0.95

%

0.90

%

Total non-performing assets as a percentage of

   total assets

0.77

%

0.71

%

Allowance for credit losses - loans and leases, as a percentage of

   non-accrual loans and leases

152.66

%

157.85

%

Allowance for credit losses - loans and leases, as a percentage of

   non-performing loans and leases

152.66

%

157.85

%

Allowance for credit losses - loans and leases, as a percentage of

   total loans and leases

1.45

%

1.42

%

Non-performing loans guaranteed by U.S.

   government:

Non-accrual loans guaranteed

$

9,716

$

9,862

Past due loans 90 days or more and still accruing interest

   guaranteed

—

—

   Total non-performing loans guaranteed

$

9,716

$

9,862

Total non-performing loans and leases not guaranteed as

   a percentage of total loans and leases

0.82

%

0.76

%

Total non-accrual loans and leases not guaranteed as

   a percentage of total loans and leases

0.82

%

0.76

%

Total non-performing assets not guaranteed as a

   percentage of total assets

0.67

%

0.60

%

(1)
Includes $2.2 million and $2.8 million of non-accrual loan modifications as of December 31, 2025 and 2024, respectively.

(2)
For the year ended December 31, 2025 and 2024, $6.0 million and $6.3 million, respectively, in interest income would have been recorded had non-accrual loans been current.

Total non-accrual loans increased by $9.2 million between December 31, 2025 and 2024 primarily due to increases in the unguaranteed portion of government guaranteed loans and commercial and industrial loans. Total accruing loans past due increased from $35.1 million at December 31, 2024 to $46.6 million at December 31, 2025, an increase of $11.5 million, or 32.8%. Refer to Note 5 of the notes to our audited consolidated financial statements contained in Part II, Item 8 of this report for further information.

57

Table of Contents

Deposits

We gather deposits primarily through each of our 44 branch locations in the Chicago metropolitan area and one branch in Wauwatosa, Wisconsin. Through our branch network, online, mobile and other banking channels, we offer a variety of deposit products including demand deposit accounts, interest-bearing products, savings accounts, and certificates of deposit. Small businesses are a significant source of low cost deposits as they value convenience, flexibility and access to local decision makers that are responsive to their needs.

Total deposits at December 31, 2025 were $7.6 billion, representing an increase of $188.8 million, or 2.5%, compared to $7.5 billion at December 31, 2024. Non-interest-bearing deposits were $1.8 billion, or 23.8% of total deposits, at December 31, 2025, an increase of $62.8 million, or 3.6%, compared to $1.8 billion at December 31, 2024, or 23.5% of total deposits. Core deposits were 87.0% and 85.9% of total deposits at December 31, 2025 and 2024, respectively.

The following tables show the average balance amounts and the average contractual rates paid on our deposits for the periods indicated (dollars in thousands):

For the Year Ended

December 31, 2025

For the Year Ended

December 31, 2024

Average

Balance

Average

Rate

Average

Balance

Average

Rate

Non-interest-bearing demand deposits

$

1,833,596

0.00

%

$

1,802,258

0.00

%

Interest checking

828,122

1.71

%

695,156

2.08

%

Money market accounts

2,860,470

3.04

%

2,344,309

3.45

%

Savings

494,264

0.11

%

506,889

0.14

%

Time deposits (below $100,000)

672,035

3.76

%

954,565

4.70

%

Time deposits ($100,000 and above)

1,029,293

3.96

%

1,070,377

4.80

%

Total

$

7,717,780

2.17

%

$

7,373,554

2.61

%

Our average cost of deposits was 217 basis points during the year ended December 31, 2025 compared to 261 basis points during the year ended December 31, 2024. This decrease was primarily attributed to lower rates on interest-bearing deposits as a result of the interest rate environment. The ratio of our average non-interest-bearing deposits to total average deposits was 23.8% as of December 31, 2025 compared to 24.4% as of December 31, 2024.

There were $31.0 million and $364.8 million of brokered deposits included in Time deposits of below $100,000 at December 31, 2025 and 2024, respectively. Brokered time deposits were 0.4% and 4.9% of total deposits as of December 31, 2025 and 2024, respectively.

The following table shows time deposits by remaining maturity, and includes the uninsured portion related to such time deposits as of December 31, 2025 (dollars in thousands):

Less than $250,000

$250,000 or Greater

Total

Uninsured Portion

Three months or less

$

360,546

$

128,612

$

489,158

$

48,862

Over three months through six months

457,096

198,980

656,076

76,730

Over six months through 12 months

209,263

64,680

273,943

23,680

Over 12 months

69,110

29,199

98,309

11,699

Total

$

1,096,015

$

421,471

$

1,517,486

$

160,971

Total estimated uninsured deposits were $2.7 billion and $2.2 billion as of December 31, 2025 and 2024.

58

Table of Contents

Borrowed funds

In addition to deposits, we also utilize FHLB advances as a supplementary funding source to finance our operations. The Bank’s advances from the FHLB are collateralized by commercial, residential and multi-family real estate loans, and securities. At December 31, 2025 and 2024, we had maximum available borrowing capacity from the FHLB of $3.0 billion and $2.7 billion, respectively, subject to the availability of collateral.

At December 31, 2025, fixed-rate advances totaled $90.0 million, with an interest rate of 3.80% that matured in January 2026. Total variable rate advances were $250.0 million at December 31, 2025, with an interest rate of 3.87% that may reset daily and mature in March 2026. The Company’s required investment in FHLB stock is $4.50 for every $100 in advances. Refer to Note 4—Securities in the consolidated financial statements included in Part II, Item 8 of this report, for additional discussion. The Bank’s maximum FHLB borrowing capacity is limited to 35% of total assets.

We have the capacity to borrow funds from the discount window of the FRB. We did not utilize the discount window during 2025 and there were no borrowings outstanding under the FRB discount window line as of December 31, 2025. We pledge loans as collateral for any borrowings under the FRB discount window.

On October 1, 2025, the Company redeemed the entire $75.0 million outstanding principal amount of subordinated notes due 2030 at a redemption price equal to 100% of the aggregate principal plus accrued interest of $1.9 million. As of December 31, 2024, the liability outstanding relating to the subordinated notes issued in 2020, net of unamortized debt issuance costs, was $74.0 million.

In connection with the notice of full redemption, the Company recognized an $843,000 loss on the early debt extinguishment, which is reflected in other non-interest expense on the Consolidated Statements of Operations for the year ended December 31, 2025.

On August 7, 2025, the Company issued $75.0 million in aggregate principal amount of 6.875% fixed-to-floating rate subordinated notes that mature on August 15, 2035. The subordinated notes bear a fixed interest rate of 6.875% until August 15, 2030 and a floating interest rate equal to the then-current three-month SOFR plus 322 basis points thereafter until maturity. The Company may, at its option, redeem the notes, in whole or in part, on a quarterly basis beginning on August 15, 2030, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required. The transaction resulted in debt issuance costs of $1.1 million that are being amortized over 10 years. As of December 31, 2025, the liability outstanding relating to the subordinated notes issued on August 7, 2025, net of unamortized debt issuance costs, was $73.9 million. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes.

On January 17, 2024, the Company entered into a Letter Agreement with the Federal Reserve Bank of Chicago that allows the bank to access the Bank Term Funding Program ("BTFP"). On January 22, 2024, the Company opened an advance of $200.0 million from the FRB as part of the BTFP. Under the terms of the BTFP, the bank pledges securities to FRB Chicago as collateral for available advances. The advance carried a fixed interest rate of 4.91%. Advances under the BTFP were prepayable at any time without a prepayment penalty. On September 19, 2024, we repaid the BTFP advance in full.

On October 13, 2016, the Company entered into a $30.0 million revolving credit agreement with a correspondent bank. Through subsequent amendments, the revolving credit agreement was reduced to $15.0 million. The amended revolving line of credit bears interest at either SOFR plus 205 basis points or Prime Rate minus 75 basis points, not to be less than 2.00%, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. At December 31, 2025 and 2024, the line of credit had no outstanding balance.

On May 21, 2025, the Company entered into the Second Amendment to the Second Amended and Restated Term Loan and Revolving Credit Agreement (the "Amendment") with the lender, which is effective May 25, 2025, and provides for: (1) the renewal of the revolving line-of credit facility of up to $15.0 million, and (2) extending its maturity date to May 24, 2026, subject to the existing Negative Pledge Agreement dated October 11, 2018, as amended.

At December 31, 2024, the variable rate term loan had a $11.7 million outstanding balance and an interest rate of 6.83%. The variable rate term loan was paid in full in January 2025.

59

Table of Contents

The following table sets forth certain information regarding our borrowings at the dates and for the periods indicated (dollars in thousands):

Year Ended December 31,

2025

2024

2023

Federal Reserve Bank discount window borrowing:

Average balance outstanding

$

—

$

—

$

—

Maximum outstanding at any month-end period during

   the year

—

—

—

Balance outstanding at end of period

—

—

—

Weighted average interest rate during period

N/A

N/A

N/A

Weighted average interest rate at end of period

N/A

N/A

N/A

Federal Home Loan Bank advances:

Average balance outstanding

$

278,068

$

259,809

$

435,264

Maximum outstanding at any month-end period during

   the year

550,000

670,000

675,000

Balance outstanding at end of period

340,000

575,000

325,000

Weighted average interest rate during period(1)

1.83

%

1.87

%

3.48

%

Weighted average interest rate at end of period

3.85

%

4.48

%

5.56

%

Federal funds purchased:

Average balance outstanding

$

—

$

348

$

685

Maximum outstanding at any month-end period during

   the year

—

—

—

Balance outstanding at end of period

—

—

—

Weighted average interest rate during period

N/A

6.05

%

5.30

%

Weighted average interest rate at end of period

N/A

N/A

N/A

Bank Term Funding Program

Average balance outstanding

$

—

$

131,694

$

—

Maximum outstanding at any month-end period during

   the year

—

200,000

—

Balance outstanding at end of period

—

—

—

Weighted average interest rate during period

N/A

4.92

%

N/A

Weighted average interest rate at end of period

N/A

N/A

N/A

Term loan

Average balance outstanding

$

717

$

14,162

$

9,557

Maximum outstanding at any month-end period during

   the year

—

16,667

20,000

Balance outstanding at end of period

—

11,667

18,333

Weighted average interest rate during period

6.97

%

7.64

%

7.63

%

Weighted average interest rate at end of period

NA

6.83

%

7.64

%

Revolving line of credit:

Average balance outstanding

$

—

$

1,322

$

6,545

Maximum outstanding at any month-end period during

   the year

—

7,500

15,000

Balance outstanding at end of period

—

—

11,250

Weighted average interest rate during period

N/A

10.49

%

7.72

%

Weighted average interest rate at end of period(2)

N/A

N/A

7.39

%

(1)
Net of pay-fixed interest rate swaps designated as cash flow hedges. Refer to Note 21 – Derivative Instruments and Hedge Activities of the notes to our audited consolidated financial statements contained in Part II, Item 8 of this report for further information.

(2)
We amended our existing revolving credit agreement with a correspondent lender in May 2025, which extended the maturity date to May 2026. The amended revolving line of credit bears interest at either the SOFR Rate plus 205 basis points or the Prime Rate minus 75 basis points, based on our election, which is required to be communicate to the lender at least three business days prior to the commencement of an interest period. If we fail to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. See "Liquidity" below for further information regarding the revolving line of credit.

Customer repurchase agreements (sweeps)

Securities sold under agreements to repurchase represent a demand product offered to customers that sweep balances in excess of the FDIC insurance limit into overnight repurchase agreements. We pledge securities as collateral for the repurchase agreements. Securities sold under agreements to repurchase were $79.6 million at December 31, 2025, compared to $32.1 million at December 31, 2024, an increase of $47.5 million.

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Table of Contents

Liquidity

We manage liquidity based upon factors that include the amount of core deposits as a percentage of total deposits, the level of diversification of our funding sources, the amount of non-deposit funding used to fund assets, the availability of unused funding sources, off-balance sheet obligations, the availability of assets readily converted into cash without undue loss, the amount of cash and liquid securities we hold and the re-pricing characteristics and maturities of our assets when compared to the re-pricing characteristics of our liabilities, the ability to securitize and sell certain pools of assets and other factors.

Our liquidity needs are primarily met by cash and investment securities positions, growth in deposits, cash flow from amortizing loan portfolios, and borrowings from the FHLB. For additional information regarding our operating, investing, and financing cash flows, see "Consolidated Statements of Cash Flows" in our audited consolidated financial statements contained in Part II, Item 8 of this report.

As of December 31, 2025, Byline Bank had maximum borrowing capacity from the FHLB of $3.4 billion and $787.2 million from the FRB. As of December 31, 2025, Byline Bank had open advances from the FHLB of $340.0 million and open letters of credit of $9.3 million, providing available aggregate borrowing capacity of $1.4 billion. In addition, Byline Bank had uncommitted federal funds lines available of $135.0 million at December 31, 2025.

As of December 31, 2024, Byline Bank had maximum borrowing capacity from the FHLB of $3.3 billion and $792.3 million from the FRB. As of December 31, 2024, Byline Bank had open advances from the FHLB of $575.0 million and open letters of credit of $11.5 million, providing available aggregate borrowing capacity of $1.1 billion. In addition, Byline Bank had uncommitted federal funds line available of $127.5 million at December 31, 2024.

There are regulatory limitations that affect the ability of Byline Bank to pay dividends to the Company. Refer to Note 20 of the notes to our audited consolidated financial statements contained in Part II, Item 8 of this report for additional information. Management believes that such limitations will not impact our ability to meet our ongoing short-term cash obligations.

As of December 31, 2025, we had outstanding commitments to extend credit of $2.0 billion, primarily related to unused credit lines and $9.9 million of commitments under operating lease agreements. For additional information regarding future financial commitments, refer to Notes 9 and 16 of the notes to our audited consolidated financial statements contained in Part II, Item 8 of this report for additional information.

We expect that our cash and liquidity resources will be generated by the operations of Byline Bank, which we expect to be sufficient to satisfy our liquidity and capital requirements for at least the next 12 months.

Capital resources

Stockholders’ equity at December 31, 2025 was $1.3 billion compared to $1.1 billion at December 31, 2024, an increase of $176.4 million, or 16.2%. The increase was primarily due to increased retained earnings.

The Company and Byline Bank are subject to various regulatory capital requirements administered by federal banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by federal banking regulators that, if undertaken, could have a direct material effect on our financial statements.

Under applicable bank regulatory capital requirements, each of the Company and Byline Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Byline Bank must also meet certain specific capital guidelines under the prompt corrective action framework. The capital amounts and classification are subject to qualitative judgments by the federal banking regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and Byline Bank to maintain minimum amounts and ratios of CET1 capital, Tier 1 capital and total capital to risk-weighted assets and Tier 1 capital to average consolidated assets, (referred to as the "leverage ratio"), as defined under these capital requirements. For further information, see Item 1. "Business—Supervision and Regulation—Regulatory Capital Requirements", "Business—Supervision and Regulation—Prompt Corrective Action Framework" and Note 20 of the notes to our audited consolidated financial statements contained in Part II, Item 8 of this report for additional information. As of December 31, 2025, Byline Bank exceeded all applicable regulatory capital requirements and was considered "well-capitalized." There have been no conditions or events since December 31, 2025 that management believes have changed Byline Bank’s classifications.

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Table of Contents

Off-balance sheet items and other financing arrangements

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commercial letters of credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contractual or notional amounts of those instruments reflect the extent of involvement we have in particular classes of financial instruments.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Byline Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral is primarily obtained in the form of commercial and residential real estate (including income producing commercial properties).

Letters of credit are conditional commitments issued by Byline Bank to guarantee the performance of a customer to a third-party. Those guarantees are primarily issued to support public and private borrowing arrangements, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 2.69% to 15.00% and maturities up to 2047. Variable rate loan commitments have interest rates ranging from 4.00% to 16.75% and maturities up to 2053.

Our exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as for funded instruments. We do not anticipate any material losses as a result of the commitments and standby letters of credit.

We enter into interest rate swaps that are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and its known or expected cash payments. We also enter into interest rate derivatives with certain qualified borrowers to facilitate the borrowers’ risk management strategies and concurrently entered into mirror-image derivatives with a third party counterparty.

We recognize derivative financial instruments at fair value regardless of the purpose or intent for holding the instrument. We record derivative assets and derivative liabilities on the Consolidated Statements of Financial Condition within other assets and other liabilities, respectively. Refer to Note 21 of the notes to our audited consolidated financial statements contained in Part II, Item 8 of this report for additional information. Because the derivative assets and liabilities recorded on the balance sheet at December 31, 2025 do not represent the amounts that may ultimately be paid under these contracts, these assets and liabilities are listed in the table below (dollars in thousands):

December 31, 2025

Fair Value

Notional

Asset

Liability

Interest rate swaps designated as cash flow hedges

$

650,000

$

14,053

$

—

Interest rate swaps designated as fair value hedges

100,000

—

(61

)

Other interest rate derivatives

938,004

13,470

(13,569

)

Other credit derivatives

15,491

7

(12

)

62

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