Parent Company Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2019

Note 23—Parent Company Only Condensed Financial Statements

The following represents the condensed financial statements of Byline Bancorp, Inc., the Parent Company:

Statements of Financial Condition

Parent Company Only

	As of December 31,
	2019		2018
ASSETS
Cash	$	13,370	$	18,242
Investment in banking subsidiary		769,797		667,236
Other assets		5,824		3,067
Total assets	$	788,991	$	688,545
LIABILITIES AND STOCKHOLDERS’ EQUITY
Line of credit	$	—	$	—
Junior subordinated debentures issued to capital trusts, net		37,334		36,768
Accrued expenses and other liabilities		1,542		1,105
Stockholders' equity		750,115		650,672
Total liabilities and stockholders' equity	$	788,991	$	688,545

Note 23—Parent Company Only Condensed Financial Statements (continued)

Statements of Operations

Parent Company Only

	Years ended December 31,
	2019			2018			2017
INCOME
Dividends from subsidiary	$	13,500		$	2,900		$	2,800
Other noninterest income		—			—			9
Total income		13,500			2,900			2,809
EXPENSES
Interest expense		2,984			2,716			2,782
Other noninterest expense		1,768			3,214			1,804
Total expenses		4,752			5,930			4,586
Income (loss) before provision for income taxes and equity in undistributed income of subsidiary		8,748			(3,030	)		(1,777	)
Benefit for income taxes		(1,323	)		(1,549	)		(1,166	)
Income (loss) before equity in undistributed income of subsidiary		10,071			(1,481	)		(611	)
Equity in undistributed income of subsidiary		46,931			42,674			22,306
Net income	$	57,002		$	41,193		$	21,695

Statements of Cash Flows

Parent Company Only

	Years ended December 31,
	2019			2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	57,002		$	41,193		$	21,695
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed income of subsidiary		(46,931	)		(42,674	)		(22,306	)
Stock-based compensation expense		1,673			1,514			1,497
Accretion of junior subordinated debentures discount		566			624			721
Changes in other assets and other liabilities		(7,916	)		(3,291	)		(2,893	)
Net cash provided by (used in) operating activities		4,394			(2,634	)		(1,286	)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash paid in acquisition of business		(6,554	)		(20,510	)		—
Net cash used in investing activities		(6,554	)		(20,510	)		—
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving line of credit		5,680			—			—
Repayments of revolving line of credit		(11,335	)		—			(20,650	)
Dividends paid on preferred stock		(783	)		(783	)		(11,277	)
Cash paid in lieu of fractional shares		—			—			(2	)
Proceeds from issuance of common stock, net		3,726			2,543			76,829
Proceeds from issuance of preferred stock		—			—			1,050
Repurchase of preferred stock		—			—			(15,003	)
Net cash (used in) provided by financing activities		(2,712	)		1,760			30,947
NET CHANGE IN CASH AND CASH EQUIVALENTS		(4,872	)		(21,384	)		29,661
CASH AND CASH EQUIVALENTS, beginning of period		18,242			39,626			9,965
CASH AND CASH EQUIVALENTS, end of period	$	13,370		$	18,242		$	39,626