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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to ______

Commission File Number 001-38139

Byline Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

     Delaware 

     36-3012593

     (State or Other Jurisdiction of
Incorporation or Organization)

     (IRS Employer
Identification Number)

180 North LaSalle Street, Suite 300

Chicago, Illinois 60601

(Address of Principal Executive Offices)

(773) 244-7000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock	BY	New York Stock Exchange

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Common Stock, $0.01 par value, 45,409,259 shares outstanding as of April 27, 2026

BYLINE BANCORP, INC.

FORM 10-Q

March 31, 2026

INDEX


		Page

PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements. The Unaudited Interim Condensed Consolidated Financial Statements of Byline Bancorp, Inc.	3
	Notes to Unaudited Interim Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	68
Item 4.	Controls and Procedures	69

PART II.	OTHER INFORMATION	70
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	70
Item 6.	Exhibits	70

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)



(dollars in thousands, except share data)	March 31, 2026			December 31, 2025
ASSETS
Cash and due from banks	$	62,341		$	60,184
Interest bearing deposits with other banks		136,027			88,911
Cash and cash equivalents		198,368			149,095
Equity and other securities, at fair value		9,561			10,660
Securities available-for-sale, at fair value (amortized cost at March 31, 2026—$1,777,262, December 31, 2025—$1,516,376)		1,656,180			1,405,106
Restricted stock, at cost		20,615			21,314
Loans held for sale		9,686			13,621
Loans and leases:
Loans and leases		7,475,272			7,509,369
Allowance for credit losses - loans and leases		(108,879	)		(108,834	)
Net loans and leases		7,366,393			7,400,535
Servicing assets, at fair value		18,942			19,234
Premises and equipment, net		57,317			57,988
Other real estate owned, net		2,890			3,394
Goodwill and other intangible assets, net		199,285			200,520
Bank-owned life insurance		108,481			107,462
Deferred tax assets, net		45,525			41,779
Accrued interest receivable and other assets		216,437			221,968
Total assets	$	9,909,680		$	9,652,676
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Non-interest-bearing demand deposits	$	1,818,981		$	1,818,888
Interest-bearing deposits		5,982,835			5,828,555
Total deposits		7,801,816			7,647,443
Other borrowings		504,520			419,598
Subordinated notes, net		73,938			73,940
Junior subordinated debentures issued to capital trusts, net		71,612			71,409
Accrued interest payable and other liabilities		177,502			172,380
Total liabilities		8,629,388			8,384,770
COMMITMENTS AND CONTINGENT LIABILITIES (Note 14)
STOCKHOLDERS’ EQUITY
Preferred stock		—			—
Common stock		471			471
Additional paid-in capital		754,582			760,700
Retained earnings		677,854			645,724
Treasury stock, at cost		(71,048	)		(65,914	)
Accumulated other comprehensive loss, net of tax		(81,567	)		(73,075	)
Total stockholders’ equity		1,280,292			1,267,906
Total liabilities and stockholders’ equity	$	9,909,680		$	9,652,676


	March 31, 2026				December 31, 2025
	Preferred Shares		Common Shares		Preferred Shares		Common Shares
Par value	$	0.01	$	0.01	$	0.01	$	0.01
Shares authorized		25,000,000		150,000,000		25,000,000		150,000,000
Shares issued		—		47,864,850		—		47,871,512
Shares outstanding		—		45,442,851		—		45,545,928
Treasury shares		—		2,421,999		—		2,325,584

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended
	March 31,
(dollars in thousands, except share and per share data)	2026			2025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans and leases	$	125,950		$	121,230
Interest on securities		13,589			12,127
Other interest and dividend income		2,117			1,498
Total interest and dividend income		141,656			134,855
INTEREST EXPENSE
Deposits		36,284			42,049
Other borrowings		2,658			1,835
Subordinated notes and debentures		2,851			2,750
Total interest expense		41,793			46,634
Net interest income		99,863			88,221
PROVISION FOR CREDIT LOSSES		5,537			9,179
Net interest income after provision for credit losses		94,326			79,042
NON-INTEREST INCOME
Fees and service charges on deposits		2,919			2,703
Loan servicing revenue		3,041			3,043
Loan servicing asset revaluation		(1,862	)		(1,051	)
ATM and interchange fees		931			1,034
Change in fair value of equity securities, net		(1,099	)		811
Net gains on sales of loans		5,468			4,938
Wealth management and trust income		1,262			1,082
Other non-interest income		1,878			2,299
Total non-interest income		12,538			14,859
NON-INTEREST EXPENSE
Salaries and employee benefits		36,245			36,252
Occupancy and equipment expense, net		4,445			4,852
Loan and lease related expenses		929			827
Legal, audit and other professional fees		3,244			3,251
Data processing		4,925			5,171
Net loss recognized on other real estate owned and other related expenses		810			42
Other intangible assets amortization expense		1,235			1,118
Other non-interest expense		5,356			4,916
Total non-interest expense		57,189			56,429
INCOME BEFORE PROVISION FOR INCOME TAXES		49,675			37,472
PROVISION FOR INCOME TAXES		12,096			9,224
NET INCOME	$	37,579		$	28,248
EARNINGS PER COMMON SHARE
Basic	$	0.84		$	0.65
Diluted	$	0.83		$	0.64

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended
	March 31,
(dollars in thousands)	2026			2025
Net income	$	37,579		$	28,248
Securities available-for-sale
Unrealized holding gains (losses) arising during the period		(9,180	)		27,270
Tax effect		2,400			(7,128	)
Net of tax		(6,780	)		20,142
Hedges
Unrealized holding gains (losses) arising during the period		678			(100	)
Reclassification adjustments for net gains included in net income		(2,996	)		(3,744	)
Tax effect		606			1,005
Net of tax		(1,712	)		(2,839	)
Total other comprehensive income (loss)		(8,492	)		17,303
Comprehensive income	$	29,087		$	45,551

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)


						Additional									Accumulated Other			Total
(dollars in thousands,	Common Stock					Paid-In			Retained			Treasury			Comprehensive			Stockholders’
except share data)	Shares			Amount		Capital			Earnings			Stock			Income (Loss)			Equity
Balance, January 1, 2025		44,459,584		$	455	$	717,763		$	533,901		$	(46,935	)	$	(113,687	)	$	1,091,497
Net income		—			—		—			28,248			—			—			28,248
Other comprehensive income, net of tax		—			—		—			—			—			17,303			17,303
Issuance of common stock upon exercise of stock options, net		1,187			—		13			—			—			—			13
Restricted stock activity, net		240,782			—		(6,697	)		—			3,839			—			(2,858	)
Cash dividends declared on common stock ($0.10 per share)		—			—		—			(4,445	)		—			—			(4,445	)
Repurchase of common stock		(26,000	)		—		—			—			(687	)		—			(687	)
Share-based compensation expense		—			—		2,007			—			—			—			2,007
Balance, March 31, 2025		44,675,553		$	455	$	713,086		$	557,704		$	(43,783	)	$	(96,384	)	$	1,131,078


						Additional									Accumulated Other			Total
(dollars in thousands,	Common Stock					Paid-In			Retained			Treasury			Comprehensive			Stockholders’
except share data)	Shares			Amount		Capital			Earnings			Stock			Loss			Equity
Balance, January 1, 2026		45,545,928		$	471	$	760,700		$	645,724		$	(65,914	)	$	(73,075	)	$	1,267,906
Net income		—			—		—			37,579			—			—			37,579
Other comprehensive loss, net of tax		—			—		—			—			—			(8,492	)		(8,492	)
Issuance of common stock upon exercise of stock options, net		9,450			—		120			—			—			—			120
Restricted stock activity, net		205,681			—		(8,435	)		—			4,678			—			(3,757	)
Cash dividends declared on common stock ($0.12 per share)		—			—		—			(5,449	)		—			—			(5,449	)
Repurchases of common stock		(318,208	)		—		—			—			(9,812	)		—			(9,812	)
Share-based compensation expense		—			—		2,197			—			—			—			2,197
Balance, March 31, 2026		45,442,851		$	471	$	754,582		$	677,854		$	(71,048	)	$	(81,567	)	$	1,280,292

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(dollars in thousands)	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	37,579		$	28,248
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses		5,537			9,179
Depreciation and amortization of premises and equipment		1,129			1,158
Net accretion of securities		(1,665	)		(956	)
Net change in fair value of equity securities		1,099			(811	)
Net gains on sales and disposal of right-of-use assets		—			(9	)
Net gains on sales of loans		(5,468	)		(4,938	)
Originations of U.S. government guaranteed loans		(68,979	)		(89,662	)
Proceeds from U.S. government guaranteed loans sold		31,685			22,221
Accretion of premiums and discounts on acquired loans, net		(1,971	)		(2,595	)
Net change in servicing assets		292			(619	)
Net losses on sales and valuation adjustments of other real estate owned		587			32
Net amortization of other acquisition accounting adjustments		1,249			1,144
Amortization of subordinated debt issuance cost		28			44
Accretion of junior subordinated debentures discount		203			110
Share-based compensation expense		2,197			2,007
Deferred tax benefit		(740	)		(369	)
Increase in cash surrender value of bank owned life insurance		(1,019	)		(905	)
Changes in assets and liabilities:
Accrued interest receivable and other assets		(6,811	)		6,343
Accrued interest payable and other liabilities		59,620			58,180
Net cash provided by operating activities		54,552			27,802
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities available-for-sale		(313,806	)		(148,249	)
Proceeds from maturities and calls of securities available-for-sale		4,085			20,069
Proceeds from paydowns of securities available-for-sale		49,937			34,658
Proceeds from maturities and calls of securities held-to-maturity		—			605
Redemptions of Federal Home Loan Bank stock, net		699			1,141
Net change in loans and leases		29,975			(124,384	)
Purchases of premises and equipment		(458	)		(2,012	)
Proceeds from sales of other real estate owned		60			209
Net cash used in investing activities		(229,508	)		(217,963	)

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

BYLINE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(UNAUDITED)


	Three Months Ended
	March 31,
(dollars in thousands)	2026			2025
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	$	154,359		$	94,654
Repayments of term loan		—			(11,667	)
Proceeds from short-term borrowings		5,690,200			3,065,000
Repayments of short-term borrowings		(5,618,200	)		(3,090,000	)
Proceeds from long-term borrowings		12,750			—
Net increase (decrease) in securities sold under agreements to repurchase		172			(3,862	)
Dividends paid on common stock		(5,360	)		(4,371	)
Proceeds from issuance of common stock		120			13
Repurchases of common stock		(9,812	)		(687	)
Net cash provided by financing activities		224,229			49,080
NET CHANGE IN CASH AND CASH EQUIVALENTS		49,273			(141,081	)
CASH AND CASH EQUIVALENTS, beginning of period		149,095			563,138
CASH AND CASH EQUIVALENTS, end of period	$	198,368		$	422,057
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	43,579		$	51,358
Cash paid during the period for income taxes	$	332		$	325
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Transfer of loans to other real estate owned	$	143		$	1,320
Transfer of land and premises to assets held for sale	$	—		$	1,311
Right-of-use assets exchanged for operating lease liabilities	$	138		$	1,606
Due from counterparties - loans sold, not settled	$	18,724		$	20,776
Common dividend declared, not paid	$	89		$	74
Common share withholding	$	3,757		$	2,858

See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

BYLINE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Note 1—Basis of Presentation

These unaudited interim condensed consolidated financial statements include the accounts of Byline Bancorp, Inc., a Delaware corporation (the "Company," "Byline," "we," "us," "our"), a bank holding company whose principal activity is the ownership and management of its Illinois state chartered subsidiary bank, Byline Bank (the "Bank"), based in Chicago, Illinois.

These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2026 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements for the years ended December 31, 2025 and 2024.

The Company has one reportable segment. The Company’s chief operating decision makers evaluate the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Refer to Note 21—Segment Information for additional disclosures.

In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 855, "Subsequent Events," the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these condensed consolidated financial statements. No subsequent events were identified that would have required a change to the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements.

Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity.

Note 2—Accounting Pronouncements Recently Adopted or Issued

The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company.

Adopted Accounting Pronouncements

Financial Instruments – Credit Losses (Topic 326) – Purchased Loans – In November 2025, the FASB issued ASU 2025-08 to change the accounting for certain acquired purchased seasoned loans ("PSL") by applying the gross‑up method, which records an allowance for expected credit losses at acquisition as an adjustment to amortized cost basis rather than a Day 1 provision through earnings. The guidance is intended to simplify post‑acquisition accounting, reduce inconsistency between PCD and non-PCD loans, and eliminate Day 1 credit loss expense for in‑scope PSLs. The amendments are effective for public business entities for annual periods beginning after December 15, 2026, with early adoption permitted. As of January 1, 2026, the Company adopted this guidance on a prospective basis. Early adoption will eliminate Day 1 credit loss expense on eligible purchased loans and provide consistency in accounting with PCD loans.

Derivatives and Hedging (Topic 815) – Hedge Accounting Improvements – In November 2025, the FASB issued ASU 2025-09 to better align hedge accounting with entities’ risk management activities. Key amendments include expanding the ability to group forecasted transactions with similar (rather than identical) risk exposure, establishing a model for hedging interest payments on choose‑your‑rate debt, expanding hedge accounting for certain forecasted nonfinancial transactions, and updating guidance on net written options and foreign‑currency‑denominated debt. The amendments are effective for public business entities for annual periods beginning after December 15, 2026, with early adoption permitted. As of January 1, 2026, the Company adopted this guidance to provide additional flexibility in forecasting hedge transactions, which included making certain adjustments to our existing designation documentation for active hedging relationships to take advantage of specific provisions in the new guidance.

Issued Accounting Pronouncements Pending Adoption

Income Statement (Topic 220) – In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220) – Reporting Comprehensive Income – Expense Disaggregation Disclosures; to address requests from investors for more detailed information about certain expense types. The standard requires that public business entities to disclose disaggregated information about specific relevant natural expense categories underlying certain income statement expense line items. The ASU requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and

BYLINE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

gas-producing activities or other depletion expenses. The amendments are effective for public business entities for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. In January 2025, the FASB issued ASU 2025-01 to amend the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities are required to adopt prospectively. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the consolidated financial statements.

Note 3—Acquisition of a Business

On April 1, 2025 we acquired all of the outstanding common stock of First Security Bancorp, Inc., a Delaware corporation ("First Security"), and its subsidiaries pursuant to an Agreement and Plan of Merger, dated September 30, 2024. First Security operated a wholly owned subsidiary, First Security Trust and Savings Bank. As a result of the acquisition, effective April 1, 2025, First Security Trust and Savings Bank was merged with and into Byline Bank.

At the effective time of the merger, each share of First Security's common stock was converted into the right to receive 2.3539 shares of Byline common stock. The value of the total merger consideration at closing was approximately $41.5 million.

The transaction resulted in goodwill of $147,000, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects related synergies expected from the combined operations.

Merger-related expenses, including acquisition advisory expenses of $192,000 and data processing expenses of $445,000 related to the acquisition are reflected in non-interest expense on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2025. There were no merger-related expenses in the three months ended March 31, 2026.

The acquisition was accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed, and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. The acquisition accounting values, including fair values, were final as of December 31, 2025.

The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition date:


Assets
Cash and cash equivalents	$	62,035
Securities available-for-sale		88,574
Loans		149,698
Other real estate owned		168
Other intangible assets		7,880
Bank-owned life insurance		5,012
Deferred tax assets, net		7,457
Other assets		1,167
Total assets acquired		321,991
Liabilities
Deposits		279,192
Accrued expenses and other liabilities		1,442
Total liabilities assumed		280,634
Net assets acquired	$	41,357
Consideration paid
Common stock, net (1,586,542 shares issued at $26.16 per share)		41,303
Cash paid		201
Total consideration paid		41,504
Goodwill	$	147

BYLINE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table presents the fair value and gross contractual amounts receivable of acquired non-credit-deteriorated loans from the acquisition, and their respective expected contractual cash flows as of the acquisition date:


Fair value	$	127,889
Gross contractual amounts receivable		148,674
Estimate of contractual cash flows not expected to be collected		1,184
Estimate of contractual cash flows expected to be collected		147,490

The following table provides the unaudited pro forma results of operations for the three months ended March 31, 2025, as if the acquisition had occurred on January 1, 2025. The pro forma results combine the historical results of First Security into our Condensed Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, and deposit premium amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2025. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. Recognized acquisition-related expenses and other adjustments related to the timing of expenses, are included in net income in the following table:


	For the Three Months Ended
	March 31,
(unaudited)	2025
Total revenues (net interest income and non-interest income)	$	106,847
Net income	$	24,151
Earnings per share—basic	$	0.53
Earnings per share—diluted	$	0.53

The operating results of the Company include the operating results generated by the acquired assets and assumed liabilities of First Security for the period from April 1, 2025 through March 31, 2026. Revenues and earnings of the acquired company since the acquisition date have not been disclosed as it is not practicable as First Security was merged into the Company and separate financial information is not readily available.

Note 4—Securities

The following tables summarize the amortized cost and fair values of securities available-for-sale as of the dates presented and the corresponding amounts of gross unrealized gains and losses and cumulative basis adjustment for fair value hedges:


March 31, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Basis Adjustments(1)			Fair Value
Available-for-sale
U.S. Treasury Notes	$	29,700	$	138	$	(41	)	$	—		$	29,797
U.S. Government agencies		116,009		14		(9,292	)		—			106,731
Obligations of states, municipalities, and political subdivisions		55,557		185		(2,778	)		(54	)		52,910
Residential mortgage-backed securities
Agency		979,751		5,282		(67,207	)		(164	)		917,662
Non-agency		154,325		176		(16,287	)		(127	)		138,087
Commercial mortgage-backed securities
Agency		337,745		494		(29,593	)		(177	)		308,469
Corporate securities		30,304		1		(740	)		(6	)		29,559
Asset-backed securities		73,871		33		(933	)		(6	)		72,965
Total	$	1,777,262	$	6,323	$	(126,871	)	$	(534	)	$	1,656,180

BYLINE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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


December 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Basis Adjustments (1)		Fair Value
Available-for-sale
U.S. Treasury Notes	$	29,655	$	268	$	(33	)	$	—	$	29,890
U.S. Government agencies		118,674		32		(8,959	)		—		109,747
Obligations of states, municipalities, and political subdivisions		56,705		309		(2,470	)		10		54,554
Residential mortgage-backed securities
Agency		881,735		8,407		(64,874	)		30		825,298
Non-agency		143,372		419		(16,083	)		23		127,731
Commercial mortgage-backed securities
Agency		243,762		752		(27,518	)		33		217,029
Corporate securities		30,318		1		(887	)		1		29,433
Asset-backed securities		12,155		36		(768	)		1		11,424
Total	$	1,516,376	$	10,224	$	(121,592	)	$	98	$	1,405,106

(1) Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities designated in fair value hedging arrangements. Refer to Note 16—Derivative Instruments and Hedge Activities for additional discussion.

The Company did not classify securities as trading during the three months ended March 31, 2026 or during 2025. There were no securities classified as held-to-maturity in our investment portfolio as of March 31, 2026 or December 31, 2025.

Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented, are summarized as follows:


			Less than 12 Months					12 Months or Longer					Total
March 31, 2026	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-sale
U.S. Treasury Notes		1	$	—	$	—		$	4,946	$	(41	)	$	4,946	$	(41	)
U.S. Government agencies		14		—		—			103,379		(9,292	)		103,379		(9,292	)
Obligations of states, municipalities and political subdivisions		20		7,680		(88	)		29,708		(2,690	)		37,388		(2,778	)
Residential mortgage-backed securities
Agency		112		199,896		(2,392	)		432,774		(64,815	)		632,670		(67,207	)
Non-agency		21		18,587		(284	)		85,012		(16,003	)		103,599		(16,287	)
Commercial mortgage-backed securities
Agency		54		95,944		(1,028	)		159,830		(28,565	)		255,774		(29,593	)
Corporate securities		12		5,471		(23	)		18,337		(717	)		23,808		(740	)
Asset-backed securities		10		57,564		(161	)		6,118		(772	)		63,682		(933	)
Total		244	$	385,142	$	(3,976	)	$	840,104	$	(122,895	)	$	1,225,246	$	(126,871	)

BYLINE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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


			Less than 12 Months					12 Months or Longer					Total
December 31, 2025	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available-for-sale
U.S. Treasury Notes		1	$	—	$	—		$	4,952	$	(33	)	$	4,952	$	(33	)
U.S. Government agencies		14		—		—			103,722		(8,959	)		103,722		(8,959	)
Obligations of states, municipalities and political subdivisions		15		1,032		(10	)		31,802		(2,460	)		32,834		(2,470	)
Residential mortgage-backed securities
Agency		94		31,077		(47	)		459,883		(64,827	)		490,960		(64,874	)
Non-agency		21		2,878		(5	)		104,650		(16,078	)		107,528		(16,083	)
Commercial mortgage-backed securities
Agency		44		1,697		(10	)		164,229		(27,508	)		165,926		(27,518	)
Corporate securities		15		3,477		(16	)		25,705		(871	)		29,182		(887	)
Asset-backed securities		1		—		—

BYLINE BANCORP, INC. 10-Q