Business Context and Reporting Period
Company: BYLINE BANCORP, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: February 15, 2022
Reporting Period: Event-based report regarding the redemption of preferred stock.
Key Financial Metrics
This filing does not report standard operating financial metrics such as revenue, net income, cash flow, or liquidity ratios. The primary financial data disclosed relates to a specific capital structure event:
- Security: 7.50% Fixed-to-Floating Noncumulative Perpetual Preferred Stock, Series B.
- Shares Outstanding: 10,438 shares.
- Redemption Price: $1,000 per share (liquidation preference) plus any declared and unpaid dividends for prior periods.
- Total Estimated Redemption Value: Approximately $10,438,000 plus accrued unpaid dividends.
Material Changes
The filing announces a material change in the company's capital structure:
- Preferred Stock Redemption: The Company intends to redeem all outstanding shares of Series B Preferred Stock.
- Redemption Date: March 31, 2022.
- Shareholder Rights: Following the redemption date, holders will have no further rights as shareholders and will only be entitled to the redemption price without interest.
Guidance, Outlook, and Risks
Management Commentary: The redemption is being executed in accordance with the terms of the Certificate of Designations dated June 16, 2017. A press release detailing the announcement is furnished as Exhibit 99.1.
Risks and Contingencies: The filing notes that the information provided is "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, meaning it is not incorporated by reference into other filings unless expressly stated. The filing text does not provide specific forward-looking guidance on future earnings or operational outlook beyond the redemption event.
Investor Verification Checklist
- Verify the exact amount of declared and unpaid dividends to calculate the total redemption cost.
- Confirm the impact of the redemption on the company's regulatory capital ratios.
- Review the attached press release (Exhibit 99.1) for additional context on the rationale for the redemption.
- Check subsequent filings to confirm the completion of the redemption on March 31, 2022.