2025 Annual Stockholders' Meeting of Byline Bancorp. I would now like to turn the conference over to Brooks Rennie, Byline's Head of Investor Relations. Please go ahead.
Thank you, Drew. Good morning. I'm Brooks Rennie, Byline's Head of Investor Relations, and I'd like to welcome you to the Annual Stockholders' Meeting of Byline Bancorp. I would like to make note that Brian Doran, Byline's Corporate Secretary, will be acting as Secretary of this Annual Meeting, and I will be acting as Inspector of Election for the meeting. At this time, I'd like to turn the meeting over to the Executive Chairman of the Board of Directors and Chief Executive Officer of Byline Bancorp, Mr. Roberto Herencia.
Thank you, Brooks. Good morning to all, and welcome to Byline Bancorp's 2025 Annual Meeting of Stockholders. I am Roberto Herencia, Executive Chairman of the Board and CEO of Byline Bancorp, and I call this Annual Meeting to order. Joining me today, joining me on the line today is Alberto Paracchini, Director and President of the company; Tom Bell, Executive Vice President, Chief Financial Officer and Treasurer; Brooks Rennie, Head of Investor Relations; and Brian Doran, Secretary of the Board. Also, in the same room with me and in attendance today are our fellow members of the Board of Directors: Philip R. Cabrera, Antonio del Valle Perotena, Mary Jo Herseth, Margarita Hugues Vélez, Stephen Kent, William Kissner, Carlos Ruiz-Sacristan, and Pamela Stewart. I would also like to recognize the participation of John Donohue and Chad Flaherty, representatives of Moss Adams, LLP, the company's independent registered public accounting firm.
First, I would like to acknowledge our Board of Directors for their unwavering support and invaluable guidance. Their diverse perspectives, industry backgrounds, and professional experiences have provided timely, relevant, and helpful insights that guided many of our decisions in 2024. Their leadership has been instrumental in steering our organization toward success. Over the years, Byline has built a reputation for doing the right thing, delivering strong results, and driving value for our stakeholders. We remain focused on becoming the preeminent commercial bank in Chicago, with a proven track record of adapting to market conditions for continued success. We believe the past year validated our ability to achieve great things. Investments in new capabilities and a commitment to doing business right helped us bring the best of the bank to our customers, meeting their financial goals.
We thank our more than 1,000 employees for their dedication to our customers, communities, and stockholders. Our 2024 financial results rank in the top quartile of our peer group on several important profitability and performance metrics, which Alberto will cover shortly. We have developed a distinct commercial banking franchise with an entrepreneurial culture that attracts top-tier talent who share our relationship-driven approach. With the size, strength, and stability of our bank, we believe Byline is well-positioned for growth and consistent performance throughout economic cycles. We are proud of our strong position today, the trust we have earned, and the opportunities ahead. Our consistent strategy focuses on attracting and developing talent, acquiring new customers, deepening relationships, growing deposits and loans, maintaining credit and pricing discipline, and investing for long-term growth. We have a bright future ahead. Thank you for investing in Byline. We appreciate your belief and support as we move forward together.
I will now leave you with our Director and President, Alberto Paracchini.
Thank you, Roberto, and good morning, everyone. My name is Alberto Paracchini, and I'm a Director and President of the company. Today, I'll provide an overview of our 2024 financial performance. We ended 2024 with strong profitability as we reported $121 million in net income, or $2.75 per diluted share, on revenue of $407 million, which was up 5% year-on-year. Total assets grew to $9.5 billion, and loans and leases increased to $6.9 billion, funded by deposits, which grew to $7.5 billion. Several of our return and profitability metrics rank in the top quartile, with pre-tax pre-provision ROA of 205 basis points, return on assets of 131 basis points, and return on tangible common equity of just under 15%. Positive operating leverage for the year helped reduce our cost-to-asset ratio by 22 basis points to 2.38%.
Capital remained strong, with tangible common equity at 9.6%, common equity tier one at 11.7%, and total capital at just under 15%, all reflecting year-on-year increases. Our mission is to create long-term value by empowering customers, fostering an innovative and collaborative culture, and contributing meaningfully to our communities. In 2024, Byline supported local communities with $130 million in community development loans, $103 million in community development investments, 179 financial literacy sessions, and over 1,600 Community Reinvestment Act volunteer hours from our employees. With that, I will now turn it back to Roberto.
Thank you, Alberto. As is our custom, we will conduct the business portion of this meeting first and answer questions at the end of the meeting. If you have logged in as a stockholder with your control number, you can submit a question in the Ask a Question text box. Please include your name and company. To ensure we receive your questions before the Q&A session, we encourage you to submit them now. The first formal item of business is the election of 10 Director Nominees who serve a one-year term until the 2026 Annual Meeting of Stockholders or until their successors are duly elected and qualified. The Board of Directors recommends a vote for each nominee to the board. The second formal item of the business is the approval of, on an advisory non-binding basis, the compensation of the company's named executive officers, as described in the proxy statement.
The board recommends a vote for the approval of, on an advisory non-binding basis, the compensation of the company's named executive officers, as described in the proxy statement. The third formal item of the business is the ratification of the appointment of Moss Adams, LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The board recommends a vote for the ratification of the appointment of Moss Adams. I would now like to turn the meeting over to Brian Doran and Brooks Rennie to report on the results of the three formal items of business.
Thank you, Roberto. The company's records show that stockholders owning in excess of a majority of the outstanding shares of the company's common stock are entitled to vote at the meeting on proxy, in person, or represented by proxy at the meeting. As a result, I declare that a quorum is present. I would now like to read and seek approval of the minutes of the company's 2024 Annual Meeting of Stockholders.
Mr. Doran, I, Roberto Herencia, submit a motion to waive the reading of the minutes and to approve the minutes of the 2024 Annual Meeting.
I, Tom Bell, second the motion.
Thank you. The minutes of the 2024 Annual Stockholders' Meeting are approved. A copy of the minutes will be available for review at the Office of the Secretary of the Company upon request. We will now proceed with a description of the matters properly brought before today's meeting. The first item of business is the election of 10 Director Nominees to serve a one-year term until the 2026 Annual Meeting of Stockholders or until their successors are then duly elected and qualified. The following persons have been nominated by the board as nominees for election as Directors of the Company at the meeting: Roberto Herencia, Philip Cabrera, Antonio del Valle Perotena, Mary Jo Herseth, Margarita Hugues Vélez, Stephen Kent, William Kissner, Alberto Paracchini, Carlos Ruiz-Sacristan, and Pamela Stewart.
Directors are elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Accordingly, the Director Nominees receiving the most votes of the holders of Byline's common stock will be elected as directors. I will ask the Inspector of Election, Brooks Rennie, to report on the voting results.
I, Brooks Rennie, as Inspector of Election, declare that each of the Director Nominees has received a plurality of the votes of the shares of Byline's common stock, and each Director Nominee has been duly elected to serve a one-year term until the 2026 Annual Meeting of Stockholders.
The second item of business is the approval on an advisory non-binding basis of the compensation of the company's named executive officers, as described in the proxy statement. Approval of the proposal requires the affirmative vote of the holders of a majority of the shares of Byline's common stock present in person or represented by proxy at the meeting and entitled to vote on the proposal.
As Inspector of Election, I declare that a majority of the shares of Byline's common stock present in person or represented by proxy at the meeting and entitled to vote on the proposal have voted in favor of this proposal, and therefore the compensation of each company's named executive officers, as described in the proxy statement, has been approved.
The third item of business is the ratification of the appointment of Moss Adams, LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025. Approval of this proposal requires the affirmative vote of the holders of the majority of the shares of Byline's common stock present in person or represented by proxy at the meeting and entitled to vote on the proposal.
As Inspector of Election, I declare that a majority of the shares of Byline's common stock present in person or represented by proxy at the meeting and entitled to vote on the proposal have voted in favor of this proposal, and therefore the appointment of Moss Adams, LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025, is approved.
The final voting results of the matters properly brought to your attention at this meeting will be reported in a current report on Form 8-K to be filed with the Securities and Exchange Commission within the next four business days. I would now like to turn the meeting back to Roberto.
Thank you, Brian. We have no other formal items of business to be conducted at the meeting, and accordingly, I am adjourning the formal part of the meeting. We will now move to the question-and-answer session where questions of a general nature may be addressed. As previously mentioned, if you have logged into the meeting with your control number, you may ask a question by typing it into the Ask a Question text box at the bottom of your screen. There are no questions. This meeting is duly adjourned. Thank you all for your participation and for your continued support.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.