Company Quick10K Filing
⚲
Level One Bancorp
Financials
Price25.88 EPS2
Shares8 P/E13
MCap201 P/FCF-10
Net Debt67 EBIT38
TEV268 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-22
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-10
10-Q 2018-03-31 Filed 2018-06-01
S-1 2018-03-23 Public Filing
Reports
8-K 2020-10-30 Earnings, Exhibits
8-K 2020-10-21 Other Events, Exhibits
8-K 2020-09-16 Other Events, Exhibits
8-K 2020-08-13 Enter Agreement, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2020-08-11 Other Events, Exhibits
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-05-05
8-K 2020-04-30
8-K 2020-03-19
8-K 2020-01-30
8-K 2020-01-02
8-K 2019-12-19
8-K 2019-12-19
8-K 2019-10-30
8-K 2019-09-19
8-K 2019-08-14
8-K 2019-08-13
8-K 2019-07-30
8-K 2019-06-20
8-K 2019-05-15
8-K 2019-04-30
8-K 2019-03-21
8-K 2019-01-30
8-K 2019-01-23
8-K 2018-12-21
8-K 2018-12-20
8-K 2018-10-30
8-K 2018-09-20
8-K 2018-07-30
8-K 2018-06-21
8-K 2018-05-15
8-K 2018-04-24

LEVL 10Q Quarterly Report

Content
Part I. Financial Information
Item 1 - Consolidated Financial Statements
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies
Note 2 - Business Combinations
Note 3 - Securities
Note 4 - Loans
Note 5 - Allowance for Loan Losses
Note 6 - Premises and Equipment
Note 7 - Goodwill and Intangible Assets
Note 8 - Borrowings and Subordinated Debt
Note 9 - Income Taxes
Note 10 - Stock Based Compensation
Note 11 - Off - Balance Sheet Activities
Note 12 - Regulatory Capital Matters
Note 13 - Fair Value
Note 14 - Derivatives
Note 15 - Parent Company Financial Statements
Note 16 - Earnings per Common Share
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II. Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
Exhibits
EX-31.1 ex311-ceocertification.htm
EX-31.2 ex312-cfocertification.htm
EX-32.1 ex321-ceocertification.htm
EX-32.2 ex322-cfocertification.htm

Level One Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
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Table of Contents
Section 1: 10-Q (10-Q)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
 ☑    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2020
 ☐    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: 001-38458
LEVEL ONE BANCORP, INC.
(Exact name of registrant as specified in its charter)
Michigan 71-1015624
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
32991 Hamilton Court48334
Farmington Hills,(Zip code)
Michigan
(Address of principal executive offices)
(248) 737-0300
(Registrant's telephone number, including area code)
Title of Each ClassTrading symbol(s)Name of each exchange on which registered
Common Stock, no par valueLEVLNasdaq Global Select Market
Depositary Shares, each representing a 1/100th interest in a share of 7.50% Non-Cumulative Perpetual Preferred Stock, Series BLEVLPNasdaq Global Select Market

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 (Section 232.405 of this chapter) during the preceding 12 months (or 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 Exchange Act:
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 ☑

As of November 2, 2020, the number of shares outstanding of the registrant’s common stock, no par value, was 7,734,322 shares.

Table of Contents
Level One Bancorp, Inc.
Table of Contents
Page

Table of Contents
PART I. FINANCIAL INFORMATION

Item 1 - Consolidated Financial Statements
LEVEL ONE BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
September 30, 2020December 31, 2019
(Dollars in thousands)(Unaudited)
Assets  
Cash and cash equivalents$176,486 $103,930 
Securities available-for-sale253,527 180,905 
Other investments14,398 11,475 
Mortgage loans held for sale, at fair value60,635 13,889 
Loans:
Originated loans1,603,893 1,158,138 
Acquired loans239,995 69,471 
Total loans1,843,888 1,227,609 
Less: Allowance for loan losses(21,254)(12,674)
Net loans1,822,634 1,214,935 
Premises and equipment, net15,646 13,838 
Goodwill35,554 9,387 
Other intangible assets, net5,581 383 
Other real estate owned— 921 
Bank-owned life insurance18,083 12,167 
Income tax benefit3,791 1,217 
Interest receivable and other assets40,112 21,852 
Total assets$2,446,447 $1,584,899 
Liabilities  
Deposits:  
Noninterest-bearing demand deposits$632,427 $325,885 
Interest-bearing demand deposits115,395 62,586 
Money market and savings deposits595,471 313,885 
Time deposits600,142 433,072 
Total deposits1,943,435 1,135,428 
Borrowings216,809 212,225 
Subordinated notes44,555 44,440 
Other liabilities32,180 22,103 
Total liabilities2,236,979 1,414,196 
Shareholders' equity 
Preferred stock, no par value per share; authorized—50,000 shares; issued and outstanding—10,000 shares, with a liquidation preference of $2,500 per share, at September 30, 2020 and 0 shares at December 31, 2019
23,370 — 
Common stock, no par value per share; authorized—20,000,000 shares; issued and outstanding—7,734,322 shares at September 30, 2020 and 7,715,491 shares at December 31, 2019
89,409 89,345 
Retained earnings88,646 77,766 
Accumulated other comprehensive income, net of tax8,043 3,592 
Total shareholders' equity209,468 170,703 
Total liabilities and shareholders' equity$2,446,447 $1,584,899 
   See accompanying notes to the consolidated financial statements.
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LEVEL ONE BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME - (UNAUDITED)
  For the three months ended September 30,For the nine months ended September 30,
(In thousands, except per share data)2020201920202019
Interest income  
Originated loans, including fees$15,274 $14,633 $44,630 $42,652 
Acquired loans, including fees3,456 1,501 11,187 4,895 
Securities:
Taxable652 857 1,930 2,773 
Tax-exempt613 588 1,894 1,728 
Federal funds sold and other investments 250 404 817 1,034 
Total interest income20,245 17,983 60,458 53,082 
Interest Expense 
Deposits2,323 4,478 9,039 13,216 
Borrowed funds693 261 1,866 960 
Subordinated notes632 256 1,903 759 
Total interest expense3,648 4,995 12,808 14,935 
Net interest income16,597 12,988 47,650 38,147 
Provision expense (benefit) for loan losses4,270 (16)10,334 835 
Net interest income after provision for loan losses12,327 13,004 37,316 37,312 
Noninterest income 
Service charges on deposits616 627 1,798 1,914 
Net gain on sales of securities434 151 1,862 151 
Mortgage banking activities7,108 2,352 15,380 5,788 
Other charges and fees967 728 2,564 1,768 
Total noninterest income9,125 3,858 21,604 9,621 
Noninterest expense 
Salary and employee benefits9,862 7,536 28,090 21,642 
Occupancy and equipment expense1,678 1,203 4,773 3,575 
Professional service fees808 465 2,141 1,212 
Acquisition and due diligence fees17 319 1,664 319 
Marketing expense257 379 709 843 
Printing and supplies expense89 78 398 250 
Data processing expense844 661 2,601 1,862 
Core deposit premium amortization192 29 576 117 
Other expense1,379 869 3,819 3,254 
Total noninterest expense15,126 11,539 44,771 33,074 
Income before income taxes6,326 5,323 14,149 13,859 
Income tax provision1,117 914 2,109 2,428 
Net income$5,209 $4,409 $12,040 $11,431 
Per common share data:   
Basic earnings per common share$0.68 $0.57 $1.56 $1.48 
Diluted earnings per common share$0.67 $0.56 $1.55 $1.46 
Cash dividends declared per common share$0.05 $0.04 $0.15 $0.12 
Weighted average common shares outstanding—basic7,675 7,721 7,640 7,738 
Weighted average common shares outstanding—diluted7,712 7,752 7,701 7,776 
See accompanying notes to the consolidated financial statements.
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LEVEL ONE BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (UNAUDITED)
 For the three months ended September 30,For the nine months ended September 30,
(Dollars in thousands)2020201920202019
Net income$5,209 $4,409 $12,040 $11,431 
Other comprehensive income: 
Unrealized gains on securities available-for-sale1,425 1,414 7,497 8,861 
Reclassification adjustment for gains included in income(434)151 (1,862)151 
Tax effect(1)
(208)(327)(1,184)(1,892)
Net unrealized gains on securities available-for-sale, net of tax783 1,238 4,451 7,120 
Total comprehensive income, net of tax$5,992 $5,647 $16,491 $18,551 
__________________________________________________________________________
(1) Includes $(91) thousand and $32 thousand of tax expense (benefit) related to reclassification adjustment for gains (losses) included in income for the three months ended September 30, 2020 and 2019, respectively. There was $(391) thousand and $32 thousand tax expense (benefit) related to reclassification for the nine months ended September 30, 2020 and 2019, respectively.

See accompanying notes to the consolidated financial statements.
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LEVEL ONE BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - (UNAUDITED)
For the three months ended September 30, 2020
(Dollar in thousands)Preferred StockCommon StockRetained EarningsAccumulated Other Comprehensive Income Total Shareholders' Equity
Balance at June 30, 2020$— $89,175 $83,824 $7,260 $180,259 
Net income— — 5,209 — 5,209 
Other comprehensive income — — — 783 783 
Preferred stock offering, net of issuance costs23,370 — — — 23,370 
Common stock dividends declared ($0.05 per share)
— — (387)— (387)
Stock-based compensation expense, net of tax impact — 234 — — 234 
Balance at September 30, 2020$23,370 $89,409 $88,646 $8,043 $209,468 
For the nine months ended September 30, 2020
(Dollar in thousands)Preferred StockCommon StockRetained EarningsAccumulated Other Comprehensive Income Total Shareholders' Equity
Balance at December 31, 2019$— $89,345 $77,766 $3,592 $170,703 
Net income— — 12,040 — 12,040 
Other comprehensive income— — — 4,451 4,451 
Redeemed stock (25,256 shares)
— (620)— — (620)
Preferred stock offering, net of issuance costs23,370 — — — 23,370 
Common stock dividends declared ($0.15 per share)
— — (1,160)— (1,160)
Exercise of stock options (10,000 shares)
— 95 — — 95 
Stock-based compensation expense, net of tax impact— 589 — — 589 
Balance at September 30, 2020$23,370 $89,409 $88,646 $8,043 $209,468 





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For the three months ended September 30, 2019
(Dollar in thousands)Common StockRetained EarningsAccumulated Other Comprehensive Income Total Shareholders' Equity
Balance at June 30, 2019$89,442 $69,295 $4,130 $162,867 
Net income— 4,409 — 4,409 
Other comprehensive income— — 1,238 1,238 
Redeemed stock (20,530 shares)
(488)— — (488)
Common stock dividends declared ($0.04 per share)
— (310)— (310)
Exercise of stock options (6,250 shares)
63 — — 63 
Stock-based compensation expense189 — — 189 
Balance at September 30, 2019$89,206 $73,394 $5,368 $167,968 
For the nine months ended September 30, 2019
(Dollar in thousands)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders' Equity
Balance at December 31, 2018$90,621 $62,891 $(1,752)$151,760 
Net income— 11,431 — 11,431 
Other comprehensive income— — 7,120 7,120 
Redeemed Stock (88,457 shares)
(2,108)— — (2,108)
Common stock dividends declared ($0.12 per share)
— (928)— (928)
Exercise of stock options (21,550 shares)
219 — — 219 
Stock-based compensation expense474 — — 474 
Balance at September 30, 2019$89,206 $73,394 $5,368 $167,968 
See accompanying notes to the consolidated financial statements.
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LEVEL ONE BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
For the nine months ended September 30,
(Dollars in thousands)20202019
Cash flows from operating activities  
Net income$12,040 $11,431 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of fixed assets1,259 986 
Amortization of core deposit intangibles576 117 
Stock-based compensation expense653 517 
Provision expense for loan losses10,334 835 
Net securities premium amortization1,526 1,277 
Net gain on sales of securities(1,862)(151)
Originations of loans held for sale(409,312)(196,616)
Proceeds from sales of loans377,238 179,350 
Net gain on sales of loans(15,373)(5,788)
Accretion on acquired purchase credit impaired loans(1,350)(1,772)
Gain on sale of other real estate owned and repossessed assets(263)— 
Increase in cash surrender value of life insurance(353)(214)
Amortization of debt issuance costs115 43 
Deferred income tax benefit(3,758)— 
Net increase in accrued interest receivable and other assets(13,433)(14,127)
Net increase in accrued interest payable and other liabilities2,490 4,065 
Net cash used by operating activities