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 2020-06-30 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 2020-08-13 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 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 2020-06-30

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 June 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

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 August 3, 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
June 30, 2020December 31, 2019
(Dollars in thousands)(Unaudited)
Assets  
Cash and cash equivalents$364,112  $103,930  
Securities available-for-sale217,172  180,905  
Federal Home Loan Bank stock12,398  11,475  
Mortgage loans held for sale, at fair value24,557  13,889  
Loans:
Originated loans1,558,955  1,158,138  
Acquired loans256,398  69,471  
Total loans1,815,353  1,227,609  
Less: Allowance for loan losses(17,063) (12,674) 
Net loans1,798,290  1,214,935  
Premises and equipment, net15,882  13,838  
Goodwill35,554  9,387  
Other intangible assets, net4,792  383  
Other real estate owned61  921  
Bank-owned life insurance17,965  12,167  
Income tax benefit3,293  1,217  
Interest receivable and other assets47,620  21,852  
Total assets$2,541,696  $1,584,899  
Liabilities  
Deposits:  
Noninterest-bearing demand deposits$644,251  $325,885  
Interest-bearing demand deposits119,570  62,586  
Money market and savings deposits472,599  313,885  
Time deposits584,931  433,072  
Total deposits1,821,351  1,135,428  
Borrowings455,159  212,225  
Subordinated notes44,457  44,440  
Other liabilities40,470  22,103  
Total liabilities2,361,437  1,414,196  
Shareholders' equity 
Common stock, no par value per share: 
Authorized—20,000,000 shares
 
Issued and outstanding—7,734,322 shares at June 30, 2020 and 7,715,491 shares at December 31, 2019
89,175  89,345  
Retained earnings83,824  77,766  
Accumulated other comprehensive income, net of tax7,260  3,592  
Total shareholders' equity180,259  170,703  
Total liabilities and shareholders' equity$2,541,696  $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 June 30,For the six months ended June 30,
(In thousands, except per share data)2020201920202019
Interest income  
Originated loans, including fees$15,317  $14,125  $29,356  $28,019  
Acquired loans, including fees3,642  1,637  7,731  3,394  
Securities:
Taxable594  980  1,278  1,916  
Tax-exempt670  595  1,281  1,140  
Federal funds sold and other173  320  567  630  
Total interest income20,396  17,657  40,213  35,099  
Interest Expense 
Deposits2,884  4,617  6,716  8,738  
Borrowed funds643  346  1,173  699  
Subordinated notes636  253  1,271  503  
Total interest expense4,163  5,216  9,160  9,940  
Net interest income16,233  12,441  31,053  25,159  
Provision expense for loan losses5,575  429  6,064  851  
Net interest income after provision for loan losses10,658  12,012  24,989  24,308  
Noninterest income 
Service charges on deposits548  662  1,182  1,287  
Net gain on sales of securities899  7  1,428  —  
Mortgage banking activities5,684  2,316  8,272  3,436  
Other charges and fees658  492  1,597  1,040  
Total noninterest income7,789  3,477  12,479  5,763  
Noninterest expense 
Salary and employee benefits9,598  7,193  18,228  14,106  
Occupancy and equipment expense1,567  1,168  3,095  2,372  
Professional service fees941  385  1,333  747  
Acquisition and due diligence fees176  —  1,647  —  
Marketing expense230  288  452  464  
Printing and supplies expense173  104  309  172  
Data processing expense910  606  1,757  1,201  
Core deposit premium amortization192  36  384  88  
Other expense1,296  1,387  2,440  2,385  
Total noninterest expense15,083  11,167  29,645  21,535  
Income before income taxes3,364  4,322  7,823  8,536  
Income tax provision643  767  992  1,514  
Net income$2,721  $3,555  $6,831  $7,022  
Per common share data:   
Basic earnings per common share$0.35  $0.46  $0.88  $0.91  
Diluted earnings per common share$0.35  $0.45  $0.88  $0.89  
Cash dividends declared per common share$0.05  $0.04  $0.10  $0.08  
Weighted average common shares outstanding—basic7,676  7,741  7,636  7,746  
Weighted average common shares outstanding—diluted7,721  7,856  7,713  7,862  
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 June 30,For the six months ended June 30,
(Dollars in thousands)2020201920202019
Net income$2,721  $3,555  $6,831  $7,022  
Other comprehensive income: 
Unrealized holding gains on securities available-for-sale arising during the period3,322  4,835  6,071  7,447  
Reclassification adjustment for gains included in income(899) (7) (1,428) —  
Tax effect(1)
(532) (1,015) (975) (1,565) 
Net unrealized gains on securities available-for-sale, net of tax1,891  3,813  3,668  5,882  
Total comprehensive income, net of tax$4,612  $7,368  $10,499  $12,904  
__________________________________________________________________________
(1) Includes $(189) thousand and $(1) thousand of tax benefit related to reclassification adjustment for gains (losses) included in income for the three months ended June 30, 2020 and 2019, respectively. There was $(300) thousand and no tax expense (benefit) related to reclassification for the six months ended June 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 June 30, 2020
(Dollar in thousands)Common StockRetained EarningsAccumulated Other Comprehensive Income Total Shareholders' Equity
Balance at March 31, 2020$88,910  $81,489  $5,369  $175,768  
Net income—  2,721  —  2,721  
Other comprehensive income —  —  1,891  1,891  
Common stock dividends declared ($0.05 per share)
—  (386) —  (386) 
Exercise of stock options (3,500 shares)
34  —  —  34  
Stock-based compensation expense, net of tax impact 231  —  —  231  
Balance at June 30, 2020$89,175  $83,824  $7,260  $180,259  
For the six months ended June 30, 2020
(Dollar in thousands)Common StockRetained EarningsAccumulated Other Comprehensive Income Total Shareholders' Equity
Balance at December 31, 2019$89,345  $77,766  $3,592  $170,703  
Net income—  6,831  —  6,831  
Other comprehensive income—  —  3,668  3,668  
Redeemed stock (25,256 shares)
(620) —  —  (620) 
Common stock dividends declared ($0.10 per share)
—  (773) —  (773) 
Exercise of stock options (10,000 shares)
95  —  —  95  
Stock-based compensation expense, net of tax impact355  —  —  355  
Balance at June 30, 2020$89,175  $83,824  $7,260  $180,259  





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For the three months ended June 30, 2019
(Dollar in thousands)Common StockRetained EarningsAccumulated Other Comprehensive Income Total Shareholders' Equity
Balance at March 31, 2019$89,753  $66,049  $317  $156,119  
Net income—  3,555  —  3,555  
Other comprehensive income—  —  3,813  3,813  
Redeemed stock (21,301 shares)
(516) —  —  (516) 
Common stock dividends declared ($0.04 per share)
—  (309) —  (309) 
Exercise of stock options (3,000 shares)
31  —