Level One Bancorp, Inc. reports first quarter 2019 net income of $3.5 million, representing $0.44 of diluted earnings per common share

Company Release - 4/30/2019 8:30 AM ET

FARMINGTON HILLS, Mich., April 30, 2019 (GLOBE NEWSWIRE) -- Level One Bancorp, Inc. (“Level One”) (Nasdaq: LEVL) today reported financial results for the first quarter of 2019, which included net income of $3.5 million, or $0.44 per diluted share. This compares to net income of $4.0 million, or $0.50 per diluted share, in the preceding quarter and $3.2 million, or $0.47 per diluted share, in the first quarter of 2018.

Patrick J. Fehring, President and Chief Executive Officer, commented “We are pleased to announce a solid first quarter with earnings of $3.5 million, representing an increase of 9.43% over the first quarter of 2018.  First quarter fully diluted earnings per share of $0.44 slightly declined from $0.47 in the first quarter of 2018 primarily as a result of our initial public offering of shares in April of 2018. We continue to focus on our strategic priorities to ensure a strong organization for our shareholders, team members, and clients."

He continued, "Earlier this year, we announced the approval of a share repurchase program and repurchased a total of $1.1 million in shares of our common stock during the first quarter. In addition, we announced an increase in our first quarter dividend to $0.04 per share, compared to $0.03 per share paid out during each quarter of 2018. The increase in our first quarter dividend, along with the commencement of the share repurchase program, demonstrate our commitment to return more capital to our shareholders."

First Quarter 2019 Financial Highlights

  • Net income was $3.5 million, or $0.44 per diluted share, for the first quarter of 2019
  • Net interest margin, on a fully taxable equivalent ("FTE") basis, was 3.76%, compared to 3.73% in the preceding quarter
  • Noninterest income increased 66.62% to $2.3 million in the first quarter of 2019, compared to $1.4 million in the first quarter of 2018 mainly due to higher mortgage banking activities income
  • Our quarterly dividend declared increased from $0.03 per common share in the first quarter of 2018 to $0.04 per common share in the first quarter of 2019
  • Total assets increased 11.99% to $1.46 billion at March 31, 2019, compared to $1.30 billion at March 31, 2018
  • Total loans increased 7.58% to $1.13 billion at March 31, 2019, compared to $1.05 billion at March 31, 2018
  • Total deposits increased 3.49% to $1.15 billion at March 31, 2019, compared to $1.11 billion at March 31, 2018
  • Book value per share increased 20.08% to $20.15 per share at March 31, 2019, compared to $16.78 per share at March 31, 2018
  • Tangible book value per share increased 23.64% to $18.88 per share at March 31, 2019, compared to $15.27 per share at March 31, 2018

Balance Sheet Review

Level One's total assets were $1.46 billion at March 31, 2019, an increase of $40.3 million, or 2.85%, from $1.42 billion at December 31, 2018, and up $155.9 million, or 11.99%, from $1.30 billion at March 31, 2018. The increase in total assets from December 31, 2018 was primarily due to an increase in originated loans, mortgage loans held for sale and securities available-for-sale.

The investment securities portfolio was $226.9 million at March 31, 2019, an increase of $22.6 million, or 11.07%, from $204.3 million at December 31, 2018, and up $66.6 million, or 41.49%, from $160.3 million at March 31, 2018.

Total loans were $1.13 billion at March 31, 2019, an increase of $4.5 million, or 0.40%, from $1.13 billion at December 31, 2018, and up $79.7 million, or 7.58%, from $1.05 billion at March 31, 2018. Loan originations during the first quarter of 2019 were strong. However, the originations were nearly offset by high loan payoffs during the quarter which have historically occurred during the first quarter of each year. The growth in total loans compared to March 31, 2018 was primarily due to growth in our commercial and industrial and residential real estate loan portfolios.

Total deposits were $1.15 billion at March 31, 2019, an increase of $16.8 million, or 1.48%, from $1.13 billion at December 31, 2018, and up $38.8 million, or 3.49%, from $1.11 billion at March 31, 2018. Total deposit composition at March 31, 2019 consisted of 30.11% of demand deposit accounts, 27.71% of savings and money market accounts and 42.18% of time deposits.

Operating Results

Level One's net interest income decreased $95 thousand, or 0.73%, to $12.7 million in the first quarter of 2019, compared to $12.8 million in the preceding quarter, primarily as a result of higher costs of funds, and increased $591 thousand, or 4.87%, compared to $12.1 million in the first quarter of 2018, primarily as a result of increased income on originated loans, partially offset by increased interest expense on deposits.

Level One’s net interest margin, on a FTE basis, was 3.76% in the first quarter of 2019, compared to 3.73% in the preceding quarter and 4.03% in the first quarter of 2018. This improvement in the net interest margin compared to the preceding quarter was primarily as a result of higher average loan yield from the fourth quarter of 2018 to the first quarter of 2019, partially offset by higher cost of funds as a result of customers gravitating towards interest-bearing accounts. The decrease in net interest margin year over year was primarily due to higher cost of funds.

Level One's noninterest income increased $914 thousand, or 66.62%, compared to $1.4 million in the first quarter of 2018, and remained consistent from the first quarter of 2019 compared to the preceding quarter. The increase in noninterest income year over year was primarily due to a $884 thousand increase in mortgage banking activities mainly as a result of higher gains on sales of loans.

Level One’s noninterest expenses remained stable in the first quarter of 2019 compared to the preceding quarter, and increased $1.2 million, or 13.50%, compared to $9.1 million in the first quarter of 2018. The increase in noninterest expenses year over year was primarily a result of increased salary and employee benefits due to the overall growth in team member headcount, including the doubling in size of the mortgage division during the third quarter of 2018. The efficiency ratio, which is a measure of operating expenses as a percentage of net interest income and noninterest income, for the first quarter of 2019 was 69.10%, compared to 68.68% for the preceding quarter and 67.67% in the first quarter of 2018.

Level One's income tax provision was $747 thousand, or 17.73% of pretax income, in the first quarter of 2019, as compared to $836 thousand, or 17.46% of pretax income, in the preceding quarter and $642 thousand, or 16.85% of pretax income, in the first quarter of 2018.

Asset Quality

Nonperforming loans were $16.6 million, or 1.47% of total loans, at March 31, 2019, a decrease of $1.8 million from nonperforming loans of $18.4 million, or 1.64% of total loans, at December 31, 2018, and an increase of $3.6 million from nonperforming loans of $13.0 million, or 1.23% of total loans, at March 31, 2018. The decrease in nonperforming loans from the fourth quarter 2018 is primarily due to the pay off of a large loan relationship on nonaccrual status during the first quarter 2019. The increase in nonperforming loans compared to first quarter 2018 was primarily due to two commercial loan relationships totaling $8.0 million moving to nonaccrual status, partially offset by commercial loan payoffs of $5.3 million.

Level One had $373 thousand of other real estate owned assets at March 31, 2019, compared to $0 other real estate owned assets at December 31, 2018 and March 31, 2018. Nonperforming assets, consisting of nonaccrual loans and other real estate owned, as a percentage of total assets were 1.17% at March 31, 2019, compared to 1.30% at December 31, 2018, and 1.00% at March 31, 2018.

In addition, we had $453 thousand of loans 90 days or more past due and still accruing at March 31, 2019, compared to $243 thousand at December 31, 2018 and $263 thousand at March 31, 2018, all of which consisted of purchase credit impaired loans.

Performing troubled debt restructured loans that were not included in nonaccrual loans at March 31, 2019 were $925 thousand, compared to $931 thousand at December 31, 2018 and $2.4 million at March 31, 2018. Borrowers who are in financial difficulty and who have been granted concessions that may include interest rate reductions, forbearance agreements, and principal deferral or reduction, are categorized as troubled debt restructured loans.

Net chargeoffs in the first quarter of 2019 were $29 thousand, or 0.01% of average loans on an annualized basis, compared to $274 thousand of net chargeoffs, or 0.10% of average loans on an annualized basis, for the preceding quarter and $755 thousand of net chargeoffs, or 0.29% of average loans on an annualized basis, for the quarter ended March 31, 2018.

Level One's first quarter of 2019 provision for loan losses was a provision expense of $422 thousand, compared to a provision benefit of $51 thousand in the preceding quarter and a provision expense of $554 thousand in the first quarter of 2018.  The change in provision for loan losses compared to fourth quarter 2018 was primarily due to $229 thousand of new specific reserves on two commercial loan relationships as well as the organic growth in the loan portfolio quarter over quarter. The allowance for loan losses was $12.0 million, or 1.06% of total loans, at March 31, 2019, compared to $11.6 million, or 1.03% of total loans, at December 31, 2018, and $11.5 million, or 1.09% of total loans, at March 31, 2018. As of March 31, 2019, the allowance for loan losses as a percentage of nonperforming loans was 71.85%, compared to 62.70% at December 31, 2018, and 88.67% at March 31, 2018.

Capital

Total shareholders’ equity was $156.1 million at March 31, 2019, an increase of $4.3 million, or 2.87%, compared with $151.8 million at December 31, 2018, primarily as a result of increased retained earnings and accumulated other comprehensive income.  Total shareholders' equity increased $45.6 million, or 41.25%, from $110.5 million at March 31, 2018, primarily as a result of our initial public offering of 1,150,765 shares of common stock in April of 2018.

Recent Developments

First Quarter Dividend: On March 21, 2019, Level One’s Board of Directors declared a quarterly cash dividend of $0.04 per share. This dividend was paid out on April 15, 2019, to stockholders of record at the close of business on March 31, 2019.

About Level One Bancorp, Inc.

Level One Bancorp, Inc. is the holding company for Level One Bank, a full-service commercial and consumer bank headquartered in Michigan with assets of approximately $1.46 billion as of March 31, 2019. It operates twelve banking centers throughout southeast Michigan and west Michigan. Level One Bank's success has been recognized both locally and nationally as the U.S. Small Business Administration's (SBA) "Community Lender of the Year" and "Export Finance Lender of the Year" and one of S&P Global's Top 10 "Best-Performing Community Banks" in the nation. Level One's commercial division provides a menu of products including lines of credit, term loans, leases, commercial mortgages, SBA loans, export-import financing, and a full suite of treasury management and private banking services. The consumer division offers personal savings and checking accounts and a complete array of consumer loan products including residential mortgages, home equity, auto, and credit card services. Level One Bank offers a variety of online banking services and a robust mobile banking application for individuals and businesses.  Level One Bank offers the sophistication of a big bank, the heart of a community bank, and the spirit of an entrepreneur. For more information, visit www.levelonebank.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management’s current views of future events and operations. These forward-looking statements are based on the information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risk and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations, changes in interest rates and other general economic, business and political conditions, including changes in the financial markets, as well as other risks described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Summary Consolidated Financial Information
(Unaudited)
As of or for the three months ended,
(Dollars in thousands, except per share data)March 31, 2019
 December 31, 2018
 September 30, 2018
 June 30, 2018
 March 31, 2018
Earnings Summary                   
Interest income$17,442  $17,041  $16,629  $15,380  $14,774 
Interest expense4,724  4,228  3,560  2,965  2,647 
Net interest income12,718  12,813  13,069  12,415  12,127 
Provision (benefit) for loan losses422  (51) 619  (710) 554 
Noninterest income2,286  2,307  1,924  1,452  1,372 
Noninterest expense10,368  10,384  10,454  9,705  9,135 
Income before income taxes4,214  4,787  3,920  4,872  3,810 
Income tax provision747  836  665  860  642 
Net income$3,467  $3,951  $3,255  $4,012  $3,168 
Per Share Data         
Basic earnings per common share$0.45  $0.51  $0.42  $0.54  $0.48 
Diluted earnings per common share0.44  0.50  0.41  0.53  0.47 
Book value per common share20.15  19.58  18.77  18.51  16.78 
Tangible book value per share (1)18.88  18.31  17.50  17.23  15.27 
Shares outstanding (in thousands)7,749  7,750  7,749  7,749  6,585 
Average basic common shares (in thousands)7,752  7,750  7,749  7,456  6,539 
Average diluted common shares (in thousands)7,869  7,893  7,901  7,613  6,699 
Selected Period End Balances         
Total assets$1,456,552  $1,416,215  $1,446,269  $1,322,913  $1,300,629 
Securities available-for-sale226,874  204,258  199,051  196,047  160,349 
Total loans1,131,097  1,126,565  1,114,999  1,045,789  1,051,354 
Total deposits1,151,463  1,134,635  1,130,311  1,065,216  1,112,644 
Total liabilities1,300,433  1,264,455  1,300,810  1,179,468  1,190,106 
Total shareholders' equity156,119  151,760  145,459  143,445  110,523 
Tangible shareholders' equity (1)146,337  141,926  135,570  133,501  100,524 
Performance and Capital Ratios         
Return on average assets (annualized)0.96% 1.11% 0.95% 1.23% 1.00%
Return on average equity (annualized)8.99  10.69  8.95  11.97  11.64 
Net interest margin (fully taxable equivalent)(2)3.76  3.73  3.97  3.99  4.03 
Efficiency ratio (noninterest expense/net interest income plus noninterest income)69.10  68.68  69.73  69.99  67.67 
Dividend payout ratio (3)6.72  5.87  7.13  5.78   
Total shareholders' equity to total assets10.72  10.72  10.06  10.84  8.50 
Tangible equity to tangible assets (1)10.11  10.09  9.44  10.17  7.79 
Common equity tier 1 to risk-weighted assets11.78  11.82  11.75  12.11  9.47 
Tier 1 capital to risk-weighted assets11.78  11.82  11.75  12.11  9.47 
Total capital to risk-weighted assets13.95  14.00  13.99  14.44  11.87 
Tier 1 capital to average assets (leverage ratio)10.19  10.21  10.31  10.60  8.15 
Asset Quality Ratios:         
Net charge-offs (recoveries) to average loans0.01% 0.10% 0.07% (0.26)% 0.29%
Nonperforming assets as a percentage of total assets1.17  1.30  0.89  0.85  1.00 
Nonperforming loans as a percent of total loans1.47  1.64  1.15  1.08  1.23 
Allowance for loan losses as a percentage of period-end loans1.06  1.03  1.07  1.10  1.09 
Allowance for loan losses as a percentage of nonperforming loans71.85  62.70  92.36  101.67  88.67 
Allowance for loan losses as a percentage of nonperforming loans, excluding allowance allocated to loans accounted for under ASC 310-3066.33  57.71  84.72  92.93  80.36 
               

(1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below.
(2) Presented on a tax equivalent basis using a 21% tax rate.
(3) The dividend payout ratio of 0 for the three months ended March 31, 2018 was due to the timing difference between the declaration date and payout date of the dividend. The Company declared a $0.03 dividend on March 15, 2018 but it was not paid out until April 16, 2018.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

Some of the financial measures included in this earnings release are not measures of financial performance recognized by GAAP. These non-GAAP financial measures include tangible shareholders' equity, tangible book value per share, and the ratio of tangible shareholders' equity to tangible assets. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe financial analysts and others frequently use these measures, and other similar measures, to evaluate capital adequacy. We calculate: (i) tangible shareholders' equity as total shareholders' equity less core deposit intangibles and goodwill; (ii) tangible book value per share as tangible shareholders' equity divided by shares of common stock outstanding; and (iii) tangible assets as total assets, less core deposit intangibles and goodwill.

The following presents these non-GAAP financial measures along with their most directly comparable financial measure calculated in accordance with GAAP:

Reconciliation of Non-GAAP Financial MeasuresAs of
 March 31, December 31, September 30, June 30, March 31,
(Dollars in thousands, except per share data)20192018201820182018
 (Unaudited)   (Unaudited) (Unaudited) (Unaudited)
Total shareholders' equity$156,119  $151,760  $145,459  $143,445  $110,523 
Less:         
Goodwill9,387  9,387  9,387  9,387  9,387 
Core deposit intangibles395  447  502  557  612 
Tangible shareholders' equity$146,337  $141,926  $135,570  $133,501  $100,524 
          
Shares outstanding (in thousands)7,749  7,750  7,749  7,749  6,585 
Tangible book value per share$18.88  $18.31  $17.5  $17.23  $15.27 
          
Total assets$1,456,552  $1,416,215  $1,446,269  $1,322,913  $1,300,629 
Less:         
Goodwill9,387  9,387  9,387  9,387  9,387 
Core deposit intangibles395  447  502  557  612 
Tangible assets$1,446,770  $1,406,381  $1,436,380  $1,312,969  $1,290,630 
          
Tangible equity to tangible assets10.11% 10.09% 9.44% 10.17% 7.79%
               


Consolidated Balance SheetsAs of
 March 31,  December 31,  March 31, 
(Dollars in thousands)2019  2018  2018 
Assets(Unaudited)     (Unaudited) 
Cash and cash equivalents$35,982  $33,296  $39,882 
Securities available-for-sale226,874  204,258  160,349 
Federal Home Loan Bank stock8,325  8,325  8,303 
Mortgage loans held for sale, at fair value14,043  5,595  1,871 
Loans:        
Originated loans1,051,169  1,041,898  946,179 
Acquired loans79,928  84,667  105,175 
Total loans1,131,097  1,126,565  1,051,354 
Less: Allowance for loan losses (11,960)  (11,566)  (11,506)
Net loans1,119,137  1,114,999  1,039,848 
Premises and equipment, net13,172  13,242  13,282 
Goodwill9,387  9,387  9,387 
Other intangible assets, net395  447  612 
Bank-owned life insurance11,945  11,866  11,622 
Income tax benefit1,589  2,467  3,026 
Other assets15,703  12,333  12,447 
Total assets$1,456,552  $1,416,215  $1,300,629 
Liabilities        
Deposits:        
Noninterest-bearing demand deposits$293,217  $309,384  $298,917 
Interest-bearing demand deposits53,538  52,804  68,479 
Money market and savings deposits319,028  287,575  278,042 
Time deposits485,680  484,872  467,206 
Total deposits1,151,463  1,134,635  1,112,644 
Borrowings117,907  99,574  52,783 
Subordinated notes14,905  14,891  14,853 
Other liabilities16,158  15,355  9,826 
Total liabilities1,300,433  1,264,455  1,190,106 
Shareholders' equity        
Common stock, no par value per share:        
Authorized - 20,000,000 shares        
Issued and outstanding - 7,749,331 shares at 3/31/19, 7,750,216 shares at 12/31/18, and 6,584,676 shares at 3/31/201890,857  90,621  60,886 
Treasury stock - 46,626 shares at 3/31/19 and 0 shares at 12/31/18 and 3/31/18 (1,104)    
Retained earnings66,049  62,891  52,568 
Accumulated other comprehensive income (loss), net of tax317   (1,752)  (2,931)
Total shareholders' equity156,119  151,760  110,523 
Total liabilities and shareholders' equity$1,456,552  $1,416,215  $1,300,629 
            

 

Consolidated Statements of Income     
(Unaudited)Three months ended
 March 31, December 31, March 31,
(In thousands, except per share data)2019 2018 2018
Interest income     
Originated loans, including fees$13,894  $13,412  $11,178
Acquired loans, including fees1,757  2,013  2,426
Securities:     
Taxable936  882  574
Tax-exempt545  476  351
Federal funds sold and other310  258  245
Total interest income17,442  17,041  14,774
Interest Expense     
Deposits4,121  3,588  2,178
Borrowed funds353  384  219
Subordinated notes250  256  250
Total interest expense4,724  4,228  2,647
Net interest income12,718  12,813  12,127
Provision expense (benefit) for loan losses422  (51) 554
Net interest income after provision for loan losses12,296  12,864  11,573
Noninterest income     
Service charges on deposits625  641  642
Net loss on sales of securities(7) (71) 
Mortgage banking activities1,120  936  236
Other charges and fees548  801  494
Total noninterest income2,286  2,307  1,372
Noninterest expense     
Salary and employee benefits6,913  6,768  5,956
Occupancy and equipment expense1,204  1,132  1,046
Professional service fees362  441  266
Marketing expense176  336  142
Printing and supplies expense68  98  104
Data processing expense595  634  436
Other expense1,050  975  1,185
Total noninterest expense10,368  10,384  9,135
Income before income taxes4,214  4,787  3,810
Income tax provision747  836  642
Net income$3,467  $3,951  $3,168
Earnings per common share:     
Basic earnings per common share$0.45  $0.51  $0.48
Diluted earnings per common share$0.44  $0.5  $0.47
Cash dividends declared per common share$0.04  $0.03  $0.03
Weighted average common shares outstanding—basic7,752  7,750  6,539
Weighted average common shares outstanding—diluted7,869  7,893  6,699
        


Net Interest Income and Net Interest Margin
(Unaudited)For the three months ended,
 March 31, 2019 December 31, 2018 March 31, 2018
(Dollars in thousands)Average BalanceInterest (1)Average Rate (2) Average BalanceInterest (1)Average Rate (2) Average BalanceInterest (1)Average Rate (2)
Interest-earning assets:           
Gross loans (3)$1,125,213 $15,651 5.64% $1,131,705 $15,425 5.41% $1,037,045 $13,604 5.32%
Investment securities (4):           
Taxable141,282 936 2.69  133,817 882 2.61  102,135 574 2.28 
Tax-exempt80,760 545 3.17  71,025 476 3.13  54,996 351 3.16 
Interest earning cash balances28,076 176 2.54  27,107 164 2.39  27,090 106 1.59 
Federal Home Loan Bank Stock8,325 134 6.53  8,325 94 4.48  8,303 139 6.78 
Total interest-earning assets$1,383,656 $17,442 5.14% $1,371,979 $17,041 4.95% $1,229,569 $14,774 4.9%
Non-earning assets:           
Cash and due from banks24,794    23,459    18,531   
Premises and equipment13,289    13,376    13,362   
Goodwill9,387    9,387    9,387   
Other intangible assets, net425    476    644   
Bank-owned life insurance11,893    11,813    11,570   
Allowance for loan losses(11,563)   (11,880)   (11,822)  
Other non-earning assets11,841    8,665    12,195   
Total assets$1,443,722    $1,427,275    $1,283,436   
Interest-bearing liabilities:           
  Interest-bearing demand deposits$53,299 $48 0.37% $53,009 $47 0.35% $63,501 $51 0.33%
  Money market and savings deposits306,496 1,094 1.45  259,160 759 1.16  273,699 548 0.81 
  Time deposits544,130 2,979 2.22  542,047 2,782 2.04  456,555 1,579 1.4 
  Borrowings55,814 353 2.57  66,491 384 2.29  56,819 219 1.56 
  Subordinated notes14,896 250 6.81  14,888 256 6.82  14,844 250 6.83 
Total interest-bearing liabilities$974,635 $4,724 1.97% $935,595 $4,228 1.79% $865,418 $2,647 1.24%
Noninterest-bearing liabilities and shareholders' equity:           
  Noninterest bearing demand deposits300,680    331,867    298,681   
  Other liabilities14,136    11,905    8,931   
  Shareholders' equity154,271    147,908    110,406   
Total liabilities and shareholders' equity$1,443,722    $1,427,275    $1,283,436   
Net interest income $12,718    $12,813    $12,127  
Interest spread  3.17%   3.16%   3.66%
Net interest margin (5)  3.73    3.71    4 
Tax equivalent effect  0.03    0.02    0.03 
Net interest margin on a fully tax equivalent basis  3.76%   3.73%   4.03%
               

(1) Interest income is shown on actual basis and does not include taxable equivalent adjustments.
(2) Average rates and yields are presented on an annual basis and includes a taxable equivalent adjustment to interest income of $87 thousand, $83 thousand, and $78 thousand on tax-exempt securities for the three months ended March 31, 2019, December 31, 2018 and March 31, 2018, respectively, using a federal income tax rate of 21%.
(3) Includes nonaccrual loans.
(4) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.

Loan CompositionAs of
 March 31, December 31, September 30, June 30, March 31,
(Dollars in thousands)2019 2018 2018 2018 2018
Commercial real estate(Unaudited)   (Unaudited) (Unaudited) (Unaudited)
Non-owner occupied$361,066 $367,671 $362,450 $361,341 $360,014
Owner-occupied187,001 194,422 190,131 172,615 172,608
Total commercial real estate548,067 562,093 552,581 533,956 532,622
Commercial and industrial401,588 383,455 397,060 363,239 371,464
Residential real estate180,386 180,018 164,356 147,763 146,436
Consumer1,056 999 1,002 831 832
Total loans$1,131,097 $1,126,565 $1,114,999 $1,045,789 $1,051,354
               


Impaired AssetsAs of
 March 31, December 31, September 30, June 30, March 31,
(Dollars in thousands)2019 2018 2018 2018 2018
Nonaccrual loans(Unaudited)   (Unaudited) (Unaudited) (Unaudited)
Commercial real estate$2,694  $5,927  $4,559  $2,557  $1,946 
Commercial and industrial10,495  9,605  5,763  5,983  8,192 
Residential real estate3,456  2,915  2,546  2,737  2,838 
Consumer    5     
Total nonaccrual loans16,645  18,447  12,873  11,277  12,976 
Other real estate owned373         
Total nonperforming assets17,018  18,447  12,873  11,277  12,976 
Performing troubled debt restructurings         
Commercial real estate    1,511  1,517  1,525 
Commercial and industrial562  568  574  578  582 
Residential real estate363  363  365  364  258 
Total performing troubled debt restructurings925  931  2,450  2,459  2,365 
Total impaired assets$17,943  $19,378  $15,323  $13,736  $15,341 
          
Loans 90 days or more past due and still accruing$453  $243  $354  $259  $263 
                    
Media Contact:
Nicole Ransom
(248) 538-2183

Investor Relations Contact:
Peter Root
(248) 538-2186

Level-One-Logo.png

Source: Level One Bancorp, Inc.