Level One Bancorp, Inc. (“Level One”) (Nasdaq: LEVL) today reported
its financial results for the first quarter of 2021, which included
net income of $9.0 million, or $1.10 diluted earnings per common
share. This compares to net income of $8.4 million, or $1.02
diluted earnings per common share, in the preceding quarter and
$4.1 million, or $0.53 diluted earnings per common share, in the
first quarter of 2020.
Patrick J. Fehring, President and Chief Executive Officer of
Level One, commented, "We are pleased to report record quarterly
earnings for the first quarter of 2021. Net income in the first
quarter of 2021 was $9.0 million, which represents an increase of
117.98% over the first quarter of the prior year and an increase of
7.00% over the prior quarter. During the quarter we experienced
continued loan growth, a high level of residential loan production,
moderately improving credit trends, stable core net interest
margin, and strong deposit growth. Throughout this pandemic we
continue to grow our business by meeting the needs of our current
clients and significantly growing the number of new clients we
serve. In 2021, we have provided solid support to local businesses
and communities with our participation in the second round of the
Paycheck Protection Program ("PPP"). Our participation in the
second round of the program has resulted in the Level One team
originating close to 1,500 loans to businesses for approximately
$230.5 million from January 18, 2021 through April 27, 2021. An
estimated 20,000 jobs were supported through these efforts. In
addition to meeting the needs of existing Level One clients, we
also assisted over 600 new business clients obtain critical funding
to support their operations through this second round of PPP
funding. I am appreciative of the extraordinary efforts of the
Level One team during this COVID-19 pandemic as we continue to
provide needed financial services to our community."
First Quarter 2021
Highlights
- Net income of $9.0 million increased 7.00% from $8.4 million in
the preceding quarter
- Diluted earnings per common share of $1.10 increased 7.84%
compared to $1.02 in the preceding quarter
- Net interest margin, on a fully taxable equivalent ("FTE")
basis, was 3.33%, compared to 3.27% in the preceding quarter
- Noninterest income decreased $832 thousand to $7.3 million in
the first quarter of 2021, compared to $8.1 million in the
preceding quarter
- Noninterest expense decreased $322 thousand to $15.1 million in
the first quarter of 2021, compared to $15.5 million in the
preceding quarter
- Provision for loan loss decreased $1.3 million to $265 thousand
in the first quarter of 2021, compared to $1.5 million in the
preceding quarter
- Total assets increased 5.31% to $2.57 billion at March 31,
2021, compared to $2.44 billion at December 31, 2020
- Total loans increased 8.02% to $1.86 billion at March 31, 2021,
compared to $1.72 billion at December 31, 2020
- Total deposits increased 6.65% to $2.09 billion at March 31,
2021, compared to $1.96 billion at December 31, 2020
- Book value per common share increased 1.03% to $25.40 per
common share at March 31, 2021, compared to $25.14 per common share
at December 31, 2020
- Tangible book value per common share increased 0.76% to $19.78
per common share at March 31, 2021, compared to $19.63 per common
share at December 31, 2020
Net Interest Income and Net Interest Margin
Level One's net interest income increased $51 thousand, or
0.27%, to $19.2 million in the first quarter of 2021, compared to
$19.1 million in the preceding quarter, and increased $4.3 million,
or 29.26%, compared to $14.8 million in the first quarter of 2020.
The increase in net interest income compared to the first quarter
of 2020 was primarily due to increases of $1.8 million of interest
income on loans and $178 thousand of interest income on investment
securities partially offset by a $239 thousand decrease of interest
income on fed funds sold and other investments. In addition,
interest expense on deposits decreased $2.4 million primarily due
to the target federal funds rate dropping 150 basis points in March
2020 in response to the COVID-19 pandemic.
Level One’s net interest margin, on a FTE basis, was 3.33% in
the first quarter of 2021, compared to 3.27% in the preceding
quarter and 3.42% in the first quarter of 2020. The increase in the
net interest margin compared to the preceding quarter was primarily
a result of the slight increase in loan interest rates during the
first quarter of 2021. Loan yield on non-PPP loans was 4.33% for
the first quarter of 2021 compared to 4.17% in the preceding
quarter. The decrease in the net interest margin compared to the
first quarter of 2020 was a result of lower yields across most
interest-earning assets, mostly reflecting the impact of lower
market interest rates. Average loan yield decreased 65 basis points
to 4.35% for the first quarter of 2021 from 5.00% for the first
quarter of 2020, primarily due to the target federal funds rate
dropping 150 basis points in March 2020 in response to the COVID-19
pandemic. The decrease in loan yields was accompanied by a
corresponding decrease in the cost of funds, which declined 93
basis points to 0.63% in the first quarter of 2021, compared to
1.56% in the first quarter of 2020 primarily due to lower interest
rates paid as a result of revised internal deposit rates, mainly
driven by the decreases in the target federal funds rate.
Noninterest Income
Level One's noninterest income decreased $832 thousand, or
10.26%, to $7.3 million in the first quarter of 2021, compared to
$8.1 million in the preceding quarter, and increased $2.6 million,
or 55.44%, compared to $4.7 million in the first quarter of 2020.
The decrease in noninterest income compared to the preceding
quarter was primarily attributable to a decrease of $999 thousand
in mortgage banking activities partially offset by an increase of
$129 thousand in service charges on deposits. The decrease in the
mortgage banking activities income compared to the fourth quarter
of 2020 was primarily due to the increase in interest rates and
secondary market pricing.
The increase in noninterest income year over year was primarily
due to an increase of $3.2 million in mortgage banking activities
and an increase of $143 thousand in service charges on deposits.
This was partially offset by decreases of $509 thousand in net
gains on sales of investment securities and $269 thousand in other
charges and fees. The increase in mortgage banking activities
compared to the first quarter of 2020 was primarily due to $65.5
million higher residential loan originations held for sale and
$90.1 million higher residential loans sold primarily as a result
of higher volumes caused by the lower interest rate environment.
The decrease in net gains on sales of investment securities was due
to fewer securities sold in the first quarter of 2021 than in the
first quarter of 2020. The decrease in other charges and fees was
primarily due to a decrease in interest rate swap fees.
Noninterest Expense
Level One's noninterest expense decreased $322 thousand, or
2.08%, to $15.1 million in the first quarter of 2021, compared to
$15.5 million in the preceding quarter, and increased $577
thousand, or 3.96%, compared to $14.6 million in the first quarter
of 2020. The decrease in noninterest expense compared to the
preceding quarter was primarily attributable to decreases of $292
thousand in salary and employee benefits, $151 thousand in
professional service fees, and $114 thousand in marketing expense.
These decreases were partially offset by an increase of $365
thousand in data processing expense. The decrease in salary and
employee benefits compared to the fourth quarter of 2020 was
primarily due to decreases of $425 thousand in incentive
compensation, $111 thousand in supplemental employee retirement
plan ("SERP") expense, and $79 thousand in restricted stock
expense. This was partially offset by a $154 thousand increase in
mortgage commissions and a $197 thousand increase in social
security taxes due to the new year resetting taxable income caps.
The decrease in professional service fees was due primarily to
internal audit fees and the cyclical nature of services performed.
The decrease in marketing expense was primarily due to higher than
usual donations during the preceding quarter and advertising. The
increase in data processing expense was due primarily to the new
loan processing system used for the PPP loans.
The increase in noninterest expense year over year was mainly
attributable to increases of $1.3 million in salary and employee
benefits, $377 thousand in data processing expense, $251 thousand
in professional service fees, $180 thousand in occupancy and
equipment expense, and $113 thousand in FDIC premium expense. These
increases were partially offset by decreases of $1.5 million in
acquisition and due diligence fees and $149 thousand in other
expense. The increase in salary and employee benefits between the
periods was primarily due to increases of $1.2 million in mortgage
commissions expense and $170 thousand in contract labor expenses
incurred for the PPP loan program. The increase in data processing
expense was due to the same reasons mentioned above. The increase
in professional service fees was primarily related to increased
residential mortgage volumes and consulting fees for residential
mortgage systems incurred as well as increased audit fees. The
increase in occupancy and equipment expense was primarily
attributable to additional software maintenance and licensing. The
increase in FDIC premium expense was primarily due to a lower
leverage ratio and an increase in assets year over year. The
decrease in acquisition and due diligence fees was primarily due to
the merger with Ann Arbor State Bank in the first quarter of 2020.
The decrease in other expense was primarily due to the provision on
unfunded commitments.
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 2021 was 57.27%, compared to 56.81% for the
preceding quarter and 74.64% in the first quarter of 2020. The
decrease in the efficiency ratio year over year was primarily
driven by the additional income provided by the acquisition of Ann
Arbor State Bank without adding a proportional amount of expense as
well as the increase in mortgage banking income, net of
commissions, as a result of higher loan volumes.
Income Tax Expense
Level One's income tax provision was $2.1 million, or 18.78% of
pretax income, in the first quarter of 2021, as compared to $1.8
million, or 18.05% of pretax income, in the preceding quarter and
$349 thousand, or 7.83% of pretax income, in the first quarter of
2020. The increase in income tax provision year over year was
primarily as a result of tax benefits recognized during the first
quarter of 2020 that did not occur again in the first quarter of
2021. There was a $290 thousand tax benefit related to the Ann
Arbor State Bank net operating loss (NOL) resulting from the CARES
Act provision that allowed for NOLs generated in 2018-2020 to be
carried back five years. Additionally, disqualified dispositions of
Ann Arbor State Bank’s stock options generated a $175 thousand tax
benefit.
Loan Portfolio
Total loans were $1.86 billion at March 31, 2021, an increase of
$138.2 million, or 8.02%, from $1.72 billion at December 31, 2020,
and up $395.3 million, or 26.96%, from $1.47 billion at March 31,
2020. Total loans, excluding PPP loans, increased by $22.5 million,
or 1.57%, compared to December 31, 2020. In addition, PPP loans
increased $115.6 million, net of SBA forgiveness, compared to
December 31, 2020 due to the second round of PPP funding. The
growth in total loans compared to March 31, 2020 was primarily due
to the origination of $649.6 million of PPP loans during the second
and third quarters of 2020 and first quarter of 2021, partially
offset by $243.8 million of PPP loans forgiven by the SBA. This was
partially offset by a net decrease of $10.5 million in the
remainder of the portfolio.
Investment Securities
The investment securities portfolio grew $43.5 million, or
14.38%, to $346.3 million at March 31, 2021, from $302.7 million at
December 31, 2020, and up $115.6 million, or 50.11%, from $230.7
million at March 31, 2020. The increase in the investment
securities portfolio compared to December 31, 2020 was primarily
due to the purchase of $59.1 million of investment securities,
offset in part by $2.7 million of sales, calls, or maturity of
investment securities. The increase in investment securities
compared to March 31, 2020, was primarily due to the purchase of
$163.2 million of securities between the two dates using the excess
cash balances generated by the payoffs of PPP loans, partially
offset by $25.9 million of sales, calls, or maturity of investment
securities.
Deposits
Total deposits were $2.09 billion at March 31, 2021, an increase
of $130.7 million, or 6.65%, from $1.96 billion at December 31,
2021, and up $623.4 million, or 42.39%, from $1.47 billion at March
31, 2020. The growth in deposits compared to December 31, 2020 and
March 31, 2020 was primarily due to organic deposit growth as a
result of customers increasing their liquidity. Total deposit
composition at March 31, 2021 consisted of 42.28% of demand deposit
accounts, 31.14% of savings and money market accounts and 26.58% of
time deposits.
Borrowings
Total debt outstanding was $231.0 million at March 31, 2021, an
increase of $764 thousand, or 0.35%, from $230.3 million at
December 31, 2020, and down $25.2 million, or 9.83%, from $256.2
million at March 31, 2020. The increase in debt outstanding
compared to December 31, 2020 was primarily due an increase in
repurchase agreements. The decrease in total borrowings compared to
March 31, 2020 was primarily due to decreases of $25.0 million in
long-term FHLB advances and $4.0 million in short-term FHLB
advances that resulted from excess liquidity from higher deposit
levels partially offset by an increase of $3.8 million in
repurchase agreements.
Asset Quality
Nonaccrual loans were $15.4 million, or 0.83% of total loans, at
March 31, 2021, a decrease of $3.5 million from nonaccrual loans of
$18.8 million, or 1.09% of total loans, at December 31, 2020, and
an increase of $140 thousand from nonaccrual loans of $15.2
million, or 1.04% of total loans, at March 31, 2020. The decrease
in nonaccrual loans compared to the prior quarter-end was primarily
due to a $2.7 million paydown of a commercial loan relationship and
two residential loan relationships totaling $500 thousand moving to
accrual status.
Level One had no other real estate owned assets at March 31,
2021 and December 31, 2020, compared to $2.1 million at March 31,
2020. Nonperforming assets, consisting of nonaccrual loans and
other real estate owned, as a percentage of total assets were 0.60%
at March 31, 2021, compared to 0.77% at December 31, 2020, and
0.89% at March 31, 2020.
Performing troubled debt restructured loans, which are not
reported as nonaccrual loans but rather as part of impaired loans,
were $765 thousand at March 31, 2021, $1.0 million at December 31,
2020, and $1.1 million at March 31, 2020. Loans to 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. In accordance with bank regulatory
guidance, troubled debt restructurings do not include short-term
modifications made on a good-faith basis in response to the
COVID-19 pandemic to borrowers who were current prior to any
relief. As of March 31, 2021, there were $22.2 million of loans
that remained on a COVID-related deferral compared to $19.8 million
as of December 31, 2020. As of March 31, 2021, $10.7 million of
those loans had payments deferred greater than six months compared
to $11.4 million as of December 31, 2021.
Net recoveries in the first quarter of 2021 were $17 thousand,
compared to $496 thousand of net chargeoffs, or 0.11% of average
loans on an annualized basis, for the preceding quarter and $174
thousand of net chargeoffs, or 0.05% of average loans on an
annualized basis, in the first quarter of 2020. The change compared
to the fourth quarter of 2020 was due primarily to decreases of
$378 thousand in commercial loan chargeoffs and $176 thousand in
residential loan chargeoffs. The year over year change was
primarily due to commercial loan chargeoffs in the first quarter of
2020.
Level One's provision for loan losses in the first quarter of
2021 was a provision expense of $265 thousand, compared to $1.5
million in the preceding quarter and $489 thousand in the first
quarter of 2020. The decrease in the provision expense quarter over
quarter was primarily due to a decrease of $1.7 million in general
reserves as a result of a larger reserve increase in the fourth
quarter of 2020 related to the impact of the COVID-19 pandemic on
the loan portfolio, as well as a $513 thousand decrease in net
chargeoffs, partially offset by an increase in specific reserves of
$661 thousand. The decrease in the provision expense year over year
was primarily due to a decrease in general reserves of $250
thousand as well as a decrease of $191 thousand in net chargeoffs.
This was partially offset by a $215 thousand increase in specific
reserves. The Company will continue to evaluate the fluid situation
in regard to the COVID-19 pandemic and will take further action to
appropriately record additional provision for loan losses or
decrease the level of the provision for loan losses should there be
any indications of changes in the credit quality of our portfolio
as a result of the COVID-19 pandemic.
The allowance for loan losses was $22.6 million, or 1.21% of
total loans, at March 31, 2021, compared to $22.3 million, or 1.29%
of total loans, at December 31, 2020, and $13.0 million, or 0.89%
of total loans, at March 31, 2020. Excluding $405.8 million and
$290.1 million of PPP loans, respectively, the allowance for loan
losses as a percentage of total loans was 1.55% in the first
quarter of 2021, compared to 1.56% in the preceding quarter (See
section entitled "GAAP Reconciliation of Non-GAAP Financial
Measures" for further details). The allowance for loan losses as a
percentage of total loans increased compared to March 31, 2020,
primarily due to the trends in delinquencies and nonaccrual loans
as well as the stress on the commercial and industrial and
commercial real estate owner occupied portfolios, primarily in the
restaurant and transportation industries, as a result of the
uncertainty surrounding the COVID-19 pandemic. As of March 31,
2021, the allowance for loan losses as a percentage of nonaccrual
loans was 146.95%, compared to 118.50% at December 31, 2020, and
85.32% at March 31, 2020. The Company will re-evaluate the
appropriateness of the allowance for loan losses in future quarters
as needed.
Capital
Total shareholders’ equity was $217.2 million at March 31, 2021,
an increase of $1.9 million, or 0.86%, compared with $215.3 million
at December 31, 2020 primarily as a result of an increase in
retained earnings partially offset by a decrease in accumulated
other comprehensive income. Total shareholders' equity increased
$41.4 million, or 23.56%, from $175.8 million at March 31, 2020
attributable to the issuance of preferred stock in the third
quarter of 2020 as well as an increase in retained earnings.
Recent Developments
First Quarter Common Stock
Dividend: On March 17, 2021, Level One’s
Board of Directors declared a quarterly cash dividend of $0.06 per
share. This dividend was paid on April 15, 2021, to stockholders of
record at the close of business on March 31, 2021.
Second Quarter Preferred Stock Dividend: On
April 20, 2021, Level One’s Board of Directors declared a quarterly
cash dividend of $46.88 per share on its 7.50% Non-Cumulative
Perpetual Preferred Stock, Series B. Holders of depositary shares
will receive $0.4688 per depositary share. The dividend is payable
on May 15, 2021, to shareholders of record at the close of business
on April 30, 2021.
Level One's Response to the COVID-19
Pandemic: Level One has taken
comprehensive steps to help our customers, team members and
communities during the current COVID-19 pandemic health crisis. For
our customers, we have provided loan payment deferrals and offered
fee waivers, among other actions. In addition, from January 18
through April 27, 2021, Level One has funded 1,487 PPP loans for
$230.5 million of which 1.150 applications were for loans $150,000
or below.
We are continuing to enable the vast majority of our main office
team members to work remotely each day. We have also taken
significant actions to help ensure the safety of our team members
whose roles require them to come into the office, which includes
the development, implementation and communication of protocols
necessary for those who return. As of March 31, 2021, we opened
branches for walk in services. We will continue to evaluate this
fluid situation and take additional actions as necessary.
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 $2.57 billion as of March 31,
2021. It operates sixteen banking centers throughout Metro Detroit,
Ann Arbor, Grand Rapids, and Jackson and provides a variety of
commercial, small business, and consumer banking services. 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," one of American Banker Magazine's "Top 200 Community
Banks in the Nation," one of Metro Detroit's "Best & Brightest
Companies to Work For" and more. Level One Bank’s business banking
division provides a broad spectrum of products including lines of
credit, term loans, leases, commercial mortgages, SBA loans, MEDC
loans, export-import financing, and a full suite of treasury
management services. The consumer banking division offers a range
of personal checking, savings and CD products and a complete array
of consumer loan products including residential mortgages, new
construction and renovation loans, home equity lines of credit,
auto loans, and credit card services. Level One Bank offers a
variety of digital banking services including online banking,
robust mobile banking apps, online account opening and online loan
applications 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. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as
"will," "propose," "may," "plan," "seek," "expect," "intend,"
"estimate," "anticipate," "believe," "continue" or similar
technology. 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 effects
of the COVID-19 pandemic, including its potential effects on the
economic environment, our customers and our operations, as well as
any changes to federal, state or local government laws, regulations
or orders in connection with the pandemic, 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, changes in benchmark interest rates used to
price loans and deposits including the expected elimination of
LIBOR, and changes in tax laws, regulations and guidance, 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, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
Earnings
Summary |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
21,551 |
|
|
$ |
22,181 |
|
|
$ |
20,245 |
|
|
$ |
20,396 |
|
|
$ |
19,817 |
|
Interest expense |
2,394 |
|
|
3,075 |
|
|
3,648 |
|
|
4,163 |
|
|
4,997 |
|
Net interest income |
19,157 |
|
|
19,106 |
|
|
16,597 |
|
|
16,233 |
|
|
14,820 |
|
Provision for loan losses |
265 |
|
|
1,538 |
|
|
4,270 |
|
|
5,575 |
|
|
489 |
|
Noninterest income |
7,278 |
|
|
8,110 |
|
|
9,125 |
|
|
7,789 |
|
|
4,690 |
|
Noninterest expense |
15,139 |
|
|
15,461 |
|
|
15,126 |
|
|
15,083 |
|
|
14,562 |
|
Income before income
taxes |
11,031 |
|
|
10,217 |
|
|
6,326 |
|
|
3,364 |
|
|
4,459 |
|
Income tax provision |
2,072 |
|
|
1,844 |
|
|
1,117 |
|
|
643 |
|
|
349 |
|
Net income |
$ |
8,959 |
|
|
$ |
8,373 |
|
|
$ |
5,209 |
|
|
$ |
2,721 |
|
|
$ |
4,110 |
|
Preferred stock dividends |
469 |
|
|
479 |
|
|
— |
|
|
— |
|
|
— |
|
Net income available to common
shareholders |
8,490 |
|
|
7,894 |
|
|
5,209 |
|
|
2,721 |
|
|
4,110 |
|
Net income allocated to
participating securities |
111 |
|
|
65 |
|
|
40 |
|
|
19 |
|
|
47 |
|
Net income attributable to
common shareholders |
$ |
8,379 |
|
|
$ |
7,829 |
|
|
$ |
5,169 |
|
|
$ |
2,702 |
|
|
$ |
4,063 |
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
$ |
1.11 |
|
|
$ |
1.02 |
|
|
$ |
0.68 |
|
|
$ |
0.35 |
|
|
$ |
0.53 |
|
Diluted earnings per common
share |
1.10 |
|
|
1.02 |
|
|
0.67 |
|
|
0.35 |
|
|
0.53 |
|
Diluted earnings per common
share, excluding acquisition and due diligence fees (1) |
1.10 |
|
|
1.02 |
|
|
0.67 |
|
|
0.37 |
|
|
0.68 |
|
Book value per common
share |
25.40 |
|
|
25.14 |
|
|
24.06 |
|
|
23.31 |
|
|
22.74 |
|
Tangible book value per common
share (1) |
19.78 |
|
|
19.63 |
|
|
18.74 |
|
|
18.09 |
|
|
17.54 |
|
Preferred shares outstanding
(in thousands) |
10 |
|
|
10 |
|
|
10 |
|
|
— |
|
|
— |
|
Common shares outstanding (in
thousands) |
7,630 |
|
|
7,634 |
|
|
7,734 |
|
|
7,734 |
|
|
7,731 |
|
Average basic common shares
(in thousands) |
7,528 |
|
|
7,642 |
|
|
7,675 |
|
|
7,676 |
|
|
7,637 |
|
Average diluted common shares
(in thousands) |
7,612 |
|
|
7,695 |
|
|
7,712 |
|
|
7,721 |
|
|
7,738 |
|
Selected Period End
Balances |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
2,572,726 |
|
|
$ |
2,442,982 |
|
|
$ |
2,446,447 |
|
|
$ |
2,541,696 |
|
|
$ |
1,936,823 |
|
Securities
available-for-sale |
346,266 |
|
|
302,732 |
|
|
253,527 |
|
|
217,172 |
|
|
230,671 |
|
Total loans |
1,861,691 |
|
|
1,723,537 |
|
|
1,843,888 |
|
|
1,815,353 |
|
|
1,466,407 |
|
Total deposits |
2,093,965 |
|
|
1,963,312 |
|
|
1,943,435 |
|
|
1,821,351 |
|
|
1,470,608 |
|
Total liabilities |
2,355,539 |
|
|
2,227,655 |
|
|
2,236,979 |
|
|
2,361,437 |
|
|
1,761,055 |
|
Total shareholders'
equity |
217,187 |
|
|
215,327 |
|
|
209,468 |
|
|
180,259 |
|
|
175,768 |
|
Total common shareholders'
equity |
193,815 |
|
|
191,955 |
|
|
186.098 |
|
|
180,259 |
|
|
175,768 |
|
Tangible common shareholders'
equity (1) |
150,887 |
|
|
149,844 |
|
|
144,963 |
|
|
139,913 |
|
|
135,578 |
|
Performance and
Capital Ratios |
|
|
|
|
|
|
|
|
|
Return on average assets
(annualized) |
1.44 |
% |
|
1.35 |
% |
|
0.83 |
% |
|
0.46 |
% |
|
0.87 |
% |
Return on average equity
(annualized) |
16.31 |
|
|
15.61 |
|
|
10.48 |
|
|
6.02 |
|
|
9.40 |
|
Net interest margin (fully
taxable equivalent)(2) |
3.33 |
|
|
3.27 |
|
|
2.80 |
|
|
2.98 |
|
|
3.42 |
|
Efficiency ratio (noninterest
expense/net interest income plus noninterest income) |
57.27 |
|
|
56.81 |
|
|
58.81 |
|
|
62.79 |
|
|
74.64 |
|
Dividend payout ratio |
4.50 |
|
|
4.90 |
|
|
7.41 |
|
|
14.22 |
|
|
7.52 |
|
Total shareholders' equity to
total assets |
8.44 |
|
|
8.81 |
|
|
8.56 |
|
|
7.09 |
|
|
9.08 |
|
Tangible common equity to
tangible assets (1) |
5.96 |
|
|
6.24 |
|
|
6.03 |
|
|
5.59 |
|
|
7.15 |
|
Common equity tier 1 to
risk-weighted assets |
9.63 |
|
|
9.30 |
|
|
8.83 |
|
|
8.76 |
|
|
8.10 |
|
Tier 1 capital to
risk-weighted assets |
11.11 |
|
|
10.80 |
|
|
10.31 |
|
|
8.76 |
|
|
8.10 |
|
Total capital to risk-weighted
assets |
15.18 |
|
|
14.91 |
|
|
14.39 |
|
|
12.81 |
|
|
11.68 |
|
Tier 1 capital to average
assets (leverage ratio) |
7.15 |
|
|
6.93 |
|
|
7.17 |
|
|
6.21 |
|
|
7.08 |
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans |
— |
% |
|
0.11 |
% |
|
0.02 |
% |
|
0.34 |
% |
|
0.05 |
% |
Nonperforming assets as a
percentage of total assets |
0.60 |
|
|
0.77 |
|
|
0.79 |
|
|
0.33 |
|
|
0.89 |
|
Nonaccrual loans as a percent
of total loans |
0.83 |
|
|
1.09 |
|
|
1.04 |
|
|
0.46 |
|
|
1.04 |
|
Allowance for loan losses as a
percentage of total loans |
1.21 |
|
|
1.29 |
|
|
1.15 |
|
|
0.94 |
|
|
0.89 |
|
Allowance for loan losses as a
percentage of nonaccrual loans |
146.95 |
|
|
118.50 |
|
|
110.32 |
|
|
206.37 |
|
|
85.32 |
|
Allowance for loan losses as a
percentage of nonaccrual loans, excluding allowance allocated to
loans accounted for under ASC 310-30 |
142.62 |
|
|
114.95 |
|
|
105.46 |
|
|
195.04 |
|
|
80.34 |
|
(1) See section entitled "GAAP Reconciliation of Non-GAAP
Financial Measures" below.(2) Presented on a tax equivalent basis
using a 21% tax rate.
Consolidated Balance
Sheets |
|
|
|
|
|
|
As of |
|
March 31, |
|
December 31, |
|
March 31, |
(Dollars in thousands) |
2021 |
|
2020 |
|
2020 |
Assets |
(Unaudited) |
|
|
|
(Unaudited) |
Cash and cash equivalents |
$ |
224,683 |
|
|
$ |
264,071 |
|
|
$ |
104,867 |
|
Securities
available-for-sale |
346,266 |
|
|
302,732 |
|
|
230,671 |
|
Other investments |
14,398 |
|
|
14,398 |
|
|
12,398 |
|
Mortgage loans held for sale,
at fair value |
19,550 |
|
|
43,482 |
|
|
18,305 |
|
Loans: |
|
|
|
|
|
Originated loans |
1,647,847 |
|
|
1,498,458 |
|
|
1,188,107 |
|
Acquired loans |
213,844 |
|
|
225,079 |
|
|
278,300 |
|
Total loans |
1,861,691 |
|
|
1,723,537 |
|
|
1,466,407 |
|
Less: Allowance for loan losses |
(22,578 |
) |
|
(22,297 |
) |
|
(12,989 |
) |
Net loans |
1,839,113 |
|
|
1,701,240 |
|
|
1,453,418 |
|
Premises and equipment,
net |
15,523 |
|
|
15,834 |
|
|
16,673 |
|
Goodwill |
35,554 |
|
|
35,554 |
|
|
36,216 |
|
Mortgage servicing rights,
net |
4,346 |
|
|
3,361 |
|
|
196 |
|
Other intangible assets,
net |
3,028 |
|
|
3,196 |
|
|
3,778 |
|
Other real estate owned |
— |
|
|
— |
|
|
2,093 |
|
Bank-owned life insurance |
18,314 |
|
|
18,200 |
|
|
17,848 |
|
Income tax benefit |
5,823 |
|
|
3,686 |
|
|
630 |
|
Interest receivable and other
assets |
46,128 |
|
|
37,228 |
|
|
39,730 |
|
Total assets |
$ |
2,572,726 |
|
|
$ |
2,442,982 |
|
|
$ |
1,936,823 |
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
744,688 |
|
|
$ |
618,677 |
|
|
$ |
410,152 |
|
Interest-bearing demand deposits |
140,629 |
|
|
127,920 |
|
|
105,197 |
|
Money market and savings deposits |
652,091 |
|
|
619,900 |
|
|
401,238 |
|
Time deposits |
556,557 |
|
|
596,815 |
|
|
554,021 |
|
Total deposits |
2,093,965 |
|
|
1,963,312 |
|
|
1,470,608 |
|
Borrowings |
186,440 |
|
|
185,684 |
|
|
211,787 |
|
Subordinated notes |
44,600 |
|
|
44,592 |
|
|
44,447 |
|
Other liabilities |
30,534 |
|
|
34,067 |
|
|
34,213 |
|
Total liabilities |
2,355,539 |
|
|
2,227,655 |
|
|
1,761,055 |
|
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 March 31, 2021 and December 31,
2020 and 0 at March 31, 2020 |
23,372 |
|
|
23,372 |
|
|
— |
|
Common stock, no par value per share; authorized - 20,000,000
shares; issued and outstanding - 7,630,342 shares at March 31,
2021, 7,633,780 shares at December 31, 2020 and 7,730,822 shares at
March 31, 2020 |
86,529 |
|
|
87,615 |
|
|
88,910 |
|
Retained earnings |
104,191 |
|
|
96,158 |
|
|
81,489 |
|
Accumulated other comprehensive income, net of tax |
3,095 |
|
|
8,182 |
|
|
5,369 |
|
Total shareholders' equity |
217,187 |
|
|
215,327 |
|
|
175,768 |
|
Total liabilities and
shareholders' equity |
$ |
2,572,726 |
|
|
$ |
2,442,982 |
|
|
$ |
1,936,823 |
|
Consolidated
Statements of Income |
|
|
|
|
|
(Unaudited) |
For the three months ended |
|
March 31, |
|
December 31, |
|
March 31, |
(In thousands, except per share data) |
2021 |
|
2020 |
|
2020 |
Interest income |
|
|
|
|
|
Originated loans, including fees |
$ |
16,822 |
|
|
$ |
17,439 |
|
|
$ |
14,039 |
|
Acquired loans, including
fees |
3,101 |
|
|
3,234 |
|
|
4,089 |
|
Securities: |
|
|
|
|
|
Taxable |
850 |
|
|
747 |
|
|
684 |
|
Tax-exempt |
623 |
|
|
592 |
|
|
611 |
|
Federal funds sold and
other |
155 |
|
|
169 |
|
|
394 |
|
Total interest income |
21,551 |
|
|
22,181 |
|
|
19,817 |
|
Interest
Expense |
|
|
|
|
|
Deposits |
1,387 |
|
|
1,954 |
|
|
3,832 |
|
Borrowed funds |
466 |
|
|
487 |
|
|
530 |
|
Subordinated notes |
541 |
|
|
634 |
|
|
635 |
|
Total interest expense |
2,394 |
|
|
3,075 |
|
|
4,997 |
|
Net interest income |
19,157 |
|
|
19,106 |
|
|
14,820 |
|
Provision expense for loan
losses |
265 |
|
|
1,538 |
|
|
489 |
|
Net interest income
after provision for loan losses |
18,892 |
|
|
17,568 |
|
|
14,331 |
|
Noninterest
income |
|
|
|
|
|
Service charges on
deposits |
777 |
|
|
648 |
|
|
634 |
|
Net gain on sales of
securities |
20 |
|
|
— |
|
|
529 |
|
Mortgage banking
activities |
5,811 |
|
|
6,810 |
|
|
2,588 |
|
Other charges and fees |
670 |
|
|
652 |
|
|
939 |
|
Total noninterest income |
7,278 |
|
|
8,110 |
|
|
4,690 |
|
Noninterest
expense |
|
|
|
|
|
Salary and employee
benefits |
9,922 |
|
|
10,214 |
|
|
8,630 |
|
Occupancy and equipment
expense |
1,708 |
|
|
1,776 |
|
|
1,528 |
|
Professional service fees |
643 |
|
|
794 |
|
|
392 |
|
Acquisition and due diligence
fees |
— |
|
|
— |
|
|
1,471 |
|
FDIC premium expense |
324 |
|
|
397 |
|
|
211 |
|
Marketing expense |
133 |
|
|
247 |
|
|
222 |
|
Loan processing expense |
331 |
|
|
245 |
|
|
234 |
|
Data processing expense |
1,224 |
|
|
859 |
|
|
847 |
|
Core deposit premium
amortization |
168 |
|
|
192 |
|
|
192 |
|
Other expense |
686 |
|
|
737 |
|
|
835 |
|
Total noninterest expense |
15,139 |
|
|
15,461 |
|
|
14,562 |
|
Income before income
taxes |
11,031 |
|
|
10,217 |
|
|
4,459 |
|
Income tax provision |
2,072 |
|
|
1,844 |
|
|
349 |
|
Net income |
8,959 |
|
|
8,373 |
|
|
4,110 |
|
Preferred stock dividends |
469 |
|
|
479 |
|
|
— |
|
Net income attributable to common
shareholders |
$ |
8,490 |
|
|
$ |
7,894 |
|
|
$ |
4,110 |
|
Earnings per common
share: |
|
|
|
|
|
Basic earnings per common share |
$ |
1.11 |
|
|
$ |
1.02 |
|
|
$ |
0.53 |
|
Diluted earnings per common share |
$ |
1.10 |
|
|
$ |
1.02 |
|
|
$ |
0.53 |
|
Cash dividends declared per common share |
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
Weighted average
common shares outstanding—basic |
7,528 |
|
|
7,642 |
|
|
7,637 |
|
Weighted average
common shares outstanding—diluted |
7,612 |
|
|
7,695 |
|
|
7,738 |
|
Net
Interest Income and Net Interest Margin |
|
|
(Unaudited) |
For the three months ended |
|
March 31, |
|
December 31, |
|
March 31, |
(Dollars in thousands) |
2021 |
|
2020 |
|
2020 |
Average Balance Sheets: |
|
|
|
|
|
Gross loans(1) |
$ |
1,856,030 |
|
|
$ |
1,832,912 |
|
|
$ |
1,458,897 |
|
Investment securities: (2) |
|
|
|
|
|
Taxable |
214,945 |
|
|
182,522 |
|
|
117,835 |
|
Tax-exempt |
102,208 |
|
|
92,792 |
|
|
93,858 |
|
Interest earning cash balances |
168,906 |
|
|
213,502 |
|
|
77,475 |
|
Other investments |
14,398 |
|
|
14,398 |
|
|
12,387 |
|
Total interest-earning assets |
$ |
2,356,487 |
|
|
$ |
2,336,126 |
|
|
$ |
1,760,452 |
|
Non-earning assets |
139,100 |
|
|
138,989 |
|
|
121,235 |
|
Total assets |
$ |
2,495,587 |
|
|
$ |
2,475,115 |
|
|
$ |
1,881,687 |
|
|
|
|
|
|
|
Interest-bearing demand deposits |
132,816 |
|
|
123,201 |
|
|
106,236 |
|
Money market and savings deposits |
604,491 |
|
|
611,162 |
|
|
403,712 |
|
Time deposits |
584,085 |
|
|
601,900 |
|
|
547,838 |
|
Borrowings |
185,688 |
|
|
187,399 |
|
|
185,586 |
|
Subordinated notes |
44,598 |
|
|
44,569 |
|
|
44,465 |
|
Total interest-bearing liabilities |
$ |
1,551,678 |
|
|
$ |
1,568,231 |
|
|
$ |
1,287,837 |
|
Noninterest bearing demand deposits |
692,617 |
|
|
659,333 |
|
|
393,519 |
|
Other liabilities |
31,608 |
|
|
32,990 |
|
|
25,493 |
|
Shareholders' equity |
219,684 |
|
|
214,561 |
|
|
174,838 |
|
Total liabilities and shareholders' equity |
$ |
2,495,587 |
|
|
$ |
2,475,115 |
|
|
$ |
1,881,687 |
|
|
|
|
|
|
|
Yields:
(3) |
|
|
|
|
|
Earning Assets |
|
|
|
|
|
Gross loans |
4.35 |
% |
|
4.49 |
% |
|
5.00 |
% |
Investment securities: |
|
|
|
|
|
Taxable |
1.60 |
% |
|
1.63 |
% |
|
2.33 |
% |
Tax-exempt |
3.08 |
% |
|
3.14 |
% |
|
3.18 |
% |
Interest earning cash balances |
0.10 |
% |
|
0.11 |
% |
|
1.33 |
% |
Other investments |
3.18 |
% |
|
2.98 |
% |
|
4.48 |
% |
Total interest earning assets |
3.74 |
% |
|
3.80 |
% |
|
4.56 |
% |
|
|
|
|
|
|
Interest-bearing liabilities |
|
|
|
|
|
Interest-bearing demand deposits |
0.16 |
% |
|
0.19 |
% |
|
0.47 |
% |
Money market and savings deposits |
0.25 |
% |
|
0.35 |
% |
|
1.10 |
% |
Time deposits |
0.66 |
% |
|
0.89 |
% |
|
1.91 |
% |
Borrowings |
1.02 |
% |
|
1.03 |
% |
|
1.15 |
% |
Subordinated notes |
4.92 |
% |
|
5.66 |
% |
|
5.74 |
% |
Total interest-bearing liabilities |
0.63 |
% |
|
0.78 |
% |
|
1.56 |
% |
|
|
|
|
|
|
Interest
Spread |
3.11 |
% |
|
3.02 |
% |
|
3.00 |
% |
Net interest
margin(4) |
3.30 |
% |
|
3.25 |
% |
|
3.39 |
% |
Tax equivalent
effect |
0.03 |
% |
|
0.02 |
% |
|
0.03 |
% |
Net interest margin on
a fully tax equivalent basis |
3.33 |
% |
|
3.27 |
% |
|
3.42 |
% |
(1) Includes nonaccrual loans.(2) 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.(3) Average
rates and yields are presented on an annual basis and includes a
taxable equivalent adjustment to interest income of $152 thousand,
$140 thousand, and $130 thousand on tax-exempt securities for
the three months ended March 31, 2021, December 31, 2020, and March
31, 2020, respectively, using a federal income tax rate of 21%.(4)
Net interest margin represents net interest income divided by
average total interest-earning assets.
Loan
Composition |
|
|
|
|
|
|
|
|
|
|
As of |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(Dollars in thousands) |
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
Commercial real estate: |
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Non-owner occupied |
$ |
449,690 |
|
|
$ |
445,810 |
|
|
$ |
460,708 |
|
|
$ |
451,906 |
|
|
$ |
450,694 |
|
Owner-occupied |
300,175 |
|
|
275,022 |
|
|
269,481 |
|
|
273,577 |
|
|
278,216 |
|
Total commercial real estate |
749,865 |
|
|
720,832 |
|
|
730,189 |
|
|
725,483 |
|
|
728,910 |
|
Commercial and industrial |
794,096 |
|
|
685,504 |
|
|
807,923 |
|
|
790,353 |
|
|
469,227 |
|
Residential real estate |
316,089 |
|
|
315,476 |
|
|
304,088 |
|
|
294,041 |
|
|
262,894 |
|
Consumer |
1,641 |
|
|
1,725 |
|
|
1,688 |
|
|
5,476 |
|
|
5,376 |
|
Total loans |
$ |
1,861,691 |
|
|
$ |
1,723,537 |
|
|
$ |
1,843,888 |
|
|
$ |
1,815,353 |
|
|
$ |
1,466,407 |
|
Impaired
Assets |
|
|
|
|
|
|
|
|
|
|
As of |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(Dollars in thousands) |
2021 |
|
2020 |
|
2020 |
|
2020 |
|
2020 |
Nonaccrual loans |
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Commercial real estate |
$ |
4,542 |
|
|
$ |
7,320 |
|
|
$ |
7,022 |
|
|
$ |
3,649 |
|
|
$ |
3,721 |
|
Commercial and industrial |
6,822 |
|
|
7,490 |
|
|
8,078 |
|
|
2,377 |
|
|
9,364 |
|
Residential real estate |
3,987 |
|
|
3,991 |
|
|
4,151 |
|
|
2,226 |
|
|
2,124 |
|
Consumer |
13 |
|
|
15 |
|
|
15 |
|
|
16 |
|
|
15 |
|
Total nonaccrual loans |
15,364 |
|
|
18,816 |
|
|
19,266 |
|
|
8,268 |
|
|
15,224 |
|
Other real estate owned |
— |
|
|
— |
|
|
— |
|
|
61 |
|
|
2,093 |
|
Total nonperforming assets |
15,364 |
|
|
18,816 |
|
|
19,266 |
|
|
8,329 |
|
|
17,317 |
|
Performing troubled debt
restructurings |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
335 |
|
|
546 |
|
|
550 |
|
|
549 |
|
|
541 |
|
Residential real estate |
430 |
|
|
432 |
|
|
599 |
|
|
600 |
|
|
599 |
|
Total performing troubled debt restructurings |
765 |
|
|
978 |
|
|
1,149 |
|
|
1,149 |
|
|
1,140 |
|
Total impaired assets |
$ |
16,129 |
|
|
$ |
19,794 |
|
|
$ |
20,415 |
|
|
$ |
9,478 |
|
|
$ |
18,457 |
|
|
|
|
|
|
|
|
|
|
|
Loans 90 days or more past due
and still accruing |
$ |
328 |
|
|
$ |
269 |
|
|
$ |
552 |
|
|
$ |
903 |
|
|
$ |
437 |
|
GAAP Reconciliation of Non-GAAP Financial
Measures
Some of the financial measures included in this report are not
measures of financial condition or performance recognized by GAAP.
These non-GAAP financial measures include tangible common
shareholders' equity, tangible book value per common share, the
ratio of tangible common equity to tangible assets, net income and
diluted earnings per common share excluding acquisition and due
diligence fees, and allowance for loan loss as a percentage of
total loans, excluding PPP loans. Our management uses these
non-GAAP financial measures in its analysis of our performance, and
we believe that providing this information to financial analysts
and investors allows them to evaluate capital adequacy, as well as
better understand and evaluate the Company’s core financial results
for the periods in question.
The following presents these non-GAAP financial measures along
with their most directly comparable financial measure calculated in
accordance with GAAP:
Tangible
Common Shareholders' Equity, Tangible Common Equity to Tangible
Assets Ratio and Tangible Book Value Per Common Share |
|
As of |
(Dollars in thousands, except per share data) |
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Total shareholders' equity |
$ |
217,187 |
|
|
$ |
215,327 |
|
|
$ |
209,468 |
|
|
$ |
180,259 |
|
|
$ |
175,768 |
|
Less: |
|
|
|
|
|
|
|
|
|
Preferred stock |
23,372 |
|
|
23,372 |
|
|
23,370 |
|
|
— |
|
|
— |
|
Total common shareholders'
equity |
193,815 |
|
|
191,955 |
|
|
186,098 |
|
|
180,259 |
|
|
175,768 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
35,554 |
|
|
35,554 |
|
|
35,554 |
|
|
35,554 |
|
|
36,216 |
|
Mortgage servicing rights,
net |
4,346 |
|
|
3,361 |
|
|
2,193 |
|
|
1,213 |
|
|
196 |
|
Other intangible assets,
net |
3,028 |
|
|
3,196 |
|
|
3,388 |
|
|
3,579 |
|
|
3,778 |
|
Tangible common shareholders'
equity |
$ |
150,887 |
|
|
$ |
149,844 |
|
|
$ |
144,963 |
|
|
$ |
139,913 |
|
|
$ |
135,578 |
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (in
thousands) |
7,630 |
|
|
7,634 |
|
|
7,734 |
|
|
7,734 |
|
|
7,731 |
|
Tangible book value per common
share |
$ |
19.78 |
|
|
$ |
19.63 |
|
|
$ |
18.74 |
|
|
$ |
18.09 |
|
|
$ |
17.54 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
2,572,726 |
|
|
$ |
2,442,982 |
|
|
$ |
2,446,447 |
|
|
$ |
2,541,696 |
|
|
$ |
1,936,823 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
35,554 |
|
|
35,554 |
|
|
35,554 |
|
|
35,554 |
|
|
36,216 |
|
Mortgage servicing rights,
net |
4,346 |
|
|
3,361 |
|
|
2,193 |
|
|
1,213 |
|
|
196 |
|
Other intangible assets,
net |
3,028 |
|
|
3,196 |
|
|
3,388 |
|
|
3,579 |
|
|
3,778 |
|
Tangible assets |
$ |
2,529,798 |
|
|
$ |
2,400,871 |
|
|
$ |
2,405,312 |
|
|
$ |
2,501,350 |
|
|
$ |
1,896,633 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets |
5.96 |
% |
|
6.24 |
% |
|
6.03 |
% |
|
5.59 |
% |
|
7.15 |
% |
Adjusted
Income and Diluted Earnings Per Share |
|
For the three months ended |
(Dollars in thousands, except per share data) |
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net income, as reported |
$ |
8,959 |
|
|
$ |
8,373 |
|
|
$ |
5,209 |
|
|
$ |
2,721 |
|
|
$ |
4,110 |
|
Acquisition and due diligence
fees |
— |
|
|
— |
|
|
17 |
|
|
176 |
|
|
1,471 |
|
Income tax (benefit) expense
(1) |
— |
|
|
2 |
|
|
(4 |
) |
|
(34 |
) |
|
(295 |
) |
Net income, excluding
acquisition and due diligence fees |
$ |
8,959 |
|
|
$ |
8,375 |
|
|
$ |
5,222 |
|
|
$ |
2,863 |
|
|
$ |
5,286 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share, as
reported |
$ |
1.10 |
|
|
$ |
1.02 |
|
|
$ |
0.67 |
|
|
$ |
0.35 |
|
|
$ |
0.53 |
|
Effect of acquisition and due
diligence fees, net of income tax benefit |
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
|
0.15 |
|
Diluted earnings per common
share, excluding acquisition and due diligence fees |
$ |
1.10 |
|
|
$ |
1.02 |
|
|
$ |
0.67 |
|
|
$ |
0.37 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
(1) Assumes
income tax rate of 21% on deductible acquisition expenses. |
|
|
Allowance
for Loan Loss as a Percentage of Total Loans, Excluding PPP
Loans |
|
As of |
(Dollars in thousands, except per share data) |
March 31,2021 |
|
December 31,2020 |
|
September 30,2020 |
|
June 30,2020 |
|
March 31,2020 |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Total loans |
$ |
1,861,691 |
|
|
$ |
1,723,537 |
|
|
$ |
1,843,888 |
|
|
$ |
1,815,353 |
|
|
$ |
1,466,407 |
|
Less: |
|
|
|
|
|
|
|
|
|
PPP loans |
405,770 |
|
|
290,135 |
|
|
392,521 |
|
|
388,264 |
|
|
— |
|
Total loans, excluding PPP
loans |
$ |
1,455,921 |
|
|
$ |
1,433,402 |
|
|
$ |
1,451,367 |
|
|
$ |
1,427,089 |
|
|
$ |
1,466,407 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan loss |
$ |
22,578 |
|
|
$ |
22,297 |
|
|
$ |
21,254 |
|
|
$ |
17,063 |
|
|
$ |
12,989 |
|
Allowance for loan loss as a
percentage of total loans |
1.21 |
% |
|
1.29 |
% |
|
1.15 |
% |
|
0.94 |
% |
|
0.89 |
% |
Allowance for loan loss as a
percentage of total loans, excluding PPP loans |
1.55 |
% |
|
1.56 |
% |
|
1.46 |
% |
|
1.20 |
% |
|
0.89 |
% |
Media Contact:
Nicole Ransom
(248) 538-2183
Investor Relations Contact:
Peter Root
(248) 538-2186
Level One Bancorp (NASDAQ:LEVL)
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