LEVL Level One Bancorp

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 $2.44 billion as of December 31, 2020. It operates sixteen 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 loans, auto loans, 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.

Company profile

Patrick Fehring
Fiscal year end
Industry (SIC)
Hamilton Court Insurance Company • Property Management Advisors, Inc. • 30095 Northwestern Highway, LLC ...

LEVL stock data


Investment data

Data from SEC filings
Securities sold
Number of investors


6 Aug 21
25 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
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Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 218.37M 218.37M 218.37M 218.37M 218.37M 218.37M
Cash burn (monthly) 2.11M 12.15M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 8.13M 46.87M n/a n/a n/a n/a
Cash remaining 210.24M 171.5M n/a n/a n/a n/a
Runway (months of cash) 99.8 14.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 Aug 21 Felts Barbara A. Common Stock Sale back to company Dispose D No No 0 2,050 0 5,756
16 Jul 21 Timothy R. Mackay Common Stock Grant Acquire A No No 0 8,400 0 20,755
16 Jul 21 Wernette Gregory A. Common Stock Grant Acquire A No No 0 6,500 0 33,968
30 Apr 21 Felts Barbara A. Common Stock Payment of exercise Dispose F No No 27.03 1,186 32.06K 7,764
30 Apr 21 Felts Barbara A. Common Stock Payment of exercise Dispose F No No 27.03 1,144 30.92K 7,806

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

45.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 63 58 +8.6%
Opened positions 17 10 +70.0%
Closed positions 12 2 +500.0%
Increased positions 11 19 -42.1%
Reduced positions 17 15 +13.3%
13F shares
Current Prev Q Change
Total value 2.4B 2.33B +3.1%
Total shares 3.47M 3.6M -3.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Banc Funds 637.41K $17.4M -13.7%
Manufacturers Life Insurance Company, The 395.78K $10.81M +2.9%
MFC Manulife Financial 386.32K $7.82M 0.0%
Endeavour Capital Advisors 344.1K $9.39M 0.0%
Vanguard 203.35K $5.55M -6.3%
BLK Blackrock 192.7K $5.26M -57.9%
Siena Capital Partners GP 125.1K $3.42M NEW
Wellington Management 89.42K $2.44M -29.6%
Pacific Ridge Capital Partners 86.16K $2.35M NEW
John W. Rosenthal Capital Management 73.95K $2.02B 0.0%
Largest transactions
Shares Bought/sold Change
BLK Blackrock 192.7K -264.8K -57.9%
Siena Capital Partners GP 125.1K +125.1K NEW
Banc Funds 637.41K -100.94K -13.7%
Pacific Ridge Capital Partners 86.16K +86.16K NEW
STT State Street 7.9K -69.57K -89.8%
Alliancebernstein 59.96K +59.96K NEW
Millennium Management 57.29K +48.06K +520.8%
NTRS Northern Trust 9.39K -40.53K -81.2%
Wellington Management 89.42K -37.52K -29.6%
Geode Capital Management 41.65K -33.53K -44.6%

Financial report summary

  • The outbreak of COVID-19 has led to an economic recession and had other severe effects on the U.S. economy and has disrupted our operations. The ongoing COVID-19 pandemic has also adversely impacted certain industries in which our clients operate and impaired their ability to fulfill their financial obligations to us. The ultimate impact of the COVID-19 pandemic on our business remains uncertain but may have a material and adverse effect on our business, financial condition, results of operations and growth prospects.
  • The U.S. government and banking regulators, including the Federal Reserve, have taken a number of unprecedented actions in response to the COVID-19 pandemic, which could ultimately have a material adverse effect on our business and results of operations.
  • As a participating lender in the PPP, we are subject to additional risks of litigation from our clients or other parties regarding our processing of loans for the PPP and risks that the SBA may not fund some or all PPP loan guarantees.
  • A decline in general business and economic conditions and any regulatory responses to such conditions could have a material adverse effect on our business, financial position, results of operations and growth prospects.
  • If we do not effectively manage our credit risk, we may experience increased levels of delinquencies, nonaccrual loans and charge-offs, which could require increases in our provision for loan losses.
  • Our allowance for loan losses may prove to be insufficient to absorb potential losses in our loan portfolio.
  • Because a significant portion of our loan portfolio is comprised of real estate loans, a decline in real estate values and liquidity could impair the value of collateral securing our real estate loans and result in loan and other losses.
  • Many of our loans are to commercial borrowers, which have a higher degree of risk than other types of loans.
  • The level of our commercial real estate loan portfolio may subject us to additional regulatory scrutiny.
  • Our high concentration of large loans to certain borrowers may increase our credit risk.
  • The small to midsized businesses that we lend to may have fewer resources to weather adverse business developments, which may impair a borrower’s ability to repay a loan, and such impairment could adversely affect our results of operations and financial condition.
  • Construction loans are based upon estimates of costs and values associated with the complete project. These estimates may be inaccurate, and we may be exposed to significant losses on loans for these projects.
  • Our business may be adversely affected by credit risk associated with residential property.
  • The occurrence of fraudulent activity, breaches or failures of our information security controls or cybersecurity-related incidents could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
  • We depend on information technology and telecommunications systems of third parties, and any systems failures, interruptions or data breaches involving these systems could adversely affect our operations and financial condition.
  • We are subject to certain operational risks, including, but not limited to, customer or employee fraud and data processing system failures and errors.
  • Our strategy of pursuing growth via acquisitions exposes us to financial, execution and operational risks that could have a material adverse effect on our business, financial position, results of operations and growth prospects.
  • Our branch network expansion strategy may negatively affect our financial performance.
  • We are highly dependent on our management team, and the loss of our senior executive officers or other key employees could harm our ability to implement our strategic plan, impair our relationships with customers and adversely affect our business, results of operations and growth prospects.
  • Our mortgage banking profitability could significantly decline if we are not able to originate and resell a high volume of mortgage loans.
  • Our ability to maintain our reputation is critical to the success of our business, and the failure to do so may materially adversely affect our business and the value of our stock.
  • We have a continuing need for technological change, and we may not have the resources to effectively implement new technology or we may experience operational challenges when implementing new technology.
  • Our real estate lending exposes us to the risk of environmental liabilities.
  • We depend on the accuracy and completeness of information provided by customers and counterparties.
  • We face strong competition from financial services companies and other companies that offer banking, mortgage, and leasing services and providers of SBA loans, which could harm our business.
  • The success of our SBA lending program is dependent upon the continued availability of SBA loan programs, our status as a preferred lender under the SBA loan programs and our ability to comply with applicable SBA lending requirements.
  • We may be adversely affected by the soundness of other financial institutions.
  • We provide financial services to money services businesses and other cash-intensive businesses, which include, but are not limited to, check cashers, issuers/sellers of traveler’s checks, money orders and stored value cards, and money transmitters. Providing banking services to such businesses exposes us to enhanced risks from noncompliance with a variety of laws and regulations.
  • If the goodwill that we recorded in connection with a business acquisition becomes impaired, it could require charges to earnings, which would have a negative impact on our financial condition and results of operations.
  • Changes in accounting standards could materially impact our financial statements.
  • The financial reporting resources we have put in place may not be sufficient to ensure the accuracy of the additional information we are required to disclose as a publicly listed company.
  • The Company and the Bank are subject to stringent capital and liquidity requirements.
  • Litigation and regulatory actions, including possible enforcement actions, could subject us to significant fines, penalties, judgments or other requirements resulting in increased expenses or restrictions on our business activities.
  • Legislative and regulatory actions taken now or in the future may increase our costs and impact our business, governance structure, financial condition or results of operations.
  • We are subject to numerous laws designed to protect consumers, including the CRA and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
  • The Federal Reserve may require us to commit capital resources to support the Bank.
  • Fluctuations in interest rates or an increase in inflation could negatively impact our financial condition and results of operations.
  • Our securities portfolio may be negatively impacted by fluctuations in market value and interest rates.
  • Downgrades in the credit rating of one or more insurers that provide credit enhancement for our state and municipal securities portfolio may have an adverse impact on the market for and valuation of these types of securities.
  • Monetary policies and regulations of the Federal Reserve could adversely affect our business, financial condition and results of operations.
  • Liquidity risks could affect operations and jeopardize our business, financial condition, and results of operations.
  • We depend on non-core funding sources, which causes our cost of our funds to be higher when compared to other financial institutions.
  • Municipal deposits are one important source of funds for us, and a reduced level of such deposits may hurt our profits.
  • Our liquidity is dependent on dividends from the Bank.
  • We may need to raise additional capital in the future, and if we fail to maintain sufficient capital, whether due to losses, an inability to raise additional capital or otherwise, our financial condition, liquidity and results of operations, as well as our ability to maintain regulatory compliance, would be adversely affected.
Management Discussion
  • We had net income of $7.0 million, or $0.84 per diluted common share, for the three months ended June 30, 2021, compared to $2.7 million, or $0.35 per diluted common share, for the three months ended June 30, 2020. The increase of $4.3 million in net income reflected an increase of $3.4 million in net interest income, primarily due to higher interest income on loans due, in part, to the recognition of fees on PPP loans as they are forgiven, and lower interest expense on deposits. The increase in net income also reflected a decrease of $5.0 million in provision for loan loss, primarily due to a decrease in general reserves resulting from an increase in the economic qualitative factors in the second quarter of 2020 and a decrease of specific reserves, as well as a decrease of $495 thousand in noninterest expense, primarily as a result of lower salary and employee benefits expenses and acquisition and due diligence fees. These increases were partially offset by decreases of $3.5 million in noninterest income, primarily due to lower mortgage banking activities and net gain on sales of securities, and an increase of $1.2 million in income tax provision expense due to the higher income before taxes.
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