Level One Bancorp (LEVL) Annual Income Statement

Income Statement Summary

Level One Bancorp (LEVL) annual income statement covering fiscal 2016 through 2021, as reported to the SEC.

Net income was $32.48M in fiscal 2021, up 59.1% from $20.41M.
Diluted earnings per share was $3.95, up 53.7% from $2.57.
Income before income taxes were $39.86M, up 63.6% from $24.37M.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16
Interest income
Securities:
Taxable
4,036	2,677	3,509	2,939	1,746	1,431	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Taxable						4,036	2,677	3,509	2,939	1,746	1,431	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Tax-exempt
2,510	2,486	2,305	1,657	955	441	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Tax-exempt						2,510	2,486	2,305	1,657	955	441	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Federal funds sold and other investments
740	986	1,303	966	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Federal funds sold and other investments						740	986	1,303	966	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Federal funds sold and other
-	-	-	-	863	304	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Federal funds sold and other						-	-	-	-	863	304	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total interest income
86,650	82,639	70,448	63,824	55,607	52,903	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total interest income						86,650	82,639	70,448	63,824	55,607	52,903	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest Expense
Deposits
4,313	10,993	16,941	11,055	6,267	4,499	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deposits						4,313	10,993	16,941	11,055	6,267	4,499	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Borrowed funds
1,875	2,353	1,378	1,330	797	318	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Borrowed funds						1,875	2,353	1,378	1,330	797	318	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Subordinated notes
1,863	2,537	1,074	1,015	1,014	1,015	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Subordinated notes						1,863	2,537	1,074	1,015	1,014	1,015	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total interest expense
8,051	15,883	19,393	13,400	8,078	5,832	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total interest expense						8,051	15,883	19,393	13,400	8,078	5,832	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net interest income
78,599	66,756	51,055	50,424	47,529	47,071	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net interest income						78,599	66,756	51,055	50,424	47,529	47,071	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for (recovery of) loan losses
-725	11,872	1,383	412	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for (recovery of) loan losses						-725	11,872	1,383	412	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision expense (benefit) for loan losses
-	-	-	-	1,416	3,925	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision expense (benefit) for loan losses						-	-	-	-	1,416	3,925	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net interest income after provision for loan losses
79,324	54,884	49,672	50,012	46,113	43,146	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net interest income after provision for loan losses						79,324	54,884	49,672	50,012	46,113	43,146	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noninterest income
Service charges on deposits
3,311	2,446	2,547	2,556	2,543	1,885	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Service charges on deposits						3,311	2,446	2,547	2,556	2,543	1,885	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net gain on sales of securities
21	1,862	1,174	-71	208	926	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net gain on sales of securities						21	1,862	1,174	-71	208	926	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Mortgage banking activities
15,843	22,190	7,880	2,330	1,698	2,249	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Mortgage banking activities						15,843	22,190	7,880	2,330	1,698	2,249	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net gain (loss) on sale of commercial loans
-	-	-	-	146	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net gain (loss) on sale of commercial loans						-	-	-	-	146	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other charges and fees
3,197	3,216	2,610	2,240	1,907	1,347	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other charges and fees						3,197	3,216	2,610	2,240	1,907	1,347	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total noninterest income
22,372	29,714	14,211	7,055	6,502	6,407	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total noninterest income						22,372	29,714	14,211	7,055	6,502	6,407	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noninterest expense
Salary and employee benefits
39,353	38,304	28,775	25,781	21,555	17,978	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Salary and employee benefits						39,353	38,304	28,775	25,781	21,555	17,978	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Occupancy and equipment expense
6,631	6,549	4,939	4,425	4,208	3,370	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Occupancy and equipment expense						6,631	6,549	4,939	4,425	4,208	3,370	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Professional service fees
3,542	2,935	1,808	1,672	2,314	1,189	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Professional service fees						3,542	2,935	1,808	1,672	2,314	1,189	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Acquisition and due diligence fees
-	1,700	539	-	-	2,684	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Acquisition and due diligence fees						-	1,700	539	-	-	2,684	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
FDIC premium expense
1,027	1,119	310	657	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
FDIC premium expense						1,027	1,119	310	657	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Marketing expense
1,288	956	1,107	1,033	930	806	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Marketing expense						1,288	956	1,107	1,033	930	806	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loan processing expense
983	935	661	498	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loan processing expense						983	935	661	498	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Printing and supplies expense
-	-	-	-	477	468	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Printing and supplies expense						-	-	-	-	477	468	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Data processing expense
4,125	3,460	2,374	2,146	1,912	2,023	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Data processing expense						4,125	3,460	2,374	2,146	1,912	2,023	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Core deposit premium amortization
668	768	146	220	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Core deposit premium amortization						668	768	146	220	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other expense
4,222	3,552	3,710	3,246	4,655	3,889	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other expense						4,222	3,552	3,710	3,246	4,655	3,889	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noninterest expense
61,839	60,232	44,369	39,678	36,051	32,407	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Noninterest expense						61,839	60,232	44,369	39,678	36,051	32,407	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income before income taxes
39,857	24,366	19,514	17,389	16,564	17,146	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income before income taxes						39,857	24,366	19,514	17,389	16,564	17,146	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax provision
7,379	3,953	3,403	3,003	6,723	6,100	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Income tax provision						7,379	3,953	3,403	3,003	6,723	6,100	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income
32,478	20,413	16,111	14,386	9,841	11,046	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income						32,478	20,413	16,111	14,386	9,841	11,046	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Preferred stock dividends
1,875	479	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Preferred stock dividends						1,875	479	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income available to common shareholders
30,603	19,934	16,111	14,386	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net income available to common shareholders						30,603	19,934	16,111	14,386	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Per common share data:
Basic earnings per common share (in dollars per share)
4.00	2.58	2.08	1.95	1.54	1.74	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic earnings per common share (in dollars per share)						4.00	2.58	2.08	1.95	1.54	1.74	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted earnings per common share (in dollars per share)
3.95	2.57	2.05	1.91	1.49	1.69	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted earnings per common share (in dollars per share)						3.95	2.57	2.05	1.91	1.49	1.69	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash dividends declared per common share (in dollars per share)
0.24	0.20	0.16	0.12	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash dividends declared per common share (in dollars per share)						0.24	0.20	0.16	0.12	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average common shares outstanding—basic (in shares)
7,536	7,627	7,655	7,376	6,388	6,341	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average common shares outstanding—basic (in shares)						7,536	7,627	7,655	7,376	6,388	6,341	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average common shares outstanding - diluted (in shares)
7,650	7,686	7,770	7,523	6,609	6,549	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average common shares outstanding - diluted (in shares)						7,650	7,686	7,770	7,523	6,609	6,549	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Originated
Loans, including fees
68,555	62,069	56,956	49,076	39,812	33,771	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loans, including fees						68,555	62,069	56,956	49,076	39,812	33,771	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Acquired
Loans, including fees
10,809	14,421	6,375	9,186	12,231	16,956	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Loans, including fees						10,809	14,421	6,375	9,186	12,231	16,956	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx