Level One Bank (merged into First Merchants Bank)
Level One Bank reported total assets of $2.4 bn at Q1 2022, its last Call Report before it merged into First Merchants Bank. The CET1 capital ratio at Level One Bank was 13.08%, and the uninsured share of Level One Bank was 55.54%. Source: FDIC Call Reports.
Key takeaways
- Since , Level One Bank has taken over one institution; the latest was Ann Arbor State Bank on (FDIC Call Reports).
What sets Level One Bank apart
How large is Level One Bank?
The balance sheet of Level One Bank at : assets $2.4 bn, deposits $2.0 bn, net loans $1.6 bn (loans equal to 83.76% of deposits). Securities make up 15.9% of total assets at Level One Bank. Since , when Level One Bank held $1.0 bn, its assets grew 129.2%. In the year to , deposits at Level One Bank fell 8.3% while its total assets fell 7.2%. At , Level One Bank employed 294 full-time equivalent staff across 17 offices, about $8.1 mn of assets per employee and $115.0 mn of deposits per office.
How much funding at Level One Bank is uninsured?
At Level One Bank, uninsured deposits (above the FDIC limit) made up 55.54% of domestic deposits at (+0.25 pp on a year earlier). In dollars, Level One Bank estimated $1.1 bn of uninsured deposits.
Key facts, Q1 2022
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $2.0 bn | $2.1 bn (Q1 2021) | |
| Net loans and leases | $1.6 bn | $1.9 bn (Q1 2021) | |
| Loan-to-deposit ratio | 83.76% | 87.24% (Q1 2021) | |
| Tier 1 leverage ratio | 9.31% | 7.99% (Q1 2021) | |
| Total risk-based capital ratio | 14.33% | 13.62% (Q1 2021) | |
| Net interest margin | 3.20% | 3.38% (Q1 2021) | |
| Return on assets (ROA) | 0.22% | 1.52% (Q1 2021) | |
| Efficiency ratio | 94.46% | 54.71% (Q1 2021) | |
| Unrealized gain/loss on available-for-sale securities | Loss of $21.0 mn | Turned from a gain into a loss | |
| Noncurrent loans to total loans | 0.61% | 0.83% (Q1 2021) | |
| Net charge-offs to average loans | -0.01% | 0.00% (Q1 2021) |
US rank of Level One Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Level One Bank: assets, deposits and loans
- Total assets $2.4bn
- Deposits $2.0bn
- Net loans $1.6bn
Capital and securities
The CET1 ratio of Level One Bank stood at 13.08% in , +0.71 pp year on year. Low and high at Level One Bank since : 9.80% () to 13.12% (). Equity capital of Level One Bank at : $246.0 mn, or 10.3% of total assets. Level One Bank also reported a total capital ratio of 14.33% for , and a tier 1 leverage ratio of 9.31%.
The available-for-sale portfolio of Level One Bank showed an unrealized loss of $21.0 mn at ; the loss turned from a gain into a loss over the year.
Level One Bank: capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 9.3%
Level One Bank: unrealized securities gains and losses
- Available for sale -$21mn
- Held to maturity $0
Profitability and loan quality
For the year to , Level One Bank earned a return on equity of 2.13%; return on assets: 0.22%. Net interest margin at Level One Bank: 3.20%, -0.18 pp in a year. Level One Bank net income: $1.4 mn, down 85.7% year on year. The efficiency ratio of Level One Bank was 94.46%: about 94 cents cost per revenue dollar, against 66 cents at the median peer.
At , noncurrent loans were 0.61% of total loans at Level One Bank; net charge-offs: -0.01% of average loans. Gross loans and leases at Level One Bank: $1.7 bn at , against $1.9 bn at .
Level One Bank: profitability
- Return on equity 2.1%
- Net interest margin 3.2%
- Return on assets 0.2%
Peer group of Level One Bank
The peer group of Level One Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 3 share the charter type of Level One Bank (state nonmember bank) and 0 have head offices in Michigan. Against them, Level One Bank shows CET1 ratio 13.08% against a peer median of 11.82%, return on equity 2.13% against a peer median of 9.18% and uninsured deposit share 55.54% against a peer median of 30.45%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Lakeside Bank | State nonmember bank | IL | $2.4 bn | 13.57% | 18.00% | 32.02% | |
| Banesco USA | State nonmember bank | FL | $2.4 bn | 10.34% | 9.52% | 49.96% | |
| Avidia Bank | State-chartered stock savings bank | MA | $2.4 bn | 11.50% | 5.18% | 28.89% | |
| Level One Bank | State nonmember bank | MI | $2.4 bn | 13.08% | 2.13% | 55.54% | |
| Midwest BankCentre | State member bank | MO | $2.4 bn | 11.42% | 8.83% | 9.30% | |
| Farmers Bank & Trust Company | State member bank | AR | $2.4 bn | 12.14% | 13.22% | 8.69% | |
| UniBank for Savings | State nonmember bank | MA | $2.4 bn | 12.19% | 7.80% | 56.20% | |
. FDIC Call Reports.
Last eight quarters
Two years at Level One Bank, to : assets $2.5 bn to $2.4 bn, deposits $1.8 bn to $2.0 bn, equity $221.8 mn to $246.0 mn. Staff 291 to 294.
| Metric | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $2.5 bn | $2.4 bn | $2.4 bn | $2.6 bn | $2.5 bn | $2.5 bn | $2.5 bn | $2.4 bn |
| Total deposits | $1.8 bn | $2.0 bn | $2.0 bn | $2.1 bn | $2.1 bn | $2.1 bn | $2.1 bn | $2.0 bn |
| Bank equity capital | $221.8 mn | $223.6 mn | $232.7 mn | $237.1 mn | $247.1 mn | $257.1 mn | $263.2 mn | $246.0 mn |
| CET1 ratio | 11.48% | 11.23% | 11.94% | 12.37% | 12.41% | 12.55% | 13.12% | 13.08% |
| Return on equity (ROE) | 7.91% | 8.87% | 10.57% | 16.18% | 14.52% | 15.01% | 14.23% | 2.13% |
| Uninsured share of domestic deposits | 50.37% | 53.94% | 56.68% | 55.29% | 55.43% | 56.61% | 56.25% | 55.54% |
| Full-time equivalent employees | 291 | 284 | 278 | 279 | 279 | 290 | 301 | 294 |
| Number of offices | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Level One Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Bank of Michigan (FDIC certificate 57861).
- . Absorbed Ann Arbor State Bank (FDIC certificate 58889).
- . Merged into First Merchants Bank (FDIC certificate 4365).
Large one-quarter moves at Level One Bank
- Total assets at Level One Bank changed by +31.3% in the quarter to 2020-06-30, with no FDIC structure event in that quarter.
Questions and identifiers
What were the total assets of Level One Bank?
Level One Bank reported $2.4 bn at in its Call Report.
Is Level One Bank the same as its holding company?
No. This page covers Level One Bank, FDIC certificate 58604; LEVEL ONE BCORP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Level One Bank profitable?
Level One Bank reported net income of $1.4 mn for the year to ; annualized return on equity: 2.13%. So yes: Level One Bank made a profit over these months.
When is data for Level One Bank next updated?
Level One Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Level One Bank?
In the FDIC BankFind Suite record for certificate 58604, and in the Call Reports of Level One Bank (RSSD ID 3612525) at the FFIEC Central Data Repository.