Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 PRO FORMA FINANCIAL STATEMENTS - Level One Bancorp Inc | exhibit993proformafinancia.htm |
| EX-99.1 - EXHIBIT 99.1 AUDITED 2018 FINANCIALS & NOTES - Level One Bancorp Inc | exhibit991audited2018finan.htm |
| EX-23.1 - EXHIBIT 23.1 AHP CONSENT - Level One Bancorp Inc | exhibit231ahpconsent.htm |
| 8-K/A - 8-K/A MERGER WITH ANN ARBOR BANCORP, INC. - Level One Bancorp Inc | a8ka.htm |
Exhibit 99.2
ANN ARBOR BANCORP, INC.
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2019
Table of Contents
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ANN ARBOR BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data) | December 31, 2019 | December 31, 2018 | ||||||
Assets | (unaudited) | (audited) | ||||||
Cash and cash equivalents | $ | 38,480 | $ | 7,685 | ||||
Securities available-for-sale | 47,403 | 56,147 | ||||||
Federal Home Loan Bank stock | 923 | 923 | ||||||
Mortgage loans held for sale, at fair value | 1,676 | 1,281 | ||||||
Loans held for investment | 222,079 | 234,775 | ||||||
Less: Allowance for loan losses | (1,660 | ) | (1,793 | ) | ||||
Net loans | 220,419 | 232,982 | ||||||
Premises and equipment, net | 3,183 | 3,345 | ||||||
Bank owned life insurance | 5,563 | 5,429 | ||||||
Other assets | 2,349 | 2,041 | ||||||
Total assets | $ | 319,996 | $ | 309,833 | ||||
Liabilities | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand deposits | $ | 76,416 | $ | 73,532 | ||||
Interest-bearing demand deposits | 188,083 | 178,603 | ||||||
Total deposits | 264,499 | 252,135 | ||||||
Borrowings | 15,000 | 20,500 | ||||||
Other liabilities | 762 | 396 | ||||||
Total liabilities | 280,261 | 273,031 | ||||||
Shareholders' equity | ||||||||
Common stock and surplus | 20,184 | 20,449 | ||||||
Retained earnings | 19,125 | 16,922 | ||||||
Accumulated other comprehensive income (loss), net of tax | 426 | (569 | ) | |||||
Total shareholders' equity | 39,735 | 36,802 | ||||||
Total liabilities and shareholders' equity | $ | 319,996 | $ | 309,833 | ||||
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ANN ARBOR BANCORP, INC.
CONSOLIDATED STATEMENT OF INCOME
For the year ended December 31, | ||||||||
(In thousands, except per share data) | 2019 | 2018 | ||||||
Interest income | (unaudited) | (audited) | ||||||
Loans, including fees | $ | 12,480 | $ | 11,606 | ||||
Securities: | ||||||||
Taxable | 735 | 740 | ||||||
Tax-exempt | 510 | 624 | ||||||
Federal funds sold and other | 427 | 246 | ||||||
Total interest income | 14,152 | 13,216 | ||||||
Interest Expense | ||||||||
Deposits | 2,563 | 1,722 | ||||||
Borrowed funds | 421 | 309 | ||||||
Total interest expense | 2,984 | 2,031 | ||||||
Net interest income | 11,168 | 11,185 | ||||||
Provision expense for loan losses | 375 | 225 | ||||||
Net interest income after provision for loan losses | 10,793 | 10,960 | ||||||
Noninterest income | ||||||||
Service charges and other income | 758 | 717 | ||||||
Net gain on sale of loans | 1,346 | 1,054 | ||||||
Net gain on sale of securities | 192 | 60 | ||||||
Total noninterest income | 2,296 | 1,831 | ||||||
Noninterest expense | ||||||||
Salary and employee benefits | 5,410 | 5,026 | ||||||
Occupancy and equipment expense | 1,168 | 1,112 | ||||||
Marketing expense | 113 | 131 | ||||||
Outside services expense | 1,376 | 465 | ||||||
FDIC insurance expense | 21 | 86 | ||||||
Other general and administrative expenses | 1,385 | 956 | ||||||
Total noninterest expense | 9,473 | 7,776 | ||||||
Income before income taxes | 3,616 | 5,015 | ||||||
Income tax provision | 667 | 876 | ||||||
Net income | $ | 2,949 | $ | 4,139 | ||||
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ANN ARBOR BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Dollar in thousands) | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | ||||||||||||
Balance at December 31, 2017 (audited) | $ | 19,626 | $ | 13,672 | $ | (151 | ) | $ | 33,147 | |||||||
Net income | 4,139 | 4,139 | ||||||||||||||
Other comprehensive loss | (418 | ) | (418 | ) | ||||||||||||
Deferred shares plan | 73 | 73 | ||||||||||||||
Dividends paid | (889 | ) | (889 | ) | ||||||||||||
Stock options exercised | 700 | 700 | ||||||||||||||
Restricted stock issued to employees | 32 | 32 | ||||||||||||||
Stock-based compensation expense | 18 | 18 | ||||||||||||||
Balance at December 31, 2018 (audited) | $ | 20,449 | $ | 16,922 | $ | (569 | ) | $ | 36,802 | |||||||
Net income | 2,949 | 2,949 | ||||||||||||||
Other comprehensive income | 995 | 995 | ||||||||||||||
Deferred shares plan payout | (470 | ) | (470 | ) | ||||||||||||
Dividends paid | (704 | ) | (704 | ) | ||||||||||||
Market value adjustment of equity investments due to adoption of ASU 2016-01 | (42 | ) | (42 | ) | ||||||||||||
Stock options exercised | 170 | 170 | ||||||||||||||
Restricted stock issued to employees | 34 | 34 | ||||||||||||||
Stock-based compensation expense | 1 | 1 | ||||||||||||||
Balance at December 31, 2019 (unaudited) | $ | 20,184 | $ | 19,125 | $ | 426 | $ | 39,735 | ||||||||
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