{"id":4120,"date":"2018-04-13T08:48:53","date_gmt":"2018-04-13T12:48:53","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=4120"},"modified":"2018-04-13T08:48:53","modified_gmt":"2018-04-13T12:48:53","slug":"level-one-levl-bancorp-ipo-preview","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/level-one-levl-bancorp-ipo-preview\/","title":{"rendered":"Level One ($LEVL) Bancorp #IPO Preview"},"content":{"rendered":"

\"LEVL\"<\/a><\/p>\n

 <\/p>\n

Company: Level One Bancorp<\/strong>
\nSymbol: LEVL
\nDescription: Level One Bancorp, Inc. is the bank holding company for Level One Bank, headquartered in Farmington Hills located in Oakland County, Michigan.
\nTrade Date: 4\/20
\nShares: 1 million
\nPrice Range: $27.00-$29.00
\nUnderwriter(s): Raymond James, Keefe Bruyette & Woods
\nCo-Manager(s): Piper Jaffray
\nTerms Added: 4-12-18<\/p>\n

Link to S-1\/A Prospectus<\/a><\/strong><\/p>\n

Link to Retail Roadshow<\/a><\/strong><\/p>\n

Business<\/strong>: They have grown rapidly since their founding in 2007, and Level One Bank is one of the largest locally-headquartered commercial banks in southeastern Michigan. This growth has been driven primarily by their entrepreneurial culture, their experienced management team and by the economic strength of their core market area in Oakland County, which has the twelfth highest median income in the United States of counties with over one million residents. As of December\u00a031, 2017, they had $1.30\u00a0billion in assets, $1.03\u00a0billion in loans, $1.12\u00a0billion in deposits and total shareholders’ equity of $108.0\u00a0million. They generated net income of $9.8\u00a0million for the year ended December\u00a031, 2017, or $1.49 per diluted common share, and $11.0\u00a0million for the year ended December\u00a031, 2016, or $1.69 per diluted common share.<\/p>\n

Financials:<\/strong> \u00a0Their interest income was $41.3 million, $52.9 million and $55.6 million, their non-interest income was $7.2 million, $6.4 million and $6.5 million, and their net income was $12.4 million, $11.0 million and $9.8 million in 2015, 2016 and 2017, respectively. \u00a0The decrease of $1.2\u00a0million in net income attributable to common shareholders in 2017 primarily reflects an increase in noninterest expense of $3.7\u00a0million, partially offset by a decrease in provision for loan losses of $2.5\u00a0million. The increase in noninterest expense was primarily due to an increase in salary and employee benefits of $3.6\u00a0million, an increase in professional service fees of $1.1\u00a0million, and an increase in occupancy and equipment expense of $838\u00a0thousand, partially offset by decreases in acquisition and due diligence fees of $2.7\u00a0million. The increase in salary and employee benefits in 2017 resulted from an increase of 23 full-time equivalent employees, with a portion of the increase in headcount due to the opening of the Grand Rapids banking center. The increase in professional service fees was due primarily to regulatory and compliance services as a result of their growth and compliance related costs associated with their acquired MSB business.\\<\/p>\n

\"LEVL.Financials\"<\/a><\/p>\n

Dividends<\/strong>:\u00a0On March\u00a015, 2018, they declared a quarterly cash dividend of $0.03 per share for shareholders of record on March\u00a031, 2018, payable on April\u00a015, 2018, but they had not historically declared or paid dividends prior to that date. They have no obligation to pay dividends, and they may change their dividend policy at any time without notice to their shareholders. Any future determination to pay dividends on their common stock will be made by their board of directors and will depend upon their results of operations, financial condition, capital requirements, regulatory and contractual restrictions, their business strategy and other factors that their board of directors deems relevant. Subject to those considerations, they currently expect that their board of directors will continue to declare a quarterly cash dividend following the completion of this offering.<\/p>\n

Book-Building Status<\/strong>: The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.<\/p>\n

IPO Boutique subscription clients receive daily updates on this critical information.<\/span><\/a><\/p>\n

Conclusion<\/strong>: IPO Boutique provides ratings, daily commentary and a forecast for how this IPO will open vs. its offering price. We have kept a\u00a0track record<\/span><\/a>\u00a0with our performance for last 12 years at our website. Additionally, here’s a 2017 recap of our performance<\/a>\u00a0to showcase the value of IPO Boutique’s service.<\/p>\n

Indicate with confidence,\u00a0<\/b>SUBSCRIBE<\/b><\/a>\u00a0today.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

  Company: Level One Bancorp Symbol: LEVL Description: Level One Bancorp, Inc. is the bank holding company for Level One Bank, headquartered in Farmington Hills located in Oakland County, Michigan. Trade Date: 4\/20 Shares: 1 million Price Range: $27.00-$29.00 Underwriter(s): Raymond James, Keefe Bruyette & Woods Co-Manager(s): Piper Jaffray Terms Added: 4-12-18 Link to S-1\/A[…]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[24],"tags":[1492],"class_list":["post-4120","post","type-post","status-publish","format-standard","hentry","category-ipo","tag-levl"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=4120"}],"version-history":[{"count":2,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4120\/revisions"}],"predecessor-version":[{"id":4124,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4120\/revisions\/4124"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=4120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=4120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=4120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}