Leading in Our Communities 2020 Annual Report Board of Directors Steven H. Rivera DO, MBA, FACEP Board of Trustees Ascension Southeast Michigan Hospitals, Physician Advisor Ascension Providence Hospitals Stefan Wanczyk President & CEO Utica Enterprises, Inc. Shukri W. David MD, MBA, FACC, Physician Chair, Cardiovascular Center of Excellence St. John Providence Health System Ascension Health Michigan Thomas A. Fabbri President & CEO Aaro Companies Jacob W. Haas Owner Airport Plaza Business Park and Saline Construction Company Mark J. Herman President & COO ANYI Management Company Patrick J. Fehring Chairman, President & CEO Level One Bancorp, Inc. and Level One Bank Barbara E. Allushuski President & CEO Blue Heron Talent, LLC Victor L. Ansara President & CEO Ansara Restaurant Group, Inc. James Bellinson Managing Member Riverstone Communities Michael A. Brillati CEO Salus Group Executive Team From left to right: Patrick J. Fehring, Chairman, President and Chief Executive Officer; David C. Walker, EVP, Chief Financial Officer; Gregory A. Wernette, EVP, Chief Lending Officer; Eva Scurlock, EVP, Risk Management Officer; Timothy R. Mackay, EVP, Consumer Banking Officer; Lani Barrett, EVP, Chief Human Resources Officer Patrick J. Fehring, President & CEO A Message from the President I am pleased to report 2020 was another year of quality growth and strong financial results for Level One Bancorp, Inc. despite the challenging environment caused by the ongoing pandemic. As a bank that was founded in 2007 at the beginning of the Great Recession, Level One Bank is no stranger to working through adversity. We believe we are uniquely positioned to offer financial leadership to our clients and communities during times of economic uncertainty. Our net income was $20.4 million, an increase of 26.7% from the previous year. Fully diluted earnings per share grew 25% to $2.57 while total assets grew 54% to $2.44 billion. Mortgage activities income increased significantly by 182%, primarily as a result of the low interest rate environment and the expansion of our mortgage team over the past couple years. We also experienced strong deposit growth with total deposits increasing by 73%. We expanded our banking center footprint with the addition of four new offices gained through a combination of organic growth and acquisition. We finalized the merger with Ann Arbor State Bank on January 2, 2020 and completed the systems integration on March 23, 2020, which brought two banking centers in Ann Arbor and one banking center in Jackson. Through the acquisition, we were able to significantly expand our existing footprint in the very attractive Ann Arbor community within a short amount of time. Additionally, we opened a new banking center in the desirable Rochester Hills market. Throughout the pandemic, our team worked tirelessly to serve our clients with a variety of relief efforts, including loan payment deferrals, fee waivers, and most notably the Small Business Administration’s Paycheck Protection Program (PPP), all while working from home. Level One Bank successfully helped over 2,000 local small businesses access over $410 million in relief funds through the PPP. The entrepreneurial spirit and teamwork of our organization has never been more evident, and I am so proud of the hard work and dedication of our talented team. While there is still much uncertainty surrounding the pandemic and its economic impact, we remain cautiously optimistic about the year ahead. We believe we are well positioned for another successful year of quality growth and profitability in 2021. Sincerely, Patrick J. Fehring President & CEO 2 Chalk art at our Ferndale banking center ATM. 2020 Highlights - We finalized our merger with Ann Arbor State Bank, adding two banking centers in Ann Arbor and one banking center in Jackson. - We opened a new banking center in Rochester Hills. - We helped a record number of homeowners refinance their mortgage to lower their monthly payment. One of our new banking centers in Ann Arbor. - We helped over 2,000 local small businesses secure funds through the first round of the Paycheck Protection Program (PPP). - We were named to American Banker Magazine’s list of the Top 200 Community Banks in the Nation. - For the 8th consecutive year, we were recognized as one of Metro Detroit’s Best and Brightest Companies to Work For. One of our new banking centers in downtown Ann Arbor. Our new banking center in Jackson. 3 Our new banking center in Rochester Hills. The interior of our new Rochester Hills banking center. Prioritizing the Health and Safety of our Team, Clients and Communities In the early stages of the pandemic, Michigan was among the hardest hit states in the nation. Financial services were deemed essential critical infrastructure under Michigan’s “Stay Home, Stay Safe” executive order in which non-essential businesses and workers were forced to close their doors and work from home to combat the spread of the virus. our lobbies to the public and served clients through drive-thru or by appointment only. We conducted appointments virtually when possible and empowered our clients to use technology to manage their day to day banking transactions safely from home. Our biggest priority continues to be the health and wellbeing of our team members and those we serve. In March, we moved swiftly to enable team members to work from home safely and securely, with the appropriate technology and protocols in place. Our banking center team members remained on the frontlines providing exceptional service to our clients and ensuring the financial needs of our communities were met. To create a safe work environment, we equipped banking centers with hard-to-find cleaning supplies and face masks, installed plexiglass protective barriers at teller counters and desks, established social distancing parameters, and rearranged furniture where needed. At times throughout the year, we closed 4 Empowering our Clients with Technology Nothing could have prepared our bank for such unusual and unforeseen circumstances, but the ease and accessibility of our online and mobile banking services made for a seamless transition for clients to bank remotely. Whether opening an account online, applying for a loan on our website, sending payments digitally with Zelle®, or depositing a check from our mobile banking app, our clients have 24/7 access to the services they need – all from the safety and comfort of their home or office. Technology will continue to be critical in navigating this new environment, but we remain committed to a relationship-driven approach delivered through personal service and community banking values. Whether connecting virtually on the computer or meeting in the parking lot to close on a loan, we have found creative ways to serve our clients in a socially distanced world without losing the human connection. Helping Small Businesses Weather a Pandemic As local businesses turned to Level One Bank for support, our team was there to help our clients understand their options, answer their questions and guide them through the Paycheck Protection Program (PPP). “ Now, during these trying times, I am taken back by how much you care for your customers and borrowers. I applaud you for everything you have done for our company. Additional to our first responders and health care professionals, I have added Level One to the foundation of recovery. Your actions will save many jobs and allow companies like mine to survive. - Jeahad Kadaf, Esq., PPP Loan Recipient “ I thank you for the long hours, the endless hand holding, the guidance, and for being there when our own bank was not. This loan will make all the difference in the world to us. When I said you were my hero, I meant it. Thank you from the bottom of my heart. - N. Susan Abentrod, PPP Loan Recipient ” You saved a business today. Our family business. We started this business a long long time ago at our dining room table before we even had children. This business has supported our family for over 40 years and has put 4 children through college. The thought of seeing it all disappear was breaking my heart. We will be ok now, with this appropriate help from the SBA. Without it, I don't know if we could have survived. I will never forget the relief you have provided to us. - Brenda Bisciglia, PPP Loan Recipient “ 5 ” ” Leading Michigan’s Economic Relief Efforts businesses were turned away by big banks who prioritized larger client relationships, Level One Bank was here to serve them. We fought hard to help as many businesses as possible, including over 900 PPP loans for non-clients. No business was too small or undeserving of our time. During the first round of the PPP in 2020, we helped over 2,000 small businesses gain access to PPP funds. Because of our team’s efforts, we estimate over 30,000 jobs were saved throughout Michigan during the early stages of the pandemic. Additionally, we anticipate 1,500 small businesses will be approved by the SBA for the second round of PPP funding processed by Level One Bank in the first quarter of 2021. Throughout the year, we worked diligently to provide the kind of financial support and relief that was required to support Michigan families and businesses. We offered a variety of loan payment deferrals and fee waivers to assist clients who were adversely impacted by the pandemic. We continued to offer traditional lending options and often leveraged governmental programs to help our clients get to the other side. Level One Bank, along with other community banks around the nation, played a critical role in deploying the Small Business Administration’s Paycheck Protection Program (PPP) to small businesses in need of financial relief. The PPP was enacted with the Coronavirus Aid, Relief, and Economic Security (CARES) Act as a government-backed forgivable loan program to help small businesses weather the pandemic by providing financial aid for payroll, rent, utilities, and more. Our team worked around the clock to develop the infrastructure needed to administer the PPP and adapted quickly to the ever-changing program guidelines from the SBA and U.S. Treasury. While other banks stumbled, lacking the agility required to navigate the program, Level One Bank forged a path as one of the leading providers of the PPP among Michigan- based banks. As a bank made by entrepreneurs for entrepreneurs, it’s in our DNA to be nimble and think outside of the box for our clients. When small 6 ” ” Uplifting our Communities through Adversity Level One Bank is passionate about serving our local communities, in good times and challenging times. With social distancing requirements and remote work, our team found new and timely ways to connect with our neighbors and make a meaningful impact during a time of great hardship. In a year like 2020, the ability to adapt to the changing needs and priorities of our communities was more important than ever. We partnered with local restaurants and catering companies to send hundreds of meals to medical workers at area hospitals in Ann Arbor, Grand Rapids and throughout Southeast Michigan – a small token of our gratitude for their courage and sacrifice. Additionally, we donated $25,000 to Henry Ford Health System’s COVID-19 Emergency Needs Fund to help with various equipment, supply and support needs for hospital patients and staff during one of the most critical times of the pandemic. In support of local businesses in Grand Rapids, we hosted Food Truck Fridays in our parking lot allowing our neighbors to safely purchase lunch from local food truck owners. We partnered with the Ann Arbor Art Center and Avalon Housing to assemble boxes containing basic art 7 supplies and deliver them to underserved and at- risk youth and families to continue making art while at home. We continued to teach important financial literacy classes like budgeting and credit building, while adjusting to the virtual learning environment. In addition to hardship relief programs and the Paycheck Protection Program, our team partnered with the Federal Home Loan Bank to help facilitate $125,000 in grant funds to local small businesses. Furthermore, we facilitated nearly $220,000 in grant funds to low-to- moderate income homeowners for vital home repairs and accessibility improvements in addition to down- payment assistance for first-time homebuyers. Bryan Ukena, CEO Recycle Ann Arbor Level One Bank communicated often throughout the process and took the time to educate Bryan along the way. “Communication has been excellent. They proactively tell me what’s needed and help me understand why – explaining the ‘why’ has been key,” he explained. Level One Bank is providing funding for the upgrades required to re-open an existing Materials Recovery Facility (MRF) which will serve as Recycle Ann Arbor’s main processing facility. Once complete, it will create 20 new union manufacturing jobs in Ann Arbor to benefit the local economy while positively impacting carbon emissions and reducing waste in Washtenaw County and beyond. Recycle Ann Arbor is a nonprofit organization that reinvests all of its proceeds back into the community. Its mission is to develop and operate innovative reuse, recycling, and zero-waste programs that improve the environmental quality of the community. Learn more at www.recycleannarbor.org. Bryan Ukena, CEO Recycle Ann Arbor When Bryan Ukena was looking for a bank to help fund Recycle Ann Arbor’s long-term growth and expansion needs, he contacted all the local banks in town. For him, the decision was about relationship. This wouldn’t be a cookie-cutter deal, there were a lot of variables and it was the biggest loan in the company’s 40-year history. Bryan appreciated Level One Bank’s personal approach and the leadership team’s willingness to learn about his business. “We all sat around the table, looking for synergies between our two companies. Not many banks will take the time to do that,” he said. 8 Fred Ransford, President Argus Corporation With facilities in Southeast Michigan and Ohio, Argus Corporation has entrusted Level One Bank with a variety of commercial real estate, equipment financing and working capital needs to support their business. The company’s President, Fred Ransford, switched to Level One Bank several years ago after his long-time commercial banker made the move to work at Level One Bank. Fred appreciates the integrity and accessibility of his banker. “He’s honest and he’s for the customer,” he described. The ease of working with Level One Bank is perhaps most important to Fred. He enjoys having a go-to person at the Bank who can get things done. “I have one point of contact at Level One Bank. When I need something, I know who to call and I know he’ll take care of it,” he explained. “I don’t like dealing with multiple people where I have to re-explain everything.” Argus Corporation is a full-service Tier 1 automotive supplier that provides a variety of vehicle services, material handling equipment, machined parts, and vehicle wiring harnesses to companies across North America. Its full range of services makes it very unique in the marketplace and very valuable to its customers. Learn more at www.arguscorporation.com. 9 Bob Taylor, CEO Alliant Enterprises As a Service-Disabled Veteran-Owned Small Business (SDVOSB) that supplies medical products to the government healthcare market, Alliant Enterprises was looking for a bank that would put in the work required to understand the complexities of their business. During a global pandemic, it was important to build a relationship with a financial partner that could find creative ways to support their expansion and help meet the critical healthcare needs of our nation. “Digging in, learning and understanding our business - that takes time and effort,” Bob Taylor explained. “It’s unique because they are always working towards a ‘yes’.” To fund the purchase and renovation of a new headquarters facility in Grand Rapids, Level One Bank leveraged a variety of traditional financing and governmental programs, including partnering with the Small Business Administration (SBA). The 63,000 square foot facility will bring its three sister companies together under the same roof - Alliant Healthcare Products, MediSurge and Alliant Biotech. “They found creative ways to make it happen; bringing in the SBA, utilizing our Veteran status, and developing strong collateral from our business activities. We have the ability to perform at a new level with the restructuring from Level One,” he said. Alliant Enterprises is a leading healthcare products provider specializing in government contracting and procurement. They develop, manufacture, market and sell high-quality and cost-effective medical products and services to the federal government. Learn more at www.allianthealthcare.com. 10 CONSOLIDATED BALANCE SHEETS December 31, 2020 and 2019 (Dollars in thousands, except per share data) ASSETS Cash and cash equivalents Securities available-for-sale Other investments Mortgage loans held for sale, at fair value Loans: Originated loans Acquired loans Total loans Less: Allowance for loan losses Net loans Premises and equipment, net Goodwill Other intangible assets, net Other real estate owned Bank-owned life insurance Income tax benefit Interest receivable and other assets Total assets LIABILITIES Deposits: Noninterest-bearing demand deposits Interest-bearing demand deposits Money market and savings deposits Time deposits Total deposits Borrowings Subordinated notes Other liabilities Total liabilities Shareholders' equity Preferred Stock, no par value per share; authorized – 50,000 shares; issued and outstanding –10,000 shares, with a liquidation preference of $2,500 per share at December 31, 2020 and 0 shares at December 31, 2019 Common stock, no par value per share; authorized – 20,000,000 shares; issued and outstanding—7,633,780 shares at December 31, 2020 and 7,715,491 shares at December 31, 2019 Retained earnings Accumulated other comprehensive income, net of tax Total shareholders' equity Total liabilities and shareholders' equity 11 2020 2019 $ 264,071 $ 103,930 302,732 14,398 43,482 1,498,458 225,079 1,723,537 (22,297) 1,701,240 15,834 35,554 6,557 – 18,200 3,686 37,228 180,905 11,475 13,889 1,158,138 69,471 1,227,609 (12,674) 1,214,935 13,838 9,387 383 921 12,167 1,217 21,852 $ 2,442,982 $ 1,584,899 $ 618,677 $ 325,885 127,920 619,900 596,815 62,586 313,885 433,072 1,963,312 1,135,428 185,684 44,592 34,067 212,225 44,440 22,103 2,227,655 1,414,196 23,372 – 87,615 96,158 8,182 215,327 89,345 77,766 3,592 170,703 $ 2,442,982 $ 1,584,899 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Years ended December 31, 2020, 2019 and 2018 (Dollars in thousands, except per share data) Preferred Stock Common Stock Retained Earnings Accumulated Other Total Comprehensive Shareholders' Equity Income (Loss) BALANCE AT JANUARY 1, 2018 Net income Other comprehensive loss Reclass of tax reform adjustments due to early adoption of ASU 2018–02 Initial public offering of 1,150,765 shares of common stock, net of issuance costs Common stock dividends declared ($0.12 per share) Exercise of stock options (127,494 shares) Stock–based compensation expense, net of tax impact BALANCE AT DECEMBER 31, 2018 Net income Other comprehensive income Redeemed stock (90,816 shares) Common stock dividends declared ($0.16 per share) Exercise of stock options (21,550 shares) Stock–based compensation expense, net of tax impact $ $ – – – – – – – – – – – – – – – BALANCE AT DECEMBER 31, 2019 Net income Other comprehensive income Redeemed stock (125,798 shares) Preferred stock offering, net of issuance costs Dividends on 7.50% Series B Preferred Stock Common stock dividends declared ($0.20 per share) Exercise of stock options (10,000 shares) Stock–based compensation expense, net of tax impact $ – – – – 23,372 – – – – $ 59,511 – – $ 49,232 14,386 – $ (783) – (801) $ 107,960 14,386 (801) – 29,030 – 1,279 801 $ 90,621 – – (2,165) – 219 670 $ 89,345 – – (2,648) – – – 95 823 168 – (895) – – $ 62,891 16,111 – – (1,236) – – $ 77,766 20,413 – – – (479) (1,542) – – (168) – – – – – $ (1,752) – 5,344 – – – – $ 3,592 – 4,590 – – – – – – 29,030 (895) 1,279 801 $ 151,760 16,111 5,344 (2,165) (1,236) 219 670 $ 170,703 20,413 4,590 (2,648) 23,372 (479) (1,542) 95 823 BALANCE AT DECEMBER 31, 2020 $ 23,372 $ 87,615 $ 96,158 $ 8,182 $ 215,327 12 CONSOLIDATED STATEMENTS OF INCOME Years ended December 31, 2020, 2019 and 2018 (In thousands, except per share data) Interest income Originated loans, including fees Acquired loans, including fees Securities: Taxable Tax-exempt Federal funds sold and other investments 2020 2019 2018 $ 62,069 $ 56,956 $ 49,076 14,421 6,375 9,186 2,677 2,486 986 3,509 2,305 1,303 2,939 1,657 966 Total interest income 82,639 70,448 63,824 Interest Expense Deposits Borrowed funds Subordinated notes Total interest expense Net interest income Provision expense for loan losses Net interest income after provision for loan losses Noninterest income Service charges on deposits Net gain (loss) on sales of securities Mortgage banking activities Other charges and fees Total noninterest income Noninterest expense Salary and employee benefits Occupancy and equipment expense Professional service fees Acquisition and due diligence fees FDIC premium expense Marketing expense Loan processing expense Data processing expense Core deposit premium amortization Other expense Total noninterest expense Income before income taxes Income tax provision Net income Preferred stock dividends 10,993 16,941 11,055 2,353 2,537 15,883 66,756 11,872 54,884 2,446 1,862 22,190 3,216 29,714 1,378 1,074 1,330 1,015 19,393 13,400 51,055 50,424 1,383 412 49,672 50,012 2,547 1,174 7,880 2,610 14,211 2,556 (71) 1% 2,330 2,240 7,055 38,304 28,775 25,781 6,549 2,935 1,654 1,119 956 935 3,460 768 3,552 4,939 1,808 539 310 1,107 661 2,374 146 3,710 4,425 1,672 - 657 1,033 498 2,146 220 3,246 60,232 24,366 44,369 39,678 19,514 17,389 3,953 3,403 3,003 20,413 16,111 14,386 479 – – Net income available to common shareholders $ 19,934 $ 16,111 $ 14,386 Per common share data: Basic earnings per common share Diluted earnings per common share Cash dividends declared per common share $ $ $ 2.58 2.57 0.20 Weighted average common shares outstanding – basic 7,627 Weighted average common shares outstanding – diluted 7,686 $ $ $ 2.08 2.05 0.16 7,655 7,770 $ $ $ 1.95 1.91 0.12 7,377 7,524 13 5% 4% 3% 2% 1% 0% 4% 3% 2% 2016 2017 2018 2019 2020 0% 2016 2017 2018 2019 2020 ($ Thousand) 25,000 20,000 15,000 10,000 5,000 0 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Net Interest Margin The Company’s loans are its main revenue engine, and the cost of funds decreased by less than the decrease in loan yield, resulting in the Company’s net interest margin falling to 3.10%. Noninterest Expense/ Average Assets Offsetting net interest income is noninterest expense (e.g., salaries, occupancy, data processing, etc.) and in 2020, this ratio declined despite an increase of 29 FTE employees due to an increase in average assets primarily related to the acquisition of Ann Arbor State Bank. Net Income Net income was strong at $20.4 million in 2020. Return on Average Assets The Company’s net income as percent of average assets was 0.88% in 2020. CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended December 31, 2020, 2019 and 2018 (Dollars in thousands) ($ Million) 2020 2019 2018 $ 20,413 $ 16,111 $ 14,386 Total Assets The acquisition of Ann Arbor State Bank, organic growth and PPP loans drove an increase in assets of 54% during 2020. Total Loans The Paycheck Protection Program and the acquisition of Ann Arbor State Bank contributed to total loan growth of 40% in 2020, accounting for 71% of total assets. Net Charge Offs/ Average Assets Credit quality remains strong with a 0.10% loss rate in 2020. 3,000 2,500 2,000 1,500 1,000 500 0 2016 2017 2018 2019 2020 ($ Million) 2,000 1,500 1,000 500 0 0.40% 0.30% 0.20% 0.10% 0.00% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of fixed assets Amortization of core deposit intangibles Stock–based compensation expense Provision expense for loan losses Net securities premium amortization Net (gain) loss on sales of securities Originations of loans held for sale Proceeds from sales of loans Net gain on sales of loans Accretion on acquired purchase credit impaired loans Gain on sale of other real estate owned and repossessed assets Increase in cash surrender value of life insurance Amortization of debt issuance costs Deferred income tax benefit (expense) Net (increase) decrease in accrued interest receivable and other assets Net increase in accrued interest payable and other liabilities Net cash provided by (used in) operating activities Cash flows from investing activities Net increase in loans Principal payments on securities available-for-sale Purchases of securities available-for-sale Purchase of other investments Additions to premises and equipment Proceeds from: (271,648) 28,551 (140,078) (2,000) (1,289) Sale of securities available-for-sale Sale of other real estate owned and repossessed assets Net cash from acquisition Net cash used in investing activities Cash flows from financing activities Net increase in deposits Change in short-term borrowings Issuances of long-term borrowings Repayment of long-term borrowings Net proceeds from issuance of subordinated debt Net proceeds from issuance of preferred stock Change in secured borrowing Net proceeds from issuance of common stock related to initial public offering Share buyback - redeemed stock Preferred stock dividends paid Common stock dividends paid Proceeds from exercised stock options Payments related to tax-withholding for share based compensation awards Net cash provided by financing activities Net change in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents Supplemental disclosure of cash flow information: 1,694 768 887 11,872 2,149 (1,862) (557,078) 545,581 (22,191) (1,760) 1,323 146 713 1,383 1,735 (1,174) (272,714) 270,363 (7,835) (2,313) (316) (470) 152 (3,315) (10,751) 3,441 (10,786) – (301) 62 (592) (8,934) 6,151 4,124 (97,660) 16,521 (56,810) (3,150) (2,019) 69,846 – – (73,272) 42,640 4,164 (29,464) (369,124) 563,064 (62,647) 291,334 (270,437) – 23,372 (70) 793 (32,278) 145,000 – 29,487 – (71) – (2,648) (479) (1,469) 95 – (2,165) – (1,160) 219 (64) (43) 540,051 139,782 160,141 70,634 33,296 103,930 $ 264,071 $ 103,930 1,332 220 815 412 1,327 71 (90,361) 91,091 (2,341) (3,794) (44) (324) 47 29 461 4,810 18,137 (88,069) 9,368 (68,694) (22) (1,159) 3,625 822 – (144,129) 14,253 61,810 – (10,000) – – (69) 29,030 – – (662) 1,279 (14) 95,627 (30,365) 63,661 33,296 12,634 2,120 544 108 18 $ $ Interest paid Taxes paid Transfer of loans held for sale to loans held for investment Transfer from loans to other real estate owned Transfer from premises and equipment to other assets $ 16,376 $ 8,599 5,217 2,927 – 19,493 2,916 2,186 921 – Non–cash transactions: Increase in assets and liabilities in acquisitions: Assets acquired-Ann Arbor State Bank Liabilities assumed-Ann Arbor State Bank $ 325,203 $ 283,526 $ – – – – 14 Corporate Office 32991 Hamilton Court Farmington Hills, MI 48334 248-737-0300 Banking Center Locations Ann Arbor 195 North Maple Road Ann Arbor, MI 48103 734-794-5225 3930 South State Street Ann Arbor, MI 48108 734-418-9995 125 West William Street Ann Arbor, MI 48104 734-761-1475 Birmingham 1712 West Maple Road Birmingham, MI 48009 248-723-4800 Bloomfield 6450 Telegraph Road Bloomfield Hills, MI 48301 248-406-8905 37100 Woodward Avenue Bloomfield Hills, MI 48304 248-530-7401 Detroit 1420 Washington Boulevard Detroit, MI 48226 313-309-9980 Farmington Hills 30095 Northwestern Highway Farmington Hills, MI 48334 248-865-1300 Novi 44350 West 12 Mile Road Novi, MI 48377 248-735-1000 Rochester 1880 South Rochester Road Rochester Hills, MI 48307 248-710-3700 Sterling Heights 43683 Schoenherr Road Sterling Heights, MI 48313 586-412-1800 Mortgage Loan Center Ann Arbor 1328 South Main Street Ann Arbor, MI 48104 734-213-1515 30201 Orchard Lake Road Farmington Hills, MI 48334 248-737-1110 Ferndale 22635 Woodward Avenue Ferndale, MI 48220 248-414-6500 Grand Rapids 2355 Burton Street SE Grand Rapids, MI 49506 616-827-4400 Jackson 611 North Wisner Jackson, MI 49202 517-917-0908 Northville 20550 Haggerty Road Northville, MI 48167 248-380-6590 Member FDIC 888-880-5663 | contact@levelonebank.com www.LevelOneBank.com This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management’s current views of future events and operations. These forward-looking statements are based on the information currently available to the Company as of the date of this report. It is important to note that these forward-looking statements are not guarantees of future performance and involve risk and uncertainties, including, but not limited to, the effects of the COVID-19 pandemic, including its effects on the economic environment, our clients, and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic, the ability of the Company to implement its strategy and expand its lending operations, changes in interest rates and other general economic, business and political conditions, including changes in the financial markets, changes in business plans as circumstances warrant, risks related to mergers and acquisitions, changes in benchmark interest rates used to price loans and deposits, including the expected elimination of LIBOR, as well as other risks described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.