Farmington Hills, Mich.-based Level One Bancorp Inc. announced it received a $6.9 million payment on Aug. 1 related to one of its large, nonaccrual loans.
The company said the payment impacted its income statement by $771,000, which consists of $408,000 in loan interest and fee income and $363,000 of provision benefit. It also said the payment resulted in a $6.5 million decrease in its nonaccrual loans.
Level One Bancorp reported second-quarter net income of $3.6 million, or 45 cents per share, a decrease from $4.0 million, or 53 cents per share, in the year-ago period. Total nonaccrual loans for the quarter were $14.5 million, an increase from the year-ago figure of $11.3 million. Second-quarter provision for loan losses stood at $429,000, compared with a provision benefit of $710,000 in the second quarter of 2018.