Marquette National Corporation Reports 2022 Annual Results

Rhea-AI Summary

Marquette National Corporation (OTCQX: MNAT) reported a net loss of $2.96 million for the year ending December 31, 2022, a significant drop from a net income of $14.20 million in 2021. Earnings per share fell from $3.23 to a loss of $0.68. Total assets decreased by $11 million to $2.083 billion, while total loans increased by $149 million, up 12% to $1.427 billion. Deposits, however, declined by $50 million to $1.689 billion. The decline in parent company equity portfolio value was cited for the earnings drop.

Positive

• Total loans increased by $149 million, or 12%, to $1.427 billion.
• Year-to-date 2022 Bank earnings were up about 14% year-on-year.

Negative

• Net loss of $2.96 million for 2022, down from a net income of $14.20 million in 2021.
• Total deposits decreased by $50 million, or 3%, to $1.689 billion.
• Total stockholders' equity dropped by 25% to $139.04 million.
• Book value per share decreased by 25% to $31.92.
• Tangible book value per share fell by 31% to $23.81.
• Realized securities gains dropped by 49%.

CHICAGO, Feb. 13, 2023 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported a net loss of $2.96 million for the year ended December 31, 2022, compared to net income of $14.20 million earned in 2021.  Earnings per share for 2022 were a loss of $0.68 per share as compared to income of $3.23 per share for the year ended December 31, 2021.

At December 31, 2022, total assets were $2.083 billion, a decrease of $11 million, or 1%, compared to $2.094 billion at December 31, 2021. Total loans increased by $149 million, or 12%, to $1.427 billion compared to $1.278 billion at the end of 2021. Total deposits decreased by $50 million, or 3%, to $1.689 billion compared to $1.739 billion at the end of 2021.

Paul M. McCarthy, Chairman & CEO, said, "the subsidiary bank continued to perform well, with year-to-date 2022 Bank earnings up about 14% compared to the comparable period in 2021. The primary reason for the decrease in consolidated earnings was a decline in the value of the parent company's equity portfolio in 2022." 

Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has 21 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Romeoville, Summit and Tinley Park, Illinois.

Special Note Concerning Forward-Looking Statements  
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company.  Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions.  A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements.  These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including the effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics (including the COVID-19 pandemic in the United States), acts of war or other threats thereof, or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices (including as a result of the implementation of the current expected credit loss (CECL) impairment standards, that will change how the Company estimates credit losses); (iv) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (v) changes in interest rates and prepayment rates of the Company's assets (including the impact of LIBOR phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) the loss of key executives or employees; (x) changes in consumer spending; and (xi) unexpected outcomes of existing or new litigation involving the Company.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

Marquette National Corporation and Subsidiaries
Financial Highlights
(Unaudited)
(in thousands, except share and per share data)
Balance Sheet
					12/31/22		12/31/21			Percent  Change
	Total assets				$2,083,449		$2,094,420				-1 %
	Total loans, net				1,411,892		1,263,731				12 %
	Total deposits				1,688,939		1,739,144				-3 %
	Total stockholders' equity				139,042		185,397				-25 %
	Shares outstanding				4,355,375		4,373,071				0 %
	Book value per share				$31.92		$42.40				-25 %
	Tangible book value per share				$23.81		$34.31				-31 %
Operating Results
					Year Ended December 31,						Percent Change
					2022		2021
	Net interest income				$56,592		$52,876				7 %
	Provision for loan losses				2,039		2,388				-15 %
	Realized securities gains, net				836		1,643				-49 %
	Unrealized holding gains (losses) on equity securities and exchange traded funds				(21,694)		3,264				*
	Other income				15,898		17,941				-11 %
	Other expense				55,299		54,871				1 %
	Income tax expense (benefit)				(2,742)		4,269				*
	Net income (loss)				(2,964)		14,196				*
	Basic earnings (loss) per share				($0.68)		$3.23				*
	Weighted average shares outstanding				4,364,700		4,389,076				-1 %
	Cash dividends declared per share				$1.08		$1.04				4 %
	Comprehensive income (loss)				($40,891)		$6,905				*
	*   Not meaningful

For more information: 
Patrick Hunt
EVP & CFO 
708-364-9019           
phunt@emarquettebank.com

 

 

View original content:https://www.prnewswire.com/news-releases/marquette-national-corporation-reports-2022-annual-results-301744525.html

SOURCE Marquette National Corporation

FAQ

What were the financial results for Marquette National Corporation for 2022?

Marquette National Corporation reported a net loss of $2.96 million for 2022, down from a net income of $14.20 million in 2021.

How much did total loans increase for Marquette National Corporation in 2022?

Total loans increased by $149 million, representing a 12% growth to $1.427 billion.

What was the change in total deposits for Marquette National Corporation in 2022?

Total deposits decreased by $50 million, or 3%, to $1.689 billion.

What was the earnings per share for Marquette National Corporation in 2022?

Earnings per share for 2022 were a loss of $0.68, down from income of $3.23 in 2021.

What contributed to the net loss reported by Marquette National Corporation?

The primary reason for the net loss was a decline in the value of the parent company's equity portfolio.