Marquette National Corporation Reports 2024 Annual Results

Rhea-AI Summary

Marquette National (OTCQX: MNAT) has reported its 2024 annual results with net income of $17.1 million, up from $16.1 million in 2023. Earnings per share increased to $3.91 from $3.69 year-over-year.

Total assets grew 3% to $2.208 billion, while total loans decreased by $19.3 million to $1.405 billion. Deposits increased by $30.0 million (2%) to $1.740 billion compared to 2023.

The improved consolidated earnings were primarily attributed to higher realized and unrealized gains in the company's equity portfolio, though this was partially offset by a decrease in net interest income and an increase in provision for credit losses.

Positive

• Net income increased 6.2% to $17.1M
• EPS grew to $3.91 from $3.69
• Total assets increased 3% to $2.208B
• Deposits grew 2% to $1.740B

Negative

• Total loans decreased by $19.3M
• Net interest income declined
• Increased provision for credit losses

CHICAGO, March 04, 2025 (GLOBE NEWSWIRE) -- Marquette National Corporation (OTCQX: MNAT) today reported net income of $17.1 million for the year ended December 31, 2024, compared to net income of $16.1 million for the year ended December 31, 2023. The Company recorded earnings per share of $3.91 for 2024 as compared to earnings of $3.69 per share for the year ended December 31, 2023.

At December 31, 2024, total assets were $2.208 billion, an increase of $66 million, or 3%, compared to $2.142 billion at December 31, 2023. Total loans decreased by $19.3 million, to $1.405 billion compared to $1.425 billion at the end of 2023. Total deposits increased by $30.0 million, or 2%, to $1.740 billion compared to $1.710 billion at the end of 2023.

Paul M. McCarthy, Chairman & CEO, said, “the primary reason for the increase in consolidated earnings was a higher level of realized and unrealized gains on the Company’s equity portfolio in 2024. The increase in realized and unrealized gains on the Company’s equity portfolio was partially offset by a decrease in net interest income and an increase in provision for credit losses.”

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 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.

For further information on financial results, visit: https://www.otcmarkets.com/stock/MNAT/disclosure.

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,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. 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.

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, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse 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; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Marquette National Corporation and Subsidiaries
Financial Highlights
(Unaudited)
(in thousands, except share and per share data)
Balance Sheet
					12/31/24			12/31/23						Percent  Change
	Total assets				$2,207,663			$2,142,039							3		%
	Total loans, net					1,390,799			1,410,345						-1		%
	Total deposits					1,739,799			1,709,750						2		%
	Total stockholders' equity					173,579			159,053						9		%
	Shares outstanding					4,367,477			4,381,162						0		%
	Book value per share				$39.74			$36.30							9		%
	Tangible book value per share				$31.65			$28.24							12		%
Operating Results
					Year Ended December 31,											Percent Change
						2024			2023
	Net Interest income				$45,032			$48,654							-7		%
	Provision for credit losses					3,700			2,619						41		%
	Realized securities gains (losses), net					1,947			(662		)				*
	Unrealized holding gains on equity securities and exchange traded funds					20,416			15,476						32		%
	Other income					16,051			15,596						3		%
	Other expense					56,769			54,913						3		%
	Income tax expense					5,848			5,411						8		%
	Net income					17,129			16,121						6		%
	Basic and fully dilluted earnings per share				$3.91			$3.69							6		%
	Weighted average shares outstanding					4,376,610			4,372,570						0		%
	Cash dividends declared per share				$1.12			$1.12							0		%
	Comprehensive income				$19,858			$24,132							-18		%
	* Not meaningful

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

FAQ

What was Marquette National 's (MNAT) net income for 2024?

MNAT reported net income of $17.1 million for 2024, an increase from $16.1 million in 2023.

How much did MNAT's total assets grow in 2024?

Total assets grew by $66 million (3%) to $2.208 billion compared to $2.142 billion in 2023.

What caused the increase in MNAT's earnings for 2024?

The increase was primarily due to higher realized and unrealized gains in the company's equity portfolio, partially offset by decreased net interest income and increased credit loss provisions.

How did MNAT's loan and deposit numbers change in 2024?

Total loans decreased by $19.3 million to $1.405 billion, while deposits increased by $30.0 million to $1.740 billion.