Marquette National Corporation Reports First Quarter 2022 Results

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Marquette National Corporation (OTCQX: MNAT) reported a net loss of $2.3 million for Q1 2022, a decline from a net income of $2.4 million in Q1 2021. Earnings per share fell to ($0.53) from $0.54 year-over-year. Total assets remained stable at approximately $2.094 billion. The company saw a 3% increase in total loans to $1.301 billion and a 1% increase in total deposits to $1.753 billion. CEO Paul M. McCarthy attributed the earnings drop to unrealized losses on their equity portfolio.

Positive

• Total loans increased by $37 million (3%) to $1.301 billion.
• Total deposits increased by $14 million (1%) to $1.753 billion.
• Net interest income rose by $565,000 (4%) to $13.58 million.
• Realized securities gains, net rose by 213% to $2.915 million.

Negative

• Net loss of $2.3 million compared to net income of $2.4 million in Q1 2021.
• Earnings per share fell to ($0.53) from $0.54.
• Unrealized holding losses on equity securities and ETFs reached ($10.115 million).
• Total stockholders' equity decreased by 11% to $164.382 million.

CHICAGO, April 29, 2022 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported net loss of $2.3 million for the quarter ended March 31, 2022, compared to net income of $2.4 million for the first three months of 2021. Earnings per share for the first three months of 2022 were a loss of $0.53 per share, as compared to income of $0.54 per share for the same period in 2021.

At March 31, 2022, total assets were $2.094 billion, a nominal decrease, compared to $2.094 billion at December 31, 2021. Total loans increased by $37 million, or 3%, to $1.301 billion compared to $1.264 billion at the end of 2021. Total deposits increased by $14 million, or 1%, to $1.753 billion compared to $1.739 billion at the end of 2021.

Paul M. McCarthy, Chairman & CEO, said, "the primary reason for the decrease in consolidated earnings was a higher level of unrealized losses on the Company's equity portfolio in 2022."

For further information on the current financial results, see the consolidated financial statements that are available at https://www.otcmarkets.com/stock/MNAT/disclosure.

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 future 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
					03/31/22		12/31/21				Percent     Change
	Total assets				$2,094,225		$2,094,420					0%
	Total loans, net				1,300,989		1,263,731					3%
	Total deposits				1,753,197		1,739,144					1%
	Total stockholders' equity				164,382		185,397					-11%
	Shares outstanding				4,376,189		4,373,071					0%
	Book value per share				$37.56		$42.40					-11%
	Tangible book value per share				$29.49		$34.31					-14%
Operating Results
					Three Months Ended March 31,								Percent Change
					2022		2021
	Net Interest income				$13,580		$13,015					4%
	Provision for loan losses				343		697					-51%
	Realized securities gains, net				2,915		931					213%
	Unrealized holding losses on equity securities and ETFs				(10,115)		(1,590)					*
	Other income				3,831		4,976					-23%
	Other expense				13,714		13,670					0%
	Income tax expense (benefit)				(1,508)		613					*
	Net income (loss)				(2,338)		2,352					*
	Basic earnings (loss) per share				($0.53)		$0.54					*
	Weighted average shares outstanding				4,371,874		4,393,066					*
	Cash dividends declared per share				$0.28		$0.27					4%
	Comprehensive loss				($19,865)		($2,718)					*
	*   Not meaningful

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

 

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SOURCE Marquette National Corporation

FAQ

What were Marquette National Corporation's Q1 2022 financial results?

Marquette National Corporation reported a net loss of $2.3 million in Q1 2022.

How did Marquette National Corporation's earnings per share change?

Earnings per share fell to ($0.53) in Q1 2022 from $0.54 in Q1 2021.

What was the change in total loans for MNAT?

Total loans increased by $37 million, or 3%, to $1.301 billion in Q1 2022.

How did total deposits perform for Marquette National Corporation?

Total deposits rose by $14 million, or 1%, to $1.753 billion in Q1 2022.

What were the unrealized losses reported by MNAT?

Marquette National Corporation reported unrealized holding losses on equity securities of ($10.115 million) in Q1 2022.