Marquette National Corporation Reports Second Quarter 2021 Results

Rhea-AI Summary

Marquette National Corporation (OTCQX: MNAT) reported a year-to-date net income of $9.9 million for the first half of 2021, up from $6.6 million in 2020. Earnings per share rose to $2.24 from $1.51. Total assets increased to $2.023 billion, a 5% rise, while total loans grew by 3% to $1.257 billion. Total deposits also saw a 6% increase, reaching $1.664 billion. The growth is attributed to a lower provision for loan losses and higher equity portfolio appreciation.

Positive

• Net income increased by $3.3 million, a 50% rise year-over-year.
• Earnings per share rose by $0.73, indicating strong profitability.
• Total assets increased by $102 million (5%) compared to the end of 2020.
• Total loans grew by $32 million (3%), reflecting lending growth.
• Deposits increased by $90 million (6%), showing stronger customer engagement.

Negative

• None.

CHICAGO, July 21, 2021 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported year-to-date net income of $9.9 million compared to a net income of $6.6 million for the first six months of 2020. Earnings per share for the first six months of 2021 were $2.24, as compared to $1.51 per share for the same period in 2020.

At June 30, 2021, total assets were $2.023 billion, an increase of $102 million, or 5%, compared to $1.921 billion at December 31, 2020. Total loans increased by $32 million, or 3%, to $1.257 billion compared to $1.225 billion at the end of 2020. Total deposits increased by $90 million, or 6%, to $1.664 billion compared to $1.574 billion at the end of 2020.

Paul M. McCarthy, Chairman & CEO, said, "a lower provision for loan losses and higher appreciation of the Company's equity portfolio in 2021 were the primary reasons for the increase in consolidated earnings for the first six months of the year."

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 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Romeoville and Summit, 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 and national economy; (ii) the economic impact of any future terrorist threats and attacks, and the response of the United States to any such threats and attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business, including Basel III, the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued thereunder; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected outcomes of existing or new litigation involving the Company; and (x) changes in accounting policies and practices.  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
					06/30/21		12/31/20			Percent Change
	Total assets				$2,023,646		$1,921,322				5%
	Total loans, net				1,242,462		1,210,463				3%
	Total deposits				1,663,850		1,573,794				6­­%
	Total stockholders' equity				188,614		184,035				2%
	Shares outstanding				4,402,896		4,394,574				0%
	Book value per share				$42.84		$41.88				2%
	Tangible book value per share				$34.81		$33.83				3%
Operating Results
					Six Months Ended June 30,						Percent Change
					2021		2020
	Net interest income				$26,215		$24,974				5%
	Provision for loan losses				733		2,206				-67%
	Realized securities gains, net				2,089		363				*
	Unrealized holding gains on equity securities and ETFs				3,578		4,518				-21%
	Other income				9,241		8,081				14%
	Other expense				27,359		27,008				1%
	Income tax expense				3,173		2,073				53%
	Net income				9,858		6,649				48%
	Basic earnings per share				$2.24		$1.51				48%
	Weighted average shares outstanding				4,398,493		4,402,738				0%
	Cash dividends declared per share				$0.54		$0.52				4%
	Comprehensive income				$6,659		$10,511				-37%
	*   Not meaningful

 

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

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SOURCE Marquette National Corporation