Marquette National Corporation Reports Third Quarter 2021 Results

Rhea-AI Summary

Marquette National Corporation (OTCQX: MNAT) reported a year-to-date net income of $11.6 million for the first nine months of 2021, down from $14.2 million in 2020. Earnings per share decreased to $2.65 from $3.23. Total assets rose by 7% to $2.053 billion, with loans increasing by 3% to $1.261 billion and deposits up 8% to $1.696 billion. CEO Paul M. McCarthy attributed the earnings decline primarily to lower equity portfolio appreciation.

Positive

• Total assets increased by 7% to $2.053 billion.
• Total loans rose by 3% to $1.261 billion.
• Total deposits increased by 8% to $1.696 billion.
• Cash dividends declared per share increased by 4% to $0.81.

Negative

• Net income decreased by 18% to $11.6 million.
• Earnings per share dropped by 18% to $2.65.
• Unrealized holding gains on equity securities fell by 76% to $2.774 million.

CHICAGO, Oct. 20, 2021 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported year-to-date net income of $11.6 million compared to a net income of $14.2 million for the first nine months of 2020. Earnings per share for the first nine months of 2021 were $2.65, as compared to $3.23 per share for the same period in 2020.

At September 30, 2021, total assets were $2.053 billion, an increase of $132 million, or 7%, compared to $1.921 billion at December 31, 2020. Total loans increased by $36 million, or 3%, to $1.261 billion compared to $1.225 billion at the end of 2020. Total deposits increased by $122 million, or 8%, to $1.696 billion compared to $1.574 billion at the end of 2020.

Paul M. McCarthy, Chairman & CEO, said, "A lower appreciation of the Company's equity portfolio in 2021 was the primary reason for the decrease in consolidated earnings for the first nine 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
					9/30/21		12/31/20		Percent Change
	Total assets				$2,053,507		$1,921,322		7%
	Total loans, net				1,246,072		1,210,463		3%
	Total deposits				1,696,070		1,573,794		8­­%
	Total stockholders' equity				186,275		184,035		1%
	Shares outstanding				4,369,746		4,394,574		-1%
	Book value per share				$42.63		$41.88		2%
	Tangible book value per share				$34.54		$33.83		2%
Operating Results
					9 Months Ended September 30,				Percent Change
					2021		2020
	Net interest income				$39,357		$38,452		2%
	Provision for loan losses				1,176		2,753		-57%
	Realized securities gains, net				1,704		241		*
	Unrealized holding gains on equity securities and ETFs				2,774		11,494		-76%
	Other income				13,679		13,400		2%
	Other expense				41,144		41,789		-2%
	Income tax expense				3,559		4,842		-26%
	Net income				11,635		14,203		-18%
	Basic earnings per share				$2.65		$3.23		-18%
	Weighted average shares outstanding				4,395,442		4,400,099		0%
	Cash dividends declared per share				$0.81		$0.78		4%
	Comprehensive income				$6,709		$18,412		-64%
	* 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-third-quarter-2021-results-301404578.html

SOURCE Marquette National Corporation

FAQ

What was Marquette National Corporation's net income for the first nine months of 2021?

Marquette National Corporation reported a net income of $11.6 million for the first nine months of 2021.

How much did Marquette National Corporation's earnings per share decline in 2021?

Earnings per share declined by 18% to $2.65 in 2021.

What is the current total assets of Marquette National Corporation as of September 30, 2021?

As of September 30, 2021, Marquette National Corporation's total assets were $2.053 billion.

What percentage increase did Marquette National Corporation see in total deposits?

Total deposits increased by 8% to $1.696 billion compared to the end of 2020.

What were the unrealized holding gains on equity securities for Marquette National Corporation in 2021?

Unrealized holding gains on equity securities fell by 76% to $2.774 million in 2021.