Marquette National Corporation Reports Third Quarter 2023 Results

Rhea-AI Summary

Marquette National Corporation reports year-to-date net income of $12.3 million, compared to a net loss of $6.8 million in the same period last year. Earnings per share for the first nine months of 2023 were $2.81, compared to a loss of $1.55 per share in 2022. Total assets increased by $38 million to $2.121 billion, total loans increased by $8 million to $1.420 billion, and total deposits increased by $27 million to $1.715 billion. The subsidiary bank's earnings were positive, but negatively impacted by a $1.1 million asset write-down upon the closure of a branch and pressure on net interest income due to increased interest rates.

Positive

• Year-to-date net income of $12.3 million, compared to a net loss of $6.8 million in 2022
• Earnings per share for the first nine months of 2023 were $2.81, compared to a loss of $1.55 per share in 2022
• Total assets increased by $38 million to $2.121 billion
• Total loans increased by $8 million to $1.420 billion
• Total deposits increased by $27 million to $1.715 billion

Negative

• A $1.1 million pretax asset write-down recorded upon the closure of a branch
• Pressure on net interest income due to increased interest rates

CHICAGO, Oct. 31, 2023 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported year-to-date net income of $12.3 million compared to a net loss of $6.8 million for the first nine months of 2022. Earnings per share for the first nine months of 2023 were $2.81, as compared to a loss of $1.55 per share for the comparable period in 2022.

At September 30, 2023, total assets were $2.121 billion, an increase of $38 million, or 2%, compared to $2.083 billion at December 31, 2022. Total loans increased by $8 million, or 1%, to $1.420 billion compared to $1.412 billion at the end of 2022. Total deposits increased by $27 million, or 2%, to $1.715 billion compared to $1.689 billion at the end of 2022. 

Paul M. McCarthy, Chairman & CEO, said, "The primary reason for the increase in consolidated earnings was a higher level of unrealized gains on the Company's equity portfolio in 2023. The subsidiary Bank's earnings year-to-date were positive, but were negatively impacted by a $1.1 million pretax asset write-down recorded upon the closure of our former Romeoville, Illinois branch in the 2^nd quarter of 2023 and the continued pressure on net interest income resulting from the significant increase in interest rates over the last 18 months."

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 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, 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; (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
					9/30/23		12/31/22				Percent     Change
	Total assets				$2,121,428		$2,083,449					2 %
	Total loans, net				1,419,809		1,411,892					1 %
	Total deposits				1,715,452		1,688,939					2 %
	Total stockholders' equity				144,301		139,042					4 %
	Shares outstanding				4,377,065		4,355,375					0 %
	Book value per share				$32.97		$31.92					3 %
	Tangible book value per share				$24.89		$23.81					5 %
Operating Results
					Nine Months Ended September 30,								Percent Change
					2023		2022
	Net Interest income				$37,447		$42,167					-11 %
	Provision for credit losses				627		1,826					-66 %
	Realized securities gains (loss), net				1,015		1,978					-49 %
	Unrealized holding gains (loss) on equity securities and exchange traded funds				8,531		(23,726)					*
	Other income				11,602		11,727					-1 %
	Other expense				41,620		40,947					2 %
	Income tax expense (benefit)				4,066		(3,861)					*
	Net income (loss)				12,282		(6,766)					*
	Basic earnings (loss) per share				$2.81		$(1.55)					*
	Weighted average shares outstanding				4,370,739		4,367,832					*
	Cash dividends declared per share				$0.84		$0.84					0 %
	Comprehensive income (loss)				$8,277		$(46,650)					*
	*   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-2023-results-301972057.html

SOURCE Marquette Bank

FAQ

What is the net income of Marquette National Corporation for the first nine months of 2023?

The net income for the first nine months of 2023 is $12.3 million.

What were the earnings per share for the first nine months of 2023?

The earnings per share for the first nine months of 2023 were $2.81.

What is the total assets of Marquette National Corporation as of September 30, 2023?

The total assets of Marquette National Corporation as of September 30, 2023, are $2.121 billion.

What is the total loans of Marquette National Corporation as of September 30, 2023?

The total loans of Marquette National Corporation as of September 30, 2023, are $1.420 billion.

What is the total deposits of Marquette National Corporation as of September 30, 2023?

The total deposits of Marquette National Corporation as of September 30, 2023, are $1.715 billion.

What impacted the subsidiary bank's earnings?

The subsidiary bank's earnings were impacted by a $1.1 million asset write-down upon the closure of a branch and pressure on net interest income due to increased interest rates.