Marquette National Corporation Reports First Quarter 2021 Results

CHICAGO, April 21, 2021 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported net income of $2.4 million for the quarter ended March 31, 2021, compared to a net loss of $3.9 million for the first three months of 2020. Earnings per share for the first three months of 2021 were $0.54, as compared to loss of $0.89 per share for the same period in 2020.

At March 31, 2021, total assets were $1.982 billion, an increase of $61 million, or 3%, compared to $1.921 billion at December 31, 2020. Total loans increased by $39 million, or 3%, to $1.264 billion compared to $1.225 billion at the end of 2020. Total deposits increased by $66 million, or 4%, to $1.640 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 three 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
					03/31/21		12/31/20				Percent Change
	Total assets				$1,982,160		$1,921,322				3%
	Total loans, net				1,249,871		1,210,463				3%
	Total deposits				1,640,264		1,573,794				4%
	Total stockholders' equity				180,483		184,035				-2%
	Shares outstanding				4,404,584		4,394,574				0%
	Book value per share				$40.98		$41.88				-2%
	Tangible book value per share				$32.95		$33.83				-3%
Operating Results
					Three Months Ended March 31,						Percent Change
					2021		2020
	Net Interest income				$13,015		$12,482				4%
	Provision for loan losses				697		2,226				-69%
	Realized securities gains, net				931		136				*
	Unrealized holding losses on equity securities and ETFs				(1,590)		(5,430)				-71%
	Other income				4,976		4,030				23%
	Other expense				13,670		13,191				4%
	Income tax expense (benefit)				613		(260)				*
	Net income (loss)				2,352		(3,939)				*
	Basic earnings (loss) per share				$0.54		($0.89)				*
	Weighted average shares outstanding				4,393,066		4,413,194				0%
	Cash dividends declared per share				$0.27		$0.26				4%
	Comprehensive loss				($2,718)		($141)				*
	*   Not meaningful

 

 

 

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SOURCE Marquette National Corporation