U.S. markets close in 5 hours 38 minutes
  • S&P 500

    4,273.57
    -31.63 (-0.73%)
     
  • Dow 30

    33,977.75
    -174.26 (-0.51%)
     
  • Nasdaq

    12,942.61
    -159.94 (-1.22%)
     
  • Russell 2000

    1,994.43
    -26.10 (-1.29%)
     
  • Crude Oil

    87.31
    +0.78 (+0.90%)
     
  • Gold

    1,782.80
    -6.90 (-0.39%)
     
  • Silver

    19.79
    -0.29 (-1.47%)
     
  • EUR/USD

    1.0183
    +0.0012 (+0.12%)
     
  • 10-Yr Bond

    2.8910
    +0.0670 (+2.37%)
     
  • GBP/USD

    1.2069
    -0.0025 (-0.21%)
     
  • USD/JPY

    135.2980
    +1.0830 (+0.81%)
     
  • BTC-USD

    23,430.98
    -383.79 (-1.61%)
     
  • CMC Crypto 200

    555.79
    -17.03 (-2.97%)
     
  • FTSE 100

    7,512.41
    -23.65 (-0.31%)
     
  • Nikkei 225

    29,222.77
    +353.86 (+1.23%)
     

Marquette National Corporation Reports Second Quarter 2022 Results

  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

CHICAGO, July 28, 2022 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported a year-to-date net loss of $8.6 million compared to net income of $9.9 million for the first six months of 2021. Earnings per share for the first six months of 2022 were a loss of $1.97 per share, as compared to income of $2.24 per share for the same period in 2021.

At June 30, 2022, total assets were $2.084 billion, a decrease of $10 million, or 1%, compared to $2.094 billion at December 31, 2021. Total loans increased by $44 million, or 3%, to $1.308 billion compared to $1.264 billion at the end of 2021. Total deposits increased by $26 million, or 2%, to $1.765 billion compared to $1.739 billion at the end of 2021.

Paul M. McCarthy, Chairman & CEO, said, "the subsidiary bank continued to perform well, with 2022 earnings similar to the comparable period in 2021. The primary reason for the decrease in consolidated earnings was a decline in the value of the parent 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











 

  06/30/22


 

     12/31/21


    Percent

    Change











Total assets


$2,083,604


$2,094,420


-1 %


Total loans, net


1,307,592


1,263,731


3 %


Total deposits


1,765,290


1,739,144


2 %


Total stockholders' equity

147,919


185,397


-20 %









Shares outstanding

4,363,674


4,373,071


0 %


Book value per share

$33.90


$42.40


-20 %


Tangible book value per share

$25.80


$34.31


-25 %















Operating Results









Six Months Ended June 30,


Percent

Change



2022


2021




Net Interest income

$27,778


$26,215


6 %


Provision for loan losses

1,185


733


62 %


Realized securities gains, net

2,722


2,089


30 %


Unrealized holding losses on equity securities and ETFs

(22,631)


3,578


*


Other income

7,737


9,241


-16 %


Other expense

27,281


27,359


0 %


Income tax expense (benefit)

(4,265)


3,173


*


Net income (loss)

(8,595)


9,858


            *









Basic earnings (loss) per share

($1.97)


$2.24


            *


Weighted average shares outstanding

4,372,628


4,398,493


                *









Cash dividends declared per share

$0.56


$0.54


4 %









Comprehensive income (loss)

($34,688)


$6,659


*










*   Not meaningful







 

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

 

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/marquette-national-corporation-reports-second-quarter-2022-results-301595743.html

SOURCE Marquette National Corporation