Marquette National Corporation Reports 2023 Annual Results

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CHICAGO, Feb. 26, 2024 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX:MNAT) today reported net income of $16.12 million for the year ended December 31, 2023, compared to net loss of $2.96 million for the year ended December 31, 2022. The Company recorded earnings per share of $3.69 for 2023 as compared to a loss of $0.68 per share for the year ended December 31, 2022.

At December 31, 2023, total assets were $2.142 billion, an increase of $59 million, or 3%, compared to $2.083 billion at December 31, 2022. Total loans decreased by $2.6 million, to $1.425 billion compared to $1.427 billion at the end of 2022. Total deposits increased by $21 million, or 1%, to $1.710 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 $1.4 million pretax loss on the sale of securities in the 4th quarter of 2023, a $1.1 million pretax asset write-down recorded upon the closure of our former Romeoville, Illinois branch in the 2nd quarter of 2023 and the continued pressure on net interest income resulting from the significant increase in interest rates over the last 21 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.

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

Marquette National Corporation and Subsidiaries

Financial Highlights

(Unaudited)

(in thousands, except share and per share data)

 
 
 
 
 
 
 

 
 
 
 
 
 
 

Balance Sheet
 
 
 
 
 

 
 
12/31/23
 
12/31/22
 
Percent Change

 
 
 
 
 
 
 
 
 
 

 
Total assets
$
2,142,039
 
 
$
2,083,449
 
 
3
%

 
Total loans, net
 
1,410,345
 
 
 
1,411,892
 
 
         0
%

 
Total deposits
 
1,709,750
 
 
 
1,688,939
 
 


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