Marquette National Corporation Reports Second Quarter 2024 Results

CHICAGO, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Marquette National Corporation (OTCQX: MNAT) today reported year-to-date net income of $13.2 million compared to net income of $12.0 million for the first six months of 2023. Earnings per share for the first six months of 2024 were $3.02, as compared to income of $2.76 per share for the comparable period in 2023.

At June 30, 2024, total assets were $2.196 billion, an increase of $54 million, or 3%, compared to $2.142 billion at December 31, 2023. Total loans decreased by $2 million to $1.423 billion compared to $1.425 billion at the end of 2023. Total deposits increased by $39 million, or 2%, to $1.749 billion compared to $1.710 billion at the end of 2023.

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 2024. The increase in unrealized gains on the Company’s equity portfolio was partially offset by a decrease in net interest income and an increase in provision for credit losses.”

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.

For further information on financial results, visit: https://www.otcmarkets.com/stock/MNAT/disclosure.

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, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), 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, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the significant rate increases by the Federal Reserve since 2022); (vi) increased competition in the financial services sector (including from non-bank competitors such as credit unions and “fintech” companies) and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; (xi) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xii) fluctuations in the value of securities held in our securities portfolio; (xiii) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xiv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xv) the level of non-performing assets on our balance sheets; (xvi) interruptions involving our information technology and communications systems or third-party servicers; (xvii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xviii) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.. 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