Marquette National Corporation Reports First Quarter 2024 Results


CHICAGO, April 26, 2024 (GLOBE NEWSWIRE) -- Marquette National Corporation (OTCQX: MNAT) today reported net income of $8.5 million for the quarter ended March 31, 2024, compared to net income of $7.4 million for the first three months of 2023. Earnings per share for the first three months of 2024 were $1.93, as compared to income of $1.70 per share for the comparable period in 2023.

At March 31, 2024, total assets were $2.163 billion, an increase of $21 million, or 1%, compared to $2.142 billion at December 31, 2023. Total loans increased by $9 million, or 1%, to $1.434 billion compared to $1.425 billion at the end of 2023. Total deposits increased by $13 million, or 1%, to $1.723 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.”

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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 StatementsThis 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
(in thousands, except share and per share data)
Balance Sheet      
  3/31/24 12/31/23 PercentChange
Total assets $2,162,790 $2,142,039  1%
Total loans, net  1,419,779  1,410,345           1%
Total deposits  1,723,041  1,709,750            1%
Total stockholders' equity 165,229  159,053  4%
Shares outstanding 4,381,112  4,381,162  0%
Book value per share$37.71 $36.30  4%
Tangible book value per share$29.65 $28.24  5%
Operating Results      
 Three Months Ended March 31, PercentChange
 2024 2023  
Net Interest income$11,025 $13,327  -17%
Provision for credit losses 200  22  809%
Realized securities gains (loss), net 215  (32)  *
Unrealized holding gains on equity securities and ETFs 9,860  6,494  52%
Other income 4,331  3,734  16%
Other expense 13,835  13,421  3%
Income tax expense 2,930  2,667  10%
Net income 8,466  7,413  14%
Basic earnings per share$1.93 $1.70          14%
Weighted average shares outstanding 4,381,148  4,358,435   *
Cash dividends declared per share$0.28 $0.28  0%
Comprehensive income$7,404 $12,097  -39%
* Not meaningful      

For more information:Patrick HuntEVP &

Source: Marquette Bank

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