Marquette National Corporation Reports 2021 Annual Results

CHICAGO, Feb. 8, 2022 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported net income of $14.2 million for the year ended December 31, 2021, which was $9.6 million, or an 40% decrease from $23.8 million earned in 2020.  Earnings per share for the year decreased 40% to $3.23, as compared to $5.41 per share for the year ended December 31, 2020. The Company's 2021 return on average tangible equity was 9.5% compared to 17.5% in the prior year.

At December 31, 2021, total assets were $2.094 billion, an increase of $173 million, or 9%, compared to $1.921 billion at December 31, 2020. Total loans increased by $53 million, or 4%, to $1.278 billion compared to $1.225 billion at the end of 2020. Total deposits increased by $165 million, or 11%, to $1.739 billion compared to $1.574 billion at the end of 2020.

Paul M. McCarthy, Chairman & CEO, said, "the primary reason for the decrease in consolidated earnings was a lower appreciation of the Company's equity portfolio in 2021."

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 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.

For more information:
Patrick Hunt
EVP & CFO
708-364-9019
[email protected]

SOURCE Marquette National Corporation