MNAT - Marquette National Corporation Reports Record Annual Earnings

PR Newswire

CHICAGO , Feb. 1, 2021 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported net income of $23.8 million for the year ended December 31, 2020 , which was a $8.1 million , or a 51% increase over the $15.7 million earned in 2019. Earnings per common share for the year increased 52% to $5.41 , as compared to $3.56 for the year ended December 31, 2019 . The Company's 2020 return on average tangible equity was 17.5% compared to 13.0% in the prior year.

Total assets increased by $251 million , or 15%, to $1.921 billion at December 31, 2020 , as compared to $1.670 billion as of December 31, 2019 . Total loans increased by $23 million , or 2%, to $1.225 billion as compared to $1.202 billion at the end of the prior year. Total deposits increased by $200 million , or 15%, to $1.574 billion as compared to $1.374 billion at the end of 2019.

"Higher appreciation of the Company's equity portfolio in 2020 and an increase in mortgage banking revenue were the primary reasons for the increase in consolidated earnings for the year," said Paul M. McCarthy , Chairman & CEO.

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 20 branches located in Chicago , Bolingbrook , Bridgeview , Evergreen Park , Hickory Hills , Lemont , New Lenox , Oak Forest , Oak Lawn , Orland Park , Romeoville and Summit, 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:
Paul Eckroth
EVP & CFO
708-364-9011
peckroth@emarquettebank.com

SOURCE Marquette National Corporation