MNAT - Marquette National Corporation Reports Second Quarter 2020 Results
CHICAGO, July 27, 2020 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today reported year-to-date net income of $6.6 million compared to net income of $8.4 million for the first half of 2019. Earnings per share for the first six months of 2020 were $1.51, as compared to $1.90 for the same period in 2019.
At June 30, 2020, total assets were $1.823 billion, an increase of $153 million, or 9%, compared to $1.670 billion at December 31, 2019. Total loans increased by $31 million, or 3%, to $1.233 billion compared to $1.202 billion at the end of the prior year. Total deposits increased by $126 million, or 9%, to $1.500 billion compared to $1.374 billion at the end of 2019.
Paul M. McCarthy, Chairman & CEO, said, "a higher provision for loan losses and lower appreciation of the Company's equity portfolio in 2020 were the primary reasons for the decrease in consolidated earnings for the first six months of the year."
For further information on the current financial results, see the unaudited consolidated financial statements which are available at https://www.otcmarkets.com/stock/MNAT/disclosure.
Marquette National Corporation is a diversified bank 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 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 effects of the COVID-19 pandemic, including its potential effects on the economic environment, the Company's customers and its operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic;(ii) the strength of the local, state, national and international economies (including the impact of the 2020 presidential election and the impact of tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations); (iii) changes in accounting policies and practices (including as a result of the future implementation of the current expected credit loss (CECL) impairment standards, that will change how the Company estimates credit losses); (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 any future terrorist threats and attacks, and the response of the United States to any such threats and attacks; (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:
Paul Eckroth
EVP & CFO
708-364-9011
peckroth@emarquettebank.com
SOURCE Marquette National Corporation