Marquette National Corporation (OTCQX: MNAT) has announced a significant increase in its quarterly dividend, reflecting the company’s strong financial performance and commitment to returning value to shareholders. The Board of Directors has declared a cash dividend of $0.31 per share, marking a 10.7% rise from the previous quarter’s dividend rate. This dividend will be payable on April 1, 2025, to shareholders on record as of March 14, 2025. As of the end of 2024, Marquette had approximately 4.37 million shares outstanding.
In addition to the dividend increase, Marquette’s Board has authorized a stock repurchase program, allowing the company to buy back up to $1 million of its common stock at prevailing market prices. This program is set to run through December 31, 2025, and is part of Marquette’s strategy to enhance shareholder value while maintaining a robust capital position.
Marquette National Corporation operates as a diversified bank holding company with total assets amounting to $2.2 billion. Its banking subsidiary, Marquette Bank, is a full-service community bank that caters to the financial needs of customers across the Chicagoland area. The bank offers a comprehensive range of services, including retail banking, real estate lending, trust services, insurance, investments, wealth management, and business banking. Marquette Bank operates 20 branches strategically located throughout Chicago and its suburbs.
The recent announcements come on the heels of positive financial results reported by Marquette National Corporation for the third quarter of 2024. The company achieved a net income of $14.2 million for the first nine months of the year, an increase from $12.3 million during the same period in 2023. Earnings per share also saw growth, rising to $3.25 from $2.81 year-over-year.
Total assets increased by 3% to $2.199 billion, while total deposits grew by 1% to $1.724 billion. However, total loans decreased by $19 million to $1.391 billion during this period. The growth in net income was primarily driven by higher realized and unrealized gains in the company’s equity portfolio, although this was partially offset by declines in net interest income and an increase in provisions for credit losses.
Marquette National Corporation’s decision to increase dividends and initiate a stock buyback program underscores its focus on delivering consistent returns to shareholders while navigating market challenges effectively. Paul M. McCarthy, Chairman and CEO of Marquette National Corporation, highlighted that the improved earnings were primarily due to gains in the equity portfolio despite some pressure on net interest income.
The combination of a higher dividend payout and stock repurchase initiative demonstrates Marquette’s commitment to enhancing shareholder value while ensuring it remains well-capitalized for future growth opportunities, with the outlook to continue to strengthen its financial position and expand its service offerings within the community banking sector.