Marquette National Corporation (OTCMKTS: MNAT) is in focus after reporting a net loss of $2.3 million for the quarter ending March 31, 2022, versus a net income of $2.4 million in Q1 2021.
Market Reaction
On Friday, MNAT stock fell 0.31% to $32.50 with more than 5.4K shares, compared to its average volume of 1.1K shares. The stock moved within a range of $32.50 – 32.56 after opening trade at $32.46.
Marquette National Corporation Reports First Quarter 2022 Results
The company’s earnings per share for the first quarter was a loss per share of $0.53 relative to earnings per share of $0.54 in the first quarter of 2021. At the end of the quarter, total assets were $2.094 billion, with total loans increasing by $37 million or 3% to around $1.301 billion relative to $1.264 billion at the end of last year.
Total deposits were up 1% or $14 million to $1.753 billion relative to $1.739 billion at the end of the fourth quarter in 2021. The company’s CEO and chairman said the main reason for the drop in the company’s consolidated earnings was the high rate of unrealized losses on Marquette’s equity portfolio in 2022. Therefore in the coming weeks, investors should keep an eye on MNAT.
Traders Review
MNAT stock is trading below the 20-Day and 50-Day Moving averages of $35.22 and $36.22 respectively. Moreover, the stock is trading below the 200-Day moving average of $36.67.
