Bank Mutual Corp. reported net income in the fourth quarter of $6.2 million, 13 cents per share, up from $4.1 million, 8 cents per share, in the same period a year ago.
For the full year, the Milwaukee-based company's net income was $17.2 million, or 35 cents per share, up from $17.1 million, 31 cents per share, in 2007.
Michael Crowley Jr., chairman, president, and chief executive officer of Bank Mutual, said, "We are extremely pleased with our company's performance in 2008 in light of the tremendous upheaval in financial markets and the banking industry in general. Although our earnings for the full year are comparable to last year, our core results showed more improvement, led by a 6% rise in net interest income."
Crowley added, "Our performance in 2008 validates our company's long-standing commitment to conservative lending and investing, capital strength, and liquidity, which will enable us to continue to meet whatever challenges our industry may face in the near term."
The company's gains came despite a $6.9 million impairment loss on a mutual fund that invests in mortgage-related securities; a $1.4 million impairment loss related to Federal Home Loan Mortgage Corp. common stock; a $1.3 million loss provision on a loan secured by a completed condominium development project; and an $822,000 valuation allowance for impairment of mortgage servicing rights.
These developments were substantially offset by $7.2 million in gains on the sale of certain mortgage-related securities during the year.
Bank Mutual rises above financial industry meltdown
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