Bank Mutual reports flat profit

Published July 18, 2008 - BizTimes Daily

Brown Deer-based Bank Mutual Corp. reported net income of $4.3 million, or 9 cents diluted earnings per share, for the second quarter, compared to $4.6 million, or 8 cents diluted earnings per share, for the second quarter of 2007.
The company's earnings for the first six months of the year were $9.3 million, or 19 cents diluted earnings per share, compared to $9.3 million or 16 cents diluted earnings per share during the first half of 2007.
Net income decreased for the second quarter primarily as a result of net investment losses of $1.1 million and a net gain of $585,000 on the sale of undeveloped land in 2007 with no comparable gain in 2008, the company said.
"Although the current volatility in financial markets is challenging, we believe our asset quality, capital strength, liquidity and cost efficiency provides us with an operating edge over our competitors," said Michael T. Crowley Jr., chairman, president and CEO of Bank Mutual. "Specifically, our policy to not originate sub-prime loans allows us to better weather the effects of the weakening economic conditions that are reported in the daily headlines. We are also pleased to see improvement our net interest margin."

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Bank Mutual reports flat profit

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