Bank Mutualís income declines in third quarter

Freeman Staff

Oct. 14, 2015

MILWAUKEE ó Bank Mutual Corporation reported Wednesday its financial results for the third quarter which included a decline in income of $1.1 million when compared to the third quarter of 2014.

According to the release, Bank Mutual had a net income of $3.3 million or $0.07 per diluted share in the third quarter of 2015 compared $4.4 million or $0.09 per diluted share in the same quarter of 2014.  Year-to-date, Bank Mutual reported net income of $10.5 million or $0.22 per diluted share compared to $10.8 million or $0.23 per diluted share in the same nine-month period in 2014. 

Bank Mutual said the earnings in 2015 have been unfavorably affected by lower net interest income, lower income from bank-owned life insurance, higher compensation and benefits expense, higher occupancy, equipment, and data processing costs and higher advertising and marketing costs. Helping to compensate for the negatives were recoveries of loan losses, higher brokerage and insurance commissions, higher loan-related fees and net gains on real estate held for investment in the 2015 periods.

Additionally, the year-to-date period in 2015 benefited from higher mortgage banking revenue, lower net losses and expenses on foreclosed real estate, and lower legal and professional fees, as well as lower income taxes due in part to a non-recurring charge in the first quarter of 2014.