Bank Mutual Corp. reports 35% net income increase in 2Q

Daily News Staff

July 17, 2014

BROWN DEER — Bank Mutual Corp. said its second-quarter net income increased 35 percent, according to a company statement.

Bank Mutual Corp., the Brown Deer-based parent company of Bank Mutual banks, said net income increased to $3.6 million, or eight cents per share, compared with $2.6 million, or six cents, in last year’s second quarter.

“Our net interest margin increased to 3.32 percent in the second quarter, which was another record for the bank," said David A. Baumgarten, president and chief executive. "This improvement, together with other favorable trends in our financial condition and operating results, pushed earnings in the second quarter to the highest level in nearly five years."

Bank Mutual’s net income was $6.4 million, or 14 cents per share, in the first six months of 2014, according to the company.