BROWN DEER – Bank Mutual Corp. said its earnings
rose 11.7 percent in the first quarter, while net
interest income increased and some expenses
The Brown Deer-based company posted net income of
more than $2.8 million, or 6 cents a share, up from
more than $2.5 million, or 5 cents, a year earlier.
Bank Mutual's net interest income increased by
$962,000, or 5.9 percent, for the three months ended
March 31 from a year ago, according to a company
statement. Compensation-related costs dropped 10.8
"Our net interest margin improved for the seventh
straight quarter due to continued improvements in
our earning asset and funding mixes," said David A.
Baumgarten, president and chief executive. "Also
impressive was a nearly 12 percent decline in our
total non-interest expense to a level that we
believe we can sustain through the remaining
quarters of 2014."