Bank Mutual earnings rise 11.7% in 1Q

Special to The Freeman

April 17, 2014

BROWN DEER Bank Mutual Corp. said its earnings rose 11.7 percent in the first quarter, while net interest income increased and some expenses decreased.

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 percent.

"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."