Brown Deer-based Bank Mutual Corp. reported fourth quarter net income of $2.3 million, or 5 cents per share, up from $1.4 million, or 3 cents per share, in the same period a year ago.
For the full year, Bank Mutual reported net income of $6.8 million, 15 cents per share, compared with a net loss of $47.6 million or $1.03 per share, in 2011.
The loss in 2011 was primarily caused by a $52.6 million non-cash goodwill impairment in the second quarter of that year.
Bank Mutual also announced that its non-performing assets declined to $39.8 million or 1.64 percent of total assets as of Dec. 31, 2012.
Michael Crowley Jr., chairman and chief executive officer of Bank Mutual, said, “Our quarterly earnings continued to improve as we have stayed on course with strategies to enhance our earning asset mix and our funding mix. Confidence in our recent earnings trend enabled us to increase our dividend to shareholders to two cents per share during the fourth quarter.”
David Baumgarten, president of Bank Mutual, said, “With asset quality concerns continuing to diminish, our attention will be even more focused on the strategies necessary to increase our revenue and control our expenses.”