Brown Deer-based Bank Mutual Corp. reported second quarter net income of $3.6 million, or 8 cents per share, flat from the second quarter of 2014.
The company attributed the results to higher compensation-related costs, lower net interest income, and higher occupancy, equipment and data processing costs. Net interest income was down by $440,000, or 2.5 percent, compared to the same period a year ago.
“Loan growth didn’t materialize for us in the second quarter as we had anticipated, which reduced our net interest income,” said Dave Baumgarten, president and chief executive officer. “This development was due in part to lower credit line usage and a number of loan payoffs by certain of our commercial borrowers, as well as a larger than expected amount of construction loans that went to permanent financing away from our bank. However, the good news is that our loan pipelines and unfunded construction commitments are as high as they’ve been in recent periods, so we continue to be optimistic about loan growth in the near term.”
Bank Mutual had total assets of $2.4 billion in the second quarter, up from $2.3 billion in the second quarter of 2014. The bank has 68 Wisconsin branches and one Minnesota branch.
