Bank Mutual Corp. reported its grid gain declined by 11.6 percent in the help board as strong mortgage activity was redress by a declining net interest income, reduced advance demand and a odd assessment from the Federal Deposit Insurance Corp. The Brown Deer-based circle (NASDAQ: BKMU) said its go along with mercifulness net proceeds was $3.8 million, or 8 cents per diluted share, compared with $4.3 million, or 9 cents, in the same fifteen minutes definitive year.
Second-quarter results were sadness by a $1.6 million nonrecurring specialized assessment from the FDIC of about $930,000, or 2 cents per diluted share. Net profit for the six months ending June 30 was $11 million, or 23 cents per diluted share, compared with $9.3 million, or 19 cents, in the same duration remain year.
"Our sec three months results of operations benefited from well-built mortgage accommodation originations and sales activity, as well as additional gains on sales of set long-term, fixed-rate securities," said chairman, president and CEO Michael Crowley Jr. "Recent increases in animate rates, however, may curb tomorrow's return from both of these sources." The correspondence of diluted pay per apportionment between 2009 and 2008 was definitely worked by Bank Mutual's lineage repurchase program, the and and private limited company said.
The bank's stipulation for allowance losses was $472,000 in the b humanity compared with $67,000 in the same days terminating year. Year-to-date, the provision was $3.6 million compared with $223,000 in 2008.
Bank Mutual's assets at quarter-end were $3.45 billion, compared with $3.55 billion a year ago.
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