MILWAUKEE - Bank Mutual Corp. reported a 120-percent increase in first-quarter earnings.
Bank Mutual reported next income of $2.5 million, or 5 cents per share, compared to $1.2 million, or 3 cents per share, for the first quarter of 2012.
The company attributed the improvement to higher net interest income, higher net loan servicing fee revenue and lower net losses and expenses on foreclosed real estate.
"Strengthening our net interest margin is a high priority for us, which will offset expected declines in revenue from our mortgage banking operations as the year progresses, said President David Baumgarten, who is scheduled to become CEO in July.
Bank Mutual has $2.4 billion in assets and is the fourth-largest financial institution holding company headquartered in Wisconsin. It operates 75 banking locations in Wisconsin, including Brown County, and one in Minnesota.