Bank Mutual Corporation (NASDAQ Global Select Market® : BKMU) reported net income of $1.6 million or $0.03 per diluted share for the three months ended September 30, 2008, compared to $3.7 million or $0.07 per diluted share for the same period in 2007. Earnings in the most recent quarter were impacted by a $2.3 million impairment loss on a mutual fund that invests in mortgage-related securities, a $1.4 million impairment loss related to Federal Home Loan Mortgage Corporation (“Freddie Mac”) common stock, and a $1.0 million loss provision related to a loan secured by a completed condominium development project. The after-tax impact of these developments was approximately $3.1 million or $0.06 per diluted share.
Bank Mutual Corporation also announced net income of $11.0 million or $0.23 per diluted share for the nine months ended September 30, 2008, compared to $13.0 million or $0.23 per diluted share for the same period in 2007. The earnings comparison between these periods was impacted by the developments described in the previous paragraph, as well as an additional impairment loss of $2.1 million in the second quarter of 2008 on the mutual fund mentioned above ($1.4 million or $0.03 per diluted share after income taxes). read more
Source:http://www.istockanalyst.com/article/viewiStockNews+articleid_2714178.html
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.
Bank Mutual Corporation Reports Earnings for the Third Quarter of 2008 and Nine Months Ended September 30, 2008
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