Bank Mutual Corp. in Milwaukee reported a loss of $51.4 million for the second quarter, largely stemming from a $52.6 million goodwill impairment charge.
The large loss, which was reported late Friday, compares to earnings of $731,000 a year earlier. The loss continues a trend of bumpy results for the $2.5 billion-asset company; it reported earnings of $1 million in the first quarter, but booked a loss of $76.4 million in the fourth quarter caused by a balance-sheet restructuring.
Bank Mutual said in a press release that it took the goodwill charge because of a continued decline in its stock price and market capitalization.
Without the one-time charge, the company said it was encouraged by its results, which included net interest income of $16.1 million, up 30% from a year earlier.
The company also reduced its provision for loan losses to $805,000, down from $6.2 million a year earlier.
Noninterest income was $4.8 million, down 61% from a year earlier. Those results were skewed by a $6.6 million gain on the sale of investments in the second quarter 2010.