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10 Bank Acquisition Targets

Company Profile

Shares of Bank Mutual Corporation (BKMU - Get Report) of Milwaukee closed at $5.23 Wednesday, down 23% for 2010.

Income Statement

The company reported net income of $731 thousand or 5 cents a share for the second quarter, down from $2.1 million or 2 cents a share for the first quarter and $3.8 million or 8 cents a share during the second quarter of 2009, as low interest rates, weak loan demand and an increase in problem loans took their toll. The company's net interest margin has narrowed for six consecutive quarters.

Balance Sheet

Bank Mutual Corp. is not a TARP participant. The company had $3.5 billion in total assets as of June 30 and was strongly capitalized with main thrift subsidiary Bank Mutual reporting a tier 1 leverage ratio of 9.85% and a total risk-based capital ratio of 21.84%.

The nonperforming assets ratio for the thrift subsidiary was 2.25% as of June 30, rising from 1.31% a year earlier, although actual loan losses have been very low over the past year.

Stock Ratios

The shares traded for 0.7 times tangible book value as of Wednesday's close.

Analyst Ratings

Just two analysts cover Bank Mutual Corp. and both have hold ratings on the shares. While Bank Mutual Corp. is clearly a healthy company, its business model suffers in a prolonged period of low interest rates, and it's conceivable that the company's investors and board of directors could decide to throw in the towel at some point and salve returns by selling the company.

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