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.