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Camco Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 16, 2010 08:21PM
Camco Financial Corp. (CAFI) filed Quarterly Report for the period ended 2010-06-30. Camco Financial Corp. has a market cap of $15.78 million; its shares were traded at around $2.19 with and P/S ratio of 0.3.
Highlight of Business Operations:
For the six months ended June 30, 2010, Camco reported net earnings of $348,000 compared to $237,000 of net earnings reported for the first half of 2009. Earnings per share for the six months ended June 30, 2010 and 2009, were $0.05 and $0.03, respectively.
Cash and interest-bearing deposits in other financial institutions totaled $33.6 million at June 30, 2010, a decrease of $4.6 million, or 12.0%, from December 31, 2009. As noted in our annual report for fiscal year 2009, we have improved our liquidity position by reducing borrowings and will continue to utilize excess cash to reduce borrowings and originate new loans in the third quarter of 2010. However, additionally we have seen a decrease of $7.0 million, or 1.1%, in deposits which are primarily related to higher yielding wholesale certificates of deposits and public funds. We continue to price certificates of deposit specials and continue our efforts to retain our core customers. We have implemented a number of organizational and product development initiatives to increase commercial and small business checking accounts.
Securities totaled $41.1 million at June 30, 2010, a decrease of $16.9 million, or 29.1% from December 31, 2009. The decrease was attributable to principal repayments totaling $18.0 million offset partially by the purchases of $828,000 of securities for the six-month period ended June 30, 2010. Purchases were comprised of municipal bonds with an average yield of 4.26%. All of the securities purchased were classified as held to maturity.
Loans receivable, including loans held for sale, totaled $681.9 million at June 30, 2010, an increase of $22.4 million, or 3.4%, from December 31, 2009. The increase resulted primarily from loan disbursements totaling $129.4 million offset partially by principal repayments of $73.9 million and loan sales of $28.1 million. The volume of loans originated and purchased during the first six months of 2010 increased compared to the 2009 period by $1.7 million, or 1.3%, while the volume of loan sales decreased by $40.4 million, or 59.0%, period to period. The increase in outstanding loans during the six months ending June 30, 2010 occurred primarily in our commercial portfolios. While we have seen a slight increase in prepayments on residential mortgage loans, our ability to produce new residential mortgage loans has not been as strong as 2009. The reduction in residential real estate loan balances was intensified by the secondary market offering historically low long-term fixed rates during most of 2009, which resulted in significantly higher refinancing activity during that time period.
Loan originations during the six-month period ended June 30, 2010, included $77.1 million of commercial loans, $10.2 million in loans secured by one to four family residential real estate and $42.1 million in consumer and other loans. Our intent is to continue to service our communities in 1-4 family residential, consumer and commercial real estate lending in future periods.
The allowance for loan losses totaled $11.4 million and $16.1 million at June 30, 2010 and December 31, 2009, representing 26.6% and 44.2% of nonperforming loans, respectively, at those dates. Nonperforming loans (loans with three payments or more delinquent plus nonaccrual loans) totaled $42.6 million and $36.4 million at June 30, 2010 and December 31, 2009, respectively, constituting 6.15% and 5.40% of total loans receivable net, including loans held for sale, at those dates. Net charge-offs totaled $6.5 million for the first half of 2010.
Stocks Discussed: CAFI,