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Camco Financial Corp. Reports Operating Results (10-Q/A)
Posted by: gurufocus (IP Logged)
Date: February 3, 2012 06:32PM
Camco Financial Corp. (CAFI) filed Amended Quarterly Report for the period ended 2011-06-30.
Highlight of Business Operations:Camcos net loss after tax for the three months ended June 30, 2011, is $1.5 million compared to earnings of $137,000. Loss per basic share for the second quarter of 2011 is $(.20), compared to the originally reported earnings per share of $.02. Due to the adjustments to the financial results for the second quarter of 2011, Camcos after tax net loss for the six months ended June 30, 2011, is $811,000 compared to net earnings of $789,000. Loss per basic share for the six months ended 2011 is $(.11), compared to the originally reported basic earnings per share of $.11.
Camcos net loss for the six months ended June 30, 2011, totaled $811,000, a decrease of $3.2 million, from the net loss of $4.0 million reported in the comparable 2010 period. On a per share basis, the net loss during the first half of 2011 was $(0.11), compared to $(0.55) per share in the first half of 2010. The increase in earnings was primarily attributable to decreased provision for losses on loans, increased gain on sale of investments which was offset partially by increased general, administrative and other expenses.
Camcos net loss for the three months ended June 30, 2011, totaled $1.5 million, an increase in earnings of $2.6 million, from the net loss of $4.1 million, reported in the comparable 2010 period. On a per share basis, the net loss during the second quarter of 2011 were $(0.20), compared to a loss of $(0.57) per share in the second quarter of 2010. The increase in earnings was primarily attributable to a decreased provision for loan and lease losses of $3.4 million. As previously stated the allowance for loan and lease losses totaled $18.4 million and $16.9 million at June 30, 2011 and December 31, 2010, representing 70.4% and 49.9% of nonperforming loans, respectively, at those dates.
Other income totaled $1.0 million for the three months ended June 30, 2011 a decrease of $574,000, or 35.8%, from the comparable 2010 period. The decrease in other income was primarily attributable to a $353,000, or 135.3% decrease in gain on sale of loans related to losses on three portfolio loans of $283,000, which was offset partially by our current year to date gain on the sale of or mortgage banking activity of $191,000, offset partially by normal residential fixed rate secondary market activity. This was coupled with the liquidation of Camco Title on March 31, 2011 and earnings related to the subsidiary in the previous period.
The Corporation has a net operating loss carryforward for tax purposes of approximately $1 million at June 30, 2011. This compares to a net operating loss carryforward of approximately $13.0 million at December 31, 2010. The net operating loss carryforward was substantially reduced during the six months ended June 30, 2011 as the Corporation generated approximately $12.0 million of taxable income during that period, primarily due to the redemption of the FHLB stock which resulted in taxable income of approximately $10.0 million. As the Corporation executes plans to return to profitability future earnings may benefit from the current operating loss carry-forwards.