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Camco Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 14, 2012 04:30PM

Camco Financial Corp. (CAFI) filed Quarterly Report for the period ended 2012-06-30. Camco Financial Corp. has a market cap of $15.5 million; its shares were traded at around $2.07 with a P/E ratio of 8 and P/S ratio of 0.4.



Highlight of Business Operations:

Proceeds from sales of investment securities during the six months ended June 30, 2012, totaled $8,000, resulting in gross realized gains of $1,000, and for the year ended December 31, 2011, proceeds from sales totaled $27.2 million, resulting in gross realized gains of $1.3 million.

Camco recognized net earnings for the six months ended June 30, 2012, of $895,000, an increase of $1.7 million, or 210.4%, from the net loss of $811,000 reported in the comparable 2011 period. On a per share basis, the net earnings during the first half of 2012 were $0.12, compared to $(0.11) per share in the first half of 2011. The increase in earnings was primarily attributable to increased gain on sale of loans, decreased REO expense and loan expenses coupled with a decrease in provision for losses on loans. This was offset partially by decreased gain on sale of investments.

Net interest income totaled $12.1 million for the six months ended June 30, 2012, a decrease of $944,000 or 7.2%, compared to the six month period ended June 30, 2011, generally reflecting the effects of a $13.4 million decrease in the average balance of interest earning assets coupled with the decrease of average yield on earning assets of 57 basis points. This was partially offset by a $38.8 million decrease in interest-bearing liabilities and a decrease of 33 basis points related to the cost of funding. Due to these changes, the net interest margin decreased 20 basis points to 3.42% in 2012 compared to 3.62% in 2011.

Camco’s net earnings for the three months ended June 30, 2012, totaled $482,000, an increase of $1.9 million, from the net loss of $1.5 million reported in the comparable 2011 period. On a per share basis, the net earnings for the three months ended 2012 were $0.06, compared to a loss of $(0.20) per share in the three months of 2011. The increase in earnings was primarily attributable to decreased provision recorded for losses on loans, coupled with increased gain on sale of loans and decreased real estate owned and other expenses which was offset by decreased net interest income.

Net interest income totaled $5.9 million for the three months ended June 30, 2012, a decrease of $523,000 or 8.1%, compared to the three months period ended June 30, 2011, generally reflecting the effects of a decrease in the average yield on earning assets of 62 basis points coupled with the decrease of a $3.1 million in average balance of interest earning assets. This was partially offset by a $25.2 million decrease in interest-bearing liabilities and a decrease of 32 basis points related to the cost of funding. Due to these changes the net interest margin decreased 28 basis points to 3.33% in 2012 compared to 3.61% of 2011.

Read the The complete Report



Stocks Discussed: CAFI,
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