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Camco Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 17, 2010 04:19PM
Camco Financial Corp. (CAFI) filed Quarterly Report for the period ended 2010-03-31.
Highlight of Business Operations:
As of March 31, 2010 securities totaled $49.9 million, a decrease of $8.1 million, or 14.0%, from December 31, 2009, due to principal repayments and maturities of $8.2 million offset partially by the increase in the fair value of securities available for sale of $100,000 for the three-month period ended March 31, 2010. There were no purchases during the quarter as rates continued to be low and because cash was deployed into higher yielding assets such as loans.
Loans receivable, including loans held for sale, totaled $685.5 million at March 31, 2010, an increase of $26.0 million, or 4.0%, from December 31, 2009. The increase resulted primarily from loan disbursements totaling $83.5 million offset partially by principal repayments of $42.8 million and loan sales of $12.2 million. The volume of loans originated for sale in the secondary market during the first three months of 2010 decreased compared to the fourth quarter of 2009 by $14.9 million, or 52.8%. In conjunction with decreased originations the volume of loan sales decreased by $13.8 million or 53.2% year to year. While we have seen some decrease in prepayments on residential mortgage loans, our ability to originate 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 three-month period ended March 31, 2010, included $58.2 million of commercial loans, $20.4 million in loans secured by one- to four-family residential real estate and $4.9 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 $15.8 million and $16.1 million at March 31, 2010, and December 31, 2009, representing 36.5% and 44.2% of nonperforming loans, respectively, at those dates. Nonperforming loans (loans with three payments or more delinquent plus nonaccrual loans) totaled $43.3 million and $36.4 million at March 31, 2010 and December 31, 2009, respectively, constituting 6.18% and 5.40% of total net loans, including loans held for sale, at those dates. First quarter 2010 provision for loan losses was impacted by continued write downs in loan values on existing impaired loans. Net charge-offs totaled $1.2 million for the first quarter of 2010.
Stockholders equity totaled $60.9 million at March 31, 2010, an increase of $366,000, or .6%, from December 31, 2009. The increase resulted primarily from net earnings of $129,000, and falling interest rates improved the fair value of our investments securities, which resulted in an increase in unrealized gains on available for sale securities, net of tax, of $68,000.
Camcos net earnings for the three months ended March 31, 2010, totaled $129,000, a decrease of $106,000, from the net earnings of $235,000 reported in the comparable 2009 period. On a per share basis, the net earnings during the first quarter of 2010 were $.02, compared to $.03 per share in the first quarter of 2009. The decrease in earnings was primarily attributable to decreased other income and a decreased tax benefit.
Stocks Discussed: CAFI,