Camco Financial Corp. (CAFI, Financial) filed Quarterly Report for the period ended 2009-03-31.
Camco Financial Corporation is a multiple savings and loan holding company concentrating in community banking mortgage banking and title services. Camco Financial Corp. has a market cap of $24.26 million; its shares were traded at around $3.39 with and P/S ratio of 0.38. The dividend yield of Camco Financial Corp. stocks is 1.18%.
Loans receivable, including loans held for sale, totaled $727.9 million at March 31, 2009, a decrease of $30.9 million, or 4.1%, from December 31, 2008. The decrease resulted primarily from principal repayments of $75.0 million and loan sales of $26.0 million which were partially offset by loan disbursements totaling $72.9 million. The volume of loans originated for sale in the secondary market during the first three months of 2009 increased compared to the 2008 period by $16.9 million, or 150.1%. In conjunction with increased originations the volume of loan sales increased by $13.0 million or 100.5% year to year. While we have seen a slight increase in prepayments on residential mortgage loans, our ability to originate new residential mortgage loans has been improved by the decrease in rates and refinancing of 1-4 family residential homes.
The allowance for loan losses totaled $15.9 million and $15.7 million at March 31, 2009, and December 31, 2008, representing 27.3% and 29.4% of nonperforming loans, respectively, at those dates. Nonperforming loans (loans with three payments or more delinquent plus nonaccrual loans) totaled $58.0 million and $53.5 million at March 31, 2009 and December 31, 2008, respectively, constituting 7.9% and 7.1% of total net loans, including loans held for sale, at those dates. Net charge-offs totaled $535,000 for the first quarter of 2009.
Advances from the FHLB and other borrowings totaled $158.6 million at March 31, 2009, a decrease of $25.3 million, or 13.7%, from the total at December 31, 2008. The decrease in borrowings was primarily due to the decrease in FHLB advances of $38.2 million as we continue to reduce borrowings as a result of the net decrease in the loan portfolio. We have also issued brokered deposits to reduce our outstanding borrowings with the FHLB. See Liquidity and Capital Resources for further discussion on our borrowings position.
Stockholders equity totaled $72.3 million at March 31, 2009, an increase of $562,000, or 0.8%, from December 31, 2008. The increase resulted primarily from net earnings of $235,000, 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 $220,000. These increases were offset partially by dividends of $71,600.
Camcos net earnings for the three months ended March 31, 2009, totaled $235,000, an increase of $1.2 million, from the net loss of $1.0 million reported in the comparable 2008 period. On a per share basis, the net earnings during the first quarter of 2009 were $0.03, compared to loss of $.14 per share in the first quarter of 2008. The increase in earnings was primarily attributable to a decrease in the provision for losses on loans of $1.7 million, before the effect of federal income taxes.
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Camco Financial Corporation is a multiple savings and loan holding company concentrating in community banking mortgage banking and title services. Camco Financial Corp. has a market cap of $24.26 million; its shares were traded at around $3.39 with and P/S ratio of 0.38. The dividend yield of Camco Financial Corp. stocks is 1.18%.
Highlight of Business Operations:
As of March 31, 2009 securities totaled $95.5 million, a decrease of $3.3 million, or 3.3%, from December 31, 2008, due to principal repayments of $15.1 million offset partially by purchases totaling $11.5 million and the increase in the fair value of securities available for sale of $334,000 for the three-month period ended March 31, 2009. Purchases were comprised of intermediate-term callable notes and mortgage-backed securities issued by U.S. Government sponsored enterprises with an average yield of 2.0%. All of the securities purchased were classified as available for sale.Loans receivable, including loans held for sale, totaled $727.9 million at March 31, 2009, a decrease of $30.9 million, or 4.1%, from December 31, 2008. The decrease resulted primarily from principal repayments of $75.0 million and loan sales of $26.0 million which were partially offset by loan disbursements totaling $72.9 million. The volume of loans originated for sale in the secondary market during the first three months of 2009 increased compared to the 2008 period by $16.9 million, or 150.1%. In conjunction with increased originations the volume of loan sales increased by $13.0 million or 100.5% year to year. While we have seen a slight increase in prepayments on residential mortgage loans, our ability to originate new residential mortgage loans has been improved by the decrease in rates and refinancing of 1-4 family residential homes.
The allowance for loan losses totaled $15.9 million and $15.7 million at March 31, 2009, and December 31, 2008, representing 27.3% and 29.4% of nonperforming loans, respectively, at those dates. Nonperforming loans (loans with three payments or more delinquent plus nonaccrual loans) totaled $58.0 million and $53.5 million at March 31, 2009 and December 31, 2008, respectively, constituting 7.9% and 7.1% of total net loans, including loans held for sale, at those dates. Net charge-offs totaled $535,000 for the first quarter of 2009.
Advances from the FHLB and other borrowings totaled $158.6 million at March 31, 2009, a decrease of $25.3 million, or 13.7%, from the total at December 31, 2008. The decrease in borrowings was primarily due to the decrease in FHLB advances of $38.2 million as we continue to reduce borrowings as a result of the net decrease in the loan portfolio. We have also issued brokered deposits to reduce our outstanding borrowings with the FHLB. See Liquidity and Capital Resources for further discussion on our borrowings position.
Stockholders equity totaled $72.3 million at March 31, 2009, an increase of $562,000, or 0.8%, from December 31, 2008. The increase resulted primarily from net earnings of $235,000, 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 $220,000. These increases were offset partially by dividends of $71,600.
Camcos net earnings for the three months ended March 31, 2009, totaled $235,000, an increase of $1.2 million, from the net loss of $1.0 million reported in the comparable 2008 period. On a per share basis, the net earnings during the first quarter of 2009 were $0.03, compared to loss of $.14 per share in the first quarter of 2008. The increase in earnings was primarily attributable to a decrease in the provision for losses on loans of $1.7 million, before the effect of federal income taxes.
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