Camco Financial Corp. (CAFI, Financial) filed Quarterly Report for the period ended 2009-09-30.
Camco Financial Corp. has a market cap of $14.24 million; its shares were traded at around $1.9901 with and P/S ratio of 0.23.
Securities totaled $63.1 million at September 30, 2009, a decrease of $35.7 million, or 36.1%, from December 31, 2008. The decrease was attributable to principal repayments totaling $60.2 million offset partially by the purchases of $24.0 million of securities and a $448,000 decrease in the fair market value of securities available for sale for the nine-month period ended September 30, 2009. The yield on agencies purchased during the nine month period was 1.49%. No purchases were made in the three months ended September 30, 2009.
Loans receivable net, including loans held for sale, totaled $686.6 million at September 30, 2009, a decrease of $72.2 million, or 9.5%, from December 31, 2008. The decrease resulted primarily from principal repayments of $154.7 million and loan sales of $91.9 million which were partially offset by loan disbursements and purchases totaling $184.2 million. The volume of loans originated and purchased during the nine months of 2009 decreased compared to the same 2008 period by $10.7 million, or 5.5%, while the volume of loan sales increased by $55.1 million, or 149.7%, period to period. The decrease in outstanding loans during the nine months ended September 30, 2009 occurred primarily in our retail residential mortgage loan portfolio. While we have seen slight increases in prepayments on residential mortgage loans, our ability to produce new portfolio residential mortgage loans has been significantly impaired by the housing market, with new and existing home sales declining coupled with customers preference toward fixed rate loans which we have historically sold and serviced.
The allowance for loan losses totaled $12.5 million and $15.7 million at September 30, 2009 and December 31, 2008, respectively, representing 23.9% and 29.4% of nonperforming loans, respectively, at those dates. Nonperforming loans (90 days or more delinquent plus nonaccrual loans) totaled $51.9 million and $53.5 million at September 30, 2009 and December 31, 2008, respectively, constituting 7.61% and 7.05% of total net loans, including loans held for sale, at those dates. Net charge-offs totaled $5.1 million during the first nine months of 2009.
Stockholders equity totaled $72.6 million at September 30, 2009, an increase of $898,000, or 1.3%, from December 31, 2008. The majority of the increase resulted from net earnings of $591,000, coupled with entries relating to FAS 123R stock options and increased value of unrealized gains which were offset partially by dividends of $143,000.
Camcos net earnings for the nine months ended September 30, 2009, totaled $591,000, an increase of $152,000, or 34.6%, from the $439,000 of net earnings reported in the comparable 2008 period. Earnings per share totaled $0.08 and $0.06 in 2009 and 2008, respectively. The increase in earnings was primarily attributable to a decrease in the provision for losses on loans of $1.9 million and an increase in other income of $899,000. These were partially offset by a decrease in net interest income of $1.7 million and an increase of $533,000 in general administrative and other expenses.
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Camco Financial Corp. has a market cap of $14.24 million; its shares were traded at around $1.9901 with and P/S ratio of 0.23.
Highlight of Business Operations:
Cash and interest-bearing deposits in other financial institutions totaled $58.2 million at September 30, 2009, an increase of $6.0 million, or 11.4%, from December 31, 2008. As noted in our annual report for fiscal year 2008, we continue to improve our liquidity position by reducing borrowings and brokered deposits and will continue to utilize excess cash to reduce borrowings and deploy into loans and investment securities in the remainder of 2009. We also have seen a decrease of $53.6 million, or 7.4%, in deposits, primarily in higher yielding certificates of deposits and public funds. We continue to price certificates of deposit specials in a manner that retains core customers rather than attracting interest rate sensitive certificate of deposit customers. Additionally, we continue to focus our commercial efforts into core banking relationships by establishing depository accounts with our lending customers.Securities totaled $63.1 million at September 30, 2009, a decrease of $35.7 million, or 36.1%, from December 31, 2008. The decrease was attributable to principal repayments totaling $60.2 million offset partially by the purchases of $24.0 million of securities and a $448,000 decrease in the fair market value of securities available for sale for the nine-month period ended September 30, 2009. The yield on agencies purchased during the nine month period was 1.49%. No purchases were made in the three months ended September 30, 2009.
Loans receivable net, including loans held for sale, totaled $686.6 million at September 30, 2009, a decrease of $72.2 million, or 9.5%, from December 31, 2008. The decrease resulted primarily from principal repayments of $154.7 million and loan sales of $91.9 million which were partially offset by loan disbursements and purchases totaling $184.2 million. The volume of loans originated and purchased during the nine months of 2009 decreased compared to the same 2008 period by $10.7 million, or 5.5%, while the volume of loan sales increased by $55.1 million, or 149.7%, period to period. The decrease in outstanding loans during the nine months ended September 30, 2009 occurred primarily in our retail residential mortgage loan portfolio. While we have seen slight increases in prepayments on residential mortgage loans, our ability to produce new portfolio residential mortgage loans has been significantly impaired by the housing market, with new and existing home sales declining coupled with customers preference toward fixed rate loans which we have historically sold and serviced.
The allowance for loan losses totaled $12.5 million and $15.7 million at September 30, 2009 and December 31, 2008, respectively, representing 23.9% and 29.4% of nonperforming loans, respectively, at those dates. Nonperforming loans (90 days or more delinquent plus nonaccrual loans) totaled $51.9 million and $53.5 million at September 30, 2009 and December 31, 2008, respectively, constituting 7.61% and 7.05% of total net loans, including loans held for sale, at those dates. Net charge-offs totaled $5.1 million during the first nine months of 2009.
Stockholders equity totaled $72.6 million at September 30, 2009, an increase of $898,000, or 1.3%, from December 31, 2008. The majority of the increase resulted from net earnings of $591,000, coupled with entries relating to FAS 123R stock options and increased value of unrealized gains which were offset partially by dividends of $143,000.
Camcos net earnings for the nine months ended September 30, 2009, totaled $591,000, an increase of $152,000, or 34.6%, from the $439,000 of net earnings reported in the comparable 2008 period. Earnings per share totaled $0.08 and $0.06 in 2009 and 2008, respectively. The increase in earnings was primarily attributable to a decrease in the provision for losses on loans of $1.9 million and an increase in other income of $899,000. These were partially offset by a decrease in net interest income of $1.7 million and an increase of $533,000 in general administrative and other expenses.
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