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CAMBRIDGE, Ohio, Aug. 6, 2010 (GLOBE NEWSWIRE) -- Camco Financial Corporation (Nasdaq:CAFI), the financial services holding company for Advantage Bank, reported positive results for the second time this year, with net earnings of $348,000 for the first half of 2010, compared to $237,000 net earnings reported for the first half of 2009.
"At the end of last year, we committed to our employees, customers, shareholders and local community that we would make the difficult and necessary decisions to get us back on track in 2010," said James E. Huston, president and CEO. "Despite continued difficult economic times throughout our region and nationwide, we have shown that we are willing to take the incremental steps necessary to fulfill that promise with an increase in net earnings and earnings per share over 2009."
Net earnings for the quarter ended June 30, 2010, were $219,000, or $0.03 per share, compared to net earnings of $2,000, or $0.00 per share, for the same quarter in 2009. Earnings per share for the six months ended June 30, 2010 and 2009, were $0.05 and $0.03, respectively. Assets totaled $844.4 million at June 30, 2010.
"We have chosen to diligently focus on our classified assets, and we have seen a decrease of $6.3 million since March 2010," said Huston. "Additionally, while loans declined slightly in the second quarter, total loans have increased $17.7 million since December, driven by $65.0 million in commercial loan originations. Total delinquencies have decreased by $2.1 million since December as well. Our attention to these critical areas of our business is paying off, and we will make every effort to continue this trend."
"We continue to focus on smart growth strategies, including adding high quality commercial loans to our portfolio, which is benefitting our net interest margin as well," said Huston. Net interest margin increased to 3.32% for the first half of 2010, from 2.91% as of December 31, 2009. "And, while we did see a dip in our total deposits to date by $7 million, this was primarily due to the decrease in wholesale certificates of deposit."