This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Camco Financial Announces Third Quarter Results, Adjusted Second Quarter Financials

CAMBRIDGE, Ohio, Oct. 29, 2010 (GLOBE NEWSWIRE) -- Camco Financial Corporation (Nasdaq:CAFI), the financial services holding company for Advantage Bank, announced third quarter financial results and adjusted second quarter financial results. Third quarter results ($11.6 million loss), and the revised second quarter results ($4.1 million loss) reflect a deterioration in the underlying collateral value of certain commercial and residential credits driven by the weak real estate market. The Company's year-to-date loss through September 30, 2010 is $15.6 million ($2.16 per share). The Company previously disclosed that it would be restating its second quarter financials in a Form 8-K that was filed with the Securities and Exchange Commission on October 27, 2010.

"While it is difficult to share this news, it is important to realize that we are not immune to the continued tough economic conditions and we are being upfront about the challenges we are facing," said James E. Huston, President and CEO. "This is part of the process of weathering the financial storms that we have all experienced over the last several years. We believe this difficult step will provide the necessary and critical foundation going forward."

"For example, our loan volume during third quarter 2010 was among the best quarters we have experienced since the beginning of the recession. We had $32 million in residential originations as of the end of third quarter, representing a 60 percent increase over second quarter and a 79 percent increase over the same quarter 2009," stated Mr. Huston.

Huston continued, "Lower mortgage rates have led to strong mortgage origination volume and increased gain on sale margins. In addition to traditional refinances, we have seen growth in this category based on specialty Fannie Mae and Freddie Mac refinance programs that assist borrowers who have experienced a decrease in their home equity."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs