This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Camco Financial Announces Fourth Quarter And 2010 Year-End Results

Stocks in this article: CAFI

CAMBRIDGE, Ohio, Feb. 14, 2011 (GLOBE NEWSWIRE) -- Camco Financial Corporation (Nasdaq:CAFI), the bank services holding company for Advantage Bank, today announced fourth quarter financial results.

For the quarter ended December 31, 2010, the Company reported net earnings of $1.0 million, or $0.14 per share. The Company's year-to-date loss through December 31, 2010 is $14.6 million, or $2.02 per share as Camco has continued to concentrate on decreasing criticized, non-performing and delinquent loans, while increasing total loans. Loan loss reserves to total loans also increased from 2.38% to 2.46% at December 31, 2010.

"As we stated throughout 2010, our year-to-date loss is primarily due to high charge-offs, declines in real-estate owned (REO) home values, and expenses related to classified assets and the foreclosure processes, all of which are realities we've had to face and deal with to ensure stability for our shareholders moving forward," said James E. Huston, President and CEO. "We believe we have built momentum moving into 2011 through our fourth quarter income that was a result of strong gains on sales of mortgage loans in an environment of low interest rates and increased re-financing."

The Company's net interest margin increased 59 basis points to 3.50% for the year ending December 31, 2010 from 2.91% for the year ending December 31, 2009, and up 16 basis points to 3.75% for the quarter ended December 31, 2010 from 3.59% for the quarter ended September 30, 2010.

"As we begin a new year, we are looking forward…with a focus on ensuring we continue to provide excellent customer service and a wide array of financial products for our customers. Simultaneously, we believe we are concentrating on areas that will provide ongoing opportunities for strength and growth," Huston said.

Review of Financial Performance

Overview:

For the quarter ended December 31, 2010, the Company reported net earnings of $1.0 million, or $0.14 per share compared to a net loss of $11.8 million, or $1.64 per share for the same period a year ago. Net loss for the fiscal year ended December 31, 2010 was $14.6 million, or $2.02 per share, compared to net loss of $11.2 million, or $1.56 per share for the fiscal year ended December 31, 2009.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs