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CAMBRIDGE, Ohio, July 29, 2013 (GLOBE NEWSWIRE) -- Camco Financial Corporation (Nasdaq:CAFI), the bank holding company for Advantage Bank, today announced financial results for the three months ended June 30, 2013.
Net earnings were $6.2 million for the second quarter 2013, or $0.42 per diluted share, compared to $0.5 million, or $0.06 per diluted share, for the same period last year. The second quarter 2013 results included the recognition of $5.9 million in deferred tax assets and the disposal of the largest real estate owned (REO) property at a loss of approximately $400,000, including all expenses, while the second quarter 2012 results included a $62,000 tax benefit. There were 14,718,045 diluted shares outstanding at June 30, 2013 versus 7,481,854 on the same date last year. The year-over-year increase in the number of diluted shares outstanding is principally due to common shares issued in the company's stock offering completed in the fourth quarter 2012, and subsequent exercise of a portion of the warrants issued in that transaction.
James E. Huston, President and CEO, said, "Our second quarter performance reflects additional progress related to plans we are implementing to further improve asset quality, increase core deposits and pursue high quality, profitable loans and investments. The quarterly financial results included two actions that particularly benefit current and future performance. Primarily as a result of the recent sale of the bank's largest REO property, REO assets at quarter-end were 24% and 42% below the March 31, 2013 and June 30, 2012 amounts, respectively. In addition, the sale terminated future expenses related to this REO property. Our recognition of deferred tax assets in the second quarter was based on improving fundamentals and forecasts of future performance. Specific emphasis is being directed toward both interest income and non-interest income opportunities compatible with our long-term strategy. We look forward to realizing further achievements during the second half of this year as we continue to pursue these growth plans."