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Camco Financial Announces Third Quarter 2013 Earnings

Stocks in this article: CAFI

CAMBRIDGE, Ohio, Oct. 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 September 30, 2013.

Net earnings increased to $0.7 million for the third quarter 2013 from $0.5 million for the same period in 2012. For the three months ended September 30, 2013, earnings per fully diluted share were $0.05 versus $0.07 a year ago. The third quarter 2013 results included recognition of mortgage servicing rights ($0.4 million) and release of a portion ($0.6 million) of the allowance for loan losses. There were 15,027,666 diluted weighted shares outstanding for the third quarter 2013 compared with 7,473,123 diluted weighted shares outstanding for the same period in 2012. 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.

James E. Huston, President and CEO, stated, "As a result of the solid year-over-year third quarter performance, we were able to further strengthen our balance sheet and continue to improve credit quality. Stockholders' equity to total assets increased to 8.85% of total assets at September, 30, 2013, from 6.29% on the same date last year. Classified loans and non-performing loans at quarter-end were 31% and 35%, respectively, below levels at the same date in 2012. We are continuing to implement multiple initiatives related to growth opportunities and are also focused on adapting to the continuing sluggish economy while maintaining strong liquidity. The sequential quarter improvement in the third quarter 2013 net interest margin to 3.27% is a positive sign of these efforts."

Mr. Huston continued, "On October 10, 2013, we announced a definitive agreement with Huntington Bancshares Incorporated under which they will acquire Camco Financial Corporation in a cash and stock transaction. Under the terms of the agreement, which was unanimously approved by the boards of both companies, shareholders of Camco Financial may elect to receive 0.7264 shares of Huntington common stock, or $6.00 in cash, for each share of Camco Financial common stock, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of total consideration of 80% common stock and 20% cash. Previously issued warrants and options may be exercised according to their original terms up until closing and will convert to rights to acquire shares of Huntington common stock after the consummation of the merger. We are excited to be joining a financial institution that, like Camco Financial, has a longstanding commitment to customer service, innovative products and investing in the communities it serves. This transaction is expected to close in the first half of 2014, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the Camco Financial stockholders."

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