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 Fourth Quarter 2013 Earnings

CAMBRIDGE, Ohio, Jan. 29, 2014 (GLOBE NEWSWIRE) -- Camco Financial Corporation (Nasdaq:CAFI), the bank holding company for Advantage Bank, today announced financial results for the three months and twelve months ended December 31, 2013.

Net earnings were $7.8 million or $0.53 per diluted share, for the twelve months ended December 31, 2013, compared to $4.2 million, or $0.50 per diluted share, the prior year. There were 14.7 million and 8.3 million diluted weighted shares outstanding for 2013 and 2012, respectively. Net interest income after provision for losses on loans was $23.5 million for the full-year 2013 versus $23.7 million the prior year. The 2013 results primarily benefited from recognition of deferred tax assets and to a lesser extent the valuation of mortgage servicing rights, which were partially offset by expenses related to growth initiatives and lower gain on sale of residential mortgage loans compared to 2012.

Net earnings were $0.5 million, or $0.03 per diluted share, for the three months ended December 31, 2013, versus $2.8 million, or $0.26 per diluted share, for the same period in 2012. Net interest income after provision for losses on loans was $6.5 million for the fourth quarter of 2013 compared to $7.3 million the prior year. The remaining year-over-year difference in net earnings was primarily attributable to the higher provision for income taxes and lower gain on sales of loans. Additionally, there were $0.6 million of merger expenses in the fourth quarter 2013 versus zero merger expenses the prior year.

James E. Huston, President and CEO, said, "Our full-year 2013 financial results represent the highest amount of net earnings since 2005 and also reflect the progress we have achieved during the past several years to return Advantage Bank to a sound financial position. During this period credit quality has significantly improved, noninterest income is more diversified and our balance sheet is much stronger. Underscoring these achievements, on November 1, 2013, we announced the termination of the consent order by federal and state regulators related to Advantage Bank."

1 of 6

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs