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Camco Financial Announces Fourth Quarter 2013 Earnings

Stocks in this article: CAFI

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."

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