-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OsU9av7kLBQWBbAGgxddOW1BVXO1bYtKTu9LZI9WjirlRc1fFjxZi/JYTc5S/k9f XCNB+teXaWsLkqT14xYx3w== 0000950152-03-004593.txt : 20030425 0000950152-03-004593.hdr.sgml : 20030425 20030425114247 ACCESSION NUMBER: 0000950152-03-004593 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030421 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMCO FINANCIAL CORP CENTRAL INDEX KEY: 0000016614 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 510110823 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25196 FILM NUMBER: 03663888 BUSINESS ADDRESS: STREET 1: 6901 GLENN HIGHWAY CITY: CAMBRIDGE STATE: OH ZIP: 43725 BUSINESS PHONE: 7404325641 8-K 1 l00548ae8vk.txt CAMCO FINANCIAL CORPORATION SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 21, 2003 CAMCO FINANCIAL CORPORATION --------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 0-25196 51-0110823 - ---------------------------- ------------------- ---------------------- (State or other jurisdiction (Commission File No.) (IRS Employer I.D. No.) of incorporation) 6901 Glenn Highway, Cambridge, Ohio 43725 ------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (740) 435-2020 Item 7. Financial Statements and Exhibits. (a) and (b) Not applicable. (c) Exhibits. See Index to Exhibits. Item 9. Regulation FD Disclosure. The following information is being furnished under Item 12 of Form 8-K: On April 21, 2003, Camco Financial Corporation issued a press release regarding its earnings for the first quarter of fiscal 2003. The press release is attached hereto as Exhibit 99. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CAMCO FINANCIAL CORPORATION By: /s/ Richard C. Baylor ----------------------------- Richard C. Baylor, President Date: April 22, 2003 -3- INDEX TO EXHIBITS
Exhibit Number Description ------ ----------- 99 Press Release of Camco Financial Corporation dated April 21, 2003.
-4- EX-99 3 l00548aexv99.txt EX-99 NEWS RELEASE EXHIBIT 99 CONTACT: RICHARD C. BAYLOR Phone: 740-435-2040 NEWS RELEASE RELEASE DATE: APRIL 21, 2003 RELEASE TIME: 4:30 P.M. CAMCO FINANCIAL ANNOUNCES FIRST QUARTER 2003 EARNINGS CAMBRIDGE, OHIO (NASDAQ: CAFI) - Camco Financial Corporation reported net earnings for the quarter ended March 31, 2003 of $2.5 million, representing a $79,000 or 3.3% increase over the $2.4 million of net earnings reported for the same quarter in 2002. Basic earnings per share for the first quarter of 2003 were $.32 compared to $.30 for the same quarter in 2002, a 7% increase. Camco recently announced an increase in the quarterly dividend from $.135 to $.14 payable April 18, 2003. This dividend represents an annualized yield of 3.50% on Camco's quarter end market value. President & CEO Richard C. Baylor commented; "We are encouraged with our ability to grow earnings in the midst of continued low interest rates and a weak economy. Our net interest margin remains under pressure at 2.47%, down from last year's first quarter margin of 2.59%. Overall loan volume continues to remain brisk with $145 million in production in the first quarter of 2003." Mr. Baylor added, "Non-performing assets are holding at a level just under $16 million or 1.48% of assets. We remain diligent and focused on reducing our level of non-performing assets in a challenging economic environment. Our non-performing loans are predominately 1-4 family residential and we believe that our total loan loss reserves are adequate based on historical experience and the volume and type of lending conducted by the Bank." Mr. Baylor continued, "We are focused on executing our strategic plan by building our team of lenders across all lines of business. Our goal is to maintain strong production levels in anticipation of a slow down in refinancing activity. We are also looking forward to releasing our Internet Banking product, `AdvantageBank OnLine' to our customers in the next several weeks. This will add a valuable delivery channel for our customers which will allow them to check balances, transfer funds and pay bills from the convenience of their own home." Camco Financial Corporation, holding company for Advantage Bank, is a multi-state thrift holding company headquartered in Cambridge, Ohio. Advantage Bank and its affiliates offer community banking, mortgage banking and title services from 34 offices in 26 communities in Ohio, Kentucky and West Virginia. Additional information about Camco Financial may be found on Camco's web site: www.camcofinancial.com. The words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demands for loans in the Company's market area and competition, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Camco Financial Corporation Condensed Consolidated Statements of Earnings Periods Ended March 31, 2003 and 2002 (In thousands, except for per share data and shares outstanding)
3 Months 3 Months Ended Ended 3/31/03 03/31/02 (Unaudited) (Unaudited) ----------- ----------- Total Interest Income $ 14,693 $ 16,879 Total Interest Expense 8,327 10,266 ---------- ---------- Net Interest Income 6,366 6,613 Provision for Losses on Loans 420 207 ---------- ---------- Net Interest Income After Provision for Loan Losses 5,946 6,406 Other Income 3,455 2,253 General, Administrative, and Other Expense 5,779 5,139 ---------- ---------- Net Income - Before Income Tax 3,622 3,520 ---------- ---------- Income Tax Expense 1,168 1,145 ---------- ---------- Net Earnings $ 2,454 $ 2,375 ========== ========== Earnings Per Share Reported: Basic $ 0.32 $ 0.30 Diluted $ 0.32 $ 0.29 Basic Weighted Number of Shares Outstanding 7,674,434 7,966,767 Diluted Weighted Number of Shares Outstanding 7,769,546 8,082,595 Selected Financial Ratios Net Interest Margin 2.47% 2.59% Reported: Return on Average Equity 10.07% 9.91% Return on Average Assets 0.91% 0.89%
Camco Financial Corporation Condensed Consolidated Statements of Financial Condition (In thousands, except for per share data and shares outstanding)
3/31/03 12/31/02 3/31/02 ------- -------- ------- Assets Cash and Cash Equivalents $ 79,120 $ 57,022 $ 77,897 Investments 167,430 161,489 79,207 Loans Held for Sale 20,361 55,493 17,939 Loans Receivable 751,583 746,955 808,390 Allowance for Loan Loss (5,702) (5,490) (4,434) ---------- ---------- ---------- Loans Receivable, Net 745,881 741,465 803,956 Goodwill 2,953 2,953 2,953 Other Assets 63,551 64,818 62,982 ---------- ---------- ---------- Total Assets $1,079,296 $1,083,240 $1,044,934 ========== ========== ========== Liabilities Deposits $694,392 $694,072 $ 697,568 Borrowed Funds 274,839 276,276 239,755 Other Liabilities 12,939 14,291 11,315 ---------- ---------- ---------- Total Liabilities 982,170 984,639 948,638 Stockholders Equity 97,126 98,601 96,296 ---------- ---------- ---------- Total Liabilities and Stockholders' Equity $1,079,296 $1,083,240 $1,044,934 ========== ========== ========== Stockholders' Equity to Total Assets 9.00% 9.10% 9.22% Total Shares Outstanding 7,567,161 7,688,885 7,966,455 Book Value Per Share $ 12.84 $ 12.82 $ 12.09
Contact: Camco Financial Corporation Richard C. Baylor, 740/435-2040 -----END PRIVACY-ENHANCED MESSAGE-----