-----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, SfY/MBgIb/uMxfyS8P9ep/g+D6XILntWKiPvjcG+BSTrBZjIFVct/W4gW6mMSnv5 D3+FNWIMPy9O5U9a5t+lJQ== 0000950152-03-007138.txt : 20030730 0000950152-03-007138.hdr.sgml : 20030730 20030730111509 ACCESSION NUMBER: 0000950152-03-007138 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030729 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030730 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: 03810416 BUSINESS ADDRESS: STREET 1: 6901 GLENN HIGHWAY CITY: CAMBRIDGE STATE: OH ZIP: 43725 BUSINESS PHONE: 7404325641 8-K 1 l02387ae8vk.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): July 29, 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 12. Results of Operations and Financial Condition. On July 29, 2003, Camco Financial Corporation issued a press release regarding its earnings for the second 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/ Mark A. Severson ----------------------------------------- Mark A. Severson, Chief Financial Officer Date: July 29, 2003 3 INDEX TO EXHIBITS Exhibit Number Description - ------- ----------- 99 Press Release of Camco Financial Corporation dated July 29, 2003. 4 EX-99 3 l02387aexv99.txt EX-99 PRESS RELEASE EXHIBIT 99 -------------------------- CONTACT: RICHARD C. BAYLOR PHONE: 740-435-2040 -------------------------- NEWS RELEASE RELEASE DATE: JULY 29, 2003 RELEASE TIME: 4:30 P.M. CAMCO FINANCIAL ANNOUNCES SECOND QUARTER 2003 EARNINGS CAMBRIDGE, OHIO (NASDAQ: CAFI) - Camco Financial Corporation reported net earnings for the six months ended June 30, 2003 of $4.7 million, representing a $163,000 or 3.4% decrease from the $4.8 million for the comparable period in 2002. Basic earnings per share for 2003 were $.62 versus $.61 for 2002, a 1.64% increase. For the quarter ended June 30, 2003, Camco reported net earnings of $2.2 million, representing a $242,000 or 9.8% decrease from the $2.5 million of net earnings reported for the same quarter in 2002. Basic earnings per share for the second quarter of 2003 were $.30 compared to $.31 for the same quarter in 2002, a 3.2% decrease. Camco recently paid a quarterly dividend of $.14 per share on July 18, 2003, representing an annualized yield of 3.61% based on Camco's quarter end market value. President & CEO Richard C. Baylor commented, "The historically low interest rate environment and the weak economy have put pressure on our ability to grow the loan portfolio and net interest margin. On a year to date basis, the net interest margin in 2003 has decreased to 2.41% from 2.72% in 2002. Mortgage loan volume continues to be strong with 2003 volumes up 71% compared to 2002. While this record volume generates fee income, refinancing of home mortgages into long term fixed rate loans that are sold to avoid interest rate risk exposure, continues to impede growth of our loan portfolio. We are satisfied with our non- NASDAQ: CAFI - EMAIL: camco.cc - www.camcofinancial.com 5 interest income of $6.8 million in 2003 vs. $4.4 million in 2002; which can be attributed to our strong mortgage production as well as increased fees from our title insurance business." Mr. Baylor continued, "Non-performing assets have remained stable from 2002 year-end levels and were $15.2 million or 1.42% of assets at June 30, 2003 vs. $15.2 million or 1.40% of assets at December 31, 2002. At the same time, we believe our total loan loss reserves are adequate based on historical experience and relative to the volume and type of lending conducted by the Bank." Baylor's remarks continued; "As part of our continued capital management effort, our Stock Repurchase Program of 386,000 shares approved on October 25, 2002 has 47,000 shares left to purchase. We will then begin the next Stock Repurchase Program of approximately 371,000 shares approved on May 27, 2003. Also, we are very pleased with the successful launch of our "Advantage Bank Online" banking product that provides online bill paying and other internet banking services for our retail customers." 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 33 offices in 23 communities in Ohio, Kentucky and West Virginia. NASDAQ: CAFI - EMAIL: camco.cc - www.camcofinancial.com 6 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. FINANCIALS ATTACHED. CAMCO FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS PERIODS ENDED JUNE 30, 2003 AND 2002 (IN THOUSANDS, EXCEPT FOR PER SHARE DATA AND SHARES OUTSTANDING)
6 MONTHS 6 MONTHS 3 MONTHS 3 MONTHS ENDED ENDED ENDED ENDED 6/30/03 6/30/02 6/30/03 06/30/02 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) ----------- ----------- ----------- ----------- TOTAL INTEREST INCOME $ 28,611 $ 33,928 $ 13,918 $ 17,049 TOTAL INTEREST EXPENSE 16,300 19,991 7,973 9,725 ---------- ---------- ---------- ---------- NET INTEREST INCOME 12,311 13,937 5,945 7,324 PROVISION FOR LOSSES ON LOANS 675 414 255 207 ---------- ---------- ---------- ---------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 11,636 13,523 5,690 7,117 OTHER INCOME 6,803 4,357 3,348 2,104 GENERAL, ADMINISTRATIVE, AND OTHER EXPENSE 11,639 10,712 5,860 5,573 ---------- ---------- ---------- ---------- NET INCOME - BEFORE INCOME TAX 6,800 7,168 3,178 3,648 ---------- ---------- ---------- ---------- INCOME TAX EXPENSE 2,118 2,323 950 1,178 ---------- ---------- ---------- ---------- NET EARNINGS $ 4,682 $ 4,845 $ 2,228 $ 2,470 ========== ========== ========== ========== EARNINGS PER SHARE REPORTED: BASIC $ 0.62 $ 0.61 $ 0.30 $ 0.31 DILUTED $ 0.61 $ 0.60 $ 0.29 $ 0.31 BASIC WEIGHTED NUMBER OF SHARES OUTSTANDING 7,599,184 7,972,857 7,524,762 7,978,880 DILUTED WEIGHTED NUMBER OF SHARES OUTSTANDING 7,684,116 8,094,138 7,609,536 8,113,180 SELECTED FINANCIAL RATIOS NET INTEREST MARGIN 2.41% 2.72% 2.34% 2.86% REPORTED: RETURN ON AVERAGE EQUITY 9.56% 10.03% 9.19% 10.16% RETURN ON AVERAGE ASSETS 0.87% 0.91% 0.83% 0.92%
-2- CAMCO FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (IN THOUSANDS, EXCEPT FOR PER SHARE DATA AND SHARES OUTSTANDING)
(UNAUDITED) (UNAUDITED) 6/30/03 12/31/02 6/30/02 ----------- ----------- ----------- ASSETS - ------ CASH AND CASH EQUIVALENTS $ 55,888 $ 57,022 $ 60,574 INVESTMENTS 183,633 161,489 152,274 LOANS HELD FOR SALE 14,385 55,493 32,737 LOANS RECEIVABLE 753,059 746,955 771,226 ALLOWANCE FOR LOAN LOSS (5,769) (5,490) (4,613) ----------- ----------- ----------- LOANS RECEIVABLE, NET 747,290 741,465 766,613 GOODWILL 2,953 2,953 2,953 OTHER ASSETS 63,182 64,818 64,022 ----------- ----------- ----------- TOTAL ASSETS $ 1,067,331 $ 1,083,240 $ 1,079,173 =========== =========== =========== LIABILITIES - ----------- DEPOSITS $ 685,183 $ 694,072 $ 703,345 BORROWED FUNDS 273,800 276,276 265,600 OTHER LIABILITIES 11,834 14,291 12,051 ----------- ----------- ----------- TOTAL LIABILITIES 970,817 984,639 980,996 STOCKHOLDERS EQUITY 96,514 98,601 98,177 ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,067,331 $ 1,083,240 $ 1,079,173 =========== =========== =========== STOCKHOLDERS' EQUITY TO TOTAL ASSETS 9.04% 9.10% 9.10% TOTAL SHARES OUTSTANDING 7,475,224 7,688,885 7,953,838 BOOK VALUE PER SHARE $ 12.91 $ 12.82 $ 12.34
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