-----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, EgTyLbv/y6RDKT1OHAS9Mfvo/PwMPfToghbeoxTadxgqjtqVIm7+qkhySPMOhPMO VAgiX24UcTC0YMANECUMSA== 0001046386-03-000004.txt : 20030127 0001046386-03-000004.hdr.sgml : 20030127 20030127133846 ACCESSION NUMBER: 0001046386-03-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030127 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030127 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: 03525444 BUSINESS ADDRESS: STREET 1: 6901 GLENN HIGHWAY CITY: CAMBRIDGE STATE: OH ZIP: 43725 BUSINESS PHONE: 7404325641 8-K 1 camco8k_12703.txt CURRENT REPORT ON FORM 8-K DATED JANUARY 27, 2003 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: January 27, 2003 CAMCO FINANCIAL CORPORATION (Exact Name of Registrant as specified in its charter) Delaware 0-25196 51-0110823 - ----------------- --------------------- ---------------- (State or other (Commission File No.) (IRS Employer jurisdiction of Identification incorporation or Number) organization) 6901 Glenn Highway Cambridge, Ohio 43725-9757 (740) 435-2020 (Address, including zip code, and telephone number including area code of Registrant's principal executive offices) Not Applicable (Former name or former address, if changed since last report) Item 5. Other Events. On January 24, 2003, Camco Financial Corporation, ("Camco") issued a news release announcing its earnings for the year and the fourth quarter ended December 31, 2002. The information contained in the news release, which is attached as Exhibit 99 to this Form 8-K, is incorporated herein by this reference. The information contained or incorporated by reference in this Current Report on Form 8-K may contain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of legislative and regulatory actions and reforms; and extended disruption of vital infrastructure. Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description 99 Press release of Camco Financial Corporation, dated January 24, 2003, announcing the company's earnings for the three and twelve months ended December 31, 2002. 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 hereunto duly authorized. CAMCO FINANCIAL CORPORATION Date: January 27, 2003 By: /s/Richard C. Baylor ------------------------------------ Richard C. Baylor, President EXHIBIT INDEX Exhibit No. Description 99 Press release of Camco Financial Corporation, dated January 24, 2003, announcing the company's earnings for the three and twelve months ended December 31, 2002. EX-99 3 camco8k_ex9912703.txt PRESS RELEASE DATED JANUARY 24, 2003 EXHIBIT 99 Camco Financial Corporation 6901 Glenn Highway Cambridge, OH 43725-9757 Phone: 740-435-2020 Fax: 740-432-2743 [ Private Fax] NEWS RELEASE Release Date: January 24, 2003 Release Time: 4:30 P.M. Camco Financial Announces Record Annual and Fourth Quarter 2002 Earnings Cambridge, Ohio (Nasdaq: CAFI) - Camco Financial Corporation reported record net earnings for the quarter ended December 31, 2002 of $2.6 million, representing a $108,000 or 4.3% increase over the $2.5 million of net earnings reported for the same quarter in 2001. Basic earnings per share for the fourth quarter of 2002 were $.34 compared to $.34 for the same quarter in 2001. For the year ended December 31, 2002, Camco reported record net earnings of $10.0 million, representing a $1.5 million or 17.1% increase over the $8.5 million for the comparable period in 2001. Basic earnings per share for 2002 were $1.27 versus $1.20 for 2001. President & CEO Richard C. Baylor commented; "We are pleased with the continued improvement in our operating results as reflected by our record earnings. In order to build on this progress we are diligently working to protect our margins in a low rate environment. We see some ability to continue reducing liability costs through deposit NASDAQ: CAFI o EMAIL: camco@camco.cc o www.camcofinancial.com re-pricing, while at the same time growing our loan portfolio. Since our balance sheet is asset sensitive, we anticipate benefiting should rates continue to move higher. Due to continued economic weakness we have experienced higher delinquency in our loan portfolio. We increased our loan loss reserve $1.2 million during 2002 due to our increased levels of non-performing loans. 1-4 Family residential property comprises 68% of our non-performing loans. We continue to manage this issue closely and may continue to augment our loan loss reserves as policy and prudence dictate." Loan production continued to be strong with over $527 million originated in 2002 representing an increase of 19.2% over 2001. As a result, mortgage banking income increased by $2.6 million in 2002 compared to 2001. Commercial real estate loan production was $42 million versus $10 million in 2001, reflecting efforts that began in 2001 to diversify the portfolio and enhance the net interest margin. Baylor's remarks continued, "Our stock buy-back is still in effect with approximately 450,000 shares purchased to date. We completed our first 5% buyback in December and are currently on our second 5% buy-back, as previously announced. Our new Dover, Ohio banking center is off to a good start bringing full banking services to a market that currently provides strong mortgage banking activity for us. We are close to unveiling our "AdvantageBank Online" banking product that will provide retail online bill paying, commercial cash management service, and many other internet banking services for our customers. NASDAQ: CAFI o EMAIL: camco@camco.cc o www.camcofinancial.com Finally, management will continue its focus on cost controls while generating revenue growth from our expanding lending capacity in our northeastern and central Ohio markets, as well as our markets around the Cincinnati and Northern Kentucky areas." 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. Financials Attached. NASDAQ: CAFI o EMAIL: camco@camco.cc o www.camcofinancial.com Camco Financial Corporation
Condensed Consolidated Statements of Earnings Periods Ended December 31, 2002 and 2001 (In thousands, except for per share data and shares outstanding) 12 Months 12 Months 3 Months 3 Months Ended Ended Ended Ended 12/31/02 12/31/01 12/31/02 12/31/01 (Unaudited) (Unaudited) (Unaudited) Total Interest Income $66,002 $74,372 $15,613 $17,819 Total Interest Expense 38,556 48,433 9,037 11,413 ------ ------ ------ ------ Net Interest Income 27,446 25,939 6,576 6,406 Provision for Losses on Loans 1,169 759 417 301 ------ ------ ------ ------ Net Interest Income After provision for Loan Losses 26,277 25,180 6,159 6,105 Other Income 10,100 7,153 3,059 2,330 General, Administrative, and Other Expense 21,682 18,948 5,299 4,827 Restructuring charges(credits) (112) 950 0 0 ------ ------ ------ ------ Net Income - Before Income Tax 14,807 12,435 3,919 3,608 ------ ------ ------ ------ Income Tax Expense 4,802 3,891 1,289 1,086 Net Earnings 10,005 8,544 2,630 2,522 ------ ------ ------ ------ Earnings Per Share Reported: Basic $1.27 $1.20 $0.34 $0.34 Diluted $1.25 $1.19 $0.33 $0.33 Earnings Per Share Operations: Basic $1.25 $1.30 $0.34 $0.34 Diluted $1.23 $1.29 $0.33 $0.33 Basic Weighted Number of Shares Outstanding 7,908,786 7,101,214 7,764,614 7,527,159 Diluted Weighted Number of Shares Outstanding 8,005,880 7,194,774 7,862,991 7,626,952 Selected Financial Ratios Net Interest Margin 2.66% 2.61% 2.53% 2.54% Reported: Return on Average Equity 10.26% 10.20% 10.67% 11.30% Return on Average Assets 0.93% 0.82% 0.97% 0.95% Operations Return on Average Equity 10.11% 11.05% 10.67% 11.30% Return on Average Assets 0.91% 0.89% 0.97% 0.95%
Camco Financial Corporation
Condensed Consolidated Statements of Financial Condition (In thousands, except for per share data and shares outstanding) 12/31/02 12/31/01 Unaudited Assets Cash and Cash Equivalents $ 57,022 $ 104,964 Investments 161,489 56,917 Loans Held for Sale 55,493 21,445 Loans Receivable 746,955 854,257 Allowance for Loan Loss (5,490) (4,256) --------- --------- Loans Receivable, Net 741,465 850,001 Goodwill 2,953 2,953 Other Assets 64,818 66,372 --------- --------- Total Assets $1,083,240 $1,102,652 ========= ========= Liabilities Deposits $ 694,072 $ 730,075 Borrowed Funds 276,276 258,850 Other Liabilities 14,291 18,556 --------- --------- Total Liabilities 984,639 1,007,481 Stockholders Equity 98,601 95,171 --------- --------- Total Liabilities and Stockholders' Equity $1,083,240 $1,102,652 ========= ========= Stockholders' Equity to Total Assets 9.10% 8.63% Total Shares Outstanding 7,688,885 8,011,020 Book Value Per Share $12.82 $11.88
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