Restatement of Previously Issued Financial Statement

6 Months Ended

Jun. 30, 2011

Restatement of Previously Issued Financial Statement [Abstract]

Restatement of Previously Issued Financial Statement

9. Restatement of Previously Issued Financial Statement

Subsequent to the Corporation’s filing of its Quarterly Report on Form 10-Q for the three months ended June 30, 2011, the Board of Directors of the Corporation and Advantage received notice from Advantage’s regulators, the FDIC and Ohio Department of Financial Institutions (“ODFI”), that Advantage must restate its Call Report previously filed with the FDIC for the quarters ended June 30 and September 30, 2011. As a result, Camco also had to amend its Y9C and Y9LP as of and for the six months ended June 30, 2011. None of the amounts as of December 31, 2010 in the accompanying condensed consolidated financial statements have been restated.

		September 30,			September 30,		September 30,
As a result of the restatement, the following line items were adjusted:	Restated			Previously Reported		Effect of Change
Consolidated Balance Sheet at June 30, 2011 (unaudited):
Loans receivable – net	$	639,683		$	641,283	$	(1,600	)
Total assets		765,926			767,526		(1,600	)
Retained earnings		(675	)		925		(1,600	)
Total stockholders’ equity		44,495			46,095		(1,600	)
Total liabilities and stockholders’ equity		765,926			767,526		(1,600	)
Consolidated Statements of Operations (unaudited) Three Months ended June 30, 2011
Provision for losses on loans	$	1,797		$	197	$	1,600
Net interest income after provision for losses on loans		4,639			6,239		1,600
Earnings (Loss) before federal income tax expenses (benefit)		(1,474	)		126		(1,600	)
Net earnings (loss)		(1,463	)		137		(1,600	)
Comprehensive income (loss)		(1,442	)		158		(1,600	)
Earnings (loss) per share
Basic		(.20	)		.02		(.22	)
Diluted		(.20	)		.02		(.22	)
Consolidated Statements of Operations (unaudited) Six Months ended June 30, 2011
Provision for losses on loans	$	2,810		$	1,210	$	1,600
Net interest income after provision for losses on loans		10,236			11,836		1,600
Earnings (loss) before federal income tax expenses (benefit)		(274	)		1,326		(1,600	)
Net earnings (loss)		(811	)		789		(1,600	)
Comprehensive income (loss)		(1,044	)		556		(1,600	)
Earnings (loss) per share
Basic		(.11	)		11		(.22	)
Diluted		(.11	)		.11		(.22	)
Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2011
Net earnings (loss) for the period	$	(811	)	$	789	$	(1,600	)
Provision for losses on loans		2,810			1,210		1,600

8. Restatement of Previously Issued Financial Statement (continued)

		September 30,			September 30,			September 30,
As a result of the restatement, the following line items were adjusted:	Restated			Previously Reported			Effect of Change
Nonaccrual and delinquent loans
Allowance for loan losses	$	18,351		$	16,751		$	1,600
Non-performing assets to total assets		3.95	%		3.94	%		.01	%
ALLL as a percent of nonperforming loans		5.26	%		5.25	%		0.01	%
ALLL as a percent of nonperforming loans		70.4	%		64.3	%		6.10	%
Allowance for loan losses by loan category
Construction	$	25		$	23		$	2
Consumer		114			100			14
Multi-Family		2,933			2,632			301
Land, Farm & Ag Loans		628			744			(116	)
Residential		8,974			7,967			1,007
Commercial & Non-Residential		5,102			4,782			320
Commercial and Industrial		575			503			72
Total		18,351			16,751			1,600
Collectively evaluated for impairment
Construction	$	25		$	23		$	2
Consumer		114			100			14
Multi-Family		2,267			1,966			301
Land, Farm & Ag Loans		628			744			(116	)
Residential		7,940			6,933			1,007
Commercial & Non-Residential		2,441			2,121			320
Commercial and Industrial		542			470			72
Total		13,957			12,357			1,600
Fair Value of Financial Instruments
Carrying amount	$	639,683		$	641,283		$	(1,600	)
Fair value		641,459			643,059			(1,600	)
Regulatory Capital – Camco Financial Corporation
Total capital to risk-weighted assets		9.33	%		9.57	%		(.24	)%
Tier 1 capital to risk-weighted assets		8.06	%		8.30	%		(.24	)%
Tier 1 leverage to average assets		6.28	%		6.49	%		(.21	)%
Regulatory Capital – Advantage Bank
Total capital to risk-weighted assets		8.88	%		9.12	%		(.24	)%
Tier 1 capital to risk-weighted assets		7.61	%		7.85	%		(.24	)%
Tier 1 leverage to average assets		5.94	%		6.14	%		(.20	)%
Average Balances, Yield, Rate and Volume Data
Three Months Ended June 30, 2011
Noninterest-earning assets	$	67,405		$	67,805		$	(400	)
Total average assets		780,342			780,742			(400	)
Total average shareholders’ equity		45,613			46,013			(400	)
Total liabilities and shareholders’ equity		780,342			780,742			(400	)

		September 30,		September 30,		September 30,
As a result of the restatement, the following line items were adjusted:	Restated		Previously Reported		Effect of Change
Average Balances, Yield, Rate and Volume Data
Six Months Ended June 30, 2011
Noninterest-earning assets	$	75,067	$	75,257	$	(190	)
Total average assets		795,613		795,803		(190	)
Total average shareholders’ equity		45,875		46,065		(190	)
Total liabilities and shareholders’ equity		795,613		795,803		(190	)
See Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations for further discussion on the “Provisions for Losses on Loans”.