Restatement of Previously Issued Financial Statement

9 Months Ended

Sep. 30, 2011

Recent Accounting Pronouncements and 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 September 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 quarter ended September 30, 2011. As a result, Camco also had to amend its Y9C and Y9LP as of and for the nine months ended September 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 September 30, 2011 (unaudited):
Loans receivable—net	$	634,788		$	636,388		$	(1,600	)
Total assets		792,006			793,606			(1,600	)
Retained earnings		(512	)		1,088			(1,600	)
Total stockholders’ equity		44,704			46,304			(1,600	)
Total liabilities and stockholders’ equity		792,006			793,606			(1,600	)
Consolidated Statements of Operations (unaudited)
Nine Months ended September 30, 2011
Provision for losses on loans	$	3,038		$	1,438		$	1,600
Net interest income after provision for losses on loans		16,474			18,074			(1,600	)
Earnings (loss) before federal income tax expenses (benefit)		(106	)		1,494			(1,600	)
Net earnings (loss)		(648	)		952			(1,600	)
Comprehensive income (loss)		(421	)		1,179			(1,600	)
Earnings (loss) per share
Basic		(.09	)		13			(.22	)
Diluted		(.09	)		.13			(.22	)
As a result of the restatement, the following line items were adjusted:	Restated			Previously Reported			Effect of Change
Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30, 2011
Net earnings (loss) for the period	$	(648	)	$	952		$	(1,600	)
Provision for losses on loans		3,038			1,438			1,600
Nonaccrual and delinquent loans
Allowance for loan losses	$	17,615		$	16,015		$	1,600
Non-performing assets to total assets		4.84	%		4.83	%		.01	%
ALLL as a percent of nonperforming loans		67.9	%		61.7	%		6.2	%
Allowance for loan losses by loan category
Construction	$	24		$	21			3
Consumer		123			109			14
Multi-Family		3,044			2,799			245
Land, Farm & Ag Loans		769			704			65
Residential		8,958			8,068			890
Commercial & Non Residential		4,085			3,771			314
Commercial and Industrial		612			543			69
Total		17,615			16,015			1,600
Collectively evaluated for impairment
Construction	$	24			21			3
Consumer		123			109			14
Multi-Family		2,176			1,931			245
Land, Farm & Ag Loans		575			510			65
Residential		7,913			7,023			890
Commercial & Non Residential		2,784			2,470			314
Commercial and Industrial		612			543			69
Total		14,207			12,607			1,600
Fair Value of Financial Instruments
Carrying amount	$	634,788		$	636,388		$	(1,600	)
Fair value		635,612			637,212			(1,600	)
Regulatory Capital—Camco Financial Corporation
Total capital to risk-weighted assets		9.25	%		9.57	%		(.32	)%
Tier 1 capital to risk-weighted assets		7.98	%		8.30	%		(.32	)%
Tier 1 leverage to average assets		6.45	%		6.49	%		(.04	)%
Regulatory Capital—Advantage Bank
Total capital to risk-weighted assets		8.83	%		9.06	%		(.23	)%
Tier 1 capital to risk-weighted assets		7.56	%		7.79	%		(.23	)%
Tier 1 leverage to average assets		6.13	%		6.34	%		(.21	)%
Average Balances, Yield, Rate and Volume Data
Three Months Ended September 30, 2011
Noninterest-earning assets	$	77,419		$	79,019		$	(1,600	)
Total average assets		771,403			773,003			(1,600	)
Total average shareholders’ equity		44,615			46,215			(1,600	)
Total liabilities and shareholders’ equity		771,403			773,003			(1,600	)
Average Balances, Yield, Rate and Volume Data
Nine Months Ended September 30, 2011
Noninterest-earning assets	$	77,650		$	78,290		$	(640	)
Total average assets		788,870			789,510			(640	)
Total average shareholders’ equity		45,509			46,149			(640	)
Total liabilities and shareholders’ equity		788,870			789,510			(640	)
See Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations for further discussion on the “Provisions for Losses on Loans”.