Camco Financial Corporation Condensed Financial Information

12 Months Ended

Dec. 31, 2011

Camco Financial Corporation Condensed Financial Information [Abstract]

CAMCO FINANCIAL CORPORATION CONDENSED FINANCIAL INFORMATION

NOTE–N - CAMCO FINANCIAL CORPORATION CONDENSED FINANCIAL INFORMATION

The following condensed financial statements summarize the financial position of the Corporation as of December 31, 2011 and 2010, and the results of its operations and its cash flows for each of the years ended December 31, 2011, 2010 and 2009:

CAMCO FINANCIAL CORPORATION

STATEMENTS OF FINANCIAL CONDITION

December 31,

(In thousands)

	2011		2010
ASSETS
Cash in Advantage	$	946	$	3,882
Interest-bearing deposits in other financial institutions		—		262
Investment securities designated as available for sale		52		98
Investment in Advantage		48,186		47,886
Investment in Camco Title		—		1,095
Office premises and equipment – net		1		1,048
Cash surrender value of life insurance		1,669		1,285
Other assets		72		694
Total assets	$	51,826	$	56,250
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and other accrued liabilities	$	1,221	$	1,301
Borrowings		5,000		5,000
Payable to Advantage		—		3,846
Total liabilities		6,221		10,147
Stockholders’ equity		45,605		46,103
Total liabilities and stockholders’ equity	$	51,826	$	56,250

CAMCO FINANCIAL CORPORATION

STATEMENTS OF OPERATIONS

Year ended December 31,

(In thousands)

	2011		2010			2009
Income
Interest and other income	$	87	$	57		$	61
Equity in undistributed earnings (loss) of Advantage		1,346		(12,963	)		(10,555	)
Excess distribution from Camco Title		26		237			225
Total earnings (loss)		1,459		(12,669	)		(10,269	)
Interest expense		343		343			343
General, administrative and other expense		897		907			1,073
Earnings (loss) before federal income tax credits		219		(13,919	)		(11,685	)
Federal income tax expense (credits)		5		640			(468	)
Net earnings (loss)	$	214	$	(14,559	)	$	(11,217	)

CAMCO FINANCIAL CORPORATION

STATEMENTS OF CASH FLOWS

Year ended December 31,

(In thousands)

	2011			2010			2009
Cash flows from operating activities:
Net earnings (loss) for the year	$	214		$	(14,559	)	$	(11,217	)
Adjustments to reconcile net earnings (loss) to net cash flows provided by operating activities:
Equity in undistributed (earnings) loss of Advantage		(1,346	)		12,963			10,555
Equity in undistributed earnings of Camco Title		—			(237	)		(225	)
Depreciation and amortization		61			98			14
Gain on sale of assets		(10	)		—			—
Loss on sale of investments		9			—			—
Increase (decrease) in cash due to changes in:
Prepaid expenses and other assets		53			30			1
Accounts payable and other liabilities		352			211			283
Liquidation of Camco Title		567			—			—
Accrued federal income taxes		(4,278	)		4,482			(128	)
Deferred federal income taxes		—			3			(2	)
Net cash provided by (used in) operating activities		(4,378	)		2,991			(719	)
Cash flows from investing activities:
Net increase in cash surrender value of life insurance		(55	)		(38	)		(38	)
Proceeds from sale of office premises		997			—			—
Additions to office premises and equipment		(2	)		—			—
Proceeds from sale of investments		41
Proceeds from redemption of life insurance		199			—			—
(Increase) decrease in interest-bearing deposits in other financial institutions		262			133			(182	)
Net cash provided by (used in) investing activities		1,442			95			(220	)
Cash flows from financing activities:
Dividends paid		—			—			(143	)
Net cash used in financing activities		—			—			(143	)
Net increase (decrease) in cash and cash equivalents		(2,936	)		3,086			(1,082	)
Cash at beginning of year		3,882			796			1,878
Cash at end of year	$	946		$	3,882		$	796