Camco Financial Corporation Condensed Financial Information

12 Months Ended

Dec. 31, 2012

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, 2012 and 2011, and the results of its operations and its cash flows for each of the years ended December 31, 2012, 2011 and 2010:

CAMCO FINANCIAL CORPORATION

STATEMENTS OF FINANCIAL CONDITION

December 31,

(In thousands)

	2012		2011
ASSETS
Cash in Advantage	$	416	$	946
Investment securities designated as available for sale		44		52
Investment in Advantage		62,726		48,186
Office premises and equipment – net		7		1
Cash surrender value of life insurance		1,719		1,669
Other assets		1,446		72
Total assets	$	66,358	$	51,826
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and other accrued liabilities	$	1,631	$	1,221
Borrowings		5,000		5,000
Total liabilities		6,631		6,221
Stockholders’ equity		59,727		45,605
Total liabilities and stockholders’ equity	$	66,358	$	51,826

CAMCO FINANCIAL CORPORATION

STATEMENTS OF OPERATIONS

Year ended December 31,

(In thousands)

	2012			2011		2010
Income
Interest and other income	$	72		$	87	$	57
Equity in undistributed earnings (loss) of Advantage		5,082			1,346		(12,963	)
Excess distribution from Camco Title		0			26		237
Total earnings (loss)		5,154			1,459		(12,669	)
Interest expense		423			343		343
General, administrative and other expense		586			897		907
Earnings (loss) before federal income tax credits		4,145			219		(13,919	)
Federal income tax expense (credits)		(18	)		5		640
Net earnings (loss)	$	4,163		$	214	$	(14,559	)

CAMCO FINANCIAL CORPORATION

STATEMENTS OF CASH FLOWS

Year ended December 31,

(In thousands)

	2012			2011			2010
Cash flows from operating activities:
Net earnings (loss) for the year	$	4,163		$	214		$	(14,559	)
Adjustments to reconcile net earnings (loss) to net cash flows provided by operating activities:
Equity in undistributed (earnings) loss of Advantage		(5,082	)		(1,346	)		12,963
Equity in undistributed earnings of Camco Title		0			0			(237	)
Depreciation and amortization		1			61			98
Gain on sale of assets		0			(10	)		0
(Gain) loss on sale of investments		(1	)		9			0
Increase (decrease) in cash due to changes in:
Prepaid expenses and other assets		(1	)		53			30
Accounts payable and other liabilities		439			352			211
Liquidation of Camco Title		0			567			0
Accrued federal income taxes		0			(4,278	)		4,482
Deferred federal income taxes		0			0			3
Net cash provided by (used in) operating activities		(481	)		(4,378	)		2,991
Cash flows from investing activities:
Net increase in cash surrender value of life insurance		(50	)		(55	)		(38	)
Proceeds from sale of office premises		0			997			0
Additions to office premises and equipment		(7	)		(2	)		0
Proceeds from sale of investments		8			41			0
Proceeds from redemption of life insurance		0			199			0
Decrease in interest-bearing deposits in other financial institutions		0			262			133
Net cash provided by (used in) investing activities		(49	)		1,442			95
Cash flows from financing activities:
Additional common stock		5,714			0			0
Warrants		1,411			0			0
Additional paid in capital related to offering		2,256			0			0
Downstream of cash to Advantage		(9,381	)		0			0
Net cash used in financing activities		(0	)		0			0
Net increase (decrease) in cash and cash equivalents		(530	)		(2,936	)		3,086
Cash at beginning of year		946			3,882			796
Cash at end of year	$	416		$	946		$	3,882