Camco Financial Announces Second Quarter 2002 Earnings.Business Editors CAMBRIDGE Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , Ohio--(BUSINESS WIRE)--July 19, 2002 Camco Financial Corporation (Nasdaq:CAFI CAFI Canadian Agriculture and Food International CAFI Conférence des Alpes franco-italiennes (French) CAFI Computer-Aided Fault Isolation CAFI Commanders Annual Facility Inspection ) reported net earnings for the quarter ended June June: see month. 30, 2002 of $2.5 million, representing a $936,000 or 61% increase over the $1.5 million for the same quarter in 2001. Basic earnings per share for the second quarter of 2002 were $.31 compared to $.22 for the same quarter in 2001. Excluding the one time charge related to the consolidation of the bank charters in 2001, Camco's net earnings of $2.5 million for the quarter ended June 30, 2002 represented a $208,000 or 9% increase over the $2.3 million for the same quarter in 2001. Basic earnings per share for the second quarter of 2002 were $.31 compared to $.32 for the same quarter in 2001, excluding the consolidation charges. For the six months ended June 30, 2002, Camco reported net earnings of $4.8 million, representing a $1.2 million or 32% increase over the $3.7 million for the comparable period in 2001. Basic earnings per share for 2002 were $.61 versus $.53 for 2001. Excluding the one time charge related to the consolidation of the bank charters, Camco's net earnings of $4.7 million for the six months ended June 30, 2002 represented a $309,000, or 7% increase over the $4.4 million for the comparable period in 2001. Basic earnings per share for 2002 were $.59 compared to $.63 for 2001, excluding the consolidation charges. For the first 6 months of 2002, Camco's common stock price increased from $12.70 to $14.10, an increase of 11%. Camco declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a cash dividend of $.13 in the second quarter, payable July July: see month. 19, 2002. This dividend represents a current annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. yield of 3.69% on Camco's current market value. President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a C. Baylor Bay·lor , Elgin Born 1934. American basketball player. He was a forward for the Minneapolis and Los Angeles Lakers from 1958 to 1971 and ranks among the all-time National Basketball Association leaders in points and per-game scoring average. commented, "Camco continues the process of diversifying our loan portfolio, reducing the total percentage of 1 to 4 family mortgages from 85% to 74% of assets. We are executing this part of our strategic plan by originating more consumer and commercial real estate loans, which have increased from 14% to 26% of the total loan portfolio over the last two years. We continue our stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program as part of our capital management strategy to enhance earnings per share and shareholder value." Camco Financial Corporation, holding company for Advantage Bank, is a multi-state thrift thrift: see leadwort. holding company headquartered in Cambridge, Ohio Cambridge is a city in the U.S. state of Ohio and the county seat of Guernsey CountyGR6. The municipality is located in southeastern Ohio and is in the Appalachian Plateau of the Appalachian Mountains. . Advantage Bank and its affiliates offer community banking, mortgage banking and title services from 34 offices in 26 communities in Ohio, Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . Additional information about Camco Financial may be found on Camco's web site: www.camcofinancial.com. When used in current press releases or future press releases or other public shareholder communications, in filings by the Company with the Securities and Exchange Commission, or in oral statements made with the approval of an authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: executive officer, 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. , 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 ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. that may be made to any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Financials Attached.
Camco Financial Corporation
Condensed Consolidated Statements of Earnings
Periods Ended June 30, 2002 and 2001
(In thousands, except for per share data and shares outstanding)
6 Months 6 Months 3 Months 3 Months
Ended Ended Ended Ended
6/30/02 6/30/01 6/30/02 6/30/01
(Unaudited) (Unaudited)(Unaudited)(Unaudited)
Total Interest Income $33,928 $38,470 $17,049 $19,030
Total Interest Expense 19,991 25,199 9,725 12,451
------- ------- ------ -------
Net Interest Income 13,937 13,271 7,324 6,579
Provision for Losses
on Loans 414 306 207 150
---- ---- ---- ---
Net Interest Income After
Provision for Loan Losses 13,523 12,965 7,117 6,429
Other Income 4,357 2,903 2,104 1,496
General, Administrative,
and Other Expense 10,937 9,427 5,512 4,710
------- ------- ------ -------
Net Income - Before
Income Tax 6,943 6,441 3,709 3,215
------- ------- ------ -------
Income Tax Expense 2,247 2,054 1,250 964
------- ------- ------ -------
Net Income -
From Operations 4,696 4,387 2,459 2,251
------- ------- ------ -------
Restructuring Charges -
Net of Tax (149) 717 (11) 717
---- ---- ---- ----
Net Earnings $4,845 $3,670 $2,470 $1,534
======= ======= ======= ======
Earnings Per Share Reported:
Basic $0.61 $0.53 $0.31 $0.22
Diluted $0.60 $0.52 $0.30 $0.22
Earnings Per Share Operations:
Basic $0.59 $0.63 $0.31 $0.32
Diluted $0.58 $0.62 $0.30 $0.32
Basic Weighted Number of
Shares Outstanding 7,927,857 6,947,792 7,978,880 6,953,509
Diluted Weighted Number of
Shares Outstanding 8,094,138 7,034,435 8,113,180 7,050,312
Selected Financial Ratios
Net Interest Margin 2.72% 2.68% 2.86% 2.64%
Reported:
Return on Average Equity 10.03% 10.75% 10.23% 9.96%
Return on Average Assets 0.91% 0.71% 0.92% 0.59%
Operations
Return on Average Equity 9.72% 10.93% 10.18% 11.22%
Return on Average Assets 0.88% 0.85% 0.92% 0.87%
Camco Financial Corporation
Condensed Consolidated Statements of Financial Condition
(In thousands, except for per share data and shares outstanding)
06/30/02 12/31/01 06/30/01
Assets
Cash and Cash Equivalents $60,574 $104,964 $59,275
Investments 152,274 56,917 22,722
Loans Held for Sale 32,737 21,445 9,479
Loans Receivable 771,226 854,257 884,738
Allowance for Loan Loss (4,613) (4,256) (3,175)
------- ------- -------
Loans Receivable, Net 766,613 850,001 881,563
Goodwill 2,953 2,953 3,028
Other Assets 64,022 66,372 49,465
------- ------- ------
Total Assets $1,079,173 $1,102,652 $1,025,532
========== =========== =========
Liabilities
Deposits $703,345 $730,075 $661,185
Borrowed Funds 265,600 258,850 271,696
Other Liabilities 12,051 18,556 11,661
------- ------- ------
Total Liabilities 980,996 1,007,481 944,542
Stockholders Equity 98,177 95,171 80,990
------- ------- ------
Total Liabilities and
Stockholders' Equity $1,079,173 $1,102,652 $1,025,532
========== ========== ==========
Stockholders' Equity to 9.10% 8.63% 7.90%
Total Assets
Total Shares Outstanding 7,953,838 8,011,020 6,952,927
Book Value Per Share $12.34 $11.88 $11.65
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