Camco Financial Q2 Profit Up

(RTTNews) - Camco Financial Corp. (CAFI) reported that net earnings for the second quarter 2013 were $6.2 million or $0.42 per share, compared to $0.5 million, or $0.06 per share, for the same period last year.

The second quarter 2013 results included the recognition of $5.9 million in deferred tax assets and the disposal of the largest real estate owned (REO) property at a loss of approximately $400,000, including all expenses, while the second quarter 2012 results included a $62,000 tax benefit.

Net interest income before the provision for loan losses was $5.5 million for the second quarter of 2013 compared to $5.9 million for the same period a year ago. The decline was attributable to smaller earning asset balances coupled with a reduction in the yield on the earning assets.

Noninterest income increased 23% to $2.1 million for the second quarter of 2013 compared to $1.7 million for the second quarter of 2012. This was primarily attributable to higher value of mortgage servicing rights versus the same period last year as a result of an increase in mortgage originations.