Shares of Camco Financial Corp. slipped Monday after the Cambridge, Ohio, company reported a $13.5 million fourth-quarter loss on a sharp decline in credit quality.

The $1 billion-asset Camco had earned $807,000 a year earlier.

The loan-loss provision jumped elevenfold, to $10.8 million, as chargeoffs more than tripled, to $2.7 million.

James E. Huston, the president and chief executive officer, said in a press release issued late Friday that higher unemployment and the deteriorating economy hurt its credit quality and prompted the provision hike.

Nonperforming loans more than doubled at yearend, to $51.1 million, or 6.87% of total loans. Commercial loans made up 56% of the nonperformers, and roughly one-third were mortgages on one- to four-family properties.

The company also took a $6.7 million goodwill impairment charge in the quarter.

For the year, it lost $13.1 million, compared with 2007 earnings of $4.5 million.

Camco's stock had fallen 10 cents by midafternoon Monday, to $1.79 a share.

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