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Wiki Wiki Summary
Bitwise operation In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Adverse effect An adverse effect is an undesired harmful effect resulting from a medication or other intervention, such as surgery. An adverse effect may be termed a "side effect", when judged to be secondary to a main or therapeutic effect.
Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
Coagulation Coagulation, also known as clotting, is the process by which blood changes from a liquid to a gel, forming a blood clot. It potentially results in hemostasis, the cessation of blood loss from a damaged vessel, followed by repair.
International business International business refers to the trade of goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale. \nIt involves cross-border transactions of goods and services between two or more countries.
Bank of America Home Loans Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion.
Interest In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Pratītyasamutpāda Pratītyasamutpāda (Sanskrit: प्रतीत्यसमुत्पाद, Pāli: paṭiccasamuppāda), commonly translated as dependent origination, or dependent arising, is a key doctrine in Buddhism shared by all schools of Buddhism. It states that all dharmas (phenomena) arise in dependence upon other dharmas: "if this exists, that exists; if this ceases to exist, that also ceases to exist".
Form 10-K A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Although similarly named, the annual report on Form 10-K is distinct from the often glossy "annual report to shareholders," which a company must send to its shareholders when it holds an annual meeting to elect directors (though some companies combine the annual report and the 10-K into one document).
Regulatory sequence A regulatory sequence is a segment of a nucleic acid molecule which is capable of increasing or decreasing the expression of specific genes within an organism. Regulation of gene expression is an essential feature of all living organisms and viruses.
Regulatory sign A regulatory sign is used to indicate or reinforce traffic laws, regulations or requirements which apply either at all times or at specified times or places upon a street or highway, the disregard of which may constitute a violation, or a sign in general that regulates public behavior in places open to the public. The FHWA defines regulatory sign as "a sign that gives notice to road users of traffic laws or regulations".
Cis-regulatory element Cis-regulatory elements (CREs) or Cis-regulatory modules (CRMs) are regions of non-coding DNA which regulate the transcription of neighboring genes. CREs are vital components of genetic regulatory networks, which in turn control morphogenesis, the development of anatomy, and other aspects of embryonic development, studied in evolutionary developmental biology.
Vehicle emission standard Emission standards are the legal requirements governing air pollutants released into the atmosphere. Emission standards set quantitative limits on the permissible amount of specific air pollutants that may be released from specific sources over specific timeframes.
Shareholder A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal owner of shares of the share capital of a public or private corporation. Shareholders may be referred to as members of a corporation.
Shareholders' agreement A shareholders' agreement (sometimes referred to in the U.S. as a stockholders' agreement) (SHA) is an agreement amongst the shareholders or members of a company. In practical effect, it is analogous to a partnership agreement.
Export restriction Export restrictions, or a restriction on exportation, are limitations on the quantity of goods exported to a specific country or countries by a Government. Export restrictions could be aimed at achieving diverse policy objectives such as environmental protection, economic welfare, social wellbeing, conversion of natural resources, and controlling inflationary pressures.
Expected loss Expected loss is the sum of the values of all possible losses, each multiplied by the probability of that loss occurring. \nIn bank lending (homes, autos, credit cards, commercial lending, etc.) the expected loss on a loan varies over time for a number of reasons.
PIK loan A PIK, or payment in kind, is a type of high-risk loan or bond that allows borrowers to pay interest with additional debt, rather than cash. That makes it an expensive, high-risk financing instrument since the size of the debt may increase quickly, leaving lenders with big losses if the borrower is unable to pay back the loan.
Dividend policy Dividend policy is concerned with financial policies regarding paying cash dividend in the present or paying an increased dividend at a later stage. Whether to issue dividends, and what amount, is determined mainly on the basis of the company's unappropriated profit (excess cash) and influenced by the company's long-term earning power.
Dependent source In the theory of electrical networks, a dependent source is a voltage source or a current source whose value depends on a voltage or current elsewhere in the network.Dependent sources are useful, for example, in modelling the behavior of amplifiers. A bipolar junction transistor can be modelled as a dependent current source whose magnitude depends on the magnitude of the current fed into its controlling base terminal.
Dependent and independent variables Dependent and Independent variables are variables in mathematical modeling, statistical modeling and experimental sciences. Dependent variables receive this name because, in an experiment, their values are studied under the supposition or demand that they depend, by some law or rule (e.g., by a mathematical function), on the values of other variables.
Dependent type In computer science and logic, a dependent type is a type whose definition depends on a value. It is an overlapping feature of type theory and type systems.
Dependent personality disorder Dependent personality disorder (DPD) is characterized by a pervasive psychological dependence on other people. This personality disorder is a long-term condition in which people depend on others to meet their emotional and physical needs, with only a minority achieving normal levels of independence.
Runaway (dependent) A runaway is a minor or (depending upon the local jurisdiction) a person under a specified age, who has left their parents or legal guardians without permission. Statistics show that females are more likely to run away than males.
Subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that belong to the same parent company are called sister companies.
Alphabet Inc. Alphabet Inc. is an American multinational technology conglomerate holding company headquartered in Mountain View, California.
International Financial Reporting Standards International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries.
International Public Sector Accounting Standards International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Positive accounting Positive accounting is the branch of academic accounting research that seeks to explain and predict actual accounting practices. This contrasts with normative accounting, that seeks to derive and prescribe "optimal" accounting standards.
Board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. \nThe powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws.
Healing Is Difficult Healing Is Difficult is the second studio album by Australian singer and songwriter Sia. It was released in the United Kingdom on 9 July 2001 and in the United States on 28 May 2002.
Second-language acquisition Second-language acquisition (SLA), sometimes called second-language learning — otherwise referred to as L2 (language 2) acquisition, is the process by which people learn a second language. Second-language acquisition is also the scientific discipline devoted to studying that process.
For Love or Money (2014 film) For Love or Money (Chinese: 露水红颜) is a Chinese romance film based on Hong Kong novelist Amy Cheung's 2006 novel of the same name. The film was directed by Gao Xixi and starring Liu Yifei and Rain.
Risk Factors
CAMCO FINANCIAL CORP Item 1A Risk Factors
Like all financial companies, Camco’s business and results of operations are subject to a number of risks, many of which are outside of our control
In addition to the other information in this report, readers should carefully consider that the following important factors, among others, could materially impact our business and future results of operations
Changes in interest rates could adversely affect our financial condition and results of operations
Our results of operations depend substantially on our net interest income, which is the difference between (i) interest income on interest-earning assets, principally loans, mortgage-backed securities and investment securities, and (ii) interest expense on deposit accounts and borrowings
These rates are highly sensitive to many factors beyond our control, including general economic conditions, inflation, recession, unemployment, money supply and the policies of various governmental and regulatory authorities
While we have taken measures intended to manage the risks of operating in a changing interest rate environment, there can be no assurance that these measures will be effective in avoiding undue interest rate risk
Increases in interest rates can affect the value of loans and other assets, including our ability to realize gains on the sale of assets
We originate loans for sale and for our portfolio
Increasing interest rates may reduce the origination of loans for sale and consequently the fee income we earn on such sales
Further, increasing interest rates may adversely affect the ability of borrowers to pay the principal or interest on loans and leases, resulting in an increase in non-performing assets and a reduction of income recognized
In contrast, decreasing interest rates have the effect of causing clients to refinance mortgage loans faster than anticipated
This causes the value of assets related to the servicing rights on loans sold to be lower than originally anticipated
If this happens, we may need to write down our servicing assets faster, which would accelerate our expense and lower our earnings
Credit risks could adversely affect our results of operations
There are inherent risks associated with our lending activities, including credit risk, which is the risk that borrowers may not repay outstanding loans or that the value of the collateral securing loans will decrease
We extend credit to a variety of customers based on internally set standards and judgment
We attempt to manage credit risk through a program of underwriting standards, the review of certain credit decisions and an on-going process of assessment of the quality of the credit already extended
However, conditions such as inflation, recession, unemployment, changes in interest rates, money supply and other factors beyond our control may increase our credit risk
Such adverse changes in the economy may have a negative impact on the ability of borrowers to repay their loans
Because we have a significant amount of real estate loans, decreases in real estate values could adversely affect the value of property used as collateral
In addition, substantially all of our loans are to individuals and businesses in Ohio
Consequently, any decline in the economy of this market area could have a materially adverse effect on our financial condition and results of operations
We operate in an extremely competitive market, and our business will suffer if we are unable to compete effectively
In our market area, we encounter significant competition from other commercial banks, savings associations, savings banks, insurance companies, consumer finance companies, credit unions, other lenders and with the issuers of commercial paper and other securities, such as shares in money market mutual funds
The increasingly competitive environment is a result primarily of changes in regulation and the accelerating pace of consolidation among financial service providers
Many of our competitors have substantially greater resources and lending limits than we do and may offer services that we do not or cannot provide
Legislative or regulatory changes or actions could adversely impact the financial services industry
The financial services industry is extensively regulated
Federal and state banking laws and regulations are primarily intended for the protection of consumers, depositors and the deposit insurance funds, not to benefit our stockholders
Changes to laws and regulations or other actions by regulatory agencies may negatively impact us
19 _________________________________________________________________ [54]Table of Contents Regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the imposition of restrictions on the operation of an institution, the classification of assets by the institution and the adequacy of an institution’s allowance for loan losses
The significant federal and state banking regulations that affect us are described in this 10-K under the heading “Regulation
” Our ability to pay cash dividends is limited
We are dependent primarily upon the earnings of our operating subsidiaries for funds to pay dividends on our common shares
The payment of dividends by our subsidiaries is subject to certain regulatory restrictions
As a result, any payment of dividends in the future by Camco will be dependent, in large part, on our subsidiaries’ ability to satisfy these regulatory restrictions and our subsidiaries’ earnings, capital requirements, financial condition and other factors
Although our financial earnings and financial condition have allowed us to declare and pay periodic cash dividends to our stockholders, there can be no assurance that our dividend policy or size of dividend distribution will continue in the future
The preparation of financial statements requires management to make estimates about matters that are inherently uncertain
Management’s accounting policies and methods are fundamental to how we record and report our financial condition and results of operations
Our management must exercise judgment in selecting and applying many of these accounting policies and methods in order to ensure that they comply with generally accepted accounting principles and reflect management’s judgment as to the most appropriate manner in which to record and report our financial condition and results of operations
Two of the most critical estimates are the level of the allowance of loan losses and the valuation of mortgage servicing rights
Due to the inherent nature of these estimates, we cannot provide absolute assurance that we will not significantly increase the allowance for loan losses or sustain loan losses that are significantly higher than the provided allowance, nor that we will not recognize a significant provision for the impairment of m ortgage servicing rights
Our organizational documents may have the effect of discouraging a third party from acquiring us
Our certificate of incorporation and bylaws contain provisions that make it more difficult for a third party to gain control or acquire us
These provisions also could discourage proxy contests and may make it more difficult for dissident stockholders to elect representatives as directors and take other corporate actions
These provisions of our governing documents may have the effect of delaying, deferring or preventing a transaction or a change in control that might be in the best interest of our stockholders
We face risks with respect to future expansion
We may acquire other financial institutions in the future and we may engage in de novo branch expansion
We may also consider and enter into new lines of business or offer new products or services
We may incur substantial costs to expand, and we can give no assurance such expansion will result in the levels of profits we seek
Also, we may issue equity securities in connection with future acquisitions, which would dilute current stockholders’ ownership interests