<PAGE>

                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2004

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

For the transition period from ____________ to _______________

Commission File Number 0-25196

                           CAMCO FINANCIAL CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                            51-0110823
-------------------------------    --------------------------------------
(State or other jurisdiction of    (I.R.S. Employer Identification Number)
incorporation or organization)

                 6901 Glenn Highway, Cambridge, Ohio 43725-9757
--------------------------------------------------------------------------------
               (Address of principal executive office) (Zip code)

Registrant's telephone number, including area code: (740) 435-2020

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

Yes [X]    No [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

Yes [X]    No [ ]

As of May 3, 2004, the latest practicable date, 7,357.887 shares of the
registrant's common stock, $1.00 par value, were issued and outstanding.

                                  Page 1 of 23
<PAGE>

                           Camco Financial Corporation

                                      INDEX

<TABLE>
<CAPTION>
                                                             Page
                                                             ----
<S>        <C>                                               <C>
PART I -   FINANCIAL INFORMATION

           Consolidated Statements of Financial Condition     3

           Consolidated Statements of Earnings                4

           Consolidated Statements of Comprehensive Income    5

           Consolidated Statements of Cash Flows              6

           Notes to Consolidated Financial Statements         8

           Management's Discussion and Analysis of
           Financial Condition and Results of
           Operations                                        15

           Quantitative and Qualitative Disclosures about
           Market Risk                                       18

           Controls and Procedures                           18

PART II -  OTHER INFORMATION                                 19

SIGNATURES                                                   20
</TABLE>

                                       2

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)

<TABLE>
<CAPTION>
                                                                                         MARCH 31,           DECEMBER 31,
                                                                                           2004                  2003
<S>                                                                                    <C>                   <C>
                                ASSETS

Cash and due from banks                                                                $     20,621          $     22,807
Interest-bearing deposits in other financial institutions                                    18,140                30,904
                                                                                       ------------          ------------
         Cash and cash equivalents                                                           38,761                53,711

Investment securities available for sale - at market                                         28,928                27,008
Investment securities held to maturity - at cost, approximate market
  value of $1,217 and $1,204 as of March 31, 2004 and December 31,
  2003, respectively                                                                          1,128                 1,130
Mortgage-backed securities available for sale - at market                                    93,324                77,916
Mortgage-backed securities held to maturity - at cost, approximate market
  value of $6,234 and $7,839 as of March 31, 2004 and December 31,
  2003, respectively                                                                          6,193                 7,704
Loans held for sale - at lower of cost or market                                              8,908                 5,457
Loans receivable - net                                                                      811,792               799,625
Office premises and equipment - net                                                          13,184                13,380
Real estate acquired through foreclosure                                                      2,771                 1,463
Federal Home Loan Bank stock - at cost                                                       24,738                24,494
Accrued interest receivable                                                                   4,171                 4,088
Prepaid expenses and other assets                                                             1,714                 1,524
Cash surrender value of life insurance                                                       17,912                17,740
Goodwill - net of accumulated amortization                                                    2,953                 2,953
Prepaid federal income taxes                                                                    546                   958
                                                                                       ------------          ------------

         Total assets                                                                  $  1,057,023          $  1,039,151
                                                                                       ============          ============

                        LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                               $    669,046          $    671,274
Advances from the Federal Home Loan Bank                                                    283,280               262,735
Advances by borrowers for taxes and insurance                                                 2,358                 3,494
Accounts payable and accrued liabilities                                                      4,199                 4,102
Dividends payable                                                                             1,067                 1,063
Deferred federal income taxes                                                                 4,080                 3,940
                                                                                       ------------          ------------
         Total liabilities                                                                  964,030               946,608

Commitments                                                                                       -                     -

Stockholders' equity
  Preferred stock - $1 par value; authorized 100,000 shares; no shares outstanding                -                     -
  Common stock - $1 par value; authorized 14,900,000 shares; 8,448,674 and
    8,428,946 shares issued at March 31, 2004 and December 31, 2003, respectively             8,449                 8,429
  Additional paid-in capital                                                                 55,322                55,132
  Retained earnings - substantially restricted                                               45,087                45,121
  Accumulated other comprehensive income - unrealized gains on securities
    designated as available for sale, net of related tax effects                                480                   206
  Less 1,096,523 shares of treasury stock at both March 31, 2004
    and December 31, 2003, respectively - at cost                                           (16,345)              (16,345)
                                                                                       ------------          ------------
         Total stockholders' equity                                                          92,993                92,543
                                                                                       ------------          ------------

         Total liabilities and stockholders' equity                                    $  1,057,023          $  1,039,151
                                                                                       ============          ============
</TABLE>

                                       3

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                       CONSOLIDATED STATEMENTS OF EARNINGS

                      For the three months ended March 31,
                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                              2004            2003
<S>                                                                        <C>              <C>
Interest income
  Loans                                                                    $   11,415       $ 12,723
  Mortgage-backed securities                                                      607          1,048
  Investment securities                                                           182            344
  Interest-bearing deposits and other                                             525            578
                                                                           ----------       --------
         Total interest income                                                 12,729         14,693

Interest expense
  Deposits                                                                      3,349          4,484
  Borrowings                                                                    3,309          3,843
                                                                           ----------       --------
         Total interest expense                                                 6,658          8,327
                                                                           ----------       --------

         Net interest income                                                    6,071          6,366

Provision for losses on loans                                                     255            420
                                                                           ----------       --------

         Net interest income after provision for losses on loans                5,816          5,946

Other income
  Late charges, rent and other                                                    640            848
  Loan servicing fees                                                             386            401
  Service charges and other fees on deposits                                      272            266
  Gain on sale of loans                                                           276          1,439
  Increase (decrease) in valuation of mortgage servicing rights - net            (102)           500
  Gain (loss) on sale of real estate acquired through foreclosure                 (13)             1
  Gain on sale of mortgage-backed securities                                       77              -
                                                                           ----------       --------
         Total other income                                                     1,536          3,455

General, administrative and other expense
  Employee compensation and benefits                                            2,996          2,918
  Occupancy and equipment                                                         874            940
  Data processing                                                                 342            303
  Advertising                                                                     254            177
  Franchise taxes                                                                 214            276
  Other operating                                                               1,190          1,165
                                                                           ----------       --------
         Total general, administrative and other expense                        5,870          5,779
                                                                           ----------       --------

         Earnings before federal income taxes                                   1,482          3,622

Federal income taxes
  Current                                                                         412            911
  Deferred                                                                         36            257
                                                                           ----------       --------
         Total federal income taxes                                               448          1,168
                                                                           ----------       --------

         NET EARNINGS                                                      $    1,034       $  2,454
                                                                           ==========       ========
         EARNINGS PER SHARE
         Basic                                                             $      .14       $    .32
                                                                           ==========       ========

         Diluted                                                           $      .14       $    .32
                                                                           ==========       ========

         Dividends declared per share                                      $     .145       $   .140
                                                                           ==========       ========
</TABLE>

                                       4

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                      For the three months ended March 31,
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                   2004      2003
<S>                                                                               <C>       <C>
Net earnings                                                                      $ 1,034   $2,454

Other comprehensive income, net of tax:
  Unrealized holding gains (losses) on securities during the period, net of tax
    effects (benefits) of $167 and ($202) in 2004 and 2003, respectively              325     (392)

Reclassification adjustment for realized gains included in earnings net
  of taxes of $26  in 2004                                                            (51)       -
                                                                                  -------   ------

Comprehensive income                                                              $ 1,308   $2,062
                                                                                  =======   ======

Accumulated comprehensive income                                                  $   480   $1,706
                                                                                  =======   ======
</TABLE>

                                       5

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                      For the three months ended March 31,
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                              2004               2003
<S>                                                                                         <C>                <C>
Cash flows from operating activities:
  Net earnings for the period                                                               $   1,034          $  2,454
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Amortization of deferred loan origination fees                                                (43)             (113)
    Amortization of premiums and discounts on investment and
      mortgage-backed securities - net                                                            346               532
    Depreciation and amortization                                                                 365               438
    Amortization of purchase accounting adjustments, net                                          (22)               20
    Provision for losses on loans                                                                 255               420
    Loss (gain) on sale of real estate acquired through foreclosure                                13                (1)
    Gain on sale of mortgage-backed securities                                                    (77)                -
    Federal Home Loan Bank stock dividends                                                       (244)             (232)
    Gain on sale of loans                                                                        (276)           (1,439)
    Loans originated for sale in the secondary market                                         (29,927)          (56,539)
    Proceeds from sale of loans in the secondary market                                        26,752            93,110
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                                 (83)              469
      Prepaid expenses and other assets                                                          (190)              (17)
      Accrued interest and other liabilities                                                       97              (233)
      Federal income taxes
        Current                                                                                   412               925
        Deferred                                                                                   36               257
                                                                                            ---------          --------
         Net cash provided by (used in) operating activities                                   (1,552)           40,051

Cash flows provided by (used in) investing activities:
  Purchases of investment securities designated as available for sale                          (8,000)           (2,000)
  Proceeds from maturities of investment securities                                             6,000             7,138
  Proceeds from sale of mortgage-backed securities designated as available for sale            12,571                 -
  Principal repayments on mortgage-backed securities                                            6,095            20,978
  Purchases of mortgage-backed securities designated as available for sale                    (32,371)          (33,184)
  Loan principal repayments                                                                    54,241            83,047
  Loan disbursements                                                                          (62,388)          (85,954)
  Purchases of loans                                                                           (6,117)           (2,112)
  Additions to office premises and equipment                                                     (169)             (289)
  Proceeds from sale of real estate acquired through foreclosure                                  586               613
  Net increase in cash surrender value of life insurance                                         (172)             (200)
                                                                                            ---------          --------
         Net cash used in investing activities                                                (29,724)          (11,963)
                                                                                            ---------          --------
         Net cash (used in) provided by operating and investing
           activities balance carried forward                                                 (31,276)           28,088
                                                                                               ------            ------
</TABLE>

                                       6

<PAGE>

                          CAMCO FINANCIAL CORPORATION

               CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                      For the three months ended March 31,
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                               2004              2003
<S>                                                                                         <C>                <C>
         Net cash (used in) provided by operating and investing
           activities (balance brought forward)                                             $ (31,276)          $28,088

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                                                          (2,228)              320
  Proceeds from Federal Home Loan Bank advances                                                25,650             1,500
  Repayment of Federal Home Loan Bank advances                                                 (5,106)           (2,948)
  Dividends paid on common stock                                                               (1,064)           (1,051)
  Proceeds from exercise of stock options                                                         210               426
  Purchase of treasury shares                                                                       -            (3,002)
  Decrease in advances by borrowers for taxes and insurance                                    (1,136)           (1,235)
                                                                                            ---------           -------
         Net cash provided by (used in) financing activities                                   16,326            (5,990)
                                                                                            ---------           -------

Increase (decrease) in cash and cash equivalents                                              (14,950)           22,098

Cash and cash equivalents at beginning of period                                               53,711            57,022
                                                                                            ---------            ------

Cash and cash equivalents at end of period                                                  $  38,761           $79,120
                                                                                            =========           =======
Supplemental disclosure of cash flow information:
  Cash paid during the period for:

    Interest on deposits and borrowings                                                     $   6,787           $ 7,014
                                                                                            =========           =======
Supplemental disclosure of noncash investing activities:
  Unrealized gains (losses) on securities designated as available
    for sale, net of related tax effects                                                    $     325           $  (392)
                                                                                            =========           ========
  Recognition of mortgage servicing rights in accordance with
    SFAS No. 140                                                                            $     336           $ 1,188
                                                                                            =========           =======

  Transfers from mortgage loans to real estate acquired through foreclosure                 $   1,907           $   189
                                                                                            =========           =======

  Dividends declared but unpaid                                                             $   1,067           $ 1,059
                                                                                            =========           =======
</TABLE>

                                       7

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For the three-month periods ended March 31, 2004 and 2003

1.       Basis of Presentation

         The accompanying unaudited consolidated financial statements were
         prepared in accordance with instructions for Form 10-Q and, therefore,
         do not include information or footnotes necessary for a complete
         presentation of financial position, results of operations and cash
         flows in conformity with accounting principles generally accepted in
         the United States of America ("US GAAP"). Accordingly, these financial
         statements should be read in conjunction with the consolidated
         financial statements and notes thereto of Camco Financial Corporation
         ("Camco" or the "Corporation") included in Camco's Annual Report on
         Form 10-K for the year ended December 31, 2003. However, all
         adjustments (consisting only of normal recurring accruals) which, in
         the opinion of management, are necessary for a fair presentation of the
         consolidated financial statements, have been included. The results of
         operations for the three month period ended March 31, 2004, are not
         necessarily indicative of the results which may be expected for the
         entire year.

2.       Principles of Consolidation

         The accompanying consolidated financial statements include the accounts
         of Camco and its two wholly-owned subsidiaries: Advantage Bank
         ("Advantage" or the "Bank") and Camco Title Insurance Agency, Inc.

3.       Critical Accounting Policies

         "Management's Discussion and Analysis of Financial Condition and
         Results of Operations," as well as disclosures found elsewhere in this
         quarterly report, are based upon Camco Financial's consolidated
         financial statements, which are prepared in accordance with US GAAP.
         The preparation of these financial statements requires Camco to make
         estimates and judgments that affect the reported amounts of assets,
         liabilities, revenues and expenses. Several factors are considered in
         determining whether or not a policy is critical in the preparation of
         financial statements. These factors include, among other things,
         whether the estimates are significant to the financial statements, the
         nature of the estimates, the ability to readily validate the estimates
         with other information including third parties or available prices, and
         sensitivity of the estimates to changes in economic conditions and
         whether alternative accounting methods may be utilized under US GAAP.

         Material estimates that are particularly susceptible to significant
         change in the near term relate to the determination of the allowance
         for loan losses, the valuation of mortgage servicing rights and
         goodwill impairment. Actual results could differ from those estimates.

         ALLOWANCE FOR LOAN LOSSES

         The procedures for assessing the adequacy of the allowance for loan
         losses reflect our evaluation of credit risk after careful
         consideration of all information available to us. In developing this
         assessment, we must rely on estimates and exercise judgment regarding
         matters where the ultimate outcome is unknown such as economic factors,
         developments affecting companies in specific industries and issues with
         respect to single borrowers. Depending on changes in circumstances,
         future assessments of credit risk may yield materially different
         results, which may require an increase or a decrease in the allowance
         for loan losses.

                                       8

<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

3.       Critical Accounting Policies (continued)

         ALLOWANCE FOR LOAN LOSSES (continued)

         The allowance is regularly reviewed by management to determine whether
         the amount is considered adequate to absorb probable losses. This
         evaluation includes specific loss estimates on certain individually
         reviewed loans, statistical loss estimates for loan pools that are
         based on historical loss experience, and general loss estimates that
         are based upon the size, quality, and concentration characteristics of
         the various loan portfolios, adverse situations that may affect a
         borrower's ability to repay, and current economic and industry
         conditions. Also considered as part of that judgement is a review of
         the Bank's trends in delinquencies and loan losses, as well as trends
         in delinquencies and losses for the region and nationally, and economic
         factors.

         The allowance for loan losses is maintained at a level believed
         adequate by management to absorb probable losses inherent in the loan
         portfolio. Management's evaluation of the adequacy of the allowance is
         an estimate based on management's current judgement about the credit
         quality of the loan portfolio. While the Corporation strives to reflect
         all known risk factors in its evaluations, judgment errors may occur.

         MORTGAGE SERVICING RIGHTS

         To determine the fair value of its mortgage servicing rights ("MSRs")
         each reporting quarter, the Corporation transmits information to a
         third party provider, representing individual loan information in each
         pooling period accompanied by escrow amounts. The third party then
         evaluates the possible impairment of MSRs as described below.

         Servicing assets are recognized as separate assets when loans are sold
         with servicing retained. A pooling methodology to the servicing
         valuation, in which loans with similar characteristics are "pooled"
         together, is applied for valuation purposes. Once pooled, each grouping
         of loans is evaluated on a discounted earnings basis to determine the
         present value of future earnings that a purchaser could expect to
         realize from the portfolio. Earnings are projected from a variety of
         sources including loan service fees, interest earned on float, net
         interest earned on escrow balances, miscellaneous income and costs to
         service the loans. The present value of future earnings is the
         estimated market value for the pool, calculated using consensus
         assumptions that a third party purchaser would utilize in evaluating a
         potential acquisition of the servicing. Events that may significantly
         affect the estimates used are changes in interest rates and the related
         impact on mortgage loan prepayment speeds and the payment performance
         of the underlying loans. The interest rate for float, which is supplied
         by management, takes into consideration the investment portfolio
         average yield as well as current short duration investment yields.
         Management believes this methodology provides a reasonable estimate.
         Mortgage loan prepayment speeds are calculated by the third party
         provider utilizing the Economic Outlook as published by the Office of
         Chief Economist of Freddie Mac in estimating prepayment speeds and
         provides a specific scenario with each evaluation. Based on the
         assumptions discussed, pre-tax projections are prepared for each pool
         of loans serviced. These earning figures approximate the cash flow that
         could be received from the servicing portfolio. Valuation results are
         presented quarterly to management. At that time, management reviews the
         information and mortgage servicing rights are marked to lower of
         amortized cost or market for the current quarter.

                                       9

<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

3.       Critical Accounting Policies (continued)

         GOODWILL

         We have developed procedures to test goodwill for impairment on an
         annual basis using June 30 financial information. This testing
         procedure is outsourced to a third party that evaluates possible
         impairment based on the following:

         The test involves assigning tangible assets and liabilities, identified
         intangible assets and goodwill to reporting units and comparing the
         fair value of each reporting unit to its carrying value including
         goodwill. The value is determined assuming a freely negotiated
         transaction between a willing buyer and a willing seller, neither being
         under any compulsion to buy or sell and both having reasonable
         knowledge of relevant facts. Accordingly, to derive the fair value of
         the reporting unit, the following common approaches to valuing business
         combination transactions involving financial institutions are utilized
         by a third party selected by Camco: (1) the comparable transactions
         approach - specifically based on earnings, book, assets and deposit
         premium multiples received in recent sales of comparable thrift
         franchises; and (2) the discounted cash flow ("DCF") approach. The
         application of the valuation techniques take into account the reporting
         unit's operating history, the current market environment and future
         prospects. As of the most recent quarter, the only reporting unit
         carrying goodwill is the Bank.

         If the fair value of a reporting unit exceeds its carrying amount,
         goodwill of the reporting unit is considered not impaired and no second
         step is required. If not, a second test is required to measure the
         amount of goodwill impairment. The second test of the overall goodwill
         impairment compares the implied fair value of the reporting unit
         goodwill with the carrying amount of the goodwill. The impairment loss
         shall equal the excess of carrying value over fair value.

         After each testing period, the third party compiles a summary of the
         test that is then provided to the Audit Committee for review.

         SUMMARY

         Management believes the accounting estimates related to the allowance
         for loan losses, the capitalization, amortization, and valuation of
         mortgage servicing rights and the goodwill impairment test are
         "critical accounting estimates" because: (1) the estimates are highly
         susceptible to change from period to period because they require
         management to make assumptions concerning the changes in the types and
         volumes of the portfolios, rates of future prepayments, and anticipated
         economic conditions, and (2) the impact of recognizing an impairment or
         loan loss could have a material effect on Camco's assets reported on
         the balance sheet as well as its net earnings. Management has discussed
         the development and selection of these critical accounting estimates
         with the Audit Committee of the Board of Directors and the Audit
         Committee has reviewed Camco's disclosures relating to such matters in
         the quarterly Management's Discussion and Analysis.

                                       10

<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

4.       Earnings Per Share

         Basic earnings per common share is computed based upon the
         weighted-average number of common shares outstanding during the period.
         Diluted earnings per common share include the dilutive effect of
         additional potential common shares issuable under the Corporation's
         stock option plans. The computations are as follows:

<TABLE>
<CAPTION>
                                      FOR THE THREE MONTHS ENDED
                                               MARCH 31,
                                        2004              2003
<S>                                   <C>               <C>
Weighted-average common shares
  outstanding (basic)                 7,345,340         7,674,434
Dilutive effect of assumed exercise
  of stock options                       69,276            95,112
                                      ---------         ---------
Weighted-average common shares
  outstanding (diluted)               7,414,616         7,769,546
                                      =========         =========
</TABLE>

         Options to purchase 17,705 and 7,088 shares of common stock with
         respective weighted-average exercise prices of $17.17 and $16.59 were
         outstanding at March 31, 2004 and 2003, respectively, but were excluded
         from the computation of common share equivalents for those respective
         periods because the exercise prices were greater than the average
         market price of the common shares.

5.       Stock Option Plans

         Stockholders of the Corporation have approved four stock option plans.
         Under the 1972 Plan, 254,230 common shares were reserved for issuance
         to officers, directors, and key employees of the Corporation and its
         subsidiaries. The 1982 Plan reserved 115,824 common shares for issuance
         to employees of the Corporation and its subsidiaries. All of the stock
         options under the 1972 and 1982 Plans have been granted and were
         subject to exercise at the discretion of the grantees through 2002.
         Under the 1995 Plan, 161,488 shares were reserved for issuance. Under
         the 2002 Plan, 400,000 shares were reserved for issuance. Additionally,
         in connection with the acquisition of First Savings, the stock options
         of First Savings were converted into options to purchase 174,421 shares
         of the Corporation's stock at an exercise price of $7.38 per share,
         which expire in 2005. In connection with the 2000 acquisition of
         Westwood Homestead, the stock options of Westwood Homestead were
         converted into options to purchase 311,794 shares of the Corporation's
         stock at a weighted-average exercise price of $11.89 per share, which
         expire in 2008.

         The Corporation accounts for its stock option plans in accordance with
         SFAS No. 123, "Accounting for Stock-Based Compensation," which contains
         a fair-value based method for valuing stock-based compensation that
         entities may use, that measures compensation cost at the grant date
         based on the fair value of the award. Compensation is then recognized
         over the service period, which is usually the vesting period.
         Alternatively, SFAS No. 123 permits entities to continue to account for
         stock options and similar equity instruments under Accounting
         Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued
         to Employees." Entities that continue to account for stock options
         using APB Opinion No. 25 are required to make pro forma disclosures of
         net earnings and earnings per share, as if the fair-value based method
         of accounting defined in SFAS No. 123 had been applied.

                                       11

<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

5.       Stock Option Plans (continued)

         The Corporation utilizes APB Opinion No. 25 and related Interpretations
         in accounting for its stock option plans. Accordingly, no compensation
         cost has been recognized for the plans. Had compensation cost for the
         Corporation's stock option plans been determined based on the fair
         value at the grant dates for awards under the plans consistent with the
         accounting method utilized in SFAS No. 123, the Corporation's net
         earnings and earnings per share for the three-month periods ended March
         31, 2004 and 2003, would have been reported as the pro forma amounts
         indicated below:

<TABLE>
<CAPTION>
                                                        2004                2003
                                                  (In thousands, except per share data)
<S>                                               <C>                 <C>
NET EARNINGS                       As reported    $         1,034     $           2,454
          Stock-based compensation, net of tax                 (7)                  (20)
                                                  ---------------     -----------------

                                   Pro-forma      $         1,027     $           2,434
                                                  ===============     =================
EARNINGS PER SHARE
  BASIC                            As reported    $           .14     $             .32
          Stock-based compensation, net of tax                  -                     -
                                                  ---------------     -----------------

                                   Pro-forma      $           .14     $             .32
                                                  ===============     =================

  DILUTED                          As reported    $           .14     $             .32
          Stock-based compensation, net of tax                  -                  (.01)
                                                  ---------------     -----------------

                                   Pro-forma      $           .14     $             .31
                                                  ===============     =================
</TABLE>

         The fair value of each option grant is estimated on the date of grant
         using the modified Black-Scholes options-pricing model with the
         following assumptions used for grants during 2004, 2003 and 2002:
         dividend yield of 3.40%, 3.50%, and 3.84%, respectively; expected
         volatility of 21.44%, 16.88% and 16.34% respectively; a risk-free
         interest rate of 4.11%, 3.95% and 2.00% respectively, and an expected
         life of ten years for all grants.

                                       12

<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

5.       Stock Option Plans (continued)

         A summary of the status of the Corporation's stock option plans as of
         March 31, 2004 and December 31, 2003 and 2002, and changes during the
         periods ending on those dates is presented below:

<TABLE>
<CAPTION>
                                   THREE MONTHS ENDED                      YEAR ENDED
                                        MARCH 31,                         DECEMBER 31,
                                         2004                 2003                   2002
                                            WEIGHTED-            WEIGHTED-               WEIGHTED-
                                             AVERAGE              AVERAGE                 AVERAGE
                                             EXERCISE             EXERCISE                EXERCISE
                                    SHARES    PRICE     SHARES     PRICE      SHARES       PRICE
<S>                                <C>      <C>        <C>       <C>         <C>        <C>
Outstanding at beginning of year   257,072  $   12.11   323,291  $    9.79     503,005  $      10.16
Granted                             17,705      17.17    56,948      16.13       3,700         14.55
Exercised                          (19,728)      8.72  (117,800)      7.60    (174,106)        10.84
Forfeited                           (1,050)     14.65    (5,367)     13.92      (9,308)        11.91
                                   -------  ---------  --------  ---------   ---------  ------------

Outstanding at end of year         253,999  $   12.41   257,072  $   12.11     323,291  $       9.79
                                   =======  =========  ========  =========   =========  ============

Options exercisable at year-end    206,839  $   11.50   211,780  $   11.25      323,291 $       9.79
                                   =======  =========  ========  =========   =========  ============
Weighted-average fair value of
  options granted during the year           $    3.59            $    2.60              $       1.36
                                            =========            =========              ============
</TABLE>

The following information applies to options outstanding at March 31, 2004:

<TABLE>
<S>                                                                                     <C>
Number outstanding                                                                            55,823
Range of exercise prices                                                                $  7.40-8.94

Number outstanding                                                                            63,125
Range of exercise prices                                                                $ 9.75-11.36

Number outstanding                                                                             6,280
Range of exercise prices                                                                $12.50-12.98

Number outstanding                                                                           128,771
Range of exercise prices                                                                $14.55-17.17

Weighted-average exercise price                                                         $      12.41
Weighted-average remaining contractual life                                                6.9 years
</TABLE>

6.       Forward Looking Statements

         Certain statements contained in this report that are not historical
         facts are forward looking statements that are subject to certain risks
         and uncertainties. When used herein, the terms "anticipates," "plans,"
         "expects," "believes," and similar expressions as they relate to Camco
         or its management are intended to identify such forward looking
         statements. Camco's actual results, performance or achievements may
         materially differ from those expressed or implied in the
         forward-looking statements. Risks and uncertainties that could cause or
         contribute to such material differences include, but are not limited
         to, general economic conditions, interest rate environment, competitive
         conditions in the financial services industry, changes in law,
         governmental policies and regulations, and rapidly changing technology
         affecting financial services.

                                       13

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

            For the three-month periods ended March 31, 2004 and 2003

Discussion of Financial Condition Changes from December 31, 2003 to March 31,
2004

At March 31, 2004, Camco's consolidated assets totaled $1.06 billion, an
increase of $17.9 million, or 1.7%, from the December 31, 2003 total. The
increase in total assets was comprised primarily of increases in mortgage-backed
securities available for sale, loans receivable, and loans held for sale, which
were partially offset by a decrease in cash and cash equivalents.

Cash and interest-bearing deposits in other financial institutions totaled $38.8
million at March 31, 2004, a decrease of $15.0 million, or 27.8%, from December
31, 2003 levels. Investment securities totaled $30.1 million at March 31, 2004,
an increase of $1.9 million, or 6.8%, from the total at December 31, 2003.
Investment securities purchases of $8.0 million were comprised primarily of
intermediate-term callable U.S. Government agency obligations with an average
yield of 3.49%, which were partially offset by $6.0 million of investment
maturities.

Mortgage-backed securities totaled $99.5 million at March 31, 2004, an increase
of $13.9 million, or 16.2%, from December 31, 2003. Mortgage-backed securities
purchases totaled $32.4 million, while principal repayments totaled $6.1 million
and sales totaled $12.5 million during the three-month period ended March 31,
2004. Purchases of mortgage-backed securities during the period were comprised
primarily of short duration mortgage-backed securities yielding 3.87%, all of
which were classified as available for sale.

Loans receivable, including loans held for sale, totaled $820.7 million at March
31, 2004, an increase of $15.6 million, or 1.9%, from December 31, 2003. The
increase resulted primarily from loan disbursements and purchases totaling $98.4
million, which were partially offset by principal repayments of $54.2 million
and loan sales of $26.8 million. The volume of loans originated and purchased
during the first three months of 2004 decreased compared to the 2003 period by
$46.2 million, or 31.9%, while the volume of loan sales decreased by $65.2
million year to year. As interest rates have moved off their historical lows,
loans originated and purchased moved away from fixed rate lending to adjustable
rate lending. This has caused origination and purchases to be lower while at the
same time has allowed our portfolio to grow. Camco has typically held
adjustable-rate mortgage loans in its portfolio as an integral part of its
strategy to maintain an asset-sensitive interest-rate risk position. Loan
originations during the three-month period ended March 31, 2004, were comprised
primarily of $48.6 million of loans secured by one- to four-family residential
real estate, $18.8 million in consumer and other loans and $31.0 million in
loans secured by commercial real estate. Management will continue to expand its
consumer and commercial real estate lending in future periods as a means of
increasing the yield and diversifying the portfolio to a less dominated
proportion of one- to four-family residential real estate loans.

The allowance for loan losses totaled $5.5 million and $5.6 million at March 31,
2004 and December 31, 2003, respectively, representing 43.0% and 41.5% of
nonperforming loans, respectively, at those dates. Nonperforming loans (90 days
or more delinquent plus nonaccrual loans) totaled $12.7 million and $13.6
million at March 31, 2004 and December 31, 2003, respectively, constituting
1.55% and 1.69% of total net loans, including loans held for sale, at those
dates. At March 31, 2004, nonperforming loans were comprised of $10.7 million in
one- to four-family residential real estate loans, $1.2 million in commercial
and multi-family real estate loans and $777,000 of consumer and non-residential
loans. Management believes all nonperforming loans are adequately collateralized
and no loss is expected over and above allocated reserves on such loans. Loans
delinquent greater than 30 days but less than 90 days totaled $7.0 million at
March 31, 2004, compared to $8.7 million at December 31, 2003, a decrease of
$1.7 million, or 20.0%. Although management believes that its allowance for loan
losses is adequate based upon the available facts and circumstances at March 31,
2004, there can be no assurance that increased provisions will not be necessary
in future periods, which could adversely affect Camco's results of operations.

                                       14

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

Discussion of Financial Condition Changes from December 31, 2003 to March 31,
2004 (continued)

Deposits totaled $669.0 million at March 31, 2004, a decrease of $2.2 million,
or .33%, from the total at December 31, 2003. The decrease in deposits was due
to a $7.9 million decrease of interest bearing deposits which were offset
partially by the increase of $4.0 million of certificates of deposit.

Stockholders' equity totaled $93.0 million at March 31, 2004, an increase of
$450,000, or .49%, from December 31, 2003. The increase resulted primarily from
net earnings of $1.0 million, an increase in the unrealized gains on available
for sale securities of $274,000, and proceeds from the exercise of stock options
of $210,000 which were partially offset by dividends of $1.1 million.

Advantage is required to maintain minimum regulatory capital pursuant to federal
regulations. At March 31, 2004, the Bank's regulatory capital exceeded all
regulatory capital requirements and is considered "well capitalized".

         The following tables present certain information regarding compliance
by Advantage with applicable regulatory capital requirements at March 31, 2004:

<TABLE>
<CAPTION>
                                                                                                     To be "well-
                                                    At March 31, 2004                             capitalized" under
                                                                   For capital                    prompt corrective
                                         Actual                 adequacy purposes                 action provisions
                                    ----------------       ----------------------------     ------------------------------
                                     Amount    Ratio            Amount         Ratio            Amount            Ratio
                                    -------    -----       --------------   -----------     --------------    ------------
                                                              (Dollars in thousands)
<S>                                 <C>        <C>         <C>              <C>             <C>               <C>
Total capital
  (to risk-weighted assets)         $80,670    12.18%      > or = $52,996   > or = 8.0%     > or = $66,245    > or = 10.0%

Tier I capital
  (to risk-weighted assets)         $75,210    11.35%      > or = $26,498   > or = 4.0%     > or = $39,747    > or =  6.0%

Tier I leverage                     $75,210     7.41%      > or = $40,610   > or = 4.0%     > or = $50,763    > or =  5.0%
</TABLE>

         Federal law prohibits a financial institution from making a capital
distribution to anyone or paying management fees to any person having control of
the institution if, after such distribution or payment, the institution would be
undercapitalized. In addition, each company controlling an undercapitalized
institution must guarantee that the institution will comply with its capital
restoration plan until the institution has been adequately capitalized on
average during each of the four preceding calendar quarters and must provide
adequate assurances of performance.

Comparison of Results of Operations for the Three Months Ended March 31, 2004
and 2003

General

Camco's net earnings for the three months ended March 31, 2004 totaled $1.0
million, a decrease of $1.4 million, or 57.9%, from the $2.5 million of net
earnings reported in the comparable 2003 period. The decrease in earnings was
primarily attributable to a $1.9 million, or 55.5% decrease in other income and
a decrease of $295,000, or 4.6% in net interest income, which were partially
offset by a decrease in the provision for losses on loans of $165,000 and a
decrease in federal income tax expense of $720,000.

                                       15

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

Comparison of Results of Operations for the Three Months Ended March 31, 2004
and 2003 (continued)

Net Interest Income

Total net interest income amounted to $6.1 million for the three months ended
March 31, 2004, a decrease of $295,000, or 4.6%, compared to the three-month
period ended March 31, 2003, generally reflecting the effects of a decrease in
yield on total interest-earning assets of 54 basis points, from 5.69% in the
2003 period to 5.15% in 2004, and a $43.7 million, or 4.2%, decrease in the
average balance of interest-earning assets outstanding year to year.

Interest income on loans totaled $11.4 million for the three months ended March
31, 2004, a decrease of $1.3 million, or 10.3% from the comparable 2003 period.
The decrease resulted primarily from a 94 basis point decrease in the average
yield to 5.62% from 6.56% in 2003 which was partially offset by the increase of
average balance outstanding of $36.9 million or 4.8% in the 2004 quarter.
Interest income on mortgage-backed securities totaled $607,000 for the three
months ended March 31, 2004, a $441,000, or 42.1% decrease from the 2003
quarter. The decrease was due primarily to a 66 basis point decrease in the
average yield, to 2.87% for the 2004 period, coupled with a $34.0 million, or
28.7%, decrease in the average balance outstanding in the 2004 period. Interest
income on investment securities decreased by $162,000, or 47.1%, due primarily
to a $14.2 million decrease in the average balance outstanding, coupled with a
65 basis point decrease in the average yield, to 2.64% in the 2004 period.
Interest income on other interest-earning assets decreased by $53,000, or 9.2%,
due primarily to a $32.4 million, or 33.5%, decrease in the average balance
outstanding which was partially offset by an 87 basis point increase in the
average yield, to 3.26% compared to 2.39% for the three months ended March 31,
2003.

Interest expense on deposits totaled $3.3 million for the three months ended
March 31, 2004, a decrease of $1.1 million, or 25.3%, compared to the same
quarter in 2003, due primarily to a 62 basis point decrease in the average cost
of deposits to 2.08% in the current quarter, and a $21.0 million, or 3.2%,
decrease in average deposits outstanding. Interest expense on borrowings totaled
$3.3 million for the three months ended March 31, 2004, a decrease of $534,000,
or 13.9%, from the same 2003 three-month period. The decrease resulted primarily
from a 56 basis point decrease in the average cost of borrowings to 5.01%, and a
$11.9 million, or 4.3%, decrease in the average balance outstanding year to
year. Decreases in the level of average yields on interest-earning assets and
average costs of interest-bearing liabilities were due primarily to the overall
decrease in interest rates in the economy coupled with a December restructuring
of $25.4 million of FHLB borrowings which carried an average fixed rate of
5.41%. The borrowings were replaced with variable rate advances having a
weighted average rate of approximately 1% as of March 31, 2004.

As a result of the foregoing changes in interest income and interest expense,
net interest income decreased by $295,000, or 4.6%, to a total of $6.1 million
for the three months ended March 31, 2004. The interest rate spread increased to
approximately 2.22% at March 31, 2004, from 2.15% at March 31, 2003, while the
net interest margin decreased to approximately 2.46% for the three months ended
March 31, 2004, compared to 2.47% for the 2003 period.

                                       16

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

Comparison of Results of Operations for the Three Months Ended March 31, 2004
and 2003 (continued)

Provision for Losses on Loans

A provision for losses on loans is charged to earnings to bring the total
allowance for loan losses to a level considered appropriate by management based
on historical experience, the volume and type of lending conducted by the Bank,
the status of past due principal and interest payments, general economic
conditions, particularly as such conditions relate to the Bank's market areas,
and other factors related to the collectibility of the Bank's loan portfolio.
Based upon an analysis of these factors, management recorded a provision for
losses on loans totaling $255,000 for the three months ended March 31, 2004, a
decrease of $165,000, or 39.3%, from the comparable period in 2003. The decrease
in the current period provision compared to the 2003 period was predicated
primarily on a $1.7 million, or 8.0% decrease in the level of classified loans
year to year. Management believes all classified loans are adequately
collateralized, however, there can be no assurance that the loan loss allowance
will be adequate to absorb losses on known classified assets or that the
allowance will be adequate to cover losses on classified assets in the future.

Other Income

Other income totaled $1.5 million for the three months ended March 31, 2004, a
decrease of $1.9 million, or 55.5%, from the comparable 2003 period. The
decrease in other income was primarily attributable to a $1.2 million decrease
in gain on sale of loans, a $602,000 decrease in the valuation of mortgage
servicing rights and a decrease of $208,000, in late charges, rent and other.
The decrease in gain on sale of loans was due to the decrease of $65.2 million
in the volume of loan sales. The decline in mortgage servicing rights was
attributable to amortization related to the high level of loan prepayments in
the servicing portfolio in 2003. The reduction in late charges, rent and other
was due primarily to a decrease in title premiums and other fees on loans due to
the $46.2 million decrease of loans originated and purchased in 2004 compared to
the 2003 period. The Corporation's mortgage banking income, largely comprised of
gains on sale of loans, servicing revenue, and title premiums are subject to the
cyclical changes in the overall level of interest rates in the economy. The rise
in home mortgage interest rates off the historical lows over the last six months
have had a dampening effect on the Corporation's net earnings. The higher home
mortgage rates will decrease the Company's originations for primarily fixed rate
mortgage loans which will diminish the fee income derived from the sale of those
loans in the secondary market. The origination of adjustable rate home loans
generally increase during these interest rate cycles and after a period of time,
borrowers have typically come back into the home purchase and construction
market using those types of loans to finance their homes. Over time, this will
shift earnings from fees to net interest margin income for the Bank.

General, Administrative and Other Expense

General, administrative and other expense totaled $5.9 million for the three
months ended March 31, 2004, an increase of $91,000, or 1.6%, from the
comparable period in 2003. The increase in general, administrative and other
expense was due primarily to an increase of $77,000, or 43.5%, in advertising
and a $25,000, or 2.1%, increase in other operating costs, which were partially
offset by a reduction of $66,000, or 7.0%, in occupancy and equipment and
$62,000 in franchise taxes. The increase in advertising was primarily due to
hiring an advertising agency to better manage the Company's marketing effort to
uniformly promote our brand, key product offerings and better manage our costs.
The increase in other operating costs were attributable to higher compliance
costs as a result of Sarbanes/Oxley. The decrease in occupancy and equipment was
due primarily to the closing of the Russell, Kentucky branch and a decrease in
depreciation expense. The decrease in franchise tax was due to the receipt of
refunds.

                                       17

<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2004 and 2003

Comparison of Results of Operations for the Three Months Ended March 31, 2004
and 2003 (continued)

Federal Income Taxes

The provision for federal income taxes totaled $448,000 for the three months
ended March 31, 2004, a decline of $720,000, or 61.6%, compared to the three
months ended March 31, 2003. This reduction was primarily attributable to a $2.1
million, or 59.1%, decrease in pre-tax earnings as well as the non-taxable
nature of increases in cash surrender value of life insurance. The Corporation's
effective tax rates amounted to 30.2% and 32.2% for the three-month periods
ended March 31, 2004 and 2003, respectively.

ITEM 3: Quantitative and Qualitative Disclosures about Market Risk

There has been no material change in the Corporation's market risk since the
Corporation's Form 10-K filed with the Securities and Exchange Commission for
the year ended December 31, 2003.

ITEM 4: Controls and Procedures

         (a) Camco's Chief Executive Officer and Chief Financial Officer
evaluated the effectiveness of the disclosure controls and procedures (as
defined under Rules 13a-14(c) and 15d-14(c) of the Securities Exchange Act of
1934, as amended) as of December 31, 2003. Based upon that evaluation, the Chief
Executive Officer and Chief Financial Officer have concluded that Camco's
disclosure controls and procedures are effective.

         (b) There were no significant changes in Camco's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation.

                                       18

<PAGE>

                           Camco Financial Corporation

                                     PART II

ITEM 1.  Legal Proceedings

         Not applicable

ITEM 2.  Changes in Securities, Use of Proceeds and Issuer Purchases of Equity
         Securities

         None

ITEM 3.  Defaults Upon Senior Securities

         Not applicable

ITEM 4.  Submission of Matters to a Vote of Security Holders

         On April 27, 2004, Camco held its Annual Meeting of Stockholders. The
         only matter that was submitted to stockholders was the election of two
         directors for terms expiring in 2007, as follows:

<TABLE>
<CAPTION>
                                 For                     Withheld
<S>                           <C>                        <C>
Terry A. Feick                6,045,666                   248,138
Susan J. Insley               6,046,348                   247,456
</TABLE>

         The following directors terms continued after the meeting: Richard C.
         Baylor, Robert C. Dix, Paul D. Leake, Larry A. Caldwell, Carson K.
         Miller, Samuel W. Speck and Jeffrey T. Tucker.

ITEM 5.  Other Information

         Not applicable

ITEM 6.  Exhibits and Reports on Form 8-K

         (a) Exhibits:

             Exhibit 31(i)      Section 302 certification by Chief Executive
                                Officer

             Exhibit 31(ii)     Section 302 Certification by Chief Financial
                                Officer

             Exhibit 32(i)      Section 1350 certification by Chief Executive
                                Officer

             Exhibit 32(ii)     Section 1350 certification by Chief Financial
                                Officer

         Reports on Form 8-K:   On January 26, 2004, a Form 8-K was filed to
                                report net earnings for the quarter and year
                                ended December 31, 2003

                                On March 25, 2004, a Form 8-K was filed to
                                report the declaration of a cash dividend.

                                On March 29, 2004 a Form 8-K was filed to
                                report the execution of an agreement to
                                acquire London Financial Corporation.

                                       19

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date: May 3, 2004                             By: /s/Richard C. Baylor
                                              ----------------------------------
                                              Richard C. Baylor
                                              Chief Executive Officer

Date: May 3, 2004                             By: /s/Mark A. Severson
                                              ----------------------------------
                                              Mark A. Severson
                                              Chief Financial Officer

                                       20