<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           September 30, 2003
                               -------------------------------------------

                                       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 November 12, 2003, the latest practicable date, 7,380,387 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>
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                                                21

                  Controls and Procedures                                    21


PART II -         OTHER INFORMATION                                          22

SIGNATURES                                                                   23
</Table>



                                       2
<PAGE>



                           CAMCO FINANCIAL CORPORATION

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)

<Table>
<Caption>

                                                                                        SEPTEMBER 30,     DECEMBER 31,
         ASSETS                                                                                  2003             2002

<S>                                                                                     <C>              <C>
Cash and due from banks                                                                 $      27,662    $      20,215
Interest-bearing deposits in other financial institutions                                      17,428           36,807
                                                                                        -------------    -------------
         Cash and cash equivalents                                                             45,090           57,022

Investment securities available for sale - at market                                           32,295           38,789
Investment securities held to maturity - at cost, approximate market
  value of $2,213 and $5,501 as of September 30, 2003 and December 31,
  2002, respectively                                                                            2,131            5,368
Mortgage-backed securities available for sale - at market                                      88,571           97,332
Mortgage-backed securities held to maturity - at cost, approximate market
  value of $9,169 and $20,634 as of September 30, 2003 and December 31,
  2002, respectively                                                                            9,072           20,000
Loans held for sale - at lower of cost or market                                                7,934           55,493
Loans receivable - net                                                                        792,864          741,465
Office premises and equipment - net                                                            13,741           14,492
Real estate acquired through foreclosure                                                        1,251            1,589
Federal Home Loan Bank stock - at cost                                                         24,250           23,539
Accrued interest receivable                                                                     4,436            4,922
Prepaid expenses and other assets                                                               1,870            2,130
Cash surrender value of life insurance                                                         17,547           17,372
Goodwill - net of accumulated amortization                                                      2,953            2,953
Prepaid federal income taxes                                                                      701              774
                                                                                        -------------    -------------

         Total assets                                                                   $   1,044,706    $   1,083,240
                                                                                        =============    =============

         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                                $     661,520    $     694,072
Advances from the Federal Home Loan Bank                                                      277,794          276,276
Advances by borrowers for taxes and insurance                                                   2,580            3,509
Accounts payable and accrued liabilities                                                        4,475            4,298
Dividends payable                                                                               1,070            1,046
Deferred federal income taxes                                                                   3,517            5,438
                                                                                        -------------    -------------
         Total liabilities                                                                    950,956          984,639

Stockholders' equity
  Preferred stock - $1 par value; authorized 100,000 shares; no shares outstanding                 --               --
  Common stock - $1 par value; authorized 14,900,000 shares; 8,420,260 and
    8,311,145 shares issued at September 30, 2003 and December 31, 2002, respectively           8,420            8,311
  Additional paid-in capital                                                                   55,034           54,063
  Retained earnings - substantially restricted                                                 45,597           42,497
  Accumulated other comprehensive income - unrealized gains on securities
    designated as available for sale, net of related tax effects                                   98            2,098
  Less 1,042,523 and 622,260 shares of treasury stock at September 30, 2003 and
    December 31, 2002, respectively - at cost                                                 (15,399)          (8,368)
                                                                                        -------------    -------------
         Total stockholders' equity                                                            93,750           98,601
                                                                                        -------------    -------------

         Total liabilities and stockholders' equity                                     $   1,044,706    $   1,083,240
                                                                                        =============    =============
</Table>


                                       3
<PAGE>


                           CAMCO FINANCIAL CORPORATION

                       CONSOLIDATED STATEMENTS OF EARNINGS

                      (In thousands, except per share data)

<Table>
<Caption>

                                                                            NINE MONTHS ENDED        THREE MONTHS ENDED
                                                                              SEPTEMBER 30,             SEPTEMBER 30,
                                                                           2003           2002           2003           2002
<S>                                                                 <C>            <C>            <C>            <C>
Interest income
  Loans                                                             $    36,497    $    44,047    $    11,795    $    13,868
  Mortgage-backed securities                                              2,775          3,295            736          1,489
  Investment securities                                                   1,016            929            305            438
  Interest-bearing deposits and other                                     1,665          2,118            506            666
                                                                    -----------    -----------    -----------    -----------
         Total interest income                                           41,953         50,389         13,342         16,461

Interest expense
  Deposits                                                               12,460         18,008          3,827          5,544
  Borrowings                                                             11,495         11,511          3,828          3,984
                                                                    -----------    -----------    -----------    -----------
         Total interest expense                                          23,955         29,519          7,655          9,528
                                                                    -----------    -----------    -----------    -----------

         Net interest income                                             17,998         20,870          5,687          6,933

Provision for losses on loans                                               930            752            255            338
                                                                    -----------    -----------    -----------    -----------

         Net interest income after provision
           for losses on loans                                           17,068         20,118          5,432          6,595

Other income
  Late charges, rent and other                                            2,942          2,368            944            901
  Loan servicing fees                                                     1,225          1,157            412            401
  Service charges and other fees on deposits                                878            718            309            276
  Gain on sale of loans                                                   3,257          1,667            547            847
  Valuation of mortgage servicing rights - net                              188          1,000           (402)           260
  Gain on sale of investment and mortgage-backed securities                 716             27            531             --
  Gain (loss) on sale of real estate acquired through foreclosure            20            104             82             (1)
                                                                    -----------    -----------    -----------    -----------
         Total other income                                               9,226          7,041          2,423          2,684

General, administrative and other expense
  Employee compensation and benefits                                      8,178          7,767          2,461          2,712
  Occupancy and equipment                                                 2,792          2,555            936            857
  Data processing                                                           993            937            318            378
  Advertising                                                               554            605            190            123
  Franchise taxes                                                           959            612            362            326
  Other operating                                                         3,714          3,907          1,284          1,163
  Restructuring charges (credits)                                            --           (112)            --             --
                                                                    -----------    -----------    -----------    -----------

         Total general, administrative and other expense                 17,190         16,271          5,551          5,559
                                                                    -----------    -----------    -----------    -----------

         Earnings before federal income taxes                             9,104         10,888          2,304          3,720

Federal income taxes
  Current                                                                 3,726          2,001            850           (764)
  Deferred                                                                 (890)         1,512           (132)         1,954
                                                                    -----------    -----------    -----------    -----------
         Total federal income taxes                                       2,836          3,513            718          1,190
                                                                    -----------    -----------    -----------    -----------

         NET EARNINGS                                               $     6,268    $     7,375    $     1,586    $     2,530
                                                                    ===========    ===========    ===========    ===========

         EARNINGS PER SHARE
           Basic                                                    $      0.83    $      0.93    $      0.21    $      0.32
                                                                    ===========    ===========    ===========    ===========

           Diluted                                                  $      0.82    $      0.92    $      0.21    $      0.32
                                                                    ===========    ===========    ===========    ===========
</Table>




                                       4
<PAGE>



                           CAMCO FINANCIAL CORPORATION

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                 (In thousands)

<Table>
<Caption>

                                                                        NINE MONTHS ENDED            THREE MONTHS ENDED
                                                                          SEPTEMBER 30,                 SEPTEMBER 30,
                                                                        2003            2002            2003            2002

<S>                                                             <C>             <C>             <C>             <C>
Net earnings                                                    $      6,268    $      7,375    $      1,586    $      2,530

Other comprehensive income (loss), net of tax:
  Unrealized holding gains (losses) during the period, net of
    related taxes (benefits) of $(787), $817, $(556) and $435
    for the nine and three months ended  September 30,
    2003 and 2002, respectively                                       (1,527)          1,586          (1,080)            845

  Reclassification adjustment for realized gains included in
    net earnings, net of taxes of $243, $9 and $181 for the
    respective periods                                                  (473)            (18)           (350)             --
                                                                ------------    ------------    ------------    ------------
Comprehensive income                                            $      4,268    $      8,943    $        156    $      3,375
                                                                ============    ============    ============    ============

Accumulated comprehensive income                                $         98    $      1,675    $         98    $      1,675
                                                                ============    ============    ============    ============
</Table>





                                       5
<PAGE>




                           CAMCO FINANCIAL CORPORATION

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                     For the nine months ended September 30,
                                 (In thousands)

<Table>
<Caption>


                                                                                              2003            2002
<S>                                                                                   <C>             <C>
Cash flows from operating activities:
  Net earnings for the period                                                         $      6,268    $      7,375
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Amortization of deferred loan origination fees                                            (352)           (504)
    Amortization of premiums and discounts on investment
      and mortgage-backed securities - net                                                   1,977             317
    Amortization of purchase accounting adjustments - net                                       66             189
    Depreciation and amortization                                                            1,354             989
    Provision for losses on loans                                                              930             752
    Gain on sale of real estate acquired through foreclosure                                   (20)           (104)
    Federal Home Loan Bank stock dividends                                                    (711)           (794)
    Gain on sale of investment and mortgage-backed securities                                 (716)            (27)
    Gain on sale of loans                                                                   (3,257)         (1,667)
    Loans originated for sale in the secondary market                                     (205,600)       (142,001)
    Proceeds from sale of loans in the secondary market                                    256,416         140,129
    Gain on sale of premises and equipment                                                      (2)             --
    Increase (decrease) in cash due to changes in:
        Accrued interest receivable                                                            486             298
        Prepaid expenses and other assets                                                      260           2,528
        Accrued interest and other liabilities                                                 177          (6,350)
        Federal income taxes:
          Current                                                                               73             137
          Deferred                                                                            (890)          1,512
                                                                                      ------------    ------------
         Net cash provided by operating activities                                          56,459           2,779

Cash flows provided by (used in) investing activities:
  Proceeds from maturities of investment securities                                         17,191          21,567
  Proceeds from sale of investment securities designated as available for sale               2,043              44
  Proceeds from sale of mortgage-backed securities designated as available for sale         54,135              --
  Purchase of investment securities designated as held to maturity                              --          (1,048)
  Purchase of investment securities designated as available for sale                       (10,341)        (55,864)
  Purchase of mortgage-backed securities designated as available for sale                 (112,989)       (108,411)
  Purchase of mortgage-backed securities designated as held to maturity                       (270)             --
  Purchase of loans                                                                         (9,954)         (2,125)
  Loan disbursements                                                                      (295,714)       (197,883)
  Principal repayments on loans                                                            250,816         271,943
  Principal repayments on mortgage-backed securities                                        75,351          16,525
  Purchase of office premises and equipment                                                   (610)           (876)
  Proceeds from sales of real estate acquired through foreclosure                            3,206           1,795
  Additions to real estate acquired through foreclosure                                         --             (21)
  Purchase of cash surrender value of life insurance                                            --            (825)
  Proceeds from sale of office premises and equipment                                            9              --
  Proceeds from redemption of life insurance                                                   422              --
  Net increase in cash surrender value of life insurance                                      (597)           (604)
                                                                                      ------------    ------------
         Net cash used in investing activities                                             (27,302)        (55,783)
                                                                                      ------------    ------------

         Net cash provided by (used in) operating and investing activities
           (subtotal carried forward)                                                       29,157         (53,004)
                                                                                      ------------    ------------
</Table>




                                       6
<PAGE>



                           CAMCO FINANCIAL CORPORATION

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                     For the nine months ended September 30,
                                 (In thousands)

<Table>
<Caption>


                                                                                        2003            2002
<S>                                                                             <C>             <C>
         Net cash provided by (used in) operating and investing activities
           (subtotal brought forward)                                           $     29,157    $    (53,004)

Cash flows provided by (used in) financing activities:
  Net decrease in deposits                                                           (32,552)        (26,857)
  Proceeds from Federal Home Loan Bank advances                                       44,500          68,500
  Repayment of Federal Home Loan Bank advances                                       (43,013)        (45,293)
  Dividends paid on common stock                                                      (3,144)         (2,993)
  Purchase of treasury stock                                                          (7,031)         (4,478)
  Proceeds from exercise of stock options                                              1,080           1,593
  Advances by borrowers for taxes and insurance                                         (929)         (1,249)
                                                                                ------------    ------------
         Net cash used in financing activities                                       (41,089)        (10,777)
                                                                                ------------    ------------

Net decrease in cash and cash equivalents                                            (11,932)        (63,781)

Cash and cash equivalents at beginning of period                                      57,022         104,964
                                                                                ------------    ------------

Cash and cash equivalents at end of period                                      $     45,090    $     41,183
                                                                                ============    ============


Supplemental disclosure of cash flow information: Cash paid during the period
  for:
    Interest on deposits and borrowings                                         $     22,704    $     28,200
                                                                                ============    ============

    Income taxes                                                                $      3,493    $      1,903
                                                                                ============    ============

Supplemental disclosure of noncash investing activities:
  Transfers from mortgage loans to real estate acquired
    through foreclosure                                                         $      2,848    $      1,168
                                                                                ============    ============

  Unrealized gains (losses) on securities designated as available for sale      $     (2,000)   $      1,568
                                                                                ============    ============

  Recognition of mortgage servicing rights in
    accordance with SFAS No. 140                                                $      3,132    $      1,634
                                                                                ============    ============

  Issuance of loans upon sale of real estate acquired through foreclosure       $      1,838    $        594
                                                                                ============    ============

  Dividends declared but unpaid                                                 $      1,070    $      1,051
                                                                                ============    ============

  Supplemental disclosure of noncash financing activities:
     Treasury shares received from settlement of Columbia Financial's
      Employee Stock Ownership Plan                                             $         --    $        639
                                                                                ============    ============
</Table>




                                       7
<PAGE>



                           CAMCO FINANCIAL CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     For the nine- and three-month periods ended September 30, 2003 and 2002


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, 2002. 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 nine and three month periods ended September 30,
         2003, 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 two wholly-owned subsidiaries: Advantage Bank ("Advantage"
         or the "Bank") and Camco Title Insurance Agency, Inc., as well as a
         second tier subsidiary, Camco Mortgage Corporation.

3.       Critical Accounting Policies

         The "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 assets 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 nine- and three-month periods ended September 30, 2003 and 2002

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 ASSETS

         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 the mortgage servicing asset is 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 nine- and three-month periods ended September 30, 2003 and 2002


3.       Critical Accounting Policies (continued)

         GOODWILL

         We have developed procedures to test goodwill for impairment on an
         annual basis using June financials. 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 valuations of
         mortgage servicing assets 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 them in the
         quarterly Management's Discussion and Analysis.




                                       10
<PAGE>



                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

     For the nine- and three-month periods ended September 30, 2003 and 2002


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 plan. The computations are as follows:

<Table>
<Caption>

                                        FOR THE NINE MONTHS ENDED   FOR THE THREE MONTHS ENDED
                                              SEPTEMBER 30,                 SEPTEMBER 30,
                                              2003           2002           2003           2002
<S>                                   <C>            <C>            <C>            <C>
Weighted-average common shares
  outstanding (basic)                    7,537,944      7,947,311      7,417,459      7,897,051
Dilutive effect of assumed exercise
  of stock options                         130,045        107,509         82,721        111,444
                                      ------------   ------------   ------------   ------------
Weighted-average common shares
  outstanding (diluted)                  7,667,989      8,054,820      7,500,180      8,008,495
                                      ============   ============   ============   ============
</Table>

         Options to purchase 7,088 and 65,441 shares of common stock with
         respective weighted-average exercise prices of $16.59 and $14.83 were
         outstanding at September 30, 2003 and 2002, respectively, but were
         excluded from the computation of common share equivalents for the nine
         and three month periods then ended, because the exercise prices were
         greater than the average market price of the common shares.

5.       Stock Option Plans

         Camco presently has options outstanding under four stock option plans.
         Under the 1995 Plan and the 2002 Plan, 161,488 and 400,000 shares,
         respectively, were reserved for issuance. Additionally, in connection
         with the 1996 acquisition of First Savings, 265,876 shares were
         reserved for issuance under the First Ashland stock option plan. In
         connection with the 2000 acquisition of Westwood Homestead, 311,794
         shares were reserved for issuance under the Westwood stock option plan.

         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.

         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 nine- and three-month periods
         ended September 30, 2003 and 2002, would have been reported as the pro
         forma amounts indicated below:



                                       11
<PAGE>



                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

     For the nine- and three-month periods ended September 30, 2003 and 2002


5.       Stock Option Plans (continued)

<Table>
<Caption>

                                                 NINE MONTHS ENDED               THREE MONTHS ENDED
                                                    SEPTEMBER 30,                   SEPTEMBER 30,
                                                      2003          2002           2003           2002

<S>                                            <C>           <C>            <C>            <C>
Net earnings (In thousands)      As reported   $     6,268   $     7,375    $     1,586    $     2,530
        Stock-based compensation, net of tax           (15)           (3)            (5)            (1)
                                               -----------   -----------    -----------    -----------

                                   Pro-forma   $     6,253   $     7,372    $     1,581    $     2,529
                                               ===========   ===========    ===========    ===========
Earnings per share
  Basic                          As reported   $       .83   $       .93    $       .21    $       .32
        Stock-based compensation, net of tax            --            --             --             --
                                               -----------   -----------    -----------    -----------
                                   Pro-forma   $       .83   $       .93    $       .21    $       .32
                                               ===========   ===========    ===========    ===========

  Diluted                        As reported   $       .82   $       .92    $       .21    $       3.2
        Stock-based compensation, net of tax            --            --             --             --
                                               -----------   -----------    -----------    -----------
                                   Pro-forma   $       .82   $       .92    $       .21    $       .32
                                               ===========   ===========    ===========    ===========
</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 2003, 2002 and 2001:
         dividend yield of 3.50%, 3.84% and 4.07%, respectively; expected
         volatility of 16.88%, 16.34%, and 17.06%, respectively; a risk-free
         interest rate of 3.95%, 2.00% and 3.00%, respectively, and an expected
         life of ten years for all grants.

         A summary of the status of the Corporation's stock option plans as of
         September 30, 2003 and December 31, 2002 and 2001, and changes during
         the periods ending on those dates is presented below:

<Table>
<Caption>

                                            NINE MONTHS ENDED                                   YEAR ENDED
                                              SEPTEMBER 30,                                   DECEMBER 31,
                                                   2003                            2002                          2001
                                                          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 period          323,291    $       9.79        503,005    $      10.16        688,655    $      10.53
Granted                                      56,948           16.13          3,700           14.55          8,500           11.93
Exercised                                  (109,114)           7.96       (174,106)          10.84       (115,656)          10.91
Forfeited                                    (4,318)          13.75         (9,308)          11.91        (78,494)          12.50
                                       ------------    ------------   ------------    ------------   ------------    ------------
Outstanding at end of period                266,807    $      11.83        323,291    $       9.79        503,005    $      10.16
                                       ============    ============   ============    ============   ============    ============

Options exercisable at period-end           219,516    $       9.91        323,291    $       9.79        503,005    $      10.16
                                       ============    ============   ============    ============   ============    ============
Weighted-average fair value of
   options granted during the period                   $       2.60                   $       1.36                    $       1.37
                                                       ============                   ============                    ============
</Table>





                                       12
<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

     For the nine- and three-month periods ended September 30, 2003 and 2002


5.       Stock Option Plans (continued)

         The following information applies to options outstanding at September
         30, 2003:

<Table>

<S>                                                           <C>
         Number outstanding                                          141,302
         Range of exercise prices                              $7.40 - $9.79
         Number outstanding                                          125,505
         Range of exercise prices                             $11.36 - 16.59
         Weighted-average exercise price                              $11.83
         Weighted-average remaining contractual life               6.0 years
</Table>

6.       Effects of Recent Accounting Pronouncements

         In September 2002, the Financial Accounting Standards Board ("FASB")
         issued Statement of Financial Accounting Standards ("SFAS") No. 146,
         "Accounting for Costs Associated with Exit or Disposal Activities."
         SFAS No. 146 provides financial accounting and reporting guidance for
         costs associated with exit or disposal activities, including one-time
         termination benefits, contract termination costs other than for a
         capital lease, and costs to consolidate facilities or relocate
         employees. SFAS No. 146 is effective for exit or disposal activities
         initiated after December 31, 2002. Management adopted SFAS No. 146
         effective January 1, 2003, without material effect on the Corporation's
         financial condition or results of operations.

         In December 2002, the FASB issued SFAS No. 148, "Accounting for
         Stock-Based Compensation - Transition and Disclosure." SFAS No. 148
         amends SFAS No. 123, "Accounting for Stock-Based Compensation," to
         provide alternative methods of transition for a voluntary change to the
         fair value based method of accounting for stock-based employee
         compensation. In addition, SFAS No. 148 amends the disclosure
         requirements of SFAS No. 123 to require prominent disclosures in both
         annual and interim financial statements about the method of accounting
         for stock-based employee compensation and the effect of the method used
         on reported results. SFAS No. 148 is effective for fiscal years
         beginning after December 15, 2002. The expanded annual disclosure
         requirements and the transition provisions are effective for fiscal
         years ending after December 15, 2002. The interim disclosure provisions
         are effective for financial reports containing financial statements for
         interim periods beginning after December 15, 2002. The Corporation
         adopted the disclosure provisions of SFAS No. 148 effective December
         31, 2002, without material effect on the Corporation's financial
         position or results of operations.

         In November 2002, the FASB issued FASB Interpretation No. 45 ("FIN
         45"), "Guarantor's Accounting and Disclosure Requirements for
         Guarantees, Including Indirect Guarantees of Indebtedness of Others."
         FIN 45 requires a guarantor entity, at the inception of a guarantee
         covered by the measurement provisions of the interpretation, to record
         a liability for the fair value of the obligation undertaken in issuing
         the guarantee. FIN 45 applies prospectively to guarantees Camco issues
         or modifies subsequent to December 31, 2002. Camco had no letters of
         credit outstanding at September 30, 2003.




                                       13
<PAGE>



                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

     For the nine- and three-month periods ended September 30, 2003 and 2002

6.       Effects of Recent Accounting Pronouncements (continued)

         In January 2003, the FASB issued FIN 46, "Consolidation of Variable
         Interest Entities." FIN 46 requires a variable interest entity to be
         consolidated by a company if that company is subject to a majority of
         the risk of loss from the variable interest entity's activities or
         entitled to receive a majority of the entity's residual returns, or
         both. FIN 46 also requires disclosures about variable interest entities
         that a company is not required to consolidate, but in which it has a
         significant variable interest. The consolidation requirements of FIN 46
         apply immediately to variable interest entities created after January
         31, 2003. The consolidation requirements apply to existing entities in
         the first fiscal year or interim period beginning after June 15, 2003.
         Certain of the disclosure requirements apply in all financial
         statements issued after January 31, 2003, regardless of when the
         variable interest entity was established. The Corporation has no
         variable interest entities. Management adopted FIN 46 effective July 1,
         2003, without material effect on Camco's financial condition or results
         of operations.

         In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement
         133 on Derivative Instruments and Hedging Activities," which clarifies
         certain implementation issues raised by constituents and amends SFAS
         No. 133, "Accounting for Derivative Instruments and Hedging
         Activities," to include the conclusions reached by the FASB on certain
         FASB Staff Implementation Issues that, while inconsistent with
         Statement 133's conclusions, were considered by the Board to be
         preferable; amends SFAS No. 133's discussion of financial guarantee
         contracts and the application of the shortcut method to an
         interest-rate swap agreement that includes an embedded option and
         amends other pronouncements.

         The guidance in Statement 149 is effective for new contracts entered
         into or modified after June 30, 2003 and for hedging relationships
         designated after that date. Management adopted SFAS No. 149 effective
         July 1, 2003, as required, without material effect on the Corporation's
         financial position or results of operations.

         In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain
         Financial Instruments with Characteristics of both Liabilities and
         Equity," which changes the classification in the statement of financial
         position of certain common financial instruments from either equity or
         mezzanine presentation to liabilities and requires an issuer of those
         financial statements to recognize changes in fair value or redemption
         amount, as applicable, in earnings. SFAS No. 150 requires an issuer to
         classify certain financial instruments as liabilities, including
         mandatorily redeemable preferred and common stocks.

         SFAS No. 150 is effective for financial instruments entered into or
         modified after May 31, 2003 and, with one exception, is effective at
         the beginning of the first interim period beginning after June 15, 2003
         (July 1, 2003 as to the Corporation). The effect of adopting SFAS No.
         150 must be recognized as a cumulative effect of an accounting change
         as of the beginning of the period of adoption. Restatement of prior
         periods is not permitted. Management adopted SFAS No. 150 effective
         July 1, 2003, as required, without material effect on the Corporation's
         financial condition or results of operations.

7.       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.




                                       14
<PAGE>



                           CAMCO FINANCIAL CORPORATION

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

     For the nine- and three-month periods ended September 30, 2003 and 2002


Discussion of Financial Condition Changes from December 31, 2002 to September
30, 2003

At September 30, 2003, Camco's consolidated assets totaled $1.045 billion, a
decrease of $38.5 million, or 3.6%, from the December 31, 2002 total. The
decrease in total assets was comprised primarily of decreases in loans held for
sale and investment and mortgage-backed securities, which were partially offset
by an increase in loans receivable.

Cash and interest-bearing deposits in other financial institutions totaled $45.1
million at September 30, 2003, a decrease of $11.9 million, or 20.9%, from
December 31, 2002 levels. Investment securities totaled $34.4 million at
September 30, 2003, a decrease of $9.7 million, or 22.0%, from the total at
December 31, 2002. Investment securities purchases, which were comprised
primarily of $10.3 million of intermediate-term callable U.S. Government agency
obligations with an average yield of 2.95%, were offset by $17.2 million of
maturities and sales of $2.0 million.

Mortgage-backed securities totaled $97.6 million at September 30, 2003, a
decrease of $19.7 million, or 16.8%, from December 31, 2002. Mortgage-backed
securities purchases totaled $113.3 million, while principal repayments totaled
$75.4 million and sales totaled $54.1 million during the nine-month period ended
September 30, 2003. Purchases of mortgage-backed securities during the period
were comprised primarily of short duration mortgage-backed securities and
collateralized mortgage obligations yielding 3.41%, which were classified as
available for sale.

Loans receivable, including loans held for sale, totaled $800.8 million at
September 30, 2003, an increase of $3.8 million, or .5%, from December 31, 2002.
The increase resulted primarily from loan disbursements and purchases totaling
$511.3 million, which were partially offset by principal repayments of $250.8
million and loan sales of $253.2 million. The volume of loans originated and
purchased during the first nine months of 2003 was greater than that of the
comparable 2002 period by $169.3 million, or 49.5%, while the volume of loan
sales increased by $114.7 million year to year. As interest rates in the economy
have begun to rise, consumer preference is moving towards adjustable-rate
mortgage loans to fund home purchases. Camco has typically held adjustable-rate
mortgage loans in its portfolio as part of its strategy to maintain its
asset-sensitive interest-rate risk position. Loan originations during the
nine-month period ended September 30, 2003, were comprised primarily of $392.8
million of loans secured by one- to four-family residential real estate, $72.0
million in consumer and other loans and $46.5 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 on its loan portfolio.

The allowance for loan losses totaled $5.3 million and $5.5 million at September
30, 2003 and December 31, 2002, respectively, representing 43.4% and 40.3% of
nonperforming loans, respectively, at those dates. Nonperforming loans (90 days
or more delinquent plus nonaccrual loans) totaled $12.3 million and $13.6
million at September 30, 2003 and December 31, 2002, respectively, constituting
1.53% and 1.71% of total net loans, including loans held for sale, at those
dates. At September 30, 2003, nonperforming loans were comprised of $10.5
million in one- to four-family residential real estate loans, $1.3 million in
commercial real estate loans and $467,000 of consumer 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 $8.6 million at September 30, 2003,
compared to $10.5 million at December 31, 2002, a decrease of $1.9 million, or
18.1%. Although management believes that its allowance for loan losses is
adequate based upon the available facts and circumstances at September 30, 2003,
there can be no assurance that increased provisions will not be necessary in
future periods, which could adversely affect Camco's results of operations.



                                       15
<PAGE>



                           CAMCO FINANCIAL CORPORATION

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

     For the nine- and three-month periods ended September 30, 2003 and 2002


Discussion of Financial Condition Changes from December 31, 2002 to September
30, 2003 (continued)

Deposits totaled $661.5 million at September 30, 2003, a decrease of $32.6
million, or 4.7%, from the total at December 31, 2002. The decrease in deposits
was due to withdrawal of maturing public funds totaling approximately $12.5
million, coupled with management's decision to not aggressively compete to renew
matured higher rate certificates of deposit.

Stockholders' equity totaled $93.8 million at September 30, 2003, a decrease of
$4.9 million, or 4.9%, from December 31, 2002. The decrease resulted primarily
from dividends of $3.2 million, purchases of treasury shares totaling $7.0
million and a $2.0 million decrease in the unrealized gains on available for
sale securities, which were partially offset by net earnings of $6.3 million and
proceeds from the exercise of stock options of $1.1 million. The increase in
treasury shares represented purchases under the 5% stock repurchase plan that
was announced in October 2002.

Advantage is required to maintain minimum regulatory capital pursuant to federal
regulations. At September 30, 2003, the Bank's regulatory capital exceeded all
regulatory capital requirements.

Comparison of Results of Operations for the Nine Months Ended September 30, 2003
and 2002

General

Camco's net earnings for the nine months ended September 30, 2003 totaled $6.3
million, a decrease of $1.1 million, or 15.0%, from the $7.4 million of net
earnings reported in the comparable 2002 period. The decrease in earnings was
primarily attributable to a decrease of $2.9 million in net interest income, an
increase in the provision for losses on loans of $178,000 and an increase in
general, administrative and other expense of $919,000, which were partially
offset by an increase in other income of $2.2 million and a decrease in federal
income tax expense of $677,000.

Net Interest Income

Total interest income amounted to $42.0 million for the nine months ended
September 30, 2003, a decrease of $8.4 million, or 16.7%, compared to the
nine-month period ended September 30, 2002, generally reflecting the effects of
a decrease in yield on total interest-earning assets of 101 basis points, from
6.51% in the 2002 period to 5.50% in the 2003 period, coupled with a $14.1
million, or 1.4%, decrease in the average balance of interest-earning assets
outstanding year to year.

Interest income on loans totaled $36.5 million for the nine months ended
September 30, 2003, a decrease of $7.6 million, or 17.1%, from the comparable
2002 period. The decrease resulted primarily from a $44.4 million, or 5.4%,
decrease in the average balance outstanding and an 89 basis point decrease in
the average yield, to 6.29% in the 2003 period. Interest income on
mortgage-backed securities totaled $2.8 million for the nine months ended
September 30, 2003, a $520,000, or 15.8%, decrease year to year. The decrease
was due primarily to a 165 basis point decrease in the average yield, to 3.06%
in the 2003 period, which was partially offset by a $27.8 million, or 29.8%,
increase in the average balance outstanding. Interest income on investment
securities increased by $87,000, or 9.4%, due primarily to an $8.4 million
increase in the average balance outstanding, which was partially offset by a
decline in the average yield, to 3.36% in the 2003 period. Interest income on
other interest-earning assets decreased by $453,000, or 21.4%, due primarily to
a decrease in the average yield, to 2.69% in the 2003 period, coupled with a
decrease of $6.0 million, or 6.8%, in the average balance outstanding year to
year.



                                       16
<PAGE>



                           CAMCO FINANCIAL CORPORATION

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

     For the nine- and three-month periods ended September 30, 2003 and 2002

Comparison of Results of Operations for the Nine Months Ended September 30, 2003
and 2002 (continued)

Net Interest Income (continued)

Interest expense on deposits totaled $12.5 million for the nine months ended
September 30, 2003, a decrease of $5.5 million, or 30.8%, compared to the 2002
period, due primarily to a 97 basis point decrease in the average cost of
deposits, to 2.53% in the 2003 period, and a $31.0 million, or 4.5%, decrease in
the average balance of deposits outstanding year to year. Interest expense on
borrowings totaled $11.5 million for the nine months ended September 30, 2003, a
decrease of $16,000, or .1%, from the 2002 nine-month period. The decrease
resulted primarily from a 31 basis point decrease in the average cost of
borrowings to 5.56% in the 2003 period, which was partially offset by a $14.2
million, or 5.4%, increase 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.

As a result of the foregoing changes in interest income and interest expense,
net interest income decreased by $2.9 million, or 13.8%, to a total of $18.0
million for the nine months ended September 30, 2003. The interest rate spread
decreased to approximately 2.07% at September 30, 2003, from 2.36% at September
30, 2002, while the net interest margin decreased to approximately 2.36% for the
nine months ended September 30, 2003, compared to 2.70% for the 2002 period.

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 $930,000 for the nine months ended September 30, 2003,
an increase of $178,000, or 23.7%, over the comparable period in 2002. The
current period provision was predicated primarily on an increase in the loan
portfolio, including the increased percentage of loans secured by commercial
real estate within the loan portfolio and an increase in the level of loans
charged-off 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 $9.2 million for the nine months ended September 30, 2003,
an increase of $2.2 million, or 31.0%, over the comparable 2002 period. The
increase in other income was primarily attributable to a $1.6 million increase
in the gain on sale of loans, a $574,000, or 24.2%, increase in late charges,
rent and other and a $689,000 increase in gain on sale of investment and
mortgage-backed securities, which were partially offset by an $812,000, or
81.2%, decrease in income from mortgage servicing rights. Management anticipates
less gain on sale of investment and mortgage-backed securities in the forseeable
future due to rising rate environment and projected liquidity needs. The
increase in the gain on sale of loans was due to the $114.7 million, or 82.8%,
increase in sales volume, as Advantage continued to sell fixed-rate loans
originated in the low interest rate environment that prevailed through much of
the nine month period ended September 30, 2003. As interest rates increase
management expects the volume of loans sold into the secondary market to
decrease. If this occurs the gain on sale of loans would decrease. The increase
in late charges, rent and other was due primarily to an increase in title
premiums and other fees on loans and proceeds of $175,000 from a life insurance
policy due to the death of an officer of the Bank. The decrease in mortgage
servicing rights was comprised of increases in amortization totaling $1.5
million and impairment charges of $782,000, partially offset by an increase in
new servicing rights recognized of $1.5 million year to year.




                                       17
<PAGE>



                           CAMCO FINANCIAL CORPORATION

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

     For the nine- and three-month periods ended September 30, 2003 and 2002


Comparison of Results of Operations for the Nine Months Ended September 30, 2003
and 2002 (continued)

General, Administrative and Other Expense

General, administrative and other expense totaled $17.2 million for the nine
months ended September 30, 2003, an increase of $919,000, or 5.6%, over the
comparable period in 2002. The increase in general, administrative and other
expense was due primarily to a $411,000, or 5.3%, increase in employee
compensation and benefits, an increase of $347,000 in franchise taxes and an
increase of $237,000, or 9.3%, in occupancy and equipment and the absence of
$112,000 related to the reversal of the restructuring charge recognized in 2001,
which were partially offset by a $193,000, or 4.9%, decrease in other operating
costs and a $51,000, or 8.4%, decrease in advertising. The increase in employee
compensation and benefits was due primarily to an increase in incentive
compensation and 401(k) plan costs, as well as normal merit increases, which
were partially offset by an increase in deferred loan origination costs related
to the increase in loan volume year to year. The increase in franchise tax
expense reflects the effects of refund claims recorded in 2002. The increase in
occupancy and equipment was due primarily to an increase in office repairs and
maintenance expenses, as well as costs associated with the new Dover office
location. The decrease in other operating costs was due primarily to a decrease
in long distance telephone costs following a change in service providers, a
decrease in FHLB charges due to use of bonds as pledged collateral versus
letters of credit and decreases in legal, accounting and other professional
services. The decrease in advertising was due primarily to cost savings realized
from implementation of a plan to centralize the purchase of advertising
contracts.

Federal Income Taxes

The provision for federal income taxes totaled $2.8 million for the nine months
ended September 30, 2003, a decrease of $677,000, or 19.3%, compared to the nine
months ended September 30, 2002. This decrease was primarily attributable to a
$1.8 million, or 16.4%, decrease in pre-tax earnings and the non-taxable
redemption of a life insurance policy. The Corporation's effective tax rates
amounted to 31.2% and 32.3% for the nine-month periods ended September 30, 2003
and 2002, respectively.

Comparison of Results of Operations for the Three Months Ended September 30,
2003 and 2002

General

Camco's net earnings for the three months ended September 30, 2003 totaled $1.6
million, a decrease of $944,000, or 37.3%, from the $2.5 million of net earnings
reported in the comparable 2002 period. The decrease in earnings was primarily
attributable to a decrease of $1.2 million in net interest income and a decrease
in other income of $261,000, which were partially offset by a decrease in the
provision for losses on loans of $83,000, a decrease in general, administrative
and other expense of $8,000 and a decrease in federal income tax expense of
$472,000.

Net Interest Income

Total interest income amounted to $13.3 million for the three months ended
September 30, 2003, a decrease of $3.1 million, or 18.9%, compared to the
three-month period ended September 30, 2002, generally reflecting the effects of
a decrease in yield on total interest-earning assets of 100 basis points, from
6.31% in the 2002 period to 5.31% and a $37.9 million, or 3.6%, decrease in the
average balance of interest-earning assets outstanding year to year.



                                       18
<PAGE>



                           CAMCO FINANCIAL CORPORATION

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

     For the nine- and three-month periods ended September 30, 2003 and 2002

Comparison of Results of Operations for the Three Months Ended September 30,
2003 and 2002 (continued)

Net Interest Income (continued)

Interest income on loans totaled $11.8 million for the three months ended
September 30, 2003, a decrease of $2.1 million, or 14.9%, from the comparable
2002 period. The decrease resulted primarily from a $10.2 million, or 1.3%,
decrease in the average balance outstanding and a 97 basis point decrease in the
average yield, to 6.02% in the 2003 period. Interest income on mortgage-backed
securities totaled $736,000 for the three months ended September 30, 2003, a
$753,000, or 50.6%, decrease from the 2002 quarter. The decrease was due
primarily to a 221 basis point decrease in the average yield, to 2.40% for the
2003 period, coupled with a $6.5 million, or 5.0%, decrease in the average
balance outstanding in the 2003 period. Interest income on investment securities
decreased by $133,000, or 30.4%, due primarily to an $11.8 million decrease in
the average balance outstanding, coupled with a 31 basis point decrease in the
average yield, to 3.21% in the 2003 period. Interest income on other
interest-earning assets decreased by $160,000, or 24.0%, due primarily to a
decrease in the average yield, to 3.33% in the 2003 period as compared to 3.80%
for the three months ended September 30, 2002, coupled with a decrease in the
average balance outstanding of $9.3 million, or 13.3%.

Interest expense on deposits totaled $3.8 million for the three months ended
September 30, 2003, a decrease of $1.7 million, or 31.0%, compared to the same
quarter in 2002, due primarily to an 89 basis point decrease in the average cost
of deposits, to 2.37% in the current quarter, and a $35.7 million, or 5.29%,
decrease in average deposits outstanding. Interest expense on borrowings totaled
$3.8 million for the three months ended September 30, 2003, a decrease of
$156,000, or 3.9%, from the same 2002 three-month period. The decrease resulted
primarily from a 25 basis point decrease in the average cost of borrowings to
5.53%, partially offset by a $1.3 million, or .5%, increase 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.

As a result of the foregoing changes in interest income and interest expense,
net interest income decreased by $1.2 million, or 18.0%, to a total of $5.7
million for the three months ended September 30, 2003. The interest rate spread
decreased to approximately 1.99% at September 30, 2003, from 2.33% at September
30, 2002, while the net interest margin decreased to approximately 2.26% for the
three months ended September 30, 2003, compared to 2.66% for the 2002 period.

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 September 30, 2003,
a decrease of $83,000, or 24.6%, from the comparable period in 2002. The
decrease in the current period provision compared to the 2002 period was
predicated primarily on a 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.



                                       19
<PAGE>



                           CAMCO FINANCIAL CORPORATION

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

     For the nine- and three-month periods ended September 30, 2003 and 2002


Comparison of Results of Operations for the Three Months Ended September 30,
2003 and 2002 (continued)

Other Income

Other income totaled $2.4 million for the three months ended September 30, 2003,
a decrease of $261,000, or 9.7%, from the comparable 2002 period. The decrease
in other income was primarily attributable to a $662,000 decrease in the
valuation of mortgage servicing rights and a $300,000 decrease in gain on sale
of loans, partially offset by a $531,000 gain on sale of investment and
mortgage-backed securities and an increase of $43,000, or 4.8%, in late charges,
rent and other. The decrease in mortgage servicing rights was attributable to an
increase in amortization of mortgage servicing rights due to the high level of
prepayments on the portfolio of loans serviced. The decrease in gain on sale of
loans was due primarily to the $3.7 million, or 7.1%, decrease in sales volume.
After several quarters of contraction in our owned loan portfolio due to heavy
refinancing activity, we are beginning to see growth, due to a shift from
selling long-term, fixed-rate home loans into the secondary market to
origination of rate-sensitive loans for our portfolio. The increase in late
charges, rent and other was due primarily to an increase in title premiums and
other fees on loans and an increase in ATM fees.

General, Administrative and Other Expense

General, administrative and other expense totaled $5.6 million for the three
months ended September 30, 2003, a decrease of $8,000, or .1%, from the
comparable period in 2002. The decrease in general, administrative and other
expense was due primarily to a $251,000, or 9.3%, decrease in employee
compensation and benefits and a decrease of $60,000, or 15.9%, in data
processing expense, which were partially offset by an increase of $79,000 or
9.2%, in occupancy and equipment and a $121,000, or 10.4%, increase in other
operating costs. The decrease in employee compensation and benefits was due
primarily to an increase in deferred loan origination costs related to the
increase in loan volume. The decrease in data processing expense was primarily
due to the 2002 expenses related to the consolidation of Columbia Federal
Savings Bank's data processing into Advantage's system. The increase in
occupancy and equipment was due primarily to an increase in office repairs and
maintenance expenses, as well as costs associated with the new Dover office
location and the amortization of new software products. The increase in other
operating costs was due primarily to an increase in customer checks and ATM
cards, as well as stationery and other office supplies resulting from the
centralization of operations following the charter consolidation, including
changing all previous individual bank division names to Advantage Bank.

Federal Income Taxes

The provision for federal income taxes totaled $718,000 for the three months
ended September 30, 2003, a decrease of $472,000, or 39.7%, compared to the
three months ended September 30, 2002. This decrease was primarily attributable
to a $1.4 million, or 38.1%, decrease in pre-tax earnings. The Corporation's
effective tax rates amounted to 31.2% and 32.0% for the three-month periods
ended September 30, 2003 and 2002, respectively.




                                       20
<PAGE>



                           CAMCO FINANCIAL CORPORATION

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

     For the nine- and three-month periods ended September 30, 2003 and 2002


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, 2002.


ITEM 4: Controls and Procedures

Management refines the Corporation's internal controls on an ongoing basis with
a view towards continuous improvement. In this regard, during the third quarter
of 2003, management became aware of certain deficiencies and weaknesses in the
Corporation's internal controls relating to:

         o        The designation and recordation of loans held for sale; and
         o        The recordation of deferred loan origination fees and costs.

To address the deficiencies and weaknesses identified, management is taking the
following corrective actions with respect to internal controls:

         o        More clearly documenting the Corporation's internally
                  established exposure limitations for loans held for sale and
                  enhancing the monitoring process to ensure compliance with
                  those limits.

         o        Requiring the generation of a monthly summary of loan
                  originations and related deferred fees and costs to insure
                  completeness of future financial information in the
                  Corporation's financial statements.

The Corporation's independent auditors have advised the Audit Committee that
these internal control deficiencies constitute material weaknesses and
significant deficiencies as defined in the auditing literature. The
Corporation's independent auditors concurred with the corrective actions taken
by management as described above.

The Corporation's Chief Executive Officer and Chief Financial Officer evaluated
the disclosure controls and procedures (as defined under Rule 13a-14(c) and
15d-14 (c) of the Securities Exchange Act of 1934, as amended) as of the end of
the period covered by this quarterly report. Based upon that evaluation and the
corrective actions discussed above, the Chief Executive Officer and Chief
Financial Officer have concluded that the Corporation's disclosure controls and
procedures are effective.





                                       21
<PAGE>



                           Camco Financial Corporation

                                     PART II

ITEM 1.  Legal Proceedings

         Not applicable

ITEM 2.  Changes in Securities and Use of Proceeds

         None

ITEM 3.  Defaults Upon Senior Securities

         Not applicable

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

         Not applicable

ITEM 5.  Other Information

         Not applicable

ITEM 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibits:

                 3                Bylaws, as amended

              31.1                Written Statement of Chief Executive Officer
                                  furnished Pursuant to Section 302 of the
                                  Sarbanes-Oxley Act of 2002, 18 U.S.C. Section
                                  1350

              31.2                Written Statement of Chief Financial Officer
                                  furnished Pursuant to Section 302 of the
                                  Sarbanes-Oxley Act of 2002, 18 U.S.C. Section
                                  1350

              32.1                Written Statement of Chief Executive Officer
                                  furnished Pursuant to Section 906 of the
                                  Sarbanes-Oxley Act of 2002, 18 U.S.C. Section
                                  1350

              32.2                Written Statement of Chief Financial Officer
                                  furnished Pursuant to Section 906 of the
                                  Sarbanes-Oxley Act of 2002, 18 U.S.C. Section
                                  1350

         Reports on Form 8-K:     On July 24, 2003, a Form 8-K was filed to
                                  report that Richard C. Baylor, the President
                                  and CEO, will make a presentation at the
                                  Keefe, Bruyette & Woods Fourth Annual
                                  Community Investor Conference in New York.

                                  On July 25, 2003, a Form 8-K was filed to
                                  report that Camco has been added to the
                                  Russell 2000(R) Index.

                                  On July 28, 2003, a Form 8-K was filed to
                                  report that Camco had been included in the
                                  "Plain Dealer 100" Listing compiled by the
                                  Plain Dealer, a newspaper published in
                                  Cleveland, Ohio.

                                  On July 30, 2003, a Form 8-K was filed to
                                  report earnings for the second quarter of
                                  2003.

                                  On September 23, 2003, a Form 8-K was filed to
                                  report the declaration of a cash dividend.


                                       22
<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:    November 12, 2003                      By:    /s/ Richard C. Baylor
     -------------------------                      ----------------------------
                                                       Richard C. Baylor
                                                       Chief Executive Officer


Date:    November 12, 2003                      By:    /s/ Mark A. Severson
     -------------------------                      ----------------------------
                                                       Mark A. Severson
                                                       Chief Financial Officer




                                       23