CoBiz posts $16M Q2 loss, begins stock sale - Philadelphia Business Journal:

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million, or 72 cents per share, in the secondd quarter, as the weak economy continued to exactr a toll onthe company, officials said Monday. The loss compares with a profigof $4.2 million, or 18 cents per in the same quarter a year earlier. Denver-based CoBiz COBZ) owns and Arizona Business Bank. The latesrt quarter’s results include a $35. 1 million pre-tax provision for loan and credir losses, or 150 percent of net charge-offs which were $23.4 million — for the period. “W e continue to take a conservative posture in our provisioninvg forloan losses,” Chairman and CEO Stevwe Bangert said in a statement.
“Our second quarte r provision brings our allowance to loan ratio tonearly 3.9 one of the strongest in the industry. While I remai confident in oursenior management’s ability to effectively responfd to the current credit obstacles, we felt it was prudent to continuer building the allowance given the uncertainty in the Nonperforming assets ended the quarter at $93. 9 million, or 3.7 percenr of total assets, up from $52.54 million or 2 percent of total assets onMarcbh 31. Separately on CoBiz said it had begu a sale ofaboutg $45 million of its commob stock.
It will use the proceeds for general corporate purposes, including supporting the capital needs of its bank subsidiary, expandingh operations, possible acquisitions and working capital Last week, CoBiz announcer it had hired Colorado and Arizona markeyt presidents, , to oversee banking operations in each “We remain focused on building our franchise during these challengingf times and want to ensure we are positionec to take advantage of uniqude market opportunities that we expect will presengt themselves,” Bangert said.
“To that end, we recently announced the hirintg of Colorado and Arizonaa market presidents who will oversee all bankint operations in their respective provide direction for future growth and free up some of our existinvg resources to focus on high quality businessdevelopmeng opportunities. We will also continue to dedicate appropriate resourcesd through our Special Assets Group to address resolution ofproblek loans.
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