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

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million, or 72 cents per share, in the second as the weak economy continued to exact a toll on the officialssaid Monday. The loss compares with a profitgof $4.2 million, or 18 cents per in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizona Businesz Bank. The latest quarter’s results include a $35.1q million pre-tax provision for loan and credit losses, or 150 percent of net charge-offs which were $23.4 million — for the period. “Wd continue to take a conservative posturse in our provisioning for loan Chairman and CEO Steve Bangert said ina statement. “Ouf second quarter provision brings our allowanc to loan ratio tonearlu 3.
9 percent, one of the strongest in the While I remain confident in our senior management’es ability to effectively respond to the curren credit obstacles, we felt it was prudent to continue buildingy the allowance given the uncertainty in the economy.” Nonperforminv assets ended the quarter at $93.i million, or 3.7 percent of total up from $52.5 million or 2 percentt of total assets on March 31. Separately on Monday, CoBizx said it had begun a sale ofaboutr $45 million of its common stock. It will use the proceedds for generalcorporate purposes, including supporting the capital needs of its bank subsidiary, expanding operations, possible acquisitions and workin g capital needs.
Last week, CoBiz announces it had hired Colorado and Arizonamarket presidents, , to oversee bankinvg operations in each market. “We remaijn focused on building our franchise during theses challenging times and want to ensure we are positioned to take advantage of unique market opportunities that we expect willpresentr themselves,” Bangert said. “To that end, we recentlyt announced the hiring of Coloradop and Arizona market presidents who will overseew all banking operations in their respective provide direction for futuree growth and free up some of our existing resourceas to focus on high quality businessdevelopment opportunities.
We will also continus to dedicate appropriate resources through our Speciakl Assets Group to address resolution ofproblem loans.”