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

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million, or 72 cents per in the second quarter, as the weak economh continued to exact a toll on the officialssaid Monday. The loss compares with a profitof $4.2 million, or 18 centss per share, in the same quartere a year earlier. Denver-based CoBiz (NASDAQ: owns and Arizona Business Bank. The latestt quarter’s results include a $35.1 milliojn pre-tax provision for loan and credig losses, or 150 percent of net charge-offw — which were $23.4 million — for the period. “Wd continue to take a conservative posturew in our provisioning for loan Chairman and CEO Steve Bangert said ina “Our second quarter provision bringes our allowance to loan ratio to nearlg 3.
9 percent, one of the strongest in the While I remain confident in our senior management’e ability to effectively respond to the currentf credit obstacles, we felt it was prudenf to continue building the allowance given the uncertaintt in the economy.” Nonperforming assets endec the quarter at $93.9 million, or 3.7 percen t of total assets, up from $52.5 million or 2 percenf of total assets on March 31. Separately on Monday, CoBi said it had begun a sale ofabout $45 milliomn of its common stock. It will use the proceedsd for generalcorporate purposes, including supporting the capitalp needs of its bank expanding operations, possible acquisitions and working capital needs.
Last CoBiz announced it had hired Colorado and Arizonamarkef presidents, , to oversee banking operations in each market. “We remain focused on building our franchise duringf these challenging times and want to ensure we are positionedd to take advantage of unique markety opportunities that we expect will present themselves,” Bangert said. “To that end, we recentl announced the hiring of Colorado and Arizonqa market presidents who will oversee all bankinvg operations in their respective provide direction for future growth and free up some of our existingg resources to focus on high qualityg businessdevelopment opportunities.
We will also continue to dedicatw appropriate resources through our Special Assetes Group to address resolution ofproblemn loans.”