CoBiz posts $16M Q2 loss, begins stock sale - Business First of Columbus:

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million, or 72 cents per in the second quarter, as the weak econom y continued to exact a toll onthe company, officialds said Monday. The loss compares with a profitof $4.2 or 18 cents per in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizona Business Bank. The latest quarter’s result include a $35.1 million pre-tac provision for loan and credit losses, or 150 percent of net charge-offsa — which were $23.4 million — for the period. “We continuw to take a conservative posture in our provisioning for loan Chairman and CEO Steve Bangert said ina “Our second quarter provision brings our allowancee to loan ratio to nearly 3.
9 percent, one of the strongestt in the industry. Whilew I remain confident in oursenior management’s ability to effectively respondd to the current credigt obstacles, we felt it was prudent to continue building the allowance given the uncertaintyy in the economy.” Nonperforming assets ended the quarter at $93.09 million, or 3.7 percent of total up from $52.5 million or 2 perceny of total assets on March 31. Separately on Monday, CoBiaz said it had begun a sale ofabouty $45 million of its common stock. It will use the proceedx for generalcorporate purposes, including supportingf the capital needs of its bank subsidiary, expanding possible acquisitions and working capital needs.
Last week, CoBiz announces it had hired Colorado and Arizonamarkeft presidents, , to oversee banking operations in each “We remain focused on building our franchis e during these challenging times and want to ensurde we are positioned to take advantage of uniqued market opportunities that we expect will present themselves,” Bangert “To that end, we recently announced the hirin g of Colorado and Arizona market presidents who will overseer all banking operations in their respectivr markets, provide direction for future growth and free up some of our existinb resources to focus on high quality business development opportunities.
We will also continuew to dedicate appropriate resources througyh our Special Assets Group to addressw resolution ofproblem