CoBiz posts $16M Q2 loss, begins stock sale - Baltimore 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 comparexs with a profitof $4.2 or 18 cents per share, in the same quarterd a year earlier. Denver-based CoBizs (NASDAQ: COBZ) owns and Arizona Business Thelatest quarter’s results include a $35.1 million pre-tax provisiom for loan and credit losses, or 150 percent of net charge-offse — which were $23.4 million — for the “We continue to take a conservative posturer in our provisioning for loan losses,” Chairmamn and CEO Steve Bangert said in a “Our second quarter provision brings our allowance to loan ratio to nearly 3.
9 percent, one of the strongesr in the industry. While I remain confident in oursenior management’w ability to effectively respond to the current credit obstacles, we felt it was prudent to continuwe building the allowance given the uncertainty in the economy.” Nonperforming assetw ended the quarter at $93.9 million, or 3.7 percentt of total assets, up from $52.5 million or 2 percent of totakl assets on March 31. Separately on Monday, CoBiz said it had begujn a sale ofabout $45 millionn of its common stock.
It will use the proceeds for generalkcorporate purposes, including supporting the capital needs of its bank expanding operations, possible acquisitions and workingv capital needs. Last week, CoBiz announced it had hired Coloradol and Arizonamarket presidents, , to oversee banking operationse in each market. “We remain focusex on building our franchise duringg these challenging times and want to ensured we are positioned to take advantage of unique marke t opportunities that we expect will present Bangert said.
“To that end, we recentlh announced the hiring of Colorado and Arizona market presidents who will oversee all banking operationsx in theirrespective markets, provide direction for futurew growth and free up some of our existinb resources to focus on high quality business development opportunities. We will also continue to dedicate appropriatde resources through our Special Assets Group to addresas resolution ofproblem loans.
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