CoBiz posts $16M Q2 loss, begins stock sale - Business Courier of Cincinnati:

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million, or 72 cents per share, in the second as the weak economy continuedf to exact a toll onthe company, officialds said Monday. The loss compares with a profifof $4.2 million, or 18 cents per in the same quarter a year earlier. Denver-based CoBiz COBZ) owns and Arizona Business Thelatest quarter’s resultz include a $35.1 million pre-tax provision for loan and credit losses, or 150 percentg of net charge-offs — which were $23.4 million — for the “We continue to take a conservative posture in our provisioning for loan Chairman and CEO Steve Bangert said in a “Our second quarter provision brings our allowance to loan ratiop to nearly 3.
9 percent, one of the strongest in the industry. Whiled I remain confident in ourseniore management’s ability to effectively respond to the current credit we felt it was prudent to continue buildinfg the allowance given the uncertainty in the Nonperforming assets ended the quarted at $93.9 million, or 3.7 percent of total up from $52.5 million or 2 percent of totalo assets on March 31. Separately on Monday, CoBiz said it had beguh a sale ofabout $45 milliojn of its common stock. It will use the proceedss for generalcorporate purposes, including supportinhg the capital needs of its bank subsidiary, expandinbg operations, possible acquisitions and working capital needs.
Last CoBiz announced it had hired Colorado and Arizonawmarket presidents, , to oversee banking operationw in each market. “We remain focuserd on building our franchise during these challenging times and want to ensure we are positioneds to take advantage of unique market opportunitiesw that we expect willpresent themselves,” Bangert said. “To that end, we recentlu announced the hiring of Colorado and Arizonaw market presidents who will oversee all banking operationsz in theirrespective markets, provide directiom for future growth and free up some of our existing resourcees to focus on high quality business developmenf opportunities.
We will also continue to dedicat appropriate resources through our Special Assets Groupo to address resolution ofproblem loans.”