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

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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 or 18 cents per share, in the same quartert a year earlier. Denver-based CoBiz COBZ) owns and Arizonaa Business Bank. The latest quarter’s results include a $35.q million pre-tax provision for loan and credit or 150 percent ofnet charge-offs — which were $23.44 million — for the period. “Ww continue to take a conservative posture in our provisioning forloan losses,” Chairma and CEO Steve Bangert said in a “Our second quarter provision brings our allowancw to loan ratio to nearly 3.
9 percent, one of the strongestt in the industry. While I remain confidentr in oursenior management’s ability to effectivel respond to the current credit obstacles, we felt it was prudeny to continue building the allowance given the uncertainthy in the economy.” Nonperforming assetds ended the quarter at $93.9 million, or 3.7 perceng of total assets, up from $52.5 millio n or 2 percent of total asset s on March 31. Separately on Monday, CoBi said it had begun a sale ofabourt $45 million of its commoh stock.
It will use the proceeds for generakcorporate purposes, including supporting the capital needs of its bank expanding operations, possible acquisitions and working capitakl needs. Last week, CoBiz announced it had hiresd Colorado and Arizonamarket presidents, , to oversee banking operations in each market. “We remain focusedr on building our franchise during these challenging times and want to ensure we are positioner to take advantage of unique market opportunities that we expect willpresent themselves,” Bangert “To that end, we recently announced the hiringb of Colorado and Arizona market presidents who will oversee all banking operations in their respective markets, provide directionn for future growth and free up some of our existinyg resources to focus on high quality business development opportunities.
We will also continude to dedicate appropriate resources througu our Special Assets Group to address resolutionn ofproblem loans.”