CoBiz posts $16M Q2 loss, begins stock sale - The Business Review (Albany):

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million, or 72 cent per share, in the second as the weak economy continued to exact a toll onthe company, officials said Monday. The loss comparezs with a profitof $4.2 million, or 18 cents per in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizona Business The latest quarter’s resultsw include a $35.1 million pre-tazx provision for loan and crediyt losses, or 150 percent 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 allowancse to loan ratio to nearly 3.
9 one of the strongest in the While I remain confiden in our senior management’s ability to effectively respond to the current credit obstacles, we felt it was prudeny to continue building the allowance given the uncertaintyu in the economy.” Nonperforming assetsz ended the quarter at $93.9 million, or 3.7 percent of total assets, up from $52.5 million or 2 percent of total assets on March 31. Separately on CoBiz said it had begun a sale ofaboutt $45 million of its common stock. It will use the proceedsd for generalcorporate purposes, including supportinvg the capital needs of its bank subsidiary, expanding operations, possible acquisitions and working capital needs.
Last week, CoBiz announcec it had hired Colorado and Arizonamarkett presidents, , to oversees banking operations in each “We remain focused on building our franchise durinvg these challenging times and want to ensur e we are positioned to take advantage of unique markef opportunities that we expecg will present themselves,” Bangerrt said. “To that end, we recently announcesd the hiring of Colorado and Arizona market presidents who will overse e all banking operations in their respective provide direction for future growtbh and free up some of our existing resourcees to focus on high qualithy businessdevelopment opportunities.
We will also continue to dedicate appropriatew resources through our Special Assetws Group to address resolution ofproblem