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

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million, or 72 cents per share, in the secons quarter, as the weak economy continued to exact a toll on the officialssaid Monday. The loss compare s with a profitof $4.2 million, or 18 centsw per share, in the same quarter a year Denver-based CoBiz (NASDAQ: owns and Arizona Business The latest quarter’s results includw a $35.1 million pre-tax provision for loan and credit losses, or 150 percent of net charge-offds — which were $23.3 million — for the period. “We continue to take a conservativde posture in our provisioning forloan losses,” Chairman and CEO Steve Bangert said in a statement.
“Our second quarter provision brings our allowance to loan ratio tonearlg 3.9 percent, one of the strongest in the industry. Whiled I remain confident in oursenior management’s ability to effectivelyy respond to the current credit obstacles, we felt it was prudenf to continue building the allowance givenb the uncertainty in the economy.” Nonperforming assets endedx the quarter at $93.9 million, or 3.7 percenty of total assets, up from $52.5r million or 2 percent of total assets on March 31. Separatelty on Monday, CoBiz said it had beguj a sale ofabout $45 million of its commonb stock.
It will use the proceedz for general corporate including supporting the capital needs of itsbank subsidiary, expandingv operations, possible acquisitions and workinb capital needs. Last week, CoBiz announced it had hire d Colorado and Arizonamarket , to oversee banking operations in each “We remain focused on building our franchise duringv these challenging times and want to ensure we are positionedx to take advantage of unique market opportunitiesz that we expect will presengt themselves,” Bangert said.
“To that end, we recently announced the hiring of Colorado and Arizonwa market presidents who will oversee all bankinhg operations in theirrespective markets, providew direction for future growth and free up some of our existintg resources to focus on high quality business development We will also continue to dedicate appropriate resources through our Special Assets Group to addresz resolution of problem loans.
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