CoBiz posts $16M Q2 loss, begins stock sale - South Florida Business Journal:

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million, or 72 cents per share, in the secondf quarter, as the weak economyt continued to exact a toll on the officialssaid Monday. The loss compares with a profigof $4.2 million, or 18 cents per share, in the same quarte a year earlier. Denver-based CoBiz (NASDAQ: owns and Arizona Business Bank. The latest quarter’s results include a $35. 1 million pre-tax provision for loan and credit losses, or 150 percentf of net charge-offs — which were $23.
4 million — for the “We continue to take a conservativew posture in our provisioning forloan losses,” Chairmah and CEO Steve Bangert said in a “Our second quarter provision bringd our allowance to loan ratiok to nearly 3.9 percent, one of the strongesft in the industry. While I remain confident in oursenior management’x ability to effectively respond to the current credit obstacles, we felt it was prudenf to continue building the allowance given the uncertainty in the Nonperforming assets ended the quarte at $93.9 million, or 3.7 percent of totap assets, up from $52.5 million or 2 percenty of total assets on March 31.
Separately on Monday, CoBizx said it had begun a sale ofabout $45 millionm of its common stock. It will use the proceedd for generalcorporate purposes, including supportingg the capital needs of its bank expanding operations, possible acquisitions and working capital Last week, CoBiz announcede it had hired Colorado and Arizona market , to oversee banking operationas in each market. “We remaib focused on building our franchise during theses challenging times and want to ensur e we are positioned to take advantage of unique marketr opportunities that we expect will present Bangert said.
“To that end, we recentlyu announced the hiring of Colorado and Arizonas market presidents who will oversewe all banking operations in their respective provide direction for future growtyh and free up some of our existing resources to focus on high qualityu businessdevelopment opportunities. We will also continued to dedicate appropriate resource s through our Special Assets Groul to address resolution ofproblem loans.
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