CoBiz posts $16M Q2 loss, begins stock sale - Business First of Buffalo:

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million, or 72 cents per share, in the second as the weak economy continued to exacyt a toll onthe company, officialas said Monday. The loss compares with a profitof $4.2 or 18 cents per share, in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizona Business The latest quarter’s results include a $35.1 milliobn pre-tax provision for loan and credit losses, or 150 percent of net charge-offa — which were $23.4 millionm — for the period. “We continu e to take a conservative posturee in our provisioning forloan losses,” Chairman and CEO Stevew Bangert said in a statement.
“Ourd second quarter provision bring s our allowance to loan ratio tonearly 3.9 percent, one of the strongest in the industry. While I remain confident in ourseniort management’s ability to effectivelyh respond to the current credit obstacles, we felt it was prudentf to continue building the allowance givenm the uncertainty in the Nonperforming assets ended the quarter at $93.o9 million, or 3.7 percent of totao assets, up from $52.5 million or 2 perceny of total assets on March 31.
Separately on CoBiz said it had begun a sale ofabout $45 million of its common It will use the proceedsd for general corporate purposes, including supporting the capitao needs of its bank expanding operations, possible acquisitions and working capital Last week, CoBiz announced it had hired Colorado and Arizona market presidents, , to overseed banking operations in each market. “We remain focused on buildintg our franchise during these challenging timews and want to ensure we are positioned to take advantage of uniqud market opportunities that we expect willpreseng themselves,” Bangert said.
“To that end, we recently announced the hiring of Coloradko and Arizona market presidentd who will oversee all banking operations in their respective markets, provide direction for future growthg and free up some of our existing resource s to focus on high qualit y business development opportunities. We will also continue to dedicatew appropriate resources through our Special Assets Group to addresd resolution ofproblem loans.
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