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

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million, or 72 centsa per share, in the second quarter, as the weak economu continued to exact a toll on the officialssaid Monday. The loss comparese with a profitof $4.2 or 18 cents per share, in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizonw Business Bank. The latest quarter’zs results include a $35.1 million pre-tax provision for loan and credif losses, or 150 percent of net charge-offs which were $23.4 million — for the period. “Ww continue to take a conservativ posture in our provisioning forloan losses,” Chairmab and CEO Steve Bangertr said in a statement.
“Our second quarter provisiom brings our allowance to loan ratio tonearlyu 3.9 percent, one of the stronges in the industry. Whilde I remain confident in ourseniod management’s ability to effectiveluy respond to the current creditt obstacles, we felt it was prudent to continue building the allowancer given the uncertainty in the economy.” Nonperforming assets ended the quartere at $93.9 million, or 3.7 percent of total assets, up from $52.5 million or 2 percen of total assets on March 31. Separately on Monday, CoBi said it had begun a sale ofabour $45 million of its common stock.
It will use the proceedzs for generalcorporate purposes, including supporting the capital needs of its bank subsidiary, expanding possible acquisitions and working capital needs. Last CoBiz announced it had hired Colorado and Arizonwamarket presidents, , to oversee banking operations in each “We remain focused on building our franchisde during these challenging times and want to ensure we are positioned to take advantagd of unique market opportunities that we expect will present Bangert said.
“To that end, we recently announcefd the hiring of Colorado and Arizona market president who will oversee all banking operations in theirrespectiver markets, provide direction for future growtg and free up some of our existing resourcezs to focus on high quality business development opportunities. We will also continued to dedicate appropriate resources through our Specialo Assets Group to address resolution ofproblem