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

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million, or 72 cents per share, in the second as the weak economyh continued to exact a toll onthe company, official 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 Businessx Bank. The latest quarter’s results include a $35. 1 million pre-tax provision for loan and credit losses, or 150 percenf of net charge-offs — which were $23.e4 million — for the period. “We continue to take a conservativw posture in our provisioning for loan Chairman and CEO Stevre Bangert said ina “Our second quarter provision brings our allowancew to loan ratio to nearly 3.
9 percent, one of the strongesty in the industry. While I remain confident in ourseniord management’s ability to effectively respond to the currentg credit obstacles, we felt it was prudent to continu e building the allowance given the uncertaintt in the economy.” Nonperforming assetx ended the quarter at $93.9 million, or 3.7 percent of tota assets, up from $52.5 millionn or 2 percent of total assets on March 31. Separatelyg on Monday, CoBiz said it had beguhn a sale ofabout $45 million of its commonh stock.
It will use the proceeds for generaplcorporate purposes, including supporting the capital needs of its bank expanding operations, possible acquisitions and working capita l needs. Last week, CoBiz announced it had hired Colorado and Arizonamarket presidents, , to oversee bankin operations in each “We remain focused on building our franchise duringh these challenging times and want to ensure we are positioneed to take advantage of unique markety opportunities that we expect will present Bangert said.
“To that end, we recentlyu announced the hiring of Colorado and Arizonsa market presidents who will oversee all banking operations in theirrespectivre markets, provide direction for future growth and free up some of our existingb resources to focus on high quality busineses development opportunities. We will also continue to dedicatwe appropriate resources through our Speciakl Assets Group to address resolution ofproblem