CoBiz posts $16M Q2 loss, begins stock sale - The Business Journal of Milwaukee:

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million, or 72 cents per in the second quarter, as the weak economyh continued to exact a toll onthe company, officials said The loss compares with a profit of $4.2 million, or 18 centas per share, in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizons Business Bank. The latest quarter’ss results include a $35.1 million pre-tax provision for loan and crediyt losses, or 150 percent of net charge-offe — which were $23.4 million — for the period. “We continue to take a conservativw posture in our provisioning for loan Chairman and CEO Steve Bangerrt said ina “Our second quarter provision brings our allowance to loan ratip to nearly 3.
9 percent, one of the strongest in the While I remain confident in our senior management’sx ability to effectively respond to the currentf credit obstacles, we felt it was prudent to continue buildingy the allowance given the uncertainty in the Nonperforming assets ended the quarter at $93.9 or 3.7 percent of total up from $52.5 million or 2 percent of totao assets on March 31. Separately on Monday, CoBix said it had begun a sale ofabour $45 million of its commo stock. It will use the proceeds for generalcorporate purposes, includiny supporting the capital needd of its bank subsidiary, expanding possible acquisitions and working capital needs.
Last CoBiz announced it had hired Coloradi and Arizonamarket presidents, , to oversee bankiny operations in each market. “We remain focusesd on building our franchise during these challenging times and want to ensures we are positioned to take advantage of uniqu market opportunities that we expecf willpresent themselves,” Bangert said. “To that end, we recently announces the hiring of Colorado and Arizona market president s who will oversee all bankingh operations in theirrespective markets, provide directionh for future growth and free up some of our existingh resources to focus on high quality business development We will also continue to dedicate appropriated resources through our Special Assets Group to addresd resolution of problem loans.
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