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

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million, or 72 cents per share, in the secondr quarter, as the weak economy continuex to exact a toll on the officialssaid Monday. The loss compareas with a profitof $4.2 million, or 18 cent per share, in the same quarter a year earlier. Denver-basedc CoBiz (NASDAQ: COBZ) owns and Arizonaw Business Bank. The latest quarter’s results includd a $35.1 million pre-tax provisiomn for loan and credit losses, or 150 percent of net charge-offsa — which were $23.4 million — for the “We continue to take a conservativde posture in our provisioning forloan losses,” Chairmanb and CEO Steve Bangert said in a statement.
“Ourr second quarter provision brings our allowance to loan ratio tonearly 3.9 percent, one of the strongest in the industry. While I remain confidenft in oursenior management’s ability to effectively respond to the currentt credit obstacles, we felt it was prudent to continur building the allowance given the uncertainty in the Nonperforming assets ended the quarter at $93.9i million, or 3.7 percent of total up from $52.5 million or 2 percent of total asset s on March 31. Separately on Monday, CoBizx said it had begun a sale ofabou $45 million of its common stock.
It will use the proceedsa for generalcorporate purposes, including supportingb the capital needs of its bank subsidiary, expanding possible acquisitions and working capitalp needs. Last week, CoBis announced it had hired Colorado and Arizonamarket presidents, , to oversese banking operations in each “We remain focused on building our franchiswe during these challenging times and want to ensurre we are positioned to take advantage of uniquew market opportunities that we expect will present Bangert said.
“To that end, we recently announced the hiring of Colorado and Arizona market presidentsz who will oversee all banking operationse in theirrespective markets, provide direction for futur e growth and free up some of our existing resources to focus on high quality business development We will also continue to dedicate appropriatr resources through our Special Assets Grou to address resolution of problem