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

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million, or 72 cents per share, in the seconx quarter, as the weak economy continued to exact a toll on the officialssaid Monday. The loss compares with a profitfof $4.2 million, or 18 cents per share, in the same quarte a year earlier. Denver-based CoBiz (NASDAQ: COBZ) owns and Arizonaw Business Bank. The latest quarter’s resultx include a $35.1 million pre-tax provision for loan and credit losses, or 150 percent of net charge-offas — which were $23.4 million — for the “We continue to take a conservative posture in our provisioningh for loan losses,” Chairman and CEO Steve Banger t said in a statement.
“Our second quarter provision bring s our allowance to loan ratio tonearly 3.9 one of the strongest in the industry. While I remai n confident in oursenior management’s ability to effectivel respond to the current credit obstacles, we felt it was prudentr to continue building 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 total assets on March 31. Separately on CoBiz said it had begun a sale ofabouyt $45 million of its commoj stock.
It will use the proceeds for generalcorporate purposes, including supporting the capital needs of its bank expanding operations, possible acquisitions and working capitall needs. Last week, CoBiz announceds it had hired Colorado and Arizonamarkert presidents, , to oversee banking operationd in each market. “We remain focused on building our franchise durinvg these challenging times and want to ensure we are positionef to take advantage of unique market opportunities that we expectf willpresent themselves,” Bangert “To that end, we recently announced the hiring of Coloradio and Arizona market presidentse who will oversee all bankingh operations in their respective markets, providre direction for future growth and free up some of our existiny resources to focus on high quality businessd development opportunities.
We will also continue to dedicate appropriatre resources through our Special Assets Grou to address resolution ofproblem loans.”