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

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million, or 72 centd per share, in the second quarter, as the weak economg continued to exact a toll onthe company, officialx said Monday. The loss comparesa with a profitof $4.2 million, or 18 centsa per share, in the same quartef a year earlier. Denver-based CoBiz COBZ) owns and Arizona Business Bank. The latesy quarter’s results include a $35.1 milliomn pre-tax provision for loan and credit or 150 percent ofnet charge-offx — which were $23.4 million — for the period. “We continus to take a conservative posture in our provisioning for loan Chairman and CEO Steve Bangert said ina statement.
“Ourf second quarter provision brings our allowance to loan rati tonearly 3.9 percent, one of the stronges in the industry. While I remaih confident in oursenior management’s abilithy to effectively 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 quarte r at $93.9 million, or 3.7 percent of totapl assets, up from $52.5 millioj or 2 percent of totakl assets on March 31. Separately on Monday, CoBiz said it had begumn a sale ofabougt $45 million of its common stock.
It will use the proceedsx for generalcorporate purposes, including supporting the capitakl needs of its bank subsidiary, expanding operations, possible acquisitions and working capitak needs. Last week, CoBiza announced it had hired Colorado and Arizonamarket , to oversee banking operations in each “We remain focused on buildinv our franchise during these challengingb times and want to ensure we are positionedr to take advantage of unique market opportunitiew that we expect will present themselves,” Bangert “To that end, we recently announced the hiring of Colorad o and Arizona market presidents who will oversee all banking operation in their respective markets, provide direction for future growthj and free up some of our existing resource s to focus on high quality business developmenyt opportunities.
We will also continue to dedicatee appropriate resources through our Special Assets Group to addresxs resolution ofproblem loans.”