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

gault-rickettsias.blogspot.com
million, or 72 cents per share, in the seconsd quarter, as the weak economy continuedc to exact a toll on the officialssaid Monday. The loss compares with a profitof $4.2 or 18 cents per share, in the same quartedr a year earlier. Denver-based CoBiz (NASDAQ: COBZ) owns and Arizonqa Business Bank. The latest quarter’s results includd a $35.1 million pre-tax provision for loan and credi losses, or 150 percent of net charge-offws — which were $23.4 million for the period.
“We continue to take a conservativs posture in our provisioning forloan losses,” Chairmanh and CEO Steve Bangert said in a “Our second quarter provision brings our allowancew to loan ratio to nearly 3.9 one of the strongest in the industry. While I remainn confident in oursenior management’es ability to effectively respond to the current credigt obstacles, we felt it was prudent to continu building the allowance given the uncertainty in the economy.” Nonperforming assets ended the quarter at $93.9 million, or 3.7 percenty of total assets, up from $52.65 million or 2 percent of totaol assets on March 31.
Separately on Monday, CoBisz said it had begun a sale ofabou $45 million of its common stock. It will use the proceeds for general corporate including supporting the capital needs of itsbank subsidiary, expanding possible acquisitions and working capital needs. Last CoBiz announced it had hired Colorado and Arizonqamarket presidents, , to oversee bankingh operations in each market. “We remain focusecd on building our franchise durinhg these challenging times and want to ensurd we are positioned to take advantagde of unique market opportunities that we expecy willpresent themselves,” Bangert said.
“Too that end, we recentlyt announced the hiring of Coloradpo and Arizona market presidentw who will oversee all banking operationx in theirrespective markets, provide direction for future growth and free up some of our existinf resources to focus on high quality business development opportunities. We will also continue to dedicate appropriate resources througbh our Special Assets Group to address resolution ofproblemj loans.
”