ejoxot.wordpress.com
million, or 72 centsz per share, in the second quarter, as the weak economhy continued to exact a toll onthe company, officialds said Monday. The loss comparez with a profitof $4.2 million, or 18 cent per share, in the same quarter a year earlier. Denver-base d CoBiz (NASDAQ: COBZ) owns and Arizona Business Thelatest quarter’s results include a $35.12 million pre-tax provision for loan and credit losses, or 150 percent of net charge-offz — which were $23.4 million — for the period. “Ww continue to take a conservative posture in our provisioning for loan Chairman and CEO Steve Bangert said ina statement.
“Ourt second quarter provision brings our allowancr to loan ratio tonearly 3.9 percent, one of the strongestf in the industry. While I remainn confident in oursenior management’s abilitty to effectively respond to the current credit obstacles, we felt it was prudenty to continue building the allowance given the uncertainty in the economy.” Nonperforminf assets ended the quarter at $93.9 or 3.7 percent of total assets, up from $52.5 million or 2 percentg of total assets on March 31. Separately on Monday, CoBiz said it had begunh a sale ofabout $45 milliomn of its common stock.
It will use the proceedsx for generalcorporate purposes, includinh supporting the capital needs of its bank expanding operations, possible acquisitions and working capital needs. Last week, CoBisz announced it had hired Colorado and Arizonzmarket presidents, , to oversese banking operations in each “We remain focused on building our franchised during these challenging timeds and want to ensure we are positionedx to take advantage of unique markegt opportunities that we expect will present themselves,” Bangert said.
“To that end, we recentlt announced the hiring of Colorado and Arizonas market presidents who will overseee all banking operations in their respective provide direction for future growth and free up some of our existingy resources to focus on high quality businesdevelopment opportunities. We will also continur to dedicate appropriate resources through our Specialo Assets Group to address resolution ofproblem
ไม่มีความคิดเห็น:
แสดงความคิดเห็น