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CoBiz Financial Inc. (COBZ) filed Quarterly Report for the period ended 2011-03-31.
Cobiz Financial Inc. has a market cap of $250.7 million; its shares were traded at around $6.8 with and P/S ratio of 1.6. The dividend yield of Cobiz Financial Inc. stocks is 0.6%.
This is the annual revenues and earnings per share of COBZ over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of COBZ.
Highlight of Business Operations:
Purchases of $38.3 million during the quarter were primarily comprised of MBS and trust preferred securities. Maturities and paydowns of $56.8 million were attributed to the MBS and agencies portfolio. The net unrealized gain on available-for-sale securities increased $1.4 million to $12.8 million at March 31, 2011 from $11.4 million at December 31, 2010. OTTI of $0.2 million on two private-label MBS was recognized during the first quarter of 2011. At March 31, 2011, an additional unrealized loss of $1.6 million on private-label MBS was recognized in other comprehensive income. The Company may recognize additional losses on these securities if the underlying credit metrics were to worsen in the future.
Loans. Gross loans were $1.64 billion at March 31, 2011 and December 31, 2010. During the first quarter of 2011 the Company advanced $72.4 million in new credit relationships and an additional $62.2 million on existing lines. Credit extensions were offset by paydowns and maturities of $135.9 million and charge-offs of $6.3 million during the three months ended March 31, 2011.
The overall decline of $7.6 million in loans is attributed to four loan categories: land acquisition and development ($7.8 million); real estate — mortgage ($6.9 million); commercial ($2.9 million); and construction ($1.5 million). These declines were offset by increases of $4.8 million and $6.6 million in the consumer and other loans categories, respectively. The decrease in the land acquisition and development and construction loan portfolios is primarily the result of ongoing efforts to reduce high risk loan concentration levels. Growth in the consumer and other loan categories resulted from the introduction of new products, such as jumbo mortgages and tax-exempt financing.
Other Real Estate Owned. OREO decreased $1.5 million to $23.6 million at March 31, 2011 from $25.1 million at December 31, 2010. During the first quarter of 2011, the Company foreclosed on seven properties with a fair value of $1.6 million; received sales proceeds of $2.0 million; and recognized losses on OREO sales and valuation adjustments of $1.1 million. At March 31, 2011, $11.9 million OREO was in Colorado and $11.7 million was in Arizona.
Other Assets. Other Assets decreased by $11.3 million to $38.3 million at March 31, 2011 from $49.6 million at December 31, 2010. The change is primarily attributable to the following declines: $7.4 million in cash deposits pledged to correspondent banks as collateral for confirming letters of credit; $1.8 million in taxes receivable; $0.6 million in the fair market value of derivatives; $1.2 million in prepaid expenses (primarily prepaid FDIC insurance assessments); and $0.2 million in the value of private equity partnership investments.
Deposits. Total deposits increased $43.9 million to $1.93 billion at March 31, 2011 from $1.89 billion at December 31, 2010. The primary contributors to the increase were a $76.7 million increase in noninterest-bearing deposits and a $32.5 million increase in NOW and money market accounts. Offsetting these increases was a $54.1 million decrease in reciprocal CDARS, which is attributed to a single customer relationship. The CDARS program provided through a third party and is designed to provide full FDIC insurance on deposit amounts larger than the stated maximum by exchanging or reciprocating larger depository relationships with other member banks. Our depositors’ funds are broken into smaller amounts and placed with other banks that are members of the network. Each member bank issues CDs in amounts under $250,000, so the entire deposit is eligible for FDIC insurance. CDARS are technically brokered deposits; however, the Company considers the reciprocal deposits placed through the CDARS program as core funding due to the customer relationship that generated the transaction and does not report the balances as brokered sources in its internal or external financial reports. Noninterest bearing deposits represented 39.2% of total deposits at March 31, 2011, compared to 36.1% at December 31, 2010.
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