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CoBiz Financial Inc. (COBZ) filed Quarterly Report for the period ended 2011-06-30.
Cobiz Financial Inc. has a market cap of $224.4 million; its shares were traded at around $6.06 with a P/E ratio of 50.5 and P/S ratio of 1.5. The dividend yield of Cobiz Financial Inc. stocks is 0.7%.
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:
Total assets at June 30, 2011 were $2.42 billion, increasing $23.1 million or 1.0% from $2.40 billion at December 31, 2010. Assets are comprised primarily of loans net of allowance for losses and investment securities, collectively making up over 92% of total assets. Total liabilities at June 30, 2011 were $2.21 billion, increasing $15.9 million or 0.7% from $2.19 billion at December 31, 2010. Liabilities are comprised primarily of deposits and securities sold under agreements to repurchase, collectively making up over 93% of total liabilities. Shareholder equity at June 30, 2011 was $209.1 million, increasing $7.4 million or 3.7% from $201.7 million at December 31, 2010. The following paragraphs discuss changes in the relative mix of certain assets and liability classes and reasons for such changes.
Purchases of $107.4 million during the first half of 2011 were primarily comprised of MBS and U.S. government agencies. Maturities, sales, and paydowns of $106.6 million were attributed to the MBS and agencies portfolio. The net unrealized gain on available-for-sale securities increased $4.0 million to $15.4 million at June 30, 2011 from $11.4 million at December 31, 2010. OTTI of $0.1 million and $0.4 million on two private-label MBS was recognized during the three and six months ended June 30, 2011, respectively. At June 30, 2011, an additional unrealized loss of $1.4 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 held for investment increased $13.2 million or approximately 1% to $1.66 billion at June 30, 2011 compared to December 31, 2010. During the six months ended June 30, 2011, the Company advanced $166.4 million in new credit relationships and an additional $116.8 million on existing lines. Credit extensions during this period were offset by paydowns and maturities of $260.7 million and gross charge-offs of $9.3 million. Loan generation continues to be a challenge for both the Company and the industry and is the primary focus for the Company.
Other Real Estate Owned and Repossessed Assets. OREO and repossessed assets decreased $1.4 million to $23.8 million at June 30, 2011 from $25.1 million at December 31, 2010. During the first six months of 2011, the Company foreclosed on 14 properties with a fair value of $3.6 million; received sales proceeds of $2.6 million; and recognized losses on OREO sales and valuation adjustments of $2.6 million. At June 30, 2011, $10.6 million OREO was in Colorado and $13.0 million was in Arizona. At June 30, 2011, the Company also has $0.2 million of other repossessed assets.
Other Assets. Other Assets decreased $10.0 million to $39.6 million at June 30, 2011 from $49.6 million at December 31, 2010. The change is primarily attributable to the following declines: cash deposits pledged to correspondent banks as collateral for confirming letters of credit ($7.4 million); prepaid expenses, primarily prepaid FDIC insurance assessments ($2.1 million); and taxes receivable ($1.2 million).
Deposits. Total deposits increased $23.4 million to $1.91 billion at June 30, 2011 from $1.89 billion at December 31, 2010. Noninterest-bearing demand deposits led growth among all deposit types for the six months ended June 30, 2011, increasing $55.2 million with NOW and money markets increasing an additional $50.1 million during the same period. Offsetting these increases was a $64.9 million decrease in reciprocal CDARS, which is primarily attributed to a single customer relationship. The CDARS program is provided through a third party and 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. Depositor 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. The Company continues to grow its noninterest-
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