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CoBiz Financial Inc. (COBZ) filed Quarterly Report for the period ended 2011-09-30.
Cobiz Financial Inc. has a market cap of $205.58 million; its shares were traded at around $5.55 with a P/E ratio of 22.2 and P/S ratio of 1.36. The dividend yield of Cobiz Financial Inc. stocks is 0.72%.
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 $158.5 million during 2011 were primarily comprised of MBS and U.S. government agencies. Maturities, sales, and paydowns of $169.0 million related primarily to the MBS and agencies portfolio. The net unrealized gain on available-for-sale securities decreased $0.4 million to $11.0 million at September 30, 2011 from $11.4 million at December 31, 2010. OTTI of $0.1 million and $0.5 million on two private-label MBS was recognized during the three and nine months ended September 30, 2011, respectively. At September 30, 2011, an 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.Other Real Estate Owned and Repossessed Assets. OREO and repossessed assets decreased $4.0 million to $21.0 million at September 30, 2011 from $25.1 million at December 31, 2010. During the nine months ended September 30, 2011, the Company foreclosed on 17 properties with a fair value of $5.6 million; received sales proceeds of $6.7 million; and recognized losses on OREO sales and valuation adjustments of $3.1 million. At September 30, 2011, $10.3 million OREO was in Colorado and $10.6 million was in Arizona.
Net interest income on a taxable equivalent basis for the three and nine months ended September 30, 2011 was relatively stable. Average interest-earning asset balances have increased $30.7 million and $22.3 million for the three and nine months ended September 30, 2011, respectively. The average net loan portfolio for the nine months ended September 30, 2011 and 2010, comprised 71% and 74% of average interest-bearing assets, respectively. The securities investment portfolio for the same respective periods comprised 28% and 25% of average interest-earning assets, a shift reflecting the low demand environment for lending and the Company’s deployment of excess liquidity into the lower yielding investment securities portfolio. The Company expects to redeploy excess liquidity into higher yielding loans in future quarters.
Insurance income decreased $0.2 million or 7.0% to $3.0 million during the three months ended September 30, 2011, compared to the same period in 2010. During the first nine months of 2011, insurance income decreased $0.2 million compared to the prior-year period. The decrease for the third quarter of 2011, over the prior quarter, is primarily attributable to a decline in commissions earned on the sale of life insurance products and to a lesser extent P&C revenue. Year to date, life commissions were $0.6 million below 2010 levels and bonus and contingency income were down $0.2 million. Employee benefits consulting income increased in 2011 as a result of an increased sales force.
At September 30, 2011, shareholders’ equity totaled $199.3 million, a $2.4 million decrease from December 31, 2010. The decrease was primarily due to the net decline of $7.0 million relating to the redemption of the Series B Preferred Stock and the issuance of the Series C Preferred Stock (see Note 11 to the condensed consolidated financial statements for additional), common and preferred dividends of $3.6 million and declines of $4.7 million in accumulated comprehensive income associated with changes in the value of hedge derivatives. Offsetting the declines was a $1.4 million increase in common surplus relating to stock-based compensation, sales of stock under the ESPP plan and stock exercises and net income of $11.5 million for the nine months ended September 30, 2011.
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