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CoBiz Financial Inc. Reports Operating Results (10-Q)

May 07, 2010 | About:

CoBiz Financial Inc. (NASDAQ:COBZ) filed Quarterly Report for the period ended 2010-03-31.

Cobiz Financial Inc. has a market cap of $234.4 million; its shares were traded at around $6.38 with and P/S ratio of 1.5. The dividend yield of Cobiz Financial Inc. stocks is 0.6%.

Highlight of Business Operations:

Financial Condition Total assets at March 31, 2010 were $2.4 billion, down $45.0 million or 1.8% from December 31, 2009. During the first quarter of 2010, total loans decreased by $54.8 million as a result of loan pay downs and maturities outpacing credit advances to new and existing lines. In addition, the Company had net loan charge-offs of $17.0 million during the current quarter. OREO increased by $3.8 million or 15.0% to $29.0 million at March 31, 2010.

As seen in the table below, the investment portfolio is comprised mainly of MBS, including MBS explicitly (GNMA) and implicitly (FNMA and FHLMC) backed by the U.S. Government with a net book value of $361.6 million and a market value of $374.4 million. Other MBS are private-label securities with a net book value of $5.0 million and a market value of $2.4 million. The portfolio does not hold any securities exposed to sub-prime mortgage loans. Our investment portfolio also includes $38.5 million of single-issue, public trust preferred securities issued by 16 financial institutions and $38.7 million of corporate debt securities issued primarily by six S&P 500 companies. None of these institutions are in default on the securities we hold nor have interest payments on the trust preferred securities been deferred.

Loans. Gross loans held for investment decreased by $53.0 million or 3.0% to $1.7 billion at March 31, 2010. During the quarter the Company advanced $37.1 million in new credit relationships and an additional $66.2 million on existing lines. Credit extensions were offset by paydowns, maturities and charge-offs totaling $156.3 million during the three months ended March 31, 2010.

Other Real Estate Owned. OREO increased by $3.8 million to $29.0 million at March 31, 2010 from $25.2 million at December 31, 2009. During the first quarter of 2010, the Company took possession of an additional $9.2 million in OREO and disposed of $4.5 million. At March 31, 2010, $13.2 million or 46% of OREO was in Arizona while the remaining $15.8 million or 54% was in Colorado. The Company held a total of 25 properties at March 31, 2010, of which 19 were located in Arizona and six in Colorado.

Other Assets. Other Assets increased by $4.8 million to $59.0 million at March 31, 2010, from $54.1 million at December 31, 2009. The change is primarily attributable to an increase of $3.0 million in income taxes receivable and $5.0 million related to cash deposits pledged to correspondent banks as collateral for confirming letters of credit. Also contributing to the period change were declines of $1.6 million in account receivables and $1.4 million in the fair value of interest rate swaps.

Deposits. Total deposits decreased slightly during the quarter by $28.3 million or 1.4% to $1.94 billion at March 31, 2010 from $1.97 billion at December 31, 2009. The primary drivers of the change were a decline of $22.0 million in CDs over $100,000 and a $9.8 million decrease in noninterest-bearing deposits. Noninterest bearing deposits represented 27.5% or $533.0 million of total deposits at March 31, 2010, compared to 27.6% or $542.8 million at December 31, 2009.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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