CoBiz Financial Inc. (COBZ, Financial) filed Quarterly Report for the period ended 2012-09-30.
Cobiz Financial Inc has a market cap of $284.3 million; its shares were traded at around $7 with a P/E ratio of 13.5 and P/S ratio of 1.9. The dividend yield of Cobiz Financial Inc stocks is 1.1%.
Annualized return on average assets for the three and nine months ended September 30, 2012 was 1.00% and 0.92%, respectively, compared to 0.74% and 0.64% during the comparable prior year periods. Annualized return on average shareholders equity for the three and nine months ended September 30, 2012 was 10.23% and 9.56%, respectively, compared to 8.50% and 7.42% for the prior-year periods. Improvement in both earnings metrics is attributable to negative provision for loan losses, offset in part by lower interest income. The Companys efficiency ratio was 75.28% and 75.46% for the three and nine months ended September 30, 2012, respectively, compared to 74.52% and 74.17% in the prior-year periods.
Net interest income on a taxable equivalent basis for the three and nine months ended September 30, 2012 decreased $0.5 million and $1.9 million to $23.8 million and $71.5 million, respectively. Average interest-earning assets for the three and nine months ended September 30, 2012 increased $135.2 million and $67.5 million, respectively. The three and nine month increase in average interest earning assets was primarily due to growth in net loans of $135.7 million and $74.2 million, respectively. The positive effect of interest-earning asset growth on the net interest margin was muted by lower yields due to the continued low interest rate environment. During the three and nine months ended September 30, 2012, average yields on interest-earning assets decreased 40 basis points and 33 basis points, respectively, over the comparable prior-year periods.
Nonperforming assets have decreased steadily since peaking in the fourth quarter of 2009. At September 30, 2012, nonperforming assets decreased $11.5 million (25%) and $28.1 million (45%) as compared to December 31, 2011 and September 30, 2011, respectively. Approximately 47% or $16.0 million of nonperforming assets at September 30, 2012 were concentrated in Colorado, while the remaining 53% or $18.3 million were in Arizona. Nonperforming loans represent 60% of total nonperforming assets with the remaining 40% comprised of OREO and repossessed assets. Nonperforming loans of $20.7 million are concentrated primarily within the real estate mortgage (55%), land A&D (24%), and commercial (14%) loan segments. OREO decreased $4.9 million and $7.4 million from December 31, 2011 and September 30, 2011, respectively, primarily as a result of the overall improvement in asset quality and OREO sales during 2012. The Company foreclosed on a single OREO property and sold 12 properties in 2012. The Company has dedicated significant resources to the workout and resolution of nonaccrual loans and OREO and continues to closely monitor the financial condition of its clients.
a price of $6.00 per share completed during the first quarter of 2012. The net proceeds to the Company, net of underwriting discounts, commissions and selling costs were $11.8 million. Also contributing to the increase was a $1.6 million increase in common surplus relating to stock-based compensation, sales of stock under the ESPP plan and stock exercises; an increase of $4.6 million in accumulated other comprehensive income associated with changes in the fair value of derivatives and available for sale securities; and net income of $17.0 million for the nine months ended September 30, 2012. Offsetting these increases were common and preferred dividends of $4.1 million.
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Cobiz Financial Inc has a market cap of $284.3 million; its shares were traded at around $7 with a P/E ratio of 13.5 and P/S ratio of 1.9. The dividend yield of Cobiz Financial Inc stocks is 1.1%.
Highlight of Business Operations:
Other Real Estate Owned and Repossessed Assets. OREO and repossessed assets decreased $4.9 million to $13.6 million at September 30, 2012, from $18.5 million at December 31, 2011. During the nine months ended September 30, 2012, the Company received proceeds of $3.5 million on the sale of 12 properties. Total losses recognized on OREO sales and valuation adjustments totaled $1.7 million during the first nine months of 2012. At September 30, 2012, $4.6 million of OREO was in Arizona and $9.0 million was in Colorado.Annualized return on average assets for the three and nine months ended September 30, 2012 was 1.00% and 0.92%, respectively, compared to 0.74% and 0.64% during the comparable prior year periods. Annualized return on average shareholders equity for the three and nine months ended September 30, 2012 was 10.23% and 9.56%, respectively, compared to 8.50% and 7.42% for the prior-year periods. Improvement in both earnings metrics is attributable to negative provision for loan losses, offset in part by lower interest income. The Companys efficiency ratio was 75.28% and 75.46% for the three and nine months ended September 30, 2012, respectively, compared to 74.52% and 74.17% in the prior-year periods.
Net interest income on a taxable equivalent basis for the three and nine months ended September 30, 2012 decreased $0.5 million and $1.9 million to $23.8 million and $71.5 million, respectively. Average interest-earning assets for the three and nine months ended September 30, 2012 increased $135.2 million and $67.5 million, respectively. The three and nine month increase in average interest earning assets was primarily due to growth in net loans of $135.7 million and $74.2 million, respectively. The positive effect of interest-earning asset growth on the net interest margin was muted by lower yields due to the continued low interest rate environment. During the three and nine months ended September 30, 2012, average yields on interest-earning assets decreased 40 basis points and 33 basis points, respectively, over the comparable prior-year periods.
Nonperforming assets have decreased steadily since peaking in the fourth quarter of 2009. At September 30, 2012, nonperforming assets decreased $11.5 million (25%) and $28.1 million (45%) as compared to December 31, 2011 and September 30, 2011, respectively. Approximately 47% or $16.0 million of nonperforming assets at September 30, 2012 were concentrated in Colorado, while the remaining 53% or $18.3 million were in Arizona. Nonperforming loans represent 60% of total nonperforming assets with the remaining 40% comprised of OREO and repossessed assets. Nonperforming loans of $20.7 million are concentrated primarily within the real estate mortgage (55%), land A&D (24%), and commercial (14%) loan segments. OREO decreased $4.9 million and $7.4 million from December 31, 2011 and September 30, 2011, respectively, primarily as a result of the overall improvement in asset quality and OREO sales during 2012. The Company foreclosed on a single OREO property and sold 12 properties in 2012. The Company has dedicated significant resources to the workout and resolution of nonaccrual loans and OREO and continues to closely monitor the financial condition of its clients.
a price of $6.00 per share completed during the first quarter of 2012. The net proceeds to the Company, net of underwriting discounts, commissions and selling costs were $11.8 million. Also contributing to the increase was a $1.6 million increase in common surplus relating to stock-based compensation, sales of stock under the ESPP plan and stock exercises; an increase of $4.6 million in accumulated other comprehensive income associated with changes in the fair value of derivatives and available for sale securities; and net income of $17.0 million for the nine months ended September 30, 2012. Offsetting these increases were common and preferred dividends of $4.1 million.
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