U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2003.
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
CoBiz Inc.
(Exact name of registrant as specified in its charter)
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COLORADO |
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84-0826324 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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821 l7th Street |
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Denver, CO |
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80202 |
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(Address of principal executive offices) |
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(Zip Code) |
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(303) 293-2265 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes ý No o
There were 13,778,737 shares of the registrant’s Common Stock, $0.01 par value per share, outstanding as of November 1, 2003.
CoBiz Inc.
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PART I. FINANCIAL INFORMATION |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 1. |
Legal Proceedings |
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Item 3. |
Defaults Upon Senior Securities |
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Item 4. |
Submission of Matters to a Vote of Security Holders |
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Item 5. |
Other Information |
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CoBiz Inc.
Consolidated Statements of Condition
September 30, 2003 and December 31, 2002
(unaudited)
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September 30, |
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December 31, |
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(in thousands) |
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ASSETS |
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Cash and due from banks |
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$ |
35,282 |
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$ |
33,252 |
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Investments: |
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Investment securities available for sale (cost of $339,972 and $257,888, respectively) |
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339,056 |
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262,237 |
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Investment securities held to maturity (fair value of $1,741 and $2,282, respectively) |
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1,707 |
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2,245 |
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Other investments |
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8,301 |
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7,806 |
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Total investments |
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349,064 |
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272,288 |
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Loans and leases, net |
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876,654 |
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788,481 |
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Goodwill |
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14,059 |
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8,341 |
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Intangible assets |
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3,740 |
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489 |
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Investment in operating leases |
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4 |
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443 |
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Premises and equipment, net |
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6,620 |
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5,337 |
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Accrued interest receivable |
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4,023 |
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3,893 |
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Deferred income taxes |
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4,451 |
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2,537 |
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Other |
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15,618 |
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3,588 |
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TOTAL ASSETS |
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$ |
1,309,515 |
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$ |
1,118,649 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Liabilities: |
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Deposits: |
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Demand |
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$ |
293,802 |
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$ |
212,987 |
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NOW and money market |
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330,753 |
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305,954 |
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Savings |
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8,876 |
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6,950 |
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Certificates of deposit |
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319,977 |
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331,074 |
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Total deposits |
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953,408 |
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856,965 |
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Federal funds purchased |
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6,900 |
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8,700 |
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Securities sold under agreements to repurchase |
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129,796 |
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115,517 |
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Advances from Federal Home Loan Bank |
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81,990 |
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30,560 |
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Accrued interest and other liabilities |
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5,662 |
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4,900 |
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Company obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely subordinated debentures |
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39,630 |
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20,000 |
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Total liabilities |
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1,217,386 |
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1,036,642 |
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Minority Interests |
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— |
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3 |
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Shareholders’ equity: |
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Cumulative preferred, $.01 par value; 2,000,000 shares authorized; None outstanding |
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— |
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— |
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Common, $.01 par value; 25,000,000 shares authorized; 13,777,987 and 13,271,999 issued and outstanding, respectively |
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138 |
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133 |
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Additional paid-in capital |
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52,662 |
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46,284 |
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Retained earnings |
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39,896 |
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32,895 |
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Accumulated other comprehensive (loss) income net of income tax of $349 and $1,657, respectively |
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(567 |
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2,692 |
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Total shareholders’ equity |
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92,129 |
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82,004 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
1,309,515 |
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$ |
1,118,649 |
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See notes to consolidated financial statements.
1
CoBiz Inc.
Consolidated Statements of Income and Comprehensive Income
(unaudited)
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Three months ended September 30, |
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Nine months ended September 30, |
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2003 |
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2002 |
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2003 |
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2002 |
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(in thousands) |
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INTEREST INCOME: |
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Interest and fees on loans and leases |
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$ |
13,308 |
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$ |
13,057 |
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$ |
39,241 |
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$ |
37,575 |
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Interest and dividends on investment securities: |
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Taxable securities |
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2,904 |
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2,840 |
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8,365 |
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8,344 |
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Nontaxable securities |
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63 |
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59 |
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203 |
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185 |
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Dividends on securities |
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70 |
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80 |
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205 |
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233 |
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Federal funds sold and other |
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3 |
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22 |
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11 |
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37 |
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Total interest income |
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16,348 |
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16,058 |
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48,025 |
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46,374 |
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INTEREST EXPENSE: |
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Interest on deposits |
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2,427 |
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3,410 |
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7,926 |
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10,103 |
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Interest on short-term borrowings and FHLB advances |
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651 |
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699 |
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1,889 |
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2,244 |
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Interest on mandatorily redeemable preferred securities of subsidiary trusts |
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304 |
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500 |
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892 |
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1,500 |
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Total interest expense |
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3,382 |
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4,609 |
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10,707 |
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13,847 |
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