CoBiz Financial Inc. of Denver said late Monday that it would record a $15.6 million valuation allowance for deferred tax assets.
The $2.4 billion-asset company said in a regulatory filing with the Securities and Exchange Commission that the allowances was recorded as part of the fourth quarter. CoBiz has $32 million in net deferred tax assets, according to the filing.
CoBiz said the noncash charge was necessary "based primarily upon the existence of a cumulative loss for the" past three years. The company said that the charge does not impact its liquidity, and "is not expected to have a material impact on our regulatory capital."