CoBiz Inc. of Denver said it would take a $1.1 million charge this quarter after restructuring its investment portfolio.
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After the markets closed Thursday, the $2.1 billion-asset company said that the charge would lower fourth-quarter earnings by 5 cents a share. For the third quarter CoBiz reported diluted earnings of 27 cents a share.
To improve its net interest margin, the company said it sold securities with a book value of $58.3 million for $56.6 million. The securities sold were roughly 13% of its total portfolio.
