CoBiz Financial Reports Second Quarter 2009 Results

DENVER, July 13 /PRNewswire-FirstCall/ -- CoBiz Financial Inc. (Nasdaq: COBZ),
a financial services company with $2.5 billion in assets, announced a net loss
of $15.8 million for the second quarter of 2009. Including dividends on the
Company's preferred shares held by the U.S. Treasury, the net loss available
to common shareholders was $16.7 million or $0.72 loss per fully diluted share
(EPS) for the second quarter of 2009, as compared to net income of $4.2
million in the second quarter 2008, or $0.18 EPS. For the six months ended
June 30, 2009, the net loss attributable to the Company was $62.8 million, and
includes a $33.7 million goodwill impairment charge recognized in the first
quarter of 2009.

Financial Performance - Second Quarter 2009

-- Second quarter Operating Income (pre-tax, pre-provision income before
losses on securities, other assets, OREO or goodwill impairment) was
$11.2 million, as compared to Operating Income of $11.1 million for
the
first quarter of 2009. For the six months ended June 30, 2009,
Operating
Income was $22.3 million, versus $19.8 million for the prior year
period, an increase of 13%.
-- Second quarter results include a $35.1 million (pre-tax) loan and
credit
loss provision, or 150% of net charge-offs ($23.4 million) for the
period. The resulting allowance for loan and credit losses (allowance)
increased to 3.87% of total loans. For the year, the loan and credit
loss provision was $69.0 million and 189% of net charge-offs.
-- Nonperforming assets ended the quarter at $93.9 million, or 3.70% of
total assets, up from $52.5 million or 2.00% of total assets at March
31, 2009.
-- The net interest margin was stable at 4.38% in the first and second
quarters of 2009 as compared to 4.08% in the second quarter of 2008.
Adjusting for non-performing assets, the margin was 4.50% in the
second
quarter versus 4.45% in the first quarter.
-- The Company recognized a $1.7 million, pre-tax loss on securities,
other
assets and OREO as compared to $1.4 million in the first quarter of
2009.
-- FDIC insurance costs were $2.1 million for the second quarter,
including
$1.2 million related to the FDIC's 5-basis-point special
assessment. This represents an increase of $1.4 million from the first
quarter of 2009.
-- The tangible equity ratio was 6.95% and the tangible common equity
ratio
was 4.51% at the end of the second quarter of 2009.
-- Loans outstanding as of June 30, 2009, decreased by $67.7 million to
$1.9 billion from March 31, 2009 (linked-quarter).

-- Deposits and customer repurchase agreements (Customer Repo's)
increased by $71.9 million on a linked-quarter basis, or 16%
annualized.
Deposits and Customer Repo's excluding wholesale brokered sources
(Customer Funding) increased by $119.7 million on a linked-quarter
basis, or 28.4% annualized. Year-over-year, Customer Funding increased
by $49.4 million.

"We continue to take a conservative posture in our provisioning for loan
losses. Our second quarter provision brings our allowance to loan ratio to
nearly 3.9%, one of the strongest in the industry," said Chairman and CEO
Steve Bangert. "While I remain confident in our senior management's ability to
effectively respond to the current credit obstacles, we felt it was prudent to
continue building the allowance given the uncertainty in the economy.

"We remain focused on building our franchise during these challenging times
and want to ensure we are positioned to take advantage of unique market
opportunities that we expect will present themselves. To that end, we recently
announced the hiring of Colorado and Arizona market presidents who will
oversee all banking operations in their respective markets, provide direction
for future growth and free up some of our existing resources to focus on high
quality business development opportunities. We will also continue to dedicate
appropriate resources through our Special Assets Group to address resolution
of problem loans."

Scott Page, the market president for Colorado Business Bank, has more than 25
years of experience in the Denver banking community. Prior to joining the
Colorado bank, he served as executive vice president and director of community
banking for Vectra Bank Colorado (a subsidiary of Zions Bank) where he was
responsible for the bank's commercial, executive, business, SBA and statewide
branch banking operations. Bruce (Toby) Day, the Arizona Business Bank market
president, has more than three decades of banking experience, most recently
serving as senior vice president and manager of business banking for Marshall
& Ilsley (M&I) Bank Arizona for 11 years.

Loans

Loans for Colorado Business Bank and Arizona Business Bank, collectively the
Bank, ended the period just under $2.0 billion, a decrease of $67.7 million,
or 13.4%, annualized, over March 2009. Part of the decrease is attributed to
net charge-offs of $23.4 million. The Company extended $65.3 million in to new
client relationships and $106.4 million in loan advances during the second
quarter which was offset by a higher level of pay-downs and maturities.
Although we continue to actively market new relationships and gain market
share, we have seen a general decrease in loan demand in our markets.

Overall, Commercial and Industrial (C&I) loans comprised 30.9% of the total
portfolio as of June 2009. Commercial Real Estate accounted for 51.8%, with
owner/occupied properties representing 23.1% of total loans. Construction
loans decreased to 12.2% of the portfolio, from 16.5% as of June 2008.

Investment Securities
The Company recognized a $0.35 million pretax Other Than Temporary Impairment
(OTTI) valuation loss during the second quarter of 2009. The valuation loss
related to two securities: a trust preferred security and a private label,
mortgage-backed security (MBS), both of which were previously deemed to have
an OTTI.

The Company had securities with a carrying value totaling $466.1 million at
June 30, 2009, a decrease of $17.1 million from the prior quarter. The
portfolio consists primarily of mortgage-backed securities, the overwhelming
majority backed by U.S. government agencies. These securities had a net book
value of $388.3 million and a market value of $399.8 million at quarter end.
The remaining MBS are non-agency, private-label securities with a net book
value of $6.4 million and a market value of $2.8 million. Investments also
include $23.2 million of single-issuer trust preferred securities backed by 15
different financial institutions and $22.4 million of corporate debt
securities issued by six S&P 500 companies. The fair value of these securities
was $44.1 million at June 30, 2009. The portfolio does not contain any
collateralized debt obligations (CDOs) or securities backed by sub-prime
mortgage loans.

Deposits and Customer Repo Balances

Deposit and Customer Repo balances ended the period at $1.9 billion, an
increase of $93.9 million from the same period in 2008. On a linked-quarter
basis, Deposit and Customer Repo balances increased by $71.9 million. Customer
Funding (excluding brokered deposits from non-relationship sources) increased
$119.7 million on a linked-quarter basis and $49.4 million from the prior year
period. The quarterly growth was well diversified, with 60 separate
relationships having balance increases of more than $1 million, and is the
result of a consistent, focused marketing effort by our business development
officers.

Total noninterest-bearing demand accounts represented 27.0% of total deposits
as of June 30, 2009, consistent with the linked quarter and prior-year period.

Allowance for Loan and Credit Losses and Credit Quality

Total nonperforming loans (NPLs) increased to $67.4 million as of June 30,
2009, from $43.6 million at March 31, 2009. NPLs to total loans increased to
3.45% at the end of the current quarter, from 2.16% as of the end of the prior
linked-quarter. Including Other Real Estate Owned acquired through foreclosure
(OREO) of $26.5 million, total nonperforming assets (NPAs) were $93.9 million
at quarter end, as compared to $52.5 million as of the prior linked quarter.
Part of the increase is attributed to two large relationships totaling $18.3
million, previously disclosed as expected to migrate into NPA status.

NPAs are divided between our two markets consistent with the overall portfolio
distribution: 66% of NPAs, or $61.5 million, are within the Colorado portfolio
and 34% of the total, or $32.3 million, are in Arizona. Land and Construction
loans continue to exhibit the greatest weakness with 14.0% and 4.1%,
respectively, of total loans in their category on nonaccrual status.
Nonaccruing C&I and Real Estate loans remained relatively benign at 2.0% and
2.2%, respectively. Of the $26.5 million of OREO, $16.3 million, or 62%, was
located in Colorado and $10.1 million, or 38%, was located in Arizona.

Although the Colorado economy has outperformed the majority of other
metropolitan areas nationally, it began to show increasing signs of weakness
during the fourth quarter of 2008. These broader economic trends have impacted
our Colorado loan portfolio, which has seen an increase in adversely graded
credits. Additionally, the Arizona market continues to be negatively impacted
by a severely depressed residential housing market. The receipt of borrower
year-end financial statements as well as focused portfolio reviews by our
bankers contributed to an increase in adversely graded credits in both markets
over the last six months.

During the second quarter of 2009, the Company recorded a $35.1 million loan
and credit loss provision, as compared to $33.9 million for the first quarter
of 2009, and $5.6 million for the second quarter of 2008. The Company
charged-off (net of recoveries) $23.4 million in loans during the second
quarter of 2009 and $13.2 million in the prior linked quarter. Overall, the
Company provided $32.4 million more in provision for loan and credit losses
than it has charged-off during the year. As a result, the Allowance increased
to $75.5 million as of June 30, 2009, from $43.1 million as of December 31,
2008. The Company's Allowance to total loans held for investment increased to
3.87% as of June 30, 2009, from 2.12% as of December 31, 2008. The Allowance
was nearly 112% of NPLs at June 30, 2009.

Shareholders' Equity and Regulatory Capital

As of the end of the second quarter, total Shareholders' Equity was $193.1
million. The Company's total tangible equity was $175.4 million, and its
tangible equity to tangible asset ratio was 6.95%.

As of March 31, 2009, (the most recent period available) the Company was
significantly in excess of what is considered "Well-Capitalized" with a Tier 1
Capital ratio of 11.55%, and Total Capital ratio of 13.89%. The Company will
remain significantly in excess of Well Capitalized guidelines when final
regulatory reporting is completed. Under the risk-based capital guidelines,
the Allowance qualifies as Tier 2 equity up to 1.25% of risk-weighted assets.
Consequently, due to the level of the Company's provisioning for loan losses,
approximately $36.0 million of Allowance was disallowed at March 31, 2009,
under the risk-based capital rules, which equated to 1.65% of risk-weighted
assets.

Net Interest Income & Margin

Net interest income on a tax equivalent basis for the second quarter of 2009
increased to $26.4 million from $23.7 million for the second quarter of 2008,
an 11.6% increase. Net interest income on a tax equivalent basis was $26.8
million for the first quarter of 2009. During the current quarter, our net
interest margin (NIM) on a tax equivalent basis expanded to 4.38% vs. 4.08% as
of the second quarter of 2008 and was stable on a linked-quarter basis. Second
quarter NIM was negatively impacted by the increased level of non-accruing
loans, which decreased our reported NIM by approximately 12 basis points.

Average earning asset balances decreased by $56.3 million on a linked-quarter
basis, mainly due to a decrease in average investments of $18.4 million, a
decrease in average loans of $13.0 million and an increase in average
Allowance of $23.1 million (which the Company includes in its interest-earning
assets as a contra-asset account). Average Customer Funding (excluding
brokered CDs from non-relationship sources) was up by $79.5 million from the
prior linked-quarter. As a result of the earning asset decrease and Customer
Funding increase, short-term wholesale funding decreased by $117.3 million on
a linked-quarter basis.

Yields on average earning assets decreased 9 basis points (0.09%) from the
first quarter of 2009 to the second quarter of 2009, while rates paid on
average interest-bearing liabilities decreased 5 basis points (0.05%).

Noninterest Income

Noninterest income increased by $1.9 million on a linked-quarter basis to $8.0
million for the second quarter. Noninterest income was $11.6 million in the
second quarter of 2008. As a percentage of total operating revenue,
noninterest income was 23.5% for the second quarter of 2009 vs. 33.1% for the
prior-year quarter.

In general, all of our business segments have been negatively impacted by
current market conditions. Our Insurance Segment's revenues have been
adversely affected by a continued soft premium market for P&C insurance; the
decline in the broader equity market has negatively impacted Investment
Advisory earnings; and Investment Banking transactions have been curtailed due
to market uncertainty and valuation issues.

The second quarter was positively impacted by an increase of $0.7 million in
income from earnings on equity method investments, and an increase of $0.3
million in miscellaneous loan fees.

Operating Expenses

Noninterest expenses for the second quarter of 2009 were $24.3 million, as
compared to $57.3 million for the first quarter of 2009. First quarter
expenses included a $33.7 million goodwill impairment charge. Excluding this
charge, noninterest expenses were $23.6 million for the first quarter.
Noninterest expenses for the second quarter of 2008 were $22.5 million.

Salaries and employee benefits decreased by $0.8 million on a linked-quarter
basis to $13.1 million. Driving the decrease was a reduction in incentive
compensation of $0.2 million from the first quarter of 2009, a decrease in
401(k) expense of $0.2 million as a result of the Company's cost-containment
initiative and a reduction in payroll taxes of $0.2 million.

FDIC insurance costs were $2.1 million for the second quarter including $1.2
million related to the FDIC's 5-basis-point special assessment. FDIC insurance
expense was $0.6 million for the first quarter of 2009 and $0.3 million for
the second quarter of 2008.

The Company recognized a $1.7 million, pre-tax loss on securities, other
assets and OREO in the second quarter, as compared to $1.4 million in the
first quarter of 2009 and $9,000 in the second quarter of 2008.

Overall, the Company is experiencing an improvement in its efficiency ratio
posting 66.8% for the first six months of 2009 versus 68.7% during the prior
year period.

Earnings Conference Call
In conjunction with this release, you are invited to listen to the Company's
conference call on Tuesday, July 14, 2009, at 8:00 am ET with Steve Bangert,
CoBiz chairman and CEO. The call can be accessed via the Internet at
http://www.videonewswire.com/event.asp?id=60442 or by telephone at
877.493.9121, (conference ID #18594509).

Explanation of the Company's Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and non-GAAP financial
measures where Management believes it to be helpful in understanding our
results of operations. We believe these measures provide important
supplemental information to investors. However, you should not rely on
non-GAAP financial measures alone as measures of our performance.

About CoBiz Financial

CoBiz Financial Inc. (www.cobizfinancial.com) is a $2.5 billion financial
holding company headquartered in Denver. The Company operates Colorado
Business Bank and Arizona Business Bank, full-service commercial banking
institutions that offer a broad range of sophisticated banking services -
including credit, treasury management, investment and deposit products - to a
targeted customer base of professionals and small to mid-sized businesses.
CoBiz also offers trust and fiduciary services through CoBiz Trust; property
and casualty insurance brokerage and risk management consulting services
through CoBiz Insurance; investment banking services through Green Manning &
Bunch; the management of stock and bond portfolios for individuals and
institutions through CoBiz Trust, Alexander Capital Management Group and
Wagner Investment Management, Inc.; and employee and executive benefits
consulting and wealth transfer services through Financial Designs, Ltd.

Forward-looking Information

This release contains forward-looking statements that describe CoBiz's future
plans, strategies and expectations. All forward-looking statements are based
on assumptions and involve risks and uncertainties, many of which are beyond
our control and which may cause our actual results, performance or
achievements to differ materially from the results, performance or
achievements contemplated by the forward-looking statements. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as "believe,"
"expect," "anticipate," "intend," "plan," "estimate" or words of similar
meaning, or future or conditional verbs such as "would", "could" or "may."
Forward-looking statements speak only as of the date they are made. Such risks
and uncertainties include, among other things:

-- Risks and uncertainties described in our reports filed with the
Securities and Exchange Commission, including our most recent 10-K.
-- Competitive pressures among depository and other financial
institutions
nationally and in our market areas may increase significantly.
-- Adverse changes in the economy or business conditions, either
nationally
or in our market areas, could increase credit-related losses and
expenses and/or limit growth.
-- Increases in defaults by borrowers and other delinquencies could
result
in increases in our provision for losses on loans and leases and
related
expenses.
-- Our inability to manage growth effectively, including the successful
expansion of our customer support, administrative infrastructure and
internal management systems, could adversely affect our results of
operations and prospects.
-- Fluctuations in interest rates and market prices could reduce our net
interest margin and asset valuations and increase our expenses.
-- The consequences of continued bank acquisitions and mergers in our
market areas, resulting in fewer but much larger and financially
stronger competitors, could increase competition for financial
services
to our detriment.
-- Our continued growth will depend in part on our ability to enter new
markets successfully and capitalize on other growth opportunities.
-- Changes in legislative or regulatory requirements applicable to us and
our subsidiaries could increase costs, limit certain operations and
adversely affect results of operations.

-- Changes in tax requirements, including tax rate changes, new tax laws
and revised tax law interpretations may increase our tax expense or
adversely affect our customers' businesses.

In light of these risks, uncertainties and assumptions, you should not place
undue reliance on any forward-looking statements in this release. We undertake
no obligation to publicly update or otherwise revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

CoBiz Financial Inc.
June 30, 2009
(unaudited)

Three months Six months ended
ended June 30, June 30,
--------------- ------------------
(in thousands, except
per share amounts) 2009 2008 2009 2008
--------------------- ---- ---- ---- ----
INCOME STATEMENT DATA
Interest income $32,841 $35,639 $66,375 $73,036
Interest expense 6,615 12,143 13,570 27,562
----- ------ ------ ------
NET INTEREST INCOME
BEFORE PROVISION 26,226 23,496 52,805 45,474
Provision for loan
losses 35,249 5,986 68,996 11,017
------ ----- ------ ------
NET INTEREST INCOME
AFTER PROVISION (9,023) 17,510 (16,191) 34,457
Noninterest income 8,035 11,610 14,156 19,301
Noninterest expense 24,273 22,477 81,601 44,382
------ ------ ------ ------
INCOME (LOSS) BEFORE
INCOME TAXES (25,261) 6,643 (83,636) 9,376
Provision (benefit)
for income taxes (9,740) 2,420 (20,668) 3,290
------ ----- ------- -----
NET INCOME (LOSS) (15,521) 4,223 (62,968) 6,086
Net (income) loss
attributable to
noncontrolling
interest (290) (40) 208 (308)
---- --- --- ----
NET INCOME (LOSS)
ATTRIBUTABLE TO COBIZ
FINANCIAL $(15,811) $4,183 $(62,760) $5,778
======== ====== ======== ======

Preferred stock
dividends (932) - (1,862) -
---- --- ------ ---
NET INCOME (LOSS)
AVAILABLE TO COMMON
SHAREHOLDERS $(16,743) $4,183 $(64,622) $5,778
======== ====== ======== ======

EARNINGS (LOSS) PER
COMMON SHARE
BASIC $(0.72) $0.18 $(2.79) $0.25
------ ----- ------ -----
DILUTED $(0.72) $0.18 $(2.79) $0.25
------ ----- ------ -----
WEIGHTED AVERAGE
SHARES OUTSTANDING
(in thousands)
BASIC 23,194 23,068 23,184 23,043
------ ------ ------ ------
DILUTED 23,194 23,207 23,184 23,244
------ ------ ------ ------

COMMON SHARES OUTSTANDING AT PERIOD END
(in thousands) 23,460 23,095
------ ------
BOOK VALUE PER COMMON SHARE $5.61 $8.33
----- -----

PERIOD END BALANCES
Total Assets $2,540,833 $2,548,171
Loans 1,949,590 1,961,177
Loans Held For Sale 2,185 -
Goodwill and Intangible Assets 17,709 51,824
Deposits 1,758,635 1,651,933
Subordinated Debentures 93,150 72,166
Common Shareholders' Equity 131,518 192,492
Total Shareholders' Equity 193,132 192,492
Interest-Earning Assets 2,344,099 2,358,157
Interest-Bearing Liabilities 1,848,425 1,889,499

BALANCE SHEET AVERAGES
Average Assets $2,619,124 $2,450,269
Average Loans 2,018,810 1,892,083
Average Deposits 1,675,491 1,763,047
Average Subordinated Debentures 93,150 72,166
Average Equity 230,433 194,772
Average Interest-Earning Assets 2,447,402 2,282,192
Average Interest-Bearing Liabilities 1,920,804 1,807,583

CoBiz Financial Inc.
June 30, 2009
(unaudited)

Three months
ended Six months ended
June 30, June 30,
------------ ----------------
(in thousands) 2009 2008 2009 2008
-------------- ---- ---- ---- ----
PROFITABILITY MEASURES
Net Interest Margin 4.38% 4.08% 4.38% 4.03%
Efficiency Ratio 66.47% 64.07% 66.78% 68.75%
Return on Average Assets (2.46)% 0.67% (4.83)% 0.47%
Return on Average Shareholders'
Equity (30.77)% 8.64% (55.13)% 5.97%
Noninterest Income as a
Percentage of Operating
Revenues 23.45% 33.07% 21.14% 29.80%

CREDIT QUALITY
Nonperforming Loans
Loans 90 days or more past due
and accruing interest $35 $1,096
Nonaccrual loans 67,394 19,078
------ ------
Total nonperforming loans $67,429 $20,174
OREO & Repossessed Assets 26,461 2,580
------ -----
Total nonperforming assets $93,890 $22,754
======= =======

Charge-offs (37,094) (5,362)
Recoveries 503 29
--- ---
Net Charge-offs $(36,591) $(5,333)
======== =======

ASSET QUALITY MEASURES
Nonperforming Assets to Total Assets 3.70% 0.89%
Nonperforming Loans to Total Loans 3.45% 1.03%
Nonperforming Loans and OREO to Total Loans and
OREO 4.75% 1.16%
Allowance for Loan and Credit Losses to Total
Loans (excluding loans held for sale) 3.87% 1.32%
Allowance for Loan and Credit Losses to
Nonperforming Loans 111.99% 128.66%

NONPERFORMING
ASSETS BY Total Loans NPAs as a
MARKET Colorado Arizona Total in Category % of Loans
------------- -------- ------- ----- ----------- ----------
Commercial $8,204 $3,595 $11,799 $603,278 1.96%
Real Estate -
mortgage 24,826 15,095 39,921 1,009,960 3.95%
Real Estate -
construction 8,904 3,499 12,403 237,663 5.22%
Consumer 3,276 30 3,306 85,385 3.87%
Other Loans - - - 15,489 -
Other Real
Estate Owned 16,332 10,129 26,461 - -
------ ------ ------ ---
NPAs $61,542 $32,348 $93,890 $1,951,775
======= ======= ======= ==========

Total Loans $1,240,255 $711,520 $1,951,775
Total Loans
and OREO 1,256,587 721,649 1,978,236

Nonperforming
Loans to
Total Loans 3.65% 3.12% 3.45%
Nonperforming
Loans and
OREO to Total
Loans and
OREO 4.90% 4.48% 4.75%

CoBiz Financial Inc.
June 30, 2009
(unaudited)

Investment Investment
(in thousands, except per Commercial Banking Advisory
share amounts) Banking Services and Trust
------------------------- ------- -------- ---------
Net interest income
Quarter ended June 30, 2009 $27,330 $1 $(3)
Quarter ended March 31, 2009 27,809 3 -
Annualized quarterly growth (6.9)% (267.4)% (100.0)%

Quarter ended June 30, 2008 $24,606 $12 $(4)
Annual growth 11.1% (91.7)% 25.0%

Noninterest income
Quarter ended June 30, 2009 $2,773 $399 $1,308
Quarter ended March 31, 2009 1,929 104 1,224
Annualized quarterly growth 175.5% 1,137.7% 27.5%

Quarter ended June 30, 2008 $2,502 $3,196 $1,739
Annual growth 10.8% (87.5)% (24.8)%

Net income
Quarter ended June 30, 2009 $(13,808) $(376) $(325)
Quarter ended March 31, 2009 (27,791) (1,322) (3,470)
Annualized quarterly growth 201.8% 287.0% 363.5%

Quarter ended June 30, 2008 $4,659 $901 $(79)
Annual growth (396.4)% (141.7)% (311.4)%

Earnings per share (diluted)
Quarter ended June 30, 2009 $(0.60) $(0.02) $(0.01)
Quarter ended March 31, 2009 (1.20) (0.06) (0.15)
Annualized quarterly growth 200.4% 260.5% 374.3%

Quarter ended June 30, 2008 $0.20 $0.04 (0.00)
Annual growth (398.9)% (151.5)% (193.8)%

(in thousands)
--------------
Total loans (including loans held for sale)
At March 31, 2009
At December 31, 2008
Annualized quarterly growth

At March 31, 2008
Annual growth

Total deposits and customer repurchase agreements
At March 31, 2009
At December 31, 2008
Annualized quarterly growth

At March 31, 2008
Annual growth

Corporate
(in thousands, except per Support and
share amounts) Insurance Other Consolidated
------------------------- --------- ------------ ------------
Net interest income
Quarter ended June 30, 2009 $(4) $(1,098) $26,226
Quarter ended March 31, 2009 (2) (1,231) 26,579
Annualized quarterly growth (401.1)% 43.3% (5.3)%

Quarter ended June 30, 2008 $(2) $(1,116) $23,496
Annual growth (100.0)% 1.6% 11.6%

Noninterest income
Quarter ended June 30, 2009 $2,795 $760 $8,035
Quarter ended March 31, 2009 3,384 (520) 6,121
Annualized quarterly growth (69.8)% 987.3% 125.4%

Quarter ended June 30, 2008 $4,153 $20 $11,610
Annual growth (32.7)% 3,700.0% (30.8)%

Net income
Quarter ended June 30, 2009 $(202) $(1,100) $(15,811)
Quarter ended March 31, 2009 (13,220) (1,146) (46,949)
Annualized quarterly growth 395.0% 16.1% 266.0%

Quarter ended June 30, 2008 $83 $(1,381) $4,183
Annual growth (343.4)% 20.3% (478.0)%

Earnings per share (diluted)
Quarter ended June 30, 2009 $(0.01) $(0.08) $(0.72)
Quarter ended March 31, 2009 (0.57) (0.09) (2.07)
Annualized quarterly growth 394.1% 42.9% 261.3%

Quarter ended June 30, 2008 0.00 $(0.06) $0.18
Annual growth (379.6)% (34.4)% (499.4)%

(in thousands) Consolidated
-------------- ------------
Total loans
At June 30, 2009 $1,951,775
At March 31, 2009 2,019,450
Annualized quarterly growth (13.4)%

At June 30, 2008 $1,961,177
Annual growth (.5)%

Total deposits and customer repurchase agreements
At June 30, 2009 $1,877,593
At March 31, 2009 1,805,677
Annualized quarterly growth 16.0%

At June 30, 2008 $1,783,650
Annual growth 5.3%

CoBiz Financial Inc.
June 30, 2009
(unaudited)

Three months ended
------------------
June 30, March 31, December 31, September 30, June 30,
(in thousands) 2009 2009 2008 2008 2008
-------------- ---- ---- ---- ---- ----

COMMERCIAL BANKING
------------------
Income Statement
Total interest
income $32,820 $33,508 $35,780 $36,012 $35,597
Total interest
expense 5,490 5,699 8,603 10,496 10,991
----- ----- ----- ------ ------
Net interest
income 27,330 27,809 27,177 25,516 24,606
Provision for
loan losses 35,249 33,747 23,444 5,335 5,986
------ ------ ------ ----- -----
Net interest
income (loss)
after provision (7,919) (5,938) 3,733 20,181 18,620
Noninterest
income 2,773 1,929 1,475 3,048 2,502
Noninterest
expense 10,323 23,490 9,184 8,485 7,546
------ ------ ----- ----- -----
Income (loss)
before income
taxes (15,469) (27,499) (3,976) 14,744 13,576
Provision
(benefit) for
income taxes (4,768) (4,813) (1,994) 5,680 5,031
------ ------ ------ ----- -----
Net income (loss)
before management
fees and overhead
allocations $(10,701) $(22,686) $(1,982) $9,064 $8,545
-------- -------- ------- ------ ------
Management fees
and overhead
allocations,
net of tax 3,107 5,105 4,740 3,772 3,886
----- ----- ----- ----- -----
Net income (loss) $(13,808) $(27,791) $(6,722) $5,292 $4,659
======== ======== ======= ====== ======

INVESTMENT BANKING
------------------
Income Statement
Total interest income $1 $3 $8 $11 $12
Total interest expense - - - - -
--- --- --- --- ---
Net interest income 1 3 8 11 12
Provision for loan
losses - - - - -
--- --- --- --- ---
Net interest income
(loss) after
provision 1 3 8 11 12
Noninterest income 399 104 504 1,062 3,196
Noninterest expense 955 3,146 1,142 1,369 1,679
--- ----- ----- ----- -----
Income (loss)
before income taxes (555) (3,039) (630) (296) 1,529
Provision (benefit)
for income taxes (209) (1,755) (247) (102) 588
---- ------ ---- ---- ---
Net income (loss)
before management
fees and overhead
allocations $(346) $(1,284) $(383) $(194) $941
----- ------- ----- ----- ----
Management fees
and overhead
allocations,
net of tax 30 38 34 41 40
--- --- --- --- ---
Net income (loss) $(376) $(1,322) $(417) $(235) $901
===== ======= ===== ===== ====

INVESTMENT ADVISORY AND TRUST
-----------------------------
Income Statement
Total interest income $- $- $- $- $-
Total interest expense 3 - 3 - 4
--- --- --- --- ---
Net interest income (3) - (3) - (4)
Provision for loan
losses - - - - -
--- --- --- --- ---
Net interest
income (loss)
after provision (3) - (3) - (4)
Noninterest income 1,308 1,224 1,413 1,517 1,739
Noninterest expense 1,698 4,736 1,255 1,570 1,703
----- ----- ----- ----- -----
Income (loss)
before income taxes (393) (3,512) 155 (53) 32
Provision (benefit)
for income taxes (152) (153) 51 7 22
---- ---- --- --- ---
Net income (loss)
before management
fees and overhead
allocations $(241) $(3,359) $104 $(60) $10
----- ------- ---- ---- ---
Management fees
and overhead
allocations,
net of tax 84 111 66 80 89
--- --- --- --- ---
Net income (loss) $(325) $(3,470) $38 $(140) $(79)
===== ======= === ===== ====

INSURANCE
---------
Income Statement
Total interest income $- $- $- $- $-
Total interest expense 4 2 4 2 2
--- --- --- --- ---
Net interest income (4) (2) (4) (2) (2)
Provision for loan
losses - - - - -
--- --- --- --- ---
Net interest income
(loss) after
provision (4) (2) (4) (2) (2)
Noninterest income 2,795 3,384 3,594 3,743 4,153
Noninterest expense 2,966 16,512 3,353 3,488 3,839
----- ------ ----- ----- -----
Income (loss) before
income taxes (175) (13,130) 237 253 312
Provision (benefit)
for income taxes (63) (24) 85 127 130
--- --- --- --- ---
Net income (loss)
before management
fees and overhead
allocations $(112) $(13,106) $152 $126 $182
----- -------- ---- ---- ----
Management fees and
overhead allocations,
net of tax 90 114 83 101 99
--- --- --- --- ---
Net income (loss) $(202) $(13,220) $69 $25 $83
===== ======== === === ===

CORPORATE SUPPORT AND OTHER
---------------------------
Income Statement
Total interest income $20 $23 $32 $29 $30
Total interest
expense 1,118 1,254 1,571 1,316 1,146
----- ----- ----- ----- -----
Net interest
income (1,098) (1,231) (1,539) (1,287) (1,116)
Provision for
loan losses - - - - -
--- --- --- --- ---
Net interest income
(loss) after
provision (1,098) (1,231) (1,539) (1,287) (1,116)
Noninterest income 760 (520) 69 52 20
Noninterest expense 8,331 9,444 8,698 6,791 7,710
----- ----- ----- ----- -----
Income (loss) before
income taxes (8,669) (11,195) (10,168) (8,026) (8,806)
Provision (benefit)
for income taxes (4,548) (4,183) (3,698) (3,290) (3,351)
------ ------ ------ ------ ------
Net income (loss)
before management
fees and overhead
allocations $(4,121) $(7,012) $(6,470) $(4,736) $(5,455)
------- ------- ------- ------- -------
Management fees
and overhead
allocations,
net of tax (3,311) (5,368) (4,923) (3,994) (4,114)
------ ------ ------ ------ ------
Net income (loss) $(810) $(1,644) $(1,547) $(742) $(1,341)
Noncontrolling
interest (290) 498 (34) (37) (40)
---- --- --- --- ---
Net income (loss)
attributable to
CoBiz Financial $(1,100) $(1,146) $(1,581) $(779) $(1,381)
======= ======= ======= ===== =======

CONSOLIDATED
------------
Income Statement
Total interest
income $32,841 $33,534 $35,820 $36,052 $35,639
Total interest
expense 6,615 6,955 10,181 11,814 12,143
----- ----- ------ ------ ------
Net interest
income 26,226 26,579 25,639 24,238 23,496
Provision for
loan losses 35,249 33,747 23,444 5,335 5,986
------ ------ ------ ----- -----
Net interest
income (loss)
after provision (9,023) (7,168) 2,195 18,903 17,510
Noninterest
income 8,035 6,121 7,055 9,422 11,610
Noninterest
expense 24,273 57,328 23,632 21,703 22,477
------ ------ ------ ------ ------
Income (loss)
before income
taxes (25,261) (58,375) (14,382) 6,622 6,643
Provision
(benefit) for
income taxes (9,740) (10,928) (5,803) 2,422 2,420
------ ------- ------ ----- -----
Net income (loss)
before management
fees and overhead
allocations $(15,521) $(47,447) $(8,579) $4,200 $4,223
-------- -------- ------- ------ ------
Management fees
and overhead
allocations,
net of tax - - - - -
--- --- --- --- ---
Net income
(loss) $(15,521) $(47,447) $(8,579) $4,200 $4,223
Noncontrolling
interest (290) 498 (34) (37) (40)
---- --- --- --- ---
Net income
(loss)
attributable to
CoBiz Financial $(15,811) $(46,949) $(8,613) $4,163 $4,183
======== ======== ======= ====== ======

CoBiz Financial Inc.
June 30, 2009
(unaudited)

Three months ended
------------------
June 30, March 30, December 31, September 31, June 30,
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
(in thousands,
except per share
amounts)
-----------------
Interest income $32,841 $33,534 $35,820 $36,052 $35,639
Interest expense 6,615 6,955 10,181 11,814 12,143
----- ----- ------ ------ ------
Net interest
income before
provision 26,226 26,579 25,639 24,238 23,496
Provision for
loan losses 35,249 33,747 23,444 5,335 5,986
------ ------ ------ ----- -----
Net interest
income (loss)
after
provision (9,023) (7,168) 2,195 18,903 17,510
------ ------ ----- ------ ------
Noninterest income:
Deposit service
charges $1,248 $1,177 $1,111 $1,045 $972
Investment
advisory and
trust income 1,308 1,224 1,413 1,517 1,739
Insurance income 2,795 3,384 3,594 3,743 4,153
Investment banking
income 399 104 504 1,062 3,196
Other income 2,285 232 433 2,055 1,550
----- --- --- ----- -----
Total
noninterest
income 8,035 6,121 7,055 9,422 11,610
----- ----- ----- ----- ------
Noninterest expense:
Salaries and
employee
benefits $13,081 $13,836 $12,052 $13,383 $15,616
Stock based
compensation
expense 411 409 489 393 462
Occupancy
expenses,
premises and
equipment 3,288 3,274 3,417 3,274 3,247
Amortization of
intangibles 169 169 169 166 186
Other operating
expenses 5,632 4,584 4,070 3,390 2,957
Impairment of
goodwill - 33,697 0 0 0
Net loss on
securities,
other assets and
OREO 1,692 1,359 3,435 1,097 9
----- ----- ----- ----- ---
Total
noninterest
expense 24,273 57,328 23,632 21,703 22,477
------ ------ ------ ------ ------
Income (loss)
before income
taxes (25,261) (58,375) (14,382) 6,622 6,643
Provision
(benefit) for
income taxes (9,740) (10,928) (5,803) 2,422 2,420
------ ------- ------ ----- -----
Net income
(loss) (15,521) (47,447) (8,579) 4,200 4,223
Net (income) loss
attributable to
noncontrolling
interest (290) 498 (34) (37) (40)
---- --- --- --- ---
Net (income)
loss
attributable
to CoBiz
Financial $(15,811) $(46,949) $(8,613) $4,163 $4,183
======== ======== ======= ====== ======

Preferred stock
dividends (932) (930) (124) - -
---- ---- ---- --- ---
Net income (loss)
available to
common
shareholders $(16,743) $(47,879) $(8,737) $4,163 $4,183
======== ======== ======= ====== ======

Earnings (loss)
per common share
Basic $(0.72) $(2.07) $(0.38) $0.18 $0.18
------ ------ ------ ----- -----
Diluted $(0.72) $(2.07) $(0.38) $0.18 $0.18
------ ------ ------ ----- -----

Weighted average
shares outstanding
(in thousands)
Basic 23,194 23,174 23,144 23,104 23,068
------ ------ ------ ------ ------
Diluted 23,194 23,174 23,144 23,232 23,207
------ ------ ------ ------ ------

Common shares
outstanding at
period end (in
thousands) 23,460 23,421 23,375 23,361 23,095
------ ------ ------ ------ ------
Book value per
common share $5.61 $6.04 $8.16 $8.33 $8.33
----- ----- ----- ----- -----

PROFITABILITY MEASURES
Net Interest
Margin 4.38% 4.38% 4.15% 4.10% 4.08%
Efficiency Ratio 66.47% 67.09% 61.84% 61.28% 64.07%
Return on Average
Assets (2.46)% (7.16)% (1.28)% 0.65% 0.67%
Return on Average
Shareholders'
Equity (30.77)% (75.65)% (16.78)% 8.49% 8.64%
Noninterest Income
as a Percentage of
Operating
Revenues 23.45% 18.72% 21.58% 27.99% 33.07%

CoBiz Financial Inc.
June 30, 2009
(unaudited)
At
----
June 30, March 31, December 31, September 30, June 30,
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
(in thousands)
--------------
PERIOD END BALANCES
Total Assets $2,540,833 $2,623,923 $2,684,275 $2,606,107 $2,548,171
Loans 1,949,590 2,016,350 2,031,253 2,001,685 1,961,177
Loans held
for sale 2,185 3,100 - - -
Goodwill and
Intangible
Assets 17,709 17,878 51,864 51,658 51,824
Deposits 1,758,635 1,676,482 1,639,031 1,737,262 1,651,933
Subordinated
Debentures 93,150 93,150 93,150 92,550 72,166
Common
Shareholders'
Equity 131,518 141,555 190,635 194,523 192,492
Total
Shareholders'
Equity 193,132 203,049 252,099 194,523 192,492
Interest-Earning
Assets 2,344,099 2,441,130 2,498,484 2,421,375 2,358,157
Interest-Bearing
Liabilities 1,848,425 1,945,511 1,954,991 1,951,678 1,889,499

LOANS
Commercial $603,278 $630,567 $648,968 $621,128 $618,677
Real Estate
- mortgage 1,009,960 1,039,957 1,017,444 982,084 929,949
Real Estate -
construction 237,663 250,767 266,928 305,819 323,554
Consumer 85,385 83,405 86,701 80,336 76,457
Other 13,304 11,654 11,212 12,318 12,540
------ ------ ------ ------ ------
Gross loans 1,949,590 2,016,350 2,031,253 2,001,685 1,961,177
Less allowance
for loan
losses (75,256) (63,361) (42,851) (27,703) (25,727)
------- ------- ------- ------- -------
Net loans held
for
investment 1,874,334 1,952,989 1,988,402 1,973,982 1,935,450
Loans held
for sale 2,185 3,100 - - -
----- ----- --- --- ---
Total net
loans $1,876,519 $1,956,089 $1,988,402 $1,973,982 $1,935,450
========== ========== ========== ========== ==========

DEPOSITS AND CUSTOMER
REPURCHASE AGREEMENTS
NOW and money
market $524,622 $520,605 $565,948 $528,272 $626,500
Savings 9,432 9,560 9,274 10,617 10,726
Eurodollar 103,303 100,249 88,025 101,723 100,771
Certificates of
deposits under
$100,000 56,657 59,835 76,559 97,017 89,059
Certificates of
deposits $100,000
and over 405,888 311,348 287,039 312,053 340,926
Reciprocal CDARS 117,408 108,961 91,844 125,951 16,341
Brokered deposits 65,972 113,800 66,611 122,093 21,465
------ ------- ------ ------- ------
Total interest-
bearing
deposits 1,283,282 1,224,358 1,185,300 1,297,726 1,205,788
Noninterest-
bearing demand
deposits 475,353 452,124 453,731 439,536 446,145
Customer
repurchase
agreements 118,958 129,195 133,478 140,264 131,717
------- ------- ------- ------- -------
Total deposits
and customer
repurchase
agreements $1,877,593 $1,805,677 $1,772,509 $1,877,526 $1,783,650
========== ========== ========== ========== ==========

BALANCE SHEET
AVERAGES
Average
Assets $2,580,448 $2,658,588 $2,668,533 $2,548,811 $2,502,900
Average Loans 2,012,342 2,025,349 2,025,859 1,967,742 1,930,674
Average
Deposits 1,719,953 1,630,537 1,711,063 1,738,114 1,752,757
Average
Subordinated
Debentures 93,150 93,150 92,902 79,837 72,166
Average
Shareholders'
Equity 206,127 251,706 204,222 195,124 194,794
Average Interest-
Earning
Assets 2,419,408 2,475,708 2,479,183 2,374,202 2,334,972
Average Interest-
Bearing
Liabilities 1,894,779 1,947,119 1,998,161 1,900,532 1,850,421

CREDIT QUALITY
Nonperforming
Loans
Loans 90 days
or more past due
and accruing
interest $35 $522 $1,292 $1,650 $1,096
Nonaccrual
loans 67,394 43,121 39,786 22,254 19,078
------ ------ ------ ------ ------
Total
nonperforming
loans $67,429 $43,643 $41,078 $23,904 $20,174
OREO and
Repossessed
Assets 26,461 8,879 5,941 7,008 2,580
------ ----- ----- ----- -----
Total
nonperforming
assets $93,890 $52,522 $47,019 $30,912 $22,754
======= ======= ======= ======= =======

ASSET QUALITY
MEASURES
Nonperforming
Assets to Total
Assets 3.70% 2.00% 1.75% 1.19% 0.89%
Nonperforming Loans
to Total Loans 3.45% 2.16% 2.02% 1.19% 1.03%
Nonperforming Loans
and OREO to Total
Loans and OREO 4.75% 2.59% 2.31% 1.54% 1.16%
Allowance for Loan
and Credit Losses
to Total Loans
(excluding loans
held for sale) 3.87% 3.16% 2.12% 1.40% 1.32%
Allowance for Loan and
Credit Losses to
Nonperforming
Loans 111.99% 146.12% 104.95% 116.98% 128.66%

CoBiz Financial Inc.
June 30, 2009
(unaudited)

For the three months ended June 30,
----------------------------------
2009 2008
Interest Average Interest Average
Average earned yield Average earned yield
balance or paid or cost balance or paid or cost
------- ------- ------- ------- ------- -------

(in thousands)
--------------
Assets
Federal funds
sold and other $3,647 $21 2.28% $7,492 $59 3.12%
Investment
securities 471,228 6,066 5.15% 420,826 5,431 5.16%
Loans 2,012,342 26,937 5.30% 1,930,674 30,311 6.21%
Allowance for
loan losses (67,809) (24,020)
---------------- -------------------
Total interest-
earning
assets $2,419,408 $33,024 5.26% $2,334,972 $35,801 6.01%
Noninterest-
earning assets
Cash and due
from banks 35,082 42,674
Other 125,958 125,254
------- -------
Total
assets $2,580,448 $2,502,900
========== ==========

Liabilities and
Shareholders'
Equity
Deposits
NOW and
money
market $516,489 $1,457 1.13% $676,456 $3,227 1.92%
Savings 9,221 11 0.48% 10,969 34 1.25%
Eurodollar 98,314 327 1.32% 108,345 553 2.02%
Certificates
of deposit
Brokered 36,270 117 1.29% 65,759 687 4.20%
Reciprocal 116,178 406 1.40% 14,971 119 3.20%
Under
$100,000 65,672 412 2.52% 94,118 916 3.91%
$100,000 and
over 417,936 2,273 2.18% 342,153 3,077 3.62%
---------------- ------------------
Total interest-
bearing
deposits $1,260,080 $5,003 1.59% $1,312,771 $8,613 2.64%
Other borrowings
Securities sold
under
agreements to
repurchase 119,308 259 0.86% 155,267 715 1.82%
Other short-
term
borrowings 422,241 232 0.22% 310,217 1,849 2.36%
Long term-debt 93,150 1,121 4.76% 72,166 966 5.30%
--------------- ----------------
Total interest-
bearing
liabil-
ities $1,894,779 $6,615 1.39% $1,850,421 $12,143 2.62%
Noninterest-
bearing demand
accounts 459,873 439,986
------- -------
Total deposits
and interest-
bearing
liabil-
ities 2,354,652 2,290,407
Other noninterest-
bearing
liabilities 17,990 17,699
------ ------
Total
liabil-
ities 2,372,642 2,308,106
Total equity 207,806 194,794
------- -------
Total
liabilities and
shareholders'
equity $2,580,448 $2,502,900
========== ==========
Net interest
income -
taxable
equivalent $26,409 $23,658
======= =======
Net interest spread 3.87% 3.39%
Net interest margin 4.38% 4.08%
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 127.69% 126.19%

For the six months ended June 30,
---------------------------------
2009 2008
Interest Average Interest Average
Average earned yield Average earned yield
balance or paid or cost balance or paid or cost
------- ------- -------- ------- ------- --------
(in thousands)
--------------
Assets
Federal funds
sold and
other $4,559 $48 2.09% $9,036 $166 3.63%
Investment
securities 480,367 12,419 5.17% 403,708 10,473 5.19%
Loans 2,018,810 54,279 5.35% 1,892,083 62,708 6.56%
Allowance
for loan
losses (56,334) (22,635)
---------------- ----------------
Total interest
earning-
assets $2,447,402 $66,746 5.31% $2,282,192 $73,347 6.30%
Noninterest-
earning assets
Cash and due
from banks 35,469 42,152
Other 136,253 125,925
------- -------
Total
assets $2,619,124 $2,450,269
========== ==========

Liabilities and
Shareholders'
Equity
Deposits
NOW and money
market $525,854 $2,997 1.15% $676,255 $7,597 2.26%
Savings 9,738 23 0.48% 11,105 83 1.50%
Eurodollar 97,692 638 1.30% 100,507 1,165 2.29%
Certificates
of deposits
Brokered 33,573 186 1.12% 101,630 2,345 4.64%
Reciprocal 108,982 772 2.84% 14,495 267 3.70%
Under
$100,000 67,846 944 2.81% 99,470 2,124 4.29%
$100,000
and over 381,871 4,381 2.31% 329,088 6,571 4.02%
------- ----- ------- -----
Total interest-
bearing
deposits $1,225,556 $9,941 1.76% $1,332,550 $20,152 3.04%
Other borrowings
Securities
sold under
agreements to
repurchase 121,552 531 0.87% 152,510 1,622 2.10%
Other short-
term
borrowings 480,546 738 0.31% 250,357 3,571 2.82%
Long-term
debt 93,150 2,360 5.04% 72,166 2,217 6.08%
------ ----- ------ -----
Total interest-
bearing
liabil-
ities $1,920,804 $13,570 1.50% $1,807,583 $27,562 3.05%
Noninterest-
bearing
demand
accounts 449,935 430,497
------- -------
Total deposits and
interest-bearing
liabil-
ities 2,370,739 2,238,080
Other
noninterest-
bearing
liabilities 17,952 17,417
------ ------
Total liabil-
ities
and
preferred
securi-
ties 2,388,691 2,255,497
Total equity 230,433 194,772
------- -------
Total liabil-
ities and
shareholders'
equity $2,619,124 $2,450,269
========== ==========
Net interest
income -
taxable
equivalent $53,176 $45,785
======= =======
Net interest
spread 3.81% 3.25%
Net interest margin 4.38% 4.03%
Ratio of average
interest-earning
assets to average interest-
bearing
liabilities 127.42% 126.26%

CoBiz Financial Inc.
June 30, 2009
(unaudited)

Reconciliation of Non-GAAP Measures to GAAP
-------------------------------------------

The Company believes these Non-GAAP measurements are useful to an
understanding of the operating results of the Company's core business and
reflects the basis on which management internally reviews financial
performance and capital adequacy. These Non-GAAP measurements are not a
substitute for operating results determined in accordance with GAAP nor
do they necessarily conform to Non-GAAP performance measures that may be
presented by other companies.

The following table reflects adjustments to net income, as reported, to
exclude the effects of the provision for loan and credit losses, goodwill
impairment and losses on securities, other assets and OREO.

Three months Six months Three months
ended June 30, ended June 30, ended
March 31,
2009 2008 2009 2008 2009
---- ---- ---- ---- ----
Net income (loss) as
reported - GAAP $(15,811) $4,183 $(62,760) $5,778 $(46,949)
Effect of excluding:
Provision (benefit)
for income taxes (9,740) 2,420 (20,668) 3,290 (10,928)
Provision for loan
losses 35,249 5,986 68,996 11,017 33,747
Provision for credit
losses (150) (350) - (350) 150
Losses on securities,
other assets and OREO 1,692 9 3,051 60 1,359
Goodwill impairment - - 33,697 - 33,697
------------------------ ------- ------- ------- ------- -------
Operating income -
Non-GAAP $11,240 $12,248 $22,316 $19,795 $11,076
======================== ======= ======= ======= ======= =======

Net income % change as
reported - GAAP (478.0)% (1,186.2)%
Operating income %
change - Non-GAAP (8.2)% 12.7%

The following table includes Non-GAAP financial measurements related to
tangible equity, tangible common equity and tangible assets. These items
have been adjusted to exclude goodwill, intangible assets and preferred
stock.

June 30, 2009
-------------
Shareholders' equity as reported - GAAP $ 193,132
Goodwill and intangible assets (17,709)

--------------------------- --------
Tangible equity - Non-GAAP $ 175,423
Preferred stock (61,614)
--------------------------------- --------
Tangible common equity - Non-GAAP $ 113,809
=========
Total assets as reported - GAAP $2,540,833
Goodwill and intangible assets (17,709)

-------------------------------- ---------
Total tangible assets - Non-GAAP $2,523,124
==========

Shareholders' equity to assets as reported - GAAP 7.60%
Tangible equity to tangible assets - Non-GAAP 6.95%
Tangible common equity to tangible assets - Non-GAAP 4.51%

SOURCE CoBiz Financial Inc.

Lyne Andrich, +1-303-312-3458, or Sue Hermann, +1-303-312-3488, both of CoBiz
Financial Inc.