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Segments
 12 Months Ended
Dec. 31, 2016
Segments  
Segments

19. Segments

 

The Company’s segments consist of Commercial Banking, Fee-Based Lines and Corporate Support and Other. 

 

The Commercial Banking segment consists of the operations of CoBiz Bank, a full-service business banking institution.  Services provided include commercial, real estate, and private banking as well as treasury management, interest-rate hedging, and depository products.

 

The Fee-Based Lines segment consists of businesses offering products and services that are financial in nature and for which revenues are based on a percentage of an underlying basis such as managed assets or paid premiums.  Activities in this segment include investment advisory through CoBiz Wealth, LLC and insurance brokerage through CoBiz Insurance, Inc.  CoBiz Wealth, LLC provides investment management advisory services to affluent individuals, families and businesses.  CoBiz Insurance, Inc. offers property and casualty (P&C) and employee benefit group insurance (EB) broker agency to small to mid-sized employers, commercial enterprises and individual lines to their owners. 

 

As discussed in Note 2 – Discontinued Operations, the Company ceased the operations of GMB in the first quarter of 2015.  The results of GMB’s operations are reported within the Fee-Based Lines segment as discontinued operations for all periods presented. 

 

The Corporate Support and Other segment consist of activities that are not directly attributable to the other reportable segments and include centralized bank operations and the activities of the Parent. 

 

The financial information for each business segment reflects that information which is specifically identifiable or which is allocated based on an internal allocation method.  Results of operations and selected financial information by operating segment are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2016

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

Commercial

 

Fee-Based

 

Support and

 

 

 

 

(in thousands)

  

Banking

    

Lines

    

Other

    

Consolidated

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

 

$
127,403

 

$
2

 

$
377

 

$
127,782

 

Total interest expense

 

 
4,427

 

 
25

 

 
7,279

 

 
11,731

 

Provision for loan losses

 

 
(1,816)

 

 

 -

 

 
(285)

 

 
(2,101)

 

Noninterest income

 

 
14,050

 

 
18,282

 

 
1,828

 

 
34,160

 

Noninterest expense

 

 
38,159

 

 
17,422

 

 
49,650

 

 
105,231

 

Management fees and allocations

 

 
27,912

 

 
1,673

 

 
(29,585)

 

 

 -

 

Provision (benefit) for income taxes

 

 
32,606

 

 
372

 

 
(20,796)

 

 
12,182

 

Net income (loss)

 

$
40,165

 

$
(1,208)

 

$
(4,058)

 

$
34,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$
2,613

 

$
807

 

$
112

 

$
3,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets at December 31, 2016

 

$
3,593,528

 

$
11,053

 

$
25,732

 

$
3,630,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2015

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

Commercial

 

Fee-Based

 

Support and

 

 

 

 

(in thousands)

  

Banking

    

Lines

    

Other

    

Consolidated

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

 

$
119,896

 

$
2

 

$
1,368

 

$
121,266

 

Total interest expense

 

 
3,947

 

 
44

 

 
5,599

 

 
9,590

 

Provision for loan losses

 

 
6,837

 

 

 -

 

 
(417)

 

 
6,420

 

Noninterest income

 

 
11,427

 

 
17,879

 

 
1,361

 

 
30,667

 

Noninterest expense

 

 
37,849

 

 
16,331

 

 
45,997

 

 
100,177

 

Management fees and allocations

 

 
25,225

 

 
1,334

 

 
(26,559)

 

 

 -

 

Provision (benefit) for income taxes

 

 
27,679

 

 
643

 

 
(18,716)

 

 
9,606

 

Net income (loss) from continuing operations

 

 
29,786

 

 
(471)

 

 
(3,175)

 

 
26,140

 

Loss from discontinued operations, net of tax

 

 

 -

 

 
(71)

 

 

 -

 

 
(71)

 

Net income (loss)

 

$
29,786

 

$
(542)

 

$
(3,175)

 

$
26,069

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$
2,430

 

$
792

 

$
33

 

$
3,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets at December 31, 2015

 

$
3,317,977

 

$
10,554

 

$
23,236

 

$
3,351,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2014

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

Commercial

 

Fee-Based

 

Support and

 

 

 

 

(in thousands)

  

Banking

    

Lines

    

Other

    

Consolidated

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

 

$
113,888

 

$
6

 

$
423

 

$
114,317

 

Total interest expense

 

 
4,394

 

 
41

 

 
3,994

 

 
8,429

 

Provision for loan losses

 

 
(3,346)

 

 

 -

 

 
(809)

 

 
(4,155)

 

Noninterest income

 

 
9,940

 

 
16,886

 

 
1,083

 

 
27,909

 

Noninterest expense

 

 
35,602

 

 
15,140

 

 
43,394

 

 
94,136

 

Management fees and allocations

 

 
23,988

 

 
1,115

 

 
(25,103)

 

 

 -

 

Provision (benefit) for income taxes

 

 
30,926

 

 
690

 

 
(16,598)

 

 
15,018

 

Net income (loss) from continuing operations

 

 
32,264

 

 
(94)

 

 
(3,372)

 

 
28,798

 

Income from discontinued operations, net of tax

 

 

 -

 

 
209

 

 

 -

 

 
209

 

Net income (loss)

 

$
32,264

 

$
115

 

$
(3,372)

 

$
29,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$
2,316

 

$
949

 

$
21

 

$
3,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets at December 31, 2014

 

$
3,025,107

 

$
14,979

 

$
22,080

 

$
3,062,166