Denver Bank CoBiz Reports $11.2M Profit

DENVER, CO — In a pleasant surprise for Wall Street, the Denver bank CoBiz Financial Inc. (COBZ) Thursday reported Thursday third-quarter earnings of $11.2 million. It had earnings of 27 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The financial services company posted revenue of $45.9 million in the period. Its adjusted revenue was $42.8 million.

CoBiz shares have risen 15 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.44, an increase of 47 percent in the last 12 months.

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