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This Regional Is Largely Funded With Free Money, Is It A Buy?

CoBiz Financial Inc. (NASDAQ:COBZ) is a $404 million financial holding company that operates in Arizona and Colorado. The bank recently reported holdings of $2.73 billion in assets, $2.03 billion in deposits and a tangible book value per share of $5.12.

Shares are up 38.84% YTD and trade 63% above their 52-week low of $6.28. Even so, many of the moving parts that make up this bank have been getting into positions that set the bank up to outperform and return double digit tangible equity gains for most of the foreseeable future. With that said, below I have provided an analysis of the bank's financial repositioning and most recent performance (all graphs in thousands of dollars).

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