Columbia Bancorp reports larger loss

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The holding company of Columbia River Bank reported deeper losses in the three months ending Sept. 30.

The Dalles-based Columbia Bancorp (NASDAQ: CBBO) lost $21.9 million, or $2.18 per share, compared with $14.1 million, or $1.41 per share, during the same period in 2008.

And the bank continues to lag regulators’ orders that it boost its total risk-based capital ratio, a key measure of financial health, to at least 10 percent. The bank’s total risk-based capital ratio was 4.05 percent on Sept. 30, marking it “significantly undercapitalized” by regulatory standards.

But there are some signs of improvement, Terry Cochran, president and CEO of the bank, said in a press release.

During the quarter, eight foreclosed properties sold for a total of $3 million, and since Oct. 1 Columbia has finalized agreements to sell another $3.4 million in foreclosed property.

Deposits are also up.

“The support of our customers remains high, reflected in the growth of non-interest bearing deposits and over 1,300 retail accounts opened during the quarter,” Cochran said.

During the quarter, Columbia River Bank introduced a new value-oriented checking account product allowing customers to take advantage of savings and discounts for a wide range of products and services, including restaurants, hotels and stores. Non-interest bearing deposits increased $9.1 million, or 5 percent, over the course of the three month period.

Columbia Bancorp shares fell 3.55 percent on Monday, to $1.36 per share. The stock’s 52-week-range was 49 cents to $4.

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