Columbia Bancorp slips 9% on bleak Q2 forecast

Columbia Bancorp (Nasdaq:CBBO) is down nearly 9% in today’s trading after the holding company forecast ahead of today’s opening a loss for the second quarter. The company expects a loss of $0.04 to $0.06 per share for the quarter ended June 30, in line with Wall Street estimates for a loss of $0.05 per share. Columbia also announced it will reduce its quarterly cash dividend to $0.01 per share, payable on July 31 to shareholders as of July 17. The Oregon-based company said declining property and construction development values and downgraded credit ratings in some prime real estate development loans have put the company at risk. 

Shares of Columbia Bancorp are down $0.51 to $5.30 at 12:07 ET on above-average volume.

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