October 31, 2008

Columbia Bancorp the bank holding company for Columbia River Bank, today announced its third quarter 2008 financial results. In response to the unprecedented economic events and market conditions, the bank obtained updated appraisals on many of its residential construction and development loans during the third quarter of 2008. The new appraisals showed a continued and significant decline in the fair values of properties that secure these loans, centered primarily in the Central Oregon and Portland / Vancouver Metro areas. In many cases, the refreshed appraisals showed significant declines in values from appraisals obtained as recently as January 2008 and in some instances, from March 2008. Owing to the overall declines in market conditions, which directly affect the Company's collateral values and continue to impact the financial condition of its borrowers, the Company recorded a loan loss provision of $25.4 million for the third quarter 2008. This higher provision generated a net loss of $14.1 million for the third quarter, and a net loss of $13.1 million for the nine months ended September 30, 2008.