READ WHY...............



W.T. posts 3Q loss on investment hit

WILMINGTON, Del. (AP) -- Wilmington Trust Corp. said Friday it posted a third-quarter loss as the regional bank wrote down the value of some investment portfolio holdings.

Although the company's adjusted results beat Wall Street expectations, shares of Wilmington Trust fell 83 cents, or 5.4 percent, to $14.45 in afternoon trading. The stock has traded in a 52-week range of $6.76 to $30.15.

The bank posted a loss available to common shareholders of $10.4 million, or 15 cents per share, compared with a year-ago profit of $22.9 million, or 34 cents per share.

"Unfortunately, recessionary pressures reduced the value of some of our investment securities and triggered accounting rules that require us to write them down," said Ted Cecala, chairman and CEO.

The company's provision for loan losses was $38.7 million, down 28 percent from the second quarter.

Net charge-offs, or loans written off as unpaid, were $21.8 million, down 40 percent less from the previous quarter.

Non-performing assets, or loans that are considered past due, totaled $397.5 million, $67.2 million higher than at the end of the second quarter. Commercial construction loans for residential projects in Delaware and Pennsylvania accounted for two-thirds of the increase.

THE COMMERCIAL MARKET IS PREDICTED TO DROP 40% PLUS DURING THE NEXT FEW YEARS. DO YOU HAVE THAT MUCH TIME TO WAIT FOR THIS STOCK TO CLIMB BACK UP?

I don't and am glad I got the hell out when I did...