from the CC:

Ted Cecala, re: construction loan portfolio mix question:

"Well, I think we have said before that it hasn’t changed, about 17% of our commercial loans are all residential in nature. What I would tell you very relatively very little of it is true vacation housing. Now, the stuff in the southern part of Delaware is near the beach, it’s kind of beach area, but it’s all really more year around living oriented, and now, what we saw and we continue to see down there are people that may buy that may not be their only home, it might be people doing kind of pre-retiree staging. They buy a place with the anticipation that they will move fulltime in the next two to five years
Obviously, the pace of that is well, but we have see that to be a pretty top of the move. I would characterize that it is very different than a seasonal kind of a vacation home if you will. We track our, what we call, kind of our beach/vacation exposure kind of excessively. And that’s not a big part of what we have done, it’s not a big part of what’s on our balance sheet. So, even the stuff is down in the southern part of the state that might be anywhere from 5 to 15 miles from the coast, is really sold to folks that are looking to use that either as a year-around resident today or according to some point depending on their life style moods will use it as their primary residence in the future."

It's answers like these that cause me concern. I sold half my shares, and will hang on the rest and see what develops.