Baltimore's biggest remaining independent banking company has gotten whacked again by the real estate club. Provident Bankshares took a $47.5 million writedown in January and said it didn't anticipate any more. This just out:

Based upon newly available information, continued deterioration in market prices subsequent to year-end and its continuing analysis of the REIT portfolio, the Company may realize additional impairment charges on some or all of the remaining $32.8 million of the REIT portfolio at the end of the first quarter...

In addition, based upon the ongoing credit analysis of the Company’s non-agency mortgage backed securities portfolio, the Company may realize additional impairment charges on some or all of $14.9 million of that portfolio at the end of the first quarter due to increased delinquency levels in the loans underlying these securities.

The default rates are impressive. Of Provident's $33 million Real Estate Investment Trust portfolio, the lowest of which is rated BBB, the Jan. 31 default rate was almost 12 percent. Of one $15 million package of "Alt-A" mortgage securities (better credit score than subprime, worse than prime), 9 percent were 60-days or more delinquent. Delinquencies for higher-rated paper are better, however. Overall, delinquencies for Provident's AAA paper were 1.84 percent; for AA paper, 3.79 percent.