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Seacoast Banking, First Foundation close down over 7%

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Seacoast Banking, First Foundation close down over 7%

After recently reporting second-quarter earnings results, shares of Stuart, Fla.-based Seacoast Banking Corp. of Florida and Irvine, Calif.-based First Foundation Inc. closed down more than 7%.

Seacoast Banking dropped 7.87% to $28.67, while First Foundation slumped 8.10% to $16.57.

On July 26, Seacoast Banking reported second-quarter net income of $17.0 million, or 35 cents per share, compared to net income of $7.7 million, or 18 cents per share, a year ago. The S&P Capital IQ consensus normalized EPS estimate for the most recent quarter was 43 cents.

On July 30, First Foundation reported second-quarter net income of $5.1 million, or 12 cents per share. A year ago, net income was $9.6 million, or 28 cents per share. The S&P Capital IQ consensus normalized EPS estimate for the second quarter was 28 cents.

At 4:47 p.m. ET, the SNL U.S. Bank Index added 0.19% to 635.25, while the SNL U.S. Thrift Index was 0.33% lower at 944.48.

Broader market indexes closed down. The Dow Jones Industrial Average fell 0.57% to 25,306.83, the Nasdaq Composite Index decreased 1.39% to 7,630.00 and the S&P 500 fell 0.58% to 2,802.60.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

Market prices and index values are current as of the time of publication and are subject to change.