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Midday Monday: Opus falls after earnings; EverBank jumps amid sale rumors


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Midday Monday: Opus falls after earnings; EverBank jumps amid sale rumors

OpusBank plummeted 10.26% to $32.80, after the Irvine, Calif.-basedcompany reported second-quarter net income of , or 46 cents per share,compared to S&P Capital IQ consensus mean estimate for normalized EPS of 63cents for the period.

Matthew Clark, a Piper Jaffray analyst, noted that thecompany missed the consensus mainly because of the $10.9 million provision forloan losses recorded during the second quarter.

"The latest deterioration in credit and decision todeemphasize tech banking is disappointing. The good news is that the creditweakness appears to be isolated to four relationships and tech banking onlycontributed less than 3% of its $1.2B of loan production YTD allowing [OpusBank] to reiterate its growth outlook," Clark wrote in a research note,following the company's earnings.

Meanwhile, bank stocks dipped in morning trading Monday,July 25. Around midday, the SNL U.S. Bank Index slid 0.38% to 399.55, while theSNL U.S. Thrift Index grew 0.09% to 800.09.

The broader markets also moved lower, with the Dow JonesIndustrial Average retreating 0.50% to 18,477.20, the S&P 500 decreasing0.47% to 2,164.52 and the Nasdaq composite index slipping 0.16% to 5,092.08.

Among large-cap banks, JPMorgan Chase & Co. ticked down 0.29% to $63.86,Citigroup Inc.decreased 0.84% to $43.93, Bank ofAmerica Corp. reduced 0.69% to $14.28, and retreated 0.91%to $47.88.

Shares of EverBankFinancial Corp jumped amid news that the Jacksonville, Fla.-basedcompany is exploring a sale. EverBank was trading 10.71% higher at$17.16 around noon.

ShoreBancshares Inc. rose 2.25% to $11.81, after the board of theEaston, Md.-based company authorized a stock repurchase program of up to 400,000shares, or about 3.2%, of the 12.7 million outstanding shares of its commonstock.

Among notable movers, Dunn, N.C.-based gained 4.25% to$8.22 and Louisville, Ky.-based Porter Bancorp Inc. went up 3.66% to $1.70. Meanwhile,Nashville, Tenn.-based AvenueFinancial Holdings Inc. gained 2.83% to $19.65 and Houston-basedAllegiance BancsharesInc. ticked down 0.71% to $25.10.

In the thrift space, Westbury, N.Y.-based lost0.47% to $14.70; Lake Success, N.Y.-based Astoria Financial Corp. decreased 0.60% to $14.91; andCleveland-based TFS FinancialCorp. (MHC) was down 0.33% to $17.99. San Diego-based added 0.48% to$16.82.

Market prices andindex values are current as of the time of publication and are subject tochange.