Shares of Seacoast Banking Corp. of Florida tumbled Friday after it reported a second-quarter loss of $21.3 million, or $1.12 a share.
The $2.3 billion-asset Stuart company earned $4.8 million, or 25 cents a share, a year earlier.
After the markets closed Thursday, Seacoast said that its loan-loss provision jumped 37-fold from the year earlier and 668% from the first quarter, to $42.2 million.
The higher-than-expected provision caused Seacoast's results to fall well short of estimates. Analysts on average had projected a profit of 10 cents a share, according to Thomson Reuters.
Nonperforming assets rose 421% from a year earlier and 23% from the first quarter, to $81 million.
By late Friday Seacoast's stock dropped 11.2% in heavy trading, to $8.69 a share.
