Shares of Sterling Bancshares Inc. in Houston fell 13.4% in heavy trading Tuesday, to $8.12, after the company posted second-quarter earnings that fell short of analysts' expectations.
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The $4.9 billion-asset Sterling said its earnings fell 21% from a year earlier, to $10.3 million, or 18 cents a share, a penny shy of the average estimate of analysts, according to Thomson Reuters.
Sterling said nonperforming loans doubled from the previous quarter, to $53 million. Its loan-loss provision nearly doubled, to $8.2 million.
Net chargeoffs increased 31%, to $2.2 million.
