Synovus Financial Corp. said Thursday its first quarter net income fell to $81 million, or 24 cents a share, from $146.75 million, or 45 cents a share, a year earlier, due in part to significant deterioration in its residential construction and residential development portfolios in and around Atlanta.
Earnings from continuing operations a year ago were $100.4 million, or 30 cents a share.
On average, analysts polled by Thomson Reuters expected per-share earnings for the latest quarter of 21 cents.
Net interest income for the quarter dropped to $278.6 million from $282.9 million in the first quarter of 2007.
Total assets at the end of the quarter rose to $33.8 billion.
The company also increased its loan loss provision for the quarter to $91 million from $70.6 million in the fourth quarter and from $20.5 million in the year-ago first quarter.
Total loans were up 9.4% from the year-earlier quarter.
