COLUMBUS, Ga. (AP) _ Synovus Financial Corp. (SNV) on Friday reported first-quarter earnings of $38.5 million.
The bank, based in Columbus, Georgia, said it had earnings of 20 cents per share. Earnings, adjusted for one-time gains and costs, were 21 cents per share.
The results missed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The holding company for Synovus Bank posted revenue of $587.8 million in the period. Its revenue net of interest expense was $477.1 million, surpassing Street forecasts. Eight analysts surveyed by Zacks expected $459.1 million.
Synovus shares have decreased 57% since the beginning of the year. The stock has dropped 54% in the last 12 months.