Colonial BancGroup Inc. in Montgomery, Ala., said Monday that it lost $168 million, or 86 cents a share, in the first quarter.

Analysts on average had expected the $26.4 billion-asset company to post a loss of 72 cents a share. Excluding net goodwill impairment charges, the operating loss was $142 million, or 74 cents a share.

Colonial earned $30.1 million a year earlier.

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