on April 27 reported first-quarter net income of $200.7 million, or 56 cents pershare, down from $246.3 million, or 69 cents per share, in the year-ago period.
Excludingan impairment on intangible assets, adjusted net income for the first quarter was$213.4 million, or 59 cents per share.
The S&PCapital IQ consensus normalized EPS estimate for the quarter was 56 cents.
Totaloriginations were $6.78 billion in the first quarter, compared to $7.35 billionin the year-ago quarter.
Net finance and other interest incomeincreased 11% year over year to $1.27 billion from $1.15 billion, driven by 13%growth in the average portfolio. Provision for credit losses increased to $706.6million in the first quarter, from $674.7 million in the prior-year period.
Net investment losses were $73.2 millionin the first quarter, compared to net investment gains of $21.2 million in the firstquarter of 2015. The current period losses were primarily driven by $68 millionof lower of cost or market adjustments related to the held for sale personal lendingportfolio, including $101 million in customer default activity offset by a $33 millionbenefit from change in market discount.
Net charge-off ratio increased to 8.1%from 6.7% in the year-ago period. The company's delinquency ratio on loans heldfor investment was 3.1% at the end of the first quarter, compared to 3.2% at theend of the year-ago quarter.