July 21, 2009

M&T Bank Corp. said second-quarter profit fell 75 percent as it incurred several one-time expenses, including acquisition costs of Provident Bankshares Corp., a special government assessment and investment impairment charges.The company reported net income of $40.5 million, or 36 cents per share, compared with $160.3 million, or $1.44 per share, a year earlier.

The results included $40 million, or 35 cents a share, in integration costs related to the acquisition of Provident, $20 million, or 17 cents a share, for a special Federal Deposit Insurance Corp. assessment levied against banks to rebuild the bank insurance fund, and $15 million, or 13 cents a share, in investment securities impairment charges.Excluding the one-time costs, the company said it earned 79 cents a share compared with $1.53 a year earlier.