Laurentian Bank (TSX:LB) says first-quarter profits dropped 16 per cent as it booked acquisition costs related to its purchase of MRS Companies.

The Quebec-based bank’s earnings fell short of analyst expectations, with a profit of $31 million, or $1.16 per share, reported for the quarter.

Analysts, on average, were expecting $1.26 per share, according to a survey by Thomson Reuters.

The earnings results are down from $36.9 million, or $1.41 per share, a year ago.

Revenue was up four per cent to $193.7 million from $186.9 million.