International Bancshares Corp. of Laredo, Tex., reported second-quarter earnings of $26.2 million, 6.9% less than a year earlier.
The $9.3 billion-asset company blamed low interest rates and costs stemming from its acquisition of the $2.9 billion-asset Local Financial Corp. of Oklahoma City.
The $385 million deal was completed June 18 and was International's first expansion outside of Texas.
Dennis E. Nixon, International Bancshares' chairman and chief executive, said the benefits of the acquisition should be realized in the second half of the year.
Because of the purchase, deposits more than doubled to $6.5 billion and loans rose nearly 50%, to $5 billion, from last year's second quarter. International Bancshares announced its earnings Thursday.
