Strong Financial Performance
Reported net income of $210 million and an EPS of $3.09 per share, marking an increase of $32 million and $0.53 per share, respectively, compared to the first quarter. Achieved a 13.3% return on tangible common equity.
Significant Loan Growth
Loans grew by more than $900 million during the quarter, including a notable $425 million loan to the private sector entity operating several toll roads in Puerto Rico.
Expansion of Net Interest Margin
Net interest income increased by $26 million, driven by balance sheet growth and asset repricing, resulting in a net interest margin expansion of 9 basis points.
Improved Credit Quality
Credit quality metrics improved with lower non-performing loans, lower inflows, and lower net charge-offs. The provision for credit losses was $50 million, down from $65 million in the previous quarter.
Capital Return Actions
Announced a new incremental common stock repurchase program of up to $500 million and a 7% increase in quarterly common stock dividend to $0.75 per share.