Adjusted noninterest expense increased 4% linked quarter, mainly due to salaries and benefits.
Adjusted noninterest income increased 5% linked quarter, driven by mortgage, card, ATM fees, and wealth management.
Average deposits grew organically by more than 30% over the last 5 years, with growth in consumer checking, small business, and wealth management accounts.
Average loans remained stable, but ending loans grew in consumer and corporate banking.
Capital markets revenue grew at a 14% compounded annual growth rate since 2019.
Common equity Tier 1 ratio was 10.7%, with $144 million in share repurchases and $224 million in dividends paid during the quarter.
Net interest income increased 5% linked quarter, with expected full year growth of 3% to 5%.
Pretax pre-provision income increased 14% year-over-year to $832 million.
Provision expense was $13 million over net charge-offs; asset quality metrics improved with net charge-offs at 47 basis points.
Reported strong quarterly earnings of $534 million, with adjusted earnings of $538 million or $0.60 per share.
Return on tangible common equity was 19%, highest among peers for the last 4 years.
Treasury management revenue increased 8% year-to-date, and wealth management fee income reached a record quarter.
Adjusted EBITDA increased to $93 million, up approximately 8% year-over-year, with an adjusted EBITDA margin of 40.3%.
Adjusted EPS of $0.89 was up 7% year-over-year, driven by strong adjusted EBITDA growth and lower interest expense, partially offset by higher tax expense and operating depreciation and amortization.
Liquidity remains strong at approximately $485 million as of June 30.
Operating cash flow for the first half of the year was approximately $86 million.
Revenue for the second quarter was $230 million, an 8% increase over the prior year, while constant currency revenue was approximately $233 million, representing growth of 10%.
Segment results: Merchant Acquiring revenue grew 4% year-over-year to $47.3 million with adjusted EBITDA margin of 42.3%. Payment Services Puerto Rico revenue increased 4% to $56.4 million with adjusted EBITDA margin of 58.5%. Latin America Payments & Solutions revenue was $86.1 million, up 15% year-over-year or 20% constant currency, with adjusted EBITDA margin of 27.1%. Business Solutions revenue increased 4% to $64.5 million but adjusted EBITDA declined 13% due to prior year nonrecurring project impact.
G&A expenses improved significantly to $13.5 million in Q2 2025 from $20.7 million in Q2 2024, reflecting ongoing cost reduction efforts.
Same-store cash NOI was $87.1 million in Q2 2025, down from $104.1 million in Q2 2024, mainly due to lower office occupancy.
Second quarter 2025 revenue was $190 million, down from $218 million year-over-year, primarily due to asset sales and lower office occupancy.
Second quarter FFO excluding specified items was $8 million or $0.04 per diluted share, compared to $24.5 million or $0.17 per diluted share in the prior year.
Specified items in Q2 2025 totaled $19.2 million or $0.09 per diluted share, including onetime expenses related to forfeited noncash compensation, debt repayment, and cost cutting.
Studio revenue increased 3% quarter-over-quarter to $34.2 million, with studio NOI improving by $5.4 million due to cost reductions and higher occupancy.
Dafinchi