We had an outstanding performance in the second quarter, generating $0.78 per share.
Two, Puerto Rico has managed well the COVID pandemic and today vaccination levels are in the top quartile of US states and territories with 55% of the population fully vaccinated and 63% with at least one dose.
Total core revenues were $133 million, an increase of more than 4%, results were enhanced by a 12% reduction in cost of funds.
Interest income grew more than 2%.
Banking and financial services revenues rose more than 5% due to increased economic activity.
As a result, provision for credit losses was a net benefit of $8.3 million.
Earnings also benefited by our recent deployment of excess capital to redeem all three of our outstanding series of preferred stock, which eliminated $1.6 million in quarterly preferred dividends.
Customer deposits increased $350 million to $9.1 billion, reflecting even greater liquidity on the part of both commercial and consumer customers.
Loans declined 1.2% to $6.4 billion mainly due to pay-downs in our residential mortgage portfolio and forgiveness of our first round of PPP loans.
New loan origination increased 28% from the first quarter to $674 million.
Originations now total more than $1.2 billion as of the first half of the year.
Please turn to Page 4.
During the second quarter, for our customers, we quickly process forgiveness for about 75% of our first round of our PPP loans, once again, using our proprietary all digital solutions.
Online and mobile banking 30 and 90 day utilization continue well above pre-pandemic levels.
As of Monday, 81% of our team members are already fully vaccinated.
We expect to reach 90% vaccination levels during the third quarter.
This year, we are proud to announce that we increased the average scholarship awarded by 19%.
Please turn to Page 5 to review our financial highlights.
Total core revenues were $133 million.
That's an increase of about 4% from both the first and year-ago quarters.
Net interest income also benefited by approximately $7,000 due to one extra day compared to the first quarter.
Revenues from banking services grew 11% from the first quarter and 34% year-over-year.
Revenue from financial services increased 12% from the first quarter and 30% year-over-year.
Non-interest expenses totaled $83 million.
That is an increase of $5 million from the first quarter and a decline of $2.9 million year-over-year.
Second quarter expenses reflect that our previously announced cost savings; a $2.2 million technology write down and a higher variable expenses related to increase cost savings.
Our goal by the end of 2022 is to continue to improve our efficiency ratio to the mid to lower 50% range.
Return on average assets was 1.58%.
This also exceeded -- it also exceeded our baseline target of more than 1%.
Return on average and tangible common equity was 17.8%.
This was also up significantly from the first year -- for the first and year-ago quarters and also exceeded our baseline target of more than 12%.
Tangible book value per share was $18.13.
There is an increase of 4% from the first quarter and 13% from the year ago quarter.
Please turn to Page 6 to review our operational highlights.
Average loan balances total $6.6 billion.
That's a decline of $37 million from the first quarter, due primarily to residential mortgage pay downs and PPP forgiveness as I have mentioned before.
The change in mix enable us to expand loan yields to 6.69%, eight basis point higher than in the first quarter.
During the second quarter, we added $54 million of these Ginnie Mae securities into our investment portfolio.
Total new loan origination was $674 million.
That is an increase of 28% from the first quarter.
Approximately 50% of new commercial orders were for new money to expand business operations; building new store, warehouses, buying inventory, or making acquisitions, Our core deposits totaled $8.96 billion.
That's an increase of 5% or $427 million from the first quarter.
They were 38 basis points in the second quarter.
As a result of the increase in deposits average cash balances totaled $2.5 billion.
That is an increase of 14%, offset $350 million from the first quarter.
Net interest margin was 4.22%, a decline of only four basis points from the first quarter.
They increased amount of cash, reduce NIM by 13 basis points.
Our net charges hit a historical low of only 13 basis points.
The yearly and total delinquency rates at 1.86% and 3.90% respectively were at their lowest level in five quarters.
Non-performing loan rates at 2.06% was also its lowest level in five quarters if you exclude the effects of our pandemic related deferral program.
As a result of these provision for credit losses, was a net benefit of $8.3 million.
This is based on $2.1 million in net charge-offs and $10.4 million net reserve reviews.
Our [Technical Issues] service was 2.95% on a reported basis and 3.06% excluding PPP loans.
The CET ratio continues to climb, reaching 13.95%.
The stockholders' equity was $1.8 billion, a decline of $28 million from the first quarter.
The tangible common equity ratio continues to trend to 9.06%.
Please turn to Page 8 for our conclusion.

Summary:
We had an outstanding performance in the second quarter, generating $0.78 per share.