Brookline Bancorp reported second quarter earnings of approximately $22 million or $0.25 per share.
Customer deposits increased by $59 million and net interest margin improved by 10 basis points to 3.32%.
Merger expenses were $439,000 and largely non-tax deductible, contributing to a higher effective tax rate.
Net interest income increased by $2.9 million to $88.7 million, and fee income was slightly higher at $6 million, bringing total revenues to $94.7 million, up 3% from Q1 and 10% year-over-year.
Noninterest expense, excluding merger charges, decreased by $1.3 million from Q1 to $57.7 million, with marketing expenses increasing by $503,000.
Provision for credit losses was $7 million, $1 million higher than Q1, with total net charge-offs of $5.1 million and increased reserves for Boston office market credits.
Reserve coverage increased to 132 basis points of total loans.
The Board approved maintaining the quarterly dividend at $0.135 per share.
The loan portfolio contracted by $61 million intentionally, with reductions in commercial real estate and specialty vehicles, while commercial and consumer loans grew.
Adjusted net debt to annualized adjusted EBITDAre was 4.6x, down from 4.7x last quarter and within the targeted leverage range of 4.5 to 5.5x.
Adjusted net debt was $713.8 million with a weighted average debt maturity of 3.8 years and weighted average interest rate of 4.58%.
Core FFO was $25.6 million or $0.31 per diluted share and AFFO was $27.5 million or $0.33 per diluted share, a 3.1% increase year-over-year.
NETSTREIT reported net income of $3.3 million or $0.04 per diluted share for Q2 2025.
Total liquidity at quarter end was $594 million, including $20 million cash, $373 million available on revolving credit, and $202 million unsettled forward equity.
Total recurring G&A increased to $5.4 million but represented 11% of total revenues, down from 12% the prior year.
Adjusted compensation expense was accrued at 67.5% of revenues for the first half of 2025 compared to 69.5% for the first half of 2024.
Adjusted EPS was $1.54, up 29% from year ago levels for the second quarter.
Adjusted noncompensation expense was $52 million in the second quarter, up 18% year-over-year, and $101 million for the first half, up 13.5% year-over-year.
Adjusted pretax income was $80 million, up 22% year-over-year.
Adjusted pretax margin for the first 6 months was 18.6% compared to 17.5% for the same period last year.
Adjusted pretax margin for the second quarter was 19.7% compared to 18.2% for the same period last year.
Board approved a quarterly dividend of $0.25 per share.
Effective tax rate for the first half of 2025 was 16.5%, estimated for the full year.
Ended the quarter with $318 million in cash, cash equivalents and short-term investments and $461 million in net working capital with no funded debt outstanding.
For the 6 months, revenues increased 6%, adjusted pretax income increased 13%, and adjusted EPS increased 19% from year ago levels.
Repurchased approximately 642,000 shares in the second quarter and 2.1 million shares in the first 6 months.
Second quarter revenues were $407 million, up 13% year-over-year.
Weighted average share count was 43.4 million shares, up 1% versus a year ago.
Commercial lending loan portfolio grew by $946 million to $15.5 billion, with $1.9 billion in loan originations and $1.3 billion funded during the quarter.
Liquidity stood at $1.1 billion post-quarter with $9.3 billion of credit availability and an adjusted debt to undepreciated equity ratio of 2.5x.
Starwood Property Trust reported distributable earnings (DE) of $151 million or $0.43 per share for Q2 2025, with GAAP net income at $130 million or $0.38 per share.
The company committed $3.2 billion towards new investments in the quarter, including $1.9 billion in commercial lending and $700 million in infrastructure lending, surpassing the full year 2024 capital deployment with $5.5 billion in the first half of 2025.
The infrastructure lending portfolio reached a record $3.1 billion with $642 million funded in the quarter and repayments of $288 million.
The Property segment contributed $17 million of DE, driven by the Woodstar affordable multifamily portfolio with partial impact from new HUD rent increases.
Fee income was $95 million for the quarter, fully recovering from losses last quarter, with management fees of $57 million and performance fees of $39 million.
Gross premiums written were $3.4 billion, flat year-over-year, with net premiums written at $2.7 billion, also flat, but with shifts at the class of business level.
Operating expense ratio was 5.2%, up about 1 point from last year, reflecting continued investment in the business.
RenaissanceRe delivered a 24% operating return on equity this quarter and grew tangible book value per share by 10% year-to-date and over 20% over the past 12 months despite significant catastrophe losses and share repurchases.
Retained net investment income was $286 million, slightly up from the first quarter, driven by growth in invested assets and a cautious but accretive investment approach.
Share repurchases totaled $808 million year-to-date, with 3.3 million shares repurchased, demonstrating strong capital management and conviction in stock value.
The new 15% Bermuda corporate income tax impacted results with a tax expense of $177 million and an effective tax rate on GAAP net income of 13%.
Underwriting income was $602 million, up 26% from last year, with an adjusted combined ratio of 73%, reflecting low catastrophe losses and favorable development.
Dafinchi