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.
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 operating margin expanded to 39.6% in Q2, up 120 basis points from prior year.
Financial Solutions segment grew 7% organically in Q2, led by issuing and digital payments growth.
Fiserv delivered 8% adjusted and organic revenue growth in Q2 2025, with 16% adjusted EPS growth year-over-year.
Free cash flow was $1.2 billion in Q2 and $1.5 billion for the first half of 2025, with an expected full year of approximately $5.5 billion.
Merchant Solutions operating margin declined 200 basis points to 34.6% due to investments and acquisitions, while Financial Solutions margin expanded to 48.7%.
Merchant Solutions segment grew 9% organically in Q2, with 10% adjusted revenue growth, driven by Clover and Commerce Hub.
Share repurchases totaled $2.2 billion in Q2, with guidance increased to approximately 130% of free cash flow for 2025.
American Express reported record revenues of $17.9 billion, up 9% year over year in Q2 2025.
Capital position remains strong with CET1 ratio at 10%, stress capital buffer at the lowest permissible 2.5%, and ROE of 36%.
Delinquency rates remained flat and write-off rates declined, reflecting strong credit quality.
Earnings per share were $4.08, up 17% excluding last year's gain from the sale of the certified portfolio.
Net card fees reached record levels, up 20% FX adjusted, more than doubling since 2019.
Net interest income grew at a double-digit pace driven by balance sheet growth and margin expansion.
Operating expenses grew 9% excluding certified, driven by investments in risk management and technology, but operating leverage improved with expenses as a percentage of revenue down from 25% to 21%.
Reaffirmed full-year guidance of 8% to 10% revenue growth and EPS between $15 and $15.50.
Returned $2 billion to shareholders including $0.6 billion dividends and $1.4 billion share repurchases.
Total card member spending increased 7%, with strong growth in goods and services and restaurant spending, offset by softer airline and lodging spend.
Dafinchi