Dafinchi AI

FFIC

Financial Services

Average total deposits increased 6% year-over-year and 1% quarter-over-quarter to $7.6 billion.
Commercial real estate concentration decreased to under 500% for the first time since Q3 2023.
Criticized and classified loans to total loans improved to 108 basis points from 133 basis points prior quarter.
GAAP and core net interest margin expanded 3 basis points quarter-over-quarter, with GAAP NIM at 2.54% and core NIM at 2.52%.
GAAP earnings per share of $0.41 and core earnings per share of $0.32, increases of 128% and 78% year-over-year respectively.
Net charge-offs totaled 15 basis points for the quarter, down from 27 basis points in the prior quarter.
Noninterest-bearing deposits grew 6% year-over-year and 2% quarter-over-quarter to $875 million.
Nonperforming assets stable at 70 to 75 basis points quarter-over-quarter.
Pre-provision pretax net revenue of $23.1 million and core PPNR of $19 million reached highest levels since late 2022.
Strong liquidity with $3.6 billion of undrawn lines and resources at quarter end.
Tangible common equity grew by 25 basis points to 8.04%.

EXR

Financial Services

Bad debt remains below 2%, indicating a healthy customer base.
Flat same-store revenue growth in Q2 due to gradual rate growth progress.
Interest income and expense were higher due to a higher-than-forecasted SOFR curve.
Net rental income was positive 20 basis points in the quarter, partially offset by lower administrative fees and late fees.
Positive year-over-year rate growth to new customers achieved for the first time since March 2022.
Same-store expenses increased by 8.6%, driven by higher property taxes in legacy Life Storage properties.
Same-store occupancy reached 94.6%, up 60 basis points year-over-year and 120 basis points sequentially from Q1.
Tenant insurance income and management fee income were stronger than expected, augmenting flat same-store revenue.

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