via NewMediaWire
-- Peapack-Gladstone Financial
Corporation (
NASDAQ Global Select Market: PGC)
(the “Company”) announces its first quarter 2024 financial results.
This earnings release should be read in
conjunction with the Company’s Q1 2024 Investor Update, a copy of
which is available on our website at
www.pgbank.com and via a current report on
Form 8-K on the website of the Securities and Exchange Commission
at www.sec.gov.
The Company recorded total revenue of $53.1
million, net income of $8.6 million and diluted earnings per share
(“EPS”) of $0.48 for the quarter ended March 31, 2024, compared to
revenue of $62.0 million, net income of $18.4 million and diluted
EPS of $1.01 for the quarter ended March 31, 2023.
The Company’s return on average assets was
0.54%, return on average equity was 5.94%, and return on average
tangible equity was 6.45% for the quarter ended March 31, 2024.
The net interest margin declined to 2.20% for
the quarter ended March 31, 2024, compared to 2.29% for the quarter
ended December 31, 2023 and 2.88% for the quarter ended March 31,
2023.
During the first quarter of 2024, deposits grew
$202.6 million to $5.48 billion, loans decreased $73.7 million to
$5.36 billion and overnight borrowings were reduced by $284.3
million. The Company’s liquidity position remains stable as balance
sheet liquidity, as a percentage of total assets, increased to
12.1% or $776.8 million. The Company also had $2.9 billion of
external borrowing capacity available, which, when combined with on
balance sheet liquidity, provides us with 303% coverage of our
uninsured deposits.
Douglas L. Kennedy, President and CEO said, “The
first quarter continued to present headwinds for our organization
with margin compression and credit quality our primary areas of
concern. As we work through this challenging economic
environment, we continue to thoroughly analyze our loan portfolio
for areas of potential stress. We are fortunate to be able to rely
on a consistent stream of fee revenue in this difficult interest
rate environment led by Wealth Management fees and other
noninterest income which represented 35% of total revenue in the
first quarter of 2024."
Mr. Kennedy also noted, “Despite the economic
challenges facing the financial services industry, we are moving
forward with our expansion into New York City. We recently
announced that we have successfully recruited and hired over 10
commercial private banking teams to work alongside the existing New
York City teams hired during 2023. These new teams will be led by
Andrew Corrado, who is a seasoned leader with more than 35 years of
experience in this space. We believe that this ongoing strategic
expansion will enhance our liquidity, enable us to diversify our
balance sheet, improve profitability and provide favorable
operating leverage in the years to come."
The following are select highlights for the
period ended March 31, 2024:
Wealth Management:
- Gross new business inflows for Q1 2024 totaled $236 million
($138 million managed).
- AUM/AUA in our Wealth Management Division totaled $11.5 billion
at March 31, 2024 compared to $10.9 billion at December 31, 2023,
which represents an increase of 6% on a linked quarter basis.
- Wealth Management fee income was $14.4 million in Q1 2024,
which amounted to 27% of total revenue for the quarter.
Commercial Banking and Balance Sheet
Management:
- Total deposits grew by $202.6 million to $5.48 billion at March
31, 2024 compared to $5.27 billion at December 31, 2023.
- Borrowings decreased $284.3 million to $119.5 million at March
31, 2024 from $403.8 million at December 31, 2023.
- Total loans declined $73.7 million to $5.36 billion for March
31, 2024 from $5.44 billion at December 31, 2023.
- Commercial and industrial lending (“C&I”) loan/lease
balances represent 42% of the total loan portfolio at March 31,
2024.
- Fee income on unused commercial lines of credit totaled
$827,000 for Q1 2024.
- The net interest margin ("NIM") was 2.20% in Q1 2024, a
decrease from 2.29% at Q4 2023 and 2.88% at Q1 2023.
- Noninterest-bearing demand deposits amounted to 17% of total
deposits as of March 31, 2024.
- Core deposits (which includes noninterest-bearing demand and
interest-bearing demand, savings and money market accounts) totaled
88% of total deposits at March 31, 2024.
Capital Management:
- Tangible book value per share remained relatively flat at
$30.21 per share at March 31, 2024 compared to $30.31 at December
31, 2023.
- During the first quarter, the Company repurchased 100,000
shares of Company stock at a cost of $2.4 million. For the full
year 2023, the Company repurchased 455,341 shares at a cost of
$12.5 million.
- At March 31, 2024, the Tier 1 Leverage Ratio stood at 11.02%
for Peapack-Gladstone Bank (the "Bank") and 9.36% for the Company.
The Common Equity Tier 1 Ratio (to Risk-Weighted Assets) was 13.86%
for the Bank and 11.76% for the Company at March 31, 2024. These
ratios remain significantly above well capitalized standards, as
capital continues to benefit from net income generation.
SUMMARY INCOME STATEMENT
DETAILS:
The following tables summarize specified
financial details for the periods shown.
March 2024 Quarter Compared to Prior Year
Quarter
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
|
March 31, |
|
|
Increase/ |
|
(Dollars in millions,
except per share data) |
|
2024 |
|
|
|
2023 |
|
|
(Decrease) |
|
Net interest income |
|
$ |
34.38 |
|
|
|
$ |
43.98 |
|
|
$ |
(9.60 |
) |
|
|
(22 |
)% |
Wealth management fee income |
|
|
14.41 |
|
|
|
|
13.76 |
|
|
|
0.65 |
|
|
|
5 |
|
Capital markets activity |
|
|
1.27 |
|
|
|
|
0.97 |
|
|
|
0.30 |
|
|
|
31 |
|
Other income (a) |
|
|
3.02 |
|
|
|
|
3.33 |
|
|
|
(0.31 |
) |
|
|
(9 |
) |
Total other income |
|
|
18.70 |
|
|
|
|
18.06 |
|
|
|
0.64 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
53.08 |
|
|
|
|
62.04 |
|
|
|
(8.96 |
) |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (b) |
|
|
40.04 |
|
|
|
|
35.57 |
|
|
|
4.47 |
|
|
|
13 |
|
Pretax income before provision
for credit losses |
|
|
13.04 |
|
|
|
|
26.47 |
|
|
|
(13.43 |
) |
|
|
(51 |
) |
Provision for credit losses |
|
|
0.63 |
|
|
|
|
1.51 |
|
|
|
(0.88 |
) |
|
|
(58 |
) |
Pretax income |
|
|
12.41 |
|
|
|
|
24.96 |
|
|
|
(12.55 |
) |
|
|
(50 |
) |
Income tax expense |
|
|
3.78 |
|
|
|
|
6.60 |
|
|
|
(2.82 |
) |
|
|
(43 |
) |
Net income |
|
$ |
8.63 |
|
|
|
$ |
18.36 |
|
|
$ |
(9.73 |
) |
|
|
(53 |
)% |
Diluted EPS |
|
$ |
0.48 |
|
|
|
$ |
1.01 |
|
|
$ |
(0.53 |
) |
|
|
(52 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
annualized |
|
|
0.54 |
% |
|
|
|
1.16 |
% |
|
|
(0.62 |
) |
|
|
|
Return on average equity
annualized |
|
|
5.94 |
% |
|
|
|
13.50 |
% |
|
|
(7.56 |
) |
|
|
|
(a) Other income for the quarter ended March 31,
2024 included a negative fair value adjustment on a CRA equity
security of $111,000 and $181,000 of income from life insurance
proceeds. Other income for the three months ended March 31, 2023
included a positive fair value adjustment on a CRA equity security
of $209,000.(b) The quarter ended March 31, 2023 included one-time
charges totaling $300,000 related to the retirement of certain
employees and $175,000 of expense associated with three retail
branch closures.
March 2024 Quarter Compared to Linked
Quarter
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
Increase/ |
|
(Dollars in millions,
except per share data) |
|
2024 |
|
|
2023 |
|
|
|
(Decrease) |
|
Net interest income |
|
$ |
34.38 |
|
|
$ |
36.68 |
|
|
|
$ |
(2.30 |
) |
|
|
(6 |
)% |
Wealth management fee income |
|
|
14.41 |
|
|
|
13.76 |
|
|
|
|
0.65 |
|
|
|
5 |
|
Capital markets activity |
|
|
1.27 |
|
|
|
0.30 |
|
|
|
|
0.97 |
|
|
|
323 |
|
Other income (a) |
|
|
3.02 |
|
|
|
3.53 |
|
|
|
|
(0.51 |
) |
|
|
(14 |
) |
Total other income |
|
|
18.70 |
|
|
|
17.59 |
|
|
|
|
1.11 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
53.08 |
|
|
|
54.27 |
|
|
|
|
(1.19 |
) |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
40.04 |
|
|
|
37.62 |
|
|
|
|
2.42 |
|
|
|
6 |
|
Pretax income before provision
for credit losses |
|
|
13.04 |
|
|
|
16.65 |
|
|
|
|
(3.61 |
) |
|
|
(22 |
) |
Provision for credit losses |
|
|
0.63 |
|
|
|
5.03 |
|
|
|
|
(4.40 |
) |
|
|
(87 |
) |
Pretax income |
|
|
12.41 |
|
|
|
11.62 |
|
|
|
|
0.79 |
|
|
|
7 |
|
Income tax expense |
|
|
3.78 |
|
|
|
3.02 |
|
|
|
|
0.76 |
|
|
|
25 |
|
Net income |
|
$ |
8.63 |
|
|
$ |
8.60 |
|
|
|
$ |
0.03 |
|
|
|
0 |
% |
Diluted EPS |
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
|
$ |
- |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
annualized |
|
|
0.54 |
% |
|
|
0.53 |
% |
|
|
|
0.01 |
|
|
|
|
Return on average equity
annualized |
|
|
5.94 |
% |
|
|
6.13 |
% |
|
|
|
(0.19 |
) |
|
|
|
(a) Other income for the quarter ended March 31,
2024 included a negative fair value adjustment on a CRA equity
security of $111,000 and $181,000 of income from life insurance
proceeds. Other income for the three months ended December 31, 2023
included a positive fair value adjustment on a CRA equity security
of $585,000.
SUPPLEMENTAL QUARTERLY
DETAILS:
Wealth Management
AUM/AUA in the Bank’s Wealth Management Division
were $11.5 billion at March 31, 2024 compared to $10.9 billion at
December 31, 2023. For the March 2024 quarter, the Wealth
Management Team generated $14.4 million in fee income, compared to
$13.8 million for the December 31, 2023 quarter and $13.8 million
for the March 2023 quarter. The equity markets improved during Q1
2024, contributing to the increase in AUM/AUA along with gross new
business inflows of $236 million.
John Babcock, President of the Bank's Wealth
Management Division, noted, “2024 included total new accounts and
client additions of $236 million ($138 million managed). As we look
forward into 2024, our new business pipeline is healthy, and we
remain focused on delivering excellent service and advice to our
clients. Our highly skilled wealth management professionals, our
fiduciary powers and expertise, our financial planning capabilities
combined with our high-touch client service model distinguishes us
in our market and continues to drive our growth and success.”
Loans / Commercial Banking
Total loans declined $73.7 million, or 1%, to
$5.36 billion at March 31, 2024 when compared to the previous
linked quarter. Total C&I loans and leases at March 31,
2024 were $2.24 billion or 42% of the total loan portfolio.
Mr. Kennedy noted, “As previously mentioned, we
have tightened our underwriting guidelines due to economic
uncertainty. Originations have also slowed due to the rate
environment. As a result, our outstanding loan balances declined
during Q1 2024. We are proud to have built a leading middle market
commercial banking franchise, as evidenced by our C&I
Portfolio, Treasury Management services, Corporate Advisory and SBA
businesses. We believe these business lines fit perfectly with our
private banking business model and will generate solid production
going forward.”
Net Interest Income (NII)/Net Interest
Margin (NIM)
The Company’s NII of $34.4 million and NIM of
2.20% for Q1 2024 decreased $2.3 million and 9 basis point from NII
of $36.7 million and NIM of 2.29% for the linked quarter (Q4 2023),
respectively, and decreased $9.6 million and 68 basis points from
NII of $44.0 million and NIM of 2.88% for the prior year period (Q1
2023), respectively. When comparing Q1 2024 to the prior
periods, the Company has seen a sharp increase in interest expense
mostly driven by higher deposit rates during 2023 and into 2024 and
a greater proportion of the portfolio in higher-costing checking
accounts and certificates of deposit. Cycle to date betas are
approximately 52%. Clients continue to migrate out of
noninterest bearing checking products and into higher yielding
alternatives, which leads to intense competition for deposit
balances from other banks. Customers are also pursuing alternative
investment opportunities due to the significant rise in interest
rates.
Funding / Liquidity / Interest Rate Risk
Management
Total deposits increased $202.6 million to $5.48
billion at March 31, 2024 from $5.27 billion at December 31,
2023. The increase in deposits was used to lower the amount
of overnight borrowings from $403.8 million at December 31, 2023 to
$119.5 million at March 31, 2024.
At March 31, 2024, the Company’s balance sheet
liquidity (investments available for sale, interest-earning
deposits and cash) totaled $776.8 million, or 12% of assets.
The Company maintains additional liquidity
resources of approximately $2.9 billion through secured available
funding with the Federal Home Loan Bank and the Federal Reserve
Discount Window. The available funding from the Federal Home Loan
Bank and the Federal Reserve are secured by the Company’s loan and
investment portfolios.
The Company's total on and off-balance sheet
liquidity totaled $3.7 billion, which is 303% of the total
uninsured/uncollateralized deposits on the Company balance
sheet.
Income from Capital Markets
Activities
Noninterest income from Capital Markets
activities (detailed below) totaled $1.3 million for the March 2024
quarter compared to $296,000 for the December 2023 quarter and
$966,000 for the March 2023 quarter. The March 2024 quarter
included $818,000 of Corporate Advisory fee income.
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
(Dollars in thousands,
except per share data) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
Gain on loans held for sale at
fair value (Mortgage banking) |
|
$ |
56 |
|
|
$ |
18 |
|
|
$ |
21 |
|
Gain on sale of SBA loans |
|
|
400 |
|
|
|
239 |
|
|
|
865 |
|
Corporate advisory fee
income |
|
|
818 |
|
|
|
39 |
|
|
|
80 |
|
Total capital markets
activity |
|
$ |
1,274 |
|
|
$ |
296 |
|
|
$ |
966 |
|
Other Noninterest Income (other than
Wealth Management Fee Income and Income from Capital Markets
Activities)
Other noninterest income was $3.0 million for Q1
2024 compared to $3.5 million for Q4 2023 and $3.3 million for Q1
2023. Q1 2024 included $141,000 of income recorded by the Equipment
Finance Division related to equipment transfers to lessees upon the
termination of leases while Q4 2023 included $309,000 and Q1 2023
included $145,000 respectively. Additionally, Q1 2024 included
$827,000 of unused line fees compared to $750,000 for Q4 2023 and
$852,000 for Q1 2023.
Operating Expenses
The Company’s total operating expenses were
$40.0 million for the first quarter of 2024, compared to $37.6
million for the December 2023 quarter and $35.6 million for the
March 2023 quarter. The March 2024 and December 2023 quarters
included expenses associated with the Company’s expansion into New
York City.
Mr. Kennedy noted, “We continue to make
investments related to our strategic decision to expand into New
York City as evidenced by the hiring of a senior leader and 10+
commercial private banking teams during the first quarter of
2024. We will continue to manage expenses throughout the
Company and continue to look for opportunities to create
efficiencies while also investing in digital and other software
tools to further enhance the client experience.”
Income Taxes
The effective tax rate for the three months
ended March 31, 2024 was 30.4%, as compared to 26.0% for the
December 2023 quarter and 26.4% for the quarter ended March 31,
2023. The higher tax rate for the March 2024 quarter was primarily
due to the impact of vesting of restricted stock at prices lower
than original grant prices.
Asset Quality / Provision for Credit Losses
Nonperforming assets (which does not include
modified loans that are performing in accordance with their terms)
were $69.8 million, or 1.09% of total assets at March 31, 2024, as
compared to $61.3 million, or 0.95% of total assets at December 31,
2023. Loans past due 30 to 89 days and still accruing were $73.7
million, or 1.37% of total loans at March 31, 2024 compared to
$34.6 million, or 0.64% of total loans at December 31, 2023. The Q1
2024 loans past due 30 to 89 days and still accruing included $25.2
million to federal and state governmental entities, $15.0 million
to a single equipment finance customer and $28.9 million to two
multifamily sponsors.
Criticized and classified loans totaled $177.3
million at March 31, 2024, reflecting an increase from December 31,
2023 and March 31, 2023 levels. The Company currently has no loans
or leases on deferral and accruing.
For the quarter ended March 31, 2024, the
Company’s provision for credit losses was $615,000 compared to $5.0
million for the December 2023 quarter and $1.5 million for the
March 2023 quarter. The provision for credit losses in the first
quarter of 2024 was positive despite a decline in loans and
improved GDP forecasts, as the Company experienced an increase in
past due and criticized and classified loans.
At March 31, 2024, the allowance for credit
losses was $66.3 million (1.24% of total loans), compared to $65.9
million (1.21% of loans) at December 31, 2023, and $62.3 million
(1.16% of loans) at March 31, 2023.
Capital
The Company’s capital position declined during
the first quarter of 2024 due to the repurchase of 100,000 shares
through the Company's stock repurchase program at a total cost of
$2.4 million and payment of a quarterly dividend of $887,000.
Additionally, during the first quarter of 2024, the Company
recorded deterioration in accumulated other comprehensive losses of
$2.9 million, net of tax. This amount was driven by a $5.0 million
decrease in the value of the available for sale securities
portfolio partially offset by a $2.1 million gain on cash flow
hedges. The total accumulated other comprehensive loss declined to
$67.8 million as of March 31, 2024 ($74.8 million loss related to
the available for sale securities portfolio partially offset by a
$7.0 million gain on the cash flow hedges). These changes
were partially offset by net income of $8.6 million.
Tangible book value per share decreased during
Q1 2024 to $30.21 at March 31, 2024 from $30.31 at December 31,
2023. Tangible book value per share is a non-GAAP financial
measure. See the reconciliation tables included in this
release for further detail. The Company’s and Bank’s regulatory
capital ratios as of March 31, 2024 remain strong, and reflect
increases from December 31, 2023 levels. Where applicable, such
ratios remain well above regulatory well capitalized standards.
The Company employs quarterly capital stress
testing modeling of an adverse case and severely adverse case. In
the most recently completed stress test (as of December 31, 2023),
under the severely adverse case, and no growth scenario, the Bank
remains well capitalized over a two-year stress period.
On March 28, 2024, the Company declared a cash
dividend of $0.05 per share payable on May 23, 2024 to shareholders
of record on May 9, 2024.
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New
Jersey bank holding company with total assets of $6.4 billion and
assets under management/administration of $11.5 billion as of March
31, 2024. Founded in 1921, Peapack-Gladstone Bank is a commercial
bank that provides Private Banking customized solutions through its
wealth management, commercial and retail solutions, including
residential lending and online platforms, to businesses and
consumers. Peapack Private, the bank’s wealth management division,
offers comprehensive financial, tax, fiduciary and investment
advice and solutions to individuals, families, privately-held
businesses, family offices and not-for-profit organizations, which
help them to establish, maintain and expand their legacy. Together,
Peapack-Gladstone Bank and Peapack Private offer an unparalleled
commitment to client service. Visit www.pgbank.com and
www.peapackprivate.com for more information.
FORWARD-LOOKING STATEMENTS
The foregoing may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are not historical facts and
include expressions about management’s confidence and strategies
and management’s expectations about new and existing programs and
products, investments, relationships, opportunities and market
conditions. These statements may be identified by such
forward-looking terminology as “expect,” “look,” “believe,”
“anticipate,” “may” or similar statements or variations of such
terms. Actual results may differ materially from such
forward-looking statements. Factors that may cause results to
differ materially from such forward-looking statements include, but
are not limited to:
- our ability to
successfully grow our business and implement our strategic plan,
including our ability to generate revenues to offset the increased
personnel and other costs related to the strategic plan;
- the impact of anticipated higher
operating expenses in 2024 and beyond;
- our ability to successfully
integrate wealth management firm and team acquisitions;
- our ability to successfully
integrate our expanded employee base;
- an unexpected decline in the
economy, in particular in our New Jersey and New York market areas,
including potential recessionary conditions;
- declines in our net interest margin
caused by the interest rate environment and/or our highly
competitive market;
- declines in the value in our
investment portfolio;
- impact from a pandemic event on our
business, operations, customers, allowance for credit losses and
capital levels;
- the continuing impact of the
COVID-19 pandemic on our business and results of operation;
- higher than expected increases in
our allowance for credit losses;
- higher than expected increases in
credit losses or in the level of delinquent, nonperforming,
classified and criticized loans or charge-offs;
- inflation and changes in interest
rates, which may adversely impact our margins and yields, reduce
the fair value of our financial instruments, reduce our loan
originations and lead to higher operating costs;
- decline in real estate values
within our market areas;
- legislative and regulatory actions
(including the impact of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, Basel III and related regulations) that
may result in increased compliance costs;
- successful cyberattacks against our
IT infrastructure and that of our IT and third-party
providers;
- higher than expected FDIC insurance
premiums;
- adverse weather conditions;
- the current or anticipated impact
of military conflict, terrorism or other geopolitical events;
- our inability to successfully
generate new business in new geographic markets, including our
expansion into New York City;
- a reduction in our lower-cost
funding sources;
- changes in liquidity, including the
size and composition of our deposit portfolio, including the
percentage of uninsured deposits in the portfolio;
- our inability to adapt to
technological changes;
- claims and litigation pertaining to
fiduciary responsibility, environmental laws and other
matters;
- our inability to retain key
employees;
- demands for loans and deposits in
our market areas;
- adverse changes in securities
markets;
- changes in New York City rent
regulation law;
- changes in governmental regulation,
including, but not limited to, any increase in FDIC insurance
premiums and changes in the monetary policies of the U.S. Treasury
and the Board of Governors of the Federal Reserve System;
- changes in accounting policies and
practices; and/or
- other unexpected material adverse
changes in our operations or earnings.
A discussion of these and other factors that
could affect our results is included in our SEC filings, including
our Annual Report on Form 10-K for the year ended December 31,
2023. We undertake no duty to update any forward-looking statement
to conform the statement to actual results or changes in the
Company’s expectations.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or
achievements.
Contact:Frank A. Cavallaro,
SEVP and CFOPeapack-Gladstone Financial CorporationT:
908-306-8933
(Tables to follow)
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONSELECTED CONSOLIDATED FINANCIAL
DATA(Dollars in Thousands, except per share
data) (Unaudited)
|
|
For the Three Months Ended |
|
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Income Statement
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
79,194 |
|
|
$ |
80,178 |
|
|
$ |
78,489 |
|
|
$ |
74,852 |
|
|
$ |
70,491 |
|
Interest expense |
|
|
44,819 |
|
|
|
43,503 |
|
|
|
41,974 |
|
|
|
35,931 |
|
|
|
26,513 |
|
Net interest income |
|
|
34,375 |
|
|
|
36,675 |
|
|
|
36,515 |
|
|
|
38,921 |
|
|
|
43,978 |
|
Wealth management fee income |
|
|
14,407 |
|
|
|
13,758 |
|
|
|
13,975 |
|
|
|
14,252 |
|
|
|
13,762 |
|
Service charges and fees |
|
|
1,322 |
|
|
|
1,255 |
|
|
|
1,319 |
|
|
|
1,320 |
|
|
|
1,258 |
|
Bank owned life insurance |
|
|
503 |
|
|
|
357 |
|
|
|
310 |
|
|
|
305 |
|
|
|
297 |
|
Gain on loans held for sale at
fair value (Mortgage banking) |
|
|
56 |
|
|
|
18 |
|
|
|
37 |
|
|
|
15 |
|
|
|
21 |
|
Gain on sale of SBA loans |
|
|
400 |
|
|
|
239 |
|
|
|
491 |
|
|
|
838 |
|
|
|
865 |
|
Corporate advisory fee
income |
|
|
818 |
|
|
|
39 |
|
|
|
85 |
|
|
|
15 |
|
|
|
80 |
|
Other income (A) |
|
|
1,306 |
|
|
|
1,339 |
|
|
|
3,541 |
|
|
|
2,039 |
|
|
|
1,567 |
|
Fair value adjustment for CRA
equity security |
|
|
(111 |
) |
|
|
585 |
|
|
|
(404 |
) |
|
|
(209 |
) |
|
|
209 |
|
Total other income |
|
|
18,701 |
|
|
|
17,590 |
|
|
|
19,354 |
|
|
|
18,575 |
|
|
|
18,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
53,076 |
|
|
|
54,265 |
|
|
|
55,869 |
|
|
|
57,496 |
|
|
|
62,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
(B) |
|
|
28,476 |
|
|
|
24,320 |
|
|
|
25,264 |
|
|
|
26,354 |
|
|
|
24,586 |
|
Premises and equipment |
|
|
5,081 |
|
|
|
5,416 |
|
|
|
5,214 |
|
|
|
4,729 |
|
|
|
4,374 |
|
FDIC insurance expense |
|
|
945 |
|
|
|
765 |
|
|
|
741 |
|
|
|
729 |
|
|
|
711 |
|
Other expenses |
|
|
5,539 |
|
|
|
7,115 |
|
|
|
6,194 |
|
|
|
5,880 |
|
|
|
5,903 |
|
Total operating expenses |
|
|
40,041 |
|
|
|
37,616 |
|
|
|
37,413 |
|
|
|
37,692 |
|
|
|
35,574 |
|
Pretax income before provision
for credit losses |
|
|
13,035 |
|
|
|
16,649 |
|
|
|
18,456 |
|
|
|
19,804 |
|
|
|
26,463 |
|
Provision for credit losses |
|
|
627 |
|
|
|
5,026 |
|
|
|
5,856 |
|
|
|
1,696 |
|
|
|
1,513 |
|
Income before income taxes |
|
|
12,408 |
|
|
|
11,623 |
|
|
|
12,600 |
|
|
|
18,108 |
|
|
|
24,950 |
|
Income tax expense |
|
|
3,777 |
|
|
|
3,024 |
|
|
|
3,845 |
|
|
|
4,963 |
|
|
|
6,595 |
|
Net income |
|
$ |
8,631 |
|
|
$ |
8,599 |
|
|
$ |
8,755 |
|
|
$ |
13,145 |
|
|
$ |
18,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic) |
|
$ |
0.49 |
|
|
$ |
0.48 |
|
|
$ |
0.49 |
|
|
$ |
0.73 |
|
|
$ |
1.03 |
|
Earnings per share (diluted) |
|
|
0.48 |
|
|
|
0.48 |
|
|
|
0.49 |
|
|
|
0.73 |
|
|
|
1.01 |
|
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,711,639 |
|
|
|
17,770,158 |
|
|
|
17,856,961 |
|
|
|
17,930,611 |
|
|
|
17,841,203 |
|
Diluted |
|
|
17,805,347 |
|
|
|
17,961,400 |
|
|
|
18,010,127 |
|
|
|
18,078,848 |
|
|
|
18,263,310 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
annualized (ROAA) |
|
|
0.54 |
% |
|
|
0.53 |
% |
|
|
0.54 |
% |
|
|
0.82 |
% |
|
|
1.16 |
% |
Return on average equity
annualized (ROAE) |
|
|
5.94 |
% |
|
|
6.13 |
% |
|
|
6.20 |
% |
|
|
9.43 |
% |
|
|
13.50 |
% |
Return on average tangible equity
annualized (ROATCE) (C) |
|
|
6.45 |
% |
|
|
6.68 |
% |
|
|
6.75 |
% |
|
|
10.30 |
% |
|
|
14.78 |
% |
Net interest margin
(tax-equivalent basis) |
|
|
2.20 |
% |
|
|
2.29 |
% |
|
|
2.28 |
% |
|
|
2.49 |
% |
|
|
2.88 |
% |
GAAP efficiency ratio (D) |
|
|
75.44 |
% |
|
|
69.32 |
% |
|
|
66.97 |
% |
|
|
65.56 |
% |
|
|
57.34 |
% |
Operating expenses / average
assets annualized |
|
|
2.51 |
% |
|
|
2.33 |
% |
|
|
2.31 |
% |
|
|
2.36 |
% |
|
|
2.26 |
% |
(A) The September 2023 quarter included $2.3
million of fee income from equipment finance activity.(B) The June
2023 quarter included $1.7 million of expense associated with the
retirement of certain employees.(C) Return on average tangible
equity is calculated by dividing tangible equity by annualized net
income. See Non-GAAP financial measures reconciliation included in
these tables.(D) Calculated as total operating expenses as a
percentage of total revenue. For Non-GAAP efficiency ratio, see the
Non-GAAP financial measures reconciliation included in these
tables.
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONCONSOLIDATED STATEMENTS OF
CONDITION(Dollars in
Thousands)(Unaudited)
|
|
As of |
|
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
5,769 |
|
|
$ |
5,887 |
|
|
$ |
7,400 |
|
|
$ |
4,859 |
|
|
$ |
6,514 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
189,069 |
|
|
|
181,784 |
|
|
|
180,469 |
|
|
|
166,769 |
|
|
|
244,779 |
|
Total cash and cash equivalents |
|
|
194,838 |
|
|
|
187,671 |
|
|
|
187,869 |
|
|
|
171,628 |
|
|
|
251,293 |
|
Securities available for
sale |
|
|
550,870 |
|
|
|
550,617 |
|
|
|
521,005 |
|
|
|
540,519 |
|
|
|
556,266 |
|
Securities held to maturity |
|
|
106,498 |
|
|
|
107,755 |
|
|
|
108,940 |
|
|
|
110,438 |
|
|
|
111,609 |
|
CRA equity security, at fair
value |
|
|
13,055 |
|
|
|
13,166 |
|
|
|
12,581 |
|
|
|
12,985 |
|
|
|
13,194 |
|
FHLB and FRB stock, at cost
(A) |
|
|
18,079 |
|
|
|
31,044 |
|
|
|
34,158 |
|
|
|
35,402 |
|
|
|
30,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
581,426 |
|
|
|
578,427 |
|
|
|
585,295 |
|
|
|
575,238 |
|
|
|
544,655 |
|
Multifamily mortgage |
|
|
1,827,165 |
|
|
|
1,836,390 |
|
|
|
1,871,853 |
|
|
|
1,884,369 |
|
|
|
1,871,387 |
|
Commercial mortgage |
|
|
615,964 |
|
|
|
637,625 |
|
|
|
622,469 |
|
|
|
624,710 |
|
|
|
613,911 |
|
Commercial and industrial
loans |
|
|
2,235,342 |
|
|
|
2,284,940 |
|
|
|
2,321,917 |
|
|
|
2,278,133 |
|
|
|
2,266,837 |
|
Consumer loans |
|
|
66,827 |
|
|
|
62,036 |
|
|
|
57,227 |
|
|
|
52,098 |
|
|
|
49,002 |
|
Home equity lines of credit |
|
|
35,542 |
|
|
|
36,464 |
|
|
|
34,411 |
|
|
|
34,397 |
|
|
|
33,294 |
|
Other loans |
|
|
184 |
|
|
|
238 |
|
|
|
265 |
|
|
|
269 |
|
|
|
443 |
|
Total loans |
|
|
5,362,450 |
|
|
|
5,436,120 |
|
|
|
5,493,437 |
|
|
|
5,449,214 |
|
|
|
5,379,529 |
|
Less: Allowance for credit losses |
|
|
66,251 |
|
|
|
65,888 |
|
|
|
68,592 |
|
|
|
62,704 |
|
|
|
62,250 |
|
Net loans |
|
|
5,296,199 |
|
|
|
5,370,232 |
|
|
|
5,424,845 |
|
|
|
5,386,510 |
|
|
|
5,317,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment |
|
|
24,494 |
|
|
|
24,166 |
|
|
|
23,969 |
|
|
|
23,814 |
|
|
|
23,782 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
116 |
|
Accrued interest receivable |
|
|
32,672 |
|
|
|
30,676 |
|
|
|
22,889 |
|
|
|
20,865 |
|
|
|
19,143 |
|
Bank owned life insurance |
|
|
47,580 |
|
|
|
47,581 |
|
|
|
47,509 |
|
|
|
47,382 |
|
|
|
47,261 |
|
Goodwill and other intangible
assets |
|
|
45,742 |
|
|
|
46,014 |
|
|
|
46,286 |
|
|
|
46,624 |
|
|
|
46,979 |
|
Finance lease right-of-use
assets |
|
|
1,900 |
|
|
|
2,087 |
|
|
|
2,274 |
|
|
|
2,461 |
|
|
|
2,648 |
|
Operating lease right-of-use
assets |
|
|
16,035 |
|
|
|
12,096 |
|
|
|
12,800 |
|
|
|
13,500 |
|
|
|
12,262 |
|
Other assets |
|
|
60,591 |
|
|
|
53,752 |
|
|
|
76,456 |
|
|
|
67,572 |
|
|
|
47,848 |
|
TOTAL ASSETS |
|
$ |
6,408,553 |
|
|
$ |
6,476,857 |
|
|
$ |
6,521,581 |
|
|
$ |
6,479,700 |
|
|
$ |
6,480,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
$ |
914,893 |
|
|
$ |
957,687 |
|
|
$ |
947,405 |
|
|
$ |
1,024,105 |
|
|
$ |
1,096,549 |
|
Interest-bearing demand deposits |
|
|
3,029,119 |
|
|
|
2,882,193 |
|
|
|
2,871,359 |
|
|
|
2,816,913 |
|
|
|
2,797,493 |
|
Savings |
|
|
108,305 |
|
|
|
111,573 |
|
|
|
117,905 |
|
|
|
120,082 |
|
|
|
132,523 |
|
Money market accounts |
|
|
775,132 |
|
|
|
740,559 |
|
|
|
761,833 |
|
|
|
763,026 |
|
|
|
873,329 |
|
Certificates of deposit – Retail |
|
|
486,079 |
|
|
|
443,791 |
|
|
|
422,291 |
|
|
|
384,106 |
|
|
|
357,131 |
|
Certificates of deposit – Listing Service |
|
|
7,704 |
|
|
|
7,804 |
|
|
|
9,103 |
|
|
|
10,822 |
|
|
|
15,922 |
|
Subtotal “customer” deposits |
|
|
5,321,232 |
|
|
|
5,143,607 |
|
|
|
5,129,896 |
|
|
|
5,119,054 |
|
|
|
5,272,947 |
|
IB Demand – Brokered |
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
Certificates of deposit – Brokered |
|
|
145,480 |
|
|
|
120,507 |
|
|
|
119,463 |
|
|
|
69,443 |
|
|
|
25,895 |
|
Total deposits |
|
|
5,476,712 |
|
|
|
5,274,114 |
|
|
|
5,259,359 |
|
|
|
5,198,497 |
|
|
|
5,308,842 |
|
Short-term borrowings |
|
|
119,490 |
|
|
|
403,814 |
|
|
|
470,576 |
|
|
|
485,360 |
|
|
|
378,800 |
|
Finance lease liability |
|
|
3,104 |
|
|
|
3,430 |
|
|
|
3,752 |
|
|
|
4,071 |
|
|
|
4,385 |
|
Operating lease liability |
|
|
17,630 |
|
|
|
12,876 |
|
|
|
13,595 |
|
|
|
14,308 |
|
|
|
13,082 |
|
Subordinated debt, net |
|
|
133,346 |
|
|
|
133,274 |
|
|
|
133,203 |
|
|
|
133,131 |
|
|
|
133,059 |
|
Due to brokers |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,308 |
|
Other liabilities |
|
|
75,892 |
|
|
|
65,668 |
|
|
|
82,140 |
|
|
|
79,264 |
|
|
|
78,584 |
|
TOTAL LIABILITIES |
|
|
5,826,174 |
|
|
|
5,893,176 |
|
|
|
5,962,625 |
|
|
|
5,914,631 |
|
|
|
5,925,060 |
|
Shareholders’ equity |
|
|
582,379 |
|
|
|
583,681 |
|
|
|
558,956 |
|
|
|
565,069 |
|
|
|
554,958 |
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
$ |
6,408,553 |
|
|
$ |
6,476,857 |
|
|
$ |
6,521,581 |
|
|
$ |
6,479,700 |
|
|
$ |
6,480,018 |
|
Assets under management
and / or administration at Peapack-Gladstone
Bank’s Private Wealth Management Division (market
value, not included above-dollars in billions) |
|
$ |
11.5 |
|
|
$ |
10.9 |
|
|
$ |
10.4 |
|
|
$ |
10.7 |
|
|
$ |
10.4 |
|
(A) FHLB means "Federal Home Loan Bank" and FRB
means "Federal Reserve Bank.".
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONSELECTED BALANCE SHEET
DATA(Dollars in
Thousands)(Unaudited)
|
|
As of |
|
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due over 90 days and
still accruing |
|
$ |
35 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Nonaccrual loans (A) |
|
|
69,811 |
|
|
|
61,324 |
|
|
|
70,809 |
|
|
|
34,505 |
|
|
|
28,659 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
116 |
|
Total nonperforming assets |
|
$ |
69,846 |
|
|
$ |
61,324 |
|
|
$ |
70,809 |
|
|
$ |
34,505 |
|
|
$ |
28,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total
loans |
|
|
1.30 |
% |
|
|
1.13 |
% |
|
|
1.29 |
% |
|
|
0.63 |
% |
|
|
0.53 |
% |
Nonperforming assets to total
assets |
|
|
1.09 |
% |
|
|
0.95 |
% |
|
|
1.09 |
% |
|
|
0.53 |
% |
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing modifications
(B)(C) |
|
$ |
12,311 |
|
|
$ |
248 |
|
|
$ |
248 |
|
|
$ |
248 |
|
|
$ |
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30 through 89 days
and still accruing (D) |
|
$ |
73,699 |
|
|
$ |
34,589 |
|
|
$ |
9,780 |
|
|
$ |
14,524 |
|
|
$ |
2,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans subject to special
mention |
|
$ |
59,450 |
|
|
$ |
71,397 |
|
|
$ |
53,328 |
|
|
$ |
53,606 |
|
|
$ |
46,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified loans |
|
$ |
117,869 |
|
|
$ |
84,372 |
|
|
$ |
94,866 |
|
|
$ |
58,655 |
|
|
$ |
58,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated loans |
|
$ |
69,530 |
|
|
$ |
60,710 |
|
|
$ |
70,184 |
|
|
$ |
33,867 |
|
|
$ |
27,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
("ACL"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of quarter |
|
$ |
65,888 |
|
|
$ |
68,592 |
|
|
$ |
62,704 |
|
|
$ |
62,250 |
|
|
$ |
60,829 |
|
Provision for credit losses (E) |
|
|
615 |
|
|
|
5,082 |
|
|
|
5,944 |
|
|
|
1,666 |
|
|
|
1,464 |
|
(Charge-offs)/recoveries, net (F) |
|
|
(252 |
) |
|
|
(7,786 |
) |
|
|
(56 |
) |
|
|
(1,212 |
) |
|
|
(43 |
) |
End of quarter |
|
$ |
66,251 |
|
|
$ |
65,888 |
|
|
$ |
68,592 |
|
|
$ |
62,704 |
|
|
$ |
62,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to nonperforming loans |
|
|
94.85 |
% |
|
|
107.44 |
% |
|
|
96.87 |
% |
|
|
181.72 |
% |
|
|
217.21 |
% |
ACL to total loans |
|
|
1.24 |
% |
|
|
1.21 |
% |
|
|
1.25 |
% |
|
|
1.15 |
% |
|
|
1.16 |
% |
Collectively evaluated ACL to
total loans (G) |
|
|
1.15 |
% |
|
|
1.13 |
% |
|
|
1.10 |
% |
|
|
1.11 |
% |
|
|
1.11 |
% |
(A) Includes one freight credit totaling $22.2
million at March 31, 2024, one freight credit totaling $23.5
million at December 31, 2023 and two freight credits totaling $33.4
million at September 30, 2023. Excludes $1.6 million in held for
sale at September 30, 2023. (B) Amounts reflect modifications that
are paying according to modified terms.(C) Excludes modifications
included in nonaccrual loans of $3.2 million at March 31, 2024,
$3.0 million at December 31, 2023, $3.1 million at September 30,
2023 and $777,000 at June 30, 2023.(D) Includes $25.2 million to
U.S. and state governmental entities, $15.0 million for one
equipment finance deal and $28.9 million to two multifamily
sponsors at March 31, 2024, $16.5 million outstanding to U.S.
governmental entities at December 31, 2023 and $8.2 million of
outstanding multifamily loans to one sponsor. (E) Excludes a
provision of $12,000 at March 31, 2024, a credit of $55,000 at
December 31, 2023, a credit of $88,000 at September 30, 2023, a
provision of $30,000 at June 30, 2023 and a provision of $49,000 at
March 31, 2023 related to off-balance sheet commitments.(F) Net
charge-offs for the quarter ended December 31, 2023 included
charge-offs of $2.2 million of a previously established reserve to
loans individually evaluated on one multifamily loan and $5.6
million on one equipment finance relationship. Net charge-offs for
the quarter ended June 30, 2023 included a charge-off of $1.2
million of a previously established reserve to loans individually
evaluated on one commercial real estate loan.(G) Total ACL less
reserves to loans individually evaluated equals collectively
evaluated ACL.
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONSELECTED BALANCE SHEET
DATA(Dollars in
Thousands)(Unaudited)
|
|
As of |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
Capital
Adequacy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets (A) |
|
|
|
|
9.09 |
% |
|
|
|
|
9.01 |
% |
|
|
|
|
8.56 |
% |
Tangible equity to tangible
assets (B) |
|
|
|
|
8.43 |
% |
|
|
|
|
8.36 |
% |
|
|
|
|
7.90 |
% |
Book value per share (C) |
|
|
|
$ |
32.79 |
|
|
|
|
$ |
32.90 |
|
|
|
|
$ |
30.81 |
|
Tangible book value per share
(D) |
|
|
|
$ |
30.21 |
|
|
|
|
$ |
30.31 |
|
|
|
|
$ |
28.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible
assets excluding other comprehensive loss* |
|
|
|
|
9.40 |
% |
|
|
|
|
9.28 |
% |
|
|
|
|
8.85 |
% |
Tangible book value per share
excluding other comprehensive loss* |
|
|
|
$ |
34.03 |
|
|
|
|
$ |
33.97 |
|
|
|
|
$ |
31.94 |
|
*Excludes other comprehensive loss of $67.8
million for the quarter ended March 31, 2024, $64.9 million for the
quarter ended December 31, 2023, and $67.4 million for the quarter
ended March 31, 2023. See Non-GAAP financial measures
reconciliation included in these tables.
(A) Equity to total assets is calculated as
total shareholders’ equity as a percentage of total assets at
quarter end.(B) Tangible equity and tangible assets are calculated
by excluding the balance of intangible assets from shareholders’
equity and total assets, respectively. Tangible equity as a
percentage of tangible assets at quarter end is calculated by
dividing tangible equity by tangible assets at quarter end. See
Non-GAAP financial measures reconciliation included in these
tables.(C) Book value per common share is calculated by dividing
shareholders’ equity by quarter end common shares outstanding.(D)
Tangible book value per share excludes intangible assets. Tangible
book value per share is calculated by dividing tangible equity by
quarter end common shares outstanding. See Non-GAAP financial
measures reconciliation tables.
|
|
As of |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
Regulatory Capital –
Holding Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage |
|
$ |
602,493 |
|
|
9.36 |
% |
|
$ |
600,444 |
|
|
9.19 |
% |
|
$ |
573,154 |
|
|
9.02 |
% |
Tier I capital to risk-weighted
assets |
|
|
602,493 |
|
|
11.76 |
|
|
|
600,444 |
|
|
11.43 |
|
|
|
573,154 |
|
|
11.39 |
|
Common equity tier I capital
ratio to risk-weighted assets |
|
|
602,481 |
|
|
11.76 |
|
|
|
600,432 |
|
|
11.43 |
|
|
|
573,136 |
|
|
11.39 |
|
Tier I & II capital to
risk-weighted assets |
|
|
785,909 |
|
|
15.34 |
|
|
|
785,413 |
|
|
14.95 |
|
|
|
762,095 |
|
|
15.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital –
Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage (E) |
|
$ |
709,744 |
|
|
11.02 |
% |
|
$ |
707,446 |
|
|
10.83 |
% |
|
$ |
700,858 |
|
|
11.03 |
% |
Tier I capital to risk-weighted
assets (F) |
|
|
709,744 |
|
|
13.86 |
|
|
|
707,446 |
|
|
13.48 |
|
|
|
700,858 |
|
|
13.93 |
|
Common equity tier I capital
ratio to risk-weighted assets (G) |
|
|
709,732 |
|
|
13.86 |
|
|
|
707,434 |
|
|
13.47 |
|
|
|
700,840 |
|
|
13.93 |
|
Tier I & II capital to
risk-weighted assets (H) |
|
|
773,781 |
|
|
15.11 |
|
|
|
773,083 |
|
|
14.73 |
|
|
|
763,732 |
|
|
15.18 |
|
(E) Regulatory well capitalized standard
(including capital conservation buffer) = 4.00% ($258 million)(F)
Regulatory well capitalized standard (including capital
conservation buffer) = 8.50% ($435 million)(G) Regulatory well
capitalized standard (including capital conservation buffer) =
7.00% ($358 million)(H) Regulatory well capitalized standard
(including capital conservation buffer) = 10.50% ($538 million)
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONLOANS CLOSED(Dollars
in Thousands)(Unaudited)
|
|
For the Quarters Ended |
|
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Residential loans retained |
|
$ |
11,661 |
|
|
$ |
5,895 |
|
|
$ |
21,310 |
|
|
$ |
39,358 |
|
|
$ |
30,303 |
|
Residential loans sold |
|
|
4,025 |
|
|
|
1,449 |
|
|
|
2,503 |
|
|
|
1,072 |
|
|
|
1,477 |
|
Total residential loans |
|
|
15,686 |
|
|
|
7,344 |
|
|
|
23,813 |
|
|
|
40,430 |
|
|
|
31,780 |
|
Commercial real estate |
|
|
11,500 |
|
|
|
21,375 |
|
|
|
3,900 |
|
|
|
43,235 |
|
|
|
18,990 |
|
Multifamily |
|
|
1,900 |
|
|
|
5,725 |
|
|
|
3,000 |
|
|
|
26,662 |
|
|
|
30,150 |
|
Commercial (C&I) loans (A)
(B) |
|
|
145,803 |
|
|
|
145,397 |
|
|
|
176,845 |
|
|
|
158,972 |
|
|
|
207,814 |
|
SBA |
|
|
2,790 |
|
|
|
7,326 |
|
|
|
300 |
|
|
|
13,713 |
|
|
|
9,950 |
|
Wealth lines of credit (A) |
|
|
3,850 |
|
|
|
350 |
|
|
|
6,875 |
|
|
|
3,950 |
|
|
|
23,225 |
|
Total commercial loans |
|
|
165,843 |
|
|
|
180,173 |
|
|
|
190,920 |
|
|
|
246,532 |
|
|
|
290,129 |
|
Installment loans |
|
|
6,868 |
|
|
|
2,946 |
|
|
|
6,999 |
|
|
|
4,587 |
|
|
|
12,086 |
|
Home equity lines of credit
(A) |
|
|
2,103 |
|
|
|
4,174 |
|
|
|
6,275 |
|
|
|
6,107 |
|
|
|
2,921 |
|
Total loans closed |
|
$ |
190,500 |
|
|
$ |
194,637 |
|
|
$ |
228,007 |
|
|
$ |
297,656 |
|
|
$ |
336,916 |
|
(A) Includes loans and lines of credit that
closed in the period but not necessarily funded.(B) Includes
equipment finance.
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONAVERAGE BALANCE
SHEET(Tax-Equivalent Basis, Dollars in
Thousands)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
793,675 |
|
|
$ |
5,136 |
|
|
|
2.59 |
% |
|
$ |
791,125 |
|
|
$ |
4,471 |
|
|
|
2.26 |
% |
Tax-exempt (A) (B) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,864 |
|
|
|
19 |
|
|
|
4.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
577,648 |
|
|
|
5,420 |
|
|
|
3.75 |
|
|
|
529,570 |
|
|
|
4,283 |
|
|
|
3.24 |
|
Commercial mortgages |
|
|
2,460,403 |
|
|
|
27,541 |
|
|
|
4.48 |
|
|
|
2,478,645 |
|
|
|
25,917 |
|
|
|
4.18 |
|
Commercial |
|
|
2,240,161 |
|
|
|
37,559 |
|
|
|
6.71 |
|
|
|
2,201,801 |
|
|
|
33,369 |
|
|
|
6.06 |
|
Commercial construction |
|
|
18,927 |
|
|
|
428 |
|
|
|
9.05 |
|
|
|
4,296 |
|
|
|
88 |
|
|
|
8.19 |
|
Installment |
|
|
65,287 |
|
|
|
1,113 |
|
|
|
6.82 |
|
|
|
39,945 |
|
|
|
609 |
|
|
|
6.10 |
|
Home equity |
|
|
36,406 |
|
|
|
737 |
|
|
|
8.10 |
|
|
|
33,839 |
|
|
|
591 |
|
|
|
6.99 |
|
Other |
|
|
214 |
|
|
|
7 |
|
|
|
13.08 |
|
|
|
276 |
|
|
|
7 |
|
|
|
10.14 |
|
Total loans |
|
|
5,399,046 |
|
|
|
72,805 |
|
|
|
5.39 |
|
|
|
5,288,372 |
|
|
|
64,864 |
|
|
|
4.91 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
140,097 |
|
|
|
1,522 |
|
|
|
4.35 |
|
|
|
163,225 |
|
|
|
1,538 |
|
|
|
3.77 |
|
Total interest-earning assets |
|
|
6,332,818 |
|
|
|
79,463 |
|
|
|
5.02 |
% |
|
|
6,244,586 |
|
|
|
70,892 |
|
|
|
4.54 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
10,105 |
|
|
|
|
|
|
|
|
|
10,449 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(67,105 |
) |
|
|
|
|
|
|
|
|
(61,567 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
24,393 |
|
|
|
|
|
|
|
|
|
23,927 |
|
|
|
|
|
|
|
Other assets |
|
|
87,129 |
|
|
|
|
|
|
|
|
|
84,800 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
54,522 |
|
|
|
|
|
|
|
|
|
57,609 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,387,340 |
|
|
|
|
|
|
|
|
$ |
6,302,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
2,954,698 |
|
|
$ |
27,433 |
|
|
|
3.71 |
% |
|
$ |
2,567,426 |
|
|
$ |
16,481 |
|
|
|
2.57 |
% |
Money markets |
|
|
757,753 |
|
|
|
5,525 |
|
|
|
2.92 |
|
|
|
1,124,047 |
|
|
|
4,874 |
|
|
|
1.73 |
|
Savings |
|
|
108,503 |
|
|
|
89 |
|
|
|
0.33 |
|
|
|
141,285 |
|
|
|
28 |
|
|
|
0.08 |
|
Certificates of deposit – retail |
|
|
477,793 |
|
|
|
4,855 |
|
|
|
4.06 |
|
|
|
357,953 |
|
|
|
1,729 |
|
|
|
1.93 |
|
Subtotal interest-bearing deposits |
|
|
4,298,747 |
|
|
|
37,902 |
|
|
|
3.53 |
|
|
|
4,190,711 |
|
|
|
23,112 |
|
|
|
2.21 |
|
Interest-bearing demand – brokered |
|
|
10,000 |
|
|
|
126 |
|
|
|
5.04 |
|
|
|
26,111 |
|
|
|
208 |
|
|
|
3.19 |
|
Certificates of deposit – brokered |
|
|
128,341 |
|
|
|
1,602 |
|
|
|
4.99 |
|
|
|
25,961 |
|
|
|
205 |
|
|
|
3.16 |
|
Total interest-bearing deposits |
|
|
4,437,088 |
|
|
|
39,630 |
|
|
|
3.57 |
|
|
|
4,242,783 |
|
|
|
23,525 |
|
|
|
2.22 |
|
Borrowings |
|
|
235,384 |
|
|
|
3,467 |
|
|
|
5.89 |
|
|
|
104,915 |
|
|
|
1,296 |
|
|
|
4.94 |
|
Capital lease obligation |
|
|
3,215 |
|
|
|
38 |
|
|
|
4.73 |
|
|
|
4,493 |
|
|
|
53 |
|
|
|
4.72 |
|
Subordinated debt |
|
|
133,303 |
|
|
|
1,684 |
|
|
|
5.05 |
|
|
|
133,017 |
|
|
|
1,639 |
|
|
|
4.93 |
|
Total interest-bearing liabilities |
|
|
4,808,990 |
|
|
|
44,819 |
|
|
|
3.73 |
% |
|
|
4,485,208 |
|
|
|
26,513 |
|
|
|
2.36 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
916,848 |
|
|
|
|
|
|
|
|
|
1,176,495 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
80,499 |
|
|
|
|
|
|
|
|
|
96,631 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
997,347 |
|
|
|
|
|
|
|
|
|
1,273,126 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
581,003 |
|
|
|
|
|
|
|
|
|
543,861 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
6,387,340 |
|
|
|
|
|
|
|
|
$ |
6,302,195 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
34,644 |
|
|
|
|
|
|
|
|
$ |
44,379 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.29 |
% |
|
|
|
|
|
|
|
|
2.18 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.20 |
% |
|
|
|
|
|
|
|
|
2.88 |
% |
(A) Average balances for available for sale
securities are based on amortized cost.(B) Interest income is
presented on a tax-equivalent basis using a 21% federal tax rate.
(C) Loans are stated net of unearned income and include nonaccrual
loans.(D) Net interest income on a tax-equivalent basis as a
percentage of total average interest-earning assets.
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONAVERAGE BALANCE
SHEET(Tax-Equivalent Basis, Dollars in
Thousands)(Unaudited)
|
|
For the Three Months Ended |
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
793,675 |
|
|
$ |
5,136 |
|
|
|
2.59 |
% |
|
$ |
798,661 |
|
|
$ |
5,202 |
|
|
|
2.61 |
% |
Tax-exempt (A) (B) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
577,648 |
|
|
|
5,420 |
|
|
|
3.75 |
|
|
|
581,088 |
|
|
|
5,300 |
|
|
|
3.65 |
|
Commercial mortgages |
|
|
2,460,403 |
|
|
|
27,541 |
|
|
|
4.48 |
|
|
|
2,492,204 |
|
|
|
28,318 |
|
|
|
4.55 |
|
Commercial |
|
|
2,240,161 |
|
|
|
37,559 |
|
|
|
6.71 |
|
|
|
2,274,841 |
|
|
|
37,958 |
|
|
|
6.67 |
|
Commercial construction |
|
|
18,927 |
|
|
|
428 |
|
|
|
9.05 |
|
|
|
16,680 |
|
|
|
382 |
|
|
|
9.16 |
|
Installment |
|
|
65,287 |
|
|
|
1,113 |
|
|
|
6.82 |
|
|
|
59,988 |
|
|
|
1,037 |
|
|
|
6.91 |
|
Home equity |
|
|
36,406 |
|
|
|
737 |
|
|
|
8.10 |
|
|
|
35,570 |
|
|
|
721 |
|
|
|
8.11 |
|
Other |
|
|
214 |
|
|
|
7 |
|
|
|
13.08 |
|
|
|
246 |
|
|
|
8 |
|
|
|
13.01 |
|
Total loans |
|
|
5,399,046 |
|
|
|
72,805 |
|
|
|
5.39 |
|
|
|
5,460,617 |
|
|
|
73,724 |
|
|
|
5.40 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
140,097 |
|
|
|
1,522 |
|
|
|
4.35 |
|
|
|
146,699 |
|
|
|
1,623 |
|
|
|
4.43 |
|
Total interest-earning assets |
|
|
6,332,818 |
|
|
|
79,463 |
|
|
|
5.02 |
% |
|
|
6,406,083 |
|
|
|
80,549 |
|
|
|
5.03 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
10,105 |
|
|
|
|
|
|
|
|
|
10,709 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(67,105 |
) |
|
|
|
|
|
|
|
|
(68,289 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
24,393 |
|
|
|
|
|
|
|
|
|
24,387 |
|
|
|
|
|
|
|
Other assets |
|
|
87,129 |
|
|
|
|
|
|
|
|
|
85,720 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
54,522 |
|
|
|
|
|
|
|
|
|
52,527 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,387,340 |
|
|
|
|
|
|
|
|
$ |
6,458,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
2,954,698 |
|
|
$ |
27,433 |
|
|
|
3.71 |
% |
|
$ |
2,890,964 |
|
|
$ |
25,811 |
|
|
|
3.57 |
% |
Money markets |
|
|
757,753 |
|
|
|
5,525 |
|
|
|
2.92 |
|
|
|
771,051 |
|
|
|
5,247 |
|
|
|
2.72 |
|
Savings |
|
|
108,503 |
|
|
|
89 |
|
|
|
0.33 |
|
|
|
112,969 |
|
|
|
81 |
|
|
|
0.29 |
|
Certificates of deposit – retail |
|
|
477,793 |
|
|
|
4,855 |
|
|
|
4.06 |
|
|
|
440,712 |
|
|
|
4,086 |
|
|
|
3.71 |
|
Subtotal interest-bearing deposits |
|
|
4,298,747 |
|
|
|
37,902 |
|
|
|
3.53 |
|
|
|
4,215,696 |
|
|
|
35,225 |
|
|
|
3.34 |
|
Interest-bearing demand – brokered |
|
|
10,000 |
|
|
|
126 |
|
|
|
5.04 |
|
|
|
10,000 |
|
|
|
142 |
|
|
|
5.68 |
|
Certificates of deposit – brokered |
|
|
128,341 |
|
|
|
1,602 |
|
|
|
4.99 |
|
|
|
115,722 |
|
|
|
1,454 |
|
|
|
5.03 |
|
Total interest-bearing deposits |
|
|
4,437,088 |
|
|
|
39,630 |
|
|
|
3.57 |
|
|
|
4,341,418 |
|
|
|
36,821 |
|
|
|
3.39 |
|
Borrowings |
|
|
235,384 |
|
|
|
3,467 |
|
|
|
5.89 |
|
|
|
357,384 |
|
|
|
4,955 |
|
|
|
5.55 |
|
Capital lease obligation |
|
|
3,215 |
|
|
|
38 |
|
|
|
4.73 |
|
|
|
3,539 |
|
|
|
42 |
|
|
|
4.75 |
|
Subordinated debt |
|
|
133,303 |
|
|
|
1,684 |
|
|
|
5.05 |
|
|
|
133,234 |
|
|
|
1,685 |
|
|
|
5.06 |
|
Total interest-bearing liabilities |
|
|
4,808,990 |
|
|
|
44,819 |
|
|
|
3.73 |
% |
|
|
4,835,575 |
|
|
|
43,503 |
|
|
|
3.60 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
916,848 |
|
|
|
|
|
|
|
|
|
963,968 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
80,499 |
|
|
|
|
|
|
|
|
|
98,012 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
997,347 |
|
|
|
|
|
|
|
|
|
1,061,980 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
581,003 |
|
|
|
|
|
|
|
|
|
561,055 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
6,387,340 |
|
|
|
|
|
|
|
|
$ |
6,458,610 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
34,644 |
|
|
|
|
|
|
|
|
$ |
37,046 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.29 |
% |
|
|
|
|
|
|
|
|
1.43 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.20 |
% |
|
|
|
|
|
|
|
|
2.29 |
% |
(A) Average balances for available for sale
securities are based on amortized cost.(B) Interest income is
presented on a tax-equivalent basis using a 21% federal tax rate.
(C) Loans are stated net of unearned income and include nonaccrual
loans.(D) Net interest income on a tax-equivalent basis as a
percentage of total average interest-earning assets.
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONNON-GAAP FINANCIAL MEASURES
RECONCILIATION
Tangible book value per share and tangible
equity as a percentage of tangible assets at period end are
non-GAAP financial measures derived from GAAP-based amounts. We
calculate tangible equity and tangible assets by excluding the
balance of intangible assets from shareholders’ equity and total
assets, respectively. We calculate tangible book value per share by
dividing tangible equity by common shares outstanding, as compared
to book value per common share, which we calculate by dividing
shareholders’ equity by common shares outstanding at period end. We
calculate tangible equity as a percentage of tangible assets at
period end by dividing tangible equity by tangible assets at period
end. We believe that this is consistent with the treatment by bank
regulatory agencies, which exclude intangible assets from the
calculation of risk-based capital ratios.
The efficiency ratio is a non-GAAP measure of
expense control relative to recurring revenue. We calculate the
efficiency ratio by dividing total noninterest expenses, excluding
other real estate owned provision, as determined under GAAP, by net
interest income and total noninterest income as determined under
GAAP, but excluding net gains/(losses) on loans held for sale at
lower of cost or fair value and excluding net gains on securities
from this calculation, which we refer to below as recurring
revenue. We believe that this provides a reasonable measure of core
expenses relative to core revenue.
We believe these non-GAAP financial measures
provide information that is important to investors and useful in
understanding our financial position, results and ratios because
our management internally assesses our performance based, in part,
on these measures. However, these non-GAAP financial measures are
supplemental and are not a substitute for an analysis based on GAAP
measures. As other companies may use different calculations for
these measures, this presentation may not be comparable to other
similarly titles measures reported by other companies. A
reconciliation of the non-GAAP measures of tangible common equity,
tangible book value per share and efficiency ratio to the
underlying GAAP numbers is set forth below.
(Dollars in thousands, except per share
data)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
Tangible Book Value
Per Share |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Shareholders’ equity |
|
$ |
582,379 |
|
|
$ |
583,681 |
|
|
$ |
558,956 |
|
|
$ |
565,069 |
|
|
$ |
554,958 |
|
Less: Intangible assets, net |
|
|
45,742 |
|
|
|
46,014 |
|
|
|
46,286 |
|
|
|
46,624 |
|
|
|
46,979 |
|
Tangible equity |
|
$ |
536,637 |
|
|
$ |
537,667 |
|
|
$ |
512,670 |
|
|
$ |
518,445 |
|
|
$ |
507,979 |
|
Less: other comprehensive loss |
|
|
(67,760 |
) |
|
|
(64,878 |
) |
|
|
(81,653 |
) |
|
|
(67,997 |
) |
|
|
(67,445 |
) |
Tangible equity excluding other comprehensive loss |
|
$ |
604,397 |
|
|
$ |
602,545 |
|
|
$ |
594,323 |
|
|
$ |
586,442 |
|
|
$ |
575,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares
outstanding |
|
|
17,761,538 |
|
|
|
17,739,677 |
|
|
|
17,816,922 |
|
|
|
17,887,895 |
|
|
|
18,014,757 |
|
Tangible book value per
share |
|
$ |
30.21 |
|
|
$ |
30.31 |
|
|
$ |
28.77 |
|
|
$ |
28.98 |
|
|
$ |
28.20 |
|
Tangible book value per share
excluding other comprehensive loss |
|
$ |
34.03 |
|
|
$ |
33.97 |
|
|
$ |
33.36 |
|
|
$ |
32.78 |
|
|
$ |
31.94 |
|
Book value per share |
|
|
32.79 |
|
|
|
32.90 |
|
|
|
31.37 |
|
|
|
31.59 |
|
|
|
30.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity to
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
6,408,553 |
|
|
$ |
6,476,857 |
|
|
$ |
6,521,581 |
|
|
$ |
6,479,700 |
|
|
$ |
6,480,018 |
|
Less: Intangible assets, net |
|
|
45,742 |
|
|
|
46,014 |
|
|
|
46,286 |
|
|
|
46,624 |
|
|
|
46,979 |
|
Tangible assets |
|
$ |
6,362,811 |
|
|
$ |
6,430,843 |
|
|
$ |
6,475,295 |
|
|
$ |
6,433,076 |
|
|
$ |
6,433,039 |
|
Less: other comprehensive loss |
|
|
(67,760 |
) |
|
|
(64,878 |
) |
|
|
(81,653 |
) |
|
|
(67,997 |
) |
|
|
(67,445 |
) |
Tangible assets excluding other comprehensive loss |
|
$ |
6,430,571 |
|
|
$ |
6,495,721 |
|
|
$ |
6,556,948 |
|
|
$ |
6,501,073 |
|
|
$ |
6,500,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible
assets |
|
|
8.43 |
% |
|
|
8.36 |
% |
|
|
7.92 |
% |
|
|
8.06 |
% |
|
|
7.90 |
% |
Tangible equity to tangible
assets excluding other comprehensive loss |
|
|
9.40 |
% |
|
|
9.28 |
% |
|
|
9.06 |
% |
|
|
9.02 |
% |
|
|
8.85 |
% |
Equity to assets |
|
|
9.09 |
% |
|
|
9.01 |
% |
|
|
8.57 |
% |
|
|
8.72 |
% |
|
|
8.56 |
% |
(Dollars in thousands, except per share data)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
Return on Average
Tangible Equity |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Net income |
|
$ |
8,631 |
|
|
$ |
8,599 |
|
|
$ |
8,755 |
|
|
$ |
13,145 |
|
|
$ |
18,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders’ equity |
|
$ |
581,003 |
|
|
$ |
561,055 |
|
|
$ |
565,153 |
|
|
$ |
557,428 |
|
|
$ |
543,861 |
|
Less: Average intangible assets,
net |
|
|
45,903 |
|
|
|
46,167 |
|
|
|
46,468 |
|
|
|
46,828 |
|
|
|
47,189 |
|
Average tangible equity |
|
$ |
535,100 |
|
|
$ |
514,888 |
|
|
$ |
518,685 |
|
|
$ |
510,600 |
|
|
$ |
496,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common
equity |
|
|
6.45 |
% |
|
|
6.68 |
% |
|
|
6.75 |
% |
|
|
10.30 |
% |
|
|
14.78 |
% |
(Dollars in thousands, except per share data)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
Efficiency
Ratio |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Net interest income |
|
$ |
34,375 |
|
|
$ |
36,675 |
|
|
$ |
36,515 |
|
|
$ |
38,921 |
|
|
$ |
43,978 |
|
Total other income |
|
|
18,701 |
|
|
|
17,590 |
|
|
|
19,354 |
|
|
|
18,575 |
|
|
|
18,059 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for CRA
equity security |
|
|
111 |
|
|
|
(585 |
) |
|
|
404 |
|
|
|
209 |
|
|
|
(209 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from life insurance
proceeds |
|
|
(181 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total recurring revenue |
|
|
53,006 |
|
|
|
53,680 |
|
|
|
56,273 |
|
|
|
57,705 |
|
|
|
61,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
40,041 |
|
|
|
37,616 |
|
|
|
37,413 |
|
|
|
37,692 |
|
|
|
35,574 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated Expense for
Retirement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,665 |
|
|
|
300 |
|
Branch Closure Expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175 |
|
Total operating expense |
|
|
40,041 |
|
|
|
37,616 |
|
|
|
37,413 |
|
|
|
36,027 |
|
|
|
35,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
75.54 |
% |
|
|
70.07 |
% |
|
|
66.48 |
% |
|
|
62.43 |
% |
|
|
56.77 |
% |
Peapack Gladstone Financ... (NASDAQ:PGC)
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From Jul 2024 to Aug 2024
Peapack Gladstone Financ... (NASDAQ:PGC)
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From Aug 2023 to Aug 2024