via NewMediaWire
– Peapack-Gladstone Financial
Corporation (
NASDAQ Global Select Market: PGC)
(the “Company”) announces its third quarter 2023 financial results.
This earnings release should be read in
conjunction with the Company’s Q3 2023 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 $55.9
million, net income of $8.8 million and diluted earnings per share
(“EPS”) of $0.49 for the quarter ended September 30, 2023, compared
to revenue of $61.9 million, net income of $20.1 million and
diluted EPS of $1.09 for the quarter ended September 30, 2022.
The net interest margin declined to 2.28% for
the quarter ended September 30, 2023, compared to 2.49% for the
quarter ended June 30, 2023 and 2.98% for the quarter ended
September 30, 2022.
The Company’s return on average assets was
0.54%, return on average equity was 6.20%, and return on average
tangible equity was 6.75% for the quarter ended September 30, 2023.
Loans grew by $44 million to $5.5 billion funded by deposit growth
of $61 million to $5.3 billion during the third quarter.
The Company’s liquidity position remains strong
as balance sheet liquidity was $756 million as of September 30,
2023, which was 11.59% of total assets. The Company also had $2.8
billion of external borrowing capacity available, when combined
with balance sheet liquidity provides us with 294% coverage of our
uninsured deposits. Approximately 77% of our deposits are presently
covered by FDIC insurance or are fully collateralized.
Douglas L. Kennedy, President and CEO, said,
“Our third quarter results were impacted by the continuing
compression of our net interest margin primarily driven by the
rapid rise in our cost of funds. We were however encouraged to see
signs of stabilization in the margin during the quarter as we look
at our results on a monthly basis. In addition, our business
continues to generated a sizable and consistent stream of
noninterest income led by the revenue generated by our Wealth
Management business. Noninterest income represented 35% of total
revenue during the third quarter."
Mr. Kennedy also noted, “The third quarter
results also reflect an elevated provision for credit losses driven
by two credit relationships that were transferred to non-performing
status during the quarter. Both of these relationships are in the
freight industry which is currently facing a massive downturn due
to supply and demand imbalances. As we move forward through this
challenging economic environment consisting of persistent inflation
and rapidly rising interest rates, we continue to analyze our loan
portfolio for areas of concern. We believe the diversity of our
portfolio and strength of our underwriting standards will protect
us in the long term. Unfortunately, we have been forced to deal
with a handful of credit issues that have arisen as a result of
current economic conditions."
As previously announced, the Company has been
approved by its regulators to open a location in mid-town Manhattan
in 2024 and has hired a team of experienced professionals to gain
entry into this lucrative market. The team, who predominantly
started during the third quarter, is performing above expectations
and is building robust pipelines.
Mr. Kennedy said, "From a strategic standpoint,
the Company is adopting new technology and processes to improve the
client experience, which includes empowering all employees to
provide innovative solutions and a white glove experience in every
interaction."
The following are select highlights for the
period ended September 30, 2023:
Wealth Management:
- Gross new business inflows for Q3 2023 totaled $160 million
($96 million managed). For the first nine months of 2023, gross
business inflows totaled $688 million ($547 million managed).
- AUM/AUA in our Wealth Management Division totaled $10.4 billion
at September 30, 2023 compared to $9.3 billion at September 30,
2022, which is an increase of 12% year over year.
- Wealth Management fee income of $14.0 million for Q3 2023
comprised 25% of total revenue for the quarter.
Commercial Banking and Balance Sheet
Management:
- Total loans were $5.5 billion at September 30, 2023 reflecting
growth of $193 million when compared to $5.3 billion at December
31, 2022.
- Commercial & industrial lending (“C&I”) loan/lease
balances comprised 42% of the total loan portfolio at September 30,
2023.
- Fee income on unused commercial lines of credit totaled
$794,000 for Q3 2023.
- Fee income recorded by the Equipment Finance division related
to equipment transfers to lessees totaled $2.3 million for Q3
2023.
- The net interest margin ("NIM") was 2.28% in Q3 2023, a decline
of 21 basis points compared to Q2 2023 and a decline of 70 basis
points when compared to Q3 2022.
- Total deposits increased $54 million to $5.3 billion from
December 31, 2022.
- Noninterest-bearing demand deposits have declined by $299
million since December 31, 2022.
- Noninterest-bearing demand deposits represented 18% of total
deposits as of September 30, 2023.
- Core deposits (which includes noninterest-bearing demand and
interest-bearing demand, savings and money market accounts) totaled
89% of total deposits at September 30, 2023.
Capital Management:
- During the quarter, the Company repurchased 100,000 shares of
Company stock for a cost of $2.8 million. On a year to date basis
367,014 shares have been repurchased during 2023. The Company
repurchased 930,977 shares of stock for a cost of $32.7 million
during the year ended December 31, 2022.
- At September 30, 2023, the Regulatory Tier 1 Leverage Ratio
stood at 10.75% for Peapack-Gladstone Bank (the "Bank") and 9.05%
for the Company. The Regulatory Common Equity Tier 1 Ratio (to
Risk-Weighted Assets) stood at 13.22% for the Bank and 11.13% for
the Company at September 30, 2023. These ratios are significantly
above well capitalized standards, as capital has benefited from net
income generation.
Non-Core Items:
The September 2023 quarter included a:
- $404,000 negative fair value adjustment on an equity security
held for CRA investment, which decreased total revenue by $404,000,
reduced net income by $293,000 and EPS by $0.01 for the September
2023 quarter. Management believes this to be a non-core item.
SUMMARY INCOME STATEMENT
DETAILS:
The following tables summarize specified
financial details for the periods shown.
September 2023 Year Compared to Prior
Year
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
Increase/ |
|
(Dollars in millions,
except per share data) |
|
2023 |
|
|
2022 |
|
|
|
(Decrease) |
|
Net interest income |
|
$ |
119.41 |
|
|
$ |
128.04 |
|
|
|
$ |
(8.63 |
) |
|
|
(7 |
)% |
Wealth management fee income |
|
|
41.99 |
|
|
|
41.67 |
|
|
|
|
0.32 |
|
|
|
1 |
|
Capital markets activity |
|
|
2.45 |
|
|
|
8.30 |
|
|
|
|
(5.85 |
) |
|
|
(70 |
) |
Other income (A) |
|
|
11.55 |
|
|
|
(0.36 |
) |
|
|
|
11.91 |
|
|
N/A |
|
Total other income |
|
|
55.99 |
|
|
|
49.61 |
|
|
|
|
6.38 |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
175.40 |
|
|
|
177.65 |
|
|
|
|
(2.25 |
) |
|
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (B) |
|
|
110.68 |
|
|
|
100.39 |
|
|
|
|
10.29 |
|
|
|
10 |
|
Pretax income before provision
for credit losses |
|
|
64.72 |
|
|
|
77.26 |
|
|
|
|
(12.54 |
) |
|
|
(16 |
) |
Provision for credit losses |
|
|
9.06 |
|
|
|
4.42 |
|
|
|
|
4.64 |
|
|
|
105 |
|
Pretax income |
|
|
55.66 |
|
|
|
72.84 |
|
|
|
|
(17.18 |
) |
|
|
(24 |
) |
Income tax expense |
|
|
15.40 |
|
|
|
19.17 |
|
|
|
|
(3.77 |
) |
|
|
(20 |
) |
Net income |
|
$ |
40.26 |
|
|
$ |
53.67 |
|
|
|
$ |
(13.41 |
) |
|
|
(25 |
)% |
Diluted EPS |
|
$ |
2.23 |
|
|
$ |
2.88 |
|
|
|
$ |
(0.65 |
) |
|
|
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.84 |
% |
|
|
1.16 |
% |
|
|
|
(0.32 |
) |
|
|
|
Return on average equity |
|
|
9.66 |
% |
|
|
13.46 |
% |
|
|
|
(3.80 |
) |
|
|
|
(A) Other income for the nine months ended
September 30, 2023 included fee income from equipment finance
activity of $2.7 million and a fair value adjustment on a CRA
equity security of negative $404,000. Other income for the nine
months ended September 30, 2022 included a $6.6 million loss on
sale of securities and a fair value adjustment on a CRA equity
security of negative $1.7 million. (B) The nine months ended
September 2023 included one-time charges of $2.0 million related to
the recent retirement of certain employees and $175,000 of expense
associated with three retail branch closures. The nine months ended
September 30, 2022 included $1.5 million of severance expense
related to certain staff reorganizations.
September 2023 Quarter Compared to Prior
Year Quarter
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
September 30, |
|
|
Increase/ |
|
(Dollars in millions,
except per share data) |
|
2023 |
|
|
|
2022 |
|
|
(Decrease) |
|
Net interest income |
|
$ |
36.52 |
|
|
|
$ |
45.53 |
|
|
$ |
(9.01 |
) |
|
|
(20 |
)% |
Wealth management fee income |
|
|
13.98 |
|
|
|
|
12.94 |
|
|
|
1.04 |
|
|
|
8 |
|
Capital markets activity |
|
|
0.61 |
|
|
|
|
0.78 |
|
|
|
(0.17 |
) |
|
|
(22 |
) |
Other income (A) |
|
|
4.76 |
|
|
|
|
2.66 |
|
|
|
2.10 |
|
|
|
79 |
|
Total other income |
|
|
19.35 |
|
|
|
|
16.38 |
|
|
|
2.97 |
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
55.87 |
|
|
|
|
61.91 |
|
|
|
(6.04 |
) |
|
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
37.41 |
|
|
|
|
33.56 |
|
|
|
3.85 |
|
|
|
11 |
|
Pretax income before provision
for credit losses |
|
|
18.46 |
|
|
|
|
28.35 |
|
|
|
(9.89 |
) |
|
|
(35 |
) |
Provision for credit losses |
|
|
5.86 |
|
|
|
|
0.60 |
|
|
|
5.26 |
|
|
|
877 |
|
Pretax income |
|
|
12.60 |
|
|
|
|
27.75 |
|
|
|
(15.15 |
) |
|
|
(55 |
) |
Income tax expense |
|
|
3.84 |
|
|
|
|
7.62 |
|
|
|
(3.78 |
) |
|
|
(50 |
) |
Net income |
|
$ |
8.76 |
|
|
|
$ |
20.13 |
|
|
$ |
(11.37 |
) |
|
|
(56 |
)% |
Diluted EPS |
|
$ |
0.49 |
|
|
|
$ |
1.09 |
|
|
$ |
(0.60 |
) |
|
|
(55 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
annualized |
|
|
0.54 |
% |
|
|
|
1.30 |
% |
|
|
(0.76 |
) |
|
|
|
Return on average equity
annualized |
|
|
6.20 |
% |
|
|
|
15.21 |
% |
|
|
(9.01 |
) |
|
|
|
(A) Other income for the September 2023 quarter
included fee income from equipment finance activity of $2.3 million
and a fair value adjustment on a CRA equity security of negative
$404,000. Other income for the September 2022 quarter included a
fair value adjustment on a CRA equity security of negative
$571,000.
September 2023 Quarter Compared to Linked
Quarter
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
June 30, |
|
|
|
Increase/ |
|
(Dollars in millions,
except per share data) |
|
2023 |
|
|
2023 |
|
|
|
(Decrease) |
|
Net interest income |
|
$ |
36.52 |
|
|
$ |
38.92 |
|
|
|
$ |
(2.40 |
) |
|
|
(6 |
)% |
Wealth management fee income |
|
|
13.98 |
|
|
|
14.25 |
|
|
|
|
(0.27 |
) |
|
|
(2 |
) |
Capital markets activity |
|
|
0.61 |
|
|
|
0.87 |
|
|
|
|
(0.26 |
) |
|
|
(30 |
) |
Other income (A) |
|
|
4.76 |
|
|
|
3.46 |
|
|
|
|
1.30 |
|
|
|
38 |
|
Total other income |
|
|
19.35 |
|
|
|
18.58 |
|
|
|
|
0.77 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
55.87 |
|
|
|
57.50 |
|
|
|
|
(1.63 |
) |
|
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (B) |
|
|
37.41 |
|
|
|
37.69 |
|
|
|
|
(0.28 |
) |
|
|
(1 |
) |
Pretax income before provision
for credit losses |
|
|
18.46 |
|
|
|
19.81 |
|
|
|
|
(1.35 |
) |
|
|
(7 |
) |
Provision for credit losses |
|
|
5.86 |
|
|
|
1.70 |
|
|
|
|
4.16 |
|
|
|
245 |
|
Pretax income |
|
|
12.60 |
|
|
|
18.11 |
|
|
|
|
(5.51 |
) |
|
|
(30 |
) |
Income tax expense (C) |
|
|
3.84 |
|
|
|
4.96 |
|
|
|
|
(1.12 |
) |
|
|
(23 |
) |
Net income |
|
$ |
8.76 |
|
|
$ |
13.15 |
|
|
|
$ |
(4.39 |
) |
|
|
(33 |
)% |
Diluted EPS |
|
$ |
0.49 |
|
|
$ |
0.73 |
|
|
|
$ |
(0.24 |
) |
|
|
(33 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
annualized |
|
|
0.54 |
% |
|
|
0.82 |
% |
|
|
|
(0.28 |
) |
|
|
|
Return on average equity
annualized |
|
|
6.20 |
% |
|
|
9.43 |
% |
|
|
|
(3.23 |
) |
|
|
|
(A) Other income for the September 2023 quarter
included fee income from equipment finance activity of $2.3 million
and a fair value adjustment on a CRA equity security of negative
$404,000. Other income for the June 2023 quarter included a fair
value adjustment on a CRA equity security of negative $209,000.(B)
The June 2023 quarter included one-time charges of $1.7 million
associated with the recent retirement of certain employees. (C) The
three months ended June 30, 2023 included a $318,000 tax benefit
for the reversal of the New Jersey surtax, which is set to expire
on December 31, 2023.
SUPPLEMENTAL QUARTERLY
DETAILS:
Wealth Management
AUM/AUA in the Bank’s Wealth Management Division
were $10.4 billion at September 30, 2023. For the September 2023
quarter, the Wealth Management Team generated $14.0 million in fee
income, compared to $14.3 million for the June 30, 2023 quarter and
$12.9 million for the September 2022 quarter. The equity market
declined slightly during Q3 2023, contributing to the decrease in
AUM/AUA on a linked quarter basis.
John Babcock, President of the Bank's Wealth
Management Division, noted, “In Q3 2023, total new accounts and
client additions amounted to $160 million ($96 million managed). As
we look ahead to the fourth quarter of 2023 and beyond, 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 and our high-touch
client service model distinguishes us in our market and continues
to drive our growth and success.”
Loans / Commercial Banking
Total loans grew $193 million or 4% (5%
annualized) to $5.5 billion at September 30, 2023 when compared to
$5.3 billion at December 31, 2022.
Total C&I loans and leases at September 30,
2023 were $2.3 billion or 42% of the total loan portfolio.
Mr. Kennedy noted, “Given economic uncertainty
and rising interest rates, we believe loan demand will be muted
somewhat compared to recent prior years. Given the current
environment, we believe we will achieve modest loan growth in
2023.”
Mr. Kennedy also noted, “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.”
Net Interest Income (NII)/Net Interest
Margin (NIM)
The Company’s NII of $36.5 million and NIM of
2.28% for Q3 2023 decreased $2.4 million and 21 basis points from
NII of $38.9 million and NIM of 2.49% for the linked quarter (Q2
2023) and decreased $9.0 million and 70 basis points from NII of
$45.5 million and NIM of 2.98% for the prior year (Q3 2022). When
comparing Q3 2023 to the linked and prior year quarter, the Company
has seen a sharp increase in interest expense mostly driven by
higher deposit rates during 2023. Cycle to date betas are
approximately 44%. The intense competition for deposit balances
from other banks and alternative investment opportunities due to
the significant rise in interest rates at such a rapid pace were
the primary drivers for increased deposit costs.
Funding / Liquidity / Interest Rate Risk
Management
Total deposits increased $54.2 million to $5.3
billion at September 30, 2023 from December 31, 2022. Deposit
inflows were benefitted by net growth in brokered/listing service
certificates of deposit of $77.2 million partially offset by a
decline in brokered interest-bearing deposits of $50.0 million. The
Company saw limited net deposit outflows in 2023 mostly including
larger deposit relationships using their funds for normal business
purposes such as deployment of excess liquidity into higher
yielding treasuries or the equity market, tax payments, or asset
acquisitions or investment into their business. The Company has
also seen clients transition money from noninterest-bearing deposit
accounts to higher yielding deposit accounts as a result of
increases in the Fed Funds rate.
At September 30, 2023, the Company’s balance
sheet liquidity (investments available for sale, interest-earning
deposits and cash) totaled $756 million, or 12% of assets.
The Company maintains additional liquidity
resources of approximately $2.8 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. In addition, the Company also has access to
the Bank Term Funding Program offered by the Federal Reserve Bank
if needed.
The Company's total on and off-balance sheet
liquidity totaled $3.6 billion, which is 294% of the total
uninsured/uncollateralized deposits on the Company's balance
sheet.
Income from Capital Markets
Activities
Noninterest income from Capital Markets
activities (detailed below) totaled $613,000 for the September 2023
quarter compared to $868,000 for the June 2023 quarter and $784,000
for the September 2022 quarter. The gain on sale of SBA loans was
lower in Q3 2023 due to less activity in the higher interest rate
environment and tighter margins.
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
(Dollars in thousands,
except per share data) |
|
2023 |
|
|
2023 |
|
|
2022 |
|
Gain on loans held for sale at
fair value (Mortgage banking) |
|
$ |
37 |
|
|
$ |
15 |
|
|
$ |
60 |
|
Fee income related to loan level,
back-to-back swaps |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain on sale of SBA loans |
|
|
491 |
|
|
|
838 |
|
|
|
622 |
|
Corporate advisory fee
income |
|
|
85 |
|
|
|
15 |
|
|
|
102 |
|
Total capital markets
activity |
|
$ |
613 |
|
|
$ |
868 |
|
|
$ |
784 |
|
Other Noninterest Income (other than
Wealth Management Fee Income and Income from Capital Markets
Activities)
Other noninterest income was $4.8 million for Q3
2023 compared to $3.5 million for Q2 2023 and $2.7 million for Q3
2022. Q3 2023 included $2.3 million of income recorded by the
Equipment Finance Division related to equipment transfers to
lessees upon the termination of leases while Q2 2023 included
$221,000 and Q3 2022 included $547,000 respectively. Additionally,
Q3 2023 included $794,000 of unused line fees compared to $809,000
for Q2 2023 and $818,000 for Q3 2022.
Operating Expenses
The Company’s total operating expenses were
$37.4 million for the third quarter of 2023, compared to $37.7
million for the June 2023 quarter and $33.6 million for the
September 2022 quarter. The September 2023 quarter included
expenses associated with the previously announced New York City
expansion. The June 2023 quarter included one-time charge of $1.7
million associated with the recent retirement of certain
employees.
Mr. Kennedy noted, “The Company is committed to
be in a position of strength when industry headwinds recede as
evidenced by the recent announcement of its decision to expand into
New York City and the opening of a retail bank location in mid-town
Manhattan. We will manage expenses closely and prudently, but will
continue to invest to retain talent. We also plan to grow and
expand our core wealth management and commercial banking
businesses, including strategic hires and lift-outs if
opportunities arise, and invest in digital and other software tools
to further enhance the client experience.”
Income Taxes
The effective tax rate for the three months
ended September 30, 2023 was 30.5%, as compared to 27.4% for the
June 2023 quarter and 27.5% for the quarter ended September 30,
2022. The higher tax rate for the September 30 quarter was
primarily due to the impact of certain non-deductible expenses
related to compensation and benefits.
Asset Quality / Provision for Credit Losses
Nonperforming assets (which does not include
modified loans that are performing in accordance with their terms)
were $70.8 million, or 1.09% of total assets at September 30, 2023,
as compared to $34.5 million, or 0.53% of total assets at June 30,
2023. The increase during the third quarter was primarily due to
two freight related clients totaling $33.4 million that were
transferred to nonaccrual status during the quarter. Management is
working diligently to resolve both matters as quickly and
efficiently as possible. Loans past due 30 to 89 days and still
accruing were $9.8 million, or 0.18% of total loans at September
30, 2023 compared to $14.5 million, or 0.27% of total loans at June
30, 2023.
Criticized and classified loans totaled $148.2
million at September 30, 2023, reflecting an increase from June 30,
2023 and September 30, 2022 levels. The Company currently has no
loans or leases on deferral and accruing.
For the quarter ended September 30, 2023, the
Company’s provision for credit losses was $5.9 million compared to
$1.7 million for the June 2023 quarter and $665,000 for the
September 2022 quarter. The increased provision for credit losses
in the September 2023 quarter was primarily driven by specific
provisions related to the two freight credits that were transferred
to nonaccrual status during the quarter as described above.
At September 30, 2023, the allowance for credit
losses was $68.6 million (1.25% of total loans), compared to $62.7
million (1.15% of loans) at June 30, 2023, and $59.7 million (1.15%
of loans) at September 30, 2022.
Capital
The Company’s capital position declined by $6.1
million during the September 2023 quarter as the Company
repurchased 100,000 shares of common stock through the Company’s
stock repurchase program at a cost of $2.8 million and paid a
quarterly cash dividend of $893,000. Additionally, during the third
quarter of 2023, the Company recorded a net loss in accumulated
other comprehensive income of $13.7 million, net of tax. This
amount was driven by a $15.0 million decline in the value of the
available for sale securities portfolio partially offset by a $1.3
million gain on cash flow hedges. The total accumulated other
comprehensive loss grew to $81.7 million as of September 30, 2023,
($91.0 million loss related to the available for sale securities
portfolio partially offset by a $9.3 million gain on the cash flow
hedges). These were partially offset by net income of $8.8
million.
Tangible book value per share declined during Q3
2023 to $28.77 at September 30, 2023 from $28.98 at June 30, 2023.
Tangible book value per share is a non-GAAP financial measure. See
the reconciliation tables included in this release. The Company’s
and Bank’s regulatory capital ratios as of September 30, 2023
remain strong, and generally reflect increases from September 30,
2022 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 June 30, 2023),
under the severely adverse case, and no growth scenario, the Bank
remains well capitalized over a two-year stress period.
On September 27, 2023, the Company declared a
cash dividend of $0.05 per share payable on November 27, 2023 to
shareholders of record on November 9, 2023.
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New
Jersey bank holding company with total assets of $6.5 billion and
assets under management/administration of $10.4 billion as of
September 30, 2023. 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.
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 2023 and beyond;
- our ability to successfully
integrate wealth management firm 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;
- 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;
- a potential government
shutdown;
- 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 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,
2022. 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 CFO
Peapack-Gladstone Financial Corporation
T: 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 |
|
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Income Statement
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
78,489 |
|
|
$ |
74,852 |
|
|
$ |
70,491 |
|
|
$ |
64,202 |
|
|
$ |
55,013 |
|
Interest expense |
|
|
41,974 |
|
|
|
35,931 |
|
|
|
26,513 |
|
|
|
16,162 |
|
|
|
9,488 |
|
Net interest income |
|
|
36,515 |
|
|
|
38,921 |
|
|
|
43,978 |
|
|
|
48,040 |
|
|
|
45,525 |
|
Wealth management fee income |
|
|
13,975 |
|
|
|
14,252 |
|
|
|
13,762 |
|
|
|
12,983 |
|
|
|
12,943 |
|
Service charges and fees |
|
|
1,319 |
|
|
|
1,320 |
|
|
|
1,258 |
|
|
|
1,150 |
|
|
|
1,060 |
|
Bank owned life insurance |
|
|
310 |
|
|
|
305 |
|
|
|
297 |
|
|
|
321 |
|
|
|
299 |
|
Gain on loans held for sale at
fair value (Mortgage banking) |
|
|
37 |
|
|
|
15 |
|
|
|
21 |
|
|
|
25 |
|
|
|
60 |
|
Fee income related to loan level,
back-to-back swaps |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
293 |
|
|
|
— |
|
Gain on sale of SBA loans |
|
|
491 |
|
|
|
838 |
|
|
|
865 |
|
|
|
624 |
|
|
|
622 |
|
Corporate advisory fee
income |
|
|
85 |
|
|
|
15 |
|
|
|
80 |
|
|
|
8 |
|
|
|
102 |
|
Other income (A) |
|
|
3,541 |
|
|
|
2,039 |
|
|
|
1,567 |
|
|
|
1,380 |
|
|
|
1,868 |
|
Fair value adjustment for CRA
equity security |
|
|
(404 |
) |
|
|
(209 |
) |
|
|
209 |
|
|
|
28 |
|
|
|
(571 |
) |
Total other income |
|
|
19,354 |
|
|
|
18,575 |
|
|
|
18,059 |
|
|
|
16,812 |
|
|
|
16,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
55,869 |
|
|
|
57,496 |
|
|
|
62,037 |
|
|
|
64,852 |
|
|
|
61,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
(B) |
|
|
25,264 |
|
|
|
26,354 |
|
|
|
24,586 |
|
|
|
22,489 |
|
|
|
22,656 |
|
Premises and equipment |
|
|
5,214 |
|
|
|
4,729 |
|
|
|
4,374 |
|
|
|
4,898 |
|
|
|
4,534 |
|
FDIC insurance expense |
|
|
741 |
|
|
|
729 |
|
|
|
711 |
|
|
|
455 |
|
|
|
510 |
|
Other expenses |
|
|
6,194 |
|
|
|
5,880 |
|
|
|
5,903 |
|
|
|
5,570 |
|
|
|
5,860 |
|
Total operating expenses |
|
|
37,413 |
|
|
|
37,692 |
|
|
|
35,574 |
|
|
|
33,412 |
|
|
|
33,560 |
|
Pretax income before provision
for credit losses |
|
|
18,456 |
|
|
|
19,804 |
|
|
|
26,463 |
|
|
|
31,440 |
|
|
|
28,348 |
|
Provision for credit losses |
|
|
5,856 |
|
|
|
1,696 |
|
|
|
1,513 |
|
|
|
1,930 |
|
|
|
599 |
|
Income before income taxes |
|
|
12,600 |
|
|
|
18,108 |
|
|
|
24,950 |
|
|
|
29,510 |
|
|
|
27,749 |
|
Income tax expense (C) |
|
|
3,845 |
|
|
|
4,963 |
|
|
|
6,595 |
|
|
|
8,931 |
|
|
|
7,623 |
|
Net income |
|
$ |
8,755 |
|
|
$ |
13,145 |
|
|
$ |
18,355 |
|
|
$ |
20,579 |
|
|
$ |
20,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic) |
|
$ |
0.49 |
|
|
$ |
0.73 |
|
|
$ |
1.03 |
|
|
$ |
1.15 |
|
|
$ |
1.11 |
|
Earnings per share (diluted) |
|
|
0.49 |
|
|
|
0.73 |
|
|
|
1.01 |
|
|
|
1.12 |
|
|
|
1.09 |
|
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,856,961 |
|
|
|
17,930,611 |
|
|
|
17,841,203 |
|
|
|
17,915,058 |
|
|
|
18,072,385 |
|
Diluted |
|
|
18,010,127 |
|
|
|
18,078,848 |
|
|
|
18,263,310 |
|
|
|
18,382,193 |
|
|
|
18,420,661 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
annualized (ROAA) |
|
|
0.54 |
% |
|
|
0.82 |
% |
|
|
1.16 |
% |
|
|
1.33 |
% |
|
|
1.30 |
% |
Return on average equity
annualized (ROAE) |
|
|
6.20 |
% |
|
|
9.43 |
% |
|
|
13.50 |
% |
|
|
15.73 |
% |
|
|
15.21 |
% |
Return on average tangible common
equity annualized (ROATCE) (D) |
|
|
6.75 |
% |
|
|
10.30 |
% |
|
|
14.78 |
% |
|
|
17.30 |
% |
|
|
16.73 |
% |
Net interest margin
(tax-equivalent basis) |
|
|
2.28 |
% |
|
|
2.49 |
% |
|
|
2.88 |
% |
|
|
3.12 |
% |
|
|
2.98 |
% |
GAAP efficiency ratio (E) |
|
|
66.97 |
% |
|
|
65.56 |
% |
|
|
57.34 |
% |
|
|
51.52 |
% |
|
|
54.21 |
% |
Operating expenses / average
assets annualized |
|
|
2.31 |
% |
|
|
2.36 |
% |
|
|
2.26 |
% |
|
|
2.15 |
% |
|
|
2.17 |
% |
(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
recent retirement of certain employees.(C) The three months ended
December 31, 2022 included $750,000 income tax expense (net federal
benefit) related to a recent New York City nexus determination
change which included $563,000 from prior quarters.(D) Return on
average tangible common equity is calculated by dividing tangible
common equity by annualized net income. See Non-GAAP financial
measures reconciliation included in these tables.(E) 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
CORPORATIONSELECTED CONSOLIDATED FINANCIAL
DATA(Dollars in Thousands, except share
data)(Unaudited)
|
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
Change |
|
|
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
Income Statement
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
223,832 |
|
|
$ |
147,673 |
|
|
$ |
76,159 |
|
|
|
52 |
% |
Interest expense |
|
|
104,418 |
|
|
|
19,633 |
|
|
|
84,785 |
|
|
|
432 |
% |
Net interest income |
|
|
119,414 |
|
|
|
128,040 |
|
|
|
(8,626 |
) |
|
|
-7 |
% |
Wealth management fee income |
|
|
41,989 |
|
|
|
41,668 |
|
|
|
321 |
|
|
|
1 |
% |
Service charges and fees |
|
|
3,897 |
|
|
|
3,075 |
|
|
|
822 |
|
|
|
27 |
% |
Bank owned life insurance |
|
|
912 |
|
|
|
922 |
|
|
|
(10 |
) |
|
|
-1 |
% |
Gain on loans held for sale at
fair value (Mortgage banking) |
|
|
73 |
|
|
|
458 |
|
|
|
(385 |
) |
|
|
-84 |
% |
Fee income related to loan level,
back-to-back swaps |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
Gain on sale of SBA loans |
|
|
2,194 |
|
|
|
6,141 |
|
|
|
(3,947 |
) |
|
|
-64 |
% |
Corporate advisory fee
income |
|
|
180 |
|
|
|
1,696 |
|
|
|
(1,516 |
) |
|
|
-89 |
% |
Other income (A) |
|
|
7,147 |
|
|
|
3,982 |
|
|
|
3,165 |
|
|
|
79 |
% |
Loss on securities sale, net
(B) |
|
|
— |
|
|
|
(6,609 |
) |
|
|
6,609 |
|
|
|
-100 |
% |
Fair value adjustment for CRA
equity security |
|
|
(404 |
) |
|
|
(1,728 |
) |
|
|
1,324 |
|
|
|
-77 |
% |
Total other income |
|
|
55,988 |
|
|
|
49,605 |
|
|
|
6,383 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
175,402 |
|
|
|
177,645 |
|
|
|
(2,243 |
) |
|
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
(C) |
|
|
76,204 |
|
|
|
66,987 |
|
|
|
9,217 |
|
|
|
14 |
% |
Premises and equipment |
|
|
14,317 |
|
|
|
13,821 |
|
|
|
496 |
|
|
|
4 |
% |
FDIC insurance expense |
|
|
2,181 |
|
|
|
1,484 |
|
|
|
697 |
|
|
|
47 |
% |
Swap valuation allowance |
|
|
— |
|
|
|
673 |
|
|
|
(673 |
) |
|
|
-100 |
% |
Other expenses |
|
|
17,977 |
|
|
|
17,423 |
|
|
|
554 |
|
|
|
3 |
% |
Total operating expenses |
|
|
110,679 |
|
|
|
100,388 |
|
|
|
10,291 |
|
|
|
10 |
% |
Pretax income before provision
for credit losses |
|
|
64,723 |
|
|
|
77,257 |
|
|
|
(12,534 |
) |
|
|
-16 |
% |
Provision for credit losses |
|
|
9,065 |
|
|
|
4,423 |
|
|
|
4,642 |
|
|
|
105 |
% |
Income before income taxes |
|
|
55,658 |
|
|
|
72,834 |
|
|
|
(17,176 |
) |
|
|
-24 |
% |
Income tax expense |
|
|
15,403 |
|
|
|
19,167 |
|
|
|
(3,764 |
) |
|
|
-20 |
% |
Net income |
|
$ |
40,255 |
|
|
$ |
53,667 |
|
|
$ |
(13,412 |
) |
|
|
-25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic) |
|
$ |
2.25 |
|
|
$ |
2.94 |
|
|
$ |
(0.69 |
) |
|
|
-23 |
% |
Earnings per share (diluted) |
|
|
2.23 |
|
|
|
2.88 |
|
|
|
(0.65 |
) |
|
|
-23 |
% |
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,876,316 |
|
|
|
18,244,691 |
|
|
|
(368,375 |
) |
|
|
-2 |
% |
Diluted |
|
|
18,091,524 |
|
|
|
18,652,042 |
|
|
|
(560,518 |
) |
|
|
-3 |
% |
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(ROAA) |
|
|
0.84 |
% |
|
|
1.16 |
% |
|
|
(0.32 |
)% |
|
|
-28 |
% |
Return on average equity
(ROAE) |
|
|
9.66 |
% |
|
|
13.46 |
% |
|
|
(3.80 |
)% |
|
|
-28 |
% |
Return on average tangible common
equity (ROATCE) (D) |
|
|
10.55 |
% |
|
|
14.81 |
% |
|
|
(4.26 |
)% |
|
|
-29 |
% |
Net interest margin
(tax-equivalent basis) |
|
|
2.54 |
% |
|
|
2.83 |
% |
|
|
(0.29 |
)% |
|
|
-10 |
% |
GAAP efficiency ratio (E) |
|
|
63.10 |
% |
|
|
56.51 |
% |
|
|
6.59 |
% |
|
|
12 |
% |
Operating expenses / average
assets |
|
|
2.31 |
% |
|
|
2.17 |
% |
|
|
0.14 |
% |
|
|
6 |
% |
(A) The nine months ended September 2023
included $2.7 million of fee income from equipment finance
activity.(B) Loss on sale of securities was a result of a balance
sheet repositioning employed in the March 2022 quarter.(C) The nine
months ended September 30, 2023 included $2.0 million of expense
associated with the recent retirement of certain employees. The
nine months ended September 30, 2022 quarter included $1.5 million
of severance expense related to corporate restructuring.(D) Return
on average tangible common equity is calculated by dividing
tangible common equity by annualized net income. See Non-GAAP
financial measures reconciliation included in these tables.(E)
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 |
|
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
7,400 |
|
|
$ |
4,859 |
|
|
$ |
6,514 |
|
|
$ |
5,937 |
|
|
$ |
5,066 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
180,469 |
|
|
|
166,769 |
|
|
|
244,779 |
|
|
|
184,138 |
|
|
|
103,214 |
|
Total cash and cash equivalents |
|
|
187,869 |
|
|
|
171,628 |
|
|
|
251,293 |
|
|
|
190,075 |
|
|
|
108,280 |
|
Securities available for
sale |
|
|
521,005 |
|
|
|
540,519 |
|
|
|
556,266 |
|
|
|
554,648 |
|
|
|
497,880 |
|
Securities held to maturity |
|
|
108,940 |
|
|
|
110,438 |
|
|
|
111,609 |
|
|
|
102,291 |
|
|
|
103,551 |
|
CRA equity security, at fair
value |
|
|
12,581 |
|
|
|
12,985 |
|
|
|
13,194 |
|
|
|
12,985 |
|
|
|
12,957 |
|
FHLB and FRB stock, at cost
(A) |
|
|
34,158 |
|
|
|
35,402 |
|
|
|
30,338 |
|
|
|
30,672 |
|
|
|
14,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
585,295 |
|
|
|
575,238 |
|
|
|
544,655 |
|
|
|
525,756 |
|
|
|
519,088 |
|
Multifamily mortgage |
|
|
1,871,853 |
|
|
|
1,884,369 |
|
|
|
1,871,387 |
|
|
|
1,863,915 |
|
|
|
1,856,675 |
|
Commercial mortgage |
|
|
622,469 |
|
|
|
624,710 |
|
|
|
613,911 |
|
|
|
624,625 |
|
|
|
638,903 |
|
Commercial and industrial
loans |
|
|
2,321,917 |
|
|
|
2,278,133 |
|
|
|
2,266,837 |
|
|
|
2,213,762 |
|
|
|
2,099,917 |
|
Consumer loans |
|
|
57,227 |
|
|
|
52,098 |
|
|
|
49,002 |
|
|
|
38,014 |
|
|
|
37,412 |
|
Home equity lines of credit |
|
|
34,411 |
|
|
|
34,397 |
|
|
|
33,294 |
|
|
|
34,496 |
|
|
|
36,375 |
|
Other loans |
|
|
265 |
|
|
|
269 |
|
|
|
443 |
|
|
|
304 |
|
|
|
259 |
|
Total loans |
|
|
5,493,437 |
|
|
|
5,449,214 |
|
|
|
5,379,529 |
|
|
|
5,300,872 |
|
|
|
5,188,629 |
|
Less: Allowance for credit losses |
|
|
68,592 |
|
|
|
62,704 |
|
|
|
62,250 |
|
|
|
60,829 |
|
|
|
59,683 |
|
Net loans |
|
|
5,424,845 |
|
|
|
5,386,510 |
|
|
|
5,317,279 |
|
|
|
5,240,043 |
|
|
|
5,128,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment |
|
|
23,969 |
|
|
|
23,814 |
|
|
|
23,782 |
|
|
|
23,831 |
|
|
|
23,781 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
116 |
|
|
|
116 |
|
|
|
116 |
|
Accrued interest receivable |
|
|
22,889 |
|
|
|
20,865 |
|
|
|
19,143 |
|
|
|
25,157 |
|
|
|
17,816 |
|
Bank owned life insurance |
|
|
47,509 |
|
|
|
47,382 |
|
|
|
47,261 |
|
|
|
47,147 |
|
|
|
47,072 |
|
Goodwill and other intangible
assets |
|
|
46,286 |
|
|
|
46,624 |
|
|
|
46,979 |
|
|
|
47,333 |
|
|
|
47,698 |
|
Finance lease right-of-use
assets |
|
|
2,274 |
|
|
|
2,461 |
|
|
|
2,648 |
|
|
|
2,835 |
|
|
|
3,021 |
|
Operating lease right-of-use
assets |
|
|
12,800 |
|
|
|
13,500 |
|
|
|
12,262 |
|
|
|
12,873 |
|
|
|
13,404 |
|
Other assets |
|
|
76,456 |
|
|
|
67,572 |
|
|
|
47,848 |
|
|
|
63,587 |
|
|
|
67,753 |
|
TOTAL ASSETS |
|
$ |
6,521,581 |
|
|
$ |
6,479,700 |
|
|
$ |
6,480,018 |
|
|
$ |
6,353,593 |
|
|
$ |
6,087,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
$ |
947,405 |
|
|
$ |
1,024,105 |
|
|
$ |
1,096,549 |
|
|
$ |
1,246,066 |
|
|
$ |
1,317,954 |
|
Interest-bearing demand deposits |
|
|
2,871,359 |
|
|
|
2,816,913 |
|
|
|
2,797,493 |
|
|
|
2,143,611 |
|
|
|
2,149,629 |
|
Savings |
|
|
117,905 |
|
|
|
120,082 |
|
|
|
132,523 |
|
|
|
157,338 |
|
|
|
166,821 |
|
Money market accounts |
|
|
761,833 |
|
|
|
763,026 |
|
|
|
873,329 |
|
|
|
1,228,234 |
|
|
|
1,178,112 |
|
Certificates of deposit – Retail |
|
|
422,291 |
|
|
|
384,106 |
|
|
|
357,131 |
|
|
|
318,573 |
|
|
|
345,047 |
|
Certificates of deposit – Listing Service |
|
|
9,103 |
|
|
|
10,822 |
|
|
|
15,922 |
|
|
|
25,358 |
|
|
|
30,647 |
|
Subtotal “customer” deposits |
|
|
5,129,896 |
|
|
|
5,119,054 |
|
|
|
5,272,947 |
|
|
|
5,119,180 |
|
|
|
5,188,210 |
|
IB Demand – Brokered |
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
60,000 |
|
|
|
85,000 |
|
Certificates of deposit – Brokered |
|
|
119,463 |
|
|
|
69,443 |
|
|
|
25,895 |
|
|
|
25,984 |
|
|
|
25,974 |
|
Total deposits |
|
|
5,259,359 |
|
|
|
5,198,497 |
|
|
|
5,308,842 |
|
|
|
5,205,164 |
|
|
|
5,299,184 |
|
Short-term borrowings |
|
|
470,576 |
|
|
|
485,360 |
|
|
|
378,800 |
|
|
|
379,530 |
|
|
|
32,369 |
|
Finance lease liability |
|
|
3,752 |
|
|
|
4,071 |
|
|
|
4,385 |
|
|
|
4,696 |
|
|
|
5,003 |
|
Operating lease liability |
|
|
13,595 |
|
|
|
14,308 |
|
|
|
13,082 |
|
|
|
13,704 |
|
|
|
14,101 |
|
Subordinated debt, net |
|
|
133,203 |
|
|
|
133,131 |
|
|
|
133,059 |
|
|
|
132,987 |
|
|
|
132,916 |
|
Due to brokers |
|
|
— |
|
|
|
— |
|
|
|
8,308 |
|
|
|
— |
|
|
|
— |
|
Other liabilities |
|
|
82,140 |
|
|
|
79,264 |
|
|
|
78,584 |
|
|
|
84,532 |
|
|
|
88,174 |
|
TOTAL LIABILITIES |
|
|
5,962,625 |
|
|
|
5,914,631 |
|
|
|
5,925,060 |
|
|
|
5,820,613 |
|
|
|
5,571,747 |
|
Shareholders’ equity |
|
|
558,956 |
|
|
|
565,069 |
|
|
|
554,958 |
|
|
|
532,980 |
|
|
|
515,514 |
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
$ |
6,521,581 |
|
|
$ |
6,479,700 |
|
|
$ |
6,480,018 |
|
|
$ |
6,353,593 |
|
|
$ |
6,087,261 |
|
Assets under management
and / or administration at Peapack-Gladstone
Bank’s Private Wealth Management Division (market
value, not included above-dollars in billions) |
|
$ |
10.4 |
|
|
$ |
10.7 |
|
|
$ |
10.4 |
|
|
$ |
9.9 |
|
|
$ |
9.3 |
|
(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 |
|
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due over 90 days and
still accruing |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Nonaccrual loans (A) |
|
|
70,809 |
|
|
|
34,505 |
|
|
|
28,659 |
|
|
|
18,974 |
|
|
|
15,724 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
116 |
|
|
|
116 |
|
|
|
116 |
|
Total nonperforming assets |
|
$ |
70,809 |
|
|
$ |
34,505 |
|
|
$ |
28,775 |
|
|
$ |
19,090 |
|
|
$ |
15,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total
loans |
|
|
1.29 |
% |
|
|
0.63 |
% |
|
|
0.53 |
% |
|
|
0.36 |
% |
|
|
0.30 |
% |
Nonperforming assets to total
assets |
|
|
1.09 |
% |
|
|
0.53 |
% |
|
|
0.44 |
% |
|
|
0.30 |
% |
|
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing modifications
(B)(C) |
|
$ |
248 |
|
|
$ |
248 |
|
|
$ |
248 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing TDRs (D)(E) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
965 |
|
|
$ |
2,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30 through 89 days
and still accruing |
|
$ |
9,780 |
|
|
$ |
14,524 |
|
|
$ |
2,762 |
|
|
$ |
7,592 |
|
|
$ |
7,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans subject to special
mention |
|
$ |
53,328 |
|
|
$ |
53,606 |
|
|
$ |
46,566 |
|
|
$ |
64,842 |
|
|
$ |
82,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified loans |
|
$ |
94,866 |
|
|
$ |
58,655 |
|
|
$ |
58,010 |
|
|
$ |
42,985 |
|
|
$ |
27,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated loans |
|
$ |
70,184 |
|
|
$ |
33,867 |
|
|
$ |
27,736 |
|
|
$ |
16,732 |
|
|
$ |
13,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
("ACL"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of quarter |
|
$ |
62,704 |
|
|
$ |
62,250 |
|
|
$ |
60,829 |
|
|
$ |
59,683 |
|
|
$ |
59,022 |
|
Provision for credit losses (F) |
|
|
5,944 |
|
|
|
1,666 |
|
|
|
1,464 |
|
|
|
2,103 |
|
|
|
665 |
|
(Charge-offs)/recoveries, net (G) |
|
|
(56 |
) |
|
|
(1,212 |
) |
|
|
(43 |
) |
|
|
(957 |
) |
|
|
(4 |
) |
End of quarter |
|
$ |
68,592 |
|
|
$ |
62,704 |
|
|
$ |
62,250 |
|
|
$ |
60,829 |
|
|
$ |
59,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to nonperforming loans |
|
|
96.87 |
% |
|
|
181.72 |
% |
|
|
217.21 |
% |
|
|
320.59 |
% |
|
|
379.57 |
% |
ACL to total loans |
|
|
1.25 |
% |
|
|
1.15 |
% |
|
|
1.16 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
Collectively evaluated ACL to
total loans (H) |
|
|
1.10 |
% |
|
|
1.11 |
% |
|
|
1.11 |
% |
|
|
1.12 |
% |
|
|
1.10 |
% |
(A) Excludes $1.6 million in held for sale
at September 30, 2023. Includes two freight credits totaling $33.4
million at September 30, 2023.(B) Amounts reflect modifications
that are paying according to modified terms.(C) Excludes
modifications included in nonaccrual loans of $3.1 million at
September 30, 2023 and $777,000 at June 30, 2023.(D) Amounts
reflect troubled debt restructurings (“TDRs”) that are paying
according to restructured terms.(E) Excludes TDRs included in
nonaccrual loans in the following amounts: $13.4 million at
December 31, 2022 and $12.9 million at September 30, 2022. On
January 1, 2023, the Company adopted Accounting Standards Update
2022-02, which replaced the accounting and recognition of TDRs.(F)
Provision to roll forward the ACL excludes a credit of $88,000 at
September 30, 2023, a provision of $30,000 at June 30, 2023, a
provision of $49,000 at March 31, 2023, a credit of $173,000 at
December 31, 2022 and a credit of $66,000 at September 30, 2022
related to off-balance sheet commitments.(G) Net charge-offs for
the quarters ended June 30, 2023 and December 31, 2022 included a
charge-off of $1.2 million of a previously established reserve to
loans individually evaluated on one commercial real estate loan.(H)
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 |
|
|
|
September 30, |
|
|
December 31, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Capital
Adequacy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets (A) |
|
|
|
|
8.57 |
% |
|
|
|
|
8.39 |
% |
|
|
|
|
8.47 |
% |
Tangible equity to tangible
assets (B) |
|
|
|
|
7.92 |
% |
|
|
|
|
7.70 |
% |
|
|
|
|
7.75 |
% |
Book value per share (C) |
|
|
|
$ |
31.37 |
|
|
|
|
$ |
29.92 |
|
|
|
|
$ |
28.77 |
|
Tangible book value per share
(D) |
|
|
|
$ |
28.77 |
|
|
|
|
$ |
27.26 |
|
|
|
|
$ |
26.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible
assets excluding other comprehensive loss* |
|
|
|
|
9.06 |
% |
|
|
|
|
8.77 |
% |
|
|
|
|
8.88 |
% |
Tangible book value per share
excluding other comprehensive loss* |
|
|
|
$ |
33.36 |
|
|
|
|
$ |
31.43 |
|
|
|
|
$ |
30.29 |
|
*Excludes other comprehensive loss of $81.7
million for the quarter ended September 30, 2023, $74.2 million for
the quarter ended December 31, 2022, and $75.0 million for the
quarter ended September 30, 2022. 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 |
|
|
September 30, |
|
December 31, |
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Regulatory Capital –
Holding Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage |
|
$ |
592,061 |
|
|
9.05 |
% |
|
$ |
557,627 |
|
|
8.90 |
% |
|
$ |
540,464 |
|
|
8.70 |
% |
Tier I capital to risk-weighted
assets |
|
|
592,061 |
|
|
11.13 |
|
|
|
557,627 |
|
|
11.02 |
|
|
|
540,464 |
|
|
10.86 |
|
Common equity tier I capital
ratio to risk-weighted assets |
|
|
592,043 |
|
|
11.13 |
|
|
|
557,609 |
|
|
11.02 |
|
|
|
540,440 |
|
|
10.86 |
|
Tier I & II capital to
risk-weighted assets |
|
|
784,777 |
|
|
14.76 |
|
|
|
745,197 |
|
|
14.73 |
|
|
|
733,988 |
|
|
14.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital –
Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage (E) |
|
$ |
702,517 |
|
|
10.75 |
% |
|
$ |
680,137 |
|
|
10.85 |
% |
|
$ |
670,717 |
|
|
10.79 |
% |
Tier I capital to risk-weighted
assets (F) |
|
|
702,517 |
|
|
13.22 |
|
|
|
680,137 |
|
|
13.45 |
|
|
|
670,717 |
|
|
13.48 |
|
Common equity tier I capital
ratio to risk-weighted assets (G) |
|
|
702,499 |
|
|
13.22 |
|
|
|
680,119 |
|
|
13.45 |
|
|
|
670,693 |
|
|
13.48 |
|
Tier I & II capital to
risk-weighted assets (H) |
|
|
768,979 |
|
|
14.47 |
|
|
|
741,719 |
|
|
14.67 |
|
|
|
731,325 |
|
|
14.69 |
|
(E) Regulatory well capitalized standard
(including capital conservation buffer) = 4.00% ($261 million)(F)
Regulatory well capitalized standard (including capital
conservation buffer) = 8.50% ($452 million)(G) Regulatory well
capitalized standard (including capital conservation buffer) =
7.00% ($372 million)(H) Regulatory well capitalized standard
(including capital conservation buffer) = 10.50% ($558 million)
PEAPACK-GLADSTONE FINANCIAL
CORPORATIONLOANS CLOSED(Dollars
in Thousands)(Unaudited)
|
|
For the Quarters Ended |
|
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Residential loans retained |
|
$ |
21,310 |
|
|
$ |
39,358 |
|
|
$ |
30,303 |
|
|
$ |
28,051 |
|
|
$ |
17,885 |
|
Residential loans sold |
|
|
2,503 |
|
|
|
1,072 |
|
|
|
1,477 |
|
|
|
1,840 |
|
|
|
4,898 |
|
Total residential loans |
|
|
23,813 |
|
|
|
40,430 |
|
|
|
31,780 |
|
|
|
29,891 |
|
|
|
22,783 |
|
Commercial real estate |
|
|
3,900 |
|
|
|
43,235 |
|
|
|
18,990 |
|
|
|
6,747 |
|
|
|
7,320 |
|
Multifamily |
|
|
3,000 |
|
|
|
26,662 |
|
|
|
30,150 |
|
|
|
37,500 |
|
|
|
4,000 |
|
Commercial (C&I) loans/leases
(A) (B) |
|
|
176,845 |
|
|
|
158,972 |
|
|
|
207,814 |
|
|
|
238,568 |
|
|
|
251,249 |
|
SBA |
|
|
300 |
|
|
|
13,713 |
|
|
|
9,950 |
|
|
|
17,431 |
|
|
|
5,682 |
|
Wealth lines of credit (A) |
|
|
6,875 |
|
|
|
3,950 |
|
|
|
23,225 |
|
|
|
7,700 |
|
|
|
4,450 |
|
Total commercial loans |
|
|
190,920 |
|
|
|
246,532 |
|
|
|
290,129 |
|
|
|
307,946 |
|
|
|
272,701 |
|
Installment loans |
|
|
6,999 |
|
|
|
4,587 |
|
|
|
12,086 |
|
|
|
1,845 |
|
|
|
1,253 |
|
Home equity lines of credit
(A) |
|
|
6,275 |
|
|
|
6,107 |
|
|
|
2,921 |
|
|
|
3,815 |
|
|
|
5,614 |
|
Total loans closed |
|
$ |
228,007 |
|
|
$ |
297,656 |
|
|
$ |
336,916 |
|
|
$ |
343,497 |
|
|
$ |
302,351 |
|
|
|
For the Nine Months Ended |
|
|
|
Sept 30, |
|
|
Sept 30, |
|
|
|
2023 |
|
|
2022 |
|
Residential loans retained |
|
$ |
90,971 |
|
|
$ |
94,604 |
|
Residential loans sold |
|
|
5,052 |
|
|
|
30,453 |
|
Total residential loans |
|
|
96,023 |
|
|
|
125,057 |
|
Commercial real estate |
|
|
66,125 |
|
|
|
46,855 |
|
Multifamily |
|
|
59,812 |
|
|
|
344,214 |
|
Commercial (C&I) loans (A)
(B) |
|
|
543,631 |
|
|
|
727,079 |
|
SBA |
|
|
23,963 |
|
|
|
42,309 |
|
Wealth lines of credit (A) |
|
|
34,050 |
|
|
|
26,425 |
|
Total commercial loans |
|
|
727,581 |
|
|
|
1,186,882 |
|
Installment loans |
|
|
23,672 |
|
|
|
1,484 |
|
Home equity lines of credit
(A) |
|
|
15,303 |
|
|
|
10,852 |
|
Total loans closed |
|
$ |
862,579 |
|
|
$ |
1,324,275 |
|
(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 |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
806,861 |
|
|
$ |
5,170 |
|
|
|
2.56 |
% |
|
$ |
754,180 |
|
|
$ |
2,853 |
|
|
|
1.51 |
% |
Tax-exempt (A) (B) |
|
|
1,198 |
|
|
|
11 |
|
|
|
3.67 |
|
|
|
3,226 |
|
|
|
30 |
|
|
|
3.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
580,951 |
|
|
|
5,208 |
|
|
|
3.59 |
|
|
|
513,864 |
|
|
|
3,861 |
|
|
|
3.01 |
|
Commercial mortgages |
|
|
2,502,351 |
|
|
|
27,746 |
|
|
|
4.44 |
|
|
|
2,510,616 |
|
|
|
23,121 |
|
|
|
3.68 |
|
Commercial |
|
|
2,298,723 |
|
|
|
37,357 |
|
|
|
6.50 |
|
|
|
2,016,590 |
|
|
|
23,362 |
|
|
|
4.63 |
|
Commercial construction |
|
|
12,346 |
|
|
|
282 |
|
|
|
9.14 |
|
|
|
12,073 |
|
|
|
143 |
|
|
|
4.74 |
|
Installment |
|
|
56,248 |
|
|
|
967 |
|
|
|
6.88 |
|
|
|
38,338 |
|
|
|
399 |
|
|
|
4.16 |
|
Home equity |
|
|
34,250 |
|
|
|
680 |
|
|
|
7.94 |
|
|
|
36,706 |
|
|
|
451 |
|
|
|
4.91 |
|
Other |
|
|
234 |
|
|
|
7 |
|
|
|
11.97 |
|
|
|
263 |
|
|
|
7 |
|
|
|
10.65 |
|
Total loans |
|
|
5,485,103 |
|
|
|
72,247 |
|
|
|
5.27 |
|
|
|
5,128,450 |
|
|
|
51,344 |
|
|
|
4.00 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
136,315 |
|
|
|
1,463 |
|
|
|
4.29 |
|
|
|
232,158 |
|
|
|
1,162 |
|
|
|
2.00 |
|
Total interest-earning assets |
|
|
6,429,477 |
|
|
|
78,891 |
|
|
|
4.91 |
% |
|
|
6,118,014 |
|
|
|
55,389 |
|
|
|
3.62 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
6,954 |
|
|
|
|
|
|
|
|
|
8,296 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(63,625 |
) |
|
|
|
|
|
|
|
|
(59,464 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
23,880 |
|
|
|
|
|
|
|
|
|
23,580 |
|
|
|
|
|
|
|
Other assets |
|
|
85,582 |
|
|
|
|
|
|
|
|
|
97,583 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
52,791 |
|
|
|
|
|
|
|
|
|
69,995 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,482,268 |
|
|
|
|
|
|
|
|
$ |
6,188,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
2,813,080 |
|
|
$ |
24,318 |
|
|
|
3.46 |
% |
|
$ |
2,408,206 |
|
|
$ |
5,127 |
|
|
|
0.85 |
% |
Money markets |
|
|
771,781 |
|
|
|
4,458 |
|
|
|
2.31 |
|
|
|
1,237,975 |
|
|
|
1,557 |
|
|
|
0.50 |
|
Savings |
|
|
118,718 |
|
|
|
75 |
|
|
|
0.25 |
|
|
|
168,281 |
|
|
|
5 |
|
|
|
0.01 |
|
Certificates of deposit – retail |
|
|
415,665 |
|
|
|
3,459 |
|
|
|
3.33 |
|
|
|
391,340 |
|
|
|
791 |
|
|
|
0.81 |
|
Subtotal interest-bearing deposits |
|
|
4,119,244 |
|
|
|
32,310 |
|
|
|
3.14 |
|
|
|
4,205,802 |
|
|
|
7,480 |
|
|
|
0.71 |
|
Interest-bearing demand – brokered |
|
|
10,000 |
|
|
|
136 |
|
|
|
5.44 |
|
|
|
85,000 |
|
|
|
345 |
|
|
|
1.62 |
|
Certificates of deposit – brokered |
|
|
102,777 |
|
|
|
1,183 |
|
|
|
4.60 |
|
|
|
25,968 |
|
|
|
210 |
|
|
|
3.23 |
|
Total interest-bearing deposits |
|
|
4,232,021 |
|
|
|
33,629 |
|
|
|
3.18 |
|
|
|
4,316,770 |
|
|
|
8,035 |
|
|
|
0.74 |
|
Borrowings |
|
|
470,616 |
|
|
|
6,569 |
|
|
|
5.58 |
|
|
|
3,810 |
|
|
|
29 |
|
|
|
3.04 |
|
Capital lease obligation |
|
|
3,863 |
|
|
|
46 |
|
|
|
4.76 |
|
|
|
5,106 |
|
|
|
61 |
|
|
|
4.78 |
|
Subordinated debt |
|
|
133,163 |
|
|
|
1,730 |
|
|
|
5.20 |
|
|
|
132,874 |
|
|
|
1,363 |
|
|
|
4.10 |
|
Total interest-bearing liabilities |
|
|
4,839,663 |
|
|
|
41,974 |
|
|
|
3.47 |
% |
|
|
4,458,560 |
|
|
|
9,488 |
|
|
|
0.85 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
990,854 |
|
|
|
|
|
|
|
|
|
1,116,843 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
86,598 |
|
|
|
|
|
|
|
|
|
83,446 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
1,077,452 |
|
|
|
|
|
|
|
|
|
1,200,289 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
565,153 |
|
|
|
|
|
|
|
|
|
529,160 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
6,482,268 |
|
|
|
|
|
|
|
|
$ |
6,188,009 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
36,917 |
|
|
|
|
|
|
|
|
$ |
45,901 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.44 |
% |
|
|
|
|
|
|
|
|
2.77 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.28 |
% |
|
|
|
|
|
|
|
|
2.98 |
% |
(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 |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
806,861 |
|
|
$ |
5,170 |
|
|
|
2.56 |
% |
|
$ |
806,447 |
|
|
$ |
4,900 |
|
|
|
2.43 |
% |
Tax-exempt (A) (B) |
|
|
1,198 |
|
|
|
11 |
|
|
|
3.67 |
|
|
|
1,858 |
|
|
|
20 |
|
|
|
4.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
580,951 |
|
|
|
5,208 |
|
|
|
3.59 |
|
|
|
557,575 |
|
|
|
4,942 |
|
|
|
3.55 |
|
Commercial mortgages |
|
|
2,502,351 |
|
|
|
27,746 |
|
|
|
4.44 |
|
|
|
2,504,268 |
|
|
|
26,839 |
|
|
|
4.29 |
|
Commercial |
|
|
2,298,723 |
|
|
|
37,357 |
|
|
|
6.50 |
|
|
|
2,241,817 |
|
|
|
35,457 |
|
|
|
6.33 |
|
Commercial construction |
|
|
12,346 |
|
|
|
282 |
|
|
|
9.14 |
|
|
|
6,977 |
|
|
|
165 |
|
|
|
9.46 |
|
Installment |
|
|
56,248 |
|
|
|
967 |
|
|
|
6.88 |
|
|
|
51,269 |
|
|
|
841 |
|
|
|
6.56 |
|
Home equity |
|
|
34,250 |
|
|
|
680 |
|
|
|
7.94 |
|
|
|
33,650 |
|
|
|
633 |
|
|
|
7.52 |
|
Other |
|
|
234 |
|
|
|
7 |
|
|
|
11.97 |
|
|
|
271 |
|
|
|
7 |
|
|
|
10.33 |
|
Total loans |
|
|
5,485,103 |
|
|
|
72,247 |
|
|
|
5.27 |
|
|
|
5,395,827 |
|
|
|
68,884 |
|
|
|
5.11 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
136,315 |
|
|
|
1,463 |
|
|
|
4.29 |
|
|
|
141,968 |
|
|
|
1,451 |
|
|
|
4.09 |
|
Total interest-earning assets |
|
|
6,429,477 |
|
|
|
78,891 |
|
|
|
4.91 |
% |
|
|
6,346,100 |
|
|
|
75,255 |
|
|
|
4.74 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
6,954 |
|
|
|
|
|
|
|
|
|
7,800 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(63,625 |
) |
|
|
|
|
|
|
|
|
(63,045 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
23,880 |
|
|
|
|
|
|
|
|
|
23,745 |
|
|
|
|
|
|
|
Other assets |
|
|
85,582 |
|
|
|
|
|
|
|
|
|
85,969 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
52,791 |
|
|
|
|
|
|
|
|
|
54,469 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,482,268 |
|
|
|
|
|
|
|
|
$ |
6,400,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
2,813,080 |
|
|
$ |
24,318 |
|
|
|
3.46 |
% |
|
$ |
2,834,140 |
|
|
$ |
22,219 |
|
|
|
3.14 |
% |
Money markets |
|
|
771,781 |
|
|
|
4,458 |
|
|
|
2.31 |
|
|
|
788,745 |
|
|
|
3,853 |
|
|
|
1.95 |
|
Savings |
|
|
118,718 |
|
|
|
75 |
|
|
|
0.25 |
|
|
|
125,555 |
|
|
|
45 |
|
|
|
0.14 |
|
Certificates of deposit – retail |
|
|
415,665 |
|
|
|
3,459 |
|
|
|
3.33 |
|
|
|
385,211 |
|
|
|
2,462 |
|
|
|
2.56 |
|
Subtotal interest-bearing deposits |
|
|
4,119,244 |
|
|
|
32,310 |
|
|
|
3.14 |
|
|
|
4,133,651 |
|
|
|
28,579 |
|
|
|
2.77 |
|
Interest-bearing demand – brokered |
|
|
10,000 |
|
|
|
136 |
|
|
|
5.44 |
|
|
|
10,000 |
|
|
|
125 |
|
|
|
5.00 |
|
Certificates of deposit – brokered |
|
|
102,777 |
|
|
|
1,183 |
|
|
|
4.60 |
|
|
|
26,165 |
|
|
|
196 |
|
|
|
3.00 |
|
Total interest-bearing deposits |
|
|
4,232,021 |
|
|
|
33,629 |
|
|
|
3.18 |
|
|
|
4,169,816 |
|
|
|
28,900 |
|
|
|
2.77 |
|
Borrowings |
|
|
470,616 |
|
|
|
6,569 |
|
|
|
5.58 |
|
|
|
413,961 |
|
|
|
5,384 |
|
|
|
5.20 |
|
Capital lease obligation |
|
|
3,863 |
|
|
|
46 |
|
|
|
4.76 |
|
|
|
4,187 |
|
|
|
50 |
|
|
|
4.78 |
|
Subordinated debt |
|
|
133,163 |
|
|
|
1,730 |
|
|
|
5.20 |
|
|
|
133,090 |
|
|
|
1,597 |
|
|
|
4.80 |
|
Total interest-bearing liabilities |
|
|
4,839,663 |
|
|
|
41,974 |
|
|
|
3.47 |
% |
|
|
4,721,054 |
|
|
|
35,931 |
|
|
|
3.04 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
990,854 |
|
|
|
|
|
|
|
|
|
1,033,176 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
86,598 |
|
|
|
|
|
|
|
|
|
88,911 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
1,077,452 |
|
|
|
|
|
|
|
|
|
1,122,087 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
565,153 |
|
|
|
|
|
|
|
|
|
557,428 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
6,482,268 |
|
|
|
|
|
|
|
|
$ |
6,400,569 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
36,917 |
|
|
|
|
|
|
|
|
$ |
39,324 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.44 |
% |
|
|
|
|
|
|
|
|
1.70 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.28 |
% |
|
|
|
|
|
|
|
|
2.49 |
% |
(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 Nine Months Ended |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
801,535 |
|
|
$ |
14,541 |
|
|
|
2.42 |
% |
|
$ |
818,411 |
|
|
$ |
9,995 |
|
|
|
1.63 |
% |
Tax-exempt (A) (B) |
|
|
1,637 |
|
|
|
49 |
|
|
|
3.99 |
|
|
|
4,035 |
|
|
|
117 |
|
|
|
3.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
556,220 |
|
|
|
14,433 |
|
|
|
3.46 |
|
|
|
511,999 |
|
|
|
11,148 |
|
|
|
2.90 |
|
Commercial mortgages |
|
|
2,495,175 |
|
|
|
80,503 |
|
|
|
4.30 |
|
|
|
2,472,503 |
|
|
|
62,481 |
|
|
|
3.37 |
|
Commercial |
|
|
2,247,803 |
|
|
|
106,182 |
|
|
|
6.30 |
|
|
|
2,016,533 |
|
|
|
60,911 |
|
|
|
4.03 |
|
Commercial construction |
|
|
7,903 |
|
|
|
536 |
|
|
|
9.04 |
|
|
|
15,427 |
|
|
|
465 |
|
|
|
4.02 |
|
Installment |
|
|
49,214 |
|
|
|
2,416 |
|
|
|
6.55 |
|
|
|
36,697 |
|
|
|
951 |
|
|
|
3.46 |
|
Home equity |
|
|
33,914 |
|
|
|
1,903 |
|
|
|
7.48 |
|
|
|
38,324 |
|
|
|
1,106 |
|
|
|
3.85 |
|
Other |
|
|
260 |
|
|
|
22 |
|
|
|
11.28 |
|
|
|
268 |
|
|
|
18 |
|
|
|
8.96 |
|
Total loans |
|
|
5,390,489 |
|
|
|
205,995 |
|
|
|
5.10 |
|
|
|
5,091,751 |
|
|
|
137,080 |
|
|
|
3.59 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
147,071 |
|
|
|
4,452 |
|
|
|
4.04 |
|
|
|
174,833 |
|
|
|
1,505 |
|
|
|
1.15 |
|
Total interest-earning assets |
|
|
6,340,732 |
|
|
|
225,037 |
|
|
|
4.73 |
% |
|
|
6,089,030 |
|
|
|
148,697 |
|
|
|
3.26 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
8,388 |
|
|
|
|
|
|
|
|
|
8,491 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(62,753 |
) |
|
|
|
|
|
|
|
|
(60,026 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
23,850 |
|
|
|
|
|
|
|
|
|
23,187 |
|
|
|
|
|
|
|
Other assets |
|
|
76,992 |
|
|
|
|
|
|
|
|
|
119,908 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
46,477 |
|
|
|
|
|
|
|
|
|
91,560 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,387,209 |
|
|
|
|
|
|
|
|
$ |
6,180,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
2,739,115 |
|
|
$ |
63,018 |
|
|
|
3.07 |
% |
|
$ |
2,411,023 |
|
|
$ |
8,695 |
|
|
|
0.48 |
% |
Money markets |
|
|
893,567 |
|
|
|
13,185 |
|
|
|
1.97 |
|
|
|
1,255,341 |
|
|
|
2,675 |
|
|
|
0.28 |
|
Savings |
|
|
128,437 |
|
|
|
148 |
|
|
|
0.15 |
|
|
|
162,675 |
|
|
|
15 |
|
|
|
0.01 |
|
Certificates of deposit – retail |
|
|
386,488 |
|
|
|
7,650 |
|
|
|
2.64 |
|
|
|
409,442 |
|
|
|
2,048 |
|
|
|
0.67 |
|
Subtotal interest-bearing deposits |
|
|
4,147,607 |
|
|
|
84,001 |
|
|
|
2.70 |
|
|
|
4,238,481 |
|
|
|
13,433 |
|
|
|
0.42 |
|
Interest-bearing demand – brokered |
|
|
15,311 |
|
|
|
469 |
|
|
|
4.08 |
|
|
|
85,000 |
|
|
|
1,082 |
|
|
|
1.70 |
|
Certificates of deposit – brokered |
|
|
51,916 |
|
|
|
1,584 |
|
|
|
4.07 |
|
|
|
31,058 |
|
|
|
732 |
|
|
|
3.14 |
|
Total interest-bearing deposits |
|
|
4,214,834 |
|
|
|
86,054 |
|
|
|
2.72 |
|
|
|
4,354,539 |
|
|
|
15,247 |
|
|
|
0.47 |
|
Borrowings |
|
|
331,170 |
|
|
|
13,249 |
|
|
|
5.33 |
|
|
|
20,876 |
|
|
|
103 |
|
|
|
0.66 |
|
Capital lease obligation |
|
|
4,179 |
|
|
|
149 |
|
|
|
4.75 |
|
|
|
5,389 |
|
|
|
193 |
|
|
|
4.78 |
|
Subordinated debt |
|
|
133,090 |
|
|
|
4,966 |
|
|
|
4.98 |
|
|
|
132,803 |
|
|
|
4,090 |
|
|
|
4.11 |
|
Total interest-bearing liabilities |
|
|
4,683,273 |
|
|
|
104,418 |
|
|
|
2.97 |
% |
|
|
4,513,607 |
|
|
|
19,633 |
|
|
|
0.58 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
1,066,162 |
|
|
|
|
|
|
|
|
|
1,042,064 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
82,215 |
|
|
|
|
|
|
|
|
|
93,462 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
1,148,377 |
|
|
|
|
|
|
|
|
|
1,135,526 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
555,559 |
|
|
|
|
|
|
|
|
|
531,457 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
6,387,209 |
|
|
|
|
|
|
|
|
$ |
6,180,590 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
120,619 |
|
|
|
|
|
|
|
|
$ |
129,064 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.76 |
% |
|
|
|
|
|
|
|
|
2.68 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.54 |
% |
|
|
|
|
|
|
|
|
2.83 |
% |
(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 |
|
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
Tangible Book Value
Per Share |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Shareholders’ equity |
|
$ |
558,956 |
|
|
$ |
565,069 |
|
|
$ |
554,958 |
|
|
$ |
532,980 |
|
|
$ |
515,514 |
|
Less: Intangible assets, net |
|
|
46,286 |
|
|
|
46,624 |
|
|
|
46,979 |
|
|
|
47,333 |
|
|
|
47,698 |
|
Tangible equity |
|
$ |
512,670 |
|
|
$ |
518,445 |
|
|
$ |
507,979 |
|
|
$ |
485,647 |
|
|
$ |
467,816 |
|
Less: other comprehensive loss |
|
|
(81,653 |
) |
|
|
(67,997 |
) |
|
|
(67,445 |
) |
|
|
(74,211 |
) |
|
|
(74,983 |
) |
Tangible equity excluding other comprehensive loss |
|
$ |
594,323 |
|
|
$ |
586,442 |
|
|
$ |
575,424 |
|
|
$ |
559,858 |
|
|
$ |
542,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares
outstanding |
|
|
17,816,922 |
|
|
|
17,887,895 |
|
|
|
18,014,757 |
|
|
|
17,813,451 |
|
|
|
17,920,571 |
|
Tangible book value per
share |
|
$ |
28.77 |
|
|
$ |
28.98 |
|
|
$ |
28.20 |
|
|
$ |
27.26 |
|
|
$ |
26.10 |
|
Tangible book value per share
excluding other comprehensive loss |
|
$ |
33.36 |
|
|
$ |
32.78 |
|
|
$ |
31.94 |
|
|
$ |
31.43 |
|
|
$ |
30.29 |
|
Book value per share |
|
|
31.37 |
|
|
|
31.59 |
|
|
|
30.81 |
|
|
|
29.92 |
|
|
|
28.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity to
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
6,521,581 |
|
|
$ |
6,479,700 |
|
|
$ |
6,480,018 |
|
|
$ |
6,353,593 |
|
|
$ |
6,087,261 |
|
Less: Intangible assets, net |
|
|
46,286 |
|
|
|
46,624 |
|
|
|
46,979 |
|
|
|
47,333 |
|
|
|
47,698 |
|
Tangible assets |
|
$ |
6,475,295 |
|
|
$ |
6,433,076 |
|
|
$ |
6,433,039 |
|
|
$ |
6,306,260 |
|
|
$ |
6,039,563 |
|
Less: other comprehensive loss |
|
|
(81,653 |
) |
|
|
(67,997 |
) |
|
|
(67,445 |
) |
|
|
(74,211 |
) |
|
|
(74,983 |
) |
Tangible assets excluding other comprehensive loss |
|
$ |
6,556,948 |
|
|
$ |
6,501,073 |
|
|
$ |
6,500,484 |
|
|
$ |
6,380,471 |
|
|
$ |
6,114,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible
assets |
|
|
7.92 |
% |
|
|
8.06 |
% |
|
|
7.90 |
% |
|
|
7.70 |
% |
|
|
7.75 |
% |
Tangible equity to tangible
assets excluding other comprehensive loss |
|
|
9.06 |
% |
|
|
9.02 |
% |
|
|
8.85 |
% |
|
|
8.77 |
% |
|
|
8.88 |
% |
Equity to assets |
|
|
8.57 |
% |
|
|
8.72 |
% |
|
|
8.56 |
% |
|
|
8.39 |
% |
|
|
8.47 |
% |
(Dollars in thousands, except per share data)
|
|
Three Months Ended |
|
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
Return on Average
Tangible Equity |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Net income |
|
$ |
8,755 |
|
|
$ |
13,145 |
|
|
$ |
18,355 |
|
|
$ |
20,579 |
|
|
$ |
20,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders’ equity |
|
$ |
565,153 |
|
|
$ |
557,428 |
|
|
$ |
543,861 |
|
|
$ |
523,406 |
|
|
$ |
529,160 |
|
Less: Average intangible assets,
net |
|
|
46,468 |
|
|
|
46,828 |
|
|
|
47,189 |
|
|
|
47,531 |
|
|
|
47,922 |
|
Average tangible equity |
|
$ |
518,685 |
|
|
$ |
510,600 |
|
|
$ |
496,672 |
|
|
$ |
475,875 |
|
|
$ |
481,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common
equity |
|
|
6.75 |
% |
|
|
10.30 |
% |
|
|
14.78 |
% |
|
|
17.30 |
% |
|
|
16.73 |
% |
|
|
For the Nine Months Ended |
|
|
|
Sept 30, |
|
|
Sept 30, |
|
Return on Average
Tangible Equity |
|
2023 |
|
|
2022 |
|
Net income |
|
$ |
40,255 |
|
|
$ |
53,667 |
|
|
|
|
|
|
|
|
Average shareholders’ equity |
|
$ |
555,559 |
|
|
$ |
531,457 |
|
Less: Average intangible assets,
net |
|
|
46,825 |
|
|
|
48,307 |
|
Average tangible equity |
|
|
508,734 |
|
|
|
483,150 |
|
|
|
|
|
|
|
|
Return on average tangible common
equity |
|
|
10.55 |
% |
|
|
14.81 |
% |
(Dollars in thousands, except per share data)
|
|
Three Months Ended |
|
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
Sept 30, |
|
Efficiency
Ratio |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Net interest income |
|
$ |
36,515 |
|
|
$ |
38,921 |
|
|
$ |
43,978 |
|
|
$ |
48,040 |
|
|
$ |
45,525 |
|
Total other income |
|
|
19,354 |
|
|
|
18,575 |
|
|
|
18,059 |
|
|
|
16,812 |
|
|
|
16,383 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for CRA
equity security |
|
|
404 |
|
|
|
209 |
|
|
|
(209 |
) |
|
|
(28 |
) |
|
|
571 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of property |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(275 |
) |
|
|
— |
|
Income from life insurance
proceeds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25 |
) |
|
|
— |
|
Total recurring revenue |
|
|
56,273 |
|
|
|
57,705 |
|
|
|
61,828 |
|
|
|
64,524 |
|
|
|
62,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
37,413 |
|
|
|
37,692 |
|
|
|
35,574 |
|
|
|
33,412 |
|
|
|
33,560 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated Expense for
Retirement |
|
|
— |
|
|
|
1,665 |
|
|
|
300 |
|
|
|
— |
|
|
|
— |
|
Branch Closure Expense |
|
|
— |
|
|
|
— |
|
|
|
175 |
|
|
|
— |
|
|
|
— |
|
Total operating expense |
|
|
37,413 |
|
|
|
36,027 |
|
|
|
35,099 |
|
|
|
33,412 |
|
|
|
33,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
66.48 |
% |
|
|
62.43 |
% |
|
|
56.77 |
% |
|
|
51.78 |
% |
|
|
53.71 |
% |
|
|
For the Nine Months Ended |
|
|
|
Sept 30, |
|
|
Sept 30, |
|
Efficiency
Ratio |
|
2023 |
|
|
2022 |
|
Net interest income |
|
$ |
119,414 |
|
|
$ |
128,040 |
|
Total other income |
|
|
55,988 |
|
|
|
49,605 |
|
Add: |
|
|
|
|
|
|
Fair value adjustment for CRA
equity security |
|
|
404 |
|
|
|
1,728 |
|
Less: |
|
|
|
|
|
|
Loss on securities sale, net |
|
|
— |
|
|
|
6,609 |
|
Total recurring revenue |
|
|
175,806 |
|
|
|
185,982 |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
110,679 |
|
|
|
100,388 |
|
Less: |
|
|
|
|
|
|
Swap valuation allowance |
|
|
— |
|
|
|
673 |
|
Accelerated Expense for
Retirement |
|
|
1,965 |
|
|
|
— |
|
Branch Closure Expense |
|
|
175 |
|
|
|
— |
|
Severance expense |
|
|
— |
|
|
|
1,476 |
|
Total operating expense |
|
|
108,539 |
|
|
|
98,239 |
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
61.74 |
% |
|
|
52.82 |
% |
Grafico Azioni Peapack Gladstone Financ... (NASDAQ:PGC)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Peapack Gladstone Financ... (NASDAQ:PGC)
Storico
Da Set 2023 a Set 2024