0001050743false00010507432025-01-282025-01-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of report (Date of earliest event reported) |
January 28, 2025 |
PEAPACK-GLADSTONE FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
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New Jersey |
001-16197 |
22-3537895 |
(State or Other Jurisdiction |
(Commission |
(I.R.S. Employer |
of Incorporation) |
File Number) |
Identification No.) |
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500 Hills Drive, Suite 300, Bedminster, New Jersey |
07921 |
(Address of Principal Executive Offices) |
(Zip Code) |
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Registrant’s telephone number, including area code |
(908) 234-0700 |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, no par value |
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PGC |
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The NASDAQ Stock Market, LLC |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐
INFORMATION TO BE INCLUDED IN THE REPORT
Item 2.02 Results of Operations and Financial Condition.
On January 28, 2025, Peapack-Gladstone Financial Corporation issued a press release reporting earnings and other financial results for the three and twelve months ended December 31, 2024. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference in its entirety.
The information disclosed under this Item 2.02, including Exhibit 99.1, shall be considered “furnished” but not “filed” for purposes of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The press release disclosed in this Item 9.01 as Exhibit 99.1 shall be considered “furnished” but not “filed” for purposes of the Securities Exchange Act of 1934, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PEAPACK-GLADSTONE FINANCIAL CORPORATION |
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Dated: January 28, 2025 |
By: |
/s/ Frank A. Cavallaro |
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Frank A. Cavallaro |
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Senior Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Contact:
Frank A. Cavallaro, SEVP and CFO
Peapack-Gladstone Financial Corporation
T: 908-306-8933
PEAPACK-GLADSTONE FINANCIAL CORPORATION
REPORTS FOURTH QUARTER FINANCIAL RESULTS
Bedminster, N.J. – January 28, 2025 – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its fourth quarter 2024 financial results.
This earnings release should be read in conjunction with the Company’s Q4 2024 Investor Update, a copy of which is available on our website at www.peapackprivate.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.
During the fourth quarter of 2024, core relationship deposits grew $438 million, to $5.3 billion, which represents an annualized growth rate of 36%. Strong growth in core relationships throughout 2024 has allowed the Company to repay all outstanding short-term borrowings and strengthen its liquidity position. The Company continued to see an increase in loan demand during the fourth quarter. Loan balances increased $201 million, to $5.5 billion at December 31, 2024.
The Company recorded net income of $9.2 million and diluted earnings per share (“EPS”) of $0.52 for the quarter ended December 31, 2024 compared to net income of $7.6 million and EPS of $0.43 for the quarter ended September 30, 2024.
Net interest income increased $4.2 million, or 11%, on a linked quarter basis to $41.9 million for the fourth quarter of 2024 compared to $37.7 million for the third quarter. The growth in net interest income was driven by growth in average interest earning assets, as well as continued improvement in the net interest margin. The net interest margin increased to 2.46% for the quarter ended December 31, 2024 compared to 2.34% for the quarter ended September 30, 2024 and 2.29% for the quarter ended December 31, 2023.
Douglas L. Kennedy, President and CEO said, “Our expansion into New York City continues to exceed expectations. Our New York Commercial Private Banking initiative has brought us $950 million in new customer relationship deposits over the last twelve months, which includes 28% in noninterest-bearing demand deposits. During the fourth quarter we also saw strong loan demand as outstanding loans grew by $201 million, or 15% on an annualized basis."
Mr. Kennedy also noted, “As previously announced, we have re-branded the bank by changing our name to Peapack Private Bank & Trust effective January 1, 2025. This change reflects our commitment to being a premier provider of personal and commercial banking products, along with wealth management solutions through a single point of contact. Establishing and maintaining a trusted relationship with each and every client is the core of our business model."
The following are select highlights for the period ended December 31, 2024:
Wealth Management:
•AUM/AUA in our Wealth Management Division totaled $11.9 billion at December 31, 2024 compared to $10.9 billion at December 31, 2023.
•Gross new business inflows for Q4 2024 totaled $163 million ($142 million managed).
•Wealth Management fee income was $15.5 million in Q4 2024, which amounted to 25% of total revenue for the quarter.
Commercial Banking and Balance Sheet Management:
•Total deposits increased by $855 million, to $6.1 billion at December 31, 2024 compared to $5.3 billion at December 31, 2023. The Company intentionally allowed $365 million in high cost, non-core relationship deposits to roll off during 2024. Excluding this deposit run-off, deposits have grown by $1.2 billion during 2024.
•The Company repaid $404 million in short-term borrowings in 2024.
•Total loans increased $85 million to $5.5 billion at December 31, 2024 from $5.4 billion at December 31, 2023.Outstanding loans grew $201 million during the fourth quarter of 2024 after experiencing contraction in the first half of 2024.
•Commercial and industrial lending (“C&I”) drove a majority of the growth during the fourth quarter. C&I balances represented 43% of the total loan portfolio at December 31, 2024. A strong pipeline of new business has been built heading into 2025.
•Fee income on unused commercial lines of credit totaled $880,000 for Q4 2024.
•The net interest margin ("NIM") was 2.46% for Q4 2024, an increase of 12 basis points compared to 2.34% for Q3 2024.
•Noninterest-bearing demand deposits increased by $155 million to $1.1 billion in 2024 and represented 18% of total deposits as of December 31, 2024.
Capital Management:
•Tangible book value per share increased 5% to $31.89 per share at December 31, 2024 compared to $30.31 at December 31, 2023. Book value per share increased 5% to $34.45 per share at December 31, 2024 compared to $32.90 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.
•During 2024, the Company repurchased 300,000 shares of common stock at a cost of $7.2 million. For 2023, the Company repurchased 455,341 shares at a cost of $12.5 million.
•At December 31, 2024, the Tier 1 Leverage Ratio stood at 10.57% for Peapack Private Bank & Trust (the "Bank") and 9.01% for the Company. The Common Equity Tier 1 Ratio (to Risk-Weighted Assets) was 13.50% for the Bank and 11.51% for the Company at December 31, 2024. These ratios remain significantly above well capitalized standards, as capital continues to benefit from net income generation.
SUMMARY INCOME STATEMENT DETAILS:
The following tables summarize specified financial details for the periods shown.
December 2024 Year Compared to Prior Year
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Year Ended |
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Year Ended |
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December 31, |
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December 31, |
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Increase/ |
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(Dollars in millions, except per share data) (unaudited) |
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2024 |
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2023 |
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(Decrease) |
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Net interest income |
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$ |
149.01 |
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$ |
156.09 |
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$ |
(7.08 |
) |
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(5 |
)% |
Wealth management fee income |
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61.46 |
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55.75 |
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5.71 |
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10 |
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Capital markets activity |
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2.41 |
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2.74 |
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(0.33 |
) |
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(12 |
) |
Other income |
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15.25 |
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15.09 |
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0.16 |
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1 |
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Total other income |
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79.12 |
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73.58 |
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5.54 |
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8 |
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Total Revenue |
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$ |
228.13 |
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$ |
229.67 |
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$ |
(1.54 |
) |
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(1 |
)% |
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Operating expenses |
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$ |
175.68 |
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$ |
148.30 |
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$ |
27.38 |
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18 |
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Pretax income before provision for credit losses |
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52.45 |
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81.37 |
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(28.92 |
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(36 |
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Provision for credit losses |
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7.50 |
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14.09 |
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(6.59 |
) |
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(47 |
) |
Pretax income |
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44.95 |
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67.28 |
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(22.33 |
) |
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(33 |
) |
Income tax expense |
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11.95 |
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18.43 |
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(6.48 |
) |
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(35 |
) |
Net income |
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$ |
33.00 |
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$ |
48.85 |
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$ |
(15.85 |
) |
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(32 |
)% |
Diluted EPS |
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$ |
1.85 |
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$ |
2.71 |
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$ |
(0.86 |
) |
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(32 |
)% |
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Return on average assets |
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0.50 |
% |
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0.76 |
% |
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(0.26 |
) |
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Return on average equity |
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5.61 |
% |
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8.77 |
% |
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(3.16 |
) |
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December 2024 Quarter Compared to Prior Year Quarter
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Three Months Ended |
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Three Months Ended |
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December 31, |
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December 31, |
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Increase/ |
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(Dollars in millions, except per share data) (unaudited) |
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2024 |
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2023 |
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(Decrease) |
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Net interest income |
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$ |
41.91 |
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$ |
36.68 |
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$ |
5.23 |
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14 |
% |
Wealth management fee income |
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15.48 |
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13.76 |
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1.72 |
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13 |
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Capital markets activity |
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0.11 |
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0.30 |
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(0.19 |
) |
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(63 |
) |
Other income |
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4.34 |
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3.53 |
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0.81 |
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23 |
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Total other income |
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19.93 |
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17.59 |
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2.34 |
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13 |
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Total Revenue |
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$ |
61.84 |
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$ |
54.27 |
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$ |
7.57 |
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14 |
% |
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Operating expenses |
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$ |
47.86 |
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$ |
37.62 |
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$ |
10.24 |
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27 |
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Pretax income before provision for credit losses |
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13.98 |
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16.65 |
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(2.67 |
) |
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(16 |
) |
Provision for credit losses |
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1.74 |
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5.03 |
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(3.29 |
) |
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(65 |
) |
Pretax income |
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12.24 |
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11.62 |
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|
0.62 |
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5 |
|
Income tax expense |
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3.00 |
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|
3.02 |
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(0.02 |
) |
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(1 |
) |
Net income |
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$ |
9.24 |
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$ |
8.60 |
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$ |
0.64 |
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|
7 |
% |
Diluted EPS |
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$ |
0.52 |
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$ |
0.48 |
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$ |
0.04 |
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8 |
% |
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Return on average assets (annualized) |
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0.54 |
% |
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0.53 |
% |
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0.01 |
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Return on average equity (annualized) |
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|
6.15 |
% |
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|
6.13 |
% |
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|
0.02 |
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|
December 2024 Quarter Compared to Linked Quarter
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Three Months Ended |
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Three Months Ended |
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December 31, |
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September 30, |
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Increase/ |
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(Dollars in millions, except per share data) (unaudited) |
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2024 |
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2024 |
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(Decrease) |
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Net interest income |
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$ |
41.91 |
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$ |
37.68 |
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$ |
4.23 |
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11 |
% |
Wealth management fee income |
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15.48 |
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15.15 |
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0.33 |
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2 |
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Capital markets activity |
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0.11 |
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0.44 |
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(0.33 |
) |
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(75 |
) |
Other income |
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4.34 |
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3.35 |
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0.99 |
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30 |
|
Total other income |
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19.93 |
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18.94 |
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0.99 |
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5 |
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Total Revenue |
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$ |
61.84 |
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$ |
56.62 |
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$ |
5.22 |
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9 |
% |
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Operating expenses |
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$ |
47.86 |
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$ |
44.65 |
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$ |
3.21 |
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7 |
|
Pretax income before provision for credit losses |
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13.98 |
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|
11.97 |
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|
2.01 |
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17 |
|
Provision for credit losses |
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1.74 |
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|
1.22 |
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|
0.52 |
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43 |
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Pretax income |
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12.24 |
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|
10.75 |
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|
1.49 |
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14 |
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Income tax expense |
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3.00 |
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3.16 |
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(0.16 |
) |
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(5 |
) |
Net income |
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$ |
9.24 |
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$ |
7.59 |
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$ |
1.65 |
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|
22 |
% |
Diluted EPS |
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$ |
0.52 |
|
|
$ |
0.43 |
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|
|
$ |
0.09 |
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21 |
% |
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|
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|
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Return on average assets (annualized) |
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|
0.54 |
% |
|
|
0.46 |
% |
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|
|
0.08 |
|
|
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|
Return on average equity (annualized) |
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|
6.15 |
% |
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|
5.12 |
% |
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|
|
1.03 |
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|
SUPPLEMENTAL QUARTERLY DETAILS:
Wealth Management
AUM/AUA in the Bank’s Wealth Management Division grew to $11.9 billion at December 31, 2024 compared to $10.9 billion at December 31, 2023. For the December 2024 quarter, the Wealth Management Team generated $15.5 million in fee income, compared to $15.2 million for the September 30, 2024 quarter and $13.8 million for the December 2023 quarter. The equity markets were positive during 2024, contributing to the increase in AUM/AUA along with gross new business inflows of $710 million.
John Babcock, President of the Bank's Wealth Management Division, noted, “Q4 2024 saw continued strong client inflows totaling new accounts and client additions of $163 million ($142 million managed). Our new business pipeline is healthy, and we continue to 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 increased $85 million, or 2%, to $5.5 billion at December 31, 2024 compared to $5.4 billion at December 31, 2023, primarily driven by commercial loan originations in the latter half of the year offset by repayments, maturities and tighter lending standards across all loan categories. The biggest decline in outstanding loans during 2024 was in multifamily and commercial real estate balances. Total C&I loans and leases at December 31, 2024 were $2.4 billion or 43% of the total loan portfolio.
Mr. Kennedy noted, “During the fourth quarter of 2024, we began to see loan demand which pushed us to positive loan growth for the year and we continue building strong pipelines into 2025. 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. These business lines fit perfectly with our private banking business model and will generate solid production going forward. During the quarter, we originated loans that carried an average spread of more than 4% above our cost of funds. Having this capability will help us in the near term as the real estate market adjusts to changing market conditions.”
Net Interest Income (NII)/Net Interest Margin (NIM)
The Company’s NII of $41.9 million and NIM of 2.46% for Q4 2024 increased $4.2 million and 12 basis points from NII of $37.7 million and NIM of 2.34% for the linked quarter (Q3 2024), and increased $5.2 million and 17 basis points from NII of $36.7 million and NIM of 2.29% compared to the prior year period (Q4 2023). Our single point of contact private banking strategy continues to deliver lower cost core deposit relationships.
Funding / Liquidity / Interest Rate Risk Management
Total deposits increased $855 million to $6.1 billion at December 31, 2024 from $5.3 billion at December 31, 2023. The change in deposit balances included an intentional decline in brokered deposits and non-core deposit relationships. The overall growth in deposits has strengthened balance sheet liquidity and reduced reliance on outside borrowings and other non-core funding sources. There were no outstanding overnight borrowings at December 31, 2024, compared to $404 million at December 31, 2023.
At December 31, 2024, the Company’s balance sheet liquidity (investments available for sale, interest-earning deposits and cash) totaled $1.2 billion, or 17% of assets. The Company maintains additional liquidity resources of approximately $3.2 billion through secured available borrowing facilities 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 $4.4 billion at December 31, 2024, which amounts to 282% of the total uninsured/uncollateralized deposits currently on the Company’s balance sheet.
Income from Capital Markets Activities
Noninterest income from Capital Markets activities (detailed below) totaled $114,000 for the December 2024 quarter compared to $435,000 for the September 2024 quarter and $296,000 for the December 2023 quarter.
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Three Months Ended |
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Three Months Ended |
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Three Months Ended |
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|
December 31, |
|
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September 30, |
|
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December 31, |
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(Dollars in thousands, except per share data) (unaudited) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
Gain on loans held for sale at fair value (Mortgage banking) |
|
$ |
58 |
|
|
$ |
15 |
|
|
$ |
18 |
|
Gain on sale of SBA loans |
|
|
— |
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|
|
365 |
|
|
|
239 |
|
Corporate advisory fee income |
|
|
56 |
|
|
|
55 |
|
|
|
39 |
|
Total capital markets activity |
|
$ |
114 |
|
|
$ |
435 |
|
|
$ |
296 |
|
Other Noninterest Income (other than Wealth Management Fee Income and Income from Capital Markets Activities)
Other noninterest income was $4.3 million for Q4 2024 compared to $3.4 million for Q3 2024 and $3.5 million for Q4 2023. Q4 2024 included $646,000 of income recorded by the Equipment Finance Division related to equipment transfers to lessees upon the termination of leases, compared to $225,000 in Q3 2024 and $309,000 in Q4 2023, respectively. Additionally, Q4 2024 included $880,000 of unused line fees compared to $845,000 for Q3 2024 and $750,000 for Q4 2023. Q4 2024 also included a one-time fair value adjustment of $953,000 related to the sale of Visa B shares.
Operating Expenses
Total operating expenses were $47.9 million for the fourth quarter of 2024, compared to $44.6 million for the third quarter of 2024 and $37.6 million for the quarter ended December 31, 2023. The increase during the fourth quarter of 2024 was primarily driven by expenses associated with the Company’s expansion into New York City. Q4
2024 also includes certain one-time expenses related to the Company’s re-branding initiative, which occurred on January 1, 2025.
Mr. Kennedy noted, “We continue to make investments related to our strategic decision to expand into New York City and are confident that these investments will position us for future growth and profitability, which will ultimately translate to increased shareholder value. We continue to look for opportunities to create efficiencies and manage expenses throughout the Company while investing in enhancements to the client experience."
Income Taxes
The effective tax rate for the three months ended December 31, 2024 was 24.5%, as compared to 29.4% for the September 2024 quarter and 26.0% for the quarter ended December 31, 2023. The December 2024 quarter included the impact of discrete, favorable federal return to provision adjustments primarily related to the Company’s state tax apportionment rate.
Asset Quality / Provision for Credit Losses
Nonperforming assets increased to $100.2 million, or 1.43% of total assets, at December 31, 2024, as compared to $80.5 million, or 1.18% of total assets, at September 30, 2024. The increase during the fourth quarter was driven by the migration of three multifamily loans totaling $19.7 million to nonperforming status during the period. Loans past due 30 to 89 days and still accruing declined significantly to $4.9 million, or 0.09% of total loans, at December 31, 2024 compared to $31.4 million, or 0.59% of total loans, at September 30, 2024. Criticized and classified loans declined to $191.9 million at December 31, 2024, reflecting a decrease of $69.2 million as compared to $261.1 million at September 30, 2024. The Company currently has no loans or leases on deferral and still accruing.
For the quarter ended December 31, 2024, the provision for credit losses was $1.8 million compared to $1.2 million for the September 2024 quarter and $5.1 million for the December 2023 quarter. The provision for credit losses in the fourth quarter of 2024 was driven by loan growth in addition to $2.9 million in specific reserves required for the nonperforming multifamily loans previously mentioned. The elevated provision recognized during the fourth quarter of 2023 was associated with a $5.6 million charge-off of one freight related credit.
At December 31, 2024, the allowance for credit losses was $73.0 million (1.32% of total loans), compared to $71.3 million (1.34% of total loans) at September 30, 2024, and $65.9 million (1.21% of total loans) at December 31, 2023.
Mr. Kennedy noted, “We continue to see our asset quality metrics improve, which supports our position that most of our credit issues are isolated to a small number of specific borrowers and sponsors. We continue to work through each credit individually while building up appropriate reserve coverage. All of the multifamily loans that matured or repriced in 2024 have continued to make their scheduled payments despite the higher rate environment."
Capital
The Company’s capital position declined during the fourth quarter of 2024 due to additional accumulated other comprehensive loss of $11.6 million related to the fair value of the Company’s investment securities portfolio due to the interest rate environment and a quarterly dividend payment totaling $875,000; partially offset by net income of $9.2 million.
Tangible book value per share increased 5% to $31.89 at December 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. Book value per share increased 5% to $34.45 per share at December 31, 2024 compared to $32.90 at December 31, 2023. The Company’s and Bank’s regulatory capital ratios as of December 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 September 30, 2024), the Bank remains well capitalized over a two-year stress period.
On December 19, 2024, the Company declared a cash dividend of $0.05 per share payable on February 21, 2025 to shareholders of record on February 6, 2025.
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.0 billion and assets under management and/or administration of $11.9 billion as of December 31, 2024. Founded in 1921, Peapack Private Bank & Trust is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions. 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. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit 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 2025 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;
•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;
•the imposition of tariffs or other domestic or international governmental policies;
•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 financial condition, 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. Except as may be required by the applicable law or regulation, 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.
(Tables to follow)
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
86,166 |
|
|
$ |
83,203 |
|
|
$ |
79,238 |
|
|
$ |
79,194 |
|
|
$ |
80,178 |
|
Interest expense |
|
|
44,258 |
|
|
|
45,522 |
|
|
|
44,196 |
|
|
|
44,819 |
|
|
|
43,503 |
|
Net interest income |
|
|
41,908 |
|
|
|
37,681 |
|
|
|
35,042 |
|
|
|
34,375 |
|
|
|
36,675 |
|
Wealth management fee income |
|
|
15,482 |
|
|
|
15,150 |
|
|
|
16,419 |
|
|
|
14,407 |
|
|
|
13,758 |
|
Service charges and fees |
|
|
1,323 |
|
|
|
1,327 |
|
|
|
1,345 |
|
|
|
1,322 |
|
|
|
1,255 |
|
Bank owned life insurance |
|
|
335 |
|
|
|
390 |
|
|
|
328 |
|
|
|
503 |
|
|
|
357 |
|
Gain on loans held for sale at fair value
(Mortgage banking) |
|
|
58 |
|
|
|
15 |
|
|
|
34 |
|
|
|
56 |
|
|
|
18 |
|
Gain on loans held for sale at lower
of cost or fair value |
|
|
— |
|
|
|
— |
|
|
|
23 |
|
|
|
— |
|
|
|
— |
|
Gain on sale of SBA loans |
|
|
— |
|
|
|
365 |
|
|
|
449 |
|
|
|
400 |
|
|
|
239 |
|
Corporate advisory fee income |
|
|
56 |
|
|
|
55 |
|
|
|
103 |
|
|
|
818 |
|
|
|
39 |
|
Other income |
|
|
2,125 |
|
|
|
1,162 |
|
|
|
2,938 |
|
|
|
1,306 |
|
|
|
1,339 |
|
Fair value adjustment for equity securities |
|
|
549 |
|
|
|
474 |
|
|
|
(84 |
) |
|
|
(111 |
) |
|
|
585 |
|
Total other income |
|
|
19,928 |
|
|
|
18,938 |
|
|
|
21,555 |
|
|
|
18,701 |
|
|
|
17,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
61,836 |
|
|
|
56,619 |
|
|
|
56,597 |
|
|
|
53,076 |
|
|
|
54,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
32,915 |
|
|
|
31,050 |
|
|
|
29,884 |
|
|
|
28,476 |
|
|
|
24,320 |
|
Premises and equipment |
|
|
5,995 |
|
|
|
5,633 |
|
|
|
5,776 |
|
|
|
5,081 |
|
|
|
5,416 |
|
FDIC insurance expense |
|
|
825 |
|
|
|
870 |
|
|
|
870 |
|
|
|
945 |
|
|
|
765 |
|
Other expenses |
|
|
8,125 |
|
|
|
7,096 |
|
|
|
6,596 |
|
|
|
5,539 |
|
|
|
7,115 |
|
Total operating expenses |
|
|
47,860 |
|
|
|
44,649 |
|
|
|
43,126 |
|
|
|
40,041 |
|
|
|
37,616 |
|
Pretax income before provision for credit losses |
|
|
13,976 |
|
|
|
11,970 |
|
|
|
13,471 |
|
|
|
13,035 |
|
|
|
16,649 |
|
Provision for credit losses |
|
|
1,738 |
|
|
|
1,224 |
|
|
|
3,911 |
|
|
|
627 |
|
|
|
5,026 |
|
Income before income taxes |
|
|
12,238 |
|
|
|
10,746 |
|
|
|
9,560 |
|
|
|
12,408 |
|
|
|
11,623 |
|
Income tax expense |
|
|
2,998 |
|
|
|
3,159 |
|
|
|
2,030 |
|
|
|
3,777 |
|
|
|
3,024 |
|
Net income |
|
$ |
9,240 |
|
|
$ |
7,587 |
|
|
$ |
7,530 |
|
|
$ |
8,631 |
|
|
$ |
8,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic) |
|
$ |
0.53 |
|
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.49 |
|
|
$ |
0.48 |
|
Earnings per share (diluted) |
|
|
0.52 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
0.48 |
|
|
|
0.48 |
|
Weighted average number of common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,585,213 |
|
|
|
17,616,046 |
|
|
|
17,747,070 |
|
|
|
17,711,639 |
|
|
|
17,770,158 |
|
Diluted |
|
|
17,770,717 |
|
|
|
17,700,042 |
|
|
|
17,792,296 |
|
|
|
17,805,347 |
|
|
|
17,961,400 |
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets annualized (ROAA) |
|
|
0.54 |
% |
|
|
0.46 |
% |
|
|
0.47 |
% |
|
|
0.54 |
% |
|
|
0.53 |
% |
Return on average equity annualized (ROAE) |
|
|
6.15 |
% |
|
|
5.12 |
% |
|
|
5.22 |
% |
|
|
5.94 |
% |
|
|
6.13 |
% |
Return on average tangible equity annualized (ROATCE) (A) |
|
|
6.65 |
% |
|
|
5.54 |
% |
|
|
5.67 |
% |
|
|
6.45 |
% |
|
|
6.68 |
% |
Net interest margin (tax-equivalent basis) |
|
|
2.46 |
% |
|
|
2.34 |
% |
|
|
2.25 |
% |
|
|
2.20 |
% |
|
|
2.29 |
% |
GAAP efficiency ratio (B) |
|
|
77.40 |
% |
|
|
78.86 |
% |
|
|
76.20 |
% |
|
|
75.44 |
% |
|
|
69.32 |
% |
Operating expenses / average assets annualized |
|
|
2.77 |
% |
|
|
2.73 |
% |
|
|
2.70 |
% |
|
|
2.51 |
% |
|
|
2.33 |
% |
(A) 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.
(B) 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 CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
|
|
|
|
|
|
December 31, |
|
|
Change |
|
|
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
327,801 |
|
|
$ |
304,010 |
|
|
$ |
23,791 |
|
|
|
8 |
% |
Interest expense |
|
|
178,795 |
|
|
|
147,921 |
|
|
|
30,874 |
|
|
|
21 |
% |
Net interest income |
|
|
149,006 |
|
|
|
156,089 |
|
|
|
(7,083 |
) |
|
|
-5 |
% |
Wealth management fee income |
|
|
61,458 |
|
|
|
55,747 |
|
|
|
5,711 |
|
|
|
10 |
% |
Service charges and fees |
|
|
5,317 |
|
|
|
5,152 |
|
|
|
165 |
|
|
|
3 |
% |
Bank owned life insurance |
|
|
1,556 |
|
|
|
1,269 |
|
|
|
287 |
|
|
|
23 |
% |
Gain on loans held for sale at fair value (Mortgage banking) |
|
|
163 |
|
|
|
91 |
|
|
|
72 |
|
|
|
79 |
% |
Gain on loans held for sale at lower of cost or fair value |
|
|
23 |
|
|
|
— |
|
|
|
23 |
|
|
N/A |
|
Gain on sale of SBA loans |
|
|
1,214 |
|
|
|
2,433 |
|
|
|
(1,219 |
) |
|
|
-50 |
% |
Corporate advisory fee income |
|
|
1,032 |
|
|
|
219 |
|
|
|
813 |
|
|
|
371 |
% |
Other income |
|
|
7,531 |
|
|
|
8,486 |
|
|
|
(955 |
) |
|
|
-11 |
% |
Fair value adjustment for equity securities |
|
|
828 |
|
|
|
181 |
|
|
|
647 |
|
|
|
357 |
% |
Total other income |
|
|
79,122 |
|
|
|
73,578 |
|
|
|
5,544 |
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
228,128 |
|
|
|
229,667 |
|
|
|
(1,539 |
) |
|
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
122,325 |
|
|
|
100,524 |
|
|
|
21,801 |
|
|
|
22 |
% |
Premises and equipment |
|
|
22,485 |
|
|
|
19,733 |
|
|
|
2,752 |
|
|
|
14 |
% |
FDIC insurance expense |
|
|
3,510 |
|
|
|
2,946 |
|
|
|
564 |
|
|
|
19 |
% |
Other expenses |
|
|
27,356 |
|
|
|
25,092 |
|
|
|
2,264 |
|
|
|
9 |
% |
Total operating expenses |
|
|
175,676 |
|
|
|
148,295 |
|
|
|
27,381 |
|
|
|
18 |
% |
Pretax income before provision for credit losses |
|
|
52,452 |
|
|
|
81,372 |
|
|
|
(28,920 |
) |
|
|
-36 |
% |
Provision for credit losses |
|
|
7,500 |
|
|
|
14,091 |
|
|
|
(6,591 |
) |
|
|
-47 |
% |
Income before income taxes |
|
|
44,952 |
|
|
|
67,281 |
|
|
|
(22,329 |
) |
|
|
-33 |
% |
Income tax expense |
|
|
11,964 |
|
|
|
18,427 |
|
|
|
(6,463 |
) |
|
|
-35 |
% |
Net income |
|
$ |
32,988 |
|
|
$ |
48,854 |
|
|
$ |
(15,866 |
) |
|
|
-32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic) |
|
$ |
1.87 |
|
|
$ |
2.74 |
|
|
$ |
(0.87 |
) |
|
|
-32 |
% |
Earnings per share (diluted) |
|
|
1.85 |
|
|
|
2.71 |
|
|
|
(0.86 |
) |
|
|
-32 |
% |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,664,640 |
|
|
|
17,849,558 |
|
|
|
(184,918 |
) |
|
|
-1 |
% |
Diluted |
|
|
17,839,761 |
|
|
|
18,049,052 |
|
|
|
(209,291 |
) |
|
|
-1 |
% |
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROAA) |
|
|
0.50 |
% |
|
|
0.76 |
% |
|
|
(0.26 |
)% |
|
|
-34 |
% |
Return on average equity (ROAE) |
|
|
5.61 |
% |
|
|
8.77 |
% |
|
|
(3.16 |
)% |
|
|
-36 |
% |
Return on average tangible equity (ROATCE) (A) |
|
|
6.08 |
% |
|
|
9.57 |
% |
|
|
(3.49 |
)% |
|
|
-36 |
% |
Net interest margin (tax-equivalent basis) |
|
|
2.32 |
% |
|
|
2.48 |
% |
|
|
(0.16 |
)% |
|
|
-7 |
% |
GAAP efficiency ratio (B) |
|
|
77.01 |
% |
|
|
64.57 |
% |
|
|
12.44 |
% |
|
|
19 |
% |
Operating expenses / average assets |
|
|
2.68 |
% |
|
|
2.32 |
% |
|
|
0.36 |
% |
|
|
15 |
% |
(A) 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.
(B) 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 CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
8,492 |
|
|
$ |
8,129 |
|
|
$ |
5,586 |
|
|
$ |
5,769 |
|
|
$ |
5,887 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
382,875 |
|
|
|
484,529 |
|
|
|
310,143 |
|
|
|
189,069 |
|
|
|
181,784 |
|
Total cash and cash equivalents |
|
|
391,367 |
|
|
|
492,658 |
|
|
|
315,729 |
|
|
|
194,838 |
|
|
|
187,671 |
|
Securities available for sale |
|
|
784,544 |
|
|
|
682,713 |
|
|
|
591,884 |
|
|
|
550,870 |
|
|
|
550,617 |
|
Securities held to maturity |
|
|
101,635 |
|
|
|
103,158 |
|
|
|
105,013 |
|
|
|
106,498 |
|
|
|
107,755 |
|
CRA equity security, at fair value |
|
|
13,041 |
|
|
|
13,445 |
|
|
|
12,971 |
|
|
|
13,055 |
|
|
|
13,166 |
|
FHLB and FRB stock, at cost (A) |
|
|
12,373 |
|
|
|
12,459 |
|
|
|
12,478 |
|
|
|
18,079 |
|
|
|
31,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
614,840 |
|
|
|
591,374 |
|
|
|
579,057 |
|
|
|
581,426 |
|
|
|
578,427 |
|
Multifamily mortgage |
|
|
1,799,754 |
|
|
|
1,784,861 |
|
|
|
1,796,687 |
|
|
|
1,827,165 |
|
|
|
1,836,390 |
|
Commercial mortgage |
|
|
588,104 |
|
|
|
578,559 |
|
|
|
600,859 |
|
|
|
615,964 |
|
|
|
637,625 |
|
Commercial and industrial loans |
|
|
2,397,699 |
|
|
|
2,247,853 |
|
|
|
2,185,827 |
|
|
|
2,235,342 |
|
|
|
2,284,940 |
|
Consumer loans |
|
|
77,785 |
|
|
|
78,160 |
|
|
|
69,579 |
|
|
|
66,827 |
|
|
|
62,036 |
|
Home equity lines of credit |
|
|
42,327 |
|
|
|
38,971 |
|
|
|
37,117 |
|
|
|
35,542 |
|
|
|
36,464 |
|
Other loans |
|
|
411 |
|
|
|
389 |
|
|
|
172 |
|
|
|
184 |
|
|
|
238 |
|
Total loans |
|
|
5,520,920 |
|
|
|
5,320,167 |
|
|
|
5,269,298 |
|
|
|
5,362,450 |
|
|
|
5,436,120 |
|
Less: Allowance for credit losses |
|
|
72,992 |
|
|
|
71,283 |
|
|
|
67,984 |
|
|
|
66,251 |
|
|
|
65,888 |
|
Net loans |
|
|
5,447,928 |
|
|
|
5,248,884 |
|
|
|
5,201,314 |
|
|
|
5,296,199 |
|
|
|
5,370,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment |
|
|
28,888 |
|
|
|
25,716 |
|
|
|
24,932 |
|
|
|
24,494 |
|
|
|
24,166 |
|
Accrued interest receivable |
|
|
29,898 |
|
|
|
31,973 |
|
|
|
33,534 |
|
|
|
32,672 |
|
|
|
30,676 |
|
Bank owned life insurance |
|
|
47,981 |
|
|
|
47,837 |
|
|
|
47,716 |
|
|
|
47,580 |
|
|
|
47,581 |
|
Goodwill and other intangible assets |
|
|
44,926 |
|
|
|
45,198 |
|
|
|
45,470 |
|
|
|
45,742 |
|
|
|
46,014 |
|
Finance lease right-of-use assets |
|
|
985 |
|
|
|
1,020 |
|
|
|
1,055 |
|
|
|
1,900 |
|
|
|
2,087 |
|
Operating lease right-of-use assets |
|
|
40,289 |
|
|
|
41,650 |
|
|
|
38,683 |
|
|
|
16,035 |
|
|
|
12,096 |
|
Due from brokers |
|
|
— |
|
|
|
— |
|
|
|
3,184 |
|
|
|
— |
|
|
|
— |
|
Other assets |
|
|
67,383 |
|
|
|
47,081 |
|
|
|
71,387 |
|
|
|
60,591 |
|
|
|
53,752 |
|
TOTAL ASSETS |
|
$ |
7,011,238 |
|
|
$ |
6,793,792 |
|
|
$ |
6,505,350 |
|
|
$ |
6,408,553 |
|
|
$ |
6,476,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
$ |
1,112,734 |
|
|
$ |
1,079,877 |
|
|
$ |
950,368 |
|
|
$ |
914,893 |
|
|
$ |
957,687 |
|
Interest-bearing demand deposits |
|
|
3,334,269 |
|
|
|
3,316,217 |
|
|
|
3,229,814 |
|
|
|
3,029,119 |
|
|
|
2,882,193 |
|
Savings |
|
|
103,136 |
|
|
|
103,979 |
|
|
|
105,602 |
|
|
|
108,305 |
|
|
|
111,573 |
|
Money market accounts |
|
|
1,078,024 |
|
|
|
902,562 |
|
|
|
824,158 |
|
|
|
775,132 |
|
|
|
740,559 |
|
Certificates of deposit – Retail |
|
|
483,998 |
|
|
|
515,297 |
|
|
|
502,810 |
|
|
|
486,079 |
|
|
|
443,791 |
|
Certificates of deposit – Listing Service |
|
|
6,861 |
|
|
|
7,454 |
|
|
|
7,454 |
|
|
|
7,704 |
|
|
|
7,804 |
|
Subtotal “customer” deposits |
|
|
6,119,022 |
|
|
|
5,925,386 |
|
|
|
5,620,206 |
|
|
|
5,321,232 |
|
|
|
5,143,607 |
|
IB Demand – Brokered |
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
Certificates of deposit – Brokered |
|
|
— |
|
|
|
— |
|
|
|
26,000 |
|
|
|
145,480 |
|
|
|
120,507 |
|
Total deposits |
|
|
6,129,022 |
|
|
|
5,935,386 |
|
|
|
5,656,206 |
|
|
|
5,476,712 |
|
|
|
5,274,114 |
|
Short-term borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119,490 |
|
|
|
403,814 |
|
Finance lease liability |
|
|
1,348 |
|
|
|
1,388 |
|
|
|
1,427 |
|
|
|
3,104 |
|
|
|
3,430 |
|
Operating lease liability |
|
|
43,569 |
|
|
|
44,775 |
|
|
|
41,347 |
|
|
|
17,630 |
|
|
|
12,876 |
|
Subordinated debt, net |
|
|
133,561 |
|
|
|
133,489 |
|
|
|
133,417 |
|
|
|
133,346 |
|
|
|
133,274 |
|
Due to brokers |
|
|
18,514 |
|
|
|
— |
|
|
|
9,981 |
|
|
|
— |
|
|
|
— |
|
Other liabilities |
|
|
79,375 |
|
|
|
71,140 |
|
|
|
74,650 |
|
|
|
75,892 |
|
|
|
65,668 |
|
TOTAL LIABILITIES |
|
|
6,405,389 |
|
|
|
6,186,178 |
|
|
|
5,917,028 |
|
|
|
5,826,174 |
|
|
|
5,893,176 |
|
Shareholders’ equity |
|
|
605,849 |
|
|
|
607,614 |
|
|
|
588,322 |
|
|
|
582,379 |
|
|
|
583,681 |
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
$ |
7,011,238 |
|
|
$ |
6,793,792 |
|
|
$ |
6,505,350 |
|
|
$ |
6,408,553 |
|
|
$ |
6,476,857 |
|
Assets under management and / or administration at
Peapack Private Bank & Trust's Private Wealth Management
Division (market value, not included above-dollars in billions) |
|
$ |
11.9 |
|
|
$ |
12.1 |
|
|
$ |
11.5 |
|
|
$ |
11.5 |
|
|
$ |
10.9 |
|
(A) FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due over 90 days and still accruing |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35 |
|
|
$ |
— |
|
Nonaccrual loans |
|
|
100,168 |
|
|
|
80,453 |
|
|
|
82,075 |
|
|
|
69,811 |
|
|
|
61,324 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
|
$ |
100,168 |
|
|
$ |
80,453 |
|
|
$ |
82,075 |
|
|
$ |
69,846 |
|
|
$ |
61,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
|
1.81 |
% |
|
|
1.51 |
% |
|
|
1.56 |
% |
|
|
1.30 |
% |
|
|
1.13 |
% |
Nonperforming assets to total assets |
|
|
1.43 |
% |
|
|
1.18 |
% |
|
|
1.26 |
% |
|
|
1.09 |
% |
|
|
0.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing modifications (A)(B) |
|
$ |
40,350 |
|
|
$ |
51,796 |
|
|
$ |
26,788 |
|
|
$ |
12,311 |
|
|
$ |
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30 through 89 days and still accruing |
|
$ |
4,870 |
|
|
$ |
31,446 |
|
|
$ |
34,714 |
|
|
$ |
73,699 |
|
|
$ |
34,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans subject to special mention |
|
$ |
46,518 |
|
|
$ |
113,655 |
|
|
$ |
140,791 |
|
|
$ |
59,450 |
|
|
$ |
71,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified loans |
|
$ |
145,394 |
|
|
$ |
147,422 |
|
|
$ |
128,311 |
|
|
$ |
117,869 |
|
|
$ |
84,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Individually evaluated loans |
|
$ |
99,775 |
|
|
$ |
79,972 |
|
|
$ |
81,802 |
|
|
$ |
69,530 |
|
|
$ |
60,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses ("ACL"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of quarter |
|
$ |
71,283 |
|
|
$ |
67,984 |
|
|
$ |
66,251 |
|
|
$ |
65,888 |
|
|
$ |
68,592 |
|
Provision for credit losses (C) |
|
|
1,753 |
|
|
|
1,227 |
|
|
|
3,901 |
|
|
|
615 |
|
|
|
5,082 |
|
(Charge-offs)/recoveries, net (D) |
|
|
(44 |
) |
|
|
2,072 |
|
|
|
(2,168 |
) |
|
|
(252 |
) |
|
|
(7,786 |
) |
End of quarter |
|
$ |
72,992 |
|
|
$ |
71,283 |
|
|
$ |
67,984 |
|
|
$ |
66,251 |
|
|
$ |
65,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to nonperforming loans |
|
|
72.87 |
% |
|
|
88.60 |
% |
|
|
82.83 |
% |
|
|
94.85 |
% |
|
|
107.44 |
% |
ACL to total loans |
|
|
1.32 |
% |
|
|
1.34 |
% |
|
|
1.29 |
% |
|
|
1.24 |
% |
|
|
1.21 |
% |
Collectively evaluated ACL to total loans (E) |
|
|
1.09 |
% |
|
|
1.16 |
% |
|
|
1.14 |
% |
|
|
1.15 |
% |
|
|
1.13 |
% |
(A) Amounts reflect modifications that are paying according to modified terms.
(B) Excludes modifications included in nonaccrual loans of $3.6 million at December 31, 2024, $3.7 million at September 30, 2024, $3.2 million at June 30, 2024, $3.2 million at March 31, 2024 and $3.0 million at December 31, 2023.
(C) Excludes a credit of $15,000 at December 31, 2024, a credit of $3,000 at September 30, 2024, a provision of $10,000 at June 30, 2024, a provision of $12,000 at March 31, 2024 and a credit of $55,000 at December 31, 2023 related to off-balance sheet commitments.
(D) 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.
(E) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
Capital Adequacy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets (A) |
|
|
|
|
8.64 |
% |
|
|
|
|
8.94 |
% |
|
|
|
|
9.01 |
% |
Tangible equity to tangible assets (B) |
|
|
|
|
8.05 |
% |
|
|
|
|
8.33 |
% |
|
|
|
|
8.36 |
% |
Book value per share (C) |
|
|
|
$ |
34.45 |
|
|
|
|
$ |
34.57 |
|
|
|
|
$ |
32.90 |
|
Tangible book value per share (D) |
|
|
|
$ |
31.89 |
|
|
|
|
$ |
32.00 |
|
|
|
|
$ |
30.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible assets excluding other comprehensive loss* |
|
|
|
|
8.92 |
% |
|
|
|
|
9.07 |
% |
|
|
|
|
9.28 |
% |
Tangible book value per share excluding other comprehensive loss* |
|
|
|
$ |
35.67 |
|
|
|
|
$ |
35.11 |
|
|
|
|
$ |
33.97 |
|
*Excludes other comprehensive loss of $66.4 million for the quarter ended December 31, 2024, $54.8 million for the quarter ended September 30, 2024, and $64.9 million for the quarter ended December 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 |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2024 |
|
2024 |
|
2023 |
Regulatory Capital – Holding Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage |
|
$ |
625,830 |
|
|
9.01% |
|
$ |
615,486 |
|
|
9.33% |
|
$ |
600,444 |
|
|
9.19% |
Tier I capital to risk-weighted assets |
|
|
625,830 |
|
|
11.51 |
|
|
615,486 |
|
|
11.67 |
|
|
600,444 |
|
|
11.43 |
Common equity tier I capital ratio
to risk-weighted assets |
|
|
625,824 |
|
|
11.51 |
|
|
615,474 |
|
|
11.67 |
|
|
600,432 |
|
|
11.43 |
Tier I & II capital to risk-weighted assets |
|
|
806,404 |
|
|
14.84 |
|
|
800,961 |
|
|
15.19 |
|
|
785,413 |
|
|
14.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital – Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage (E) |
|
$ |
733,389 |
|
|
10.57% |
|
$ |
724,038 |
|
|
10.99% |
|
$ |
707,446 |
|
|
10.83% |
Tier I capital to risk-weighted assets (F) |
|
|
733,389 |
|
|
13.50 |
|
|
724,038 |
|
|
13.75 |
|
|
707,446 |
|
|
13.48 |
Common equity tier I capital ratio
to risk-weighted assets (G) |
|
|
733,383 |
|
|
13.50 |
|
|
724,026 |
|
|
13.75 |
|
|
707,434 |
|
|
13.47 |
Tier I & II capital to risk-weighted assets (H) |
|
|
801,365 |
|
|
14.75 |
|
|
789,954 |
|
|
15.00 |
|
|
773,083 |
|
|
14.73 |
(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($278 million)
(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($462 million)
(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($380 million)
(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($570 million)
PEAPACK-GLADSTONE FINANCIAL CORPORATION
LOANS CLOSED
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarters Ended |
|
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
Residential loans retained |
|
$ |
39,279 |
|
|
$ |
26,955 |
|
|
$ |
16,087 |
|
|
$ |
11,661 |
|
|
$ |
5,895 |
|
Residential loans sold |
|
|
4,220 |
|
|
|
1,853 |
|
|
|
2,361 |
|
|
|
4,025 |
|
|
|
1,449 |
|
Total residential loans |
|
|
43,499 |
|
|
|
28,808 |
|
|
|
18,448 |
|
|
|
15,686 |
|
|
|
7,344 |
|
Commercial real estate |
|
|
15,800 |
|
|
|
4,300 |
|
|
|
2,600 |
|
|
|
11,500 |
|
|
|
21,375 |
|
Multifamily |
|
|
12,550 |
|
|
|
11,295 |
|
|
|
4,330 |
|
|
|
1,900 |
|
|
|
5,725 |
|
Commercial (C&I) loans (A) (B) |
|
|
432,115 |
|
|
|
242,829 |
|
|
|
103,065 |
|
|
|
145,803 |
|
|
|
145,397 |
|
SBA |
|
|
5,964 |
|
|
|
9,106 |
|
|
|
8,200 |
|
|
|
2,790 |
|
|
|
7,326 |
|
Wealth lines of credit (A) |
|
|
550 |
|
|
|
11,675 |
|
|
|
10,950 |
|
|
|
3,850 |
|
|
|
350 |
|
Total commercial loans |
|
|
466,979 |
|
|
|
279,205 |
|
|
|
129,145 |
|
|
|
165,843 |
|
|
|
180,173 |
|
Installment loans |
|
|
7,182 |
|
|
|
8,137 |
|
|
|
1,664 |
|
|
|
6,868 |
|
|
|
2,946 |
|
Home equity lines of credit (A) |
|
|
10,236 |
|
|
|
10,421 |
|
|
|
4,787 |
|
|
|
2,103 |
|
|
|
4,174 |
|
Total loans closed |
|
$ |
527,896 |
|
|
$ |
326,571 |
|
|
$ |
154,044 |
|
|
$ |
190,500 |
|
|
$ |
194,637 |
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
Dec 31, |
|
|
Dec 31, |
|
|
|
2024 |
|
|
2023 |
|
Residential loans retained |
|
$ |
93,982 |
|
|
$ |
96,866 |
|
Residential loans sold |
|
|
12,459 |
|
|
|
6,501 |
|
Total residential loans |
|
|
106,441 |
|
|
|
103,367 |
|
Commercial real estate |
|
|
34,200 |
|
|
|
87,500 |
|
Multifamily |
|
|
30,075 |
|
|
|
65,537 |
|
Commercial (C&I) loans (A) (B) |
|
|
923,812 |
|
|
|
689,028 |
|
SBA |
|
|
26,060 |
|
|
|
31,289 |
|
Wealth lines of credit (A) |
|
|
27,025 |
|
|
|
34,400 |
|
Total commercial loans |
|
|
1,041,172 |
|
|
|
907,754 |
|
Installment loans |
|
|
23,851 |
|
|
|
26,618 |
|
Home equity lines of credit (A) |
|
|
27,547 |
|
|
|
19,477 |
|
Total loans closed |
|
$ |
1,199,011 |
|
|
$ |
1,057,216 |
|
(A) Includes loans and lines of credit that closed in the period but not necessarily funded.
(B) Includes equipment finance.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
(Tax-Equivalent Basis, Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
937,314 |
|
|
$ |
6,992 |
|
|
|
2.98 |
% |
|
$ |
798,661 |
|
|
$ |
5,202 |
|
|
|
2.61 |
% |
Tax-exempt (A) (B) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
593,454 |
|
|
|
6,181 |
|
|
|
4.17 |
|
|
|
581,088 |
|
|
|
5,300 |
|
|
|
3.65 |
|
Commercial mortgages |
|
|
2,364,893 |
|
|
|
25,876 |
|
|
|
4.38 |
|
|
|
2,492,204 |
|
|
|
28,318 |
|
|
|
4.55 |
|
Commercial |
|
|
2,274,408 |
|
|
|
39,394 |
|
|
|
6.93 |
|
|
|
2,274,841 |
|
|
|
37,958 |
|
|
|
6.67 |
|
Commercial construction |
|
|
11,698 |
|
|
|
146 |
|
|
|
4.99 |
|
|
|
16,680 |
|
|
|
382 |
|
|
|
9.16 |
|
Installment |
|
|
77,547 |
|
|
|
1,290 |
|
|
|
6.65 |
|
|
|
59,988 |
|
|
|
1,037 |
|
|
|
6.91 |
|
Home equity |
|
|
41,496 |
|
|
|
815 |
|
|
|
7.86 |
|
|
|
35,570 |
|
|
|
721 |
|
|
|
8.11 |
|
Other |
|
|
329 |
|
|
|
5 |
|
|
|
6.08 |
|
|
|
246 |
|
|
|
8 |
|
|
|
13.01 |
|
Total loans |
|
|
5,363,825 |
|
|
|
73,707 |
|
|
|
5.50 |
|
|
|
5,460,617 |
|
|
|
73,724 |
|
|
|
5.40 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
513,010 |
|
|
|
5,722 |
|
|
|
4.46 |
|
|
|
146,699 |
|
|
|
1,623 |
|
|
|
4.43 |
|
Total interest-earning assets |
|
|
6,814,149 |
|
|
|
86,421 |
|
|
|
5.07 |
% |
|
|
6,406,083 |
|
|
|
80,549 |
|
|
|
5.03 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
8,913 |
|
|
|
|
|
|
|
|
|
10,709 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(72,455 |
) |
|
|
|
|
|
|
|
|
(68,289 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
28,051 |
|
|
|
|
|
|
|
|
|
24,387 |
|
|
|
|
|
|
|
Other assets |
|
|
123,283 |
|
|
|
|
|
|
|
|
|
85,720 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
87,792 |
|
|
|
|
|
|
|
|
|
52,527 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,901,941 |
|
|
|
|
|
|
|
|
$ |
6,458,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
3,332,212 |
|
|
$ |
30,304 |
|
|
|
3.64 |
% |
|
$ |
2,890,964 |
|
|
$ |
25,811 |
|
|
|
3.57 |
% |
Money markets |
|
|
986,483 |
|
|
|
6,892 |
|
|
|
2.79 |
|
|
|
771,051 |
|
|
|
5,247 |
|
|
|
2.72 |
|
Savings |
|
|
102,820 |
|
|
|
108 |
|
|
|
0.42 |
|
|
|
112,969 |
|
|
|
81 |
|
|
|
0.29 |
|
Certificates of deposit – retail |
|
|
508,257 |
|
|
|
5,222 |
|
|
|
4.11 |
|
|
|
440,712 |
|
|
|
4,086 |
|
|
|
3.71 |
|
Subtotal interest-bearing deposits |
|
|
4,929,772 |
|
|
|
42,526 |
|
|
|
3.45 |
|
|
|
4,215,696 |
|
|
|
35,225 |
|
|
|
3.34 |
|
Interest-bearing demand – brokered |
|
|
10,000 |
|
|
|
129 |
|
|
|
5.16 |
|
|
|
10,000 |
|
|
|
142 |
|
|
|
5.68 |
|
Certificates of deposit – brokered |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
115,722 |
|
|
|
1,454 |
|
|
|
5.03 |
|
Total interest-bearing deposits |
|
|
4,939,772 |
|
|
|
42,655 |
|
|
|
3.45 |
|
|
|
4,341,418 |
|
|
|
36,821 |
|
|
|
3.39 |
|
Borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
357,384 |
|
|
|
4,955 |
|
|
|
5.55 |
|
Capital lease obligation |
|
|
1,362 |
|
|
|
14 |
|
|
|
4.11 |
|
|
|
3,539 |
|
|
|
42 |
|
|
|
4.75 |
|
Subordinated debt |
|
|
133,521 |
|
|
|
1,589 |
|
|
|
4.76 |
|
|
|
133,234 |
|
|
|
1,685 |
|
|
|
5.06 |
|
Total interest-bearing liabilities |
|
|
5,074,655 |
|
|
|
44,258 |
|
|
|
3.49 |
% |
|
|
4,835,575 |
|
|
|
43,503 |
|
|
|
3.60 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
1,114,427 |
|
|
|
|
|
|
|
|
|
963,968 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
112,051 |
|
|
|
|
|
|
|
|
|
98,012 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
1,226,478 |
|
|
|
|
|
|
|
|
|
1,061,980 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
600,808 |
|
|
|
|
|
|
|
|
|
561,055 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
6,901,941 |
|
|
|
|
|
|
|
|
$ |
6,458,610 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
42,163 |
|
|
|
|
|
|
|
|
$ |
37,046 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.58 |
% |
|
|
|
|
|
|
|
|
1.43 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.46 |
% |
|
|
|
|
|
|
|
|
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 CORPORATION
AVERAGE BALANCE SHEET
(Tax-Equivalent Basis, Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
Average |
|
|
Income/ |
|
|
Annualized |
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
937,314 |
|
|
$ |
6,992 |
|
|
|
2.98 |
% |
|
$ |
865,892 |
|
|
$ |
6,107 |
|
|
|
2.82 |
% |
Tax-exempt (A) (B) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
593,454 |
|
|
|
6,181 |
|
|
|
4.17 |
|
|
|
579,949 |
|
|
|
5,834 |
|
|
|
4.02 |
|
Commercial mortgages |
|
|
2,364,893 |
|
|
|
25,876 |
|
|
|
4.38 |
|
|
|
2,381,771 |
|
|
|
27,362 |
|
|
|
4.60 |
|
Commercial |
|
|
2,274,408 |
|
|
|
39,394 |
|
|
|
6.93 |
|
|
|
2,159,648 |
|
|
|
37,588 |
|
|
|
6.96 |
|
Commercial construction |
|
|
11,698 |
|
|
|
146 |
|
|
|
4.99 |
|
|
|
22,371 |
|
|
|
507 |
|
|
|
9.07 |
|
Installment |
|
|
77,547 |
|
|
|
1,290 |
|
|
|
6.65 |
|
|
|
73,440 |
|
|
|
1,267 |
|
|
|
6.90 |
|
Home equity |
|
|
41,496 |
|
|
|
815 |
|
|
|
7.86 |
|
|
|
38,768 |
|
|
|
814 |
|
|
|
8.40 |
|
Other |
|
|
329 |
|
|
|
5 |
|
|
|
6.08 |
|
|
|
239 |
|
|
|
6 |
|
|
|
10.04 |
|
Total loans |
|
|
5,363,825 |
|
|
|
73,707 |
|
|
|
5.50 |
|
|
|
5,256,186 |
|
|
|
73,378 |
|
|
|
5.58 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
513,010 |
|
|
|
5,722 |
|
|
|
4.46 |
|
|
|
326,707 |
|
|
|
3,982 |
|
|
|
4.88 |
|
Total interest-earning assets |
|
|
6,814,149 |
|
|
|
86,421 |
|
|
|
5.07 |
% |
|
|
6,448,785 |
|
|
|
83,467 |
|
|
|
5.18 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
8,913 |
|
|
|
|
|
|
|
|
|
7,521 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(72,455 |
) |
|
|
|
|
|
|
|
|
(70,317 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
28,051 |
|
|
|
|
|
|
|
|
|
25,530 |
|
|
|
|
|
|
|
Other assets |
|
|
123,283 |
|
|
|
|
|
|
|
|
|
139,042 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
87,792 |
|
|
|
|
|
|
|
|
|
101,776 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,901,941 |
|
|
|
|
|
|
|
|
$ |
6,550,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
3,332,212 |
|
|
$ |
30,304 |
|
|
|
3.64 |
% |
|
$ |
3,214,186 |
|
|
$ |
31,506 |
|
|
|
3.92 |
% |
Money markets |
|
|
986,483 |
|
|
|
6,892 |
|
|
|
2.79 |
|
|
|
833,325 |
|
|
|
6,419 |
|
|
|
3.08 |
|
Savings |
|
|
102,820 |
|
|
|
108 |
|
|
|
0.42 |
|
|
|
104,293 |
|
|
|
117 |
|
|
|
0.45 |
|
Certificates of deposit – retail |
|
|
508,257 |
|
|
|
5,222 |
|
|
|
4.11 |
|
|
|
512,794 |
|
|
|
5,540 |
|
|
|
4.32 |
|
Subtotal interest-bearing deposits |
|
|
4,929,772 |
|
|
|
42,526 |
|
|
|
3.45 |
|
|
|
4,664,598 |
|
|
|
43,582 |
|
|
|
3.74 |
|
Interest-bearing demand – brokered |
|
|
10,000 |
|
|
|
129 |
|
|
|
5.16 |
|
|
|
10,000 |
|
|
|
134 |
|
|
|
5.36 |
|
Certificates of deposit – brokered |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,913 |
|
|
|
106 |
|
|
|
5.36 |
|
Total interest-bearing deposits |
|
|
4,939,772 |
|
|
|
42,655 |
|
|
|
3.45 |
|
|
|
4,682,511 |
|
|
|
43,822 |
|
|
|
3.74 |
|
Borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Capital lease obligation |
|
|
1,362 |
|
|
|
14 |
|
|
|
4.11 |
|
|
|
1,401 |
|
|
|
15 |
|
|
|
4.28 |
|
Subordinated debt |
|
|
133,521 |
|
|
|
1,589 |
|
|
|
4.76 |
|
|
|
133,449 |
|
|
|
1,685 |
|
|
|
5.05 |
|
Total interest-bearing liabilities |
|
|
5,074,655 |
|
|
|
44,258 |
|
|
|
3.49 |
% |
|
|
4,817,361 |
|
|
|
45,522 |
|
|
|
3.78 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
1,114,427 |
|
|
|
|
|
|
|
|
|
1,016,014 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
112,051 |
|
|
|
|
|
|
|
|
|
124,399 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
1,226,478 |
|
|
|
|
|
|
|
|
|
1,140,413 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
600,808 |
|
|
|
|
|
|
|
|
|
592,787 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
6,901,941 |
|
|
|
|
|
|
|
|
$ |
6,550,561 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
42,163 |
|
|
|
|
|
|
|
|
$ |
37,945 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.58 |
% |
|
|
|
|
|
|
|
|
1.40 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.46 |
% |
|
|
|
|
|
|
|
|
2.34 |
% |
(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 CORPORATION
AVERAGE BALANCE SHEET
(Tax-Equivalent Basis, Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
Average |
|
|
Income/ |
|
|
|
|
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
|
Balance |
|
|
Expense |
|
|
Yield |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (A) |
|
$ |
849,933 |
|
|
$ |
23,402 |
|
|
|
2.75 |
% |
|
$ |
800,811 |
|
|
$ |
19,743 |
|
|
|
2.47 |
% |
Tax-exempt (A) (B) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,251 |
|
|
|
50 |
|
|
|
4.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (B) (C): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages |
|
|
582,024 |
|
|
|
23,017 |
|
|
|
3.95 |
|
|
|
562,488 |
|
|
|
19,733 |
|
|
|
3.51 |
|
Commercial mortgages |
|
|
2,406,726 |
|
|
|
107,659 |
|
|
|
4.47 |
|
|
|
2,494,427 |
|
|
|
108,819 |
|
|
|
4.36 |
|
Commercial |
|
|
2,216,401 |
|
|
|
151,610 |
|
|
|
6.84 |
|
|
|
2,254,617 |
|
|
|
144,141 |
|
|
|
6.39 |
|
Commercial construction |
|
|
18,647 |
|
|
|
1,570 |
|
|
|
8.42 |
|
|
|
10,115 |
|
|
|
918 |
|
|
|
9.08 |
|
Installment |
|
|
70,852 |
|
|
|
4,814 |
|
|
|
6.79 |
|
|
|
51,929 |
|
|
|
3,454 |
|
|
|
6.65 |
|
Home equity |
|
|
38,321 |
|
|
|
3,113 |
|
|
|
8.12 |
|
|
|
34,332 |
|
|
|
2,624 |
|
|
|
7.64 |
|
Other |
|
|
246 |
|
|
|
25 |
|
|
|
10.16 |
|
|
|
257 |
|
|
|
29 |
|
|
|
11.28 |
|
Total loans |
|
|
5,333,217 |
|
|
|
291,808 |
|
|
|
5.47 |
|
|
|
5,408,165 |
|
|
|
279,718 |
|
|
|
5.17 |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest-earning deposits |
|
|
297,448 |
|
|
|
13,644 |
|
|
|
4.59 |
|
|
|
146,977 |
|
|
|
6,075 |
|
|
|
4.13 |
|
Total interest-earning assets |
|
|
6,480,598 |
|
|
|
328,854 |
|
|
|
5.07 |
% |
|
|
6,357,204 |
|
|
|
305,586 |
|
|
|
4.81 |
% |
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
8,517 |
|
|
|
|
|
|
|
|
|
8,973 |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(69,372 |
) |
|
|
|
|
|
|
|
|
(64,149 |
) |
|
|
|
|
|
|
Premises and equipment |
|
|
25,705 |
|
|
|
|
|
|
|
|
|
23,986 |
|
|
|
|
|
|
|
Other assets |
|
|
110,938 |
|
|
|
|
|
|
|
|
|
79,192 |
|
|
|
|
|
|
|
Total noninterest-earning assets |
|
|
75,788 |
|
|
|
|
|
|
|
|
|
48,002 |
|
|
|
|
|
|
|
Total assets |
|
$ |
6,556,386 |
|
|
|
|
|
|
|
|
$ |
6,405,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
3,149,550 |
|
|
$ |
118,497 |
|
|
|
3.76 |
% |
|
$ |
2,777,390 |
|
|
$ |
88,829 |
|
|
|
3.20 |
% |
Money markets |
|
|
842,606 |
|
|
|
24,850 |
|
|
|
2.95 |
|
|
|
862,686 |
|
|
|
18,432 |
|
|
|
2.14 |
|
Savings |
|
|
105,351 |
|
|
|
410 |
|
|
|
0.39 |
|
|
|
124,538 |
|
|
|
229 |
|
|
|
0.18 |
|
Certificates of deposit – retail |
|
|
500,842 |
|
|
|
20,983 |
|
|
|
4.19 |
|
|
|
400,155 |
|
|
|
11,736 |
|
|
|
2.93 |
|
Subtotal interest-bearing deposits |
|
|
4,598,349 |
|
|
|
164,740 |
|
|
|
3.58 |
|
|
|
4,164,769 |
|
|
|
119,226 |
|
|
|
2.86 |
|
Interest-bearing demand – brokered |
|
|
10,000 |
|
|
|
523 |
|
|
|
5.23 |
|
|
|
13,973 |
|
|
|
611 |
|
|
|
4.37 |
|
Certificates of deposit – brokered |
|
|
58,425 |
|
|
|
2,950 |
|
|
|
5.05 |
|
|
|
67,998 |
|
|
|
3,038 |
|
|
|
4.47 |
|
Total interest-bearing deposits |
|
|
4,666,774 |
|
|
|
168,213 |
|
|
|
3.60 |
|
|
|
4,246,740 |
|
|
|
122,875 |
|
|
|
2.89 |
|
Borrowings |
|
|
65,299 |
|
|
|
3,848 |
|
|
|
5.89 |
|
|
|
337,777 |
|
|
|
18,204 |
|
|
|
5.39 |
|
Capital lease obligation |
|
|
2,207 |
|
|
|
90 |
|
|
|
4.08 |
|
|
|
4,018 |
|
|
|
191 |
|
|
|
4.75 |
|
Subordinated debt |
|
|
133,413 |
|
|
|
6,644 |
|
|
|
4.98 |
|
|
|
133,127 |
|
|
|
6,651 |
|
|
|
5.00 |
|
Total interest-bearing liabilities |
|
|
4,867,693 |
|
|
|
178,795 |
|
|
|
3.67 |
% |
|
|
4,721,662 |
|
|
|
147,921 |
|
|
|
3.13 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
998,497 |
|
|
|
|
|
|
|
|
|
1,040,403 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
102,197 |
|
|
|
|
|
|
|
|
|
86,193 |
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
1,100,694 |
|
|
|
|
|
|
|
|
|
1,126,596 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
587,999 |
|
|
|
|
|
|
|
|
|
556,948 |
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
6,556,386 |
|
|
|
|
|
|
|
|
$ |
6,405,206 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
150,059 |
|
|
|
|
|
|
|
|
$ |
157,665 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
1.40 |
% |
|
|
|
|
|
|
|
|
1.68 |
% |
Net interest margin (D) |
|
|
|
|
|
|
|
|
2.32 |
% |
|
|
|
|
|
|
|
|
2.48 |
% |
(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 CORPORATION
NON-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 |
|
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
Tangible Book Value Per Share |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
Shareholders’ equity |
|
$ |
605,849 |
|
|
$ |
607,614 |
|
|
$ |
588,322 |
|
|
$ |
582,379 |
|
|
$ |
583,681 |
|
Less: Intangible assets, net |
|
|
44,926 |
|
|
|
45,198 |
|
|
|
45,470 |
|
|
|
45,742 |
|
|
|
46,014 |
|
Tangible equity |
|
$ |
560,923 |
|
|
$ |
562,416 |
|
|
$ |
542,852 |
|
|
$ |
536,637 |
|
|
$ |
537,667 |
|
Less: other comprehensive loss |
|
|
(66,411 |
) |
|
|
(54,820 |
) |
|
|
(68,342 |
) |
|
|
(67,760 |
) |
|
|
(64,878 |
) |
Tangible equity excluding other comprehensive loss |
|
$ |
627,334 |
|
|
$ |
617,236 |
|
|
$ |
611,194 |
|
|
$ |
604,397 |
|
|
$ |
602,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period end shares outstanding |
|
|
17,586,616 |
|
|
|
17,577,747 |
|
|
|
17,666,490 |
|
|
|
17,761,538 |
|
|
|
17,739,677 |
|
Tangible book value per share |
|
$ |
31.89 |
|
|
$ |
32.00 |
|
|
$ |
30.73 |
|
|
$ |
30.21 |
|
|
$ |
30.31 |
|
Tangible book value per share excluding other comprehensive loss |
|
$ |
35.67 |
|
|
$ |
35.11 |
|
|
$ |
34.60 |
|
|
$ |
34.03 |
|
|
$ |
33.97 |
|
Book value per share |
|
|
34.45 |
|
|
|
34.57 |
|
|
|
33.30 |
|
|
|
32.79 |
|
|
|
32.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity to Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,011,238 |
|
|
$ |
6,793,792 |
|
|
$ |
6,505,350 |
|
|
$ |
6,408,553 |
|
|
$ |
6,476,857 |
|
Less: Intangible assets, net |
|
|
44,926 |
|
|
|
45,198 |
|
|
|
45,470 |
|
|
|
45,742 |
|
|
|
46,014 |
|
Tangible assets |
|
$ |
6,966,312 |
|
|
$ |
6,748,594 |
|
|
$ |
6,459,880 |
|
|
$ |
6,362,811 |
|
|
$ |
6,430,843 |
|
Less: other comprehensive loss |
|
|
(66,411 |
) |
|
|
(54,820 |
) |
|
|
(68,342 |
) |
|
|
(67,760 |
) |
|
|
(64,878 |
) |
Tangible assets excluding other comprehensive loss |
|
$ |
7,032,723 |
|
|
$ |
6,803,414 |
|
|
$ |
6,528,222 |
|
|
$ |
6,430,571 |
|
|
$ |
6,495,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to tangible assets |
|
|
8.05 |
% |
|
|
8.33 |
% |
|
|
8.40 |
% |
|
|
8.43 |
% |
|
|
8.36 |
% |
Tangible equity to tangible assets excluding other comprehensive loss |
|
|
8.92 |
% |
|
|
9.07 |
% |
|
|
9.36 |
% |
|
|
9.40 |
% |
|
|
9.28 |
% |
Equity to assets |
|
|
8.64 |
% |
|
|
8.94 |
% |
|
|
9.04 |
% |
|
|
9.09 |
% |
|
|
9.01 |
% |
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
Return on Average Tangible Equity |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
9,240 |
|
|
$ |
7,587 |
|
|
$ |
7,530 |
|
|
$ |
8,631 |
|
|
$ |
8,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders’ equity |
|
$ |
600,808 |
|
|
$ |
592,787 |
|
|
$ |
577,206 |
|
|
$ |
581,003 |
|
|
$ |
561,055 |
|
Less: Average intangible assets, net |
|
|
45,079 |
|
|
|
45,350 |
|
|
|
45,624 |
|
|
|
45,903 |
|
|
|
46,167 |
|
Average tangible equity |
|
$ |
555,729 |
|
|
$ |
547,437 |
|
|
$ |
531,582 |
|
|
$ |
535,100 |
|
|
$ |
514,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity |
|
|
6.65 |
% |
|
|
5.54 |
% |
|
|
5.67 |
% |
|
|
6.45 |
% |
|
|
6.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
Dec 31, |
|
|
Dec 31, |
|
Return on Average Tangible Equity |
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
32,988 |
|
|
$ |
48,854 |
|
|
|
|
|
|
|
|
Average shareholders’ equity |
|
$ |
587,999 |
|
|
$ |
556,948 |
|
Less: Average intangible assets, net |
|
|
45,488 |
|
|
|
46,659 |
|
Average tangible equity |
|
$ |
542,511 |
|
|
$ |
510,289 |
|
|
|
|
|
|
|
|
Return on average tangible common equity |
|
|
6.08 |
% |
|
|
9.57 |
% |
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Dec 31, |
|
|
Sept 30, |
|
|
June 30, |
|
|
March 31, |
|
|
Dec 31, |
|
Efficiency Ratio |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
Net interest income |
|
$ |
41,908 |
|
|
$ |
37,681 |
|
|
$ |
35,042 |
|
|
$ |
34,375 |
|
|
$ |
36,675 |
|
Total other income |
|
|
19,928 |
|
|
|
18,938 |
|
|
|
21,555 |
|
|
|
18,701 |
|
|
|
17,590 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment for equity securities |
|
|
(549 |
) |
|
|
(474 |
) |
|
|
84 |
|
|
|
111 |
|
|
|
(585 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on loans held for sale at lower of cost or fair value |
|
|
— |
|
|
|
— |
|
|
|
(23 |
) |
|
|
— |
|
|
|
— |
|
Income from life insurance proceeds |
|
|
— |
|
|
|
(55 |
) |
|
|
— |
|
|
|
(181 |
) |
|
|
— |
|
Total recurring revenue |
|
$ |
61,287 |
|
|
$ |
56,090 |
|
|
$ |
56,658 |
|
|
$ |
53,006 |
|
|
$ |
53,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
$ |
47,860 |
|
|
$ |
44,649 |
|
|
$ |
43,126 |
|
|
$ |
40,041 |
|
|
$ |
37,616 |
|
Total operating expense |
|
$ |
47,860 |
|
|
$ |
44,649 |
|
|
$ |
43,126 |
|
|
$ |
40,041 |
|
|
$ |
37,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
78.09 |
% |
|
|
79.60 |
% |
|
|
76.12 |
% |
|
|
75.54 |
% |
|
|
70.07 |
% |
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
|
|
Dec 31, |
|
|
Dec 31, |
|
Efficiency Ratio |
|
2024 |
|
|
2023 |
|
Net interest income |
|
$ |
149,006 |
|
|
$ |
156,089 |
|
Total other income |
|
|
79,122 |
|
|
|
73,578 |
|
Add: |
|
|
|
|
|
|
Fair value adjustment for equity securities |
|
|
(828 |
) |
|
|
(181 |
) |
Less: |
|
|
|
|
|
|
Gain on loans held for sale at lower of cost or fair value |
|
|
(23 |
) |
|
|
— |
|
Income from life insurance proceeds |
|
|
(236 |
) |
|
|
— |
|
Total recurring revenue |
|
$ |
227,041 |
|
|
$ |
229,486 |
|
|
|
|
|
|
|
|
Operating expenses |
|
$ |
175,676 |
|
|
$ |
148,295 |
|
Less: |
|
|
|
|
|
|
Accelerated Expense for Retirement |
|
|
— |
|
|
|
1,965 |
|
Branch Closure Expense |
|
|
— |
|
|
|
175 |
|
Total operating expense |
|
$ |
175,676 |
|
|
$ |
146,155 |
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
77.38 |
% |
|
|
63.69 |
% |
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-Publisher SEC
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-Publisher SEC
-Name Securities Act
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-Section 425
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| Namespace Prefix: |
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