GLADSTONE, N.J.--(BUSINESS WIRE)--
Peapack-Gladstone Financial Corporation (NASDAQ Global Select
Market:PGC) (the Corporation) recorded net income for the second
quarter of 2009 of $1.9 million, a decline of $1.6 million from the
second quarter of 2008. For the second quarter of 2009, diluted earnings
per share after effect of the preferred stock dividend were $0.17 as
compared to diluted earnings per common share of $0.41 for the same
quarter of 2008. The decrease in 2009 earnings per share was primarily
due to an increase in the provision for loan losses, an increase in the
industry-wide FDIC assessment and the dividends on preferred stock.
The Corporation recorded a provision for loan losses of $2.0 million in
the second quarter of 2009 compared to $590 thousand for the same period
in 2008. Due to a substantial increase in the FDIC assessment rates, as
well as a one-time special assessment of all institutions in the second
quarter, which totaled $657 thousand for the Corporation, total FDIC
Assessment expense of $1.4 million was recorded for the second quarter
of 2009 as compared to $130 thousand for the same period in 2008,
respectively. Dividends and accretion on preferred stock totaled $428
thousand for the quarter ended June 30, 2009. There was no such charge
last year as the preferred stock was issued in January 2009 as a result
of the Corporation's participation in the U.S. Treasury's Capital
Purchase Program.
Frank A. Kissel, Chairman and CEO, stated, "Given the extent of the
current recession and its impact on financial institutions, we are
pleased to report positive earnings for the second quarter. While our
loan portfolios continue to perform as expected, given the weak housing
market and economic environment, it makes sense to increase reserves
and, accordingly, a provision for loan losses of $2.0 million was
recorded this quarter."
Mr. Kissel continued, "Also this quarter, a 5% stock dividend was
declared and the Dividend Reinvestment Plan was enhanced to give
shareholders a 3% discount on shares purchased with the cash dividend or
with optional cash payments up to $50,000 per quarter. The shares
purchased will be issued from the Corporation's authorized but unissued
shares or from Treasury, which will build capital for the Corporation.
The enhanced plan has been well received by shareholders."
EARNINGS
Net Interest Income
In the second quarter of 2009, net interest income, on a fully
tax-equivalent basis, was $12.4 million, an increase of $690 thousand or
5.9 percent from the same quarter last year. On a fully tax-equivalent
basis, the net interest margin was 3.71 percent and 3.63 percent for the
second quarters of 2009 and 2008, respectively.
For the second quarter of 2009, the yield on earning assets was 5.07
percent as compared to 5.55 percent for the same quarter of 2008, a
decline of 48 basis points. The cost of interest-bearing liabilities for
the 2009 quarter was 1.62 percent compared to 2.38 percent for the 2008
quarter, reflecting a decrease of 76 basis points. In the declining rate
environment over the year, the cost of the Corporation's
interest-bearing liabilities repriced downward faster than the yield on
interest-earning assets, resulting in improved net interest margin and
net interest income.
Loans
Loans averaged $1.03 billion for the second quarter of 2009 as compared
to $992.0 million for the same 2008 quarter, reflecting an increase of
$40.6 million or 4.1 percent. The average commercial mortgage portfolio
grew $23.5 million or 9.3 percent to $275.4 million and the average
commercial construction loan portfolio was $70.3 million, an increase of
$18.7 million or 36.3 percent. The average home equity loan portfolio
rose $13.1 million or 62.0 percent to $34.3 million. The Corporation
focused on the origination of these higher-yielding, shorter-maturity
loans and loan originations outpaced principal pay downs over the year.
Since December 31, 2008, however, the loan portfolio has declined
slightly, principally the residential mortgage loan portfolio, as the
Corporation opted to sell its longer-term, fixed-rate production as an
interest rate risk management strategy in the lower rate environment.
Deposits
Average deposits grew 7.5 percent from $1.19 billion in the second
quarter of 2008 to $1.28 billion in the second quarter of 2009. Average
interest-bearing checking balances totaled $193.2 million in the second
quarter of 2009, rising $56.6 million or 41.4 percent from the same
quarter in 2008 due to the Corporation's focus on core deposit growth
coupled with the introduction of the Ultimate Checking product, which
provides customers with a low-cost checking product and a higher yield
for greater balances. Average money market accounts also rose from the
second quarter of 2008 to $414.1 million for the same quarter of 2009,
an increase of $19.8 million or 5.0 percent as certain customers tend to
"park" funds in money market accounts in the lower interest rate
environment. Since December 31, 2008, lower costing interest-bearing
checking accounts and money market accounts have continued to increase,
but higher costing certificates of deposit have declined. The
Corporation has opted not to pay higher rates on maturing certificates
of deposit, as the Corporation has ample liquidity from other core
deposits and principal pay downs on loans.
PGB Trust and Investments
PGB Trust and Investments generated $2.6 million in fee income in the
second quarter of 2009, a decrease of $115 thousand or 4.3 percent over
the same quarter of 2008. The decrease reflects the lower market values
on assets under management, due to the current recession, on which the
investment management fees are based.
Other Income
For the second quarter of 2009, other income totaled $1.2 million as
compared to $996 thousand for the same quarter of 2008, rising $226
thousand, or 22.7 percent. Income earned on the sale of mortgage loans
at origination totaled $240 thousand in the second quarter of 2009. More
customers are interested in longer-term, fixed-rate mortgages in the
current low rate environment. These mortgages are sold rather than
retained in portfolio for interest rate risk management purposes.
Income from Bank-Owned Life Insurance, due to the increase in cash
surrender value, declined $90 thousand or 29.6 percent to $214 thousand
for the second quarter of 2009 as compared to 2008 due primarily to the
lower interest rate environment.
Other Expenses
The Corporation's other expense of $11.2 million in the second quarter
of 2009 compared to $9.1 million for the same quarter of 2008, an
increase of $2.1 million or 22.6 percent. The majority of this increase
was due to an increase in the industry-wide FDIC assessment. Due to a
substantial increase in the FDIC assessment rates, as well as a one-time
special assessment of all institutions in the second quarter, which
totaled $657 thousand for the Corporation, total FDIC assessment expense
of $1.4 million was recorded for the second quarter of 2009 as compared
to $130 thousand for the same period in 2008. The FDIC has indicated
that an additional special assessment in 2009 is possible. Salary and
benefit expense in the second quarters of 2009 and 2008 was $5.4 million
and $4.8 million, respectively, increasing by $597 thousand or 12.4
percent. In addition to salary increases, the Corporation added staff
for two new branches opened in 2008 and a new trust office opened in
Bethlehem, Pennsylvania in 2009. In addition, during the second quarter
of 2009, the Corporation recorded $265 thousand in additional write-down
on an OREO property whose value has declined.
ASSET QUALITY
At June 30, 2009, non-performing assets totaled $13.8 million or 0.95
percent of total assets as compared to $6.6 million or 0.48 percent of
total assets at December 31, 2008 and $5.2 million or 0.38 percent of
total assets at June 30, 2008. Non-performing loans have increased
during the first half of 2009 primarily due to two construction loans to
one borrower totaling $6.0 million and one large residential loan
totaling $2.5 million. Both borrowers were affected by the current
economic downturn. Although both borrowers continue to make interest
payments on these loans, they are on non-accrual status and $494
thousand in charge-offs have been recorded in 2009 related to these
loans. Mr. Kissel commented, "We are proactively managing our loan
portfolios in this economic environment in an effort to identify and
stay ahead of potential problems. We are well capitalized and we are
ready to lend to well-qualified individuals and businesses. However, we
remain committed to our conservative underwriting standards that have
served us well and will continue to serve us well in the future."
The allowance for loan losses was $11.1 million or 1.08 percent of total
loans at June 30, 2009 as compared to $9.8 million or 0.94 percent of
total loans at December 31, 2008 and $8.3 million or 0.82 percent of
total loans at June 30, 2008.
The provision for loan losses for the second quarter of 2009 was $2.0
million as compared to $590 thousand for the same quarter of 2008.
Management has determined that a higher provision is warranted because
of the increase in non-performing loans and the continued weakness in
the housing markets and the overall economy.
CAPITAL
At June 30, 2009, the Corporation's leverage ratio, tier 1 and total
risk based capital ratios were 8.25 percent, 12.30 percent and 13.44
percent, respectively. These capital ratios are well above the minimum
levels to be considered well capitalized under applicable regulatory
guidelines.
In the second quarter, the Board of Directors declared a 5% stock
dividend and reduced the regular cash dividend to $0.05 per share,
payable after effect of the stock dividend. The reduction in the cash
dividend will increase the Corporation's capital by $3.6 million per
year, and together with ongoing profitability will better enable the
Corporation to redeem, at the appropriate time, the preferred shares
issued to the U.S. Treasury in January 2009. Mr. Kissel stated, "The
decision to reduce the cash dividend was difficult but after
considerable deliberation, the Board determined that repaying the
Treasury investment and building capital were sound business objectives."
ABOUT THE CORPORATION
Peapack-Gladstone Financial Corporation is a bank holding company with
total assets of $1.46 billion as of June 30, 2009. Peapack-Gladstone
Bank, its wholly owned community bank, was established in 1921, and has
23 branches in Somerset, Hunterdon, Morris, Middlesex and Union
Counties. Its Trust Division, PGB Trust and Investments, operates at the
Bank's main office located at 190 Main Street in Gladstone and at four
other locations in Clinton, Morristown and Summit, New Jersey and
Bethlehem, Pennsylvania. To learn more about Peapack-Gladstone Financial
Corporation and its services please visit our web site at www.pgbank.com
or call 908-234-0700.
The foregoing contains 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, those
risk factors set forth in the "Risk Factor" section of our Annual Report
on Form 10-K for the year ended December 31, 2008. Peapack-Gladstone
assumes no obligation for updating any such forward-looking statements
at any time.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
As of
June 30, March 31, December September June 30,
31, 30,
2009 2009 2008 2008 2008
ASSETS
Cash and due $ 50,921 $ 20,525 $ 25,686 $ 28,108 $ 25,433
from banks
Federal funds 200 201 200 125 637
sold
Interest-earning 513 59,063 1,003 3,265 1,709
deposits
Total cash and 51,634 79,789 26,889 31,498 27,779
cash equivalents
Securities held 77,216 48,379 51,731 86,327 40,277
to maturity
Securities
available for 227,414 178,676 173,543 146,125 213,057
sale
FHLB and FRB 5,343 4,202 4,902 6,705 5,363
Stock, at cost
Residential 483,330 494,208 505,150 507,440 499,131
mortgage
Commercial 275,915 275,675 274,640 267,002 252,911
mortgage
Commercial loans 133,659 137,304 143,188 145,545 147,033
Construction 67,075 69,474 66,785 57,122 52,747
loans
Consumer loans 27,302 27,959 29,789 31,092 31,528
Home equity 35,357 32,648 31,054 27,165 23,378
loans
Other loans 1,079 1,958 2,376 1,013 1,117
Total loans 1,023,717 1,039,226 1,052,982 1,036,379 1,007,845
Less: Allowance 11,054 9,762 9,688 9,088 8,295
for loan losses
Net loans 1,012,663 1,029,464 1,043,294 1,027,291 999,550
Premises and 27,189 26,740 26,936 26,439 26,321
equipment
Other real 700 965 1,211 1,211 1,564
estate owned
Accrued interest 4,652 4,635 4,117 4,884 4,857
receivable
Cash surrender
value
of life 25,865 25,672 25,480 25,249 24,993
insurance
Deferred tax 23,653 22,927 23,143 10,975 12,022
assets, net
Other assets 2,550 2,858 4,179 2,194 1,876
TOTAL ASSETS $ 1,458,879 $ 1,424,307 $ 1,385,425 $ 1,368,898 $ 1,357,659
LIABILITIES
Deposits:
Noninterest
bearing
demand deposits $ 194,888 $ 195,175 $ 210,030 $ 200,976 $ 190,713
Interest-bearing
deposits
Checking 203,378 178,430 167,727 148,868 140,290
Savings 71,464 70,426 67,453 67,611 67,247
Money market 418,208 400,692 364,628 379,719 392,289
accounts
CD's $100,000 187,516 192,708 195,826 156,272 176,862
and over
CD's less than 220,779 225,608 232,224 207,539 211,283
$100,000
Total deposits 1,296,233 1,263,039 1,237,888 1,160,985 1,178,684
Borrowings 37,128 39,439 54,998 95,054 65,357
Other 9,844 7,654 8,645 7,007 11,209
liabilities
TOTAL 1,343,205 1,310,132 1,301,531 1,263,046 1,255,250
LIABILITIES
Shareholders' 115,674 114,175 83,894 105,852 102,409
Equity
TOTAL
LIABILITIES AND
SHAREHOLDERS' $ 1,458,879 $ 1,424,307 $ 1,385,425 $ 1,368,898 $ 1,357,659
EQUITY
Trust division
assets under
management
(market value,
not included $ 1,702,782 $ 1,602,752 $ 1,804,629 $ 1,861,763 $ 1,913,014
above)
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in thousands)
(Unaudited)
As of
June 30, March 31, December September June 30,
31, 30,
2009 2009 2008 2008 2008
Asset Quality:
Loans past due
over 90 days
and still $ 104 $ - $ - $ - $ -
accruing
Non-accrual 12,998 11,139 5,393 3,804 3,611
loans
Other real 700 965 1,211 1,211 1,564
estate owned
Total
non-performing $ 13,802 $ 12,104 $ 6,604 $ 5,015 $ 5,175
assets
Non-performing
loans to
total loans 1.28 % 1.07 % 0.51 % 0.37 % 0.36 %
Non-performing
assets to
total assets 0.95 % 0.85 % 0.48 % 0.37 % 0.38 %
Allowance for
loan losses:
Beginning of $ 9,762 $ 9,688 $ 9,088 $ 8,295 $ 7,777
period
Provision for 2,000 2,000 600 780 590
loan losses
Charge-offs, (708 ) (1,926 ) - 13 (72 )
net
End of period $ 11,054 $ 9,762 $ 9,688 $ 9,088 $ 8,295
ALLL to
non-performing 84.37 % 87.64 % 179.64 % 238.91 % 229.71 %
loans
ALLL to total 1.08 % 0.94 % 0.92 % 0.88 % 0.82 %
loans
Capital
Adequacy:
Tier I
leverage
(5% minimum to
be
considered
well
capitalized) 8.25 % 8.21 % 6.15 % 8.76 % 8.59 %
Tier I capital
to risk-
weighted
assets
(6% minimum to
be
considered
well
capitalized) 12.30 % 11.73 % 9.11 % 12.41 % 12.18 %
Tier I & II
capital to
risk-weighted
assets
(10% minimum
to be
considered
well
capitalized) 13.44 % 12.73 % 10.05 % 13.36 % 13.05 %
Tangible
common equity
to
Tangible 6.03 % 6.07 % 6.02 % 7.69 % 7.50 %
assets
Book value per
Common share $ 10.15 $ 9.99 $ 9.64 $ 12.16 $ 11.75
Tangible book
value per
Common share $ 10.09 $ 9.92 $ 9.57 $ 12.10 $ 11.69
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
For The Three Months Ended
June 30, March 31, December 31, September June 30,
30,
2009 2009 2008 2008 2008
Income
Statement
Data:
Interest $ 16,709 $ 16,795 $ 18,048 $ 17,912 $ 17,612
income
Interest 4,543 4,987 5,812 5,759 6,195
expense
Net interest 12,166 11,808 12,236 12,153 11,417
income
Provision
for loan 2,000 2,000 600 780 590
losses
Net interest
income after
provision
for loan 10,166 9,808 11,636 11,373 10,827
losses
Trust fees 2,550 2,332 2,899 2,489 2,665
Other income 1,114 983 1,019 964 927
Securities 108 5 - 104 69
gains, net
Impairment - - (56,146 ) - -
charges
Other 11,195 9,524 9,956 9,591 9,129
expenses
Income
before 2,743 3,604 (50,548 ) 5,339 5,359
income taxes
Income tax 813 1,122 (17,929 ) 1,822 1,780
expense
Net income 1,930 2,482 (32,619 ) 3,517 3,579
Dividends
and
accretion
on preferred 428 205 - - -
stock
Net income
available to
Common $ 1,502 $ 2,277 $ (32,619 ) $ 3,517 $ 3,579
shareholders
Per Common
Share Data:
Earnings per
share $ 0.17 $ 0.26 $ (3.75 ) $ 0.40 $ 0.41
(basic)
Earnings per
share 0.17 0.26 (3.70 ) 0.40 0.41
(diluted)
Performance
Ratios:
Return on
Average 0.54 % 0.71 % (9.45 )% 1.04 % 1.05 %
Assets
Return on
Average
Common
Equity 6.75 % 10.45 % (121.92 )% 13.46 % 13.52 %
Net Interest
Margin
(Taxable
Equivalent 3.71 % 3.70 % 3.84 % 3.92 % 3.63 %
Basis)
Note: Per share amounts have been restated for a 5% stock dividend
declared on June 18, 2009, and payable on August 3, 2009 to shareholders
of record on July 9, 2009.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
For The
Six Months Ended
June 30,
2009 2008
Income Statement Data:
Interest income $ 33,504 $ 35,957
Interest expense 9,530 14,026
Net interest income 23,974 21,931
Provision for loan losses 4,000 1,020
Net interest income after
provision for loan losses 19,974 20,911
Trust fees 4,882 5,150
Other income 2,097 1,861
Securities gains, net 113 379
Other expenses 20,719 17,738
Income before income taxes 6,347 10,563
Income tax expense 1,935 3,521
Net income 4,412 7,042
Dividends and accretion
on preferred stock 633 -
Net income available to
Common shareholders $ 3,779 $ 7,042
Per Common Share Data:
Earnings per share (basic) $ 0.43 $ 0.81
Earnings per share (diluted) 0.43 0.80
Performance Ratios:
Return on Average Assets 0.62 % 1.04 %
Return on Average Common
Equity 8.58 % 13.16 %
Net Interest Margin
(Taxable Equivalent Basis) 3.70 % 3.48 %
Note: Per share amounts have been restated for a 5% stock dividend
declared on June 18, 2009, and payable on August 3, 2009 to shareholders
of record on July 9, 2009.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
June 30, 2009 June 30, 2008
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1) $ 229,392 $ 2,287 3.99% $ 226,594 $ 2,703 4.77%
Tax-Exempt (1) (2) 49,031 618 5.05 58,617 828 5.65
Loans (2) (3) 1,032,665 14,046 5.44 992,032 14,309 5.77
Federal Funds Sold 200 - 0.20 849 5 2.15
Interest-Earning 27,574 9 0.13 14,406 76 2.10
Deposits
Total
Interest-Earning
Assets 1,338,862 $ 16,960 5.07% 1,292,498 $ 17,921 5.55%
Noninterest-Earning
Assets:
Cash and Due from 31,381 20,731
Banks
Allowance for Loan
Losses (9,853) (7,771)
Premises and 26,890 26,484
Equipment
Other Assets 55,486 25.984
Total
Noninterest-Earning
Assets 103,904 65,428
Total Assets $ 1,442,766 $ 1,357,926
LIABILITIES:
Interest-Bearing
Deposits
Checking $ 193,245 $ 349 0.72% $ 136,649 214 0.63%
Money Markets 414,082 1,127 1.09 394,267 1,848 1.87
Savings 70,802 81 0.46 65,993 100 0.61
Certificates of 406,518 2,638 2.60 396,969 3,642 3.67
Deposit
Total
Interest-Bearing
Deposits 1,084,647 4,195 1.55 993,878 5,804 2.34
Borrowings 38,925 348 3.58 45,975 391 3.40
Total
Interest-Bearing
Liabilities 1,123,572 4,543 1.62 1,039,853 6,195 2.38
Noninterest Bearing
Liabilities
Demand Deposits 197,565 198,924
Accrued Expenses
and
Other Liabilities 5,438 13,227
Total
Noninterest-Bearing
Liabilities 203,003 212,151
Shareholders' 116,191 105,922
Equity
Total Liabilities
and
Shareholders' $ 1,442,766 $ 1,357,926
Equity
Net Interest Income $ 12,417 11,726
Net Interest Spread 3.45% 3.17%
Net Interest Margin 3.71% 3.63%
(4)
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
June 30, 2009 March 31, 2009
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1) $ 229,392 $ 2,287 3.99% $ 179,304 $ 2,139 4.77%
Tax-Exempt (1) (2) 49,031 618 5.05 49,976 653 5.24
Loans (2) (3) 1,032,665 14,046 5.44 1,047,911 14,258 5.44
Federal Funds Sold 200 - 0.20 200 - 0.20
Interest-Earning 27,574 9 0.13 28,054 9 0.13
Deposits
Total
Interest-Earning
Assets 1,338,862 $ 16,960 5.07% 1,305,445 $ 17,059 5.23%
Noninterest-Earning
Assets:
Cash and Due from 31,381 19,697
Banks
Allowance for Loan
Losses (9,853) (9,612)
Premises and 26,890 26,854
Equipment
Other Assets 55,486 54,654
Total
Noninterest-Earning
Assets 103,904 91,593
Total Assets $ 1,442,766 $ 1,397,038
LIABILITIES:
Interest-Bearing
Deposits
Checking $ 193,245 $ 349 0.72% $ 168,041 $ 297 0.71%
Money Markets 414,082 1,127 1.09 381,532 1,171 1.23
Savings 70,802 81 0.46 68,087 78 0.46
Certificates of 406,518 2,638 2.60 427,011 3,090 2.89
Deposit
Total
Interest-Bearing
Deposits 1,084,647 4,195 1.55 1,044,671 4,636 1.78
Borrowings 38,925 348 3.58 41,646 351 3.37
Total
Interest-Bearing
Liabilities 1,123,572 4,543 1.62 1,086,317 4,987 1.84
Noninterest Bearing
Liabilities
Demand Deposits 197,565 192,166
Accrued Expenses
and
Other Liabilities 5,438 6,729
Total
Noninterest-Bearing
Liabilities 203,003 198,895
Shareholders' 116,191 111,826
Equity
Total Liabilities
and
Shareholders' $ 1,442,766 $ 1,397,038
Equity
Net Interest Income $ 12,417 $ 12,072
Net Interest Spread 3.45% 3.39%
Net Interest Margin 3.71% 3.70%
(4)
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
SIX MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
June 30, 2009 June 30, 2008
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1) $ 204,487 $ 4,426 4.33% $ 229,155 $ 5,686 4.96%
Tax-Exempt (1) (2) 49,501 1,272 5.14 57,719 1,603 5.56
Loans (2) (3) 1,040,246 28,304 5.44 987,328 29,014 5.88
Federal Funds Sold 200 - 0.20 7,001 112 3.19
Interest-Earning 27,813 18 0.13 11,113 124 2.22
Deposits
Total
Interest-Earning
Assets 1,322,247 $ 34,020 5.15% 1,292,316 $ 36,539 5.65%
Noninterest-Earning
Assets:
Cash and Due from 25,571 20,770
Banks
Allowance for Loan
Losses (9,733) (7,617)
Premises and 26,872 26,478
Equipment
Other Assets 54,945 27,210
Total
Noninterest-Earning
Assets 97,655 66,841
Total Assets $ 1,419,902 $ 1,359,157
LIABILITIES:
Interest-Bearing
Deposits
Checking $ 180,712 $ 646 0.71% $ 136,544 $ 424 0.62%
Money Markets 397,898 2,298 1.16 400,168 4,497 2.25
Savings 69,452 159 0.46 65,373 199 0.61
Certificates of 416,708 5,728 2.75 400,441 8,145 4.07
Deposit
Total
Interest-Bearing
Deposits 1,064,770 8,831 1.66 1,002,526 13,265 2.65
Borrowings 40,278 699 3.47 43,495 761 3.50
Total
Interest-Bearing
Liabilities 1,105,048 9,530 1.72 1,046,021 14,026 2.68
Noninterest Bearing
Liabilities
Demand Deposits 194,880 192,371
Accrued Expenses
and
Other Liabilities 5,954 13,747
Total
Noninterest-Bearing
Liabilities 200,834 206,118
Shareholders' 114,020 107,018
Equity
Total Liabilities
and
Shareholders' $ 1,419,902 $ 1,359,157
Equity
Net Interest Income $ 24,490 $ 22,513
Net Interest Spread 3.43% 2.97%
Net Interest Margin 3.70% 3.48%
(4)
(1) Average balances for available-for sale securities are based on amortized
cost.
(2) Interest income is presented on a tax-equivalent basis using a 35 percent
federal tax rate.
(3) Loans are stated net of unearned income and include non-accrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total
average interest-earning assets.
Source: Peapack-Gladstone Financial Corporation
Contact: Peapack-Gladstone Financial Corporation
Jeffrey J. Carfora, 908-719-4308