GLADSTONE, N.J.--(BUSINESS WIRE)--
Peapack-Gladstone Financial Corporation (NASDAQ Global Select
Market:PGC) (the Corporation) recorded net income of $2.1 million
and diluted earnings per common share of $0.16, for the quarter ended
March 31, 2010. These results compared to net income of $1.4 million and
diluted earnings per common share of $0.11 for the quarter ended
December 31, 2009. Net income and diluted earnings per share for the
quarter ended March 31, 2009 were $2.5 million and $0.26, respectively.
When compared to the quarter ended December 31, 2009, the quarter ended
March 31, 2010 included an increase in net interest income and trust
fees and other income and a decrease in the provision for loan losses.
These positive effects were partially offset, with respect to diluted
earnings per share, by an increase in preferred dividends and accretion,
due to the January 6, 2010 partial redemption of the preferred shares
previously issued under the U.S. Treasury's Capital Purchase Program
("CPP").
When compared to the March 2009 quarter, the March 2010 quarter included
a greater provision for loan losses, additional expenses partially due
to two new locations opened in 2009, and, with respect to diluted
earnings per share, an increase in preferred dividends and accretion,
due to the January 2010 partial redemption of the CPP. The effects of
these were partially offset by increased net interest income and
increased trust fees and other noninterest income in the 2010 period.
Frank A. Kissel, Chairman and CEO, stated, "We are pleased to once again
report positive earnings and generate capital in excess of common and
preferred dividends, as we have throughout 2009, despite the significant
impact the recession has had on financial institutions and their
borrowers. This internal capital generation enabled us to redeem 25
percent of the preferred shares issued previously under the CPP." Mr.
Kissel continued, "Building capital internally, remaining well
capitalized and redeeming the Treasury's CPP investment over time
continue to be important business objectives of the Corporation."
The Corporation's provision for loan losses increased substantially
throughout 2009 starting at $2.0 million for the quarter ended March 31,
2009 and reaching its highest quarterly level of $3.0 million for the
quarter ended December 31, 2009, as the continued weakness in the
overall economy and in the real estate markets negatively impacted our
borrowers and their property values, causing an increase in problem
loans. Mr. Kissel noted "the provision for loan losses for the first
quarter of 2010 was lower than the level for the fourth quarter of 2009
and it still contributed to an overall increase in the allowance for
loan losses from $13.2 million or 1.34 percent of loans at December 31,
2009 to $13.7 million or 1.41 percent of loans at March 31, 2010".
Mr. Kissel continued "We have not seen the same significant
deterioration in our loan portfolio as many other institutions have
because of our conservative underwriting at the time of origination and
our continued diligence in managing our loan portfolio. Further, we are
pleased with the progress we have made over the past several quarters in
resolving certain problem assets."
Net Interest Income and Margin
In the first quarter of 2010, net interest income, on a fully
tax-equivalent basis, was $12.7 million, reflecting an increase from
$12.4 million for the fourth quarter of 2009, as well as an increase
from the $12.1 million for the first quarter of 2009. On a fully
tax-equivalent basis, the net interest margin was 3.67 percent for the
March 2010 quarter, 3.44 percent for the December 2009 quarter and 3.70
percent for the March 2009 quarter.
The intentional run-off of higher cost certificates of deposit and the
growth of core deposits, coupled with a reduction in cash balances
contributed to the increased margin in the first quarter of 2010 when
compared to the fourth quarter of 2009.
In comparing the March 2010 quarter to the same quarter last year, the
effect of growth in lower yielding, but less risky and shorter duration
cash deposits and investment securities coupled with declining loan
balances, contributed to the reduced margin. Mr. Kissel stated, "We have
built substantial short and medium-term liquidity into our balance sheet
over the last several quarters, so as to be better positioned in the
future when we expect loan demand will increase and interest rates will
rise."
Loans
Average loans totaled $978.5 million for the first quarter of 2010 as
compared to $1.05 billion for the same 2009 quarter, reflecting a
decrease of $69.4 million or 6.6 percent. The average residential
mortgage loan portfolio declined $52.5 million or 10.5 percent to $449.4
million from the same quarter of 2009, as the Corporation has opted to
sell its longer-term, fixed-rate loan production as an interest rate
risk management strategy in the lower rate environment and loan payments
have outpaced originations retained in portfolio. The average commercial
portfolio declined $18.2 million or 12.9 percent to $122.7 million, as
loan demand and quality borrowers on the commercial front have remained
scarce.
The average home equity line portfolio rose $7.0 million or 21.7 percent
to $39.1 million for the first quarter of 2010 compared to the same
quarter in 2009. The Corporation focused on the origination of these
adjustable-rate loans, and loan originations outpaced principal paydowns
over the year.
Deposits
Average total deposits (interest-bearing and noninterest-bearing) grew
6.9 percent from $1.24 billion in the first quarter of 2009 to $1.32
billion in the first quarter of 2010. Average noninterest-bearing
checking grew $15.9 million or 8.3 percent to $208.0 million in the
first quarter of 2010 from the first quarter of 2009. Average
interest-bearing checking balances totaled $238.3 million in the first
quarter of 2010, rising $70.2 million or 41.8 percent from the same
quarter in 2009. Checking growth is attributable to the Corporation's
focus on core deposit growth, particularly checking, coupled with growth
in the Ultimate Checking product, which provides customers with a
low-cost checking product and a higher yield for larger balances.
Average money market accounts also rose, from $381.5 million in the
first quarter of 2009 to $494.7 million for the same quarter of 2010, an
increase of $113.1 million or 29.7 percent. The Corporation's focus on
core deposit growth, as well as certain customers tending to "park"
funds in money market accounts in lower interest rate environments
accounted for this growth.
In comparing balances at March 31, 2010 to balances at December 31,
2009, noninterest-bearing checking, savings and money market accounts
have continued to increase, while higher costing certificates of deposit
and interest-bearing checking have declined. The Corporation has opted
not to pay above market rates on maturing certificates of deposit, as
the Corporation has ample liquidity from core deposit growth and
principal paydowns on loans.
Mr. Kissel commented, "Our continued core deposit growth and reduced
reliance on certificates of deposit continues to strengthen our customer
relationships, reduce our overall cost of funds, contribute to our
profitability and enhance the value of our franchise."
PGB Trust and Investments
PGB Trust and Investments generated $2.4 million in fee income in the
first quarter of 2010, compared to $2.3 million in both the December
2009 quarter and the March 2009 quarter. The market value of the assets
under administration of the Trust Division increased from $1.60 billion
at March 31, 2009 to $1.89 billion at March 31, 2010.
Craig C. Spengeman, President of PGB Trust & Investments commented, "We
are pleased with the recovery and performance of our assets under
administration throughout 2009 and into 2010 as the financial markets
have been enduring the worst financial crisis since the Great
Depression. The recovery and performance reflects the sound financial
management of our trust and investment professionals as well as the
quality of new business booked as prospective clients continue to seek
professional advice during these challenging times."
Other Income
For the first quarter of 2010, other income totaled $1.1 million
compared to the same amount for the December 2009 quarter and compared
to $983 thousand for the first quarter of 2009. Fee income earned on the
sale of mortgage loans at origination increased $84 thousand to $177
thousand in the first quarter of 2010 from $93 thousand in the same 2009
period. The increase for 2010 resulted from greater longer-term,
fixed-rate mortgage originations, which are sold, as well as a greater
targeted sale price for such originations.
Operating Expenses
The Corporation's total operating expenses were $10.5 million for the
March 2010 quarter compared to $10.6 million in the December 2009
quarter and compared to $9.5 million for the March 2009 quarter. The
increase for 2010, when compared to the year ago quarter, was
principally due to expenses associated with a new Trust office opened in
June 2009 and a new branch office opened in September 2009, increased
expenses related to problem loans and REO, and an increase in FDIC
insurance due to an industry-wide increase in the FDIC assessment rates.
ASSET QUALITY
At March 31, 2010, nonperforming assets increased slightly to $12.9
million or 0.87 percent of total assets as compared to $12.1 million or
0.80 percent of total assets at December 31, 2009. Mr. Kissel noted, "We
continue to be proactive in our loan portfolio management 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 in the past and which we
believe will continue to serve us well in the future."
The allowance for loan losses was $13.7 million or 1.41 percent of total
loans at March 31, 2010 as compared to $13.2 million or 1.34 percent of
total loans at December 31, 2009.
CAPITAL
At March 31, 2010, the Corporation's leverage ratio, tier 1 and total
risk based capital ratios were 7.80 percent, 12.01 percent and 13.27
percent, respectively. All ratios are above the levels necessary to be
considered well capitalized under applicable regulatory guidelines,
despite the $7.2 million reduction in regulatory capital due to the
partial redemption of the preferred shares previously issued under the
CPP. Additionally, the Corporation's common equity ratio (common equity
to total assets) at March 31, 2010 stands at 6.29 percent.
As previously announced, on April 15, 2010 the Board of Directors
declared a regular cash dividend of $0.05 per share payable on May 13,
2010 to shareholders of record on April 29, 2010.
ABOUT THE CORPORATION
Peapack-Gladstone Financial Corporation is a bank holding company with
total assets of $1.48 billion as of March 31, 2010. Peapack-Gladstone
Bank, its wholly owned community bank, was established in 1921, and has
24 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
-- a continued or unexpected decline in the economy, in particular in our
New Jersey market area;
-- declines in value in our investment portfolio;
-- higher than expected increases in our allowance for loan losses;
-- increases in loan losses or in the level of nonperforming loans;
-- unexpected changes in interest rates;
-- we may be unable to successfully grow our business;
-- we may be unable to manage our growth;
-- a continued or unexpected decline in real estate values within our
market areas;
-- increased or unexpected competition from our competitors;
-- significant regulatory oversight which may adversely affect our
business;
-- higher than expected FDIC insurance premiums;
-- lack of liquidity to fund our various cash obligations;
-- repurchase of our preferred shares issued under the Treasury's Capital
Purchase Program which will impact net income available to our common
shareholders and our earnings per share;
-- further offerings of our equity securities may result in dilution of our
common stock;
-- reduction in our lower-cost funding sources;
-- changes in accounting policies or accounting standards;
-- we may be unable to adapt to technological changes;
-- our internal controls and procedures may not be adequate;
-- claims and litigation pertaining to fiduciary responsibility,
environmental laws and other matters;
-- future earnings volatility caused by economic or other factors; and
-- other unexpected material adverse changes in our operations or earnings.
A discussion of these and other factors that could affect our results is
included in our SEC filings, including our Annual Report on Form 10-K
for the year ended December 31, 2009. We undertake no duty to update any
forward-looking statement to conform the statement to actual results or
changes in the Corporation'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.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
As of
March 31, December September June 30, March 31,
31, 30,
2010 2009 2009 2009 2009
ASSETS
Cash and due $ 8,999 $ 7,864 $ 9,343 $ 50,921 $ 20,525
from banks
Federal funds 201 201 200 200 201
sold
Interest-earning 33,915 71,907 46,876 513 59,063
deposits
Total cash and 43,115 79,972 56,419 51,634 79,789
cash equivalents
Securities held 105,258 89,459 86,703 77,216 48,379
to maturity
Securities
available for 278,052 272,484 252,786 227,414 178,676
sale
FHLB and FRB 5,305 5,315 5,329 5,343 4,202
Stock, at cost
Residential 443,085 452,641 466,601 483,330 494,208
mortgage
Commercial 281,323 279,595 279,336 275,915 275,675
mortgage
Commercial loans 133,288 120,554 129,671 133,659 137,304
Construction 48,044 64,816 65,760 67,075 69,474
loans
Consumer loans 24,936 25,638 26,571 27,302 27,959
Home equity 39,487 38,728 38,450 35,357 32,648
lines of credit
Other loans 902 1,565 1,592 1,079 1,958
Total loans 971,065 983,537 1,007,981 1,023,717 1,039,226
Less: Allowance 13,720 13,192 12,947 11,054 9,762
for loan losses
Net loans 957,345 970,345 995,034 1,012,663 1,029,464
Premises and 27,942 27,911 28,011 27,189 26,740
equipment
Other real 40 360 680 700 965
estate owned
Accrued interest 5,112 4,444 5,359 4,652 4,635
receivable
Bank owned life 26,473 26,292 26,087 25,865 25,672
insurance
Deferred tax 23,999 23,522 22,154 23,653 22,927
assets, net
Other assets 10,670 12,249 9,117 2,550 2,858
TOTAL ASSETS $ 1,483,311 $ 1,512,353 $ 1,487,679 $ 1,458,879 $ 1,424,307
LIABILITIES
Deposits:
Noninterest
bearing demand $ 223,184 $ 216,127 $ 199,804 $ 194,888 $ 195,175
deposits
Interest-bearing
deposits
Checking 241,887 255,058 212,687 203,378 178,430
Savings 77,064 73,866 73,308 71,464 70,426
Money market 502,548 458,303 470,123 418,208 400,692
accounts
CD's $100,000 109,347 147,138 159,942 187,516 192,708
and over
CD's less than 173,219 199,177 209,994 220,779 225,608
$100,000
Total deposits 1,327,249 1,349,669 1,325,858 1,296,233 1,263,039
Borrowings 36,140 36,499 36,815 37,128 39,439
Other 5,998 6,676 5,862 9,844 7,654
liabilities
TOTAL 1,369,387 1,392,844 1,368,535 1,343,205 1,310,132
LIABILITIES
Shareholders' 113,924 119,509 119,144 115,674 114,175
Equity
TOTAL
LIABILITIES AND $ 1,483,311 $ 1,512,353 $ 1,487,679 $ 1,458,879 $ 1,424,307
SHAREHOLDERS'
EQUITY
Trust division
assets under
management $ 1,894,971 $ 1,856,229 $ 1,803,862 $ 1,702,782 $ 1,602,752
(market value,
not included
above)
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in thousands)
(Unaudited)
As of
March 31, December 31, September June 30, March 31,
30,
2010 2009 2009 2009 2009
Asset
Quality:
Loans past
due over 90
days and $ 638 $ 496 $ 1,118 $ 104 $ -
still
accruing
Nonaccrual 12,200 11,256 13,082 12,998 11,139
loans
Other real 40 360 680 700 965
estate owned
Total
nonperforming $ 12,878 $ 12,112 $ 14,880 $ 13,802 $ 12,104
assets
Nonperforming
loans to 1.32 % 1.19 % 1.41 % 1.28 % 1.07 %
total loans
Nonperforming
assets to 0.87 % 0.80 % 1.00 % 0.95 % 0.85 %
total assets
Troubled debt
restructured $ 11,817 $ 11,123 $ 18,671 $ 7,766 $ -
loans
Loans past
due 30
through 89 $ 10,056 $ 6,015 $ 7,362 $ 5,524 $ 8,458
days and
still
accruing
Allowance for
loan losses:
Beginning of $ 13,192 $ 12,947 $ 11,054 $ 9,762 $ 9,688
period
Provision for 2,400 2,950 2,750 2,000 2,000
loan losses
Charge-offs, (1,872 ) (2,705 ) (857 ) (708 ) (1,926 )
net
End of period $ 13,720 $ 13,192 $ 12,947 $ 11,054 $ 9,762
ALLL to
nonperforming 106.87 % 112.25 % 91.18 % 84.37 % 87.64 %
loans
ALLL to total 1.41 % 1.34 % 1.28 % 1.08 % 0.94 %
loans
Capital
Adequacy:
Tier I
leverage
(5% minimum
to be
considered 7.80 % 7.93 % 8.17 % 8.25 % 8.21 %
well
capitalized)
Tier I
capital to
risk-weighted
assets
(6% minimum
to be
considered 12.01 % 12.45 % 12.23 % 12.30 % 11.73 %
well
capitalized)
Tier I & II
capital to
risk-weighted
assets
(10% minimum
to be
considered 13.27 % 13.71 % 13.48 % 13.44 % 12.73 %
well
capitalized)
Common equity
to Total 6.29 % 6.09 % 6.17 % 6.06 % 6.11 %
assets
Book value
per Common $ 10.70 $ 10.57 $ 10.54 $ 10.15 $ 9.99
share
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
For The Three Months Ended
March 31, December 31, September June 30, March 31,
30,
2010 2009 2009 2009 2009
Income
Statement
Data:
Interest $ 15,791 $ 16,123 $ 16,379 $ 16,709 $ 16,795
income
Interest 3,243 4,000 4,129 4,543 4,987
expense
Net interest 12,548 12,123 12,250 12,166 11,808
income
Provision
for loan 2,400 2,950 2,750 2,000 2,000
losses
Net interest
income after
provision 10,148 9,173 9,500 10,166 9,808
for loan
losses
Trust fees 2,364 2,346 2,200 2,550 2,332
Other income 1,108 1,067 1,137 1,114 983
Securities - (42 ) (2 ) 108 5
gains, net
Salaries and
employee 5,709 5,291 5,622 5,430 5,534
benefits
Premises and 2,372 2,358 2,185 2,171 2,089
equipment
FDIC
insurance 586 834 724 1,378 373
expense
Other 1,863 2,124 2,409 2,216 1,528
expenses
Income
before 3,090 1,937 1,895 2,743 3,604
income taxes
Income tax 965 536 583 813 1,122
expense
Net income 2,125 1,401 1,312 1,930 2,482
Dividends
and
accretion on 710 430 430 428 205
preferred
stock
Net income
available to $ 1,415 $ 971 $ 882 $ 1,502 $ 2,277
Common
shareholders
Per Common
Share Data:
Earnings per
share $ 0.16 $ 0.11 $ 0.10 $ 0.17 $ 0.26
(basic)
Earnings per
share 0.16 0.11 0.10 0.17 0.26
(diluted)
Performance
Ratios:
Return on
Average 0.58 % 0.37 % 0.36 % 0.54 % 0.71 %
Assets
Return on
Average 6.10 % 4.18 % 3.89 % 6.75 % 10.45 %
Common
Equity
Net Interest
Margin
(Taxable
Equivalent 3.67 % 3.44 % 3.61 % 3.71 % 3.70 %
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
Three Months Ended
March 31,
2010 2009
Income Statement Data:
Interest income $ 15,791 $ 16,795
Interest expense 3,243 4,987
Net interest income 12,548 11,808
Provision for loan losses 2,400 2,000
Net interest income after provision for loan losses 10,148 9,808
Trust fees 2,364 2,332
Other income 1,108 983
Securities gains, net - 5
Salaries and employee benefits 5,709 5,534
Premises and equipment 2,372 2,089
FDIC insurance expense 586 373
Other expenses 1,863 1,528
Income before income taxes 3,090 3,604
Income tax expense 965 1,122
Net income 2,125 2,482
Dividends and accretion on preferred stock 710 205
Net income available to Common shareholders $ 1,415 $ 2,277
Per Common Share Data:
Earnings per share (basic) $ 0.16 $ 0.26
Earnings per share (diluted) 0.16 0.26
Performance Ratios:
Return on Average Assets 0.58 % 0.71 %
Return on Average Common Equity 6.10 % 10.45 %
Net Interest Margin
(Taxable Equivalent Basis) 3.67 % 3.70 %
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)
March 31, 2010 March 31, 2009
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1) $ 325,379 $ 2,511 3.09 % $ 179,304 $ 2,139 4.77 %
Tax-Exempt (1) (2) 37,800 450 4.76 49,976 653 5.24
Loans (2) (3) 978,470 12,994 5.31 1,047,911 14,258 5.44
Federal Funds Sold 201 - 0.20 200 - 0.20
Interest-Earning 44,591 24 0.21 28,054 9 0.13
Deposits
Total
Interest-Earning 1,386,441 $ 15,979 4.61 % 1,305,445 $ 17,059 5.23 %
Assets
Noninterest-Earning
Assets:
Cash and Due from 8,334 19,697
Banks
Allowance for Loan (13,773 ) (9,612 )
Losses
Premises and 27,992 26,854
Equipment
Other Assets 68,845 54,654
Total
Noninterest-Earning
Assets 91,398 91,593
Total Assets $ 1,477,839 $ 1,397,038
LIABILITIES:
Interest-Bearing
Deposits
Checking $ 238,285 $ 407 0.68 % $ 168,041 $ 297 0.71 %
Money Markets 494,670 1,118 0.90 381,532 1,171 1.23
Savings 75,186 77 0.41 68,087 78 0.46
Certificates of 305,654 1,317 1.72 427,011 3,090 2.89
Deposit
Total
Interest-Bearing 1,113,795 2,919 1.05 1,044,671 4,636 1.78
Deposits
Borrowings 36,290 324 3.57 41,646 351 3.37
Total
Interest-Bearing 1,150,085 3,243 1.13 1,086,317 4,987 1.84
Liabilities
Noninterest Bearing
Liabilities
Demand Deposits 208,044 192,166
Accrued Expenses
and Other 6,087 6,729
Liabilities
Total
Noninterest-Bearing 214,131 198,895
Liabilities
Shareholders' 113,623 111,826
Equity
Total Liabilities
and Shareholders' $ 1,477,839 $ 1,397,038
Equity
Net Interest Income $ 12,736 $ 12,072
Net Interest Spread 3.48 % 3.39 %
Net Interest Margin 3.67 % 3.70 %
(4)
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
March 31, 2010 December 31, 2009
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1) $ 325,379 $ 2,511 3.09 % $ 304,301 $ 2,506 3.29 %
Tax-Exempt (1) (2) 37,800 450 4.76 47,749 578 4.83
Loans (2) (3) 978,470 12,994 5.31 996,601 13,232 5.31
Federal Funds Sold 201 - 0.20 201 - 0.20
Interest-Earning 44,591 24 0.21 90,663 47 0.21
Deposits
Total
Interest-Earning 1,386,441 $ 15,979 4.61 % 1,439,515 $ 16,363 4.55 %
Assets
Noninterest-Earning
Assets:
Cash and Due from 8,334 9,493
Banks
Allowance for Loan (13,773 ) (12,872 )
Losses
Premises and 27,992 27,981
Equipment
Other Assets 68,845 61,689
Total
Noninterest-Earning 91,398 86,291
Assets
Total Assets $ 1,477,839 $ 1,525,806
LIABILITIES:
Interest-Bearing
Deposits
Checking $ 238,285 $ 407 0.68 % $ 226,851 $ 426 0.75 %
Money Markets 494,670 1,118 0.90 469,635 1,103 0.94
Savings 75,186 77 0.41 72,326 76 0.42
Certificates of 305,654 1,317 1.72 381,984 2,062 2.16
Deposit
Total
Interest-Bearing 1,113,795 2,919 1.05 1,150,796 3,667 1.27
Deposits
Borrowings 36,290 324 3.57 36,605 333 3.64
Total
Interest-Bearing 1,150,085 3,243 1.13 1,187,401 4,000 1.35
Liabilities
Noninterest Bearing
Liabilities
Demand Deposits 208,044 209,458
Accrued Expenses
and Other 6,087 8,676
Liabilities
Total
Noninterest-Bearing 214,131 218,134
Liabilities
Shareholders' 113,623 120,271
Equity
Total Liabilities
and Shareholders' $ 1,477,839 $ 1,525,806
Equity
Net Interest Income $ 12,736 $ 12,363
Net Interest Spread 3.48 % 3.20 %
Net Interest Margin 3.67 % 3.44 %
(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 nonaccrual 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
EVP and CFO