Peapack-Gladstone Financial Corporation Reports First Quarter Results

Rhea-AI Summary

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced its Q1 2020 financial results, reporting revenue of $46.26 million and a net income of $1.37 million, down from $11.43 million in Q1 2019. The decline was primarily driven by a $20 million provision for loan losses due to the COVID-19 pandemic. While net interest income increased by 6% year-over-year, the diluted EPS fell to $0.07 from $0.58. The company successfully assisted over 2,000 businesses with nearly $600 million in Paycheck Protection Program loans, preserving approximately 50,000 jobs.

Positive

• Total revenue increased by 11% year-over-year.
• Net interest income rose by 6% compared to Q1 2019.
• Successfully assisted over 2,000 businesses with nearly $600 million in PPP loans.

Negative

• Net income decreased by 88% compared to Q1 2019.
• EPS fell to $0.07 from $0.58 year-over-year.
• Provision for loan losses increased to $20 million from $0.1 million in the prior quarter.

Bedminster, N.J., May 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its first quarter 2020 results.

This earnings release should be read in conjunction with the Company’s Q1 2020 Investor Update (and Supplemental Financial Information), a copy of which is available on our website at www.pgbank.com and as via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov. 

For the quarter ended March 31, 2020, the Company recorded revenue of $46.26 million, net income of $1.37 million and diluted earnings per share (“EPS”) of $0.07, compared to $41.74 million, $11.43 million and $0.58, respectively, for the same three-month period last year. The decrease in net income and EPS for the 2020 quarter reflected a $20.0 million  provision for loan losses, which was due to the current environment created by the COVID-19 pandemic, which led to increased qualitative loss factors when calculating the allowance for loan losses as described in the Q1 2020 Investor Update (and Supplemental Financial Information).  The 2020 quarter included increased net interest income and non-interest income offset by increased operating expenses (due in part to the wealth management firm acquired in September 2019) and an increased provision for loan and lease losses. The 2020 quarter also included a tax benefit of $3.2 million caused by the changes in the treatment of tax net operating losses (“NOL”) under the provisions of The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.       

As previously announced, on July 25, 2019, the Company authorized the repurchase of up to 960,000 shares, or approximately 5% of its outstanding shares, through June 30, 2020.  Early in the first quarter of 2020, under this program, the Company purchased 220,222 shares, at an average price of $29.45, for a total cost of $6.5 million. With these purchases, the Company completed its 960,000 share repurchase program, at an average price of $28.63, for a total cost of $27.5 million.

Douglas L. Kennedy, President and CEO, said, “The COVID-19 pandemic has had a devastating effect on businesses both locally and nationally. As a result, Congress passed the CARES Act to provide fast and direct economic assistance to American workers, families and businesses.  One of the key programs created was the Paycheck Protection Program (“PPP”) which provides much needed funding to qualifying businesses and organizations.  We are proud to say that during April under “phase one and phase two” of this program we assisted over 2,000 businesses with almost $600 million in loan approvals saving nearly 50,000 jobs. We will continue to support our clients, local businesses and community service organizations in these difficult times.”

 

EXECUTIVE SUMMARY:

The following tables summarize specified financial measures for the periods shown.

March 2020 Quarter Compared to Prior Year Quarter

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		Three Months Ended				Three Months Ended
		March 31,				March 31,			Increase/
(Dollars in millions, except per share data)		2020				2019			(Decrease)
Net interest income		$	31.75				$	30.01			$	1.74				6	%
Wealth management fee income (A)			9.96					9.17				0.79				9
Capital markets activity (B)			2.76					0.74				2.02				273
Other income			1.80					1.82				(0.02	)			(1	)
Total other income			14.52					11.73				2.79				24
Operating expenses			28.24					25.72				2.52				10
Pretax income before provision for loan losses			18.03					16.02				2.01				13
Provision for loan and lease losses (C)			20.00					0.10				19.90				19,900
Pretax (loss)/income			(1.97	)				15.92				(17.89	)			(112	)
Income tax (benefit)/expense (D)			(3.34	)				4.49				(7.83	)			(174	)
Net income		$	1.37				$	11.43			$	(10.06	)			(88	)%
Diluted EPS		$	0.07				$	0.58			$	(0.51	)			(88	)%
Total Revenue		$	46.27				$	41.74			$	4.53				11	%
Return on average assets annualized			0.11	%				0.98	%			(0.87	)
Return on average equity annualized			1.08	%				9.65	%			(8.57	)

1. The March 2020 quarter included a full quarter of wealth management fee income and expense related to Point View Wealth Management, (“Point View”), which was acquired effective September 1, 2019. 
2. Capital markets activity includes loan level back-to-back swap activities, the SBA lending and sale program, and mortgage banking activities.
3. The March 2020 quarter included a provision for loan and lease losses of $20.0 million.  The increase in the provision for loan and lease losses was primarily due to the current environment created by the COVID-19 pandemic.
4. The March 2020 quarter included a $3.2 million tax benefit related to the carryback of tax NOLs to prior years when the Federal tax rate was 14% higher.

March 2020 Quarter Compared to Linked Quarter

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		Three Months Ended			Three Months Ended
		March 31,			December 31,				Increase/
(Dollars in millions, except per share data)		2020			2019				(Decrease)
Net interest income		$	31.75			$	30.91				$	0.84				3	%
Wealth management fee income			9.96				10.12					(0.16	)			(2	)
Capital markets activity (A)			2.76				3.73					(0.97	)			(26	)
Other income			1.80				1.68					0.12				7
Total other income			14.52				15.53					(1.01	)			(7	)
Operating expenses			28.24				26.70					1.54				6
Pretax income before provision for loan losses			18.03				19.74					(1.71	)			(9	)
Provision for loan and lease losses (B)			20.00				1.95					18.05				926
Pretax (loss)/income			(1.97	)			17.79					(19.76	)			(111	)
Income tax (benefit)/expense (C)			(3.34	)			5.56					(8.90	)			(160	)
Net income		$	1.37			$	12.23				$	(10.86	)			(89	)%
Diluted EPS		$	0.07			$	0.64				$	(0.57	)			(89	)%
Total Revenue		$	46.27			$	46.44				$	(0.17	)			(0	)%
Return on average assets annualized			0.11	%			0.98	%				(0.87	)
Return on average equity annualized			1.08	%			9.81	%				(8.73	)

1. Capital markets activity includes loan level back-to-back swap activities, the SBA lending and sale program, and mortgage banking activities. 
2. The March 2020 quarter included a provision for loan and lease losses of $20.0 million.  The increase in the provision for loan and lease losses was primarily due to the current environment created by the COVID-19 pandemic.
3. The March 2020 quarter included a $3.2 million tax benefit related to the carryback of tax NOLs to prior years when the Federal tax rate was 14% higher.

Mr. Kennedy noted, “I was pleased that our Q1 2020 total revenue and pretax income before provision for loan losses reflected increases of 11% and 13%, respectively when compared to the same quarter last year, driven principally by wealth management, commercial banking and capital markets activities, all of which remain integral to our strategy.”  Mr. Kennedy went on to note that given the environment created by the COVID-19 pandemic, our near-term priorities include:
             

• Emphasis on the health and safety of our employees and clients.
• Adapt the way in which we interact with clients and prospects to reflect the current environment.
• Actively manage emerging credit risk associated with the environment caused by the COVID-19 pandemic.
• Conservatively manage capital and liquidity in response to current market conditions.
• Pursue new client opportunities presented by the PPP.
• Continue to grow and expand our wealth management and commercial banking businesses.

Select highlights for the quarter included:

• Wealth management fee income, which comprised approximately 22% of the Company’s total revenue for the quarter ended March 31, 2020, continues to contribute significantly to the Company’s diversified revenue sources.
• Total commercial and industrial (“C&I”) loans (including equipment finance leases and loans of $671 million) at March 31, 2020 were $1.81 billion.  This reflected net growth of $400 million (28%) when compared to $1.41 billion at March 31, 2019 and reflected net growth of $34 million when compared to the December 31, 2019 balance (2% growth linked quarter; 8% annualized). 
• As of March 31, 2020, total C&I loans comprised 41% of the total loan portfolio, as compared to 36% at March 31, 2019.  As of March 31, 2020, total multifamily loans comprised 27% of the total loan portfolio compared to 28% at March 31, 2019.
• Deposits totaled $4.44 billion at March 31, 2020.  This reflected net growth of $522 million (13%) when compared to $3.92 billion at March 31, 2019 and increased $198 million (5% growth linked quarter; 19% annualized) when compared to the December 31, 2019 balance.   
• The Company’s loan-to-deposit ratio was 99% at March 31, 2020, down from both December 31, 2019 and March 31, 2019 levels.
• In addition to $1.2 billion (21% of total assets) of balance sheet liquidity (investments, interest-earning deposits and cash), the Company also has access to approximately $2.2 billion of available secured funding at the Federal Home Loan Bank and the Federal Reserve.
• The Company authorized a 5% (960,000 shares) stock repurchase program on July 25, 2019 The Company completed the final purchases under the program in the first quarter of 2020.
• The Company’s and Bank’s capital ratios at March 31, 2020 remain strong and the Company’s tangible book value per share at March 31, 2020 was $24.20 reflecting an increase of 5% from $23.11 at March 31, 2019, despite $6.5 million of share repurchases made in the quarter and the higher Q1 2020 provision for loan losses.
• Asset quality metrics continued to be strong as of March 31, 2020. Nonperforming assets at March 31, 2020 were $29.4 million, or 0.50% of total assets.  

SUPPLEMENTAL QUARTERLY DETAILS:

Wealth Management Business

In the March 2020 quarter, the Bank’s wealth management business generated $9.96 million in fee income, compared to $9.17 million for the March 2019 quarter, and $10.12 million for the December 2019 quarter. The March 2020 and December 2019 quarters included three months of fee income related to Point View, which was acquired effective September 1, 2019. The first quarter of 2020 has been negatively impacted by declines in the market value of the Company’s Assets Under Management (AUM) / Assets Under Administration (AUA) as a result of declines in the equity markets driven by the COVID-19 pandemic.

The market value of the Company’s AUM/AUA declined from $7.5 billion at December 31, 2019 to $6.4 billion at March 31, 2020, reflecting a 14% decline. Changes in the market value of the Company’s AUM/AUA are approximately 75% correlated to the changes in value of the S&P index, which declined approximately 20% from December 31, 2019 to March 31, 2020. 

John P. Babcock, President of the “Peapack Private Wealth Management” division, said, “Client retention during the Covid-19 crisis has been excellent with negligible account closings and no atypical withdrawal activity. Proactive client outreach continues at full strength.” Babcock went on to note, “Q1 2020 AUM/AUA client inflows of approximately $178 million included AUM (managed accounts) inflows of $120 million compared to $83 million for Q4 2019.”

Loans / Commercial Banking

Total loans of $4.42 billion at March 31, 2020 increased from $3.90 billion at March 31, 2019 (13% annual growth), but only increased slightly when compared to the December 31, 2019 level.  Loan/line origination levels for the March quarter were robust, but so was paydown activity. In light of the current environment the Company believes origination levels, excluding PPP loan originations, will decline from recent levels, but so will amortization and paydown levels.

Total C&I loans (including equipment finance leases and loans of $671 million) at March 31, 2020 were $1.81 billion.  This reflected net growth of $400 million (28%) when compared to $1.41 billion at March 31, 2019 and reflected net growth of $34 million when compared to the December 31, 2019 balance (2% growth linked quarter; 8% annualized).  

The Company maintains a well-diversified loan portfolio, by loan type and by industry concentration, as detailed in the Q1 2020 Investor Update (and Supplemental Financial Information).

Mr. Kennedy noted, “Our newly expanded Corporate Advisory business complements our commercial banking and wealth management businesses by giving us capability to engage in high level strategic debt, capital and valuation analysis coupled with succession, estate and wealth planning strategies, enabling us to provide a unique boutique level of service, giving us a competitive advantage over much of our peers.”

Funding / Liquidity / Interest Rate Risk Management

The Company actively manages its deposit base to reduce reliance on wholesale sourced deposits, volatility, and/or operational risk.  Total deposits for the March 2020 quarter increased $198 million from the $4.24 billion at December 31, 2019 to $4.44 billion at March 31, 2020.  Mr. Kennedy noted, “Of our total deposits only 17 percent are above the FDIC insurance limit, reinforcing the “core” nature of our deposit base.”

For the quarter ended March 31, 2020, the Company’s balance sheet liquidity (investments, interest-earning deposits and cash) increased to $1.2 billion (or 21% of assets), funded by increased client deposits of $198 million and a $500 million one-month borrowing from the Federal Home Loan Bank. The borrowing was transacted in mid-March specifically to increase the Company’s balance sheet liquidity in the event of significant depositor withdrawals and/or significant borrower draws on existing unused credit lines in the current environment. As of late April, client deposits continued to increase, and borrower draws on unused lines were minimal, and, on April 24, 2020, the Company repaid the borrowing. 

As of March 31, 2020, in addition to the $1.2 billion of balance sheet liquidity, the Company also had approximately $1.75 billion of secured funding available from the Federal Home Loan Bank, of which $620 million was drawn as of March 31, 2020. Additionally, the Company also had $1.4 billion of secured funding available from the Federal Reserve Discount Window, none of which was drawn.

Mr. Kennedy noted, “As a commercial bank, a large portion of our loans reprice when the Fed changes rates. The 150 basis point reduction in target Fed Funds near the end of Q1 2020 had the effect of reducing the Company’s interest income earned on assets by approximately $24 million on an annualized basis. However, at the same time, we were able to strategically reprice our deposits to offset nearly all of that decline.” 
             

Net Interest Income (NII)/Net Interest Margin (NIM)

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	Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2020			December 31, 2019			March 31, 2019
	NII			NIM			NII			NIM			NII			NIM
NII/NIM excluding the below	$	31,279			2.60	%			$	30,385			2.61	%			$	29,432			2.72	%
Prepayment premiums received on multifamily loan paydowns		525			0.05	%				414			0.03	%				432			0.04	%
Effect of maintaining excess interest earning cash		(57	)		-0.08	%				115			-0.04	%				143			-0.06	%
NII/NIM as reported	$	31,747			2.57	%			$	30,914			2.60	%			$	30,007			2.70	%

Net interest income and net interest margin comparisons are shown above.

The Company’s reported NIM declined three basis points compared to the linked quarter while core NIM declined only one basis point compared to the linked quarter.

Interest and fees from PPP loans will benefit future net interest income.  For further details, see the Q1 2020 Investor Update (and Supplemental Financial Information).

Other Noninterest Income (other than Wealth Management fee income)

Noninterest income from Capital Markets activities (loan level back-to-back swap activities, the SBA lending and sale program, and mortgage banking income) totaled $2.76 million for the March 2020 quarter compared to $3.73 million for the December 2019 quarter and $736,000 for the March 2019 quarter.  Income from these programs are not linear each quarter, as some quarters will be higher than others.

Operating Expenses

The Company’s total operating expenses were $28.24 million for the quarter ended March 31, 2020, compared to $26.70 million for the December 2019 quarter and $25.72 million for the March 2019 quarter.  The March 2020 and December 2019 quarters included three months of expenses related to Point View’s operations.  Strategic hiring and normal salary increases also contributed to the increase for the March 2020 quarter. There was no FDIC insurance expense for the December 2019 quarter as the Bank utilized its small bank assessment credit from the FDIC; $250,000 was recorded in the March 2020 quarter. Further, the March 2020 quarter included seasonal payroll tax expense increases, as well as increased medical insurance costs when compared to the December 2019 quarter. 

Income Taxes

The Company recorded a $3.34 million tax benefit for the March 2020 quarter, principally as a result of a $3.2 million Federal income tax benefit that resulted from a tax NOL carryback. The Company had a $23 million operating loss for tax purposes in 2018 (when the Federal tax rate was 21%) resulting from accelerated tax depreciation. Under the CARES Act, the Company was allowed to carry this NOL back to a period when the Federal tax rate was 35%, generating a permanent tax benefit.

Asset Quality / Provision for Loan and Lease Losses
For further details, see the Q1 2020 Investor Update (and Supplemental Financial Information).

Nonperforming assets at March 31, 2020 (which does not include troubled debt restructured loans that are performing in accordance with their terms) were $29.4 million, or 0.50% of total assets, compared to $28.9 million, or 0.56% of total assets, at December 31, 2019 and $24.9 million, or 0.53% of total assets, at March 31, 2019.  Total loans past due 30 through 89 days and still accruing were $8.3 million at March 31, 2020, compared to $1.9 million at December 31, 2019 and $2.5 million at March 31, 2019. The March 31, 2020 balance included one commercial real estate loan with a balance of $3.5 million that was brought fully current in early April.    

For the quarter ended March 31, 2020, the Company’s provision for loan and lease losses was $20.0 million compared to $2.0 million for the December 2019 quarter and $100,000 for the March 2019 quarter. The increased provision for loan losses in the March 2020 quarter was due to the current environment created by the COVID-19 pandemic, which led to increased qualitative loss factors when calculating the allowance for loan losses as described in the Q1 2020 Investor Update (and Supplemental Financial Information). The Company’s provision for loan and lease losses (and its allowance for loan and lease losses) also reflect, among other things, the Company’s asset quality metrics, net loan growth, net charge-offs/recoveries, and the composition of the loan portfolio.

At March 31, 2020, the allowance for loan and lease losses was $63.78 million (1.44% of total loans), compared to $43.68 million at December 31, 2019 (0.99% of total loans), and $38.65 million (0.99% of total loans) at March 31, 2019. 

Capital / Dividend / Stock Repurchase Program

The Company’s capital position during the March 2020 quarter was benefitted by net income of $1.4 million, which was offset by the purchase of shares through the Company’s stock repurchase program. Early in the quarter, the Company purchased 220,222 shares, at an average price of $29.45, for a total cost of $6.5 million.

The Company’s and Bank’s capital ratios at March 31, 2020 all remain strong.  Such ratios remain well above regulatory well capitalized standards.

The Company employs quarterly capital stress testing – adverse case and severely adverse case. In the December 31, 2019 severely, adverse case, no growth scenario, the Bank remains well capitalized over a two-year stress period. With a Pandemic stress overlay, the Bank still remains well capitalized over the two-year stress period. For further details, see the Q1 2020 Investor Update (and Supplemental Financial Information).

As previously announced, on April 28, 2020, the Company declared a cash dividend of $0.05 per share payable on May 27, 2020 to shareholders of record on May 12, 2020.

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $5.8 billion and AUM/AUA administration of $6.4 billion as of March 31, 2020.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers.  Peapack Private, the bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately-held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit www.pgbank.com and www.peapackprivate.com for more information.

The foregoing may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions.  These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “may” or similar statements or variations of such terms.  Actual results may differ materially from such forward-looking statements.  Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to:

• our inability to successfully grow our business and implement our strategic plan, including an inability to generate revenues to offset the increased personnel and other costs related to the strategic plan;
• the impact of anticipated higher operating expenses in 2020 and beyond;
• our inability to successfully integrate wealth management firm acquisitions;
• our inability to manage our growth;
• our inability to successfully integrate our expanded employee base;
• an unexpected decline in the economy, in particular in our New Jersey and New York market areas;
• declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;
• declines in value in our investment portfolio;
• impact on our business from a pandemic event on our business, operations, customers, allowance for loan losses and capital levels;
• higher than expected increases in our allowance for loan and lease losses;
• higher than expected increases in loan and lease losses or in the level of nonperforming loans;
• changes in interest rates;
• decline in real estate values within our market areas;
• legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;
• successful cyberattacks against our IT infrastructure and that of our IT and third party providers;
• higher than expected FDIC insurance premiums;
• adverse weather conditions;
• our inability to successfully generate new business in new geographic markets;
• our inability to execute upon new business initiatives;
• our lack of liquidity to fund our various cash obligations;
• reduction in our lower-cost funding sources;
• 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 accounting policies and practices; and
• other unexpected material adverse changes in our operations or earnings.

             
Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations:

• demand for our products and services may decline, making it difficult to grow assets and income;
• if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income;
• collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase;
• our allowance for loan losses may have to be increased if borrowers experience financial difficulties, which will adversely affect our net income;
• the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us;
• as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income;
• a material decrease in net income or a net loss over several quarters could result in a decrease in the rate of our quarterly cash dividend;
• our wealth management revenues may decline with continuing market turmoil;
• our cyber security risks are increased as the result of an increase in the number of employees working remotely; and
• FDIC premiums may increase if the agency experience additional resolution costs.

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, 2019.  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 share data)
(Unaudited)

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		For the Three Months Ended
		March 31,			Dec 31,			Sept 30,			June 30,			March 31,
		2020			2019			2019			2019			2019
Income Statement Data:
Interest income		$	45,395			$	45,556			$	45,948			$	44,603			$	44,563
Interest expense			13,648				14,642				15,863				15,335				14,556
Net interest income			31,747				30,914				30,085				29,268				30,007
Wealth management fee income			9,955				10,120				9,501				9,568				9,174
Service charges and fees			816				893				882				897				816
Bank owned life insurance			328				325				332				326				338
Gain on loans held for sale at fair value (B)   (Mortgage banking)			292				344				198				132				47
Loss on loans held for sale at lower of cost or   fair value			(3	)			(4	)			(6	)			—				—
Fee income related to loan level, back-to-back (B)   swaps			1,418				2,459				2,349				721				270
Gain on sale of SBA loans (B)			1,054				929				224				573				419
Other income			459				504				902				740				606
Securities gains/(losses), net			198				(45	)			34				69				59
Total other income			14,517				15,525				14,416				13,026				11,729
Salaries and employee benefits			19,226				17,954				17,476				17,543				17,156
Premises and equipment			4,043				3,898				3,849				3,600				3,388
FDIC insurance expense			250				—				(277	)			277				277
Other expenses			4,716				4,849				5,211				4,753				4,894
Total operating expenses			28,235				26,701				26,259				26,173				25,715
Pretax income before provision for loan losses			18,029				19,738				18,242				16,121				16,021
Provision for loan and lease losses (A)			20,000				1,950				800				1,150				100
(Loss)/income before income taxes			(1,971	)			17,788				17,442				14,971				15,921
Income tax (benefit)/expense (C)			(3,344	)			5,555				5,216				3,421				4,496
Net income		$	1,373			$	12,233			$	12,226			$	11,550			$	11,425
Total revenue (D)		$	46,264			$	46,439			$	44,501			$	42,294			$	41,736
Per Common Share Data:
Earnings per share (basic)		$	0.07			$	0.64			$	0.63			$	0.59			$	0.59
Earnings per share (diluted)			0.07				0.64				0.63				0.59				0.58
Weighted average number of common   shares outstanding:
Basic			18,858,343				18,966,917				19,314,666				19,447,155				19,350,452
Diluted			19,079,575				19,207,738				19,484,905				19,568,371				19,658,006
Performance Ratios:
Return on average assets annualized (ROAA)			0.11	%			0.98	%			1.00	%			0.99	%			0.98	%
Return on average equity annualized (ROAE)			1.08	%			9.81	%			9.87	%			9.49	%			9.65	%
Net interest margin (tax- equivalent basis)			2.57	%			2.60	%			2.60	%			2.64	%			2.70	%
GAAP efficiency ratio (E)			61.03	%			57.50	%			59.01	%			61.88	%			61.61	%
Operating expenses / average assets annualized			2.18	%			2.13	%			2.16	%			2.25	%			2.21	%

(A) The March 2020 quarter included a provision for loan and lease losses of $20.0 million.  The increase in the provision for loan and lease losses was primarily due to the current environment created by the COVID-19 pandemic.
(B)  Gain on loans held for sale at fair value (mortgage banking), fee income related to loan level, back-to-back swaps and gain on sale of SBA loans are all included in “capital markets activity” as referred to within the earnings release
(C)  The March 2020 quarter included a $3.2 million tax benefit related to the carryback of tax NOLs to prior years when the Federal tax rate was 14% higher.
(D)  Total revenue includes net interest income plus total other income.
(E)   Calculated as total operating expenses as a percentage of total revenue.  For Non-GAAP efficiency ratio, see Non-GAAP financial measures reconciliation included in these tables.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in Thousands)
(Unaudited)

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		As of
		March 31,			Dec 31,			Sept 30,			June 30,			March 31,
		2020			2019			2019			2019			2019
ASSETS
Cash and due from banks		$	6,171			$	6,591			$	5,770			$	5,351			$	4,726
Federal funds sold			102				102				101				101				101
Interest-earning deposits (A)			767,730				201,492				221,242				298,575				235,487
Total cash and cash equivalents			774,003				208,185				227,113				304,027				240,314
Securities available for sale			400,558				390,755				349,989				378,839				384,400
Equity security			14,034				10,836				7,881				4,847				4,778
FHLB and FRB stock, at cost			40,871				24,068				21,403				18,338				18,460
Residential mortgage			532,063				552,019				561,543				572,926				569,304
Multifamily mortgage			1,203,487				1,210,003				1,197,093				1,129,476				1,104,406
Commercial mortgage			760,648				761,244				721,261				694,674				705,221
Commercial loans			1,810,214				1,776,450				1,575,076				1,518,591				1,410,146
Consumer loans			53,365				54,372				53,829				53,995				54,276
Home equity lines of credit			55,856				57,248				58,423				62,522				57,639
Other loans			347				349				380				424				355
Total loans			4,415,980				4,411,685				4,167,605				4,032,608				3,901,347
Less: Allowances for loan and lease losses			63,783				43,676				41,580				39,791				38,653
Net loans			4,352,197				4,368,009				4,126,025				3,992,817				3,862,694
Premises and equipment			21,243				20,913				20,898				20,987				21,201
Other real estate owned			50				50				336				—				—
Accrued interest receivable			11,816				10,494				11,759				11,594				11,688
Bank owned life insurance			46,309				46,128				45,940				45,744				45,554
Goodwill and other intangible assets			40,265				40,588				41,111				31,941				32,170
Finance lease right-of-use assets			4,891				5,078				5,265				5,452				5,639
Operating lease right-of-use assets			11,553				12,132				10,328				11,017				7,541
Other assets (B)			113,668				45,643				57,361				45,631				27,867
TOTAL ASSETS		$	5,831,458			$	5,182,879			$	4,925,409			$	4,871,234			$	4,662,306
LIABILITIES
Deposits:
Noninterest-bearing demand deposits		$	581,085			$	529,281			$	544,464			$	544,431			$	476,013
Interest-bearing demand deposits			1,680,452				1,510,363				1,352,471				1,388,821				1,268,823
Savings			112,668				112,652				115,448				112,438				114,865
Money market accounts			1,163,410				1,196,313				1,196,188				1,207,358				1,209,835
Certificates of deposit – Retail			651,000				633,763				583,425				570,384				545,450
Certificates of deposit – Listing Service			38,895				47,430				55,664				58,541				68,055
Subtotal “customer” deposits			4,227,510				4,029,802				3,847,660				3,881,973				3,683,041
IB Demand – Brokered			180,000				180,000				180,000				180,000				180,000
Certificates of deposit – Brokered			33,723				33,709				33,696				33,682				56,165
Total deposits			4,441,233				4,243,511				4,061,356				4,095,655				3,919,206
Short-term borrowings (A)			515,000				128,100				67,000				—				—
FHLB advances			105,000				105,000				105,000				105,000				105,000
Finance lease liability			7,402				7,598				7,793				7,985				8,175
Operating lease liability			11,852				12,423				10,619				11,269				7,683
Subordinated debt, net			83,473				83,417				83,361				83,305				83,249
Other liabilities (B)			160,173				91,227				94,930				74,132				57,521
Due to brokers			10,885				7,951				—				—				—
TOTAL LIABILITIES			5,335,018				4,679,227				4,430,059				4,377,346				4,180,834
Shareholders’ equity			496,440				503,652				495,350				493,888				481,472
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY		$	5,831,458			$	5,182,879			$	4,925,409			$	4,871,234			$	4,662,306
Assets under management and / or administration at   Peapack-Gladstone Bank’s Private Wealth Management   Division (market value, not included above-dollars in billions)		$	6.4			$	7.5			$	7.0			$	6.6			$	6.3

(A) The increase in interest-earning deposits and short-term borrowings at March 31, 2020 is primarily due to a one-month FHLB Advance for $500.0 million transacted on March 23, 2020 with proceeds maintained to bolster the Company’s on-balance-sheet liquidity which was repaid on April 24, 2020.
(B)  The increase in other assets and other liabilities at March 31, 2020 is was primarily due to the change in the fair value of our back-to-back swap program.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)

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		As of
		March 31,			Dec 31,			Sept 30,			June 30,			March 31,
		2020			2019			2019			2019			2019
Asset Quality:
Loans past due over 90 days and still accruing		$	—			$	—			$	—			$	—			$	—
Nonaccrual loans (A)			29,324				28,881				29,383				31,150				24,892
Other real estate owned			50				50				336				—				—
Total nonperforming assets		$	29,374			$	28,931			$	29,719			$	31,150			$	24,892
Nonperforming loans to total loans			0.66	%			0.65	%			0.71	%			0.77	%			0.64	%
Nonperforming assets to total assets			0.50	%			0.56	%			0.60	%			0.64	%			0.53	%
Performing TDRs (B)(C)		$	2,389			$	2,357			$	2,527			$	3,772			$	4,274
Loans past due 30 through 89 days and still accruing (D)		$	8,261			$	1,910			$	6,333			$	432			$	2,492
Classified loans		$	58,938			$	58,908			$	53,882			$	56,135			$	51,306
Impaired loans		$	36,369			$	35,924			$	36,627			$	34,941			$	29,185
Allowance for loan and lease losses:
Beginning of period		$	43,676			$	41,580			$	39,791			$	38,653			$	38,504
Provision for loan and lease losses			20,000				1,950				800				1,150				100
Recoveries (charge-offs), net			107				146				989				(12	)			49
End of period		$	63,783			$	43,676			$	41,580			$	39,791			$	38,653
ALLL to nonperforming loans			217.51	%			151.23	%			141.51	%			127.74	%			155.28	%
ALLL to total loans			1.444	%			0.990	%			0.998	%			0.987	%			0.991	%
General ALLL to total loans (E)			1.301	%			0.927	%			0.932	%			0.956	%			0.984	%

(A)  Includes one casual dining commercial banking relationship, with a balance of $5.9 million at March 31, 2020, that went on nonaccrual at June 30, 2019.
(B)  Amounts reflect TDRs that are paying according to restructured terms.
(C)  Amount does not include $25.9 million at March 31, 2020, $25.8 million at December 31, 2019, $19.7 million at September 30, 2019, $19.8 million at June 30, 2019 and $20.0 million at March 31, 2019, of TDRs included in nonaccrual loans.
(D) Includes a non-owner occupied CRE loan with a balance of $3.5 million at March 31, 2020.  This loan was brought fully current in early April 2020.  The $6.3 million at September 30, 2019 included one $4.3 million commercial real estate loan that was in process of a rate modification (not a TDR modification).  The loan was brought fully current in early October 2019.
(E) Total ALLL less specific reserves equals general ALLL.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)

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		March 31,			December 31,			March 31,
		2020 (I)			2019			2019
Capital Adequacy
Equity to total assets (A)					8.51	%					9.72	%					10.33	%
Tangible Equity to tangible assets (B)					7.88	%					9.01	%					9.70	%
Book value per share (C)				$	26.33					$	26.61					$	24.76
Tangible Book Value per share (D)				$	24.20					$	24.47					$	23.11

 

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		March 31,			December 31,			March 31,
		2020				2019				2019
Regulatory Capital – Holding Company
Tier I leverage		$	458,640			8.93	%			$	463,521			9.33	%			$	450,244			9.76	%
Tier I capital to risk-weighted assets			458,640			10.71					463,521			11.14					450,244			12.19
Common equity tier I capital ratio   to risk-weighted assets			458,639			10.71					463,520			11.14					450,242			12.19
Tier I & II capital to risk-weighted assets			595,770			13.91					590,614			14.20					572,146			15.49
Regulatory Capital – Bank
Tier I leverage (E)		$	527,433			10.28	%			$	527,833			10.63	%			$	518,702			11.25	%
Tier I capital to risk-weighted assets (F)			527,433			12.33					527,833			12.70					518,702			14.06
Common equity tier I capital ratio   to risk-weighted assets (G)			527,432			12.33					527,832			12.70					518,700			14.06
Tier I & II capital to risk-weighted assets (H)			581,025			13.58					571,509			13.76					557,355			15.10

(A)  Equity to total assets is calculated as total shareholders’ equity as a percentage of total assets at period 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 period end is calculated by dividing tangible equity by tangible assets at period end.  See Non-GAAP financial measures reconciliation included in these tables.
(C)  Book value per common share is calculated by dividing shareholders’ equity by period end common shares outstanding.
(D)  Tangible book value per excludes intangible assets.  Tangible book value per share is calculated by dividing tangible equity by period end common shares outstanding.  See Non-GAAP financial measures reconciliation tables.
(E) Regulatory well capitalized standard = 5.00% ($257 million)
(F) Regulatory well capitalized standard = 6.50% ($278 million)
(G) Regulatory well capitalized standard = 8.00% ($342 million)
(H) Regulatory well capitalized standard = 10.00% ($428 million)
(I)  The increase in interest-earning deposits funded by the $500.0 million FHLB Advance inflated Total Assets at March 31, 2020 by that amount.  This had the effect of reducing the equity to total assets ratio and tangible equity to tangible assets ratio by 0.80% and 0.74%, respectively.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
LOANS CLOSED
(Dollars in Thousands)
(Unaudited)

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		For the Quarters Ended
		March 31,			Dec 31,			Sept 30,			June 30,			March 31,
		2020			2019			2019			2019			2019
Residential loans retained		$	14,831			$	17,115			$	19,073			$	21,998			$	10,839
Residential loans sold			19,391				21,255				15,846				9,785				3,090
Total residential loans			34,222				38,370				34,919				31,783				13,929
Commercial real estate			8,858				52,630				43,414				34,204				21,025
Multifamily			61,998				63,627				77,138				58,604				21,122
Commercial (C&I) loans (A) (B)			42,908				174,946				228,903				143,944				141,128
SBA			13,830				19,195				3,510				3,740				9,050
Wealth lines of credit (A)			3,250				42,575				6,980				6,725				7,380
Total commercial loans			130,844				352,973				359,945				247,217				199,705
Installment loans			256				984				362				1,497				558
Home equity lines of credit (A)			3,632				2,414				5,631				3,626				1,607
Total loans closed		$	168,954			$	394,741			$	400,857			$	284,123			$	215,799

(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
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)

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		March 31, 2020			March 31, 2019
		Average			Income/							Average			Income/
		Balance			Expense			Yield			Balance			Expense			Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)		$	411,806			$	2,459				2.39	%		$	387,566			$	2,684				2.77	%
Tax-exempt (A) (B)			10,534				131				4.97				17,345				210				4.84
Loans (B) (C):
Mortgages			535,114				4,576				3.42				571,637				4,895				3.43
Commercial mortgages			1,955,808				18,483				3.78				1,824,371				18,021				3.95
Commercial			1,758,137				18,593				4.23				1,379,585				16,750				4.86
Commercial construction			5,629				88				6.25				—				—				—
Installment			53,983				464				3.44				55,215				577				4.18
Home equity			55,654				614				4.41				60,421				766				5.07
Other			364				9				9.89				412				11				10.68
Total loans			4,364,689				42,827				3.92				3,891,641				41,020				4.22
Federal funds sold			102				—				0.25				101				—				0.25
Interest-earning deposits			251,566				552				0.88				237,251				1,270				2.14
Total interest-earning assets			5,038,697				45,969				3.65	%			4,533,904				45,184				3.99	%
Noninterest-earning assets:
Cash and due from banks			5,517												5,398
Allowance for loan and lease losses			(44,368	)											(38,948	)
Premises and equipment			21,145												21,467
Other assets			161,452												122,102
Total noninterest-earning assets			143,746												110,019
Total assets		$	5,182,443											$	4,643,923
LIABILITIES:
Interest-bearing deposits:
Checking		$	1,540,798			$	3,447				0.89	%		$	1,284,611			$	3,710				1.16	%
Money markets			1,192,049				2,981				1.00				1,208,004				4,335				1.44
Savings			110,905				15				0.05				114,003				16				0.06
Certificates of deposit – retail			698,019				3,694				2.12				607,178				3,234				2.13
Subtotal interest-bearing deposits			3,541,771				10,137				1.14				3,213,796				11,295				1.41
Interest-bearing demand – brokered			180,000				923				2.05				180,000				739				1.64
Certificates of deposit – brokered			33,715				263				3.12				56,154				365				2.60
Total interest-bearing deposits			3,755,486				11,323				1.21				3,449,950				12,399				1.44
Borrowings			183,398				1,012				2.21				105,900				834				3.15
Capital lease obligation			7,475				90				4.82				8,244				99				4.80
Subordinated debt			83,439				1,223				5.86				83,213				1,224				5.88
Total interest-bearing liabilities			4,029,798				13,648				1.35	%			3,647,307				14,556				1.60	%
Noninterest-bearing liabilities:
Demand deposits			542,557												471,265
Accrued expenses and other liabilities			101,662												51,791
Total noninterest-bearing liabilities			644,219												523,056
Shareholders’ equity			508,426												473,560
Total liabilities and shareholders’ equity		$	5,182,443											$	4,643,923
Net interest income						$	32,321											$	30,628
Net interest spread											2.30	%											2.39	%
Net interest margin (D)											2.57	%											2.70	%

(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
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)

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		March 31, 2020			December 31, 2019
		Average			Income/							Average			Income/
		Balance			Expense			Yield			Balance			Expense			Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)		$	411,806			$	2,459				2.39	%		$	393,549			$	2,428				2.47	%
Tax-exempt (A) (B)			10,534				131				4.97				12,037				147				4.88
Loans (B) (C):
Mortgages			535,114				4,576				3.42				557,132				4,780				3.43
Commercial mortgages			1,955,808				18,483				3.78				1,959,902				18,588				3.79
Commercial			1,758,137				18,593				4.23				1,662,026				18,413				4.43
Commercial construction			5,629				88				6.25				4,842				81				7
Installment			53,983				464				3.44				54,562				524				3.84
Home equity			55,654				614				4.41				58,082				662				4.56
Other			364				9				9.89				379				10				10.55
Total loans			4,364,689				42,827				3.92				4,296,925				43,058				4.01
Federal funds sold			102				—				0.25				102				—				0.25
Interest-earning deposits			251,566				552				0.88				159,759				560				1.40
Total interest-earning assets			5,038,697				45,969				3.65	%			4,862,372				46,193				3.80	%
Noninterest-earning assets:
Cash and due from banks			5,517												5,600
Allowance for loan and lease losses			(44,368	)											(42,374	)
Premises and equipment			21,145												20,946
Other assets			161,452												166,868
Total noninterest-earning assets			143,746												151,040
Total assets		$	5,182,443											$	5,013,412
LIABILITIES:
Interest-bearing deposits:
Checking		$	1,540,798			$	3,447				0.89	%		$	1,407,151			$	3,489				0.99	%
Money markets			1,192,049				2,981				1.00				1,169,413				3,456				1.18
Savings			110,905				15				0.05				112,597				16				0.06
Certificates of deposit – retail			698,019				3,694				2.12				660,159				3,734				2.26
Subtotal interest-bearing deposits			3,541,771				10,137				1.14				3,349,320				10,695				1.28
Interest-bearing demand – brokered			180,000				923				2.05				180,000				981				2.18
Certificates of deposit – brokered			33,715				263				3.12				33,702				267				3.17
Total interest-bearing deposits			3,755,486				11,323				1.21				3,563,022				11,943				1.34
Borrowings			183,398				1,012				2.21				221,462				1,383				2.50
Capital lease obligation			7,475				90				4.82				7,669				92				4.80
Subordinated debt			83,439				1,223				5.86				83,385				1,224				5.87
Total interest-bearing liabilities			4,029,798				13,648				1.35	%			3,875,538				14,642				1.51	%
Noninterest-bearing liabilities:
Demand deposits			542,557												539,501
Accrued expenses and other liabilities			101,662												99,702
Total noninterest-bearing liabilities			644,219												639,203
Shareholders’ equity			508,426												498,671
Total liabilities and shareholders’ equity		$	5,182,443											$	5,013,412
Net interest income						$	32,321											$	31,551
Net interest spread											2.30	%											2.29	%
Net interest margin (D)											2.57	%											2.60	%

(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 period end common shares outstanding, as compared to book value per common share, which we calculate by dividing shareholders’ equity by period end common shares outstanding.  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 ORE 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 one reasonable measure of core expenses relative to core revenue.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial position, results and ratios.  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.

Non-GAAP Financial Reconciliation

(Dollars in thousands, except share data)

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		Three Months Ended
		March 31,			Dec 31,			Sept 30,			June 30,			March 31,
Tangible Book Value Per Share		2020 (A)			2019			2019			2019			2019
Shareholders’ equity		$	496,440			$	503,652			$	495,350			$	493,888			$	481,472
Less:  Intangible assets, net			40,265				40,588				41,111				31,941				32,170
Tangible equity			456,175				463,064				454,239				461,947				449,302
Period end shares outstanding			18,852,523				18,926,810				18,999,241				19,456,312				19,445,363
Tangible book value per share		$	24.20			$	24.47			$	23.91			$	23.74			$	23.11
Book value per share			26.33				26.61				26.07				25.38				24.76
Tangible Equity to Tangible Assets
Total assets		$	5,831,458			$	5,182,879			$	4,925,409			$	4,871,234			$	4,662,306
Less: Intangible assets, net			40,265				40,588				41,111				31,941				32,170
Tangible assets			5,791,193				5,142,291				4,884,298				4,839,293				4,630,136
Tangible equity to tangible assets			7.88	%			9.01	%			9.30	%			9.55	%			9.70	%
Equity to assets			8.51	%			9.72	%			10.06	%			10.14	%			10.33	%

      (A)    The increase in interest-earning deposits funded by the $500.0 million FHLB Advance inflated Total Assets at March 31, 2020 by that amount.  This had the effect of reducing the equity to total assets ratio and tangible equity to tangible assets ratio by 0.80% and 0.74%, respectively.

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		Three Months Ended
		March 31,			Dec 31,			Sept 30,			June 30,			March 31,
Efficiency Ratio		2020			2019			2019			2019			2019
Net interest income		$	31,747			$	30,914			$	30,085			$	29,268			$	30,007
Total other income			14,517				15,525				14,416				13,026				11,729
Less:  Loss on loans held for sale
at lower of cost or fair value			3				4				6				—				—
Less:  Income from life insurance proceeds			—				—				—				—				—
Add:  Securities (gains)/losses, net			(198	)			45				(34	)			(69	)			(59	)
Total recurring revenue			46,069				46,488				44,473				42,225				41,677
Operating expenses			28,235				26,701				26,259				26,173				25,715
Less: ORE provision			—				—				—				—				—
Total operating expense			28,235				26,701				26,259				26,173				25,715
Efficiency ratio			61.29	%			57.44	%			59.04	%			61.98	%			61.70	%

Contact:

Jeffrey J. Carfora, SEVP and CFO

Peapack-Gladstone Financial Corporation

T: 908-719-4308

 

FAQ

What were Peapack-Gladstone's Q1 2020 earnings results?

In Q1 2020, Peapack-Gladstone reported revenue of $46.26 million and net income of $1.37 million.

How did the COVID-19 pandemic affect Peapack-Gladstone's financial performance?

The pandemic led to a $20 million provision for loan losses, significantly impacting net income and EPS.

What is Peapack-Gladstone's stock symbol?

The stock symbol for Peapack-Gladstone Financial Corporation is PGC.

How much did Peapack-Gladstone assist businesses with PPP loans?

Peapack-Gladstone assisted over 2,000 businesses with nearly $600 million in PPP loans.

What was the diluted EPS for Peapack-Gladstone in Q1 2020?

The diluted EPS for Peapack-Gladstone in Q1 2020 was $0.07.