Peapack Gladstone Financial Corp. Files 2023 Annual Report (10-K)

TL;DR

<b>Peapack Gladstone Financial Corp. filed its 2023 10-K report detailing its fiscal year-end performance and financial standing.</b>

AI Summary

PEAPACK GLADSTONE FINANCIAL CORP (PGC) filed a Annual Report (10-K) with the SEC on March 12, 2024. Filed 2023 10-K report on March 12, 2024. Report covers fiscal year ending December 31, 2023. Company incorporated in New Jersey. Business and mailing address: 500 Hills Drive, Bedminster, NJ 07921. Primary SIC code: 6029 (Commercial Banks, NEC).

Why It Matters

For investors and stakeholders tracking PEAPACK GLADSTONE FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PGC's financial health, operational performance, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial data and disclosures within the report are essential for understanding PGC's market position, regulatory compliance, and future outlook in the commercial banking sector.

Risk Assessment

Risk Level: medium — PEAPACK GLADSTONE FINANCIAL CORP shows moderate risk based on this filing. The filing contains extensive financial data and disclosures related to various portfolio segments (residential, consumer, commercial) and risk categories (substandard, special mention), indicating potential exposure to credit and market risks inherent in the banking industry.

Analyst Insight

Review the detailed financial statements and risk factor disclosures in the 10-K to assess the company's asset quality, loan portfolio performance, and overall financial stability.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-12 — Filing Date (Date of submission)
• 10-K — Form Type (Type of filing)
• 001-16197 — SEC File Number (SEC registration number)

Key Players & Entities

• PEAPACK GLADSTONE FINANCIAL CORP (company) — Filer name
• PGC (company) — Ticker symbol
• 2024-03-12 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• NJ (location) — State of incorporation
• 07921 (location) — Business ZIP code
• 9082340700 (phone) — Business phone
• 6029 (industry) — Standard Industrial Classification

FAQ

Risk Factors

• Credit Risk [high — financial]: The company faces credit risk from its loan and lease portfolios, with specific mentions of 'Substandard' and 'Special Mention' classifications across various segments.
• Fair Value Measurements [medium — market]: The company reports on fair value measurements for its assets and liabilities, including recurring fair value measurements across different levels of the fair value hierarchy.
• Concentration of Credit Risk [medium — financial]: Disclosure indicates potential concentration of credit risk within certain portfolio segments, such as commercial real estate and SBA pool securities.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-12: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary filing document analyzed, containing detailed financial and operational information for the fiscal year.)

Key Financial Figures

• $10,000 — employees. Tuition reimbursement, up to $10,000 annually, is offered to full-time emplo
• $10.9 billion — ered trust and investment business with $10.9 billion of assets under management and/or admin
• $97,126 — illion and a median household income of $97,126, and Somerset County, where we are head
• $131,948 — rsey, with a median household income of $131,948; compared to a U.S. median household in
• $75,149 — ed to a U.S. median household income of $75,149. We believe that these markets have eco
• $10 billion — and savings institutions with more than $10 billion in assets. Banks and savings institutio
• $3 billion — ank holding companies with greater than $3 billion in total consolidated assets are subjec

Filing Documents

• pgc-20231231.htm (10-K) — 10479KB
• pgc-ex23_1.htm (EX-23.1) — 4KB
• pgc-ex24.htm (EX-24) — 66KB
• pgc-ex31_1.htm (EX-31.1) — 14KB
• pgc-ex31_2.htm (EX-31.2) — 14KB
• pgc-ex32.htm (EX-32) — 14KB
• img193490207_0.jpg (GRAPHIC) — 34KB
• 0000950170-24-029761.txt (&nbsp;) — 43108KB
• pgc-20231231.xsd (EX-101.SCH) — 3054KB
• pgc-20231231_htm.xml (XML) — 12728KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosure 22 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [ Reserved] 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 117 Item 9A.

Controls and Procedures

Controls and Procedures 117 Item 9B. Other Information 118 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 PART III Item 10. Directors, Executive Officers and Corporate Governance 119 Item 11.

Executive Compensation

Executive Compensation 119 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120 Item 13. Certain Relationships and Related Transactions, and Director Independence 120 Item 14. Principal Accountant Fees and Services 120 PART IV Item 15. Exhibits and Financial Statement Schedules 121 Item 16. Form 10-K Summary 123

Signatures

Signatures 124 3 PART I

B USINESS

Item 1. B USINESS The disclosures set forth in this Form 10-K are qualified by Item 1A-Risk Factors and the section captioned "Cautionary Statement Concerning Forward-Looking Statements" in Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report and filed by us from time to time with the Securities and Exchange Commission. The terms "Peapack," the "Company," "we," "our" and "us" refer to Peapack-Gladstone Financial Corporation and its wholly-owned subsidiaries unless otherwise indicated or the context requires otherwise. The Corporation Peapack-Gladstone Financial Corporation is a bank holding company registered under the Bank Holding Company Act of 1956, as amended (the "Bank Holding Company Act"). The Company was organized under New Jersey law in 1997 by the Board of Directors of Peapack-Gladstone Bank (the "Bank"), its principal subsidiary. The Bank is a state chartered commercial bank founded in 1921 under New Jersey laws. The Bank is a member of the Federal Reserve System. Through its branch network in Somerset, Morris, Hunterdon and Union counties and its private banking locations in Bedminster, Morristown, Princeton and Teaneck, its private wealth management, commercial private banking, retail private banking and residential lending divisions, along with its online platforms, Peapack-Gladstone Bank is committed to offering unparalleled client service. Additionally, the Company signed a lease for future market expansion into New York City. Our wealth management clients include individuals, families, foundations, endowments, trusts and estates. Our commercial loan clients include business owners, professionals, retailers, contractors and real estate investors. Most forms of commercial lending are offered, including working capital lines of credit, term loans for fixed asset acquisitions, commercial mortgages, multifamily mortgages and o

View Full Filing

View this 10-K filing on SEC EDGAR