Peapack Gladstone Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Peapack Gladstone Financial Corp. filed its Q1 2024 10-Q report detailing financial performance and asset classifications.</b>

AI Summary

PEAPACK GLADSTONE FINANCIAL CORP (PGC) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Filing is a 10-Q for Peapack Gladstone Financial Corp. for the period ending March 31, 2024. The company is classified under SIC code 6029 (Commercial Banks, NEC). Key dates include the filing date of May 10, 2024, and the reporting period end of March 31, 2024. The filing references various financial instruments and portfolio segments, including Commercial Portfolio, Residential Portfolio, and Consumer Portfolio. Specific financial asset statuses like 'FinancialAssetPastDue' and 'FinancingReceivables60To89DaysPastDue' are mentioned.

Why It Matters

For investors and stakeholders tracking PEAPACK GLADSTONE FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides an update on the company's financial health and operational status for the first quarter of 2024. The detailed segment and asset classifications offer insights into the company's lending activities and potential credit risks.

Risk Assessment

Risk Level: medium — PEAPACK GLADSTONE FINANCIAL CORP shows moderate risk based on this filing. The filing contains numerous references to past due and special mention assets across various loan portfolios, indicating potential credit quality concerns that warrant close monitoring.

Analyst Insight

Monitor the company's loan portfolio performance, particularly past due and special mention assets, in subsequent filings to assess credit risk trends.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-10 — Filing Date (FILED AS OF DATE)
• 6029 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• PEAPACK GLADSTONE FINANCIAL CORP (company) — FILER
• 0000950170-24-057676 (other) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240510 (date) — FILED AS OF DATE
• 0001050743 (company) — CENTRAL INDEX KEY
• 6029 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• NJ (location) — STATE OF INCORPORATION
• 001-16197 (other) — SEC FILE NUMBER

FAQ

Risk Factors

• Financial Asset Past Due [medium — financial]: The filing indicates instances of past due financial assets across various segments, including commercial and residential portfolios.
• Financing Receivables 60-89 Days Past Due [medium — financial]: Specific mention of financing receivables between 60 and 89 days past due in the commercial portfolio segment.
• Special Mention Assets [medium — financial]: The company identifies 'Special Mention' assets within the multifamily property segment of the residential portfolio.

Key Dates

• 2024-03-31: End of Reporting Period — Covers financial performance for Q1 2024.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Filing Documents

• pgc-20240331.htm (10-Q) — 6972KB
• pgc-ex31_1.htm (EX-31.1) — 13KB
• pgc-ex31_2.htm (EX-31.2) — 13KB
• pgc-ex32.htm (EX-32) — 12KB
• 0000950170-24-057676.txt (&nbsp;) — 31874KB
• pgc-20240331.xsd (EX-101.SCH) — 2333KB
• pgc-20240331_htm.xml (XML) — 9968KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Statements of Condition at March 31, 2024 and December 31, 202 3 3 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 5 Consolidated Statement of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 4

Controls and Procedures

Controls and Procedures 61

OTHER INFORMATION

PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 61 Item 1A

Risk Factors

Risk Factors 61 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3 Defaults Upon Senior Securities 62 Item 4 Mine Safety Disclosures 62 Item 5 Other Information 62 Item 6 Exhibits 63 2

Financial St atements

Item 1. Financial St atements PEAPACK-GLADSTONE FINANCIAL CORPORATION CONSOLIDATED STATEM ENTS OF CONDITION (Dollars in thousands, except per share data) (unaudited) (audited) March 31, December 31, 2024 2023 ASSETS Cash and due from banks $ 5,769 $ 5,887 Federal funds sold — — Interest-earning deposits 189,069 181,784 Total cash and cash equivalents 194,838 187,671 Securities available for sale 550,870 550,617 Securities held to maturity (fair value $ 92,343 at March 31, 2024 and $ 94,415 at December 31, 2023) 106,498 107,755 CRA equity security, at fair value 13,055 13,166 FHLB and FRB stock, at cost (A) 18,079 31,044 Loans held for sale, at fair value 2,045 100 Loans held for sale, at lower of cost or fair value 4,020 6,695 Loans 5,356,385 5,429,325 Less: allowance for credit losses 66,251 65,888 Net loans 5,290,134 5,363,437 Premises and equipment 24,494 24,166 Accrued interest receivable 32,672 30,676 Bank owned life insurance 47,580 47,581 Goodwill 36,212 36,212 Other intangible assets 9,530 9,802 Finance lease right-of-use assets 1,900 2,087 Operating lease right-of-use assets 16,035 12,096 Deferred tax assets, net 5,456 505 Other assets 55,135 53,247 TOTAL ASSETS $ 6,408,553 $ 6,476,857 LIABILITIES Deposits: Noninterest-bearing demand deposits $ 914,893 $ 957,687 Interest-bearing deposits: Checking 3,029,119 2,882,193 Savings 108,305 111,573 Money market accounts 775,132 740,559 Certificates of deposit - retail 486,079 443,791 Certificates of deposit - listing service 7,704 7,804 Subtotal deposits 5,321,232 5,143,607 Interest-bearing demand - brokered 10,000 10,000 Certificates of deposit - brokered 145,480 120,507 Total deposits 5,476,712 5,274,114 Short-term borrowings 119,490 403,814 Finance lease liabilities 3,10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Certain information and footnote disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023 for Peapack-Gladstone Financial Corporation (the "Corporation" or the "Company"). In the opinion of the management of the Corporation, the accompanying unaudited consolidated interim financial statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of March 31, 2024, and the results of operations, comprehensive income, changes in shareholders' equity and cash flow statements for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year or for any future period. Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack-Gladstone Bank (the "Bank"). The consolidated financial statements also include the Bank's wholly-owned subsidiaries: Peapack Capital Corporation ("PCC") Peapack-Gladstone Mortgage Group, Inc., which owns 99 percent of Peapack Ventures, LLC and 79 percent of Peapack-Gladstone Realty, Inc., a New Jersey real estate investment company PGB Trust & Investments of Delaware, which owns one percent of Peapack Ventures, LLC Peapack Ventures,

View Full Filing

View this 10-Q filing on SEC EDGAR