Peapack Gladstone Financial Corp. Q2 2024 Filing Released

TL;DR

PGNF Q2 2024 10-Q filed. Details on loans, CRE, and assets.

AI Summary

Peapack Gladstone Financial Corp. reported its Q2 2024 results, ending June 30, 2024. The company's filing details its financial position, including assets and liabilities, with specific references to commercial real estate and loan portfolios. The report covers the period from January 1, 2024, to June 30, 2024.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look into Peapack Gladstone Financial Corp.'s financial health and operational performance for the second quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240808 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• PEAPACK GLADSTONE FINANCIAL CORP (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240808 (date) — Filing Date
• 0000950170-24-093497 (dollar_amount) — Accession Number
• NJ (company) — State of Incorporation

FAQ

Filing Documents

• pgc-20240630.htm (10-Q) — 8639KB
• pgc-ex31_1.htm (EX-31.1) — 13KB
• pgc-ex31_2.htm (EX-31.2) — 14KB
• pgc-ex32.htm (EX-32) — 12KB
• 0000950170-24-093497.txt ( ) — 36450KB
• pgc-20240630.xsd (EX-101.SCH) — 2358KB
• pgc-20240630_htm.xml (XML) — 11456KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Statements of Condition at June 30, 2024 and December 31, 202 3 3 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 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 48 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 4

Controls and Procedures

Controls and Procedures 69

OTHER INFORMATION

PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 69 Item 1A

Risk Factors

Risk Factors 69 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 70 Item 3 Defaults Upon Senior Securities 70 Item 4 Mine Safety Disclosures 70 Item 5 Other Information 70 Item 6 Exhibits 71 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) June 30, December 31, 2024 2023 ASSETS Cash and due from banks $ 5,586 $ 5,887 Federal funds sold — — Interest-earning deposits 310,143 181,784 Total cash and cash equivalents 315,729 187,671 Securities available for sale 591,884 550,617 Securities held to maturity (fair value $ 90,863 at June 30, 2024 and $ 94,415 at December 31, 2023) 105,013 107,755 CRA equity security, at fair value 12,971 13,166 FHLB and FRB stock, at cost (A) 12,478 31,044 Loans held for sale, at fair value 228 100 Loans held for sale, at lower of cost or fair value 8,076 6,695 Loans 5,260,994 5,429,325 Less: allowance for credit losses 67,984 65,888 Net loans 5,193,010 5,363,437 Premises and equipment 24,932 24,166 Accrued interest receivable 33,534 30,676 Bank owned life insurance 47,716 47,581 Goodwill 36,212 36,212 Other intangible assets 9,258 9,802 Finance lease right-of-use assets 1,055 2,087 Operating lease right-of-use assets 38,683 12,096 Deferred tax assets, net 9,454 505 Due from broker 3,184 — Other assets 61,933 53,247 TOTAL ASSETS $ 6,505,350 $ 6,476,857 LIABILITIES Deposits: Noninterest-bearing demand deposits $ 950,368 $ 957,687 Interest-bearing deposits: Checking 3,229,814 2,882,193 Savings 105,602 111,573 Money market accounts 824,158 740,559 Certificates of deposit - retail 502,810 443,791 Certificates of deposit - listing service 7,454 7,804 Subtotal deposits 5,620,206 5,143,607 Interest-bearing demand - brokered 10,000 10,000 Certificates of deposit - brokered 26,000 120,507 Total deposits 5,656,206 5,274,114 Short-term borrowings — 403,814 Finance lease

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 June 30, 2024, and the results of operations, comprehensive income, changes in shareholders' equity and cash flow statements for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 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 Peapa

View Full Filing

View this 10-Q filing on SEC EDGAR