Peapack Gladstone Financial Corp. Files Q3 2024 10-Q

TL;DR

PGC Q3 10-Q filed. Financials look solid, check CRE exposure.

AI Summary

Peapack Gladstone Financial Corp. filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Bedminster, NJ, operates in the commercial banking sector. Key financial data points and disclosures related to its commercial and industrial, commercial real estate, and multifamily property portfolios are included in this filing.

Why It Matters

This filing provides investors and analysts with a detailed look at Peapack Gladstone's financial performance and risk exposure for the third quarter of 2024.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information and disclosures, including specific portfolio segment data, which requires careful analysis to assess risk.

Key Numbers

• Q3 2024 — Reporting Period (This 10-Q covers the third quarter of 2024.)
• 2024-09-30 — As of Date (The financial information is reported as of this date.)

Key Players & Entities

• PEAPACK GLADSTONE FINANCIAL CORP (company) — Filer
• Bedminster, NJ (location) — Company Headquarters
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-07 (date) — Filing Date

FAQ

Filing Documents

• pgc-20240930.htm (10-Q) — 8661KB
• pgc-ex10_1.htm (EX-10.1) — 160KB
• pgc-ex10_2.htm (EX-10.2) — 41KB
• pgc-ex10_3.htm (EX-10.3) — 90KB
• pgc-ex10_4.htm (EX-10.4) — 233KB
• pgc-ex31_1.htm (EX-31.1) — 14KB
• pgc-ex31_2.htm (EX-31.2) — 14KB
• pgc-ex32.htm (EX-32) — 12KB
• 0000950170-24-123137.txt ( ) — 37118KB
• pgc-20240930.xsd (EX-101.SCH) — 2373KB
• pgc-20240930_htm.xml (XML) — 11455KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Statements of Condition at September 30, 2024 and December 31, 202 3 3 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the nine months ended September 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 67 Item 4

Controls and Procedures

Controls and Procedures 70

OTHER INFORMATION

PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 70 Item 1A

Risk Factors

Risk Factors 70 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 71 Item 3 Defaults Upon Senior Securities 71 Item 4 Mine Safety Disclosures 71 Item 5 Other Information 71 Item 6 Exhibits 73 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) September 30, December 31, 2024 2023 ASSETS Cash and due from banks $ 8,129 $ 5,887 Federal funds sold — — Interest-earning deposits 484,529 181,784 Total cash and cash equivalents 492,658 187,671 Securities available for sale 682,713 550,617 Securities held to maturity (fair value $ 92,438 at September 30, 2024 and $ 94,415 at December 31, 2023) 103,158 107,755 CRA equity security, at fair value 13,445 13,166 FHLB and FRB stock, at cost (A) 12,459 31,044 Loans held for sale, at fair value 561 100 Loans held for sale, at lower of cost or fair value 4,189 6,695 Loans 5,315,417 5,429,325 Less: allowance for credit losses 71,283 65,888 Net loans 5,244,134 5,363,437 Premises and equipment 25,716 24,166 Accrued interest receivable 31,973 30,676 Bank owned life insurance 47,837 47,581 Goodwill 36,212 36,212 Other intangible assets 8,986 9,802 Finance lease right-of-use assets 1,020 2,087 Operating lease right-of-use assets 41,650 12,096 Deferred tax assets, net 8,756 505 Other assets 38,325 53,247 TOTAL ASSETS $ 6,793,792 $ 6,476,857 LIABILITIES Deposits: Noninterest-bearing demand deposits $ 1,079,877 $ 957,687 Interest-bearing deposits: Checking 3,316,217 2,882,193 Savings 103,979 111,573 Money market accounts 902,562 740,559 Certificates of deposit - retail 515,297 443,791 Certificates of deposit - listing service 7,454 7,804 Subtotal deposits 5,925,386 5,143,607 Interest-bearing demand - brokered 10,000 10,000 Certificates of deposit - brokered — 120,507 Total deposits 5,935,386 5,274,114 Short-term borrowings — 403,814 Finance lease liabilities 1,388

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

View Full Filing

View this 10-Q filing on SEC EDGAR