Welcome to our dedicated page for Peapack-Gladstone Finl news (Ticker: PGC), a resource for investors and traders seeking the latest updates and insights on Peapack-Gladstone Finl stock.
Peapack-Gladstone Financial Corporation reports bank holding company developments tied to commercial banking, private banking and wealth management. Through Peapack-Gladstone Bank and Peapack Private, company updates commonly address commercial and commercial real estate lending, deposit growth, treasury and escrow services, SBA lending, trust and estate administration, investment management and financial planning services.
Recurring news also includes quarterly results, balance-sheet and liquidity commentary, credit-rating actions, Metropolitan New York market expansion, senior banking and wealth-management hires, fiduciary leadership changes and brand positioning for the bank and its wealth division.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has filed a Form S-3 Registration Statement to register up to $100 million in shares for future issuance. This Shelf Registration allows for flexibility in capital raising when needed. CEO Doug Kennedy emphasized that there are no immediate plans to access the capital markets and that any future capital issuance will be carefully considered. As of March 31, 2020, the company reports total assets of $5.8 billion and AUM/AUA of $6.4 billion, highlighting its robust financial position.
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.
Summary not available.