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 (NASDAQ: PGC) reported Q2 2024 results, highlighting a net income of $7.5 million and diluted EPS of $0.42, down from $13.1 million and $0.73 in Q2 2023. Total revenue was $56.6 million, a slight decrease from $57.5 million in Q2 2023. The company saw strong growth in core relationship deposits, up $354 million to $4.6 billion, which enabled the repayment of all $119.5 million of short-term borrowings. Net interest margin improved to 2.25% from 2.20% in Q1 2024. Despite a 3% decline in total loans and higher operating expenses due to NYC expansion, the company repurchased 100,000 shares in Q2 2024. Wealth management fee income rose to $16.4 million, contributing to $171 million in new business inflows. Nonperforming assets increased to $82.1 million. The effective tax rate reduced to 21.2%. CEO Douglas L. Kennedy emphasized the strategic expansion in NYC and positive momentum in customer deposit growth and liquidity profile.
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