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 (NASDAQ: PGC) is a New Jersey bank holding company for Peapack-Gladstone Bank, a commercial bank founded in 1921. The company regularly issues news and press releases covering its commercial banking operations, private banking initiatives and wealth management activities under the Peapack Private brand.
News about Peapack-Gladstone often includes quarterly earnings results, updates on deposits, loans, net interest margin, capital ratios and liquidity. The company uses press releases and investor updates to discuss trends in net interest income, wealth management fee income, commercial and industrial lending, and core relationship deposit growth. These items provide insight into how the bank’s balance sheet and revenue mix are evolving over time.
In addition to financial results, Peapack-Gladstone announces developments in its private banking and wealth management businesses. Recent communications have highlighted the expansion of its New York City presence, the hiring of commercial private banking teams and senior leaders, and the growth of assets under management and/or administration in the Wealth Management Division. The company also reports on credit ratings actions by agencies such as Moody’s and KBRA.
Strategic branding and corporate initiatives are another recurring theme. The organization has announced an expected rebrand that will bring Peapack-Gladstone Bank and its wealth management division together under the Peapack Private Bank & Trust name. Personnel announcements, such as appointments of senior managing directors, fiduciary officers and SBA lending leaders, further illustrate how the bank is building out its capabilities.
Investors and clients can use the Peapack-Gladstone news stream to follow earnings releases, capital and liquidity updates, expansion into the metro New York market and the evolution of its private banking and wealth management strategy.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announces the appointment of Dr. Zoya Faynleyb as Senior Vice President and Deputy Chief Risk Officer. Based in Bedminster, NJ, Dr. Faynleyb will oversee compliance with BSA/AML/OFAC regulations and lead the Bank’s Risk Management Program. She brings over 20 years of experience in banking and compliance, previously serving as Director of AML & Sanctions at a Fortune 500 fintech company. Dr. Faynleyb holds an MBA in Banking and Finance and multiple certifications in anti-money laundering and regulatory compliance, enhancing the institution's risk management capabilities.
Peapack-Gladstone Financial Corporation (PGC) reported significant Q4 2022 financial results, with total revenue of $64.85 million, up 15% year-over-year, and net income of $20.58 million, increasing 38% from Q4 2021. Diluted EPS rose to $1.12, a 44% increase. The company benefited from a $10.8 million rise in net interest income due to improved net interest margin, although noninterest income declined due to market volatility. Total loans reached $5.30 billion, with a 9.4% increase from the prior year. The company also declared a cash dividend of $0.05 per share payable on February 23, 2023.
Peapack-Gladstone Bank (PGC) hosted its 2nd Annual Boonton Christmas Tree Sale from November 25 to December 9, raising $30,607 for youth mental health programs at Lakeland Family YMCA. The event, run by bank volunteers, featured over 300 live trees, fostering community engagement and holiday spirit. This initiative continues a tradition previously held by the Kiwanis Club, aiming to create lasting family memories. The bank remains dedicated to community support through year-round volunteer efforts and financial contributions.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the appointment of Patrick Scatuorchio as Senior Vice President of Business Development at Peapack Capital. Scatuorchio, who brings over 40 years of experience in the equipment finance sector, will operate from the Red Bank, NJ location. His previous roles include positions at Wells Fargo and Tygris Equipment Finance, enhancing the team with his extensive expertise. As of September 30, 2022, the company reported total assets of $6.1 billion and assets under management of $9.3 billion.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announces the appointment of Frank A. Cavallaro as Senior Executive Vice President, effective October 31, 2022, and as Chief Financial Officer starting November 10, 2022. Cavallaro joins from Republic Bank, bringing over 30 years of experience in senior financial roles. He succeeds Jeffrey J. Carfora, who will retire on April 7, 2023, but will assist during the transition. Peapack-Gladstone Financial has total assets of $6.1 billion and manages $9.3 billion as of September 30, 2022.
Peapack-Gladstone Financial Corporation (PGC) reported Q3 2022 results with total revenue of $61.91 million, net income of $20.13 million, and diluted EPS of $1.09. Compared to Q3 2021, revenue increased by 17% and EPS by 48%. The growth was driven by improved net interest income, up 29%, while noninterest income declined due to market volatility. The company's lending portfolio rose by 7%, and it plans to expand into Life Insurance Premium Finance. The effective tax rate for the quarter was 27.47%.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) has entered the life insurance premium finance sector by establishing a new team led by Raymond Kim as Senior Managing Director. This move aims to provide tailored financing solutions for high-net-worth clients, allowing them to secure life insurance while preserving capital for investments. The bank's strategic growth plan is further reinforced by the addition of Anthony LoScalzo as Chief Operating Officer, leveraging his extensive experience in the industry. The company currently holds $6.2 billion in assets and manages $9.5 billion as of June 30, 2022.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced key leadership changes in its equipment finance subsidiary, Peapack Capital. Dennis Smith has been appointed President, focusing on enhancing operational capabilities, while Richard Johnston becomes National Director of Sales, aiming to expand the subsidiary's market reach. Peapack Capital, recognized as a 'Top 50 Bank,' offers financing solutions of $3 million to $30 million to corporate clients across the U.S., leveraging a team with over 30 years of experience.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) reported strong Q2 2022 results with a revenue of $61.40 million and net income of $20.10 million, showing significant growth from $51.52 million and $14.42 million in Q2 2021, respectively. The diluted EPS rose to $1.08 from $0.74 year-over-year. Key drivers included improved net interest income and an increase in wealth management fees. However, the company anticipates modest growth in loans due to economic uncertainties. Capital ratios remain strong with a Tier 1 leverage ratio of 10.4%.
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) announced the appointment of Roger Grossman as Senior Managing Director, Commercial Private Banker at Peapack-Gladstone Bank on June 28, 2022. Grossman, who has 32 years of banking experience, will focus on expanding the bank's commercial client portfolio in the Tri-State area, especially among middle market companies. Previously, he held significant roles at KeyBank and HSBC, showcasing a strong track record in client relationship management.