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Peapack-Gladstone Financial Corporation Reports First Quarter Results
BEDMINSTER, NJ, April 23, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the
About this update from Peapack-gladstone Financial Corporation
[{"type":"text","content":"BEDMINSTER, NJ, April 23, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its first quarter 2024 financial results. This earnings release should be read in conjunction with the Company’s Q1 2024 Investor Update, a copy of which is available on our website at www.pgbank.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov. The Company recorded total revenue of $53.1 million, net income of $8.6 million and diluted earnings per share (“EPS”) of $0.48 for the quarter ended March 31, 2024, compared to revenue of $62.0 million, net income of $18.4 million and diluted EPS of $1.01 for the quarter ended March 31, 2023. The Company’s return on average assets was 0.54%, return on average equity was 5.94%, and return on average tangible equity was 6.45% for the quarter ended March 31, 2024. The net interest margin declined to 2.20% for the quarter ended March 31, 2024, compared to 2.29% for the quarter ended December 31, 2023 and 2.88% for the quarter ended March 31, 2023. During the first quarter of 2024, deposits grew $202.6 million to $5.48 billion, loans decreased $73.7 million to $5.36 billion and overnight borrowings were reduced by $284.3 million. The Company’s liquidity position remains stable as balance sheet liquidity, as a percentage of total assets, increased to 12.1% or $776.8 million. The Company also had $2.9 billion of external borrowing capacity available, which, when combined with on balance sheet liquidity, provides us with 303% coverage of our uninsured deposits. Douglas L. Kennedy, President and CEO said, “The first quarter continued to present headwinds for our organization with margin compression and credit quality our primary areas of concern. As we work through this challenging economic environment, we continue to thoroughly analyze our loan portfolio for areas of potential stress. We are fortunate to be able to rely on a consistent stream of fee revenue in this difficult interest rate environment led by Wealth Management fees and other noninterest income which represented 35% of total revenue in the first quarter of 2024.\" Mr. Kennedy also noted, “Despite the economic challenges facing the financial services industry, we are moving forward with our expansion...