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Peapack-Gladstone Financial Corporation Reports Second Quarter Results
BEDMINSTER, NJ, July 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, July 23, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its second quarter 2024 financial results. This earnings release should be read in conjunction with the Company’s Q2 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. During the second quarter of 2024, core relationship deposits grew $354 million to $4.6 billion which represents an annualized rate of 33%. During the first six months of the year core relationship deposits have grown by $524 million. Strong growth in core relationship deposit balances have enabled the Company to repay $119.5 million of all outstanding short-term borrowings as of June 30, 2024. The improvement in the Company’s liquidity profile also resulted in an increase in the net interest margin compared to the previous quarter. The net interest margin increased to 2.25% for the quarter ended June 30, 2024, compared to 2.20% for the quarter ended March 31, 2024. The Company recorded total revenue of $56.6 million, net income of $7.5 million and diluted earnings per share (“EPS”) of $0.42 for the quarter ended June 30, 2024, compared to revenue of $57.5 million, net income of $13.1 million and diluted EPS of $0.73 for the quarter ended June 30, 2023. Return on average assets was 0.47%, return on average equity was 5.22%, and return on average tangible equity was 5.67% for the quarter ended June 30, 2024. Douglas L. Kennedy, President and CEO said, “One year ago we announced our strategic decision to expand our footprint into New York City with the addition of a team of experienced banking professionals and a new office on Park Avenue. During the second quarter of this year, we have taken another step to enhance our expansion effort with the addition of thirteen (13) commercial private banking teams that bring with them decades of experience and deep client relationships in the metro New York market. Our second quarter results demonstrate the progress and momentum we are building toward a successful destination. Growth in customer deposits in an extremely competitive environment, improvement in our net interest margin, along with an enhanced liquidity pr...