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Peapack-Gladstone Financial Corporation Reports Strong First Quarter Results
Strong first quarter results driven by continued loan growth, margin improvement and increased wealth management and capital markets fees Bedminster, NJ,
About this update from Peapack-gladstone Financial Corporation
[{"type":"text","content":"Strong first quarter results driven by continued loan growth, margin improvement and increased wealth management and capital markets fees Bedminster, NJ, April 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its first quarter 2022 results. This earnings release should be read in conjunction with the Company’s Q1 2022 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 $54.33 million, net income of $13.44 million and diluted earnings per share (“EPS”) of $0.71 for the quarter ended March 31, 2022, compared to revenue of $49.61 million, net income of $13.18 million and diluted EPS of $0.67, respectively, for the three months ended March 31, 2021. The 2022 first quarter included a $6.6 million loss on the sale of securities associated with a balance sheet repositioning executed in the quarter, fully described later in this release. The 2022 first quarter also included $1.5 million of severance expense associated with certain staff reorganizations within several areas of the Peapack-Gladstone Bank (“the Bank”) during the quarter. These two items reduced total revenue by $6.6 million, net income by $5.9 million, EPS by $0.31, ROA by 0.38%, and ROE by 4.31%, for the Q1 2022 period. Douglas L. Kennedy, President and CEO said, “Our first quarter results were driven by continued strong loan growth, increased net interest income and net interest margin, and solid wealth management and capital markets fee income.” The following are select highlights for the quarter: Peapack Private Wealth Management: AUM/AUA in our Peapack Private Wealth Management Division totaled $10.7 billion at March 31, 2022. Gross new business inflows for Q1 2022 totaled $350 million. Wealth Management fee income increased 22% to $14.8 million for Q1 2022 compared to $12.1 million for Q1 2021. Finalizing the consolidation of three offices of previously acquired firms into existing private banking locations. Commercial Banking and Balance Sheet Management: Total loans grew 6% (25% annualized) to $5.15 billion at March 31, 2022 compared to $4.84 billion at December 31, 2021; and grew 21% from $4.2...