Business
Peapack-Gladstone Financial Corporation Reports Strong Second Quarter Results, as Net Interest Margin Continues to Expand
Bedminster, NJ, July 29, 2022 (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 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its second quarter 2022 results. This earnings release should be read in conjunction with the Company’s Q2 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 $61.40 million, net income of $20.10 million and diluted earnings per share (“EPS”) of $1.08 for the quarter ended June 30, 2022, compared to revenue of $51.52 million, net income of $14.42 million and diluted EPS of $0.74 for the three months ended June 30, 2021. The Company’s return on average assets, return on average equity, and return on average tangible equity totaled 1.30%, 15.43% and 17.00%, respectively, for the June 2022 quarter. The June 2022 quarter results were driven by improvement in net interest income and net interest margin, which improved 45 basis points compared to the June 2021 quarter (and 14 basis points compared to the March 2022 quarter). The June 2022 quarter also included increases in wealth management fee income and SBA fee income, when compared to the June 2021 quarter. Douglas L. Kennedy, President and CEO said, “Our second quarter 2022 results reflect the asset sensitivity of our balance sheet, as loans continued to reprice upward in the rising rate environment.” The following are select highlights: Peapack Private Wealth Management: AUM/AUA in our Peapack Private Wealth Management Division totaled $9.5 billion at June 30, 2022. Gross new business inflows for the first six months of 2022 totaled $556 million. Wealth Management fee income increased 7% to $13.9 million for Q2 2022 compared to $13.0 million for Q2 2021. Finalizing the consolidation of three offices of previously acquired firms into existing private banking locations. Commercial Banking and Balance Sheet Management: The net interest margin (\"NIM\") improved by 14 basis points in Q2 2022 compared to Q1 2022 and improved 45 basis points when compared to Q2 2021. Commercial & industrial lending (“C&I”) loan/lease balances comprised 40% of the total loan portfolio at June 30, 2022.Total loans grew 7% (13% annualized) to $5.17 billion at J...