Peapack-gladstone Financial Corporation · NASDAQ:PGC
Peapack-gladstone Financial — Q1 2025 Earnings Presentation
25 slides from Peapack-gladstone Financial's earnings presentation, Apr 22, 2025
Slide 1: Investor Update Q1 2025
The Q1 2025 Investor Update should be read in conjunction with the Q1 2025 Earnings Release issued on April 22, 2025. Investor Update Q1 2025 Exhibit 99.1
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and may include expressions about Management’s strategies and Management’s expectations about financial results, new and existing
Slide 3: 1st Quarter Performance Highlights
Net interest income grew $3.6MM (34% annualized) on a linked-quarter basis and $11.1MM (32%) year-over-year, driven by core deposit growth at a favorable mix. Net interest margin increased 22 basis points on a linked-quarter basis to 2.68%; margin is up 48 basis points year-over-year. Loan originati
Slide 4: Quarterly Financial Results
Quarterly Financial Results Delivering Positive Operating Leverage and Strong NII Growth See page 19 for notes and important information. 32% NII Growth Year-over-Year
Slide 5: Balance Sheet Transformation
Balance Sheet Transformation Consistent Growth of High-Quality Funding Base Continuing to rapidly strengthen our liquidity profile. Core relationship deposits have grown 34% over the past five quarters. Noninterest-bearing deposits grew $72MM in Q1, 26% annualized. Prudently deploying liquidity into
Slide 6: Metro NY Expansion Results to Date
Metro NY Expansion Results to Date Hiring across critical support areas to support our growth. Investments in products, technology and enhanced processes focused on reducing client friction points and supporting our “branch light” model. 615+ Relationships $1.2 Billion Total Deposits 30% Noninterest
Slide 7: Net Interest Income
Net Interest Income A Growing Core Deposit Base is Leading to Favorable Income & Margin Expansion Net interest income has grown in each of the last four quarters, driven by successful core deposit growth from both NJ and NY teams combined with rate cuts. NII increased $3.6MM (34% annualized) on a li
Slide 8: Deposit Trends
Deposit Trends Strong Growth at a Favorable Mix Total deposits increased $810MM (15%) over the last twelve months at a favorable mix. Noninterest-bearing deposits increased $72MM in Q1 and are up $270MM (30%) over the last twelve months. Significant core deposit growth has allowed the company to eli
Slide 9: Wealth Management
Wealth Management Providing Strong Ongoing Operating Performance AUM/AUA (in millions) $11.8B AUM/AUA 11% Revenue CAGR1 36% EBITDA Margin 2024 FY $4.1MM Average Relationship $341MM 2025 New Business Inflows See page 19 for notes and important information. Revenue (millions) $33.2 $38.4 $40.9 $53.0 $
Slide 10: Established Private Banking Business Model
Established Private Banking Business Model Grounded in our Wealth Management Franchise See page 19 for notes and important information.
Slide 11: Stable Fee Revenue Driven by Wealth Management
Stable Fee Revenue Driven by Wealth Management See page 19 for notes and important information. $19MM $22MM $19MM $19MM $20MM
Slide 12: Diversified Lending Business
Diversified Lending Business Loan Mix as of 3/31/2025 Gross Loans1: $5.76 billion See page 19 for notes and important information. Diversified across 340+ NAICS Codes
Slide 13: 1st Quarter Lending Activity
1st Quarter Lending Activity Strong Risk-Reward Profile See page 19 for notes and important information. $438 million of loan originations1 in the first quarter resulted in net growth of $236MM. Originations carried strong credit metrics from both a collateral and borrower/guarantors' perspective. C
Slide 14: Commercial & Industrial Banking
Commercial & Industrial Banking Mature and Growing Core Competency See page 19 for notes and important information. (in billions) 10% Compound Annual Growth Rate1
Slide 15: Credit Metrics
Credit Metrics Asset Quality Trends 30-89 Days Past Due / Gross Loans NPAs / Assets Multifamily 30-89 days past due totaled $19MM or 1% of the total Multifamily portfolio Multifamily NPAs totaled $53MM or 3% of the total Multifamily portfolio (6 sponsors)
Slide 16: Personal Banking Expansion into NYC
Personal Banking Expansion into NYC with a Positive Track Record of Successfully Competing against Large Banks Growing New Jersey market share in a shrinking market, continuing to outperform peers NYC4 Deposit Market $2.8 trillion See page 19 for notes and important information. Key Statistics Natur
Slide 17: Creating Shareholder Value
Creating Shareholder Value Positioning Peapack Private as the boutique alternative to large banks in the Metro NY region. Attractive geographic franchise enhanced with our entry into NYC, which is delivering revenue growth, additional core liquidity, and positive operating leverage. Metro NY expansi
Slide 18: Appendix
PEAPACK-GLADSTONE FINANCIAL CORPORATION PEAPACK PRIVATE Bank & Trust Appendix ee
Slide 19: Notes
Notes Performance Highlights slide 1) Spread is defined as the weighted average loan coupon of loans originated in the quarter less the average cost of funds for the quarter. 2) Core relationship deposits defined as deposit relationships that are not custodial, brokered, or listing service. 3) Cash
Slide 20: Balance Sheet & AUM/AUA Summary
Balance Sheet & AUM/AUA Summary
Slide 21: Asset Quality
Asset Quality 1) Amounts reflect modifications that are paying according to modified terms. 2) Excludes modifications included in nonaccrual loans of $3.9 million at March 31, 2025, $3.6 million at December 31, 2024, and $3.2 million at March 31, 2024. 3) Excludes a credit of $23,000 at March 31, 20
Slide 22: Capital Summary
Capital Summary 1) Tangible equity and tangible assets are calculated by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. Tangible equity as a percentage of tangible assets at period end is calculated by dividing tangible equity by tangible assets
Slide 23: Quarterly Income Statement Summary
Quarterly Income Statement Summary 1) Return on average tangible common equity is calculated by dividing tangible common equity by annualized net income. See Non-GAAP financial measures reconciliation table.
Slide 24: Quarterly Non-GAAP Financial Measures Reconciliation
Quarterly Non-GAAP Financial Measures Reconciliation We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial position, results and ratios. Our management internally assesses our performance based, in part,
Slide 25: Contacts
500 Hills Drive, Suite 300 P.O. Box 700 Bedminster, New Jersey 07921 (908) 234-0700 peapackprivate.com Douglas L. Kennedy President & Chief Executive Officer (908) 719-6554 dkennedy@peapackprivate.com Frank A. Cavallaro Senior EVP & Chief Financial Officer (908) 306-8933 fcavallaro@peapackprivate.co
Peapack-Gladstone Financial — Q1 2025 Earnings Presentation on 6ix