PEAPACK GLADSTONE FINANCIAL CORP
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
PGC$45.90+0.3%Stored close · as of Nov 6, 2026
Contents
Consolidated Statements of Condition at September 30, 2024 and December 31,
CONSOLIDATED STATEM ENTS OF CONDITION
(Dollars in thousands, except per share data)
| (unaudited) | (audited) | |
|---|---|---|
| September 30, | December 31, | |
| 2024 | 2023 | |
| ASSETS | ||
| Cash and due from banks | $8,129 | $5,887 |
| Federal funds sold | — | — |
| Interest-earning deposits | 484,529 | 181,784 |
| Total cash and cash equivalents | 492,658 | 187,671 |
| Securities available for sale | 682,713 | 550,617 |
| Securities held to maturity (fair value $92,438 at September 30, 2024 and $94,415 at December 31, 2023) | 103,158 | 107,755 |
| CRA equity security, at fair value | 13,445 | 13,166 |
| FHLB and FRB stock, at cost (A) | 12,459 | 31,044 |
| Loans held for sale, at fair value | 561 | 100 |
| Loans held for sale, at lower of cost or fair value | 4,189 | 6,695 |
| Loans | 5,315,417 | 5,429,325 |
| Less: allowance for credit losses | 71,283 | 65,888 |
| Net loans | 5,244,134 | 5,363,437 |
| Premises and equipment | 25,716 | 24,166 |
| Accrued interest receivable | 31,973 | 30,676 |
| Bank owned life insurance | 47,837 | 47,581 |
| Goodwill | 36,212 | 36,212 |
| Other intangible assets | 8,986 | 9,802 |
| Finance lease right-of-use assets | 1,020 | 2,087 |
| Operating lease right-of-use assets | 41,650 | 12,096 |
| Deferred tax assets, net | 8,756 | 505 |
| Other assets | 38,325 | 53,247 |
| TOTAL ASSETS | $6,793,792 | $6,476,857 |
| LIABILITIES | ||
| Deposits: | ||
| Noninterest-bearing demand deposits | $1,079,877 | $957,687 |
| Interest-bearing deposits: | ||
| Checking | 3,316,217 | 2,882,193 |
| Savings | 103,979 | 111,573 |
| Money market accounts | 902,562 | 740,559 |
| Certificates of deposit - retail | 515,297 | 443,791 |
| Certificates of deposit - listing service | 7,454 | 7,804 |
| Subtotal deposits | 5,925,386 | 5,143,607 |
| Interest-bearing demand - brokered | 10,000 | 10,000 |
| Certificates of deposit - brokered | — | 120,507 |
| Total deposits | 5,935,386 | 5,274,114 |
| Short-term borrowings | — | 403,814 |
| Finance lease liabilities | 1,388 | 3,430 |
| Operating lease liabilities | 44,775 | 12,876 |
| Subordinated debt, net | 133,489 | 133,274 |
| Accrued expenses and other liabilities | 71,140 | 65,668 |
| TOTAL LIABILITIES | 6,186,178 | 5,893,176 |
| SHAREHOLDERS’ EQUITY | ||
| Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share) | — | — |
| Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,526,987 at September 30, 2024 and 21,388,917 at December 31, 2023; outstanding shares, 17,577,747 at September 30, 2024 and 17,739,677 at December 31, 2023) | 17,946 | 17,831 |
| Surplus | 346,811 | 346,954 |
| Treasury stock at cost (3,949,240 shares at September 30, 2024 and 3,649,240 shares at December 31, 2023) | (117,509) | (110,320) |
| Retained earnings | 415,186 | 394,094 |
| Accumulated other comprehensive loss, net of income tax | (54,820) | (64,878) |
| TOTAL SHAREHOLDERS’ EQUITY | 607,614 | 583,681 |
| TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $6,793,792 | $6,476,857 |
(A)
FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.