BEDMINSTER, NJ -- (Marketwired) -- 07/28/14 -- Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (the "Corporation" or the "Company") recorded pretax income of $11.22 million, net income of $6.81 million and diluted earnings per share of $0.58 for the six months ended June 30, 2014. This compared to $7.99 million, $4.90 million and $0.55, respectively for the same six month period last year.
For the quarter ended June 30, 2014, the Corporation recorded pretax income of $6.32 million, net income of $3.78 million and diluted earnings per share of $0.32. This compared to $3.11 million, $2.01 million and $0.22, respectively, for the same quarter last year.
The following table summarizes earnings for the quarters ended:
June March June
2014 2014 2013
(Dollars in millions, except EPS) (1)(2) (1) (3)
--------- --------- ---------
Pretax income $ 6.32 $ 4.90 $ 3.11
Net income $ 3.78 $ 3.03 $ 2.01
Diluted EPS $ 0.32 $ 0.26 $ 0.22
Return on average assets 0.67% 0.59% 0.48%
Return on average equity 8.44% 7.01% 6.41%
Efficiency ratio 66.90% 69.57% 80.70%
Total revenue $ 22.40 $ 20.57 $ 17.68
(1) The June 2014 and March 2014 quarterly earnings per share calculations
include all of the 2.47 million shares issued in the December 12, 2013
capital raise.
(2) The June 2014 quarter included a $176 thousand gain on sale of
residential first mortgage loans sold, as a component of balance sheet
management.
(3) The June 2013 quarter included a $930 thousand provision for loss on an
REO property.
Doug Kennedy, President and CEO, said, "We continue to focus on executing our Strategic Plan -- 'Expanding Our Reach,' which focuses on the client experience and aggressively building and maintaining our private banking platform. Our growth and overall results reflect our continued success." Q2 2014 highlights follow:
- As reflected in the table above, earnings and performance ratios for the June 2014 quarter reflected improvement when compared to the March 2014 quarter and the June 2013 quarter.
- Total loan balances at June 30, 2014 reached another record level for the Company -- $1.87 billion. This level reflected growth when compared to $1.57 billion at December 31, 2013, and $1.25 billion one year ago at June 30, 2013. Year over year growth was 50 percent.
- During the June 2014 quarter, Commercial & Industrial (C&I) loan originations totaled $63 million -- a record quarter for the Company.
- Total "customer" deposit balances (defined as deposits excluding brokered deposits) grew to a record $1.83 billion at June 30, 2014, from $1.63 billion at December 31, 2013 and $1.52 billion at June 30, 2013. Year over year growth totaled 21 percent.
- Most notably on the deposit front, noninterest-bearing demand deposits grew to $411 million at the end of June 2014 from $356 million at year end 2013 and from $327 million one year ago at the end of June 2013. Year over year growth was 26 percent.
- The Company's net interest income for the June 2014 quarter reached another quarterly record level -- $16.92 million. This level reflected improvement when compared to $15.57 million for the March 2014 quarter, and when compared to $12.45 million for the same quarter last year.
- At June 30, 2014, the market value of assets under administration at the Private Wealth Management Division of Peapack-Gladstone Bank ("The Bank") was $2.84 billion, also another record for the Company.
- Fee income from the Private Wealth Management Division totaled $4.01 million for the June 2014 quarter growing from $3.75 million for the March 2014 quarter, and $3.63 million for the June 2013 quarter.
- Total revenue (net interest income plus other income) of $22.40 million for the June 2014 quarter reflected improvement when compared to $20.57 million for the March 2014 quarter, and compared to $17.68 million for the June 2013 quarter.
- Asset quality metrics demonstrated continued improvement at June 30, 2014 when compared to prior periods. For example, nonperforming assets stood at just $7.6 million or 0.32 percent of total assets as of June 30, 2014, compared to $8.6 million or 0.44 percent of total assets of December 31, 2013, and $11.4 million or 0.68 percent of total assets at June 30, 2013. Additionally, the Company's nonperforming asset ratio compares favorably to the weighted average for all Mid-Atlantic banks of 0.90 percent (as of March 31, 2014).
- The book value per share at June 30, 2014 of $15.48 reflected improvement when compared to $14.79 at December 31, 2013 and $13.93 at June 30, 2013.
- Capital ratios remain strong as of June 30, 2014, even with asset growth over the six month period, as well as migration of lower risk weighted investment security cash flows into loans.
Net Interest Income / Net Interest Margin
Net interest income was $16.92 million for the second quarter of 2014, reflecting an increase of $1.35 million from the March 2014 quarter and an increase of $4.48 million from the same quarter last year. The net interest margin, on a fully tax-equivalent basis, was 3.14 percent for the June 2014 quarter compared to 3.18 percent for the March 2014 quarter and 3.22 percent for the June 2013 quarter.
Net interest income for the current 2014 quarter benefitted from loan growth during the first half of 2014 as well as the last half of 2013, principally multifamily and commercial mortgages.
Net interest margin for the June 2014 quarter declined slightly when compared to the March 2014 and June 2013 quarters due to the continued effect of low market yields, as well as competitive pressures in attracting new loans and deposits.
Loan Originations / Loans
Total loan originations were $551 million for the six months ended June 30, 2014. At June 30, 2014, loans totaled $1.87 billion as compared to $1.25 billion one year ago at June 30, 2013, resulting in an increase of $623 million or 50 percent. The multifamily and commercial mortgage loan portfolio more than doubled when comparing the June 2014 balance to the June 2013 balance. The increase was attributable to the addition of seasoned banking professionals over the course of 2013; a more concerted focus on the client service aspect of the lending process; more of a focus on New Jersey markets; and a focus on New York City multifamily markets beginning in mid-2013. The increase was also due to demand from borrowers looking to refinance multifamily and other commercial mortgages held by other institutions. Mr. Kennedy said, "As we have noted previously, our analysis showed that multifamily lending could be grown quickly, had strong credit metrics and that this lending provides solid risk-adjusted returns." The multifamily and commercial mortgage pipeline continues to be strong as of June 30, 2014.
Mr. Kennedy also noted "As part of our Strategic Plan launched in March 2013, we introduced a comprehensive Commercial & Industrial (C&I) lending program. We closed $105 million of C&I loans in 2013, and an additional $79 million for the six months ended June 30, 2014. Our C&I pipeline also continues to be strong as of June 30, 2014."
Deposits / Funding / Balance Sheet Management
The asset growth in the June 2014 quarter coupled with the reduction of $79 million of overnight wholesale borrowings was funded by a diversified source of funding alternatives. During the quarter, customer deposits grew $142 million - $60 million of which was noninterest-bearing demand deposits. Mr. Kennedy commented, "We will continue to place intense focus on providing high touch client service and growing our core deposit base. Our full array of treasury management products will help support both our core deposit growth and also our commercial lending opportunities. Our private bankers, commercial bankers, relationship bankers and our treasury management team have robust pipelines of client deposits."
Investment securities cash flows of $23 million and capital growth of $6.5 million provided additional funding.
Further, during the June quarter, the following was accomplished as part of the Company's overall balance sheet management strategy:
- $67 million of longer duration, lower coupon residential first mortgage loans were sold, as part of the Company's strategy to de-emphasize residential first mortgage lending, while benefitting its liquidity and interest rate risk positions. The sales also benefitted current earnings ($176 thousand gain recorded) and will benefit future earnings as the loans sold were / will be replaced by higher coupon, shorter duration loans.
- A $61 million package of multifamily loan participations were executed. The $61 million represented a minority percentage of the principal balance of the package of loans. This benefitted the Company's liquidity and interest rate risk positions, and also benefitted the diversification of credit risk. In all cases the Company retained the majority ownership of the loan, the client relationship and the servicing of the entire loan Mr. Kennedy said, "Given the Company's ability to generate high quality multifamily loans, this participation strategy will likely be utilized on an ongoing basis. Such a strategy provides for an avenue to improve risk-adjusted returns through ongoing fees, coupled with risk diversification and mitigation."
- $80 million of longer term brokered certificates of deposit ("CDs") were added principally to extend liabilities to benefit the Company's interest rate risk position.
Excess cash on hand held as of June 30, 2014 resulted from the balance sheet management strategies noted above. This cash will be utilized to fund future growth.
Brokered interest-bearing demand deposits have been utilized in place of wholesale overnight borrowings as a more cost effective alternative. They stood at $138 million as of June 30, 2014, unchanged from the March 31, 2014 level. The Company does ensure ample available collateralized liquidity as a backup to these short term brokered deposits.
Wealth Management Business
In the June 2014 quarter, Peapack-Gladstone Bank's Wealth Management business generated $4.01 million in fee income compared to $3.55 million for the December 2013 quarter, and compared to $3.63 million for the June 2013 quarter. The market value of the assets under administration (AUA) of the wealth management division was $2.84 billion at June 30, 2014, up from $2.52 billion at June 30, 2013. The growth in fee income and AUA was due to a combination of new business and market value improvement.
John P. Babcock, President of Private Wealth Management, noted, "Our strategy includes incorporating wealth into every conversation we have with all of our Company's clients, across all business lines. As we noted last quarter, three seasoned wealth advisors joined the Company from larger wealth management companies. And, this past quarter a seasoned two person team -- a Portfolio Manager and a Trust Officer -- from a larger wealth management company joined our Princeton Private Banking Team. These individuals complement our existing high-caliber team. We look forward to continuing to build-out and grow our Wealth Management team, and expand the products, service, and advice we deliver to our clients."
Other Noninterest Income
The June 2014 quarter included $112 thousand of income from the sale of newly originated residential mortgage loans, down from $391 thousand in the same 2013 quarter.
Mr. Kennedy commented, "As noted in prior quarters, the rise in mortgage rates in the middle of 2013 caused a decrease in residential mortgage loan originations and resultant mortgage banking income. Reduced levels of mortgage banking income was expected and planned for, and reduced levels of mortgage banking income are expected to be ongoing. Fortunately, mortgage banking income is not a significant portion of our revenue. Further, we have reduced our overhead expense associated with mortgage banking; we have improved our loan volume on the commercial front which has and we believe will improve net interest income in the future; and we have introduced treasury management services/products, which we expect will contribute to noninterest income in the future."
Securities gains were $79 thousand for the June 2014 quarter compared to $238 thousand for the June 2013 quarter. Sales of securities have been generally employed to benefit interest rate risk, prepayment risk, and/or liquidity risk. Given the short duration of the securities portfolio, sales have been employed much less often in recent periods.
Other income of $1.10 million for the June 2014 was $122 thousand higher than the June 2013 quarter. The current quarter included a slight increase in service charges and fees, as well as slight gains from dispositions of several REO properties.
Operating Expenses
The Company's total operating expenses were $14.93 million for the quarter ended June 30, 2014 compared to $14.08 million in the same 2013 quarter, reflecting a net increase of $851 thousand. Salary and benefits expense increased $1.15 million, due to strategic hiring in line with the Company's Strategic Plan, including private bankers, relationship bankers, commercial lenders, wealth advisors, risk management professionals and various support staff. Additionally, normal salary increases and increased bonus/incentive accruals associated with the Company's growth, contributed to the increase. Also, when comparing the June 2014 expense levels to those in June 2013, 2014 included increased occupancy costs associated with the new Princeton and Teaneck Private Banking offices, as well as various professional and other fees associated with training and consulting, some of which was associated with the Strategic Plan. These increases were partially offset by a $630 thousand decline in the provision for REO losses when comparing the June 2014 quarter to the June 2013 quarter.
Mr. Kennedy noted, "As I have said many times in the past, we expected higher operating expenses as we execute our Strategic Plan and we expect that the trend of higher operating expenses will continue in 2014 as we bring on high caliber revenue producers, and continue to invest in our infrastructure in line with our Strategic Plan. Further, we generally expect revenue and profitability related to new personnel to lag those expenses by several quarters. It is important to note, however, that we have seen an improvement in quarterly revenue since we launched our Plan, particularly in the recent quarters, as our Plan began to gain momentum. I am also pleased to have seen our Efficiency Ratio decline to 66.9 percent in the current quarter." Mr. Kennedy went on to say, "Operating expenses remain in line with our Strategic Plan."
Provision for Loan Losses / Asset Quality
For the quarter ended June 2014, the Company's provision for loan losses was $1.15 million, $175 thousand less than the March 2014 provision, and up $650 thousand when compared to the $500 thousand provision for the June 2013 quarter. Charge-offs, net of recoveries, for the June 2014 quarter were $533 thousand.
At June 30, 2014 the allowance for loan losses was 263 percent of nonperforming loans and 0.92 percent of total loans.
Nonperforming assets totaled $7.6 million or just 0.32 percent of total assets at June 30, 2014 compared to $11.4 million or 0.68 percent of assets at June 30, 2013.
Capital / Dividends
Capital in the June 2014 quarter was benefitted by net income and by nearly $2 million of voluntary share purchases in the Dividend Reinvestment Plan.
During the June 2014 quarter, the Company continued to employ the capital raised in December 2013 by continuing to grow loans. At June 30, 2014, the Company's leverage ratio, tier 1 and total risk based capital ratios were 8.01 percent, 13.05 percent and 14.30 percent, respectively. The Company's ratios are all above the levels required to be considered well capitalized under regulatory guidelines applicable to banks.
As previously announced, on July 17, 2014, the Board of Directors declared a regular cash dividend of $0.05 per share payable on August 14, 2014 to shareholders of record on July 31, 2014.
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $2.40 billion as of June 30, 2014. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to businesses, non-profits and consumers which help them to establish, maintain and expand their legacy. Through its private banking locations in Bedminster, Morristown, Princeton and Teaneck, its wealth management division, and its branch network and online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as "expect", "look", "believe", "anticipate", "may", or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to
- inability to successfully grow our business and implement our strategic plan, including an inability to generate revenues to offset the increased personnel and other costs related to the strategic plan;
- inability to manage our growth;
- a continued or unexpected decline in the economy, in particular in our New Jersey and New York market areas;
- declines in our net interest margin caused by the low interest rate and highly competitive market;
- declines in value in our investment portfolio;
- higher than expected increases in our allowance for loan losses;
- higher than expected increases in loan losses or in the level of nonperforming loans;
- unexpected changes in interest rates;
- a continued or unexpected decline in real estate values within our market areas;
- legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) subject us to additional regulatory oversight which may result in increased compliance costs;
- successful cyber attacks against our IT infrastructure and that of our IT providers;
- higher than expected FDIC insurance premiums;
- lack of liquidity to fund our various cash obligations;
- reduction in our lower-cost funding sources;
- our inability to adapt to technological changes;
- claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters; and
- other unexpected material adverse changes in our operations or earnings.
A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on form 10-K for the year ended December 31, 2013. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Corporation's expectations.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in Thousands)
(Unaudited)
As of
------------------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30,
2014 2014 2013 2013 2013
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and due from
banks $ 5,757 $ 6,373 $ 6,534 $ 5,886 $ 5,978
Federal funds sold 101 101 101 101 101
Interest-earning
deposits 209,768 95,059 28,512 33,528 60,783
---------- ---------- ---------- ---------- ----------
Total cash and
cash equivalents 215,626 101,533 35,147 39,515 66,862
Securities available
for sale 225,270 248,070 268,447 273,952 270,334
FHLB and FRB Stock, at
cost 9,946 12,765 10,032 7,707 4,729
Loans held for sale,
at fair value 2.650 1,769 2,001 724 4,684
Loans held for sale,
at lower of cost or
fair value - 51,184 - - -
Residential mortgage 469,648 481,850 532,911 527,927 532,356
Commercial mortgage 1,166,747 1,063,470 831,997 680,762 534,371
Commercial loans 158,103 143,389 131,795 110,843 106,598
Construction loans 6,033 6,075 5,893 8,390 9,179
Consumer loans 23,414 20,945 21,852 19,932 19,552
Home equity lines of
credit 48,740 45,820 47,905 47,020 47,583
Other loans 2,255 1,851 1,848 2,075 2,545
---------- ---------- ---------- ---------- ----------
Total loans 1,874,940 1,763,400 1,574,201 1,396,949 1,252,184
Less: Allowances
for loan losses 17,204 16,587 15,373 14,056 13,438
---------- ---------- ---------- ---------- ----------
Net loans 1,857,736 1,746,813 1,558,828 1,382,893 1,238,746
Premises and equipment 31,095 31,087 28,990 29,022 29,021
Other real estate
owned 1,036 2,062 1,941 2,759 3,347
Accrued interest
receivable 4,858 4,788 4,086 4,017 3,972
Bank owned life
insurance 32,258 32,065 31,882 31,691 31,490
Deferred tax assets,
net 9,433 9,366 9,762 7,951 8,608
Other assets 11,063 9,983 15,832 17,473 17,797
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS $2,400,971 $2,251,485 $1,966,948 $1,797,704 $1,679,590
========== ========== ========== ========== ==========
LIABILITIES
Deposits:
Noninterest-bearing
demand deposits $ 410,609 $ 350,987 $ 356,119 $ 345,736 $ 326,916
Interest-bearing
demand deposits 474,945 407,127 378,340 338,626 352,196
Savings 116,172 119,750 115,785 115,571 115,823
Money market
accounts 673,375 660,691 630,173 611,498 559,439
Certificates of
deposit - Retail 157,067 151,730 151,833 156,132 163,552
---------- ---------- ---------- ---------- ----------
Subtotal deposits 1,832,168 1,690,285 1,632,250 1,567,563 1,517,926
IB Demand - Brokered 138,000 138,011 10,000 - -
Certificates of
deposit - Brokered 145,000 65,000 5,000 5,000 5,000
---------- ---------- ---------- ---------- ----------
Total deposits 2,115,168 1,893,296 1,647,250 1,572,563 1,522,926
Overnight borrowings - 79,400 54,900 30,361 -
Federal home loan bank
advances 83,692 83,692 74,692 47,692 12,000
Capital lease
obligation 9,836 9,917 8,754 8,809 8,864
Other liabilities 9,942 9,308 10,695 11,861 11,687
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES 2,218,638 2,075,613 1,796,291 1,671,286 1,555,477
Shareholders' equity 182,333 175,872 170,657 126,418 124,113
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY $2,400,971 $2,251,485 $1,966,948 $1,797,704 $1,679,590
========== ========== ========== ========== ==========
Assets under
administration at
Peapack-Gladstone
Bank's Wealth
Management
Division(market
value, not included
above) $2,843,310 $2,745,955 $2,690,601 $2,581,813 $2,520,424
========== ========== ========== ========== ==========
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)
As of
-------------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30,
2014 2014 2013 2013 2013
-------- --------- -------- -------- --------
Asset Quality:
Loans past due over 90
days and still accruing $ - $ - $ - $ - $ -
Nonaccrual loans 6,536 7,473 6,630 6,891 8,075
Other real estate owned 1,036 2,062 1,941 2,759 3,347
-------- --------- -------- -------- --------
Total nonperforming
assets $ 7,572 $ 9,535 $ 8,571 $ 9,650 $ 11,422
======== ========= ======== ======== ========
Nonperforming loans to
total loans 0.35% 0.42% 0.42% 0.49% 0.64%
Nonperforming assets to
total assets 0.32% 0.42% 0.44% 0.54% 0.68%
Accruing TDR's (A) $ 12,730 $ 12,340 $ 11,114 $ 6,133 $ 6,131
Loans past due 30 through
89 days and still
accruing $ 1,536 $ 5,027 $ 2,953 $ 2,039 $ 1,544
Classified loans $ 34,929 $ 35,075 $ 33,828 $ 32,430 $ 32,123
Impaired loans $ 19,813 $ 19,814 $ 17,744 $ 16,794 $ 17,977
Allowance for loan
losses:
Beginning of period $ 16,587 $ 15,373 $ 14,056 $ 13,438 $ 13,279
Provision for loan
losses 1,150 1,325 1,325 750 500
Charge-offs, net (533) (111) (8) (132) (341)
-------- --------- -------- -------- --------
End of period 17,204 16,587 15,373 14,056 13,438
======== ========= ======== ======== ========
ALLL to nonperforming
loans 263.22% 221.96% 231.87% 203.98% 166.41%
ALLL to total loans 0.92% 0.94% 0.98% 1.01% 1.07%
Capital Adequacy
Tier 1 leverage 8.01% 8.48% 9.00% 7.20% 7.39%
Tier I capital to risk
weighted assets 13.05% 13.09% 14.07% 11.30% 11.84%
Tier I & II capital to
risk-weighted assets 14.30% 14.34% 15.33% 12.55% 13.09%
Common equity to total
assets 7.59% 7.81% 8.68% 7.03% 7.39%
(End of period)
Book value per share (B) $ 15.48 $ 15.08 $ 14.79 $ 14.12 $ 13.93
(A) Does not include $2.5 million at June 30, 2014, $3.0 million at March
31, 2014, $2.9 million at December 31, 2013, $3.3 million at September
30, 2013, and $3.3 million at June 30, 2013 of TDR's included in
nonaccrual loans.
(B) Tangible book value per share was $15.43 at June 30, 2014, $15.03 at
March 31, 2014, $14.75 at December 31, 2013, $14.02 at September 30,
2013, and $13.84 at June 30, 2013. Tangible book value per share is
different than book value per share because it excludes intangible
assets.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
LOANS CLOSED
(Dollars in Thousands)
(Unaudited)
For the Quarters Ended
-----------------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30,
2014 2014 2013 2013 2013
--------- --------- --------- --------- ---------
Residential loans
retained $ 17,245 $ 11,653 $ 20,135 $ 31,517 $ 37,352
Residential loans sold 7,344 7,011 11,743 13,516 26,651
--------- --------- --------- --------- ---------
Total residential
loans 24,589 18,664 31,878 45,033 64,003
CRE 20,175 15,841 11,972 20,357 17,080
Multifamily 149,937 225,143 152,456 143,727 70,645
Commercial loans
(includes Community
banking) 62,668 (A) 15,957 39,534 40,654 8,788
--------- --------- --------- --------- ---------
Total commercial loans 232,780 256,941 203,962 204,738 96,513
Installment loans 5,184 1,877 3,081 2,489 1,198
Home equity lines of
credit 6,709 (A) 4,668 3,746 3,982 2,619
--------- --------- --------- --------- ---------
Total loan
originations $ 269,262 $ 282,150 $ 242,667 $ 256,242 $ 164,333
========= ========= ========= ========= =========
For the Six Months
Ended
June 30, June 30,
2014 2013
Residential loans retained $ 28,898 $ 68,782
Residential loans sold 14,355 52,053
--------- ---------
Total residential loans 43,253 120,835
CRE 36,016 26,570
Multifamily 375,080 98,525
Commercial loans (includes Community banking) 78,625 (A) 24,746
--------- ---------
Total commercial loans 489,721 149,841
Installment loans 7,061 2,426
Home equity lines of credit 11,377 (A) 7,071
--------- ---------
Total loan originations $ 551,412 $ 280,173
========= =========
(A) Includes loans and lines of credit that closed in the period, but not
necessarily funded.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, except share data)
(Unaudited)
For the Three Months Ended
--------------------------------------------------------
June 30, March 31, Dec 31, Sept 30, June 30,
2014 2014 2013 2013 2013
----------- ----------- ---------- ---------- ----------
Income Statement
Data:
Interest income $ 18,630 $ 16,949 $ 15,738 $ 14,423 $ 13,460
Interest expense 1,707 1,378 1,210 1,050 1,012
----------- ----------- ---------- ---------- ----------
Net interest
income 16,923 15,571 14,528 13,373 12,448
Provision for loan
losses 1,150 1,325 1,325 750 500
----------- ----------- ---------- ---------- ----------
Net interest
income after
provision for
loan losses 15,773 14,246 13,203 12,623 11,948
Wealth management
fee income 4,005 3,754 3,547 3,295 3,628
Gain on loans held
for sale at fair
value (Mortgage
banking) 112 112 171 277 391
Gain on loans held
for sale at lower
of cost or fair
value 176 - - - -
Other income 1,101 1,031 1,130 1,022 979
Securities gains,
net 79 98 125 188 238
----------- ----------- ---------- ---------- ----------
Total other income 5,473 4,995 4,973 4,782 5,236
----------- ----------- ---------- ---------- ----------
Salaries and
employee benefits 9,089 8,848 8,308 8,927 7,935
Premises and
equipment 2,334 2,438 2,947 2,325 2,338
FDIC insurance
expense 303 275 286 275 280
Other expenses 3,204 2,778 3,105 2,638 3,526
----------- ----------- ---------- ---------- ----------
Total operating
expenses 14,930 14,339 14,646 14,165 14,079
----------- ----------- ---------- ---------- ----------
Income before income
taxes 6,316 4,902 3,530 3,240 3,105
Income tax expense 2,533 1,871 1,135 1,276 1,096
----------- ----------- ---------- ---------- ----------
Net income $ 3,783 $ 3,031 $ 2,395 $ 1,964 $ 2,009
=========== =========== ========== ========== ==========
Total revenue $ 22,396 $ 20,566 $ 19,501 $ 18,155 $ 17,684
=========== =========== ========== ========== ==========
Per Common Share
Data:
Earnings per share
(basic) $ 0.32 $ 0.26 $ 0.25 $ 0.22 $ 0.23
Earnings per share
(diluted) 0.32 0.26 0.25 0.22 0.22
Weighted average
number of
Common shares
outstanding:
Basic 11,721,256 11,606,933 9,638,913 8,950,931 8,909,170
Diluted 11,844,338 11,710,940 9,746,550 9,013,419 8,955,384
Performance Ratios:
Return on average
assets annualized 0.67% 0.59% 0.51% 0.45% 0.48%
Return on average
common equity
annualized 8.44% 7.01% 7.42% 6.28% 6.41%
Net interest margin
(Taxable
equivalent basis) 3.14% 3.18% 3.26% 3.28% 3.22%
Efficiency ratio (A) 66.90% 69.57% 75.59% 78.84% 80.70%
Operating expenses /
average assets
annualized 2.65% 2.78% 3.10% 3.26% 3.39%
(A) Calculated as (total operating expenses) as a percentage of (net
interest income plus noninterest income less gain on securities).
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, except share data)
(Unaudited)
For the
Six Months Ended
June 30,
-------------------------------
Income Statement Data: 2014 2013
-------------- --------------
Interest income $ 35,579 $ 26,892
Interest expense 3,085 2,017
-------------- --------------
Net interest income 32,494 24,875
Provision for loan losses 2,475 1,350
-------------- --------------
Net interest income after provision for
loan losses 30,019 23,525
Wealth management fee income 7,759 6,996
Gain on loans held for sale at fair value
(Mortgage banking) 224 861
Gain on loans held for sale at lower of
cost or fair value 176 522
Other income 2,132 1,934
Securities gains, net 177 527
-------------- --------------
Total other income 10,468 10,840
-------------- --------------
Salaries and employee benefits 17,937 15,014
Premises and equipment 4,772 4,642
FDIC insurance expense 578 560
Other expenses 5,982 6,156
-------------- --------------
Total operating expenses 29,269 26,372
-------------- --------------
Income before income taxes 11,218 7,993
Income tax expense 4,404 3,091
-------------- --------------
Net income $ 6,814 $ 4,902
============== ==============
Total revenue (See footnote (A) below) $ 42,962 $ 35,715
============== ==============
Per Common Share Data:
Earnings per share (basic) $ 0.58 $ 0.55
Earnings per share (diluted) 0.58 0.55
Weighted average number of
Common Shares outstanding
Basic 11,664,410 8,889,971
Diluted 11,813,686 8,942,267
Performance Ratios:
Return on average assets annualized 0.63% 0.60%
Return on average common equity annualized 7.74% 7.89%
Net interest margin (Taxable equivalent
basis) 3.16% 3.25%
Efficiency ratio (B) 68.41% 74.95%
Operating expenses / average assets
annualized 2.72% 3.20%
(A) Total revenue includes a $176 thousand gain (for 2014) and a $522
thousand gain (for 2013) from sale of loans held for sale at lower of
cost or fair value. Excluding these gains, total revenue was $42,786
(for 2014) and $35,193 (for 2013).
(B) Calculated as (total operating expenses) as a percentage of (net
interest income plus noninterest income less gain on securities).
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
June 30, 2014 June 30, 2013
------------------------- -------------------------
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
---------- ------- ----- ---------- ------- -----
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1) $ 189,254 $ 977 2.06% $ 220,954 $ 1,085 1.96%
Tax-exempt (1)
(2) 57,847 312 2.16 50,479 322 2.55
Loans held for
sale 1,026 15 5.89 2,512 50 8.12
Loans (2) (3):
Mortgages 496,232 4,203 3.39 535,533 4,714 3.52
Commercial
mortgages 1,155,360 11,108 3.85 485,299 5,473 4.51
Commercial 143,988 1,443 4.01 101,790 1,181 4.64
Commercial
construction 6,065 65 4.29 9,179 107 4.66
Installment 22,154 233 4.21 20,097 224 4.46
Home equity 47,489 382 3.22 46,745 373 3.19
Other 558 13 9.32 592 15 10.14
---------- ------- ----- ---------- ------- -----
Total loans 1,871,846 17,447 3.73 1,199,235 12,087 4.03
---------- ------- ----- ---------- ------- -----
Federal funds
sold 101 - 0.10 101 - 0.10
Interest-earning
deposits 51,177 21 0.17 92,319 66 0.29
---------- ------- ----- ---------- ------- -----
Total
interest-
earning
assets 2,171,251 18,772 3.46% 1,565,600 13,610 3.48%
---------- ------- ----- ---------- ------- -----
Noninterest-
Earning Assets:
Cash and due
from banks 6,990 5,865
Allowance for
loan losses (17,310) (13,523)
Premises and
equipment 31,161 29,248
Other assets 58,926 71,862
---------- ----------
Total
noninterest-
earning assets 79,767 93,452
---------- ----------
Total assets $2,251,018 $1,659,052
========== ==========
LIABILITIES:
Interest-Bearing
deposits:
Checking $ 431,656 $ 115 0.11% $ 356,060 $ 74 0.08%
Money markets 657,216 374 0.23 551,150 239 0.17
Savings 116,946 15 0.05 114,028 15 0.05
Certificates of
deposit -
retail 154,245 369 0.96 166,931 471 1.13
---------- ------- ----- ---------- ------- -----
Subtotal
interest-
bearing
deposits 1,360,063 873 0.26 1,188,169 799 0.27
Interest-bearing
demand -
brokered 138,000 70 0.20 - - -
Certificates of
deposit -
brokered 100,934 264 1.05 5,000 15 1.20
---------- ------- ----- ---------- ------- -----
Total
interest-
bearing
deposits 1,598,997 1,207 0.30 1,193,169 814 0.27
---------- ------- ----- ---------- ------- -----
Borrowings 93,152 382 1.64 12,025 92 3.06
Capital lease
obligation 9,867 118 4.78 8,884 106 4.77
---------- ------- ----- ---------- ------- -----
Total interest-
bearing
liabilities 1,702,016 1,707 0.40 1,214,078 1,012 0.33
---------- ------- ----- ---------- ------- -----
Noninterest-
bearing
liabilities
Demand deposits 360,096 311,227
Accrued expenses
and other
liabilities 9,606 8,298
---------- ----------
Total
noninterest-
bearing
liabilities 369,702 319,525
Shareholders'
equity 179,300 125,449
---------- ----------
Total
liabilities and
shareholders'
equity $2,251,018 $1,659,052
========== ==========
Net interest
income $17,065 12,598
======= =======
Net interest
spread 3.06% 3.15%
===== =====
Net interest
margin (4) 3.14% 3.22%
===== =====
(1) Average balances for available for sale securities are based on
amortized cost.
(2) Interest income is presented on a tax-equivalent basis using a 35
percent federal tax rate.
(3) Loans are stated net of unearned income and include nonaccrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total
average interest-earning assets.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
June 30, 2014 March 31, 2014
--------------------------- ---------------------------
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
----------- -------- ----- ----------- -------- -----
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1)
$ 189,254 $ 977 2.06% $ 207,649 $ 1,061 2.04%
Tax-exempt (1)
(2) 57,847 312 2.16 60,217 337 2.24
Loans held for
sale 1,026 15 5.89 1,324 10 3.04
Loans (2) (3):
Mortgages 496,232 4,203 3.39 533,377 4,553 3.41
Commercial
mortgages 1,155,360 11,108 3.85 935,784 9,045 3.87
Commercial 143,988 1,443 4.01 132,549 1,402 4.23
Commercial
construction 6,065 65 4.29 5,872 67 4.58
Installment 22,154 233 4.21 21,563 228 4.24
Home equity 47,489 382 3.22 46,832 373 3.18
Other 558 13 9.32 563 13 8.94
----------- -------- ----- ----------- -------- -----
Total loans 1,871,846 17,447 3.73 1,676,540 15,681 3.74
----------- -------- ----- ----------- -------- -----
Federal funds
sold 101 - 0.10 101 - 0.10
Interest-earning
deposits 51,177 21 0.17 31,652 12 0.15
----------- -------- ----- ----------- -------- -----
Total
interest-
earning
assets 2,171,251 18,772 3.46% 1,977,483 17,101 3.46%
----------- -------- ----- ----------- -------- -----
Noninterest-
Earning Assets:
Cash and due
from banks 6,990 6,395
Allowance for
loan losses (17,310) (15,988)
Premises and
equipment 31,161 30,748
Other assets 58,926 61,009
----------- -----------
Total
noninterest-
earning
assets 79,767 82,164
----------- -----------
Total assets
$ 2,251,018 $ 2,059,647
=========== ===========
LIABILITIES:
Interest-Bearing
deposits:
Checking
$ 431,656 $ 115 0.11% 401,310 $ 92 0.09%
Money markets 657,216 374 0.23 653,624 333 0.20
Savings 116,946 15 0.05 116,518 15 0.05
Certificates of
deposit -
retail 154,245 369 0.96 149,458 355 0.95
----------- -------- ----- ----------- -------- -----
Subtotal
interest-
bearing
deposits 1,360,063 873 0.26 1,320,910 795 0.24
Interest-bearing
demand -
brokered 138,000 70 0.20 75,356 43 0.23
Certificates of
deposit -
brokered 100,934 264 1.05 13,711 31 0.90
----------- -------- ----- ----------- -------- -----
Total interest-
bearing
deposits 1,598,997 1,207 0.30 1,409,977 869 0.25
----------- -------- ----- ----------- -------- -----
Borrowings 93,152 382 1.64 115,585 390 1.35
Capital lease
obligation 9,867 118 4.78 9,947 119 4.79
----------- -------- ----- ----------- -------- -----
Total interest-
bearing
liabilities 1,702,016 1,707 0.40 1,535,509 1,378 0.36
----------- -------- ----- ----------- -------- -----
Noninterest-
bearing
liabilities
Demand deposits 360,096 341,196
Accrued expenses
and other
liabilities 9,606 9,999
----------- -----------
Total
noninterest-
bearing
liabilities 369,702 351,195
Shareholders'
equity 179,300 172,943
----------- -----------
Total
liabilities and
shareholders'
equity $ 2,251,018 $ 2,059,647
=========== ===========
Net interest
income $ 17,065 $ 15,723
======== ========
Net interest
spread 3.06% 3.10%
===== =====
Net interest
margin (4) 3.14% 3.18%
===== =====
(1) Average balances for available for sale securities are based on
amortized cost.
(2) Interest income is presented on a tax-equivalent basis using a 35
percent federal tax rate.
(3) Loans are stated net of unearned income and include nonaccrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total
average interest-earning assets.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
SIX MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
June 30, 2014 June 30, 2013
------------------------- ---------------------------
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
---------- ------- ----- ----------- -------- -----
ASSETS:
Interest-Earning
Assets:
Investments:
Taxable (1) $ 198,401 2,038 2.05 $ 234,721 $ 2,362 2.01%
Tax-exempt (1)
(2) 59,025 649 2.20 50,116 646 2.58
Loans held for
sale 1,174 25 4.29 9,661 246 5.10
Loans (2) (3):
Mortgages 514,702 8,756 3.40 528,602 9,454 3.58
Commercial
mortgages 1,046,179 20,153 3.85 458,378 10,436 4.55
Commercial 138,300 2,845 4.11 106,614 2,488 4.67
Commercial
construction 5,969 132 4.42 9,198 211 4.59
Installment 21,860 461 4.22 20,511 454 4.43
Home equity 47,162 755 3.20 47,388 752 3.17
Other 561 26 9.27 609 30 9.85
---------- ------- ----- ----------- -------- -----
Total loans 1,774,733 33,128 3.73 1,171,300 23,825 4.07
---------- ------- ----- ----------- -------- -----
Federal funds sold 101 - 0.10 101 - 0.10
Interest-earning
deposits 41,468 33 0.16 85,006 114 0.27
---------- ------- ----- ----------- -------- -----
Total interest-
earning assets 2,074,902 35,873 3.46 1,550,905 27,193 3.51%
---------- ------- ----- ----------- -------- -----
Noninterest-Earning
Assets:
Cash and due from
banks 6,694 5,849
Allowance for loan
losses (16,653) (13,300)
Premises and
equipment 30,956 29,526
Other assets 59,961 73,475
---------- -----------
Total
noninterest-
earning assets 80,958 95,550
---------- -----------
Total assets $2,155,860 $ 1,646,455
========== ===========
LIABILITIES:
Interest-Bearing
deposits:
Checking 416,568 207 0.10 $ 353,286 $ 153 0.09%
Money markets 655,430 707 0.22 552,003 454 0.16
Savings 116,733 30 0.05 112,354 28 0.05
Certificates of
deposit - retail 151,864 724 0.95 169,228 956 1.13
---------- ------- ----- ----------- -------- -----
Subtotal
interest-
bearing
deposits 1,340,595 1,668 0.25 1,186,871 1,591 0.27
Interest-bearing
demand -
brokered 106,851 113 0.21 - - -
Certificates of
deposit -
brokered 57,564 295 1.02 5,000 30 1.24
---------- ------- ----- ----------- -------- -----
Total interest-
bearing
deposits 1,505,010 2,076 0.28 1,191,871 1,621 0.27
---------- ------- ----- ----------- -------- -----
Borrowings 104,306 772 1.48 12,082 184 3.05
Capital lease
obligation 9,907 237 4.78 8,910 212 4.76
---------- ------- ----- ----------- -------- -----
Total interest-
bearing
liabilities 1,619,223 3,085 0.38 1,212,863 2,017 0.33
---------- ------- ----- ----------- -------- -----
Noninterest-bearing
liabilities
Demand deposits 350,698 301,087
Accrued expenses
and other
liabilities 9,800 8,199
---------- -----------
Total noninterest-
bearing
liabilities 360,498 309,286
Shareholders' equity 176,139 124,306
---------- -----------
Total liabilities
and shareholders'
equity $2,155,860 $ 1,646,455
========== ===========
Net interest income 32,788 25,176
======= ========
Net interest
spread 3.08% 3.18%
===== =====
Net interest
margin (4) 3.16% 3.25%
===== =====
(1) Average balances for available for sale securities are based on
amortized cost.
(2) Interest income is presented on a tax-equivalent basis using a 35
percent federal tax rate.
(3) Loans are stated net of unearned income and include nonaccrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total
average interest-earning assets.
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