Core Viewpoint - Plato Gold Corp. has engaged Red Cloud Securities to provide liquidity services to enhance the market stability and liquidity of its common shares, subject to regulatory approval [1][2]. Group 1: Company Overview - Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange, OTC Markets, and Frankfurt Exchange, with projects located in Timmins, Ontario, and Santa Cruz, Argentina [6]. - The company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares in Argentina, with potential for gold and silver [7]. - The Timmins project includes four properties focused on gold, while the Good Hope Niobium Project targets niobium over approximately 6,035 hectares [6][7]. Group 2: Agreement with Red Cloud Securities - Under the agreement, Plato Gold Corp. will pay Red Cloud $5,000 per month in advance, with the engagement being ongoing and terminable by either party with 30 days' notice [2]. - The relationship between Plato and Red Cloud is arm's length, and the agreement aims to maintain market stability and liquidity rather than being a formal market-making agreement [2]. Group 3: Red Cloud Securities Overview - Red Cloud Securities is a registered Investment Dealer and a member of the Canadian Investment Regulatory Organization (CIRO), focusing on providing capital market services to the junior resource sector [4]. - The firm was founded by capital markets professionals and offers a comprehensive platform for small public and private companies [4].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Peapack-Gladstone (PGC) - Peapack-Gladstone currently holds a Momentum Style Score of B, indicating potential for solid momentum [3] - The company has a Zacks Rank of 1 (Strong Buy), which historically outperforms the market when combined with Style Scores of A or B [4] Performance Metrics - PGC shares have increased by 12.47% over the past week, outperforming the Zacks Banks - Northeast industry, which rose by 6.45% [6] - Over the past month, PGC's price change is 19%, significantly higher than the industry's 5.58% [6] - In the last quarter, PGC shares rose by 38.38%, and over the past year, they gained 41.12%, compared to the S&P 500's increases of 9.45% and 33.9%, respectively [7] Trading Volume - PGC's average 20-day trading volume is 108,681 shares, which serves as a baseline for price-to-volume analysis [8] Earnings Outlook - Recent earnings estimate revisions show one upward revision for the full year, increasing the consensus estimate from $1.68 to $1.82 [10] - For the next fiscal year, one estimate has moved upwards with no downward revisions in the same period [10]

Financial Performance - Net income for the three months ended September 30, 2024, was $7,587 thousand, down from $8,755 thousand, a decrease of 13.3%[9] - Basic earnings per share decreased to $0.43 from $0.49, reflecting a decline of 12.2%[9] - Comprehensive income for the nine months ended September 30, 2024, was $33,806,000, compared to $32,813,000 for the same period in 2023, reflecting an increase of 3%[11] - Net income for the nine months ended September 30, 2024, was $23,748,000, a decrease of 41.0% from $40,255,000 for the same period in 2023[14] - The company reported a total of 23,726 nonaccrual loans with no allowance for credit loss as of September 30, 2024, reflecting ongoing monitoring of loan performance[107] Asset and Liability Management - Total assets increased to $6,793,792 thousand as of September 30, 2024, up from $6,476,857 thousand at December 31, 2023, representing a growth of approximately 4.9%[7] - Total deposits rose to $5,935,386 thousand, an increase of 12.5% compared to $5,274,114 thousand at the end of 2023[7] - The total shareholders' equity as of September 30, 2024, was $588,322,000, compared to $565,069,000 as of September 30, 2023[13] - Total cash and cash equivalents at the end of the period increased to $492,658,000 from $187,869,000, reflecting a significant increase of about 162%[16] - The company has available unused short-term overnight borrowing capacity of $1.8 billion through the FHLB and $1.8 billion at the Federal Reserve Bank of New York[151] Loan Performance - Total loans outstanding as of September 30, 2024, amounted to $5,315,417, a decrease from $5,429,325 as of December 31, 2023, representing a decline of approximately 2.1%[105] - The company experienced a decrease in retained earnings from $408,481,000 as of September 30, 2023, to $394,094,000 as of September 30, 2024[14] - The company reported a net cash provided by financing activities of $243,052,000, up from $129,826,000 in the same period last year, indicating an increase of approximately 87%[16] - The company reported a total of $1,080,209 thousand in loans originated, a decrease from $1,292,990 thousand in the prior period, representing a decline of approximately 16.4%[121] - The company did not record any allowance for credit losses for the nine months ended September 30, 2024, indicating confidence in the credit quality of its securities[103] Income and Expenses - Operating expenses increased to $44,649 thousand for the three months ended September 30, 2024, up from $37,413 thousand, a rise of 19.5%[9] - Total noninterest income for the three months ended September 30, 2024, was $18,938, a decrease of 2.14% from $19,354 in the same period of 2023[179] - Wealth management fee income increased to $15,150 thousand from $13,975 thousand, a growth of 8.4%[9] - The company recorded a loss on the sale of property amounting to $4,000 for the nine months ended September 30, 2024[185] - The total operating expense for the Banking segment in Q3 2024 was $35,889,000, while Peapack Private's was $9,984,000, totaling $45,873,000[155] Credit Quality and Provisions - Provision for credit losses decreased significantly to $1,224 thousand from $5,856 thousand year-over-year, indicating improved credit quality[9] - The allowance for credit losses (ACL) is determined using a non-linear discounted cash flow (DCF) model, which captures losses over the historical charge-off and prepayment cycle[40] - The company reported a provision for credit losses of $5,762,000, down from $9,065,000 in the previous year, indicating a decrease of about 36%[16] - The ACL as a percentage of loans was 1.34% at September 30, 2024, compared to 1.21% at December 31, 2023, indicating a rise in credit risk assessment[137] - The company has adopted CECL, evaluating loans in foreclosure on an individual basis for potential loss and allowance adequacy[116] Shareholder Activities - The company declared cash dividends of $0.05 per share, totaling $(882,000) for the three months ended September 30, 2024[13] - The company repurchased 100,000 shares during the three months ended September 30, 2024, at a cost of $(2,592,000)[13] - Cash dividends declared on common stock were $2,656,000, compared to $2,666,000 in the previous year, showing a slight decrease of about 0.4%[16] - The Company has a total of $7.8 million in unrecognized compensation costs related to service-based and performance-based restricted stock units, expected to be recognized over a weighted average period of 1.07 years[73] - Total shares issued under the Employee Stock Purchase Plan (ESPP) during Q3 2024 was 11,257, compared to 8,850 in Q3 2023[81] Market and Economic Conditions - The company has no overnight borrowings with the Federal Home Loan Bank (FHLB) as of September 30, 2024, compared to $403.8 million at December 31, 2023[151] - The company has elected the fair value option for certain loans held for sale, indicating a strategic approach to asset management[170] - The company reported unrealized holding gains of $23,974,000 for the three months ended September 30, 2024, compared to a loss of $(20,629,000) for the same period in 2023[11] - The company recorded a net unrealized holding loss on securities available for sale of $(57,614,000) as of September 30, 2024, compared to $(91,034,000) as of September 30, 2023[190] - The total fair value of individually evaluated loans includes $22,947,000 for commercial and industrial loans as of December 31, 2023[174]

Core Viewpoint - Peapack-Gladstone Financial Corporation is set to rebrand as Peapack Private Bank & Trust on January 1, 2025, unifying its banking and wealth management divisions under one name to enhance its market presence in the New York metropolitan area [1][2][3]. Group 1: Rebranding Strategy - The rebranding aims to leverage established brand equity while expanding the institution's reach in the New York metropolitan market [2][3]. - The new name reflects a holistic approach, allowing relationship managers to provide a comprehensive suite of solutions through a single point of contact [3][4]. - The decision to rebrand followed a multi-year research process, including brand discovery, awareness studies, and direct client feedback [4][5]. Group 2: Company Overview - Peapack-Gladstone Financial Corporation, founded in 1921, is a New Jersey bank holding company with total assets of $6.8 billion and assets under management of $12.1 billion as of September 30, 2024 [6]. - The company offers a client-centric approach, providing customized banking solutions to individuals, families, and businesses, emphasizing exceptional client service [6].

Core Insights - Peapack-Gladstone (PGC) reported revenue of $56.62 million for Q3 2024, a year-over-year increase of 1.3% [1] - The earnings per share (EPS) for the same period was $0.43, down from $0.50 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate by 2.78%, while the EPS exceeded the consensus estimate by 2.38% [1] Financial Metrics - Net interest margin stood at 2.3%, matching the average estimate from two analysts [1] - The efficiency ratio was reported at 79.6%, higher than the average estimate of 75.9% from two analysts [1] - Total non-interest income was $18.94 million, below the estimated $21.61 million [1] - Net interest income reached $37.68 million, surpassing the average estimate of $36.67 million [1] Stock Performance - Peapack-Gladstone shares have returned +3.6% over the past month, outperforming the Zacks S&P 500 composite's +2.8% change [2] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [2]

Peapack-Gladstone (PGC) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.38%. A quarter ago, it was expected that this bank holding company would post earnings of $0.42 per share when it actually produced earnings of $0.42, delivering no surprise.Over the last four quarters, the comp ...

Financial Performance - Net income for Q3 2024 was $7.6 million, with diluted EPS of $0.43, compared to $7.5 million and $0.42 in Q2 2024[2] - Net income for the three months ended September 30, 2024, was $7.587 million, compared to $8.599 million for the same period last year, reflecting a decline of 11.8%[27] - Net income for the nine months ended September 30, 2024, was $23,748,000, a decrease of 41.1% compared to $40,255,000 for the same period in 2023[50] - Total revenue for the same period was $56.619 million, slightly up from $56.597 million in the previous quarter[27] - Total recurring revenue for the quarter ended September 30, 2024, was $56,090,000, slightly down from $56,658,000 in the previous quarter[52] Deposits and Loans - Deposits grew by $279 million to $5.9 billion, representing an annualized growth rate of 20%[2] - Year-to-date total deposits increased by $661 million, with core relationship deposits growing by $782 million in 2024[5] - Total deposits increased by $661 million to $5.9 billion at September 30, 2024, enhancing balance sheet liquidity[14] - Total loans declined by $116 million, or 2%, to $5.3 billion at September 30, 2024, primarily due to repayments and tighter lending standards[12] - Total loans reached $5,256,186 thousand, generating net interest income of $73,378 thousand and an annualized yield of 5.58%[41] Wealth Management - Wealth Management AUM/AUA reached a record $12.1 billion, up from $10.9 billion at the end of 2023[4] - Wealth Management AUM/AUA reached a record high of $12.1 billion, up from $10.9 billion at December 31, 2023, with new business inflows of $547 million[11] - Assets under management in the Private Wealth Management Division reached $12.1 billion, up from $11.5 billion in the previous quarter, indicating a growth of 5.2%[32] Interest Income and Margin - Net interest income increased by $2.6 million, or 8%, to $37.7 million, driven by an improved net interest margin of 2.34%[3] - Net Interest Income (NII) for Q3 2024 was $37.7 million, an increase of $2.6 million from Q2 2024, with a Net Interest Margin (NIM) of 2.34%[13] - The net interest margin (tax-equivalent basis) improved to 2.34%, compared to 2.29% in the previous quarter[27] - The annualized yield on total interest-earning assets increased to 5.18% for the three months ended September 30, 2024, compared to 4.91% for the same period in 2023[40] Credit Losses and Allowance - The provision for credit losses was $1.2 million for Q3 2024, down from $3.9 million in Q2 2024, reflecting slower loan growth[21] - The allowance for credit losses increased to $71.3 million, or 1.34% of total loans, compared to $68.0 million at June 30, 2024[22] - The allowance for credit losses stood at $(70,317) million, an increase from $(63,625) million year-over-year, indicating a rise in provisions for potential loan losses[40] Operating Expenses - Operating expenses rose to $44.6 million for Q3 2024, reflecting the full run rate of expenses associated with the Company's expansion into New York City[18] - Total operating expenses for the quarter were $44.649 million, an increase from $37.616 million in the same period last year[27] - Operating expenses for the nine months ended September 30, 2024, were $127,816,000, up from $110,679,000 in the same period in 2023[53] Shareholder Equity and Book Value - Tangible book value per share increased by 6% to $32.00, while book value per share rose by 5% to $34.57[6] - The Company's capital position increased by net income of $7.6 million, despite repurchasing 100,000 shares for $2.6 million[22] - Shareholders' equity increased to $607,614 million from $588,322 million, representing a growth of 3.3%[32] - Book value per share increased to $34.57 from $32.90 in the previous quarter, reflecting a growth of 5.1%[35] Market Expansion and Future Outlook - The Company expects its expansion into the metro New York market to become accretive to earnings in early 2025[4] - The company plans to continue focusing on market expansion and new product development to drive future growth[46] Ratings and Financial Stability - Moody's reaffirmed the Company's investment grade ratings with a stable outlook[4] - Nonperforming assets were $80.5 million, or 1.18% of total assets, at September 30, 2024, showing a slight improvement from the previous quarter[20] - Nonperforming loans to total loans ratio improved to 1.51% from 1.56% in the prior quarter[33]

BEDMINSTER, N.J., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its third quarter 2024 financial results. This earnings release should be read in conjunction with the Company’s Q3 2024 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. During the third quarter of 2024, deposits grew ...

The market expects Peapack-Gladstone (PGC) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, ...

BEDMINSTER, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce that Michael Anthony Guarino, Esq. has joined the Bank as a Senior Vice President, Attorney. Working out of the Bank's Headquarters in Bedminster, New Jersey and its new location at 300 Park Avenue, New York City, Mr. Guarino is primarily responsible for responding to all legal issues arising out of the Company's New York office, in a ...