Financial Results - Plato Gold Corp. reported no income for the three months ended March 31, 2025, compared to an income of $513 million for the same period in 2024 [1] - The net loss for the three months ended March 31, 2025, was $29,969, while the net loss for the same period in 2024 was $52,664 [1] - The loss per common share remained at $0.00 for both periods, with a weighted average number of common shares outstanding increasing from 228,632,750 in 2024 to 230,665,717 in 2025 [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 [3] - The Timmins project includes four properties: Guibord, Harker, Holloway, and Marriott, focusing on gold exploration [3] - In Argentina, the company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares with potential for gold and silver [4] Additional Projects - The Good Hope Niobium Project covers approximately 6,035 hectares in the Killala Lake Area and Cairngorm Lake Area Townships, targeting niobium [4] - The Pic River Platinum Group Metals (PGM) Project consists of 2,352 hectares near Marathon, Ontario, with claims contiguous to Generation Mining's Marathon PGM project [5]

Financial Performance - Net income for the first quarter of 2025 was $7,595 thousand, down from $8,631 thousand in Q1 2024, a decrease of 12.00%[14] - Earnings per share (EPS) decreased to $0.43 for Q1 2025 from $0.49 in Q1 2024, a decline of 12.24%[14] - Comprehensive income for the three months ended March 31, 2025, was $16,289 thousand, significantly higher than $5,749 thousand in the same period of 2024[17] - Net income for Q1 2025 was $7,595,000, a decrease of 12.0% compared to $8,631,000 in Q1 2024[23] - Total interest income for the three months ended March 31, 2025, was $86,345 thousand, a 8.63% increase from $79,194 thousand in the same period of 2024[14] - Net interest income after provision for credit losses was $41,034 thousand, compared to $33,748 thousand, reflecting a growth of 21.43%[14] - Operating expenses rose to $49,440 thousand, compared to $40,041 thousand in the prior year, an increase of 23.5%[14] Asset and Loan Growth - Total assets increased to $7,120,652 thousand as of March 31, 2025, compared to $7,011,238 thousand at December 31, 2024, representing a growth of 1.56%[11] - Net loans rose to $5,672,836 thousand, up from $5,439,334 thousand, marking an increase of 4.27% year-over-year[11] - Total loans outstanding as of March 31, 2025, amounted to $5,747,986 thousand, an increase from $5,512,326 thousand as of December 31, 2024, representing a growth of approximately 4.27%[105] - Total deposits increased to $6,286,556 thousand, up from $6,129,022 thousand, indicating a growth of 2.57%[11] - Cash and cash equivalents at the end of Q1 2025 were $231,917,000, compared to $194,838,000 at the end of Q1 2024[23] Credit Loss Provisions - Provision for credit losses increased to $4,471 thousand from $627 thousand, reflecting a substantial rise in credit loss provisions[14] - The allowance for credit losses (ACL) was $75.2 million, an increase from $73.0 million at December 31, 2024, driven by loan growth and economic deterioration[128] - The ACL as a percentage of loans was 1.31% at March 31, 2025, compared to 1.32% at December 31, 2024[128] - Total loans modified due to significant payment delay amounted to $19,287 thousand, representing 1.18% of the total amortized cost basis at period end[123] Wealth Management Division - The Wealth Management Division provides investment management services, personal trust services, and financial planning, with fees primarily based on assets under management (AUM) collected monthly or quarterly[32] - Wealth management fee income grew to $15,435 thousand, up from $14,407 thousand, representing a 7.12% increase[13] - The Wealth Management Division generated noninterest income of $15,584,000 for the three months ended March 31, 2025[148] Securities and Investments - Total securities available for sale amounted to $915,949,000 as of March 31, 2025, with unrealized losses of $87,323,000[99] - The fair value of securities held to maturity was $88,687,000, with unrealized losses of $11,598,000 as of March 31, 2025[99] - The company’s investment securities with a carrying value of $620.4 million were pledged to secure public funds and for other legal purposes as of March 31, 2025[102] Operating Activities - Total cash provided by operating activities was negative at $(7,874,000) for Q1 2025, compared to positive cash flow of $19,109,000 in Q1 2024[23] - Total cash used in investing activities was $(272,214,000) in Q1 2025, compared to cash provided of $78,684,000 in Q1 2024[23] - The Company fully redeemed $35,000,000 in subordinated notes on March 15, 2025, along with $627,000 in unpaid interest[189] Stock and Compensation - The Company recorded a total of $9.0 million in unrecognized compensation cost related to service-based and performance-based restricted stock units, expected to be recognized over a weighted average period of 2.24 years[79] - Stock compensation expense for the first quarters of 2025 and 2024 totaled $3.3 million and $2.7 million, respectively, indicating a year-over-year increase of approximately 22.2%[79] - The Company issued 88,101 service-based restricted stock units during the first three months of 2025, with a grant date fair value of $29.55[77] Risk Management - The Company utilizes a credit risk rating system to assess the expected ability of borrowers to service their debt, which is reviewed annually[107] - An independent loan review firm is engaged quarterly to validate risk ratings and ensure compliance with policies, focusing on loans greater than $1,000,000[108] - The adoption of CECL requires loans in foreclosure to be individually evaluated for potential loss and allowance adequacy[113]

Core Points - Plato Gold Corp. is advancing preparations for its first drill program at the Lolita Project in Santa Cruz, Argentina, marking a significant step in its exploration efforts [1][2] - The company has received approval from the Secretariat of Mining of Santa Cruz for an updated environmental impact assessment, allowing it to conduct a diamond drilling campaign [2] - The province of Santa Cruz is the largest producer of precious metals in Argentina, with exports valued at USD 1.789 billion in 2024 [2] Financing and Contracts - Plato has entered into loan agreements totaling US$1,050,000 to finance the drill program, with an interest rate of 7% per annum [4] - The loans are unsecured and may be convertible into common shares at a minimum price of $0.05 per share [4] - A related party transaction involves a loan of US$1,000,000 from Anthony Cohen, President of Plato, with exemptions from formal valuation and minority shareholder approval [6] Drilling Plans - Drilling is set to commence in May 2025, targeting approximately ten diamond drill holes at the Panza, Espalda, and Corazon targets, with depths of 200 to 400 meters [7] - The targets are characterized by low-sulphidation, epithermal vein systems with pathfinder anomalies of arsenic, antimony, and mercury [7] - The Lolita Project has not been previously drill-tested or explored for precious metals, but nearby projects indicate potential for significant resources [8] Company Overview - Plato Gold Corp. is a Canadian exploration company with projects in Ontario and Argentina, focusing on gold and silver exploration [11][12] - The company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares in Argentina [12]

Financial Results - Plato Gold Corp. reported total income of $1.573 million for the year ended December 31, 2024, a decrease from $2.052 million in 2023 [1] - The net loss for the year ended December 31, 2024, was $215.021 million, compared to a net loss of $347.405 million in 2023 [1] - For the three months ended December 31, 2024, the company recorded a net loss of $83.845 million, an improvement from a loss of $183.650 million in the same period of 2023 [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, Marathon, Ontario, and Santa Cruz, Argentina [3] - The Timmins project includes four properties: Guibord, Harker, Holloway, and Marriott, focusing on gold exploration [3] - In Argentina, the company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares with potential for gold and silver [4] Additional Projects - The Good Hope Niobium Project covers approximately 6,035 hectares in the Killala Lake Area and Cairngorm Lake Area Townships, targeting niobium [4] - The Pic River Platinum Group Metals (PGM) Project consists of 2,352 hectares near Marathon, with claims contiguous to Generation Mining's Marathon PGM project [5]

Core Insights - Peapack-Gladstone (PGC) reported revenue of $64.36 million for Q1 2025, a year-over-year increase of 21.3% [1] - The EPS for the same period was $0.43, down from $0.48 a year ago, indicating a decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $63.49 million by 1.37%, while the EPS fell short of the consensus estimate of $0.51 by 15.69% [1] Financial Performance Metrics - The net interest margin was reported at 2.7%, surpassing the estimated 2.5% by analysts [4] - The efficiency ratio was 76.8%, slightly higher than the estimated 76.4% [4] - Total non-interest income was $18.85 million, below the average estimate of $19.40 million [4] Stock Performance - Peapack-Gladstone shares have returned -12.6% over the past month, compared to the Zacks S&P 500 composite's -8.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Company Performance - Peapack-Gladstone (PGC) reported quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.51 per share, and down from $0.48 per share a year ago, representing an earnings surprise of -15.69% [1] - The company posted revenues of $64.36 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.37%, and up from $53.08 million year-over-year [2] - Over the last four quarters, Peapack-Gladstone has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Peapack-Gladstone shares have declined approximately 19.4% since the beginning of the year, compared to a decline of -12.3% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $67.05 million, and for the current fiscal year, it is $2.61 on revenues of $272.47 million [7] Industry Outlook - The Zacks Industry Rank for Banks - Northeast, to which Peapack-Gladstone belongs, is currently in the top 25% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can significantly impact stock performance [5][8]

Financial Performance - Net income for Q1 2025 was $7.6 million, with diluted EPS of $0.43, compared to $9.2 million and $0.52 in Q4 2024[4]. - Net income for Q1 2025 was $7.6 million, a decrease from $9.2 million in Q4 2024[40]. - Net interest income rose to $45,505,000, compared to $41,908,000 in the previous quarter, reflecting a growth of 3.8%[69]. - Total recurring revenue increased to $64,164,000 from $61,287,000 in the previous quarter, marking a growth of 4.8%[69]. - Noninterest income from Capital Markets activities totaled $455,000, significantly up from $114,000 in Q4 2024[23]. - Total operating expenses increased to $49.4 million in Q1 2025, up from $47.9 million in Q4 2024 and $40.0 million in Q1 2024, driven by expansion into New York City and increased health insurance costs[26]. - Operating expenses were $49,440,000, up from $47,860,000 in the previous quarter, indicating a rise of 3.3%[69]. - The effective tax rate for Q1 2025 was 27.3%, compared to 24.5% in Q4 2024 and 30.4% in Q1 2024[27]. Loan and Deposit Growth - Total loans increased by $236 million to $5.8 billion, representing an annualized growth rate of 17%[3]. - Total loans reached $5,756,672,000, an increase of 4.27% from $5,520,920,000 as of December 31, 2024[43]. - Core relationship deposit balances increased by $177 million, contributing to total deposits of $6.3 billion, a $158 million increase from Q4 2024[3][10]. - Total deposits rose to $6,286,556,000, a 2.57% increase from $6,129,022,000 at December 31, 2024[43]. - Total loans closed for the quarter ended March 31, 2025, amounted to $438.17 million, a decrease from $527.90 million in the previous quarter[55]. Asset Management - Wealth Management AUM/AUA totaled $11.8 billion, with new business inflows of $341 million in Q1 2025[8][17]. - Assets under management at Peapack Private Bank & Trust's Wealth Management Division totaled $11.8 billion as of March 31, 2025, down slightly from $11.9 billion at December 31, 2024[43]. Credit Quality - Provision for credit losses increased to $4.47 million, a 610% rise compared to $0.63 million in Q1 2024[12]. - The provision for credit losses was $4.5 million in Q1 2025, significantly higher than $1.8 million in Q4 2024 and $615,000 in Q1 2024, due to loan growth and increased charge-offs[29]. - Nonperforming assets decreased to $97.2 million (1.36% of total assets) at March 31, 2025, down from $100.2 million (1.43% of total assets) at December 31, 2024[28]. - Nonperforming loans to total loans ratio improved to 1.69% as of March 31, 2025, compared to 1.81% at December 31, 2024[45]. - The allowance for credit losses was $75.2 million (1.31% of total loans) at March 31, 2025, compared to $73.0 million (1.32% of total loans) at December 31, 2024[30]. Capital Ratios - The Tier 1 Leverage Ratio was 10.05% for the Bank, and the Common Equity Tier 1 Ratio was 12.52% at March 31, 2025[10]. - The Tier I capital to risk-weighted assets ratio was 11.19% as of March 31, 2025, down from 11.51% on December 31, 2024[53]. - The common equity tier I capital ratio to risk-weighted assets was 11.19% as of March 31, 2025, compared to 11.51% in the previous quarter[53]. - As of March 31, 2025, the equity to total assets ratio increased to 8.73% from 8.64% in December 31, 2024[50]. Shareholder Value - Tangible book value per share increased by 2% to $32.56 at March 31, 2025, compared to $31.89 at December 31, 2024[10]. - The tangible book value per share rose to $35.08 as of March 31, 2025, compared to $34.45 on December 31, 2024[50]. - The company declared a cash dividend of $0.05 per share, payable on May 22, 2025[33]. - Shareholders' equity rose to $621,873,000 as of March 31, 2025, compared to $605,849,000 at December 31, 2024, reflecting a growth of 2.00%[43]. - Average shareholders' equity increased to $610,573,000 from $600,808,000 in the prior quarter[69]. Operational Developments - The Company opened a new branch at 300 Park Avenue in New York City, enhancing its presence in the Metro New York market[6]. - The company continues to seek efficiencies while investing in client experience enhancements amid its strategic expansion into New York City[27].

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Peapack-Gladstone (PGC) due to higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2] Earnings Expectations - The consensus EPS estimate for Peapack-Gladstone is $0.51 per share, reflecting a +6.3% change year-over-year, while revenues are expected to reach $63.49 million, up 19.6% from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised down by 0.81% over the last 30 days, indicating a reassessment by analysts regarding the company's earnings prospects [4][10] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates a negative Earnings ESP of -6.93% for Peapack-Gladstone, suggesting analysts have become bearish on the company's earnings outlook [11][10] Historical Performance - In the last reported quarter, Peapack-Gladstone exceeded the expected EPS of $0.47 by delivering $0.52, resulting in a surprise of +10.64%. Over the last four quarters, the company has beaten consensus EPS estimates twice [12][13] Investment Considerations - Despite the negative Earnings ESP, the stock holds a Zacks Rank of 3, making it challenging to predict an earnings beat conclusively. Investors should consider other factors beyond earnings results when making investment decisions [11][16]

Company Overview - Peapack-Gladstone (PGC) shares increased by 6% to $26.52 in the last trading session, following a significant volume of trading, contrasting with an 11.8% loss over the past four weeks [1][2] - The stock's recent rally was influenced by a broader market surge, particularly due to President Donald Trump's announcement of a 90-day tariff pause for non-retaliating nations, which positively impacted investor sentiment [2] Earnings and Revenue Expectations - Peapack-Gladstone is projected to report quarterly earnings of $0.54 per share, reflecting a year-over-year increase of 12.5% [2] - Expected revenues for the upcoming quarter are $63.4 million, representing a 19.4% increase compared to the same quarter last year [2] Stock Performance and Trends - The consensus EPS estimate for Peapack-Gladstone has remained stable over the last 30 days, indicating no recent revisions in earnings estimates, which typically correlates with stock price movements [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Context - Peapack-Gladstone operates within the Zacks Banks - Northeast industry, where Midland States Bancorp (MSBI) also resides, having closed 4.8% higher at $16.46, but with a -13.8% return over the past month [4] - Midland States Bancorp's consensus EPS estimate has remained unchanged at $0.52, indicating a -1.9% change compared to the previous year, and it currently holds a Zacks Rank of 5 (Strong Sell) [5]

Financial Performance and Position - As of December 31, 2024, Peapack-Gladstone Financial Corporation's Wealth Management Division had $11.9 billion in assets under management and/or administration[37]. - The Company and the Bank were in compliance with capital requirements, including a capital conservation buffer, as of December 31, 2024[63]. - The capital conservation buffer requires a minimum CET1 to risk-weighted assets ratio of at least 7.0 percent, Tier 1 capital to risk-weighted assets ratio of at least 8.5 percent, and total capital to risk-weighted assets ratio of at least 10.5 percent[62]. - The Bank's capital ratios were all above the minimum levels required for it to be considered a "well capitalized" financial institution as of December 31, 2024[65]. - As of December 31, 2024, the company's total multifamily rent regulated exposure in New York was approximately $939 million, representing 17% of the total loan portfolio[100]. - The company's loan portfolio included loans to lessors of office buildings amounting to $95.3 million, or 1.7% of total loans, and borrowers in the retail industry totaling $210.6 million, or 3.8% of total loans[98]. - The company's commercial real estate loans represented 347% of total bank capital as of December 31, 2024, indicating a significant concentration in this area[104]. - The company maintained a debt securities portfolio of $886.2 million as of December 31, 2024, with $784.5 million classified as available-for-sale[111]. - The company's stockholders' equity may be adversely affected by unrealized net losses on securities available-for-sale due to changes in interest rates[110]. Economic and Market Conditions - A deterioration in economic conditions could lead to an increase in loan delinquencies and non-performing assets, adversely affecting the company's financial condition[95]. - The company is sensitive to adverse changes in the local economy, particularly in Central and Northern New Jersey, Pennsylvania, and New York City, which could impact its ability to attract deposits[93]. - Inflation and rising costs of goods and services could negatively impact the company's operational expenses and its customers' ability to repay loans[95]. - The company faces regulatory scrutiny regarding its commercial real estate loan portfolio, which may require additional policies and procedures that could affect profitability[105]. Regulatory Compliance and Risks - The Company is subject to FRB policies that may limit its ability to pay dividends if the subsidiary bank becomes undercapitalized[80]. - The ability of the Company to pay dividends to its shareholders depends on whether the Bank pays dividends to it, subject to restrictions under the New Jersey Banking Act[84]. - The Sarbanes-Oxley Act of 2002 requires enhanced and timely disclosure of corporate information, and the Company has existing policies to comply with this act[86]. - The company is subject to various federal laws that require it to maintain comprehensive programs related to anti-money laundering and customer identification[118]. - The company is subject to regulatory compliance burdens and costs due to the Dodd-Frank Act, which may restrict certain products and services[115]. Interest Rate Sensitivity - The Federal Reserve Board reduced benchmark interest rates by 50 basis points in September and an additional 25 basis points in November 2024, impacting the company's interest income[94]. - Changes in interest rates could adversely affect the company's net interest income, which is primarily derived from the difference between interest income earned and interest expense incurred[107]. - A reduction in interest rates may lead to increased prepayments of loans and mortgage-backed securities, creating reinvestment risk for the company[109]. - The Company faces substantial competition in originating loans and attracting deposits from other financial institutions, which may adversely affect profitability[133]. - The Company's interest rate sensitivity models indicate it is asset sensitive as of December 31, 2024, with net interest income expected to improve in a rising rate environment[315]. - In an immediate and sustained 100 basis point increase in market rates, net interest income would decrease approximately 0.5 percent for year 1 and increase 1.6 percent for year 2 compared to a flat interest rate scenario[313]. Employee Engagement and Community Involvement - The company had 620 full-time and part-time employees as of December 31, 2024, with a focus on talent development and employee engagement[19][24]. - The company performed over 1,600 hours of community service and provided financial support to more than 330 charitable organizations in 2024[35]. - The company emphasizes a relationship-based approach while diversifying its business model to remain competitive in the banking sector[47]. - The company has a strong commitment to diversity, equity, and inclusion, with initiatives to improve representation in senior roles and maintain hiring levels reflective of the communities served[26]. - The company offers a comprehensive suite of health insurance benefits, paid time off, and a 401(k) plan with a generous company match to attract and retain talent[33]. Strategic Initiatives - The company initiated the "Refining Our Strategy" phase in 2022 to address industry headwinds, including margin pressure and increased compliance costs[46]. - The company aims to expand its footprint in the metropolitan New York region by hiring experienced professionals in various sectors, focusing on generating core deposits[47]. - The company is focused on providing high-touch client service through its wealth management and commercial banking divisions, differentiating itself from larger competitors[52]. Credit and Liquidity Risks - The company maintains allowances for credit losses, which may need to be increased due to continuing economic deterioration, potentially reducing net income and capital[101]. - The company's exposure to credit risk is heightened due to its focus on small- and medium-sized businesses, which are less able to withstand economic pressures[97]. - The company faces risks related to liquidity, as a decrease in client deposits could lead to higher funding costs and reduced net interest income[128]. - The company is exposed to environmental liability risks associated with its lending activities, which could materially affect its financial condition[106]. Wealth Management and Revenue Sources - The wealth management business derives the majority of its revenue from non-interest income, which is sensitive to fluctuations in assets under management[144]. - The wealth management industry is subject to extensive regulation, and non-compliance could lead to penalties that adversely affect operating results[146].