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]

Company Performance - Peapack-Gladstone (PGC) reported quarterly earnings of $0.43 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, but down from $0.50 per share a year ago, indicating a 14% year-over-year decline [1] - The company posted revenues of $56.62 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.78%, and showing a slight increase from $55.87 million year-over-year [1] - Over the last four quarters, Peapack-Gladstone has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during the same period [1] Stock Performance - Peapack-Gladstone shares have declined approximately 4.6% since the beginning of the year, contrasting with the S&P 500's gain of 22.7% [2] - The current consensus EPS estimate for the upcoming quarter is $0.43 on revenues of $59.08 million, and for the current fiscal year, it is $1.75 on revenues of $227.16 million [4] Industry Outlook - The Banks - Northeast industry, to which Peapack-Gladstone belongs, is currently ranked in the top 21% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [5] - The performance of Peapack-Gladstone's stock may be influenced by the overall industry outlook, as empirical research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than a factor of 2 to 1 [5]

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 ...

Core Viewpoint - Peapack-Gladstone Financial Corporation has received confirmation of its investment grade ratings from Moody's Investors Service, indicating a stable outlook for both the Company and its banking subsidiary, Peapack-Gladstone Bank [1][2]. Group 1: Ratings Confirmation - Moody's confirmed the Baa3 long-term local currency issuer rating for Peapack-Gladstone Financial Corporation and the baa2 baseline credit assessment for Peapack-Gladstone Bank [1]. - The outlooks on the long-term issuer rating of the Company and the long-term deposits and issuer ratings of the Bank have been changed to "stable" from ratings under review, concluding a review for possible downgrade initiated in June 2024 [2]. Group 2: Financial Strength - Moody's noted that the Company's solid capital position and recent improvements in its funding and liquidity profile serve as adequate mitigants against the Bank's risk profile [3]. - The Company has successfully strengthened its funding and liquidity profile over the past year, with its deposit base demonstrating resilience during the 2023 regional banking crisis [3]. Group 3: Company Overview - Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024 [4]. - The Company offers a client-centric approach to banking, providing high-quality products along with customized wealth management, investment banking, commercial, and retail solutions [4].

BEDMINSTER, NJ, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private, a division of Peapack-Gladstone Bank, are proud to announce that Vanessa Tortorice has joined Peapack Private's New York City location as Senior Managing Director. Vanessa joins a team of highly-skilled commercial bankers at Peapack Private, where she will contribute to the growth of commercial and industrial business in the New York market. She is dedicated to p ...

BEDMINSTER, NJ, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces the elevation of MJ Sully, Esq. to Senior Managing Director, Chief Fiduciary Officer at Peapack Private, a division of Peapack-Gladstone Bank, and names her President of PGB Trust & Investments of Delaware, a bank subsidiary. She is a member of the Peapack Private senior leadership team and manages the trust and estate professionals and support personnel in both New Jersey a ...