Earnings Performance - Peapack-Gladstone reported quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.47 per share, representing a 10.64% earnings surprise [1] - The company's earnings per share increased from $0.50 in the same quarter last year [1] - Over the last four quarters, the company has surpassed consensus EPS estimates two times [2] Revenue Performance - Peapack-Gladstone posted revenues of $61.84 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.72% [2] - This represents an increase from year-ago revenues of $54.27 million [2] - The company has topped consensus revenue estimates once over the last four quarters [2] Stock Performance - Peapack-Gladstone shares have added about 3.2% since the beginning of the year, outperforming the S&P 500's gain of 2.2% [3] - The stock's immediate price movement will depend on management's commentary on the earnings call [3] Future Outlook - The current consensus EPS estimate is $0.54 on $62.6 million in revenues for the coming quarter [7] - For the current fiscal year, the consensus EPS estimate is $2.73 on $265 million in revenues [7] - The estimate revisions trend for Peapack-Gladstone is mixed, translating into a Zacks Rank 3 (Hold) [6] Industry Context - Peapack-Gladstone belongs to the Zacks Banks - Northeast industry, which is currently in the top 9% of the 250 plus Zacks industries [8] - The top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Comparison - LCNB, another company in the same industry, is expected to post quarterly earnings of $0.30 per share, representing a year-over-year change of -11.8% [9] - LCNB's revenues are expected to be $20.9 million, up 8.5% from the year-ago quarter [9]

Financial Performance - Net income for Q4 2024 was $9.2 million, with diluted EPS of $0.52, compared to $7.6 million and $0.43 in Q3 2024[4] - Total revenue for the three months ended December 31, 2024, reached $61,836,000, up from $54,265,000 in the prior year, marking an increase of 14%[44] - Net income for the three months ended December 31, 2024, was $9,240,000, compared to $8,599,000 in the same quarter of 2023, indicating a growth of 7.4%[44] - For the twelve months ended December 31, 2024, net income decreased to $32,988,000 from $48,854,000 in 2023, a decline of 32%[47] - Earnings per share (basic) for the twelve months ended December 31, 2024, was $1.87, a decrease of 32% from $2.74 in 2023[47] Deposits and Loans - Core relationship deposits grew by $438 million to $5.3 billion, representing an annualized growth rate of 36%[3] - Total deposits increased by $855 million to $6.1 billion, with a net growth of $1.2 billion excluding high-cost deposits that rolled off[9] - Total loans increased by $85 million to $5.5 billion, with commercial and industrial lending representing 43% of the total loan portfolio[9] - Noninterest-bearing demand deposits increased by $155 million to $1.1 billion, representing 18% of total deposits[9] - Total loans reached $5,520,920 thousand, an increase of 3.8% from $5,320,167 thousand in the prior quarter[50] Interest Income and Margin - Net interest income increased by $4.2 million, or 11%, to $41.9 million in Q4 2024, driven by growth in average interest-earning assets[5] - The net interest margin improved to 2.46% in Q4 2024, up from 2.34% in Q3 2024[5] - The Company's Net Interest Income (NII) for Q4 2024 was $41.9 million, an increase of $4.2 million from Q3 2024, and a $5.2 million increase compared to Q4 2023, with a Net Interest Margin (NIM) of 2.46%[21] - Interest income for the three months ended December 31, 2024, was $86,166,000, an increase from $80,178,000 in the same period last year, representing a growth of 7.4%[44] - The net interest margin for the three months ended December 31, 2024, improved to 2.46%, compared to 2.29% for the same period in 2023[66] Operating Expenses - Total operating expenses increased to $47.9 million in Q4 2024, up from $44.6 million in Q3 2024 and $37.6 million in Q4 2023, primarily due to expansion into New York City[27][28] - Total operating expenses for the twelve months ended December 31, 2024, increased to $175,676,000, up 18% from $148,295,000 in 2023[47] - The efficiency ratio improved to 78.09% for the three months ended December 31, 2024, compared to 79.60% in the previous quarter[83] Credit Quality - Nonperforming assets rose to $100.2 million, or 1.43% of total assets, at December 31, 2024, compared to $80.5 million, or 1.18% of total assets, at September 30, 2024[30] - The provision for credit losses was $1.8 million in Q4 2024, compared to $1.2 million in Q3 2024 and $5.1 million in Q4 2023, driven by loan growth and specific reserves for nonperforming loans[31] - The allowance for credit losses was $73.0 million, or 1.32% of total loans, at December 31, 2024, compared to $71.3 million, or 1.34% of total loans, at September 30, 2024[32] - Nonperforming loans to total loans ratio rose to 1.81% from 1.51% in the previous quarter, indicating a decline in asset quality[53] Assets and Equity - Total assets increased to $7,011,238 thousand as of December 31, 2024, up from $6,793,792 thousand in the previous quarter, representing a growth of 3.2%[50] - Shareholders' equity as of December 31, 2024, was $605,849,000, a slight decrease from $607,614,000 in the previous quarter[80] - Tangible book value per share increased by 5% to $31.89 at December 31, 2024, from $30.31 at December 31, 2023[34] Rebranding and Strategic Changes - The Company re-branded to Peapack Private Bank & Trust effective January 1, 2025, reflecting its commitment to personal and commercial banking[6]

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]

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 ...