Peapack-Gladstone Financial (US:PGC)2025-01-28 22:03Financial 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]