Peapack-Gladstone Financial (US:PGC)2021-08-09 19:57Financial Performance - Net income for the three months ended June 30, 2021, was $14,418 thousand, a significant increase of 75.5% compared to $8,242 thousand for the same period in 2020[14]. - Earnings per share (EPS) for the second quarter of 2021 was $0.76, compared to $0.44 in the same quarter of 2020, marking a growth of 72.7%[14]. - Net income for the six months ended June 30, 2021, was $27,596,000, compared to $9,615,000 for the same period in 2020, representing a 187% increase[20]. - Comprehensive income for the three months ended June 30, 2021, was $22,767 thousand, compared to $9,905 thousand in the same period of 2020, showing a substantial increase of 130.5%[16]. - Net income for Q2 2021 was $14,418,000, up by $6,176,000 (75.00%) from $8,242,000 in Q2 2020[202]. - Net income for the first half of 2021 was $27,596,000, an increase of $17,981,000 (186.67%) from $9,615,000 in the first half of 2020[207]. Asset and Equity Changes - Total assets decreased to $5,791,688 thousand as of June 30, 2021, down from $5,890,442 thousand at December 31, 2020, representing a decline of approximately 1.7%[11]. - The company reported a total shareholders' equity of $538,459 thousand as of June 30, 2021, up from $527,122 thousand at the end of 2020, indicating a growth of approximately 2.5%[11]. - The total shareholders' equity as of June 30, 2021, was $538,459,000, compared to $507,980,000 as of June 30, 2020[20]. Loan and Deposit Growth - Net loans increased to $4,505,328 thousand, up from $4,305,128 thousand, reflecting a growth of about 4.6% year-over-year[11]. - Total deposits rose to $4,895,775 thousand, an increase of 1.6% from $4,818,484 thousand at the end of 2020[11]. - Total loans outstanding reached $4,568,833 thousand, an increase from $4,372,437 thousand as of December 31, 2020, representing a growth of approximately 4.5%[103]. - Noninterest-bearing demand deposits rose to $959,494 thousand, accounting for 19.60% of total deposits as of June 30, 2021, up from 17.30% at December 31, 2020[127]. Operating Expenses and Income - Total operating expenses for the six months ended June 30, 2021, were $62,278 thousand, compared to $57,249 thousand for the same period in 2020, reflecting an increase of 8.5%[14]. - Total revenue for Q2 2021 reached $51,523,000, reflecting an increase of $6,926,000 (15.55%) compared to Q2 2020[202]. - Total income for the Banking segment for the six months ended June 30, 2021, was $71,959 thousand, compared to $32,809 thousand for the same period in 2020, indicating significant growth[137]. Loan Loss Provisions - Provision for loan and lease losses decreased significantly to $900 thousand in Q2 2021 from $4,900 thousand in Q2 2020, indicating improved asset quality[14]. - The provision for loan and lease losses for the first half of 2021 was $1,125,000, a significant decrease of $23,775,000 (95.49%) from $24,900,000 in the first half of 2020[207]. - The allowance for loan and lease losses (ALLL) totaled $63,505 thousand as of June 30, 2021, compared to $63,448 thousand as of December 31, 2020[105]. Wealth Management and Noninterest Income - Wealth management fee income increased to $13,034 thousand for the three months ended June 30, 2021, up from $9,996 thousand in the same period last year, representing a growth of 30.4%[14]. - Total noninterest income for the three months ended June 30, 2021, was $17,678, an increase from $12,626 in the same period of 2020, representing a growth of approximately 40.7%[153]. - Wealth management fees for the six months ended June 30, 2021, amounted to $25,165, compared to $19,951 for the same period in 2020, reflecting a growth of about 26.0%[153]. Investment and Securities - Investment securities available for sale totaled $823,820 thousand as of June 30, 2021, with unrealized losses of $8,094 thousand, compared to $622,689 thousand with unrealized losses of $1,475 thousand as of December 31, 2020[100]. - The company believes that unrealized losses on investment securities are temporary and not indicative of credit-worthiness issues[101]. Risk Management and Credit Quality - The company segments and evaluates the loan portfolio based on Federal call report codes, identifying various portfolio classes including residential mortgages and commercial real estate loans[54][57]. - The company utilizes independent loan reviews quarterly to validate risk ratings and ensure compliance with policies[113]. - The company classifies loans into various credit risk rating categories, including Special Mention, Substandard, and Doubtful, based on borrower repayment ability[112][114][115][116]. Shareholder Actions - Cash dividends declared on common stock were $0.10 per share, totaling $1,901,000 for the six months ended June 30, 2021[20]. - Share repurchase for the six months ended June 30, 2021, amounted to 392,755 shares, costing $11,984,000[20].