Peapack-Gladstone Financial Corp
NASDAQ:PGC
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Peapack-Gladstone Financial Corp
NASDAQ:PGC
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Earnings Calls
Last Earnings Call
Results: Peapack-Gladstone reported net income of $15.8 million, or $0.85 per diluted share, in line with guidance and up 11% sequentially.
Growth: Revenue rose to $86.1 million, net interest income reached $63.9 million, and loan and deposit growth remained strong, led by C&I, CRE and wealth management.
Margins: Net interest margin expanded 6 basis points to 3.32%, but management said deposit competition is getting tougher and could create some volatility ahead.
Credit: Credit costs stayed elevated, with provision at $8.1 million and nonperforming assets rising to $72.2 million, mainly because of a larger multifamily relationship.
Outlook: Management reiterated its path to 1% ROA and 10% ROE by the fourth quarter of this year, possibly slipping into the first quarter of next year.
Strategy: Leaders said the company’s New York buildout is now largely behind it, and they are focused on execution as the franchise shifts toward a private bank model.