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Peapack-Gladstone Financial Corporation Reports Fourth Quarter Results

Posted January 25, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its fourth quarter 2023 financial results.

This earnings release should be read in conjunction with the Company’s Q4 2023 Investor Update, a copy of which is available on our website at www.pgbank.comand via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov. 

The Company recorded total revenue of $54.3 million, net income of $8.6 million and diluted earnings per share (“EPS”) of $0.48 for the quarter ended December 31, 2023, compared to revenue of $64.9 million, net income of $20.6 million and diluted EPS of $1.12 for the quarter ended December 31, 2022.

The net interest margin stabilized at 2.29% for the quarter ended December 31, 2023, compared to 2.28% for the quarter ended September 30, 2023 and 3.12% for the quarter ended December 31, 2022.

The Company’s return on average assets was 0.53%, return on average equity was 6.13%, and return on average tangible equity was 6.68% for the quarter ended December 31, 2023. Year over year deposits increased by $69.0 million to $5.3 billion and loans grew $135.2 million to $5.4 billion as of December 31, 2023.

The Company’s liquidity position remains stable as balance sheet liquidity (consisting of cash and cash equivalents and securities available for sale) increased to $782.4 million as of December 31, 2023, which was 12.08% of total assets.  The Company also had $2.7 billion of external borrowing capacity available, which, when combined with balance sheet liquidity provides us with 297% coverage of our uninsured deposits. Approximately 78% of our deposits are presently covered by FDIC insurance or are fully collateralized.

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Peapack-Gladstone Bank Announces New Hires

Posted January 16, 2024
Peapack-Gladstone Financial and Peapack-Gladstone Bank appointed Philip Prudenti, CAMS as Vice President, Head of KYC and Client Onboarding at Peapack-Gladstone Bank. He joins the Company’s experienced team of risk and compliance professionals, assessing and implementing best practice procedures.

With over 25 years of expertise in financial services, risk management and compliance, Prudenti’s knowledge is invaluable to the institution. He most recently served as Director, Head of Special Approval – BSA/AML Operations at First Republic Bank in New York City where he oversaw the BSA/AML Due Diligence Operations group for client onboarding in New York, San Francisco and Boston. 

Artur Wisniewski joins Peapack-Gladstone Bank as Vice President and Support Manager of the Company’s New York location. He is responsible for managing the day-to-day residential mortgage area, assisting relationship managers with investor guidelines, products, structuring loans, and identifying and resolving loan issues.

Wisniewski has 22 years of experience in the financial services industry, previously serving as Vice President, Senior Residential Loan Officer at City National Bank where he was responsible for the coordination and processing of the internal mortgage process from initiation through closing.

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Peapack-Gladstone Bank Appoints Rich Johnston as President, Peapack Capital, a Subsidiary of Peapack-Gladstone Bank

Posted January 11, 2024
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:  PGC) and Peapack-Gladstone Bank announce the appointment of Rich Johnston as President, Peapack Capital, a subsidiary of the Bank, which focuses on equipment finance and leasing.  Rich is now responsible for overseeing all originations and asset finance transactions from bank lessors, independent lessors, finance companies and intermediaries, in addition to out-bound syndications.  Since joining Peapack Capital in 2017, he has played a significant role in the growth of this important business segment.

Read more about Rich Johnston.

Peapack-Gladstone Bank Hires Birgitta Natale as Senior Vice President, Director of Residential and Consumer Lending

Posted January 9, 2024
Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank announce the appointment of Birgitta Natale as Senior Vice President, Director of Residential and Consumer Lending. In this role, Ms. Natale is responsible for both residential and consumer lending, management of the residential loan originations team, and new business development as well as the build out of the mortgage operations expansion into New York.

With more than 27 years of experience in the financial services arena, Birgitta previously served as Vice President, East Coast Closing and Head of New York Processing at First Republic Bank, where she built and managed operations of the east coast region closing/funding teams and headed the NY and Florida loan specialist area.

Learn more about Birgitta Natale.

Peapack-Gladstone Bank’s Boonton Charity Christmas Tree Sale Supports Sound Start Foundation

Posted December 18, 2023

This holiday season, Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank presented its 3rd Annual Boonton Charity Christmas Tree Sale.  Held November 24 through December 9, one hundred percent of this year’s sales and donations totaling more than $35,000 benefitted Sound Start Foundation.  Regardless of a family’s ability to pay, and for over a quarter of a century, Sound Start, a 501c(3), has provided early intervention services to babies with hearing loss – changing lives forever.  This festive event, organized entirely by Peapack-Gladstone Bank, was a great way to bring people together to celebrate the season, while making the holidays merry and bright for local individuals and families.  Each year, a new community beneficiary is named; and over the last three years, the Bank has raised nearly $100,000 through this effort.

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Peapack-Gladstone Bank’s 3rd Annual Boonton Charity Christmas Tree Sale

Posted November 2, 2023

Peapack-Gladstone Bank announces the return of the Boonton Charity Christmas Tree Sale.  This 3rd annual holiday event will highlight the rich history of the community and is reminiscent of past tree sales sponsored by the local Kiwanis Club of Boonton.  To be held at the Bank’s retail location at 104 Ely Place, one hundred percent of this year’s proceeds benefit Sound Start Foundation located in northern New Jersey.  Regardless of a family’s ability to pay, and for over a quarter of a century, Sound Start, a 501c(3), has provided early intervention services to babies with hearing loss – changing lives forever.  Early in 2023, Sound Start created an aggressive expansion plan, which will increase outreach, provide funding for improved educational opportunities,  invest in research, and ensure that no child with hearing loss is without support. 

Beginning at 10:00 am on Friday, November 24, families can choose from a selection of approximately 250 trees, in a wide variety of species, ranging from 5 to 12 foot.  Cash and credit or debit card payments only.  Once your selection is made, volunteers net and prepare your holiday selection for transport. The Charity Tree Sale days run November 24 - 26 and December 1 - 3 from 10:00 am to 6:00 pm.  Stop by and enter to win two tickets to the annual Sound Start Gala to be held on May 9, 2024, at the luxurious Mansion at Mountain Lakes.

Founded in 1921, Peapack-Gladstone Bank reflects on past traditions and ties to the community, bringing back an old-fashioned quality to this distinctive branch. The Boonton location offers personal and business banking solutions, as well as wealth management, investment banking, professional services and consumer and commercial lending.  The branch is open Monday through Friday from 9:00 am to 5:00 pm, Thursdays until 6:00 pm, and Saturday from 9:00 am to 12 Noon.  Additional amenities include fully operational drive-up services, 24-hour ATM, safe deposit boxes and night deposit services.

Archives

Posted on December 22, 2021 - Peapack-Gladstone Bank Gives Back this Holiday Season

Posted December 16, 2021 - Peapack-Gladstone Bank’s Return of the Boonton Christmas Tree Sale Supports nourish.NJ

Posted December 1, 2021 - Peapack-Gladstone Bank Hires Katherine M. Dickenson, Esq. as Senior Managing Director, Assistant General Counsel

Posted December 1, 2021 - Peapack-Gladstone Bank Earns 2021 Best Banks to Work For Recognition

Posted November 18, 2021 - Peapack-Gladstone Bank Celebrates Company’s 100th Anniversary through Volunteerism

Posted November 18, 2021 - Brandon J. Smith Joins Peapack Capital as Senior Vice President, Head of Asset Management

Posted November 18, 2021 - Peapack-Gladstone Bank Hires Brenda Boyce, Vice President, Senior Credit Underwriter at Peapack Capital

Posted November 8, 2021 - Peapack-Gladstone Bank Brings Back Boonton Christmas Tree Sale Tradition

Posted October 28, 2021 Peapack-Gladstone Bank Corporation Reports Third Quarter Results, as Record Wealth Management Fee Income Drives Total Fee Income to 34% of Total Revenue

Posted September 1, 2021 Peapack-Gladstone Bank Hires Senior Managing Director, Market President

Posted July 28, 2021 Peapack-Gladstone Financial Corporation Reports Strong Second Quarter Results, Driven By Increased Wealth Management Fee Income, Strong Loan Growth And Margin Expansion

Posted July 1, 2021 Peapack Private Wealth Management Acquires Princeton Portfolio Strategies Group

Posted May 27, 2021 Peapack-Gladstone Bank Hires Senior Vice President, Director of Residential and Consumer Lending

Posted May 12, 2021 Peapack-Gladstone Financial Corporation to Acquire Princeton Portfolio Strategies Group

Posted April 27, 2021 Peapack-Gladstone Financial Corporation Declares Quarterly Cash Dividend

Posted April 26, 2021 Jacqueline Reyes is promoted to Senior Vice President, BSA/AML/OFAC Officer at Peapack-Gladstone Bank

Posted April 19, 2021 Peapack-Gladstone Bank Turns 100 in 2021

Posted April 12, 2021 Peapack-Gladstone Bank Now Open in Boonton, NJ

Posted April 5, 2021 - Matthew Remo is Promoted to Senior Vice President, Director of Strategy and Development at Peapack-Gladstone Bank

Posted March 16, 2021 Peapack-Gladstone Bank to Open a New Location

Posted February 10, 2021 Peapack Private Investment Banking Advises on the Sale of Randall Farms

Posted February 2, 2021 Peapack Gladstone Financial Corporation Reports Fourth Quarter and Full Year Results and Announces a 5% Stock Repurchase Program















Posted December 10, 2019 Bottomline Delivers Intelligent Customer Engagement for Peapack-Gladstone Bank














Posted January 24, 2019 Peapack-Gladstone Bank Announces New Hires