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Peapack-Gladstone Financial Corporation Reports First Quarter Results Of Operations

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
 

 

As of

March 31,   December 31,   September 30,   June 30,   March 31,
2010 2009 2009 2009 2009
 
ASSETS
Cash and due from banks $ 8,999 $ 7,864 $ 9,343 $ 50,921 $ 20,525
Federal funds sold 201 201 200 200 201
Interest-earning deposits 33,915 71,907 46,876 513 59,063
Total cash and cash equivalents 43,115 79,972 56,419 51,634 79,789
 
Securities held to maturity 105,258 89,459 86,703 77,216 48,379
Securities available for sale 278,052 272,484 252,786 227,414 178,676
FHLB and FRB Stock, at cost 5,305 5,315 5,329 5,343 4,202
 
Residential mortgage 443,085 452,641 466,601 483,330 494,208
Commercial mortgage 281,323 279,595 279,336 275,915 275,675
Commercial loans 133,288 120,554 129,671 133,659 137,304
Construction loans 48,044 64,816 65,760 67,075 69,474
Consumer loans 24,936 25,638 26,571 27,302 27,959
Home equity lines of credit 39,487 38,728 38,450 35,357 32,648
Other loans 902 1,565 1,592 1,079 1,958
Total loans 971,065 983,537 1,007,981 1,023,717 1,039,226
Less: Allowance for loan losses 13,720 13,192 12,947 11,054 9,762
Net loans 957,345 970,345 995,034 1,012,663 1,029,464
 
Premises and equipment 27,942 27,911 28,011 27,189 26,740
Other real estate owned 40 360 680 700 965
Accrued interest receivable 5,112 4,444 5,359 4,652 4,635
Bank owned life insurance 26,473 26,292 26,087 25,865 25,672
Deferred tax assets, net 23,999 23,522 22,154 23,653 22,927
Other assets 10,670 12,249 9,117 2,550 2,858
TOTAL ASSETS $ 1,483,311 $ 1,512,353 $ 1,487,679 $ 1,458,879 $ 1,424,307
 
LIABILITIES
Deposits:

Noninterest bearing demand deposits

$ 223,184 $ 216,127 $ 199,804 $ 194,888 $ 195,175
Interest-bearing deposits
Checking 241,887 255,058 212,687 203,378 178,430
Savings 77,064 73,866 73,308 71,464 70,426
Money market accounts 502,548 458,303 470,123 418,208 400,692
CD’s $100,000 and over 109,347 147,138 159,942 187,516 192,708
CD’s less than $100,000 173,219 199,177 209,994 220,779 225,608
Total deposits 1,327,249 1,349,669 1,325,858 1,296,233 1,263,039
Borrowings 36,140 36,499 36,815 37,128 39,439
Other liabilities 5,998 6,676 5,862 9,844 7,654
TOTAL LIABILITIES 1,369,387 1,392,844 1,368,535 1,343,205 1,310,132
Shareholders’ Equity 113,924 119,509 119,144 115,674 114,175

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 1,483,311 $ 1,512,353 $ 1,487,679 $ 1,458,879 $ 1,424,307
 

Trust division assets under management (market value, not included above)

 
$ 1,894,971 $ 1,856,229 $ 1,803,862 $ 1,702,782 $ 1,602,752
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in thousands)
(Unaudited)
 

 

As of

March 31,   December 31,   September 30,   June 30,   March 31,
2010 2009 2009 2009 2009
 
Asset Quality:

Loans past due over 90 days and still accruing

$ 638 $ 496 $ 1,118 $ 104 $ -
Nonaccrual loans 12,200 11,256 13,082 12,998 11,139
Other real estate owned 40   360   680   700   965  
Total nonperforming assets $ 12,878   $ 12,112   $ 14,880   $ 13,802   $ 12,104  
 
 
Nonperforming loans to total loans
1.32 % 1.19 % 1.41 % 1.28 % 1.07 %
Nonperforming assets to total assets
0.87 % 0.80 % 1.00 % 0.95 % 0.85 %
 
Troubled debt restructured loans $ 11,817 $ 11,123 $ 18,671 $ 7,766 $ -
 
Loans past due 30 through 89 days and still accruing
$ 10,056 $ 6,015 $ 7,362 $ 5,524 $ 8,458
 
Allowance for loan losses:
Beginning of period $ 13,192 $ 12,947 $ 11,054 $ 9,762 $ 9,688
Provision for loan losses 2,400 2,950 2,750 2,000 2,000
Charge-offs, net (1,872 ) (2,705 ) (857 ) (708 ) (1,926 )
End of period $ 13,720   $ 13,192   $ 12,947   $ 11,054   $ 9,762  
 
ALLL to nonperforming loans 106.87 % 112.25 % 91.18 % 84.37 % 87.64 %
ALLL to total loans 1.41 % 1.34 % 1.28 % 1.08 % 0.94 %
 
 
Capital Adequacy:
Tier I leverage
(5% minimum to be considered well capitalized)
 
7.80 % 7.93 % 8.17 % 8.25 % 8.21 %

Tier I capital to risk-weighted assets

 

(6% minimum to be considered well capitalized)

 
12.01 % 12.45 % 12.23 % 12.30 % 11.73 %

Tier I & II capital to risk-weighted assets

 
(10% minimum to be considered well capitalized)
 
13.27 % 13.71 % 13.48 % 13.44 % 12.73 %
 
Common equity to Total assets
6.29 % 6.09 % 6.17 % 6.06 % 6.11 %
 
Book value per Common share
$ 10.70 $ 10.57 $ 10.54 $ 10.15 $ 9.99
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
 

 

For The Three Months Ended

March 31,   December 31,   September 30,   June 30,   March 31,
2010 2009 2009 2009 2009
Income Statement Data:
Interest income $ 15,791 $ 16,123 $ 16,379 $ 16,709 $ 16,795

Interest expense

3,243   4,000   4,129   4,543   4,987  
Net interest income 12,548 12,123 12,250 12,166 11,808
Provision for loan losses 2,400   2,950   2,750   2,000   2,000  

Net interest income after provision for loan losses

10,148 9,173 9,500 10,166 9,808
Trust fees 2,364 2,346 2,200 2,550 2,332
Other income 1,108 1,067 1,137 1,114 983
Securities gains, net - (42 ) (2 ) 108 5
Salaries and employee benefits 5,709 5,291 5,622 5,430 5,534
Premises and equipment 2,372 2,358 2,185 2,171 2,089
FDIC insurance expense 586 834 724 1,378 373
Other expenses 1,863   2,124   2,409   2,216   1,528  
Income before income taxes 3,090 1,937 1,895 2,743 3,604
Income tax expense 965   536   583   813   1,122  
Net income 2,125 1,401 1,312 1,930 2,482

Dividends and accretion on preferred stock

710 430 430 428 205

Net income available to Common shareholders

         
$ 1,415   $ 971   $ 882   $ 1,502   $ 2,277  
 
Per Common Share Data:
Earnings per share (basic) $ 0.16 $ 0.11 $ 0.10 $ 0.17 $ 0.26
Earnings per share (diluted) 0.16 0.11 0.10 0.17 0.26
 
 
Performance Ratios:
Return on Average Assets 0.58 % 0.37 % 0.36 % 0.54 % 0.71 %

Return on Average Common Equity

6.10 % 4.18 % 3.89 % 6.75 % 10.45 %
 
Net Interest Margin

(Taxable Equivalent Basis)

3.67 % 3.44 % 3.61 % 3.71 % 3.70 %
 
Note: Per share amounts have been restated for a 5% stock dividend declared on June 18, 2009, and payable on August 3, 2009 to shareholders of record on July 9, 2009.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
 
For The
Three Months Ended
March 31,
2010   2009
Income Statement Data:
Interest income $ 15,791 $ 16,795
Interest expense 3,243   4,987  
Net interest income 12,548 11,808
Provision for loan losses 2,400   2,000  
Net interest income after provision for loan losses
10,148 9,808
Trust fees 2,364 2,332
Other income 1,108 983
Securities gains, net - 5
Salaries and employee benefits 5,709 5,534
Premises and equipment 2,372 2,089
FDIC insurance expense 586 373
Other expenses 1,863   1,528  
Income before income taxes 3,090 3,604
Income tax expense 965   1,122  
Net income 2,125 2,482
Dividends and accretion on preferred stock
710 205
Net income available to Common shareholders    
$ 1,415   $ 2,277  
 
Per Common Share Data:
Earnings per share (basic) $ 0.16 $ 0.26
Earnings per share (diluted) 0.16 0.26
 
 
Performance Ratios:
Return on Average Assets 0.58 % 0.71 %
Return on Average Common Equity
6.10 % 10.45 %
 
Net Interest Margin
(Taxable Equivalent Basis) 3.67 % 3.70 %
 
Note: Per share amounts have been restated for a 5% stock dividend declared on June 18, 2009, and payable on August 3, 2009 to shareholders of record on July 9, 2009.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
   

 

March 31, 2010

March 31, 2009
Average   Income/   Average   Income/  
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning Assets:
Investments:
Taxable (1) $ 325,379 $ 2,511 3.09 % $ 179,304 $ 2,139 4.77 %
Tax-Exempt (1) (2) 37,800 450 4.76 49,976 653 5.24
Loans (2) (3) 978,470 12,994 5.31 1,047,911 14,258 5.44
Federal Funds Sold 201 - 0.20 200 - 0.20
Interest-Earning Deposits 44,591   24 0.21   28,054   9 0.13  
Total Interest-Earning Assets
1,386,441   $ 15,979 4.61 % 1,305,445   $ 17,059 5.23 %
Noninterest-Earning Assets:
Cash and Due from Banks 8,334 19,697
Allowance for Loan Losses
(13,773 ) (9,612 )
Premises and Equipment 27,992 26,854
Other Assets 68,845   54,654  
Total Noninterest-Earning
Assets 91,398   91,593  
Total Assets $ 1,477,839   $ 1,397,038  
 
LIABILITIES:
Interest-Bearing Deposits
Checking $ 238,285 $ 407 0.68 % $ 168,041 $ 297 0.71 %
Money Markets 494,670 1,118 0.90 381,532 1,171 1.23
Savings 75,186 77 0.41 68,087 78 0.46
Certificates of Deposit 305,654   1,317 1.72   427,011   3,090 2.89  
Total Interest-Bearing Deposits
1,113,795 2,919 1.05 1,044,671 4,636 1.78
Borrowings 36,290   324 3.57   41,646   351 3.37  
Total Interest-Bearing Liabilities
1,150,085   3,243 1.13   1,086,317   4,987 1.84  
Noninterest Bearing Liabilities
 
Demand Deposits 208,044 192,166
Accrued Expenses and Other Liabilities
6,087   6,729  
Total Noninterest-Bearing Liabilities
214,131 198,895
Shareholders’ Equity 113,623   111,826  
Total Liabilities and Shareholders’ Equity
$ 1,477,839   $ 1,397,038  
Net Interest Income $ 12,736 $ 12,072
Net Interest Spread 3.48 % 3.39 %
Net Interest Margin (4) 3.67 % 3.70 %
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
   

 

March 31, 2010

December 31, 2009
Average   Income/   Average   Income/  
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning Assets:
Investments:
Taxable (1) $ 325,379 $ 2,511 3.09 % $ 304,301 $ 2,506 3.29 %
Tax-Exempt (1) (2) 37,800 450 4.76 47,749 578 4.83
Loans (2) (3) 978,470 12,994 5.31 996,601 13,232 5.31
Federal Funds Sold 201 - 0.20 201 - 0.20
Interest-Earning Deposits 44,591   24 0.21   90,663   47 0.21  
Total Interest-Earning Assets
1,386,441   $ 15,979 4.61 % 1,439,515   $ 16,363 4.55 %
Noninterest-Earning Assets:
Cash and Due from Banks 8,334 9,493
Allowance for Loan Losses
(13,773 ) (12,872 )
Premises and Equipment 27,992 27,981
Other Assets 68,845   61,689  
Total Noninterest-Earning Assets
91,398   86,291  
Total Assets $ 1,477,839   $ 1,525,806  
 
LIABILITIES:
Interest-Bearing Deposits
Checking $ 238,285 $ 407 0.68 % $ 226,851 $ 426 0.75 %
Money Markets 494,670 1,118 0.90 469,635 1,103 0.94
Savings 75,186 77 0.41 72,326 76 0.42
Certificates of Deposit 305,654   1,317 1.72   381,984   2,062 2.16  
Total Interest-Bearing Deposits
1,113,795 2,919 1.05 1,150,796 3,667 1.27
Borrowings 36,290   324 3.57   36,605   333 3.64  
Total Interest-Bearing Liabilities
1,150,085   3,243 1.13   1,187,401   4,000 1.35  
Noninterest Bearing Liabilities
 
Demand Deposits 208,044 209,458
Accrued Expenses and Other Liabilities
6,087   8,676  
Total Noninterest-Bearing Liabilities
214,131 218,134
Shareholders’ Equity 113,623   120,271  
Total Liabilities and Shareholders’ Equity
$ 1,477,839   $ 1,525,806  
Net Interest Income $ 12,736 $ 12,363
Net Interest Spread 3.48 % 3.20 %
Net Interest Margin (4) 3.67 % 3.44 %
(1)   Average balances for available-for sale securities are based on amortized cost.
(2) Interest income is presented on a tax-equivalent basis using a 35 percent federal tax rate.
(3) Loans are stated net of unearned income and include nonaccrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.




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