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Peapack-Gladstone Financial Corporation Reports Second Quarter Results Of Operations

The average home equity line portfolio rose $6.5 million or 18.9 percent to $40.8 million for the second quarter of 2010 compared to the same quarter in 2009. The Corporation focused on the origination of these adjustable-rate loans. Loan originations outpaced principal paydowns over the year.

Deposits

Average total deposits (interest-bearing and noninterest-bearing) grew $46.9 million or 3.7 percent from $1.28 billion in the second quarter of 2009 to $1.33 billion in the second quarter of 2010. Average noninterest-bearing checking grew $16.6 million or 8.4 percent to $214.2 million in the second quarter of 2010 from the second quarter of 2009. Average interest-bearing checking balances totaled $254.0 million in the second quarter of 2010, rising $60.8 million or 31.4 percent from the same quarter in 2009. Checking growth is attributable to the Corporation’s focus on core deposit growth, particularly checking, coupled with growth in our Ultimate Checking product, which provides customers with a low-cost checking product and a higher yield for larger balances.

Average money market accounts also rose, from $414.1 million in the second quarter of 2009 to $510.6 million for the same quarter of 2010, an increase of $96.5 million or 23.3 percent. The Corporation’s focus on core deposit growth, as well as certain customers tending to “park” funds in money market accounts in lower interest rate environments accounted for this growth.

Average certificates of deposit declined from $406.5 million in the June 2009 quarter to $274.2 million in the June 2010 quarter, a decline of $132.3 million or 32.5 percent. The Corporation allowed higher costing certificates of deposit to run-off and replaced those funds with lower costing, more stable core deposits.

Mr. Kissel commented, “Our reduced reliance on certificates of deposit and our core deposit growth continues to strengthen customer relationships, reduce the overall cost of funds, contribute to profitability and enhance franchise value.”

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