This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Peapack-Gladstone Financial Corporation Reports Third Quarter Results Of Operations

Average noninterest-bearing checking balances grew $12.6 million or 6.3 percent to $211.4 million in the third quarter of 2010 from the third quarter of 2009. Average interest-bearing checking balances totaled $259.8 million in the third quarter of 2010, rising $43.2 million or 19.9 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 the 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 $445.8 million in the third quarter of 2009 to $515.7 million for the same quarter of 2010, an increase of $69.9 million or 15.7 percent. The Corporation’s reduction in certificate of deposit balances and its 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.

Mr. Kissel commented, “Our core deposit growth and reduced reliance on certificates of deposit has benefited our cost of funds, as well as our franchise value.”

PGB Trust and Investments

PGB Trust and Investments generated $2.3 million in fee income in the third quarter of 2010, compared to $2.2 million in the third quarter of 2009. The market value of the assets under administration of the Trust Division increased from $1.80 billion at September 30, 2009 to $1.93 billion at September 30, 2010.

Craig C. Spengeman, President of PGB Trust & Investments commented, “We continue to see increases in our managed asset business and related recurring fee income. Further, we are pleased with the recovery and performance of our assets under administration, particularly in the latter part of this quarter. The financial markets continue to experience extreme volatility as we continue to manage through a most challenging period. Our performance reflects the sound financial management of our trust and investment professionals. Further, we continue to add new clients, as individuals continue to seek our professional advice.”

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs