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 InvestmentsPGB 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.”
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