This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Peapack-Gladstone Financial Corporation Reports Third Quarter Results Of Operations

Other Income

Other income totaled $1.2 million in the September 2010 quarter compared to $1.1 million in the September 2009 quarter. Fee income earned on the sale of mortgage loans at origination increased, as there were greater mortgage originations in the September 2010 quarter and at a greater targeted premiums than in the September 2009 quarter.

Net gains on sales of securities totaled $126 thousand for the quarter ended September 30, 2010. The 2009 quarter reflected a net loss of $2 thousand.

The September 2010 quarter included a $360 thousand write-down of the Corporation’s investment in equity securities. Mr. Kissel noted “Our equity portfolio consists of high quality common stocks with a book value before write-down of $1.5 million. Unfortunately, the market value of these stocks has been depressed due to the recession. Although our quarterly review of each of the companies continues to indicate no major financial issues, since the market value of the stocks has been below our book value for an extended period, and we do not forecast a recovery of value in the foreseeable future, we have decided to write the securities down to fair value as of September 30, 2010.”

Operating Expenses

The Corporation’s total operating expenses were $10.9 million in both the September 2010 quarter and the September 2009 quarter. The 2010 quarter included decreased FDIC insurance expense and decreased professional fees offset by increased expenses associated with a new branch office opened in September 2009 and a new corporate headquarters occupied in June 2010.

ASSET QUALITY

At September 30, 2010, nonperforming assets decreased to $19.0 million or 1.28 percent of total assets as compared to $21.3 million or 1.44 percent of total assets at June 30, 2010. As noted earlier, the progress made in resolving certain problem assets has led to a decline in non-performing assets from June 30, 2010 to September 30, 2010.

4 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs