Peapack-Gladstone Financial Corporation Reports Fourth Quarter Results Of Operations
Peapack-Gladstone Financial Corporation ( NASDAQ Global Select Market:PGC) (the Corporation) recorded net income of $1.9 million and diluted earnings per share of $0.18 for the quarter ended December 31, 2010. This compared to diluted earnings per share of $0.18 for the quarter ended September 30, 2010, and diluted earnings per share of $0.11 for the quarter ended December 31, 2009.
For the year ended December 31, 2010, the Corporation recorded net income of $7.7 million and diluted earnings per share of $0.68, reflecting an increase when compared to $7.1 million and $0.64 for the 2009 year.
When compared to the quarter ended December 31, 2009, the December 2010 quarter included increased net interest income, increased income from the PGB Trust and Investment business and increased other income.
Frank A. Kissel, Chairman and CEO, stated, “We are pleased to have shown earnings growth for this quarter and for the year. As I have noted in the past, building capital internally to redeem the Treasury’s Capital Purchase Program investment over time continues to be an important business objective of the Corporation.”The Corporation’s provision for loan losses for the quarter ended December 31, 2010, was $2.9 million, just slightly below the $3.0 million provision recorded in the December 2009 quarter, but above the $2.0 million provision recorded in the September 2010 quarter. Mr. Kissel noted that progress continues in resolving problem assets. During the fourth quarter of 2010, $2.5 million of problem loans were paid off. During January 2011 an additional $2.4 million of problem loans were paid off. Further, there are two properties totaling $4.0 million in other real estate owned and both are under contract for sale. Net Interest Income and Margin Net interest income, on a fully tax-equivalent basis, was $12.6 million for the fourth quarter of 2010, up from $12.4 million for the same quarter in 2009.
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