The average home equity line portfolio rose $6.9 million or 17.5 percent to $46.0 million for the first quarter of 2011 compared to the same quarter in 2010. The Corporation focuses on the origination of these adjustable-rate loans and loan originations outpaced principal paydowns over the year.From December 31, 2010 to March 31, 2011, the total loan portfolio grew $17.8 million to $950.3 million. Mr. Kissel stated, “We were particularly pleased to have seen new quality growth opportunities in our loan portfolio over the course of this quarter. Loan originations increased to $89.6 million for the first quarter of 2011 from $87.9 million for the fourth quarter of 2010 and from $40.4 million for the first quarter of 2010. Included in these totals were commercial loan originations of $31.7 million for the three months ended March 31, 2011, $4.9 million for the fourth quarter of 2010 and $9.6 million for the first three months of 2010. Given our shorter duration investment portfolio, we will benefit from utilizing cash flows from this lower-yielding portfolio to fund our higher-yielding commercial and residential loan production. In doing so, however, we will remain committed to our conservative underwriting philosophy.”
Peapack-Gladstone Financial Corporation Reports First Quarter Results Of Operations
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