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Peapack-Gladstone Financial Corporation Reports First Quarter Results Of Operations

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.”

Deposits

Average total deposits (interest-bearing and noninterest-bearing) increased $22.6 million, or 1.7 percent, to $1.34 billion for the March 2011 quarter from $1.32 billion for the same quarter last year.

Average noninterest-bearing checking balances grew $14.4 million or 6.9 percent to $222.4 million for the first quarter of 2011 from $208.0 million for the first quarter of 2010. Average interest-bearing checking balances totaled $298.0 million for the quarter ended March 31, 2011, rising $59.7 million or 25.1 percent from the same quarter in 2010. Checking growth is attributable to the Corporation’s continual focus on business and personal core deposit growth, particularly checking, coupled with the Corporation’s recent focus on obtaining the core deposit accounts of select municipalities within its branch market areas.

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