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Peapack-Gladstone Financial Corporation Reports First Quarter Results Of Operations

Stocks in this article: PGC

Other Non-Interest Income

Other non-interest income, exclusive of Trust fees, totaled $1.45 million in the March 2011 quarter compared to $1.11 million in the same quarter a year ago. The 2011 quarter reflected: increased service charges and fees, partially due to increased core deposit accounts and activity from such account holders, and increased income from Bank Owned Life Insurance, due to improved crediting rates. Additionally, during the first quarter of 2011, the Corporation recorded $196 thousand of gains on sales of securities that were held as available for sale.

Operating Expenses

The Corporation’s total operating expenses were $11.2 million in the March 2011 quarter compared to $10.5 million in the March 2010 quarter. Costs for the Corporation to keep up with the increased regulatory burden on financial institutions, a new corporate headquarters occupied in June 2010 and a major system upgrade in our Trust Division in May 2010, were partially offset by various operational efficiencies. Mr. Kissel commented, “Our investments in a new corporate headquarters and a new, significantly enhanced system in our Trust area have added convenience for our customers and operating efficiencies for our company.”

Asset Quality

At March 31, 2011, nonperforming assets totaled $22.5 million or 1.48 percent of total assets, reflecting a slight decline from $22.8 million or 1.51 percent of total assets at December 31, 2010. During the March 2011 quarter, the Corporation classified a $4.7 million commercial loan participation in nonperforming loans. However, as noted earlier, $5.4 million of problem loans were paid off or sold during the quarter. Further, a $1 million property in Other Real Estate Owned (OREO) was sold.

Total net charge-offs against the allowance for loan losses were $1.90 million for the quarter ended March 31, 2011. The allowance for loan losses at March 31, 2011 was $14.4 million or 1.51 percent of total loans, as compared to $14.3 million or 1.53 percent of total loans at December 31, 2010, and $13.7 million or 1.41 percent of total loans at March 31, 2010.

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