Peapack-Gladstone Financial Corporation reports strong financial growth with record high AUM
From GlobeNewswire: 2024-10-22 16:30:00
Peapack-Gladstone Financial Corporation (NASDAQ:PGC) announced its third quarter financial results for 2024, reporting a $279 million growth in deposits to $5.9 billion, with half attributed to noninterest-bearing demand deposit balances. Net income was $7.6 million with diluted EPS of $0.43, and net interest income rose by $2.6 million on a linked quarter basis. Total loans increased by $51 million to $5.3 billion. Wealth Management Division AUM/AUA reached a record high of $12.1 billion, with $140 million in gross new business inflows. Total deposits increased by $661 million year-to-date, while outstanding loans declined $116 million. Tangible book value per share increased by 6% to $32.00 per share, and the Tier 1 Leverage Ratio stood at 10.99%. Wealth management fee income amounted to $15.2 million, contributing 27% to total revenue. The Company repurchased 100,000 shares of common stock in Q3 2024 at an average cost of $25.92 per share. Financial details for the periods shown reveal a 10% decrease in net interest income for the first nine months of 2024 compared to the previous year. Wealth management fee income increased by 10%, while total revenue decreased by 5%. Operating expenses increased by 15%, with a 41% decrease in net income. Diluted EPS also decreased by 40%. For the September 2024 quarter, net interest income saw a 3% increase compared to the prior year quarter, with Wealth Management fee income up by 8%. Operating expenses increased by 19%, and net income decreased by 13%. Diluted EPS also decreased by 12%. Net interest income increased 8% from the previous quarter, while Wealth Management fee income decreased by 8% in the September 2024 quarter. Operating expenses increased by 4%, and net income increased by 1%. Diluted EPS increased by 2%. Wealth Management monthly fee income for Q3 2024 was $15.2 million, a decrease from $16.4 million in the previous quarter. Loan balances declined by $116 million, with most of the decline coming from reductions in multifamily and commercial real estate balances. Total C&I loans and leases were at $2.2 billion or 42% of the total loan portfolio. The Company has a strong pipeline of new business heading into Q4.
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