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Peapack-Gladstone Financial Corporation Reports Third Quarter Results

Posted October 22, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its third quarter 2024 financial results.

This earnings release should be read in conjunction with the Company’s Q3 2024 Investor Update, a copy of which is available on our website at www.pgbank.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

During the third quarter of 2024, deposits grew $279 million, to $5.9 billion, which represents an annualized growth rate of 20%. Nearly half of the deposit growth during the quarter was attributed to an increase in noninterest-bearing demand deposit balances which grew $130 million to $1.1 billion. Strong core relationship growth throughout 2024 has allowed the Company to repay all outstanding short-term borrowings and strengthen its liquidity position.  The Company also saw an increase in loan demand during the third quarter. Outstanding loan balances increased by $51 million to $5.3 billion as of September 30, 2024.

The Company recorded net income of $7.6 million and diluted earnings per share (“EPS”) of $0.43 for the quarter ended September 30, 2024 compared to net income of $7.5 million and EPS of $0.42 for the quarter ended June 30, 2024.

Read more about Peapack-Gladstone Financial Corporation's Third Quarter Results.

Peapack-Gladstone Bank Hires Michael Anthony Guarino, Esq., CRCM as Senior Vice President

Posted October 10, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce that Michael Anthony Guarino, Esq. has joined the Bank as a Senior Vice President, Attorney.

Working out of the Bank’s Headquarters in Bedminster, New Jersey and its new location at 300 Park Avenue, New York City, Mr. Guarino is primarily responsible for responding to all legal issues arising out of the Company’s New York office, in addition to working with the Bank’s General Counsel in providing support and advice to the Bank’s executive and leadership teams on all matters of law and policy.

An accomplished and seasoned corporate attorney, Mr. Guarino has over 25 years of experience in financial services, including legal, regulatory risk assessment and compliance management, fraud and AML investigations, and vendor management/contract review with evolving risk.  He most recently served as Senior Vice President and Senior Counsel at Metropolitan Commercial Bank.  Prior to that as Compliance Officer & Risk/Counsel Risk Assessment at Israel Discount Bank of New York where he held roles as Compliance Officer & Counsel/Risk Assessment/Quality Control/ and Legal Counsel.  Additional roles included Assistant Counsel/Vice President & Regulatory Compliance Manager, First Fidelity, First Union Bank and Assistant Treasurer, Legal Liaison/Risk Manager, International Trade Products Department, and Legal Investigator/Analyst at Chase Manhattan Bank, New York, NY.

Read more about Michael Anthony Guarino, Esq.

Peapack-Gladstone Financial Corporation and Peapack-Gladstone Bank’s Investment Grade Ratings Confirmed by Moody’s Investors Service

Posted September 30, 2024

Peapack-Gladstone Financial Corporation (“the Company”) (NASDAQ Global Select Market:  PGC) reports today that Moody’s Investors Service (“Moody’s”) has confirmed investment grade ratings for both the Company and its banking subsidiary, Peapack-Gladstone Bank (“the Bank”). Moody’s has confirmed the Baa3 long term local currency issuer rating for the Company, and the baa2 baseline credit assessment (BCA) for the Bank.

The outlooks on the long-term issuer rating of the Company and on the long-term deposits and issuer ratings of Peapack-Gladstone Bank have been changed to “stable” from ratings under review. These actions conclude the review for possible downgrade that was initiated back in June of this year.

To establish the rating, Moody’s extensively reviewed the business fundamentals and financial conditions of the Company and the Bank, as well as the terms and conditions surrounding issuer and deposit ratings.

In confirming these ratings, Moody’s indicated that the Company’s sustained solid capital position and recent improvements in its funding and liquidity profile are adequate mitigants against the Bank’s risk profile. Moody’s also indicated that the Company has successfully strengthened its funding and liquidity profile over the last year. The overall funding structure remains a credit strength with the deposit base demonstrating resilience during the 2023 regional banking crisis.

Read more about Moody's Investment Grade Ratings.

Peapack Private Hires Vanessa Tortorice as Senior Managing Director

Posted September 25, 2024

Peapack Private, a division of Peapack-Gladstone Bank, is proud to announce that Vanessa Tortorice has joined Peapack Private’s New York City location as Senior Managing Director.  Vanessa joins a team of highly-skilled commercial bankers at Peapack Private, where she will contribute to the growth of commercial and industrial business in the New York market. She is dedicated to providing tailored banking solutions to help clients achieve their long-term financial goals.

With a proven track record in financial services, Vanessa brings 12 years of experience to Peapack Private. 


Peapack Private Elevates MJ Sully, Esq. to Senior Managing Director, Chief Fiduciary Officer and President of PGB Trust & Investments of Delaware

Posted August 19, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces the elevation of MJ Sully, Esq. to Senior Managing Director, Chief Fiduciary Officer at Peapack Private, a division of Peapack-Gladstone Bank, and names her President of PGB Trust & Investments of Delaware, a bank subsidiary.  She is a member of the Peapack Private senior leadership team and manages the trust and estate professionals and support personnel in both New Jersey and Delaware who provide trust, estate, agency, IRA, foundation, tax, and custody administration.  Ms. Sully joined the wealth management division of the organization in 2007.

Ms. Sully began her legal career in private practice and then served for more than 12 years as a government attorney.  She was Assistant Municipal Attorney to the Township of West Orange and then Special Probate Counsel to the Essex County Surrogate’s Court and the Superior Court of New Jersey, Chancery Division, Probate Part.
Ms. Sully has lectured for the New Jersey Institute for Continuing Legal Education on various topics such as Probate Litigation, Surrogate Court Practice, Fiduciary Duties, Elective Share, Guardianships, Conservatorships, and was the Keynote Speaker at the New Jersey Institute for Continuing Legal Education’s 56th Semi-Annual Tax & Estate Planning Forum. She has appeared on the Discovery Channel as a legal expert for the television series, “The Will”.

Peapack-Gladstone Financial Corporation Reports Second Quarter Results

Posted July 23, 2024

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) announces its second quarter 2024 financial results.

This earnings release should be read in conjunction with the Company’s Q2 2024 Investor Update, a copy of which is available on our website at www.pgbank.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at  www.sec.gov.

During the second quarter of 2024, core relationship deposits grew $354 million to $4.6 billion which represents an annualized rate of 33%.  During the first six months of the year core relationship deposits have grown by $524 million. Strong growth in core relationship deposit balances have enabled the Company to repay $119.5 million of all outstanding short-term borrowings as of June 30, 2024.

The improvement in the Company’s liquidity profile also resulted in an increase in the net interest margin compared to the previous quarter. The net interest margin increased to 2.25% for the quarter ended June 30, 2024, compared to 2.20% for the quarter ended March 31, 2024.

Archives

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Posted on December 22, 2021 - Peapack-Gladstone Bank Gives Back this Holiday Season

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Posted October 28, 2021 Peapack-Gladstone Bank Corporation Reports Third Quarter Results, as Record Wealth Management Fee Income Drives Total Fee Income to 34% of Total Revenue

Posted September 1, 2021 Peapack-Gladstone Bank Hires Senior Managing Director, Market President

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Posted May 27, 2021 Peapack-Gladstone Bank Hires Senior Vice President, Director of Residential and Consumer Lending

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Posted April 27, 2021 Peapack-Gladstone Financial Corporation Declares Quarterly Cash Dividend

Posted April 26, 2021 Jacqueline Reyes is promoted to Senior Vice President, BSA/AML/OFAC Officer at Peapack-Gladstone Bank

Posted April 19, 2021 Peapack-Gladstone Bank Turns 100 in 2021

Posted April 12, 2021 Peapack-Gladstone Bank Now Open in Boonton, NJ

Posted April 5, 2021 - Matthew Remo is Promoted to Senior Vice President, Director of Strategy and Development at Peapack-Gladstone Bank

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Posted December 10, 2019 Bottomline Delivers Intelligent Customer Engagement for Peapack-Gladstone Bank













Posted January 24, 2019 Peapack-Gladstone Bank Announces New Hires