Peapack gladstone financial corp (PGC)
Income statement / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
INTEREST INCOME
Interest and fees on loans

165,663

148,576

130,971

111,971

94,339

70,468

51,218

48,010

46,628

50,455

54,978

Securities available for sale:
Interest on investments:
Securities held to maturity:
Taxable

10,228

8,903

6,271

4,018

4,079

4,156

4,606

1,648

2,066

2,037

1,383

Tax-exempt

322

401

464

508

520

703

793

187

354

467

905

Interest on loans held for sale

-

-

-

-

-

-

284

123

56

-

0

Taxable

-

-

-

-

-

-

-

5,385

6,285

7,278

8,012

Tax-exempt

-

-

-

-

-

-

-

639

518

535

639

Interest on Federal Funds Sold

-

-

-

-

-

-

-

-

-

-

0

Interest on interest-earning deposits

4,457

1,806

1,021

551

204

248

152

98

144

150

90

Total interest income

180,670

159,686

138,727

117,048

99,142

75,575

57,053

56,090

56,051

60,922

66,007

INTEREST EXPENSE
Checking accounts

13,697

8,125

4,229

2,146

1,495

781

308

379

1,045

-

1,476

Interest on savings and interest-bearing deposit accounts

18,589

12,806

6,375

3,244

2,111

1,671

1,107

1,092

2,215

1,586

4,830

Interest on certificates of deposit

14,210

9,938

7,118

6,270

4,411

1,521

1,763

2,237

-

1,620

4,331

Savings and money market accounts

-

-

-

-

-

-

-

-

-

3,908

-

Interest on other time deposits

-

-

-

-

-

-

-

-

-

2,666

5,654

Overnight and short-term borrowings

574

2,155

220

316

107

48

19

39

3

0

2

Interest on borrowed funds

3,367

1,451

1,143

1,448

1,495

1,485

584

509

739

1,046

1,366

Interest on finance lease liability

382

418

451

478

503

483

421

431

319

206

0

Certificates of deposit over $100,000

-

-

-

-

-

-

-

-

1,060

-

-

Other certificates of deposit

-

-

-

-

-

-

-

-

1,755

-

-

Interest on subordinated debt

4,895

4,887

3,206

1,696

-

-

-

-

-

-

-

Subtotal - interest expense

55,714

39,780

22,742

15,598

10,122

5,989

4,202

-

-

-

-

Interest on interest-bearing demand - brokered

3,457

3,135

2,934

3,020

2,534

307

15

-

-

-

-

Interest on certificates of deposits - brokered

1,225

1,608

1,910

1,995

2,034

1,385

60

-

-

-

-

Total interest expense

60,396

44,523

27,586

20,613

14,690

7,681

4,277

4,687

7,136

11,032

17,659

NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES

120,274

115,163

111,141

96,435

84,452

67,894

52,776

51,403

48,915

49,890

48,348

Provision for loan and lease losses

4,000

3,550

5,850

7,500

7,100

4,875

3,425

8,275

7,250

10,000

9,700

NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES

116,274

111,613

105,291

88,935

77,352

63,019

49,351

43,128

41,665

39,890

38,648

OTHER INCOME
Wealth management fee income

38,363

33,245

23,183

18,240

17,039

15,242

13,838

12,282

-

-

-

Trust fees

-

-

-

-

-

-

-

-

10,686

9,901

9,428

Service charges and fees

3,488

3,502

3,239

3,252

3,323

3,111

2,798

2,756

2,908

2,798

2,472

Bank owned life insurance

1,321

1,381

1,356

1,407

1,297

1,092

1,098

1,064

1,427

863

886

Gains on loans held for sale at fair value (mortgage banking)

721

334

401

1,010

528

439

1,330

1,195

502

1,041

-

Loss on loans held for sale at lower of cost or fair value

-10

-4,392

412

1,233

0

166

522

0

0

-

657

Fee income related to loan level, back-to-back swaps

5,799

3,844

2,814

1,638

373

-

-

-

-

-

-

Gain on sale of SBA loans

2,145

1,636

1,564

623

7

-

-

-

-

-

-

Other income

2,752

5,036

1,658

1,396

620

497

169

196

156

329

286

Total impairment charges on securities

-

-

-

-

-

-

-

-

-

941

-

Loss recognized in other comprehensive income

-

-

-

-

-

-

-

-

-

0

0

Other-Than-Temporary Impairment Loss:
Net impairment loss recognized in earnings

-

-

-

-

-

-

-

-

-

941

0

Securities gains, net

117

-393

-

119

527

260

840

3,810

1,037

124

69

Total other income

54,696

44,193

34,627

28,918

23,714

20,807

20,595

21,303

16,716

14,115

13,798

OPERATING EXPENSES
Compensation and employee benefits

70,129

62,802

53,956

45,003

40,278

36,241

32,249

27,595

23,230

22,529

21,877

Premises and equipment

14,735

13,497

11,988

11,245

11,569

9,963

9,914

9,467

9,371

9,624

8,803

FDIC insurance (credit)/expense

277

2,443

2,366

4,758

2,154

-

-

-

-

-

-

Other operating expense

19,707

19,344

17,301

14,106

14,925

13,336

13,020

11,268

11,798

10,957

11,586

Total operating expenses

104,848

98,086

85,611

75,112

68,926

59,540

55,183

48,330

44,399

43,110

42,266

(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE

66,122

57,720

54,307

42,741

32,140

24,286

14,763

16,101

13,982

10,895

10,180

Income tax (benefit)/expense

18,688

13,550

17,810

16,264

12,168

9,396

5,502

6,405

1,814

3,231

3,054

NET INCOME

47,434

44,170

36,497

26,477

19,972

14,890

9,261

9,696

12,168

7,664

7,126

Dividends on preferred stock and accretion

-

-

-

-

-

-

-

474

1,228

1,686

1,493

Net income available to common shareholders

-

-

-

-

-

-

-

9,222

10,940

5,978

5,633

EARNINGS PER SHARE
Basic

2.46

2.33

2.07

1.62

1.31

1.23

1.02

1.05

1.25

0.68

0.64

Diluted

2.44

2.31

2.03

1.60

1.29

1.22

1.01

1.05

1.25

0.68

0.64

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic

-

-

-

-

-

-

-

-

-

8,784

-

Diluted

-

-

-

-

-

-

-

-

-

8,785

-