PEAPACK GLADSTONE FINANCIAL CORP PGC Income Statement

Peapack gladstone financial corp (PGC)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
INTEREST INCOME
Interest and fees on loans
42,305	42,550	42,006	40,595	40,512	39,557	37,250	37,102	34,667	34,331	35,511	31,637	29,492	29,258	28,225	27,735	26,753	26,066	24,663	22,624	20,986	19,409	17,969	17,428	15,662	14,399	13,041	12,064	11,714	12,082	11,939	12,098	11,891	11,680	11,563	11,655	11,730	12,455	12,756
Securities available for sale:
Interest on investments:
Securities held to maturity:
Taxable
2,459	2,428	2,477	2,639	2,684	2,521	2,385	2,072	1,925	1,726	1,564	1,477	1,504	1,202	976	914	926	901	959	1,037	1,182	1,158	960	977	1,061	-	-	-	-	273	564	376	435	431	418	606	611	482	542
Tax-exempt
58	65	73	91	93	95	98	99	109	111	117	115	121	131	128	128	121	124	128	128	140	148	162	189	204	-	-	-	-	36	39	46	66	80	90	91	93	103	123
Interest on loans held for sale
21	-	30	13	4	-	12	6	10	-	23	7	4	-	384	182	11	-	10	24	10	-	10	15	10	17	21	50	196	48	34	18	23	23	12	5	16	0	0
Taxable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,141	1,085	1,277	1,151	1,223	1,394	1,617	1,680	1,344	1,603	1,658	1,748	1,862
Tax-exempt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	199	195	197	162	156	156	165	154	124	119	121	136	139
Interest on interest-earning deposits
552	560	1,362	1,265	1,270	636	418	395	357	305	276	176	264	257	131	76	87	76	46	39	43	106	109	21	12	17	21	66	48	40	27	14	17	53	43	20	28	50	28
Total interest income
45,395	45,556	45,948	44,603	44,563	42,781	40,163	39,674	37,068	36,439	37,491	33,412	31,385	30,271	29,844	29,035	27,898	27,123	25,806	23,852	22,361	20,786	19,210	18,630	16,949	15,738	14,423	13,460	13,432	13,792	13,982	14,102	14,214	14,101	13,594	14,099	14,257	14,974	15,450
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts
6,443	-6,736	8,710	8,554	8,061	-1,251	5,922	4,416	3,719	-840	3,083	2,320	1,812	-541	1,399	1,226	1,160	-436	919	837	791	50	677	504	440	109	363	328	307	-76	362	360	446	-447	758	925	979	1,326	1,518
Interest on certificates of deposit
3,694	3,734	3,781	3,461	3,234	2,914	2,545	2,330	2,149	2,034	1,864	1,650	1,570	1,621	1,615	1,545	1,489	1,401	1,296	1,051	663	440	357	369	355	1,145	191	212	215	1,558	229	222	228	-	262	268	285	374	419
Interest on other time deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	253	274	285	-	321	341	368	-	422	445	490	612	684
Overnight and short-term borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-303	138	92	92	-414	113	168	172	-575	177	198	203	-	-
Interest on borrowed funds
1,012	809	886	838	834	-1,112	1,038	1,155	370	47	439	354	303	16	380	573	479	276	399	428	392	336	377	382	390	-	-	-	-	-	-	-	-	-	-	-	-	223	291
Interest on finance lease liability
90	92	94	97	99	102	103	106	107	110	112	114	115	117	119	120	122	124	125	126	128	129	117	118	119	104	105	106	106	107	107	108	109	80	80	80	79	77	51
Interest on subordinated debt
1,223	1,224	1,224	1,223	1,224	1,222	1,223	1,221	1,221	857	783	783	783	-	799	139	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Subtotal - interest expense
12,462	13,394	14,695	14,173	13,452	12,155	10,831	9,228	7,566	6,657	6,281	5,221	4,583	4,433	4,312	3,603	3,250	2,967	2,739	2,442	1,974	1,784	1,528	1,373	1,304	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on interest-bearing demand - brokered
923	981	901	836	739	855	796	804	680	751	737	726	720	757	762	760	741	835	857	562	280	110	84	70	43	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on certificates of deposits - brokered
263	267	267	326	365	386	394	399	429	445	481	493	491	501	501	496	497	502	504	504	524	540	550	264	31	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total interest expense
13,648	14,642	15,863	15,335	14,556	13,396	12,021	10,431	8,675	7,853	7,499	6,440	5,794	5,691	5,575	4,859	4,488	4,304	4,100	3,508	2,778	2,434	2,162	1,707	1,378	1,210	1,050	1,012	1,005	1,033	1,132	1,199	1,323	1,485	1,699	1,916	2,036	2,612	2,963
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES
31,747	30,914	30,085	29,268	30,007	29,385	28,142	29,243	28,393	28,586	29,992	26,972	25,591	24,580	24,269	24,176	23,410	22,819	21,706	20,344	19,583	18,352	17,048	16,923	15,571	14,528	13,373	12,448	12,427	12,759	12,850	12,903	12,891	12,616	11,895	12,183	12,221	12,362	12,487
Provision for loan and lease losses
20,000	1,950	800	1,150	100	1,500	500	300	1,250	1,650	400	2,200	1,600	1,500	2,100	2,200	1,700	1,950	1,600	2,200	1,350	1,250	1,150	1,150	1,325	1,325	750	500	850	4,525	750	1,500	1,500	1,750	1,500	2,000	2,000	2,000	2,750
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES
11,747	28,964	29,285	28,118	29,907	27,885	27,642	28,943	27,143	26,936	29,592	24,772	23,991	23,080	22,169	21,976	21,710	20,869	20,106	18,144	18,233	17,102	15,898	15,773	14,246	13,203	12,623	11,948	11,577	8,234	12,100	11,403	11,391	10,866	10,395	10,183	10,221	10,362	9,737
OTHER INCOME
Wealth management fee income
9,955	10,120	9,501	9,568	9,174	8,552	8,200	8,126	8,367	7,489	5,790	5,086	4,818	4,610	4,436	4,899	4,295	4,307	4,169	4,532	4,031	3,822	3,661	4,005	3,754	3,547	3,295	3,628	3,368	-	-	-	-	-	-	-	-	-	-
Trust fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,918	3,259	3,176	2,584	2,555	2,829	2,718	2,254	2,686
Service charges and fees
816	893	882	897	816	938	860	873	831	837	816	815	771	815	812	818	807	849	832	837	805	880	829	708	694	710	724	688	676	683	694	702	677	703	747	755	703	709	691
Bank owned life insurance
328	325	332	326	338	351	349	345	336	341	343	350	322	380	340	345	342	252	260	248	537	274	276	276	266	272	278	276	272	270	266	264	264	658	257	261	251	228	219
Gains on loans held for sale at fair value (mortgage banking)
292	344	198	132	47	74	87	79	94	122	141	91	47	197	383	309	121	117	102	161	148	128	87	112	112	192	277	391	470	-	358	279	-	-	-	-	-	-	-
Loss on loans held for sale at lower of cost or fair value
-3	-	-6	-	-	-	-	-	-	-	34	-	-	353	256	500	124	0	0	0	0	-	-7	176	-	0	0	0	522	-	0	0	-	-	-	-	196	-	-
Fee income related to loan level, back-to-back swaps
1,418	2,459	2,349	721	270	1,838	854	900	252	179	888	1,291	456	874	670	0	94	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of SBA loans
1,054	929	224	573	419	277	514	814	31	774	493	142	155	121	243	212	47	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income
459	504	902	740	606	3,571	444	639	382	486	326	396	450	322	395	347	332	-182	164	545	93	142	167	117	71	127	20	15	7	-168	88	60	216	-513	166	202	301	266	188
Total impairment charges on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	360	-
Other-Than-Temporary Impairment Loss:
Securities gains, net
198	-45	34	69	59	46	-325	-36	-78	-	-	-	0	0	0	18	101	0	83	176	268	44	39	79	98	125	188	238	289	3,078	235	107	390	-	248	277	-	126	2
Total other income
14,517	15,525	14,416	13,026	11,729	11,255	10,983	11,740	10,215	10,606	8,831	8,171	7,019	7,672	7,535	7,448	6,263	5,723	5,610	6,499	5,882	5,287	5,052	5,473	4,995	4,973	4,782	5,236	5,604	7,350	4,559	4,671	4,723	4,250	3,973	4,324	4,169	3,223	3,786
OPERATING EXPENSES
Compensation and employee benefits
19,226	17,954	17,476	17,543	17,156	16,372	16,025	15,826	14,579	15,296	13,996	12,751	11,913	11,480	11,515	11,100	10,908	10,659	10,322	9,872	9,425	9,188	9,116	9,089	8,848	8,308	8,927	7,935	7,079	8,045	7,029	6,408	6,113	5,651	5,789	5,817	5,973	5,647	5,704
Premises and equipment
4,043	3,898	3,849	3,600	3,388	3,422	3,399	3,406	3,270	3,194	2,945	3,033	2,816	2,903	2,736	2,742	2,864	3,390	2,785	2,778	2,616	2,627	2,564	2,334	2,438	2,947	2,325	2,338	2,304	2,433	2,290	2,413	2,331	2,313	2,322	2,386	2,350	2,416	2,588
FDIC insurance (credit)/expense
250	0	-277	277	277	645	593	625	580	495	583	602	686	804	814	1,581	1,559	-	416	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	586	552
Other operating expense
4,716	4,849	5,211	4,753	4,894	5,085	4,267	5,084	4,908	5,266	4,437	3,709	3,889	3,778	3,101	3,352	3,875	4,206	3,376	3,616	3,727	3,763	3,013	3,507	3,053	3,391	2,913	3,806	2,910	3,075	2,674	2,883	2,636	3,584	2,462	2,832	2,920	2,237	2,161
Total operating expenses
28,235	26,701	26,259	26,173	25,715	25,524	24,284	24,941	23,337	24,251	21,961	20,095	19,304	18,965	18,166	18,775	19,206	19,993	16,899	16,266	15,768	15,578	14,693	14,930	14,339	14,646	14,165	14,079	12,293	13,553	11,993	11,704	11,080	11,548	10,573	11,035	11,243	10,886	11,005
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE
-1,971	17,788	17,442	14,971	15,921	13,616	14,341	15,742	14,021	13,291	16,462	12,848	11,706	11,787	11,538	10,649	8,767	6,599	8,817	8,377	8,347	6,811	6,257	6,316	4,902	3,530	3,240	3,105	4,888	2,031	4,666	4,370	5,034	3,568	3,795	3,472	3,147	2,699	2,518
Income tax (benefit)/expense
-3,344	5,555	5,216	3,421	4,496	2,887	3,617	3,832	3,214	2,922	6,256	4,908	3,724	4,479	4,422	4,085	3,278	2,256	3,434	3,139	3,339	2,599	2,393	2,533	1,871	1,135	1,276	1,096	1,995	973	1,834	1,647	1,951	1,041	-1,537	1,304	1,006	793	762
NET INCOME
1,373	12,233	12,226	11,550	11,425	10,729	10,724	11,910	10,807	10,369	10,206	7,940	7,982	7,308	7,116	6,564	5,489	4,343	5,383	5,238	5,008	4,212	3,864	3,783	3,031	2,395	1,964	2,009	2,893	1,058	2,832	2,723	3,083	2,527	5,332	2,168	2,141	1,906	1,756
Dividends on preferred stock and accretion
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	474	220	219	219	570	326	324
Net income available to common shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,058	2,832	2,723	2,609	2,307	5,113	1,949	1,571	1,580	1,432
EARNINGS PER SHARE
Basic
0.07	0.65	0.63	0.59	0.59	0.56	0.56	0.63	0.58	0.58	0.57	0.45	0.47	0.43	0.43	0.41	0.35	0.28	0.35	0.34	0.34	0.32	0.33	0.32	0.26	0.24	0.22	0.23	0.33	0.12	0.32	0.31	0.30	0.27	0.58	0.22	0.18	0.18	0.16
Diluted
0.07	0.64	0.63	0.59	0.58	0.56	0.56	0.62	0.57	0.56	0.56	0.45	0.46	0.43	0.43	0.40	0.34	0.27	0.35	0.34	0.33	0.32	0.32	0.32	0.26	0.25	0.22	0.22	0.32	0.12	0.32	0.31	0.30	0.27	0.58	0.22	0.18	0.18	0.16
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic
18,858	-	19,314	19,447	19,350	-	19,053	18,930	18,608	-	17,800	17,505	17,121	-	16,467	16,172	15,858	-	15,253	15,082	14,909	-	11,841	11,721	11,606	-	8,950	8,909	8,870	-	8,778	8,775	8,771	-	8,742	8,739	8,735	8,786	8,783
Diluted
19,079	-	19,484	19,568	19,658	-	19,240	19,098	18,908	-	18,123	17,756	17,438	-	16,673	16,341	16,016	-	15,435	15,233	15,070	-	11,956	11,846	11,710	-	9,013	8,955	8,917	-	8,819	8,813	8,791	-	8,743	8,739	8,736	8,786	8,785