PEAPACK GLADSTONE FINANCIAL CORP PGC Income Statement

Peapack gladstone financial corp (PGC)

Income statement / TTM

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
167,456	165,663	162,670	157,914	154,421	148,576	143,350	141,611	136,146	130,971	125,898	118,612	114,710	111,971	108,779	105,217	100,106	94,339	87,682	80,988	75,792	70,468	65,458	60,530	55,166	51,218	48,901	47,799	47,833	48,010	47,608	47,232	46,789	46,628	47,403	48,596	0	0	0
Securities available for sale:
Interest on investments:
Securities held to maturity:
Taxable
10,003	10,228	10,321	10,229	9,662	8,903	8,108	7,287	6,692	6,271	5,747	5,159	4,596	4,018	3,717	3,700	3,823	4,079	4,336	4,337	4,277	4,156	0	0	0	-	-	-	-	1,648	1,806	1,660	1,890	2,066	2,117	2,241	0	0	0
Tax-exempt
287	322	352	377	385	401	417	436	452	464	484	495	508	508	501	501	501	520	544	578	639	703	0	0	0	-	-	-	-	187	231	282	327	354	377	410	0	0	0
Interest on loans held for sale
0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	52	63	98	284	315	328	296	123	98	76	63	56	0	0	0	0	0
Taxable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,654	4,736	5,045	5,385	5,914	6,035	6,244	6,285	6,353	6,871	0	0	0
Tax-exempt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	753	710	671	639	631	599	562	518	500	515	0	0	0
Interest on interest-earning deposits
3,739	4,457	4,533	3,589	2,719	1,806	1,475	1,333	1,114	1,021	973	828	728	551	370	285	248	204	234	297	279	248	159	71	116	152	175	181	129	98	111	127	133	144	141	126	0	0	0
Total interest income
181,502	180,670	177,895	172,110	167,181	159,686	153,344	150,672	144,410	138,727	132,559	124,912	120,535	117,048	113,900	109,862	104,679	99,142	92,805	86,209	80,987	75,575	70,527	65,740	60,570	57,053	55,107	54,666	55,308	56,090	56,399	56,011	56,008	56,051	56,924	58,780	0	0	0
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts
16,971	18,589	24,074	21,286	17,148	12,806	13,217	10,378	8,282	6,375	6,674	4,990	3,896	3,244	3,349	2,869	2,480	2,111	2,597	2,355	2,022	1,671	1,730	1,416	1,240	1,107	922	921	953	1,092	721	1,117	1,682	2,215	3,988	4,748	0	0	0
Interest on certificates of deposit
14,670	14,210	13,390	12,154	11,023	9,938	9,058	8,377	7,697	7,118	6,705	6,456	6,351	6,270	6,050	5,731	5,237	4,411	3,450	2,511	1,829	1,521	2,226	2,060	1,903	1,763	2,176	2,214	2,224	2,237	0	0	0	-	1,189	1,346	0	0	0
Interest on other time deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	1,969	2,231	0	0	0
Overnight and short-term borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	19	-92	-117	-41	39	-122	-58	-28	3	0	0	0	-	-
Interest on borrowed funds
3,545	3,367	1,446	1,598	1,915	1,451	2,610	2,011	1,210	1,143	1,112	1,053	1,272	1,448	1,708	1,727	1,582	1,495	1,555	1,533	1,487	1,485	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Interest on finance lease liability
373	382	392	401	410	418	426	435	443	451	458	465	471	478	485	491	497	503	508	500	492	483	458	446	434	421	424	426	428	431	404	377	349	319	316	287	0	0	0
Interest on subordinated debt
4,894	4,895	4,893	4,892	4,890	4,887	4,522	4,082	3,644	3,206	3,148	2,504	0	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Subtotal - interest expense
54,724	55,714	54,475	50,611	45,666	39,780	34,282	29,732	25,725	22,742	20,518	18,549	16,931	15,598	14,132	12,559	11,398	10,122	8,939	7,728	6,659	5,989	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on interest-bearing demand - brokered
3,641	3,457	3,331	3,226	3,194	3,135	3,031	2,972	2,894	2,934	2,940	2,965	2,999	3,020	3,098	3,193	2,995	2,534	1,809	1,036	544	307	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on certificates of deposits - brokered
1,123	1,225	1,344	1,471	1,544	1,608	1,667	1,754	1,848	1,910	1,966	1,986	1,989	1,995	1,996	1,999	2,007	2,034	2,072	2,118	1,878	1,385	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total interest expense
59,488	60,396	59,150	55,308	50,404	44,523	38,980	34,458	30,467	27,586	25,424	23,500	21,919	20,613	19,226	17,751	16,400	14,690	12,820	10,882	9,081	7,681	6,457	5,345	4,650	4,277	4,100	4,182	4,369	4,687	5,139	5,706	6,423	7,136	8,263	9,527	0	0	0
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES
122,014	120,274	118,745	116,802	116,777	115,163	114,364	116,214	113,943	111,141	107,135	101,412	98,616	96,435	94,674	92,111	88,279	84,452	79,985	75,327	71,906	67,894	64,070	60,395	55,920	52,776	51,007	50,484	50,939	51,403	51,260	50,305	49,585	48,915	48,661	49,253	0	0	0
Provision for loan and lease losses
23,900	4,000	3,550	3,250	2,400	3,550	3,700	3,600	5,500	5,850	5,700	7,400	7,400	7,500	7,950	7,450	7,450	7,100	6,400	5,950	4,900	4,875	4,950	4,550	3,900	3,425	6,625	6,625	7,625	8,275	5,500	6,250	6,750	7,250	7,500	8,750	0	0	0
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES
98,114	116,274	115,195	113,552	114,377	111,613	110,664	112,614	108,443	105,291	101,435	94,012	91,216	88,935	86,724	84,661	80,829	77,352	73,585	69,377	67,006	63,019	59,120	55,845	52,020	49,351	44,382	43,859	43,314	43,128	45,760	44,055	42,835	41,665	41,161	40,503	0	0	0
OTHER INCOME
Wealth management fee income
39,144	38,363	36,795	35,494	34,052	33,245	32,182	29,772	26,732	23,183	20,304	18,950	18,763	18,240	17,937	17,670	17,303	17,039	16,554	16,046	15,519	15,242	14,967	14,601	14,224	13,838	0	0	0	-	-	-	-	-	-	-	-	-	-
Trust fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,937	11,574	11,144	10,686	10,356	10,487	0	0	0
Service charges and fees
3,488	3,488	3,533	3,511	3,487	3,502	3,401	3,357	3,299	3,239	3,217	3,213	3,216	3,252	3,286	3,306	3,325	3,323	3,354	3,351	3,222	3,111	2,941	2,836	2,816	2,798	2,771	2,741	2,755	2,756	2,776	2,829	2,882	2,908	2,914	2,858	0	0	0
Bank owned life insurance
1,311	1,321	1,347	1,364	1,383	1,381	1,371	1,365	1,370	1,356	1,395	1,392	1,387	1,407	1,279	1,199	1,102	1,297	1,319	1,335	1,363	1,092	1,090	1,092	1,092	1,098	1,096	1,084	1,072	1,064	1,452	1,443	1,440	1,427	997	959	0	0	0
Gains on loans held for sale at fair value (mortgage banking)
966	721	451	340	287	334	382	436	448	401	476	718	936	1,010	930	649	501	528	539	524	475	439	503	693	972	1,330	1,496	1,498	0	-	0	0	-	-	-	-	-	-	-
Loss on loans held for sale at lower of cost or fair value
0	-	0	-	-	-	-	-	-	-	0	-	-	1,233	880	624	124	0	-7	169	0	-	0	0	-	522	522	522	0	-	0	0	-	-	-	-	0	-	-
Fee income related to loan level, back-to-back swaps
6,947	5,799	5,178	3,683	3,862	3,844	2,185	2,219	2,610	2,814	3,509	3,291	2,000	1,638	764	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of SBA loans
2,780	2,145	1,493	1,783	2,024	1,636	2,133	2,112	1,440	1,564	911	661	731	623	502	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income
2,605	2,752	5,819	5,361	5,260	5,036	1,951	1,833	1,590	1,658	1,494	1,563	1,514	1,396	892	661	859	620	944	947	519	497	482	335	233	169	-126	-58	-13	196	-149	-71	71	156	935	957	0	0	0
Total impairment charges on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Other-Than-Temporary Impairment Loss:
Securities gains, net
256	117	208	-151	-256	-393	0	0	0	-	-	-	18	119	119	202	360	527	571	527	430	260	341	490	649	840	3,793	3,840	3,709	3,810	980	1,022	0	-	0	0	-	0	0
Total other income
57,484	54,696	50,426	46,993	45,707	44,193	43,544	41,392	37,823	34,627	31,693	30,397	29,674	28,918	26,969	25,044	24,095	23,714	23,278	22,720	21,694	20,807	20,493	20,223	19,986	20,595	22,972	22,749	22,184	21,303	18,203	17,617	17,270	16,716	15,689	15,502	0	0	0
OPERATING EXPENSES
Compensation and employee benefits
72,199	70,129	68,547	67,096	65,379	62,802	61,726	59,697	56,622	53,956	50,140	47,659	46,008	45,003	44,182	42,989	41,761	40,278	38,807	37,601	36,818	36,241	35,361	35,172	34,018	32,249	31,986	30,088	28,561	27,595	25,201	23,961	23,370	23,230	23,226	23,141	0	0	0
Premises and equipment
15,390	14,735	14,259	13,809	13,615	13,497	13,269	12,815	12,442	11,988	11,697	11,488	11,197	11,245	11,732	11,781	11,817	11,569	10,806	10,585	10,141	9,963	10,283	10,044	10,048	9,914	9,400	9,365	9,440	9,467	9,347	9,379	9,352	9,371	9,474	9,740	0	0	0
FDIC insurance (credit)/expense
250	277	922	1,792	2,140	2,443	2,293	2,283	2,260	2,366	2,675	2,906	3,885	4,758	4,370	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other operating expense
19,529	19,707	19,943	18,999	19,330	19,344	19,525	19,695	18,320	17,301	15,813	14,477	14,120	14,106	14,534	14,809	15,073	14,925	14,482	14,119	14,010	13,336	12,964	12,864	13,163	13,020	12,704	12,465	11,542	11,268	11,777	11,565	11,514	11,798	10,451	10,150	0	0	0
Total operating expenses
107,368	104,848	103,671	101,696	100,464	98,086	96,813	94,490	89,644	85,611	80,325	76,530	75,210	75,112	76,140	74,873	72,364	68,926	64,511	62,305	60,969	59,540	58,608	58,080	57,229	55,183	54,090	51,918	49,543	48,330	46,325	44,905	44,236	44,399	43,737	44,169	0	0	0
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE
48,230	66,122	61,950	58,849	59,620	57,720	57,395	59,516	56,622	54,307	52,803	47,879	45,680	42,741	37,553	34,832	32,560	32,140	32,352	29,792	27,731	24,286	21,005	17,988	14,777	14,763	13,264	14,690	15,955	16,101	17,638	16,767	15,869	13,982	13,113	11,836	0	0	0
Income tax (benefit)/expense
10,848	18,688	16,020	14,421	14,832	13,550	13,585	16,224	17,300	17,810	19,367	17,533	16,710	16,264	14,041	13,053	12,107	12,168	12,511	11,470	10,864	9,396	7,932	6,815	5,378	5,502	5,340	5,898	6,449	6,405	6,473	3,102	2,759	1,814	1,566	3,865	0	0	0
NET INCOME
37,382	47,434	45,930	44,428	44,788	44,170	43,810	43,292	39,322	36,497	33,436	30,346	28,970	26,477	23,512	21,779	20,453	19,972	19,841	18,322	16,867	14,890	13,073	11,173	9,399	9,261	7,924	8,792	9,506	9,696	11,165	13,665	13,110	12,168	11,547	7,971	0	0	0
Dividends on preferred stock and accretion
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	474	694	913	1,132	1,228	1,334	1,439	0	0	0
Net income available to common shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,222	10,471	12,752	11,978	10,940	10,213	6,532	0	0	0
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