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Form 10-Q PEAPACK GLADSTONE FINANC For: Mar 31

May 18, 2022 12:02 PM EDT

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pgc-10q_20220331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to                 

Commission File No. 001-16197

PEAPACK-GLADSTONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey

22-3537895

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

500 Hills Drive, Suite 300

Bedminster, New Jersey 07921-0700

(Address of principal executive offices, including zip code)

 

(908) 234-0700

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, no par value

 

PGC

 

The NASDAQ Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Number of shares of Common Stock outstanding as of May 6, 2022: 18,370,312

 

 

 

 

 

 


 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

PART I FINANCIAL INFORMATION

 

Item 1

 

Financial Statements (Unaudited)

3

 

 

Consolidated Statements of Condition at March 31, 2022 and December 31, 2021

3

 

 

Consolidated Statements of Income for the three months ended March 31, 2022 and 2021

4

 

 

Consolidated Statements of Comprehensive Income/(Loss) for the three months ended March 31, 2022 and 2021

5

 

 

Consolidated Statement of Changes in Shareholders’ Equity for the three months ended March 31, 2022 and 2021

6

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

7

 

 

Notes to Consolidated Financial Statements

8

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4

 

Controls and Procedures

62

 

 

PART II OTHER INFORMATION

 

Item 1

 

Legal Proceedings

 

63

Item 1A

 

Risk Factors

 

63

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

63

Item 3

 

Defaults Upon Senior Securities

 

63

Item 4

 

Mine Safety Disclosures

 

63

Item 5

 

Other Information

 

63

Item 6

 

Exhibits

 

64

 

 

2


 

Item 1. Financial Statements

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands, except per share data)

 

 

 

(unaudited)

 

 

(audited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

8,849

 

 

$

5,929

 

Federal funds sold

 

 

 

 

 

 

Interest-earning deposits

 

 

105,111

 

 

 

140,875

 

Total cash and cash equivalents

 

 

113,960

 

 

 

146,804

 

Securities available for sale

 

 

601,163

 

 

 

796,753

 

Securities held to maturity (fair value $100,314 at March 31, 2022 and $108,460 at December 31, 2021)

 

 

106,816

 

 

 

108,680

 

Equity security, at fair value

 

 

14,003

 

 

 

14,685

 

FHLB and FRB stock, at cost

 

 

18,570

 

 

 

12,950

 

Loans held for sale, at fair value

 

 

605

 

 

 

3,040

 

Loans held for sale, at lower of cost or fair value

 

 

26,350

 

 

 

34,051

 

Loans

 

 

5,122,202

 

 

 

4,806,721

 

Less: Allowance for credit losses (1)

 

 

58,386

 

 

 

61,697

 

Net loans

 

 

5,063,816

 

 

 

4,745,024

 

Premises and equipment

 

 

22,960

 

 

 

23,044

 

Other real estate owned

 

 

 

 

 

 

Accrued interest receivable

 

 

22,890

 

 

 

21,589

 

Bank owned life insurance

 

 

46,805

 

 

 

46,663

 

Goodwill

 

 

36,212

 

 

 

36,212

 

Other intangible assets

 

 

12,259

 

 

 

12,690

 

Finance lease right-of-use assets

 

 

3,395

 

 

 

3,582

 

Operating lease right-of-use assets

 

 

14,725

 

 

 

9,775

 

Due from brokers

 

 

120,245

 

 

 

 

Other assets

 

 

30,890

 

 

 

62,451

 

TOTAL ASSETS

 

$

6,255,664

 

 

$

6,077,993

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

1,023,208

 

 

$

956,482

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

   Checking

 

 

2,362,987

 

 

 

2,287,894

 

   Savings

 

 

162,116

 

 

 

154,914

 

   Money market accounts

 

 

1,304,017

 

 

 

1,307,051

 

   Certificates of deposit - retail

 

 

384,909

 

 

 

409,608

 

   Certificates of deposit - listing service

 

 

31,348

 

 

 

31,382

 

Subtotal deposits

 

 

5,268,585

 

 

 

5,147,331

 

Interest-bearing demand - brokered

 

 

85,000

 

 

 

85,000

 

Certificates of deposit - brokered

 

 

33,831

 

 

 

33,818

 

Total deposits

 

 

5,387,416

 

 

 

5,266,149

 

Short-term borrowings

 

 

122,085

 

 

 

 

Finance lease liabilities

 

 

5,573

 

 

 

5,820

 

Operating lease liabilities

 

 

15,155

 

 

 

10,111

 

Subordinated debt, net

 

 

132,772

 

 

 

132,701

 

Deferred tax liabilities, net

 

 

26,916

 

 

 

39,322

 

Accrued expenses and other liabilities

 

 

42,321

 

 

 

77,502

 

TOTAL LIABILITIES

 

 

5,732,238

 

 

 

5,531,605

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)

 

 

 

 

 

 

Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued

   shares, 20,933,112 at March 31, 2022 and 20,656,810 at December 31, 2021; outstanding

   shares, 18,370,312 at March 31, 2022 and 18,393,888 at December 31, 2021

 

 

17,450

 

 

 

17,220

 

Surplus

 

 

332,474

 

 

 

332,358

 

Treasury stock at cost, 2,562,800 shares at March 31, 2022 and 2,262,922 shares

   at December 31, 2021

 

 

(76,278

)

 

 

(65,104

)

Retained earnings

 

 

290,718

 

 

 

274,288

 

Accumulated other comprehensive loss, net of income tax

 

 

(40,938

)

 

 

(12,374

)

TOTAL SHAREHOLDERS’ EQUITY

 

 

523,426

 

 

 

546,388

 

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY

 

$

6,255,664

 

 

$

6,077,993

 

 

(1)

Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss methodology.  Prior to January 1, 2022, the calculation was based on the incurred loss methodology.

 

See accompanying notes to consolidated financial statements

3


PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

40,472

 

 

$

35,384

 

Interest on investments:

 

 

 

 

 

 

 

 

Taxable

 

 

3,607

 

 

 

2,629

 

Tax-exempt

 

 

21

 

 

 

43

 

Interest on loans held for sale

 

 

11

 

 

 

55

 

Interest on interest-earning deposits

 

 

29

 

 

 

128

 

Total interest income

 

 

44,140

 

 

 

38,239

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Interest on savings and interest-bearing deposit accounts

 

 

1,782

 

 

 

1,789

 

Interest on certificates of deposit

 

 

606

 

 

 

1,470

 

Interest on borrowed funds

 

 

64

 

 

 

209

 

Interest on finance lease liability

 

 

68

 

 

 

79

 

Interest on subordinated debt

 

 

1,364

 

 

 

2,145

 

Subtotal - interest expense

 

 

3,884

 

 

 

5,692

 

Interest on interest-bearing demand - brokered

 

 

373

 

 

 

493

 

Interest on certificates of deposits - brokered

 

 

261

 

 

 

261

 

Total interest expense

 

 

4,518

 

 

 

6,446

 

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

 

 

39,622

 

 

 

31,793

 

Provision for credit losses (1)

 

 

2,375

 

 

 

225

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

37,247

 

 

 

31,568

 

OTHER INCOME

 

 

 

 

 

 

 

 

Wealth management fee income

 

 

14,834

 

 

 

12,131

 

Service charges and fees

 

 

952

 

 

 

846

 

Bank owned life insurance

 

 

313

 

 

 

611

 

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

 

 

247

 

 

 

1,025

 

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

 

 

 

 

 

282

 

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

 

 

 

 

 

 

Gain on sale of SBA loans

 

 

2,844

 

 

 

1,449

 

Corporate advisory fee income

 

 

1,561

 

 

 

1,098

 

Other income

 

 

1,254

 

 

 

643

 

Loss on securities sale, net

 

 

(6,609

)

 

 

 

Fair value adjustment for CRA equity security

 

 

(682

)

 

 

(265

)

Total other income

 

 

14,714

 

 

 

17,820

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

22,449

 

 

 

21,990

 

Premises and equipment

 

 

4,647

 

 

 

4,113

 

FDIC insurance expense

 

 

471

 

 

 

585

 

Swap valuation allowance

 

 

673

 

 

 

 

Other operating expense

 

 

5,929

 

 

 

4,906

 

Total operating expenses

 

 

34,169

 

 

 

31,594

 

INCOME BEFORE INCOME TAX EXPENSE

 

 

17,792

 

 

 

17,794

 

Income tax expense

 

 

4,351

 

 

 

4,616

 

NET INCOME

 

$

13,441

 

 

$

13,178

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

Basic

 

$

0.73

 

 

$

0.70

 

Diluted

 

$

0.71

 

 

$

0.67

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

 

 

 

 

 

 

 

 

Basic

 

 

18,339,013

 

 

 

18,950,305

 

Diluted

 

 

18,946,683

 

 

 

19,531,689

 

 

 

(1)

Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss methodology.  Prior to January 1, 2022, the calculation was based on the incurred loss methodology.

 

See accompanying notes to consolidated financial statements

 

4


 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(Dollars in thousands)

(Unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

13,441

 

 

$

13,178

 

Comprehensive (loss)/income:

 

 

 

 

 

 

 

 

Unrealized (losses)/gains on available for sale securities:

 

 

 

 

 

 

 

 

Unrealized holding losses arising during the period

 

 

(46,799

)

 

 

(17,618

)

Reclassification adjustment for amounts included in net

   income

 

 

6,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40,190

)

 

 

(17,618

)

 

 

 

 

 

 

 

 

 

Tax effect

 

 

9,616

 

 

 

4,203

 

Net of tax

 

 

(30,574

)

 

 

(13,415

)

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on cash flow hedges:

 

 

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

2,796

 

 

 

1,450

 

 

 

 

2,796

 

 

 

1,450

 

 

 

 

 

 

 

 

 

 

Tax effect

 

 

(786

)

 

 

(407

)

Net of tax

 

 

2,010

 

 

 

1,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive loss

 

 

(28,564

)

 

 

(12,372

)

 

 

 

 

 

 

 

 

 

Total comprehensive (loss)/income

 

$

(15,123

)

 

$

806

 

 

 

See accompanying notes to consolidated financial statements

 

5


 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended March 31, 2022 and March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

(In thousands, except share and

 

Preferred

 

 

Common

 

 

 

 

 

 

Treasury

 

 

Retained

 

 

Comprehensive

 

 

Shareholders'

 

per share data)

 

Stock

 

 

Stock

 

 

Surplus

 

 

Stock

 

 

Earnings

 

 

Loss

 

 

Equity

 

Balance at January 1, 2022 18,393,888

   common shares outstanding

 

$

 

 

$

17,220

 

 

$

332,358

 

 

$

(65,104

)

 

$

274,288

 

 

$

(12,374

)

 

$

546,388

 

Cumulative effect adjustment for adoption of ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,909

 

 

 

 

 

 

3,909

 

Balance at January 1, 2022, adjusted

 

$

 

 

$

17,220

 

 

$

332,358

 

 

$

(65,104

)

 

$

278,197

 

 

$

(12,374

)