10-Q 1 pgc-20220930.htm 10-Q 10-Q
0001050743falseQ3P3Y--12-310001050743us-gaap:SpecialMentionMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2021-01-012021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-07-012021-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743pgc:PeapackPrivateMember2022-09-300001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMemberus-gaap:OtherLiabilitiesMember2022-09-300001050743us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-06-300001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2020-12-310001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300001050743us-gaap:CommonStockMember2020-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001050743us-gaap:PassMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300001050743us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2021-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2020-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:UnallocatedFinancingReceivablesMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001050743srt:MaximumMemberus-gaap:EmployeeStockMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2021-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2021-06-300001050743pgc:SecuredByFarmlandAndAgriculturalMember2020-12-310001050743us-gaap:EmployeeStockMember2022-01-012022-09-300001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2022-01-012022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-01-012021-09-300001050743us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2021-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-07-012021-09-300001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-012022-01-010001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-01-012021-09-3000010507432022-01-012022-01-010001050743us-gaap:RetainedEarningsMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberus-gaap:JuniorLienMember2021-12-310001050743srt:ScenarioPreviouslyReportedMemberus-gaap:ConstructionLoansMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2021-06-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-07-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:LeaseAgreementsMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001050743pgc:BankingSegmentMember2021-09-300001050743srt:MinimumMemberus-gaap:EmployeeStockMember2022-01-012022-09-300001050743srt:MaximumMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-06-3000010507432022-01-010001050743us-gaap:ConsumerPortfolioSegmentMember2022-09-300001050743us-gaap:EquityFundsMember2022-07-012022-09-300001050743pgc:WealthManagementDivisionMember2021-07-012021-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-12-310001050743us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-07-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2021-01-012021-09-300001050743us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2021-12-310001050743pgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberpgc:OwnerOccupiedPropertyMember2021-12-310001050743us-gaap:TreasuryStockMember2020-12-310001050743us-gaap:LeaseAgreementsMember2022-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:JuniorLienMember2022-09-300001050743us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2021-12-310001050743us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743pgc:BankingSegmentMember2022-07-012022-09-300001050743us-gaap:SubstandardMember2022-09-300001050743us-gaap:LeaseAgreementsMemberpgc:CurrentExpectedCreditLossMethodologyMember2022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001050743us-gaap:CreditConcentrationRiskMemberpgc:CommercialLoansIncludingEquipmentFinancingMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743srt:ScenarioPreviouslyReportedMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001050743us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743pgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-12-310001050743us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-01-012022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743pgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:CreditConcentrationRiskMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-09-300001050743us-gaap:AdditionalPaidInCapitalMember2020-12-310001050743us-gaap:CommonStockMember2021-07-012021-09-300001050743us-gaap:CommonStockMember2021-09-300001050743pgc:SmallBusinessAdministrationLoansMember2022-09-300001050743us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300001050743us-gaap:SubordinatedDebtMember2017-12-012017-12-310001050743us-gaap:AdditionalPaidInCapitalMember2022-09-300001050743us-gaap:CorporateDebtSecuritiesMember2022-09-300001050743us-gaap:FinancialAssetPastDueMember2021-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001050743pgc:PeapackPrivateMember2022-07-012022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-07-012021-09-300001050743us-gaap:TreasuryStockMember2022-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMember2022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001050743us-gaap:SpecialMentionMember2022-09-300001050743pgc:CardholderRewardsMember2021-07-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-01-012022-09-300001050743us-gaap:AgriculturalSectorMemberpgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-12-310001050743us-gaap:PassMember2022-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-010001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMemberus-gaap:InterestRateSwapMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMember2022-09-300001050743pgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMember2021-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-12-310001050743us-gaap:RetainedEarningsMember2022-09-300001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMemberus-gaap:OtherLiabilitiesMember2021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2020-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-09-300001050743us-gaap:TreasuryStockMember2021-01-012021-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMemberpgc:OwnerOccupiedPropertyMember2021-01-012021-12-310001050743us-gaap:ConsumerPortfolioSegmentMember2021-12-310001050743pgc:CardholderRewardsMember2021-01-012021-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-06-300001050743us-gaap:RestrictedStockMember2021-01-012021-09-300001050743us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-300001050743us-gaap:SubordinatedDebtMember2020-12-012020-12-310001050743us-gaap:TreasuryStockMember2021-07-012021-09-3000010507432021-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:JuniorLienMember2021-12-310001050743us-gaap:ConsumerPortfolioSegmentMember2022-07-012022-09-3000010507432021-07-012021-09-300001050743us-gaap:LoansReceivableMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-07-012022-09-300001050743us-gaap:CreditConcentrationRiskMemberpgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743us-gaap:RetainedEarningsMember2022-07-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-01-012021-12-310001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:HomeEquityMember2021-12-310001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001050743us-gaap:SpecialMentionMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2021-09-300001050743pgc:PeapackPrivateMember2022-01-012022-09-300001050743us-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2021-07-012021-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-12-310001050743us-gaap:RestrictedStockMember2022-07-012022-09-300001050743us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-12-310001050743us-gaap:ConsumerPortfolioSegmentMember2021-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConstructionLoansMember2021-01-012021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2021-01-012021-09-3000010507432021-04-012021-06-300001050743us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-09-300001050743pgc:SmallBusinessAdministrationLoansMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:ConstructionLoansMemberus-gaap:AccountsReceivableMember2022-01-012022-09-3000010507432021-01-012021-12-310001050743us-gaap:RetainedEarningsMember2022-06-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-07-012022-09-300001050743us-gaap:RetainedEarningsMember2021-09-300001050743us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001050743us-gaap:RetainedEarningsMember2021-01-012021-09-300001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:JuniorLienMember2022-09-3000010507432021-01-012021-06-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberpgc:MultifamilyPropertyMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMemberus-gaap:InterestRateSwapMember2022-01-012022-03-310001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-12-310001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001050743us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberpgc:CommercialLoansIncludingEquipmentFinancingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-300001050743us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-07-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-01-012021-12-310001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-09-300001050743us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001050743pgc:BankingSegmentMember2021-01-012021-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberpgc:InvestmentPropertyMember2021-12-310001050743us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001050743us-gaap:PassMemberus-gaap:LeaseAgreementsMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberpgc:MultifamilyPropertyMember2022-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMemberpgc:AllowanceForCreditLossesOnLoansMember2022-01-012022-01-010001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-09-300001050743us-gaap:LoansReceivableMemberpgc:PropertyAMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-01-012021-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMemberpgc:InvestmentPropertyMember2022-01-012022-09-300001050743us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743pgc:BankingSegmentMember2022-09-300001050743us-gaap:LeaseAgreementsMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2021-07-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberpgc:MultifamilyPropertyMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2020-12-310001050743us-gaap:USStatesAndPoliticalSubdivisionsMember2022-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001050743us-gaap:AgriculturalSectorMember2021-07-012021-09-300001050743us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001050743us-gaap:SubstandardMember2021-01-012021-12-310001050743us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMember2022-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:HomeEquityMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NondesignatedMember2022-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialAndIndustrialSectorMember2022-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2021-12-310001050743us-gaap:ConstructionLoansMember2022-01-012022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310001050743us-gaap:FairValueInputsLevel3Memberpgc:InvestmentPropertyMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001050743pgc:SecuredByFarmlandAndAgriculturalMember2021-09-300001050743pgc:CardholderRewardsMember2022-07-012022-09-300001050743pgc:ClosedEndLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300001050743us-gaap:SubordinatedDebtMember2020-12-310001050743us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-300001050743us-gaap:EmployeeStockMember2020-05-012020-05-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberpgc:MultifamilyPropertyMember2022-09-300001050743us-gaap:RetainedEarningsMember2020-12-310001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-07-012022-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001050743us-gaap:PerformanceSharesMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743srt:MinimumMember2022-09-300001050743us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-09-300001050743us-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-12-310001050743us-gaap:ConstructionLoansMember2022-07-012022-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001050743us-gaap:SubstandardMember2021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMemberus-gaap:InterestRateSwapMember2022-03-310001050743us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:PaymentDeferralMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2020-12-310001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300001050743us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-09-300001050743us-gaap:TreasuryStockMember2021-06-300001050743us-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-06-300001050743us-gaap:ConstructionLoansMember2022-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2021-06-300001050743us-gaap:SubordinatedDebtMember2017-12-310001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:LeaseAgreementsMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-300001050743us-gaap:RetainedEarningsMember2021-06-300001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-01-012021-12-310001050743us-gaap:CommonStockMember2021-01-012021-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-07-012022-09-300001050743us-gaap:CommonStockMember2022-07-012022-09-300001050743pgc:WealthManagementDivisionMember2021-01-012021-09-300001050743us-gaap:ResidentialMortgageBackedSecuritiesMember2022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001050743us-gaap:LeaseAgreementsMemberus-gaap:SubstandardMember2022-09-300001050743us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:RestrictedStockMember2022-01-012022-09-300001050743pgc:CommercialLoansIncludingEquipmentFinancingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-07-012022-09-300001050743pgc:SbaPoolSecuritiesMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2021-07-012021-09-300001050743us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-01-010001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001050743us-gaap:AccountingStandardsUpdate201613Memberus-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310001050743pgc:WealthManagementDivisionMember2022-01-012022-09-300001050743us-gaap:CorporateDebtSecuritiesMember2021-12-310001050743us-gaap:RestrictedStockMember2021-12-310001050743us-gaap:RestrictedStockMember2022-09-300001050743us-gaap:LoansReceivableMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2021-06-3000010507432020-07-012020-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:SubstandardMember2021-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2020-12-310001050743pgc:PeapackVenturesLLCMemberpgc:PGBTrustAndInvestmentsOfDelawareMember2022-09-300001050743us-gaap:CreditConcentrationRiskMemberpgc:CommercialLoansIncludingEquipmentFinancingMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-01-012021-12-310001050743pgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2021-01-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2021-12-310001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2021-01-012021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743us-gaap:RestrictedStockUnitsRSUMember2022-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:SpecialMentionMember2022-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-12-310001050743us-gaap:TreasuryStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2022-01-012022-09-300001050743us-gaap:AgriculturalSectorMember2021-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743us-gaap:PerformanceSharesMember2022-07-012022-09-3000010507432022-01-012022-09-300001050743us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMember2022-09-300001050743us-gaap:AdditionalPaidInCapitalMember2021-09-300001050743us-gaap:TreasuryStockMember2022-01-012022-09-300001050743us-gaap:RestrictedStockMember2022-01-012022-09-300001050743us-gaap:TreasuryStockMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-06-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:SubstandardMember2022-01-012022-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001050743pgc:PeapackPrivateMember2021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancialAssetPastDueMember2022-09-300001050743us-gaap:TreasuryStockMember2021-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMemberpgc:OwnerOccupiedPropertyMember2022-09-300001050743us-gaap:FinancialAssetPastDueMember2022-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-300001050743us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2020-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2021-01-012021-09-300001050743pgc:PeapackPrivateMember2021-07-012021-09-3000010507432020-12-310001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberpgc:AllowanceForCreditLossesOnLoansMember2022-01-012022-01-010001050743us-gaap:PerformanceSharesMember2022-01-012022-09-300001050743us-gaap:PerformanceSharesMember2022-09-300001050743us-gaap:EmployeeStockMember2022-09-300001050743pgc:WealthManagementDivisionMember2022-07-012022-09-300001050743us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:EmployeeStockMember2022-07-012022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2022-06-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-06-300001050743srt:MaximumMember2021-01-012021-12-310001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-12-3100010507432022-10-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:AccountingStandardsUpdate201613Member2022-01-010001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-010001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ConstructionLoansMember2022-09-300001050743us-gaap:CommonStockMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2021-01-012021-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:AccountsReceivableMember2021-01-012021-12-3100010507432022-06-300001050743pgc:InvestmentPropertyMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-06-300001050743us-gaap:FederalReserveBankAdvancesMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-09-300001050743pgc:PeapackVenturesLimitedLiabilityCompanyMemberpgc:PeapackGladstoneRealtyIncMember2022-09-3000010507432021-06-300001050743srt:MinimumMember2022-01-012022-09-300001050743us-gaap:PassMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMembersrt:ScenarioPreviouslyReportedMember2021-12-310001050743us-gaap:AdditionalPaidInCapitalMember2021-12-310001050743pgc:PeapackVenturesLLCMemberpgc:PeapackGladstoneMortgageGroupIncMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancialAssetPastDueMember2021-12-3100010507432022-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300001050743pgc:SecuredByFarmlandAndAgriculturalMember2021-01-012021-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2021-09-300001050743us-gaap:CommonStockMember2022-09-300001050743us-gaap:TreasuryStockMember2022-07-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2021-07-012021-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2022-06-300001050743us-gaap:RestrictedStockMember2021-07-012021-09-300001050743us-gaap:FairValueInputsLevel3Memberpgc:InvestmentPropertyMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001050743us-gaap:TreasuryStockMember2022-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberus-gaap:LeaseAgreementsMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2020-12-310001050743srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-09-300001050743us-gaap:ConstructionLoansMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-12-310001050743us-gaap:AgriculturalSectorMember2021-06-300001050743us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMember2021-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-3000010507432021-01-012021-09-300001050743srt:MaximumMember2022-09-300001050743srt:MinimumMember2021-01-012021-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:CommercialLoansIncludingEquipmentFinancingMember2021-12-310001050743us-gaap:ConsumerPortfolioSegmentMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-300001050743us-gaap:UnallocatedFinancingReceivablesMember2021-12-310001050743us-gaap:ConsumerPortfolioSegmentMember2021-07-012021-09-300001050743us-gaap:CommercialRealEstateMemberus-gaap:NondesignatedMember2021-01-012021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:HomeEquityMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743us-gaap:AdditionalPaidInCapitalMember2022-06-3000010507432022-07-012022-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2020-12-310001050743us-gaap:FederalReserveBankAdvancesMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberpgc:MultifamilyPropertyMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743pgc:PeapackGladstoneMortgageGroupIncMemberpgc:PeapackGladstoneRealtyIncMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743pgc:AllowanceForCreditLossesOnLoansMember2022-01-012022-01-010001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-01-012021-09-300001050743us-gaap:CommonStockMember2022-01-012022-09-3000010507432021-12-310001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001050743us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NondesignatedMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:SubstandardMember2021-12-310001050743pgc:PrimaryResidentialMortgagesMember2022-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-09-300001050743pgc:SbaPoolSecuritiesMember2021-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-07-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMemberpgc:InvestmentPropertyMember2021-12-310001050743pgc:CardholderRewardsMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-06-300001050743us-gaap:EquityFundsMember2022-09-300001050743us-gaap:EmployeeStockMember2021-07-012021-09-300001050743us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-06-300001050743us-gaap:ConsumerPortfolioSegmentMemberpgc:OpenEndLoansMember2022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:HomeEquityMember2021-01-012021-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConstructionLoansMember2022-01-012022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2021-09-300001050743us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberpgc:MultifamilyPropertyMember2021-12-310001050743us-gaap:CommonStockMember2022-06-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberpgc:MultifamilyPropertyMember2021-12-310001050743us-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2021-12-310001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300001050743us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-09-300001050743us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001050743us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberpgc:CommercialLoansIncludingEquipmentFinancingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001050743us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:JuniorLienMember2022-01-012022-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001050743pgc:PeapackPrivateMember2021-01-012021-09-300001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2022-09-300001050743us-gaap:PassMemberus-gaap:LeaseAgreementsMember2021-12-310001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-07-012021-09-300001050743us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2021-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-12-310001050743pgc:BankingSegmentMember2021-07-012021-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2021-12-310001050743us-gaap:EmployeeStockMember2021-01-012021-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2022-09-300001050743us-gaap:RetainedEarningsMember2021-07-012021-09-300001050743us-gaap:SpecialMentionMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancialAssetPastDueMember2021-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMembersrt:ScenarioPreviouslyReportedMember2021-12-310001050743us-gaap:AgriculturalSectorMember2021-12-310001050743us-gaap:PassMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743us-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:SubstandardMember2022-09-300001050743us-gaap:AgriculturalSectorMemberus-gaap:PassMember2021-12-310001050743us-gaap:UnallocatedFinancingReceivablesMember2022-09-300001050743us-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:ConstructionLoansMember2022-06-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2021-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:JuniorLienMember2021-01-012021-12-310001050743us-gaap:EquityFundsMember2022-01-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-01-012022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-12-310001050743pgc:BankingSegmentMember2022-01-012022-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001050743us-gaap:RetainedEarningsMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001050743us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:CommonStockMember2021-06-300001050743us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001050743us-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:PassMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001050743pgc:InvestmentPropertyMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2021-06-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001050743srt:ScenarioPreviouslyReportedMember2021-12-310001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2021-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:UnallocatedFinancingReceivablesMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001050743us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001050743us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-01-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-12-310001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberpgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:AdditionalPaidInCapitalMember2021-06-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-01-012022-09-300001050743us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-09-300001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2021-12-310001050743us-gaap:FairValueInputsLevel2Memberpgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-31xbrli:purepgc:Loanxbrli:sharespgc:Contractpgc:Segmentiso4217:USDiso4217:USDxbrli:shares

 

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 September 30, 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 October 31, 2022: 17,920,771

 

 

 

 

 

 

 


 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

PART I FINANCIAL INFORMATION

 

Item 1

 

Financial Statements (Unaudited)

3

 

 

Consolidated Statements of Condition at September 30, 2022 and December 31, 2021

3

 

 

Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021

4

 

 

Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2022 and 2021

5

 

 

Consolidated Statement of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2022 and 2021

5

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

9

 

 

Notes to Consolidated Financial Statements

10

Item 2

 

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

49

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

70

Item 4

 

Controls and Procedures

73

 

 

PART II OTHER INFORMATION

 

Item 1

 

Legal Proceedings

 

73

Item 1A

 

Risk Factors

 

73

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

74

Item 3

 

Defaults Upon Senior Securities

 

74

Item 4

 

Mine Safety Disclosures

 

74

Item 5

 

Other Information

 

74

Item 6

 

Exhibits

 

75

 

 

2


 

Item 1. Financial Statements

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands, except per share data)

 

 

(unaudited)

 

 

(audited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

5,066

 

 

$

5,929

 

Federal funds sold

 

 

 

 

 

 

Interest-earning deposits

 

 

103,214

 

 

 

140,875

 

Total cash and cash equivalents

 

 

108,280

 

 

 

146,804

 

Securities available for sale

 

 

497,880

 

 

 

796,753

 

Securities held to maturity (fair value $87,857 at September 30, 2022 and $108,460 at December 31, 2021)

 

 

103,551

 

 

 

108,680

 

Equity security, at fair value

 

 

12,957

 

 

 

14,685

 

FHLB and FRB stock, at cost

 

 

14,986

 

 

 

12,950

 

Loans held for sale, at fair value

 

 

1,333

 

 

 

3,040

 

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

 

 

10,102

 

 

 

34,051

 

Loans

 

 

5,177,194

 

 

 

4,806,721

 

Less: Allowance for credit losses (1)

 

 

59,683

 

 

 

61,697

 

Net loans

 

 

5,117,511

 

 

 

4,745,024

 

Premises and equipment

 

 

23,781

 

 

 

23,044

 

Other real estate owned

 

 

116

 

 

 

 

Accrued interest receivable

 

 

17,816

 

 

 

21,589

 

Bank owned life insurance

 

 

47,072

 

 

 

46,663

 

Goodwill

 

 

36,212

 

 

 

36,212

 

Other intangible assets

 

 

11,486

 

 

 

12,690

 

Finance lease right-of-use assets

 

 

3,021

 

 

 

3,582

 

Operating lease right-of-use assets

 

 

13,404

 

 

 

9,775

 

Other assets

 

 

67,753

 

 

 

62,451

 

TOTAL ASSETS

 

$

6,087,261

 

 

$

6,077,993

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

1,317,954

 

 

$

956,482

 

Interest-bearing deposits:

 

 

 

 

 

 

   Checking

 

 

2,149,629

 

 

 

2,287,894

 

   Savings

 

 

166,821

 

 

 

154,914

 

   Money market accounts

 

 

1,178,112

 

 

 

1,307,051

 

   Certificates of deposit - retail

 

 

345,047

 

 

 

409,608

 

   Certificates of deposit - listing service

 

 

30,647

 

 

 

31,382

 

Subtotal deposits

 

 

5,188,210

 

 

 

5,147,331

 

Interest-bearing demand - brokered

 

 

85,000

 

 

 

85,000

 

Certificates of deposit - brokered

 

 

25,974

 

 

 

33,818

 

Total deposits

 

 

5,299,184

 

 

 

5,266,149

 

Short-term borrowings

 

 

32,369

 

 

 

 

Finance lease liabilities

 

 

5,003

 

 

 

5,820

 

Operating lease liabilities

 

 

14,101

 

 

 

10,111

 

Subordinated debt, net

 

 

132,916

 

 

 

132,701

 

Deferred tax liabilities, net

 

 

14,490

 

 

 

39,322

 

Accrued expenses and other liabilities

 

 

73,684

 

 

 

77,502

 

TOTAL LIABILITIES

 

 

5,571,747

 

 

 

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,
20,973,770 at September 30, 2022 and 20,656,810 at December 31, 2021; outstanding
   shares,
17,920,571 at September 30, 2022 and 18,393,888 at December 31, 2021)

 

 

17,484

 

 

 

17,220

 

Surplus

 

 

336,534

 

 

 

332,358

 

Treasury stock at cost, 3,053,199 shares at September 30, 2022 and 2,262,922 shares
   at December 31, 2021

 

 

(92,637

)

 

 

(65,104

)

Retained earnings

 

 

329,116

 

 

 

274,288

 

Accumulated other comprehensive loss, net of income tax

 

 

(74,983

)

 

 

(12,374

)

TOTAL SHAREHOLDERS’ EQUITY

 

 

515,514

 

 

 

546,388

 

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY

 

$

6,087,261

 

 

$

6,077,993

 

 

(1)
Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss ("CECL") 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

50,978

 

 

$

37,040

 

 

$

136,091

 

 

$

108,921

 

Interest on investments:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

2,853

 

 

 

2,824

 

 

 

9,995

 

 

 

8,473

 

Tax-exempt

 

 

13

 

 

 

28

 

 

 

52

 

 

 

107

 

Interest on loans held for sale

 

 

7

 

 

 

33

 

 

 

30

 

 

 

124

 

Interest on interest-earning deposits

 

 

1,162

 

 

 

142

 

 

 

1,505

 

 

 

367

 

Total interest income

 

 

55,013

 

 

 

40,067

 

 

 

147,673

 

 

 

117,992

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest on savings and interest-bearing deposit accounts

 

 

6,689

 

 

 

1,880

 

 

 

11,385

 

 

 

5,358

 

Interest on certificates of deposit

 

 

791

 

 

 

836

 

 

 

2,048

 

 

 

3,333

 

Interest on borrowed funds

 

 

29

 

 

 

57

 

 

 

103

 

 

 

448

 

Interest on finance lease liability

 

 

61

 

 

 

74

 

 

 

193

 

 

 

229

 

Interest on subordinated debt

 

 

1,363

 

 

 

1,358

 

 

 

4,090

 

 

 

5,650

 

Subtotal - interest expense

 

 

8,933

 

 

 

4,205

 

 

 

17,819

 

 

 

15,018

 

Interest on interest-bearing demand - brokered

 

 

345

 

 

 

385

 

 

 

1,082

 

 

 

1,334

 

Interest on certificates of deposits - brokered

 

 

210

 

 

 

266

 

 

 

732

 

 

 

791

 

Total interest expense

 

 

9,488

 

 

 

4,856

 

 

 

19,633

 

 

 

17,143

 

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

 

 

45,525

 

 

 

35,211

 

 

 

128,040

 

 

 

100,849

 

Provision for credit losses (1)

 

 

599

 

 

 

1,600

 

 

 

4,423

 

 

 

2,725

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

44,926

 

 

 

33,611

 

 

 

123,617

 

 

 

98,124

 

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fee income

 

 

12,943

 

 

 

13,860

 

 

 

41,668

 

 

 

39,025

 

Service charges and fees

 

 

1,060

 

 

 

959

 

 

 

3,075

 

 

 

2,701

 

Bank owned life insurance

 

 

299

 

 

 

311

 

 

 

922

 

 

 

1,388

 

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

 

 

60

 

 

 

408

 

 

 

458

 

 

 

1,842

 

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

 

 

 

 

 

 

 

 

 

 

 

1,407

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of SBA loans

 

 

622

 

 

 

1,569

 

 

 

6,141

 

 

 

3,950

 

Corporate advisory fee income

 

 

102

 

 

 

84

 

 

 

1,696

 

 

 

1,303

 

Loss on swap termination

 

 

 

 

 

 

 

 

 

 

 

(842

)

Other income

 

 

1,868

 

 

 

660

 

 

 

3,982

 

 

 

2,798

 

Loss on securities sale, net

 

 

 

 

 

 

 

 

(6,609

)

 

 

 

Fair value adjustment for CRA equity security

 

 

(571

)

 

 

(70

)

 

 

(1,728

)

 

 

(293

)

Total other income

 

 

16,383

 

 

 

17,781

 

 

 

49,605

 

 

 

53,279

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

22,656

 

 

 

19,859

 

 

 

66,987

 

 

 

61,759

 

Premises and equipment

 

 

4,534

 

 

 

4,459

 

 

 

13,821

 

 

 

12,646

 

FDIC insurance expense

 

 

510

 

 

 

555

 

 

 

1,484

 

 

 

1,669

 

Swap valuation allowance

 

 

 

 

 

1,350

 

 

 

673

 

 

 

1,350

 

Other operating expense

 

 

5,860

 

 

 

5,962

 

 

 

17,423

 

 

 

17,039

 

Total operating expenses

 

 

33,560

 

 

 

32,185

 

 

 

100,388