10-Q 1 pgc-20230930.htm 10-Q 10-Q
--12-31false0001050743Q3P3Y0001050743us-gaap:SubstandardMember2022-01-012022-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2023-09-300001050743us-gaap:FinancialAssetPastDueMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-06-300001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2022-12-310001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2023-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001050743us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001050743pgc:CardholderRewardsMember2022-01-012022-09-300001050743us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001050743us-gaap:PerformanceSharesMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:JuniorLienMember2022-12-310001050743us-gaap:EmployeeStockMember2023-07-012023-09-300001050743us-gaap:TreasuryStockCommonMember2022-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2023-07-012023-09-300001050743us-gaap:UnallocatedFinancingReceivablesMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2022-12-310001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-12-310001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-3000010507432022-01-012022-12-310001050743us-gaap:LeaseAgreementsMember2022-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2023-01-012023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:LeaseAgreementsMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001050743us-gaap:RetainedEarningsMember2022-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001050743us-gaap:CommonStockMember2022-07-012022-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ConstructionLoansMember2022-12-310001050743us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:SubstandardMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMemberus-gaap:FinancialAssetPastDueMember2022-12-310001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-09-300001050743srt:MaximumMember2023-09-300001050743pgc:InterestOnlyPeriodExtensionMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:RetainedEarningsMember2021-12-310001050743us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001050743us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialAndIndustrialSectorMember2022-12-310001050743us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001050743us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2023-07-012023-09-300001050743us-gaap:FairValueInputsLevel2Memberpgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-010001050743srt:MinimumMember2022-01-012022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001050743us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2023-06-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancialAssetPastDueMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:EmployeeStockMember2022-07-012022-09-300001050743us-gaap:AccountingStandardsUpdate201613Membersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberpgc:MultifamilyPropertyMember2022-12-310001050743us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300001050743us-gaap:ContractualInterestRateReductionMember2023-01-012023-09-300001050743pgc:BankingSegmentMember2023-01-012023-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ContractualInterestRateReductionMember2023-01-012023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberpgc:InvestmentPropertyMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001050743us-gaap:RetainedEarningsMember2023-09-300001050743us-gaap:SubordinatedDebtMember2020-12-310001050743us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300001050743us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:RetainedEarningsMember2022-01-012022-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2022-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001050743us-gaap:EmployeeStockMember2023-01-012023-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001050743us-gaap:PassMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-3000010507432022-01-010001050743pgc:CardholderRewardsMember2023-07-012023-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberpgc:MultifamilyPropertyMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-12-310001050743pgc:PeapackPrivateMember2022-01-012022-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2023-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001050743us-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001050743pgc:BankingSegmentMember2022-07-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-12-310001050743pgc:PeapackPrivateMember2022-07-012022-09-3000010507432023-06-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2023-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMemberpgc:OwnerOccupiedPropertyMember2022-01-012022-09-300001050743pgc:InterestOnlyPeriodExtensionMember2023-01-012023-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:SubstandardMember2023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-09-300001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:AdditionalPaidInCapitalMember2023-06-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-01-010001050743us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:RestrictedStockMember2023-01-012023-09-300001050743us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001050743us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2022-12-310001050743us-gaap:SpecialMentionMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001050743us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NondesignatedMember2022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:LeaseAgreementsMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001050743us-gaap:AccountingStandardsUpdate201613Member2022-01-010001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:CommercialAndIndustrialSectorMembersrt:ScenarioPreviouslyReportedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001050743us-gaap:CreditConcentrationRiskMemberpgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743pgc:MultifamilyPropertyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:UnallocatedFinancingReceivablesMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:HomeEquityMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:TreasuryStockCommonMember2021-12-310001050743us-gaap:LeaseAgreementsMemberpgc:CurrentExpectedCreditLossMethodologyMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberus-gaap:ConstructionLoansMember2021-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2022-01-012022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-06-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001050743us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2023-09-300001050743pgc:CardholderRewardsMember2022-07-012022-09-300001050743pgc:SbaPoolSecuritiesMember2023-09-300001050743us-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMembersrt:ScenarioPreviouslyReportedMember2021-12-310001050743us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300001050743us-gaap:SubstandardMember2023-09-300001050743us-gaap:RetainedEarningsMember2023-01-012023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-3100010507432022-12-310001050743pgc:PeapackVenturesLLCMemberpgc:PeapackGladstoneMortgageGroupIncMember2023-09-300001050743us-gaap:ConsumerLoanMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancialAssetNotPastDueMember2023-01-012023-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:PassMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:JuniorLienMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-07-012022-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:UnallocatedFinancingReceivablesMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743us-gaap:AdditionalPaidInCapitalMember2023-09-300001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMemberus-gaap:OtherLiabilitiesMember2023-09-300001050743us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-09-300001050743us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-3100010507432022-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancialAssetPastDueMember2022-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2023-09-300001050743pgc:SbaPoolSecuritiesMember2022-12-310001050743us-gaap:PassMemberus-gaap:LeaseAgreementsMember2022-12-310001050743us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NondesignatedMember2023-09-300001050743srt:ScenarioPreviouslyReportedMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001050743us-gaap:EmployeeStockMember2022-01-012022-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-12-310001050743us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-07-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:SubstandardMember2022-12-310001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-12-310001050743us-gaap:CreditConcentrationRiskMemberpgc:CommercialLoansIncludingEquipmentFinancingMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001050743us-gaap:CommonStockMember2023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2023-09-300001050743us-gaap:TreasuryStockCommonMember2023-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2023-09-300001050743us-gaap:PassMember2022-12-310001050743us-gaap:PerformanceSharesMember2023-07-012023-09-300001050743us-gaap:SubstandardMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-09-300001050743srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMemberpgc:AllowanceForCreditLossesOnLoansMember2022-01-012022-01-010001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:CommercialLoansIncludingEquipmentFinancingMember2023-09-300001050743us-gaap:FederalReserveBankAdvancesMember2023-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:CommercialLoansIncludingEquipmentFinancingMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2023-06-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-12-310001050743us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001050743srt:ScenarioPreviouslyReportedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2021-12-310001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743us-gaap:SubordinatedDebtMember2023-01-012023-09-300001050743us-gaap:CommonStockMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-12-310001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001050743us-gaap:RestrictedStockMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-09-300001050743us-gaap:EmployeeStockMember2020-05-012020-05-310001050743us-gaap:ConstructionLoansMember2022-12-310001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:LeaseAgreementsMember2022-01-012022-12-310001050743us-gaap:RetainedEarningsMember2022-06-300001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2023-06-300001050743us-gaap:LoansReceivableMemberpgc:PropertyAMember2023-01-012023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-01-012022-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001050743us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310001050743us-gaap:CommonStockMember2023-06-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberpgc:MultifamilyPropertyMember2022-12-310001050743us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMember2023-09-300001050743us-gaap:LeaseAgreementsMember2023-01-012023-09-300001050743us-gaap:AdditionalPaidInCapitalMember2022-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001050743us-gaap:AdditionalPaidInCapitalMember2022-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-01-012022-09-300001050743us-gaap:FairValueInputsLevel3Memberpgc:InvestmentPropertyMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2023-06-300001050743us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-3100010507432023-01-012023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-01-012023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001050743us-gaap:UnallocatedFinancingReceivablesMember2022-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001050743srt:MinimumMember2023-09-300001050743us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-07-012023-09-300001050743us-gaap:ConsumerPortfolioSegmentMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2023-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberpgc:MultifamilyPropertyMember2021-12-3100010507432022-01-012022-01-010001050743us-gaap:SubstandardMember2023-01-012023-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:SubstandardMember2022-12-310001050743us-gaap:CorporateDebtSecuritiesMember2023-09-300001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-012022-01-010001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300001050743pgc:PeapackGladstoneMortgageGroupIncMemberpgc:PeapackGladstoneRealtyIncMember2023-09-300001050743us-gaap:ConsumerLoanMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-01-012022-12-310001050743pgc:BankingSegmentMember2023-07-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberus-gaap:JuniorLienMember2021-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-07-012023-09-300001050743srt:MaximumMemberus-gaap:EmployeeStockOptionMember2023-01-012023-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-3000010507432023-11-010001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-06-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2023-09-300001050743us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2023-01-012023-09-300001050743us-gaap:RetainedEarningsMember2023-07-012023-09-300001050743us-gaap:RestrictedStockMember2022-07-012022-09-300001050743pgc:PeapackPrivateMember2023-07-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-01-012022-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001050743us-gaap:LeaseAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001050743us-gaap:SubordinatedDebtMember2017-12-012017-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001050743us-gaap:FederalReserveBankAdvancesMember2022-12-310001050743us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-12-310001050743us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001050743pgc:PeapackVenturesLLCMemberpgc:PGBTrustAndInvestmentsOfDelawareMember2023-09-300001050743us-gaap:SubstandardMemberpgc:EquipmentFinancingLeaseMember2023-01-012023-09-300001050743us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:ConstructionLoansMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-07-012022-09-300001050743us-gaap:RetainedEarningsMember2022-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMember2023-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateSwapMember2022-12-310001050743us-gaap:LeaseAgreementsMemberus-gaap:SpecialMentionMember2022-12-310001050743us-gaap:PerformanceSharesMember2022-12-310001050743pgc:BankingSegmentMember2022-09-300001050743pgc:PeapackVenturesLimitedLiabilityCompanyMemberpgc:PeapackGladstoneRealtyIncMember2023-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2022-06-300001050743us-gaap:FairValueInputsLevel2Memberpgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743pgc:BankingSegmentMember2022-01-012022-09-300001050743us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberpgc:MultifamilyPropertyMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-01-012022-12-310001050743us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310001050743us-gaap:SpecialMentionMember2023-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300001050743us-gaap:RetainedEarningsMember2022-07-012022-09-300001050743us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-12-310001050743us-gaap:SubordinatedDebtMember2017-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001050743us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-12-310001050743pgc:WealthManagementDivisionMember2022-07-012022-09-300001050743us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743pgc:WealthManagementDivisionMember2022-01-012022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-06-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConstructionLoansMember2023-01-012023-09-300001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberpgc:AllowanceForCreditLossesOnLoansMember2022-01-012022-01-010001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMemberus-gaap:OtherLiabilitiesMember2022-12-310001050743us-gaap:SpecialMentionMember2022-12-310001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-09-300001050743us-gaap:CorporateDebtSecuritiesMember2022-12-310001050743us-gaap:ConsumerPortfolioSegmentMemberpgc:OpenEndLoansMember2023-09-300001050743us-gaap:CommonStockMember2023-01-012023-09-300001050743us-gaap:RestrictedStockMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberpgc:PrimaryResidentialMortgagesMember2022-12-310001050743us-gaap:RestrictedStockMember2022-01-012022-09-3000010507432022-01-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:JuniorLienMember2022-01-012022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2023-06-300001050743us-gaap:TreasuryStockCommonMember2023-09-300001050743us-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-06-300001050743us-gaap:EquityFundsMember2023-01-012023-09-300001050743us-gaap:PassMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2023-07-012023-09-300001050743us-gaap:EquityFundsMember2023-07-012023-09-300001050743us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-07-012022-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2022-09-300001050743us-gaap:TreasuryStockCommonMember2022-01-012022-09-300001050743pgc:SmallBusinessAdministrationLoansMember2022-12-310001050743us-gaap:FinancingReceivables30To59DaysPastDueMember2022-12-3100010507432021-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-01-012023-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberpgc:MultifamilyPropertyMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743srt:MinimumMember2023-01-012023-09-300001050743us-gaap:EquityFundsMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2023-01-012023-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-12-310001050743us-gaap:SubordinatedDebtMember2020-12-012020-12-310001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743pgc:BankingSegmentMember2023-09-300001050743pgc:ClosedEndLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialAndIndustrialSectorMember2023-09-300001050743pgc:MultifamilyPropertyMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-09-300001050743us-gaap:LeaseAgreementsMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2022-06-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ConstructionLoansMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-09-300001050743us-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-010001050743us-gaap:CommonStockMember2022-01-012022-06-300001050743us-gaap:SpecialMentionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2023-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:CurrentExpectedCreditLossMethodologyMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-12-310001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2023-01-012023-09-300001050743us-gaap:TreasuryStockCommonMember2022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-07-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConstructionLoansMember2022-01-012022-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-07-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberpgc:MultifamilyPropertyMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743srt:MaximumMember2022-01-012022-12-310001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:TreasuryStockCommonMember2021-12-310001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743us-gaap:LoansReceivableMember2023-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2022-12-310001050743us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2023-09-300001050743us-gaap:PassMemberus-gaap:LeaseAgreementsMember2023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-07-012022-09-300001050743us-gaap:FinancingReceivables60To89DaysPastDueMember2023-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2022-12-310001050743us-gaap:AdditionalPaidInCapitalMember2022-12-310001050743srt:MinimumMemberus-gaap:EmployeeStockMember2023-01-012023-09-300001050743us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:JuniorLienMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-09-300001050743us-gaap:AdditionalPaidInCapitalMember2021-12-310001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2023-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-06-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001050743us-gaap:RestrictedStockUnitsRSUMember2023-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2023-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-06-300001050743us-gaap:PassMember2023-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001050743us-gaap:CommonStockMember2022-06-300001050743srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001050743us-gaap:RestrictedStockMember2022-12-310001050743us-gaap:ConsumerPortfolioSegmentMember2022-07-012022-09-300001050743us-gaap:RetainedEarningsMember2023-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2023-07-012023-09-300001050743us-gaap:FinancialAssetPastDueMember2022-12-310001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-3000010507432022-07-012022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-01-012022-09-300001050743us-gaap:CreditConcentrationRiskMemberpgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001050743us-gaap:CommonStockMember2023-07-012023-09-300001050743us-gaap:TreasuryStockCommonMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:ScenarioPreviouslyReportedMemberus-gaap:LeaseAgreementsMember2021-12-310001050743us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMemberpgc:InvestmentPropertyMember2022-01-012022-12-310001050743us-gaap:LeaseAgreementsMemberus-gaap:SpecialMentionMember2023-09-300001050743us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:LeaseAgreementsMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:USStatesAndPoliticalSubdivisionsMember2023-09-3000010507432023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMemberus-gaap:FinancialAssetPastDueMember2023-09-300001050743us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-12-310001050743us-gaap:SubstandardMember2022-12-310001050743pgc:CurrentExpectedCreditLossMethodologyMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-12-3100010507432022-06-300001050743us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-01-012023-09-300001050743us-gaap:RestrictedStockMember2023-07-012023-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001050743pgc:SmallBusinessAdministrationLoansMember2023-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-01-012022-09-300001050743us-gaap:CommonStockMember2022-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:ConsumerPortfolioSegmentMember2022-01-012022-12-310001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743pgc:CardholderRewardsMember2023-01-012023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:CreditConcentrationRiskMemberus-gaap:HomeEquityMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-12-310001050743pgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743srt:MaximumMember2023-01-012023-09-300001050743us-gaap:PassMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-12-310001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-300001050743us-gaap:FinancingReceivables60To89DaysPastDueMember2022-12-310001050743pgc:LoansAndFinanceReceivablesGrossMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001050743pgc:SbaPoolSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001050743us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-01-012022-09-300001050743pgc:PeapackPrivateMember2022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-01-012023-09-300001050743pgc:PeapackPrivateMember2023-01-012023-09-300001050743us-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-12-310001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2023-09-300001050743us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001050743pgc:AllowanceForCreditLossesOnLoansMember2022-01-012022-01-010001050743pgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-07-012022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:CommercialLoansIncludingEquipmentFinancingMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310001050743pgc:PeapackPrivateMember2023-09-300001050743us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001050743us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2022-01-012022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-09-300001050743pgc:WealthManagementDivisionMember2023-07-012023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMember2022-12-310001050743us-gaap:NondesignatedMemberpgc:LoanLevelSwapsMember2022-01-012022-12-310001050743srt:ScenarioPreviouslyReportedMember2021-12-310001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2023-07-012023-09-300001050743pgc:ConsumerLoansIncludingHomeEquityLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001050743us-gaap:CommonStockMember2021-12-310001050743us-gaap:CommonStockMember2022-01-012022-09-300001050743pgc:WealthManagementDivisionMember2023-01-012023-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-12-310001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2023-07-012023-09-300001050743pgc:InvestmentPropertyMember2022-01-012022-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-09-300001050743pgc:InvestmentPropertyMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310001050743us-gaap:EmployeeStockMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-07-012022-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-12-310001050743us-gaap:CreditConcentrationRiskMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:AccountsReceivableMember2023-01-012023-09-300001050743us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMemberus-gaap:JuniorLienMember2023-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310001050743us-gaap:LeaseAgreementsMemberpgc:CurrentExpectedCreditLossMethodologyMember2023-09-300001050743us-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001050743us-gaap:PerformanceSharesMember2023-09-300001050743us-gaap:SubstandardMemberpgc:MultifamilyPropertyMember2023-01-012023-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:InvestmentPropertyMember2022-12-310001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:CommercialPortfolioSegmentMember2023-09-3000010507432023-07-012023-09-300001050743us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001050743us-gaap:AccountingStandardsUpdate201613Memberus-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2021-12-310001050743us-gaap:CommonStockMember2022-04-012022-06-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:LeaseAgreementsMember2023-01-012023-09-300001050743srt:MaximumMemberus-gaap:EmployeeStockMember2023-01-012023-09-300001050743us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001050743us-gaap:EquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001050743us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2023-09-300001050743pgc:LoansAndFinanceReceivablesGrossMemberpgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-01-012022-09-300001050743us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2022-12-310001050743us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:MultifamilyPropertyMember2023-09-300001050743pgc:CurrentExpectedCreditLossMethodologyMemberus-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMember2023-09-300001050743us-gaap:CommercialRealEstatePortfolioSegmentMemberpgc:OwnerOccupiedPropertyMember2022-06-300001050743us-gaap:LoansReceivableMember2022-12-310001050743us-gaap:ResidentialPortfolioSegmentMemberpgc:PrimaryResidentialMortgagesMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-09-300001050743us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:JuniorLienMember2023-09-300001050743us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001050743us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2022-12-310001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-07-012022-09-300001050743us-gaap:ResidentialMortgageMemberus-gaap:ResidentialPortfolioSegmentMember2022-12-310001050743us-gaap:FinancialAssetNotPastDueMember2023-01-012023-09-300001050743us-gaap:ConsumerPortfolioSegmentMember2023-09-300001050743us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-09-30xbrli: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, 2023

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 November 1, 2023: 17,818,529

 


 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

PART I FINANCIAL INFORMATION

 

Item 1

 

Financial Statements (Unaudited)

3

 

 

Consolidated Statements of Condition at September 30, 2023 and December 31, 2022

3

 

 

Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022

4

 

 

Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2023 and 2022

5

 

 

Consolidated Statement of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022

6

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

9

 

 

Notes to Consolidated Financial Statements

10

Item 2

 

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

48

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

67

Item 4

 

Controls and Procedures

69

 

 

PART II OTHER INFORMATION

 

Item 1

 

Legal Proceedings

 

69

Item 1A

 

Risk Factors

 

69

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

70

Item 3

 

Defaults Upon Senior Securities

 

70

Item 4

 

Mine Safety Disclosures

 

70

Item 5

 

Other Information

 

70

Item 6

 

Exhibits

 

71

 

 

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,

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

7,400

 

 

$

5,937

 

Federal funds sold

 

 

 

 

 

 

Interest-earning deposits

 

 

180,469

 

 

 

184,138

 

Total cash and cash equivalents

 

 

187,869

 

 

 

190,075

 

Securities available for sale

 

 

521,005

 

 

 

554,648

 

Securities held to maturity (fair value $91,201 at September 30, 2023 and $87,187 at December 31, 2022)

 

 

108,940

 

 

 

102,291

 

CRA equity security, at fair value

 

 

12,581

 

 

 

12,985

 

FHLB and FRB stock, at cost (A)

 

 

34,158

 

 

 

30,672

 

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

 

 

6,716

 

 

 

15,626

 

Loans

 

 

5,486,721

 

 

 

5,285,246

 

Less: allowance for credit losses

 

 

68,592

 

 

 

60,829

 

Net loans

 

 

5,418,129

 

 

 

5,224,417

 

Premises and equipment

 

 

23,969

 

 

 

23,831

 

Other real estate owned

 

 

 

 

 

116

 

Accrued interest receivable

 

 

22,889

 

 

 

25,157

 

Bank owned life insurance

 

 

47,509

 

 

 

47,147

 

Goodwill

 

 

36,212

 

 

 

36,212

 

Other intangible assets

 

 

10,074

 

 

 

11,121

 

Finance lease right-of-use assets

 

 

2,274

 

 

 

2,835

 

Operating lease right-of-use assets

 

 

12,800

 

 

 

12,873

 

Deferred tax assets, net

 

 

3,021

 

 

 

 

Other assets

 

 

73,435

 

 

 

63,587

 

TOTAL ASSETS

 

$

6,521,581

 

 

$

6,353,593

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

947,405

 

 

$

1,246,066

 

Interest-bearing deposits:

 

 

 

 

 

 

   Checking

 

 

2,871,359

 

 

 

2,143,611

 

   Savings

 

 

117,905

 

 

 

157,338

 

   Money market accounts

 

 

761,833

 

 

 

1,228,234

 

   Certificates of deposit - retail

 

 

422,291

 

 

 

318,573

 

   Certificates of deposit - listing service

 

 

9,103

 

 

 

25,358

 

Subtotal deposits

 

 

5,129,896

 

 

 

5,119,180

 

Interest-bearing demand - brokered

 

 

10,000

 

 

 

60,000

 

Certificates of deposit - brokered

 

 

119,463

 

 

 

25,984

 

Total deposits

 

 

5,259,359

 

 

 

5,205,164

 

Short-term borrowings

 

 

470,576

 

 

 

379,530

 

Finance lease liabilities

 

 

3,752

 

 

 

4,696

 

Operating lease liabilities

 

 

13,595

 

 

 

13,704

 

Subordinated debt, net

 

 

133,203

 

 

 

132,987

 

Deferred tax liabilities, net

 

 

 

 

 

15,432

 

Accrued expenses and other liabilities

 

 

82,140

 

 

 

69,100

 

TOTAL LIABILITIES

 

 

5,962,625

 

 

 

5,820,613

 

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,
21,377,835 at September 30, 2023 and 21,007,350 at December 31, 2022; outstanding
   shares,
17,816,922 at September 30, 2023 and 17,813,451 at December 31, 2022)

 

 

17,821

 

 

 

17,513

 

Surplus

 

 

344,609

 

 

 

338,706

 

Treasury stock at cost (3,560,913 shares at September 30, 2023 and 3,193,899 shares
   at December 31, 2022)

 

 

(108,208

)

 

 

(97,826

)

Retained earnings

 

 

386,387

 

 

 

348,798

 

Accumulated other comprehensive loss, net of income tax

 

 

(81,653

)

 

 

(74,211

)

TOTAL SHAREHOLDERS’ EQUITY

 

 

558,956

 

 

 

532,980

 

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY

 

$

6,521,581

 

 

$

6,353,593

 

 

(A)
FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

71,846

 

 

$

50,978

 

 

$

204,808

 

 

$

136,091

 

Interest on investments:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

5,170

 

 

 

2,853

 

 

 

14,541

 

 

 

9,995

 

Tax-exempt

 

 

5

 

 

 

13

 

 

 

22

 

 

 

52

 

Interest on loans held for sale

 

 

5

 

 

 

7

 

 

 

9

 

 

 

30

 

Interest on interest-earning deposits

 

 

1,463

 

 

 

1,162

 

 

 

4,452

 

 

 

1,505

 

Total interest income

 

 

78,489

 

 

 

55,013

 

 

 

223,832

 

 

 

147,673

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest on savings and interest-bearing deposit accounts

 

 

28,851

 

 

 

6,689

 

 

 

76,351

 

 

 

11,385

 

Interest on certificates of deposit

 

 

3,459

 

 

 

791

 

 

 

7,650

 

 

 

2,048

 

Interest on borrowed funds

 

 

6,569

 

 

 

29

 

 

 

13,249

 

 

 

103

 

Interest on finance lease liability

 

 

46

 

 

 

61

 

 

 

149

 

 

 

193

 

Interest on subordinated debt

 

 

1,730

 

 

 

1,363

 

 

 

4,966

 

 

 

4,090

 

Subtotal - interest expense

 

 

40,655

 

 

 

8,933

 

 

 

102,365

 

 

 

17,819

 

Interest on interest-bearing demand - brokered

 

 

136

 

 

 

345

 

 

 

469

 

 

 

1,082

 

Interest on certificates of deposits - brokered

 

 

1,183

 

 

 

210

 

 

 

1,584

 

 

 

732

 

Total interest expense

 

 

41,974

 

 

 

9,488

 

 

 

104,418

 

 

 

19,633

 

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

 

 

36,515

 

 

 

45,525

 

 

 

119,414

 

 

 

128,040

 

Provision for credit losses

 

 

5,856

 

 

 

599

 

 

 

9,065

 

 

 

4,423

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

30,659

 

 

 

44,926

 

 

 

110,349

 

 

 

123,617

 

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fee income

 

 

13,975

 

 

 

12,943

 

 

 

41,989

 

 

 

41,668

 

Service charges and fees

 

 

1,319

 

 

 

1,060

 

 

 

3,897

 

 

 

3,075

 

Bank owned life insurance

 

 

310

 

 

 

299

 

 

 

912

 

 

 

922

 

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

 

 

37

 

 

 

60

 

 

 

73

 

 

 

458

 

Gain on sale of SBA loans

 

 

491

 

 

 

622

 

 

 

2,194

 

 

 

6,141

 

Corporate advisory fee income

 

 

85

 

 

 

102

 

 

 

180

 

 

 

1,696

 

Other income

 

 

3,541

 

 

 

1,868

 

 

 

7,147

 

 

 

3,982

 

Loss on securities sale, net

 

 

 

 

 

 

 

 

 

 

 

(6,609

)

Fair value adjustment for CRA equity security

 

 

(404

)

 

 

(571

)

 

 

(404

)

 

 

(1,728

)

Total other income

 

 

19,354

 

 

 

16,383

 

 

 

55,988

 

 

 

49,605

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

25,264

 

 

 

22,656

 

 

 

76,204

 

 

 

66,987

 

Premises and equipment

 

 

5,214

 

 

 

4,534

 

 

 

14,317

 

 

 

13,821

 

FDIC insurance expense

 

 

741

 

 

 

510

 

 

 

2,181

 

 

 

1,484

 

Swap valuation allowance

 

 

 

 

 

 

 

 

 

 

 

673

 

Other operating expense

 

 

6,194

 

 

 

5,860

 

 

 

17,977

 

 

 

17,423

 

Total operating expenses

 

 

37,413

 

 

 

33,560

 

 

 

110,679

 

 

 

100,388

 

INCOME BEFORE INCOME TAX EXPENSE

 

 

12,600

 

 

 

27,749

 

 

 

55,658

 

 

 

72,834

 

Income tax expense

 

 

3,845

 

 

 

7,623

 

 

 

15,403

 

 

 

19,167

 

NET INCOME

 

$

8,755

 

 

$

20,126

 

 

$

40,255

 

 

$

53,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.49

 

 

$

1.11

 

 

$

2.25

 

 

$

2.94

 

Diluted

 

$

0.49

 

 

$

1.09

 

 

$

2.23

 

 

$

2.88

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,856,961

 

 

 

18,072,385

 

 

 

17,876,316

 

 

 

18,244,691

 

Diluted

 

 

18,010,127

 

 

 

18,420,661

 

 

 

18,091,524

 

 

 

18,652,042

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

8,755

 

 

$

20,126

 

 

$

40,255

 

 

$

53,667

 

Comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains/(losses) arising during the period

 

 

(20,629

)

 

 

(30,983

)

 

 

(18,882

)

 

 

(102,257

)

Reclassification adjustment for amounts included in net
   income

 

 

 

 

 

 

 

 

 

 

 

6,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,629

)

 

 

(30,983

)

 

 

(18,882

)

 

 

(95,648

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect