BEDMINSTER, NJ -- (Marketwired) -- 04/23/13 -- Peapack-Gladstone Financial Corporation (NASDAQ: PGC) (the Corporation) recorded net income available to common shareholders of $2.89 million and diluted earnings per share of $0.32 for the first quarter of 2013. This compared to $2.61 million and $0.30, respectively, for the same quarter last year.
Doug Kennedy, President and CEO, said, "I am pleased to report another quarter of accomplishment. First and foremost, after an extensive assessment of our Company and the market in Q4 2012 and into Q1 2013, we developed and presented, to our Board of Directors, a comprehensive plan for our future. This Strategic Plan -- known as "Expanding Our Reach" -- focuses on the client experience and organic growth across all lines of business. The Plan calls for expansion of existing lines of business, and establishment of a new commercial and industrial (C&I) lending platform, through the use of private banking teams, who will lead with deposit gathering and wealth management discussions. The Plan further calls for establishment of a sales force that supports our branches and will serve as a primary point of contact for clients. The Plan was accepted and approved by the Board in March 2013 and implementation began immediately."
Mr. Kennedy went on to note the following additional highlights for the first quarter of 2013:
•The Company continued to generate strong earnings. •In March 2013, the Company closed on the sale of the pool of classified loans which were transferred to loans held for sale at December 31, 2012. An after tax gain of $309 thousand, was recorded upon such sale in the first quarter. •Total loan balances of $1.16 billion reached a record level for the Company. This level reflected an increase of 8 percent from the end of March 2012 and an increase of nearly 3 percent (or over 10 percent on an annualized basis) from year end 2012. •Fee income from PGB Trust & Investments reflected growth of over 6 percent when compared to the same quarter last year. •At March 31, 2013, the market value of assets under administration at PGB Trust & Investments, reached $2.54 billion, also a record level for the Company. This level reflected an increase of 23 percent from the end of March 2012 and an increase of 10 percent (or 40 percent on an annualized basis) from year end 2012. •Mortgage banking income (gain on sale of loans) for the March 2013 quarter more than doubled when compared to the first quarter of 2012. •Despite a much reduced provision for loan losses in the current quarter compared to the same quarter last year, the allowance for loan losses as a percentage of nonperforming loans and as a percentage of gross loans both reflected improvement when compared to year end 2012. •Asset quality metrics continue to be strong and improved when compared to a year ago. •The common equity ratio at March 31, 2013 reflected improvement when compared to the ratio one year ago. •Book value per common share at the end of the first quarter 2013 reflected growth of nearly 11 percent when compared to the book value as of March 31, 2012.
Net Interest Income and Margin
On a fully tax-equivalent basis, net interest income was $12.58 million for the first quarter of 2013, reflecting a decrease of $488 thousand from the same quarter last year. The net interest margin, on a fully tax-equivalent basis, was 3.28 percent and 3.54 percent for the March 2013 and 2012 quarters, respectively.
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