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PEAPACK-GLADSTONE FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CONDITION (Dollars in Thousands) (Unaudited) As of ------------------------------------------------------ Sept 30, June 30, March 31, Dec 31, Sept 30, 2012 2012 2012 2011 2011 ---------- ---------- ---------- ---------- ----------ASSETSCash and due from banks $ 5,466 $ 5,639 $ 5,146 $ 7,097 $ 8,135Federal funds sold 100 100 100 100 100Interest-earning deposits 49,354 29,024 28,144 35,856 66,424 ---------- ---------- ---------- ---------- ---------- Total cash and cash equivalents 54,920 34,763 33,390 43,053 74,659Securities held to maturity 76,698 84,779 88,667 100,719 121,241Securities available for sale 253,489 257,318 281,770 319,520 311,927FHLB and FRB Stock, at cost 4,639 4,818 5,594 4,569 4,699Loans held for sale, at fair value 8,443 2,259 3,214 2,841 722Residential mortgage 504,407 526,726 518,111 498,482 438,828Commercial mortgage 391,976 384,289 358,822 330,559 317,066Commercial loans 115,602 116,493 119,351 123,845 129,039Construction loans 9,639 6,804 12,517 13,713 14,893Consumer loans 21,542 20,885 19,769 19,439 20,345Home equity lines of credit 51,440 49,057 47,831 50,291 51,458Other loans 1,876 2,128 1,504 2,016 1,564 ---------- ---------- ---------- ---------- ---------- Total loans 1,096,482 1,106,382 1,077,905 1,038,345 973,193 Less: Allowance for loan losses 13,893 13,686 13,496 13,223 13,843 ---------- ---------- ---------- ---------- ---------- Net loans 1,082,589 1,092,696 1,064,409 1,025,122 959,350Premises and equipment 30,472 30,979 31,482 31,941 32,497Other real estate owned 3,392 3,073 3,391 7,137 3,264Accrued interest receivable 4,040 3,447 3,842 4,078 3,788Bank owned life insurance 30,887 30,688 30,490 27,296 27,767Deferred tax assets, net 25,861 26,430 26,767 26,731 27,543Other assets 8,060 7,355 6,524 7,328 7,831 ---------- ---------- ---------- ---------- ---------- TOTAL ASSETS $1,583,490 $1,578,605 $1,579,540 $1,600,335 $1,575,288 ========== ========== ========== ========== ==========LIABILITIESDeposits: Noninterest-bearing demand deposits $ 306,711 $ 304,651 $ 288,130 $ 297,459 $ 254,646 Interest-bearing deposits Checking 332,786 323,813 318,239 341,180 337,900 Savings 103,572 104,631 98,743 92,322 89,527 Money market accounts 504,863 495,929 512,464 516,920 511,059 CD's $100,000 and over 72,168 78,268 73,927 71,783 76,100 CD's less than $100,000 112,586 115,793 120,140 124,228 127,778 ---------- ---------- ---------- ---------- ---------- Total deposits 1,432,686 1,423,085 1,411,643 1,443,892 1,397,010Overnight borrowings - - 22,900 - -Federal home loan bank advances 12,335 16,451 17,566 17,680 20,793Capital lease obligation 9,024 9,076 9,127 9,178 6,396Other Liabilities 11,967 15,758 7,170 6,614 30,406 ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES 1,466,012 1,464,370 1,468,406 1,477,364 1,454,605Shareholders' equity 117,478 114,235 111,134 122,971 120,683 ---------- ---------- ---------- ---------- ----------TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,583,490 $1,578,605 $1,579,540 $1,600,335 $1,575,288 ========== ========== ========== ========== ==========Trust division assets under administration (market value, not included above) $2,146,920 $2,062,798 $2,063,729 $1,957,146 $1,857,527 PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED BALANCE SHEET DATA (Dollars in Thousands) (Unaudited) As of ----------------------------------------------------- Sept 30, June 30, March 31, Dec 31, Sept 30, 2012 2012 2012 2011 2011 --------- --------- --------- --------- ---------Asset Quality:Loans past due over 90 days and still accruing $ - $ - $ - $ 345 $ 836Nonaccrual loans 16,958 19,011 18,598 18,865 22,103Other real estate owned 3,392 3,073 3,391 7,137 3,264 --------- --------- --------- --------- --------- Total nonperforming assets $ 20,350 $ 22,084 $ 21,989 $ 26,347 $ 26,203 ========= ========= ========= ========= =========Nonperforming loans to total loans 1.55% 1.72% 1.73% 1.85% 2.36%Nonperforming assets to total assets 1.29% 1.40% 1.39% 1.65% 1.66%Accruing TDR's (A) $ 7,626 $ 7,647 $ 7,842 $ 7,281 $ 5,519Loans past due 30 through 89 days and still accruing $ 2,244 $ 2,836 $ 7,619 $ 11,632 $ 9,706Classified loans (B) $ 47,017 $ 47,102 $ 48,546 $ 49,101 $ 52,031Impaired loans (B) $ 24,584 $ 26,658 $ 26,568 $ 26,212 $ 27,529Allowance for loan losses: Beginning of period $ 13,686 $ 13,496 $ 13,223 $ 13,843 $ 14,056 Provision for loan losses 750 1,500 1,500 1,750 1,500 Charge-offs, net (543) (1,310) (1,227) (2,370) (1,713) --------- --------- --------- --------- --------- End of period $ 13,893 $ 13,686 $ 13,496 $ 13,223 $ 13,843 ========= ========= ========= ========= =========ALLL to nonperforming loans 81.93% 71.99% 72.57% 68.83% 60.35%ALLL to total loans 1.27% 1.24% 1.25% 1.27% 1.42%Capital Adequacy:Tier I leverage 7.31% 7.15% 7.00% 7.73% 7.86%Tier I capital to risk-weighted assets 11.51% 11.27% 11.21% 12.51% 12.73%Tier I & II capital to risk-weighted assets 12.76% 12.52% 12.46% 13.76% 13.98%Common equity to total assets 7.42% 7.24% 7.04% 6.81% 6.78%Book value per common share $ 13.38 $ 13.02 $ 12.70 $ 12.47 $ 12.09(A) Does not include $5.7 million at September 30, 2012, $6.1 million atJune 30, 2012, $6.0 million at March 31, 2012, $3.8 million at December 31,2011 and $3.9 million at September 30, 2011 of TDR's included in nonaccrualloans.(B) Classified loans include all impaired loans. Impaired loans include allnonaccrual loans and all TDRs. PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in thousands, except share data) (Unaudited) ------------------------------------------------- Sept 30, June 30, March 31, Dec 31, Sept 30, 2012 2012 2012 2011 2011 --------- --------- --------- --------- ---------Income Statement Data:Interest income $ 13,982 $ 14,102 $ 14,214 $ 14,101 $ 13,594Interest expense 1,132 1,199 1,323 1,485 1,699 --------- --------- --------- --------- --------- Net interest income 12,850 12,903 12,891 12,616 11,895Provision for loan losses 750 1,500 1,500 1,750 1,500 --------- --------- --------- --------- --------- Net interest income after provision for loan losses 12,100 11,403 11,391 10,866 10,395Trust fees 2,918 3,259 3,176 2,584 2,555Other income 1,406 1,305 1,157 1,350 1,170Securities gains/(losses), net 235 107 390 316 248 --------- --------- --------- --------- --------- Total other income 4,559 4,671 4,723 4,250 3,973 --------- --------- --------- --------- ---------Salaries and employee benefits 7,029 6,408 6,113 5,651 5,789Premises and equipment 2,290 2,413 2,331 2,313 2,322FDIC insurance expense 299 290 352 278 253Other expenses 2,375 2,593 2,284 3,306 2,209 --------- --------- --------- --------- --------- Total operating expenses 11,993 11,704 11,080 11,548 10,573 --------- --------- --------- --------- ---------Income before income taxes 4,666 4,370 5,034 3,568 3,795Income tax expense/(benefit) 1,834 1,647 1,951 1,041 (1,537)(A) --------- --------- --------- --------- ---------Net income 2,832 2,723 3,083 2,527 5,332 (B)Dividends and accretion on preferred stock - - 474 220 219 --------- --------- --------- --------- ---------Net income available to common shareholders $ 2,832 $ 2,723 $ 2,609 $ 2,307 $ 5,113 (B) ========= ========= ========= ========= =========Per Common Share Data:Earnings per share (basic) $ 0.32 $ 0.31 $ 0.30 $ 0.26 $ 0.58 (C)Earnings per share (diluted) 0.32 0.31 0.30 0.26 0.58 (C)Performance Ratios:Return on average assets 0.72% 0.69% 0.78% 0.64% 1.39%(D)Return on average common equity 9.77% 9.65% 9.47% 8.61% 19.87%(E)Net interest margin (Taxable equivalent basis) 3.50% 3.52% 3.54% 3.46% 3.37%(A) Income taxes for the third quarter includes a one-time state tax benefitof $2.988 million related to the reversal of a previously recorded valuationallowance against net state tax benefits related to security impairmentcharges recorded in the year ended December 31, 2008. Circumstances andprojections now indicate that this deferred tax asset can be utilized whenit is realized in future periods.(B) Net income and net income available to common shareholders, excludingthe one-time state tax benefit of $2.988 million would be $2.344 million and$2.125 million, respectively for the third quarter. See page 14 for moreinformation on this non-GAAP measure.(C) EPS excluding the one-time state tax benefit of $2.988 million is $0.24for the third quarter. See page 14 for more information on this non-GAAPmeasure.(D) ROA excluding the one-time state tax benefit of $2.988 million is 0.61%for the third quarter. See page 14 for more information on this non-GAAPmeasure.(E) ROE excluding the one-time state tax benefit of $2.988 million is 8.26%for the third quarter. See page 14 for more information on this non-GAAPmeasure. PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in thousands, except share data) (Unaudited) For the Nine Months Ended September 30, 2012 2011 --------- ---------Income Statement Data:Interest income $ 42,298 $ 41,950Interest expense 3,654 5,651 --------- --------- Net interest income 38,644 36,299Provision for loan losses 3,750 5,500 --------- --------- Net interest income after provision for loan losses 34,894 30,799Trust fees 9,353 8,102Other income 3,868 3,643Securities gains/(losses), net 732 721 --------- --------- Total other income 13,953 12,466 --------- ---------Salaries and employee benefits 19,550 17,579Premises and equipment 7,034 7,058FDIC insurance expense 941 1,254Other expenses 7,252 6,960 --------- --------- Total operating expenses 34,777 32,851 --------- ---------Income before income taxes 14,070 10,414Income tax expense 5,432 773 (A) --------- ---------Net income 8,638 9,641 (B)Dividends and accretion on preferred stock 474 1,008 --------- ---------Net income available to common shareholders $ 8,164 $ 8,633 (B) ========= =========Per Common Share Data:Earnings per share (basic) $ 0.93 $ 0.98 (C)Earnings per share (diluted) 0.93 0.98 (C)Performance Ratios:Return on average assets 0.73% 0.85% (D)Return on average common equity 9.63% 11.50% (E)Net interest margin (Tax equivalent basis) 3.52% 3.46%(A) Income taxes for the nine months ended 9/30/11 includes a one-time statetax benefit of $2.988 million related to the reversal of a previouslyrecorded valuation allowance against net state tax benefits related tosecurity impairment charges recorded in the year ended December 31, 2008.Circumstances and projections now indicate that this deferred tax asset canbe utilized when it is realized in future periods.(B) Net income and net income available to common shareholders, excludingthe one-time state tax benefit of $2.988 million would be $6.653 million and$5.645 million, respectively for the nine months ended 9/30/11. See page 14for more information on this non-GAAP measure.(C) EPS excluding the one-time state tax benefit of $2.988 million is $0.64for the nine months ended 9/30/11. See page 14 for more information on thisnon-GAAP measure.(D) ROA excluding the one-time state tax benefit of $2.988 million is 0.59%for the nine months ended 9/30/11. See page 14 for more information on thisnon-GAAP measure.(E) ROE excluding the one-time state tax benefit of $2.988 million is 7.52%for the nine months ended 9/30/11. See page 14 for more information on thisnon-GAAP measure. PEAPACK-GLADSTONE FINANCIAL CORPORATION NON-GAAP RECONCILIATION (Dollars in thousands, except share data)
