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A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on form 10-K for the year ended December 31, 2011 and our subsequent Quarterly Reports on Form 10-Q. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Corporation's expectations.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
(Tables to Follow)
PEAPACK-GLADSTONE FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CONDITION (Dollars in Thousands) (Unaudited) As of ------------------------------------------------------ Dec 31, Sept 30, June 30, March 31, Dec 31, 2012 2012 2012 2012 2011 ---------- --------- --------- --------- ---------ASSETSCash and due from banks $ 6,733 $ 5,466 $ 5,639 $ 5,146 $ 7,097Federal funds sold 100 100 100 100 100Interest-earning deposits 112,395 49,354 29,024 28,144 35,856 ---------- ---------- ---------- ---------- ---------- Total cash and cash equivalents 119,228 54,920 34,763 33,390 43,053Securities held to maturity - 76,698 84,779 88,667 100,719Securities available for sale 304,479 253,489 257,318 281,770 319,520FHLB and FRB Stock, at cost 4,639 4,639 4,818 5,594 4,569Loans held for sale 20,210 8,443 2,259 3,214 2,841Residential mortgage 515,014 504,407 526,726 518,111 498,482Commercial mortgage 420,086 391,976 384,289 358,822 330,559Commercial loans 115,372 115,602 116,493 119,351 123,845Construction loans 9,328 9,639 6,804 12,517 13,713Consumer loans 21,188 21,542 20,885 19,769 19,439Home equity lines of credit 49,635 51,440 49,057 47,831 50,291Other loans 1,961 1,876 2,128 1,504 2,016 ---------- ---------- ---------- ---------- ---------- Total loans 1,132,584 1,096,482 1,106,382 1,077,905 1,038,345 Less: Allowance for loan losses 12,735 13,893 13,686 13,496 13,223 ---------- ---------- ---------- ---------- ---------- Net loans 1,119,849 1,082,589 1,092,696 1,064,409 1,025,122Premises and equipment 30,030 30,472 30,979 31,482 31,941Other real estate owned 3,496 3,392 3,073 3,391 7,137Accrued interest receivable 3,864 4,040 3,447 3,842 4,078Bank owned life insurance 31,088 30,887 30,688 30,490 27,296Deferred tax assets, net 9,478 25,861 26,430 26,767 26,731Other assets 21,475 8,060 7,355 6,524 7,328 ---------- ---------- ---------- ---------- ---------- TOTAL ASSETS $1,667,836 $1,583,490 $1,578,605 $1,579,540 $1,600,335 ========== ========== ========== ========== ==========LIABILITIESDeposits: Noninterest-bearing demand deposits $ 298,095 $ 306,711 $ 304,651 $ 288,130 $ 297,459 Interest-bearing deposits Checking 346,877 332,786 323,813 318,239 341,180 Savings 109,686 103,572 104,631 98,743 92,322 Money market accounts 583,197 504,863 495,929 512,464 516,920 CD's $100,000 and over 68,741 72,168 78,268 73,927 71,783 CD's less than $100,000 109,831 112,586 115,793 120,140 124,228 ---------- ---------- ---------- ---------- ---------- Total deposits 1,516,427 1,432,686 1,423,085 1,411,643 1,443,892Overnight borrowings - - - 22,900 -Federal home loan bank advances 12,218 12,335 16,451 17,566 17,680Capital lease obligation 8,971 9,024 9,076 9,127 9,178Other Liabilities 8,163 11,967 15,758 7,170 6,614 ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES 1,545,779 1,466,012 1,464,370 1,468,406 1,477,364Shareholders' equity 122,057 117,478 114,235 111,134 122,971 ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,667,836 $1,583,490 $1,578,605 $1,579,540 $1,600,335 ========== ========== ========== ========== ==========Trust division assets under administration (market value, not included above) $2,303,612 $2,146,920 $2,062,798 $2,063,729 $1,957,146 PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED BALANCE SHEET DATA (Dollars in Thousands) (Unaudited) As of ------------------------------------------------ Sept June March Dec 31, 30, 30, 31, Dec 31, 2012 2012 2012 2012 2011 -------- -------- -------- -------- --------Asset Quality:Loans past due over 90 days and still accruing $ - $ - $ - $ - $ 345Nonaccrual loans 11,732 (C) 16,958 19,011 18,598 18,865Other real estate owned 3,496 3,392 3,073 3,391 7,137 -------- -------- -------- -------- -------- Total nonperforming assets $ 15,228 (C) $ 20,350 $ 22,084 $ 21,989 $ 26,347 ======== ======== ======== ======== ========Nonperforming loans to total loans 1.04% (C) 1.55% 1.72% 1.73% 1.85%Nonperforming assets to total assets 0.91% (C) 1.29% 1.40% 1.39% 1.65%Accruing TDR's (A) $ 6,415 (C) $ 7,626 $ 7,647 $ 7,842 $ 7,281Loans past due 30 through 89 days and still accruing $ 3,786 $ 2,244 $ 2,836 $ 7,619 $ 11,632Classified loans (B) $ 32,014 (C) $ 47,017 $ 47,102 $ 48,546 $ 49,101Impaired loans (B) $ 18,147 (C) $ 24,584 $ 26,658 $ 26,568 $ 26,212Allowance for loan losses: Beginning of period $ 13,893 $ 13,686 $ 13,496 $ 13,223 $ 13,843 Provision for loan losses 4,525 750 1,500 1,500 1,750 Charge-offs, net (5,683) (543) (1,310) (1,227) (2,370) -------- -------- -------- -------- -------- End of period $ 12,735 $ 13,893 $ 13,686 $ 13,496 $ 13,223 ======== ======== ======== ======== ========ALLL to nonperforming loans 108.55% (C) 81.93% 71.99% 72.57% 68.83%ALLL to total loans 1.12% (C) 1.27% 1.24% 1.25% 1.27%Capital Adequacy:Tier I leverage 7.27% 7.31% 7.15% 7.00% 7.73%Tier I capital to risk- weighted assets 11.83% 11.51% 11.27% 11.21% 12.51%Tier I & II capital to risk-weighted assets 13.08% 12.76% 12.52% 12.46% 13.76%Common equity to total assets 7.32% 7.42% 7.24% 7.04% 6.81%Book value per common share $ 13.87 $ 13.38 $ 13.02 $ 12.70 $ 12.47(A) Does not include $2.9 million at December 31, 2012, $5.7 million at September 30, 2012, $6.1 million at June 30, 2012, $6.0 million at March 31, 2012 and $3.8 million at December 31, 2011 of TDR's included in nonaccrual loans.(B) Classified loans include all impaired loans. Impaired loans include all nonaccrual loans and all TDRs.(C) Does not include classified Loans Held for Sale, as these loans have been written down to market value and are currently being marketed for sale. PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in thousands, except share data) (Unaudited) ---------------------------------------------------- Dec 31, Sept 30, June 30, March 31, Dec 31, 2012 2012 2012 2012 2011 --------- ---------- ---------- ---------- ---------Income Statement Data:Interest income $ 13,792 $ 13,982 $ 14,102 $ 14,214 $ 14,101Interest expense 1,033 1,132 1,199 1,323 1,485 --------- ---------- ---------- ---------- --------- Net interest income 12,759 12,850 12,903 12,891 12,616Provision for loan losses 4,525 750 1,500 1,500 1,750 --------- ---------- ---------- ---------- --------- Net interest income after provision for loan losses 8,234 12,100 11,403 11,391 10,866Trust fees 2,929 2,918 3,259 3,176 2,584Other income 1,343 1,406 1,305 1,157 1,350Securities gains/(losses), net 3,078 235 107 390 316 --------- ---------- ---------- ---------- --------- Total other income 7,350 4,559 4,671 4,723 4,250 --------- ---------- ---------- ---------- ---------Salaries and employee benefits 8,045 7,029 6,408 6,113 5,651Premises and equipment 2,433 2,290 2,413 2,331 2,313FDIC insurance expense 267 299 290 352 278Other expenses 2,808 2,375 2,593 2,284 3,306 --------- ---------- ---------- ---------- --------- Total operating expenses 13,553 11,993 11,704 11,080 11,548 --------- ---------- ---------- ---------- ---------Income before income taxes 2,031 4,666 4,370 5,034 3,568Income tax expense/(benefit) 973 1,834 1,647 1,951 1,041 --------- ---------- ---------- ---------- ---------Net income 1,058 2,832 2,723 3,083 2,527Dividends and accretion on preferred stock - - - 474 220Net income available to common shareholders $ 1,058 $ 2,832 $ 2,723 $ 2,609 $ 2,307 ========= ========== ========== ========== =========Per Common Share Data:Earnings per share (basic) $ 0.12 $ 0.32 $ 0.31 $ 0.30 $ 0.26Earnings per share (diluted) 0.12 0.32 0.31 0.30 0.26Performance Ratios:Return on average assets 0.26% 0.72% 0.69% 0.78% 0.64%Return on average common equity 3.52% 9.77% 9.65% 9.47% 8.61%Net interest margin (Taxable equivalent basis) 3.42% 3.50% 3.52% 3.54% 3.46% PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in thousands, except share data) (Unaudited) For the Twelve Months Ended December 31, 2012 2011 ---------- ----------Income Statement Data:Interest income $ 56,090 $ 56,051Interest expense 4,687 7,136 ---------- ---------- Net interest income 51,403 48,915Provision for loan losses 8,275 7,250 ---------- ---------- Net interest income after provision for loan losses 43,128 41,665Trust fees 12,282 10,686Other income 5,211 4,993Securities gains/(losses), net 3,810 1,037 ---------- ---------- Total other income 21,303 16,716 ---------- ----------Salaries and employee benefits 27,595 23,230Premises and equipment 9,467 9,371FDIC insurance expense 1,208 1,532Other expenses 10,060 10,266 ---------- ---------- Total operating expenses 48,330 44,399 ---------- ----------Income before income taxes 16,101 13,982Income tax expense 6,405 1,814 (A) ---------- ----------Net income 9,696 12,168 (B)Dividends and accretion on preferred stock 474 1,228Net income available to common shareholders $ 9,222 $ 10,940 (B) ========== ==========Per Common Share Data:Earnings per share (basic) $ 1.05 $ 1.25 (C)Earnings per share (diluted) 1.05 1.25 (C)Performance Ratios:Return on average assets 0.61% 0.79% (D)Return on average common equity 8.03% 10.74% (E)Net interest margin (Tax equivalent basis) 3.50% 3.47%(A) Income taxes for the twelve months ended 12/31/11 includes a one-time state tax benefit of $2.988 million related to the reversal of a previously recorded valuation allowance against net state tax benefits related to security impairment charges recorded in the year ended December 31, 2008. Circumstances and projections indicated that this deferred tax asset can be utilized when it is realized in future periods(B) Net income and net income available to common shareholders, excluding the one-time state tax benefit of $2.988 million would be $9.180 million and $7.952 million, respectively for the twelve months ended 12/31/11.(C) EPS excluding the one-time state tax benefit of $2.988 million is $0.91 for the twelve months ended 12/31/11. See page 14, for more information on this non-GAAP measure.(D) ROA excluding the one-time state tax benefit of $2.988 million is 0.60% for the twelve months ended 12/31/11. See page 14, for more information on this non-GAAP measure.(E) ROE excluding the one-time state tax benefit of $2.988 million is 7.81% for the twelve months ended 12/31/11. See page 14, for more information on this non-GAAP measure.
