PEAPACK-GLADSTONE FINANCIAL CORPORATION
NON-GAAP RECONCILIATION
(Dollars in thousands, except share data)
This press release contains certain supplemental financial information, described below, which has been determined by methods other that U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of the Corporation's performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding the Corporation's financial results. Management believes that the Corporation's presentation and discussion, together with the accompanying reconciliation, provides a complete understanding of factors and trends affecting the Corporation's business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and the Corporation strongly encourages investors to review it consolidated financial statements in their entirety and not to rely on any single financial measure.
For the Twelve Months Ended December 31, 2011 -------------------Net Income:As reported $ 12,168Less: Valuation allowance reversal 2,988 ------------------- Net income, excluding valuation allowance reversal 9,180 ===================Net Income Available to Common Shareholders:As reported $ 10,940Less: Valuation allowance reversal 2,988 ------------------- Net income, excluding valuation allowance reversal 7,952 ===================Per Common Share Data:Earnings per share (basic):As reported $ 1.25Less: Valuation allowance reversal 0.34 ------------------- Earnings per share (basic), excluding valuation allowance reversal 0.91 ===================Earnings per share (diluted):As reported $ 1.25Less: Valuation allowance reversal 0.34 ------------------- Earnings per share (diluted), excluding valuation allowance reversal 0.91 ===================Performance Ratios:Return on average assets:As reported 0.79%Return on average assets, excluding valuation allowance reversal 0.60%Return on average common equity:As reported 10.74%Return on average common equity,excluding valuation allowance reversal 7.81%
