Advertisement
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 Three For the Twelve Months Ended Months Ended December 31, December 31, 2012 2012 -------------- --------------Net Income:As reported $ 1,058 $ 9,696Additional provision for loan loss - transfer to loans held for sale 4,000 4,000Gain on sale of pooled trust preferred securities (2,870) (2,870)Severance accrual 965 965CEO search expenses 336 336Hurricane Sandy - costs and fee waivers 175 175Delaware Trust Subsidiary - organization and legal expenses 74 74Valuation of directors retirement plan N/A 473Tax effect (A) (773) (955) -------------- -------------- Net income, excluding unusual items 2,965 11,894 ============== ==============Net Income Available to Common Shareholders:As reported $ 1,058 $ 9,222Additional provision for loan loss - transfer to loans Held for sale 4,000 4,000Gain on sale of pooled trust preferred securities (2,870) (2,870)Severance accrual 965 965CEO search 336 336Hurricane Sandy - costs and fee waivers 175 175Delaware Trust Subsidiary - organization and legal expenses 74 74Valuation of directors retirement plan N/A 473Tax effect (A) (773) (955) -------------- -------------- Net income, excluding unusual items 2,965 11,420 ============== ==============(A) Taxes were calculated at an annual effective rate of 38.54%, net of the tax adjustment of $260 thousand for the realization of the carryback of deferred tax assets due to the pooled trust preferred securities sale. For the Three For the Twelve Months Ended Months Ended December 31, December 31, 2012 2012 -------------- --------------Per Common Share Data:Earnings per share (basic):As reported $ 0.12 $ 1.05Less: Adjustments 0.22 0.25 -------------- --------------Earnings per share (basic), excluding unusual items 0.34 1.30 ============== ==============Earnings per share (diluted):As reported $ 0.12 $ 1.05Less: Adjustments 0.22 0.25 -------------- --------------Earnings per share (diluted), excluding unusual items 0.34 1.30 ============== ==============Performance Ratios:Return on average assets:As reported 0.26% 0.61%Return on average assets, excluding unusual items 0.74% 0.75%Return on average common equity:As reported 3.52% 8.03%Return on average common equity, excluding unusual items 9.87% 9.95% PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET UNAUDITED THREE MONTHS ENDED (Tax-Equivalent Basis, Dollars in Thousands) December 31, 2012 December 31, 2011 ------------------------- ------------------------- Average Income/ Average Income/ Balance Expense Yield Balance Expense Yield ---------- -------- ----- ---------- -------- -----ASSETS:Interest-Earning Assets: Investments: Taxable (1) $ 267,890 $ 1,423 2.12% $ 369,741 $ 2,111 2.28% Tax-exempt (1) (2) 47,262 327 2.77 47,564 386 3.25 Loans held for sale 4,355 48 4.40 1,661 23 5.53 Loans (2) (3) 1,125,490 12,107 4.30 992,617 11,706 4.72 Federal funds sold 100 - 0.10 100 - 0.15 Interest-earning deposits 66,942 41 0.24 66,318 53 0.32 ---------- -------- ----- ---------- -------- ----- Total interest- earning assets 1,512,039 $ 13,946 3.69% 1,478,001 $ 14,279 3.86% ---------- -------- ----- ---------- -------- -----Noninterest-Earning Assets: Cash and due from banks 6,885 8,466 Allowance for loan losses (14,020) (13,648) Premises and equipment 30,350 32,170 Other assets 76,251 77,099 ---------- ---------- Total noninterest- earning assets 99,466 104,087 ---------- ----------Total assets $1,611,505 $1,582,088 ========== ==========LIABILITIES:Interest-Bearing Deposits: Checking $ 346,373 $ 87 0.10% $ 344,560 $ 181 0.21% Money markets 517,470 202 0.16 519,705 371 0.29 Savings 105,228 14 0.05 90,983 46 0.20 Certificates of deposit 180,941 528 1.17 200,158 643 1.28 ---------- -------- ----- ---------- -------- ----- Total interest- bearing deposits 1,150,012 831 0.29 1,155,406 1,241 0.43 Borrowings 12,258 95 3.10 18,860 164 3.48 Capital lease obligation 8,990 107 4.76 6,436 80 4.97 ---------- -------- ----- ---------- -------- ----- Total interest- bearing liabilities 1,171,260 1,033 0.35 1,180,702 1,485 0.50 ---------- -------- ----- ---------- -------- -----Noninterest-Bearing Liabilities: Demand deposits 311,920 268,135 Accrued expenses and other liabilities 8,144 12,113 ---------- ---------- Total noninterest- bearing liabilities 320,064 280,248Shareholders' equity 120,181 121,138 ---------- ---------- Total liabilities and shareholders' equity $1,611,505 $1,582,088 ========== ==========Net interest income $ 12,913 $ 12,794 ======== ======== Net interest spread 3.34% 3.36% ===== ===== Net interest margin (4) 3.42% 3.46% ===== =====
