PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET UNAUDITED THREE MONTHS ENDED (Tax-Equivalent Basis, Dollars in Thousands) December 31, 2012 September 30, 2012 ------------------------- ------------------------- Average Income/ Average Income/ Balance Expense Yield Balance Expense Yield ---------- -------- ----- ---------- -------- -----ASSETS:Interest-Earning Assets: Investments: Taxable (1) $ 267,890 $ 1,423 2.12% $ 284,440 $ 1,787 2.51% Tax-exempt (1) (2) 47,262 327 2.77 44,481 322 2.90 Loans held for sale 4,355 48 4.40 2,829 34 4.77 Loans (2) (3) 1,125,490 12,107 4.30 1,098,857 11,965 4.36 Federal funds sold 100 - 0.10 100 - 0.10 Interest-earning deposits 66,942 41 0.24 53,560 27 0.20 ---------- -------- ----- ---------- -------- ----- Total interest- earning assets 1,512,039 $ 13,946 3.69% 1,484,267 $ 14,135 3.81% ---------- -------- ----- ---------- -------- -----Noninterest-Earning Assets: Cash and due from banks 6,885 5,611 Allowance for loan losses (14,020) (14,005) Premises and equipment 30,350 30,820 Other assets 76,251 77,232 ---------- ---------- Total noninterest- earning assets 99,466 99,658 ---------- ----------Total assets $1,611,505 $1,583,925 ========== ==========LIABILITIES:Interest-Bearing Deposits: Checking $ 346,373 $ 87 0.10% $ 334,982 $ 89 0.11% Money markets 517,470 202 0.16 503,180 259 0.21 Savings 105,228 14 0.05 104,273 14 0.05 Certificates of deposit 180,941 528 1.17 188,568 550 1.17 ---------- -------- ----- ---------- -------- ----- Total interest- bearing deposits 1,150,012 831 0.29 1,131,003 912 0.32 Borrowings 12,258 95 3.10 15,281 113 2.96 Capital lease obligation 8,990 107 4.76 9,043 107 4.73 ---------- -------- ----- ---------- -------- ----- Total interest- bearing liabilities 1,171,260 1,033 0.35 1,155,327 1,132 0.39 ---------- -------- ----- ---------- -------- -----Noninterest-Bearing Liabilities: Demand deposits 311,920 305,192 Accrued expenses and other liabilities 8,144 7,434 ---------- ---------- Total noninterest- bearing liabilities 320,064 312,626Shareholders' equity 120,181 115,972 ---------- ---------- Total liabilities and shareholders' equity $1,611,505 $1,583,925 ========== ==========Net interest income $ 12,913 $ 13,003 ======== ======== Net interest spread 3.34% 3.42% ===== ===== Net interest margin (4) 3.42% 3.50% ===== ===== PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET UNAUDITED TWELVE 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) $ 303,599 $ 7,033 2.32% $ 369,905 $ 8,351 2.26% Tax-exempt (1) (2) 46,780 1,363 2.91 39,338 1,439 3.66 Loans held for sale 2,487 123 4.94 880 56 6.41 Loans (2) (3) 1,094,696 48,112 4.40 965,716 46,716 4.84 Federal funds sold 100 - 0.10 100 - 0.23 Interest-earning deposits 41,303 98 0.24 54,664 144 0.26 ---------- -------- ----- ---------- -------- ----- Total interest- earning assets 1,488,965 $ 56,729 3.81% 1,430,603 $ 56,706 3.96% ---------- -------- ----- ---------- -------- -----Noninterest-Earning Assets: Cash and due from banks 6,506 8,260 Allowance for loan losses (13,942) (14,561) Premises and equipment 31,049 33,015 Other assets 77,048 73,263 ---------- ---------- Total noninterest- earning assets 100,661 99,977 ---------- ----------Total assets $1,589,626 $1,530,580 ========== ==========LIABILITIES:Interest-Bearing Deposits: Checking $ 336,228 $ 379 0.11% $ 318,446 $ 1,045 0.33% Money markets 510,633 1,022 0.20 519,702 2,010 0.39 Savings 101,068 70 0.07 86,818 205 0.24 Certificates of deposit 188,918 2,237 1.18 207,892 2,815 1.35 ---------- -------- ----- ---------- -------- ----- Total interest- bearing deposits 1,136,847 3,708 0.33 1,132,858 6,075 0.54 Borrowings 25,277 548 2.17 22,622 742 3.28 Capital lease obligation 9,067 431 4.75 6,397 319 4.99 ---------- -------- ----- ---------- -------- ----- Total interest- bearing liabilities 1,171,191 4,687 0.40 1,161,877 7,136 0.61 ---------- -------- ----- ---------- -------- -----Noninterest-Bearing Liabilities: Demand deposits 296,250 243,850 Accrued expenses and other liabilities 6,977 7,954 ---------- ---------- Total noninterest- bearing liabilities 303,227 251,804Shareholders' equity 115,208 116,899 ---------- ---------- Total liabilities and shareholders' equity $1,589,626 $1,530,580 ========== ==========Net interest income $ 52,042 $ 49,570 ======== ======== Net interest spread 3.41% 3.35% ===== ===== Net interest margin (4) 3.50% 3.47% ===== =====(1) Average balances for available for sale securities are based on amortized cost.(2) Interest income is presented on a tax-equivalent basis using a 35 percent federal tax rate.(3) Loans are stated net of unearned income and include nonaccrual loans.(4) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.
Contact:
Jeffrey J. Carfora
EVP and CFO
Peapack-Gladstone Financial Corporation
T: 908-719-4308
