Peapack-Gladstone Q1 net income $8.6M ($0.48 EPS), down 53% YoY; NIM falls to 2.20%

PEAPACK GLADSTONE FINANCIAL CORP

2024-Q1 EPS reported $0.48 revenue$53,076,000

Net income $8.6M, diluted EPS $0.48 vs $1.01 a year ago; revenue $53.1M, down 14% YoY.
Net interest margin compressed to 2.20% from 2.88% a year ago; NII fell $9.6M YoY.
Deposits grew $202.6M to $5.48B, loans decreased $73.7M; overnight borrowings cut by $284.3M.
Nonperforming assets rose to $69.8M (1.09% of assets); past-due loans jumped to $73.7M (1.37% of loans).
Wealth management AUM/AUA up to $11.5B; stock repurchased 100k shares for $2.4M; dividend $0.05.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PEAPACK GLADSTONE FINANCIAL CORP reported the quarter ended March 31, 2024 results: revenue $53.1 million, net income $8.6 million, EPS $0.48.

Period: the quarter ended March 31, 2024
Revenue: $53.1 million
Net income: $8.6 million
EPS: $0.48
Result: reported results

Exact text from the filing

website at www.pgbank.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov . The Company recorded total revenue of $53.1 million, net income of $8.6 million and diluted earnings per share (“EPS”) of $0.48 for the quarter ended March 31, 2024, compared to revenue of $62.0 million, net income of $18.4

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Source: SEC EDGAR

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