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Mar 31, 2021
Peapack-Gladstone Q1 2021 Earnings Report
Reported strong Q1 2021 results, driven by noninterest income totaling 36% of total revenue.
Key Takeaways
Peapack-Gladstone Financial Corporation reported a strong first quarter in 2021, with total revenue of $49.61 million and net income of $13.18 million, resulting in diluted earnings per share of $0.67. Increased noninterest income, particularly from wealth management and capital markets activities, along with a significantly reduced provision for loan losses, contributed to the positive results.
Total revenue reached $49.61 million, a 7% increase compared to Q1 2020.
Net income significantly increased to $13.18 million, up from $1.37 million in the same quarter last year.
Diluted earnings per share (EPS) rose to $0.67, a substantial increase from $0.07 in Q1 2020.
Noninterest income accounted for 36% of total revenue, driven by wealth management and capital markets activities.
Peapack-Gladstone
Peapack-Gladstone
Peapack-Gladstone Revenue by Segment
Revenue by Segment
Wealth Mgmt Fees Revenue
CapyFin.comCapital Markets Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
The Company's near-term priorities include actively managing capital and liquidity, growing core businesses, expanding net interest margin, investing in digital enhancements, targeting fee income, and driving ROA and return on average tangible common equity.
Positive Outlook
- Actively deploy/manage capital and liquidity by expanding our lending activities and executing on our recently announced stock repurchase program.
- Continue to grow and expand our core Wealth Management, Commercial Banking and Capital Markets businesses through core operations, strategic hires, lift-outs, and acquisition of wealth management firms.
- Expand our Net Interest Margin.
- Investment in digital enhancements.
- Continue to target fee income at 35% - 45% of total bank revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income