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Mar 31, 2024
Peapack-Gladstone Q1 2024 Earnings Report
Peapack-Gladstone's financial performance declined in Q1 2024 compared to the previous year, with decreases in revenue, net income, and EPS, but deposits grew and borrowings decreased.
Key Takeaways
Peapack-Gladstone Financial Corporation reported a decrease in financial results for Q1 2024 compared to Q1 2023. Total revenue decreased to $53.1 million, net income decreased to $8.6 million, and diluted EPS decreased to $0.48. However, deposits grew by $202.6 million, loans decreased by $73.7 million, and overnight borrowings were reduced by $284.3 million.
Total revenue was $53.1 million, a decrease from $62.0 million in Q1 2023.
Net income was $8.6 million, a decrease from $18.4 million in Q1 2023.
Diluted earnings per share (EPS) was $0.48, a decrease from $1.01 in Q1 2023.
Deposits grew by $202.6 million to $5.48 billion.
Revenue by Segment
Forward Guidance
The first quarter continued to present headwinds for our organization with margin compression and credit quality our primary areas of concern. As we work through this challenging economic environment, we continue to thoroughly analyze our loan portfolio for areas of potential stress.
Positive Outlook
- The Company’s liquidity position remains stable as balance sheet liquidity, as a percentage of total assets, increased to 12.1% or $776.8 million.
- The Company also had $2.9 billion of external borrowing capacity available, which, when combined with on balance sheet liquidity, provides us with 303% coverage of our uninsured deposits.
- Wealth Management fee income was $14.4 million in Q1 2024, which amounted to 27% of total revenue for the quarter.
- We recently announced that we have successfully recruited and hired over 10 commercial private banking teams to work alongside the existing New York City teams hired during 2023.
- We believe that this ongoing strategic expansion will enhance our liquidity, enable us to diversify our balance sheet, improve profitability and provide favorable operating leverage in the years to come.
Challenges Ahead
- The first quarter continued to present headwinds for our organization with margin compression and credit quality our primary areas of concern.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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