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Jun 30, 2020
Peapack-Gladstone Q2 2020 Earnings Report
Peapack-Gladstone's net income decreased due to provision for loan losses related to the COVID-19 pandemic.
Key Takeaways
Peapack-Gladstone Financial Corporation reported a decrease in net income and EPS for the quarter ended June 30, 2020, compared to the same period last year. The decrease was primarily due to a $4.90 million provision for loan losses related to the COVID-19 pandemic.
Revenue increased to $44.59 million compared to $42.29 million in the same quarter last year.
Net income was $8.24 million, down from $11.55 million in the prior year quarter.
Diluted earnings per share (EPS) decreased to $0.43 from $0.59 year-over-year.
The company assisted businesses with approximately $600 million in loan fundings under the PPP program, saving approximately 50,000 jobs.
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Revenue & Expenses
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