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Jun 30, 2021
Peapack-Gladstone Q2 2021 Earnings Report
Reported strong second quarter results, driven by increased wealth management fee income, strong loan growth and margin expansion.
Key Takeaways
Peapack-Gladstone Financial Corporation reported a strong second quarter in 2021, with total revenue of $51.52 million, net income of $14.42 million, and diluted earnings per share of $0.74. The results were driven by increased wealth management fee income, strong loan growth, and margin expansion.
Total revenue increased by 16% compared to the same quarter last year.
Net income increased by 75% compared to the same quarter last year.
Wealth Management Fee Income increased to $13.03 million for Q2 2021, compared to $10.00 million for Q2 2020.
Loans, excluding PPP loans, grew by $293 million during Q2 2021 (7% growth linked quarter: 28% annualized).
Revenue by Segment
Forward Guidance
The Company’s near-term priorities include growing and expanding the three primary drivers of profitability: Wealth Management, Commercial Banking and Capital Markets businesses. Maintaining loan and deposit pricing discipline to protect and grow Net Interest Margin. Continue to execute on our stock repurchase program. Generate fee income at 35% - 45% of total bank revenue. Drive ROA to greater than 1% and return on average tangible common equity to greater than 14%.
Positive Outlook
- Grow and expand our three primary drivers of profitability: Wealth Management, Commercial Banking and Capital Markets businesses.
- Maintain loan and deposit pricing discipline to protect and grow our Net Interest Margin.
- Continue to execute on our stock repurchase program.
- Generate fee income at 35% - 45% of total bank revenue.
- Drive ROA to greater than 1% and return on average tangible common equity to greater than 14%.
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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