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Sep 30, 2021
Peapack-Gladstone Q3 2021 Earnings Report
Peapack-Gladstone's Q3 2021 earnings were announced, marked by record wealth management fee income, driving total fee income to 34% of total revenue.
Key Takeaways
Peapack-Gladstone Financial Corporation reported a slight increase in total revenue and net income for the third quarter of 2021 compared to the same period in 2020. Total revenue reached $52.99 million, and net income was $14.17 million. The growth was driven by increased wealth management fee income and capital markets activities, offsetting the impact of a $1.35 million swap valuation allowance.
Total revenue increased to $52.99 million, a 1% increase compared to Q3 2020.
Net income rose to $14.17 million, a 5% increase compared to Q3 2020.
Wealth management fee income increased by 37% to $13.86 million.
Diluted earnings per share increased to $0.74, up from $0.71 in Q3 2020.
Forward Guidance
Peapack-Gladstone anticipates continued growth in wealth management and commercial banking, with robust pipelines for both businesses heading into the fourth quarter.
Positive Outlook
- Robust loan pipelines to generate loan growth and utilize excess liquidity.
- Continued downward repricing of maturing CDs.
- An increase in target Fed funds (should that occur).
- Continued growth in wealth management and commercial banking businesses.
- Gaining momentum in Corporate Advisory business with robust pipeline of new business opportunities.
Challenges Ahead
- Potential impact of economic conditions on business and operations.
- Risk of higher-than-expected increases in loan and lease losses.
- Potential decline in real estate values within market areas.
- Risk of cyberattacks against IT infrastructure.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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