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Dec 31, 2023
Peapack-Gladstone Q4 2023 Earnings Report
Peapack-Gladstone's Q4 2023 financial performance decreased compared to the previous year, with net income and EPS declining, reflecting a challenging environment for the financial services industry.
Key Takeaways
Peapack-Gladstone Financial Corporation reported a decrease in financial results for the fourth quarter of 2023, with total revenue at $54.3 million, net income at $8.6 million, and diluted EPS at $0.48. The results reflect a challenging year for the financial services industry, marked by interest rate increases and concerns over liquidity. The company's net interest margin stabilized during the quarter, and wealth management continued to contribute a consistent stream of noninterest income.
Total revenue was reported at $54.3 million, a decrease from $64.9 million in Q4 2022.
Net income reached $8.6 million, down from $20.6 million in the same quarter of the previous year.
Diluted earnings per share (EPS) were $0.48, compared to $1.12 in Q4 2022.
The net interest margin stabilized at 2.29%, a slight increase from 2.28% in the previous quarter.
Peapack-Gladstone
Peapack-Gladstone
Forward Guidance
The fourth quarter brings an end to an incredibly challenging year for the financial services industry. A year that began with questions regarding liquidity and uninsured deposit balances combined with several interest rate increases by the Federal Reserve Bank in an effort to control inflation, which resulted in a turbulent ride from beginning to end. Our net interest margin stabilized during the fourth quarter which provides an encouraging sign as we turn the calendar to 2024.