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Dec 31, 2024
Peapack-Gladstone Q4 2024 Earnings Report
Announced fourth quarter 2024 financial results, showing growth in core relationship deposits and loan balances.
Key Takeaways
Peapack-Gladstone Financial Corporation reported a net income of $9.2 million and diluted EPS of $0.52 for Q4 2024. Core relationship deposits grew by $438 million, and loan balances increased by $201 million. Net interest income rose by $4.2 million to $41.9 million, driven by growth in average interest-earning assets and an improved net interest margin.
Core relationship deposits grew by $438 million, representing an annualized growth rate of 36%.
Loan balances increased by $201 million, reaching $5.5 billion.
Net interest income increased by $4.2 million to $41.9 million, an 11% increase on a linked quarter basis.
Wealth Management fee income was $15.5 million, accounting for 25% of total revenue for the quarter.
Forward Guidance
The company is focused on expanding into New York City and believes that investments will position them for future growth and profitability, which will ultimately translate to increased shareholder value. The company will continue to look for opportunities to create efficiencies and manage expenses throughout the Company while investing in enhancements to the client experience.
Positive Outlook
- Expansion into New York City expected to drive future growth and profitability.
- Investments in strategic initiatives will enhance shareholder value.
- Continued focus on creating efficiencies and managing expenses.
- Commitment to enhancing the client experience.
- Strong pipeline of new business built heading into 2025.
Challenges Ahead
- Potential unexpected decline in the economy, especially in New Jersey and New York market areas.
- Declines in net interest margin due to the interest rate environment and/or highly competitive market.
- Higher than expected increases in the allowance for credit losses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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