News

Peapack-Gladstone Financial Corporation Reports Fourth Quarter Results

(A)  Other income for the December 2023 quarter included a positive fair value adjustment on a CRA equity security of $585,000.  Other income for the December 2022 quarter included a gain on sale of property of $275,000, income from life insurance proceeds of $25,000 and a positive fair value adjustment on a CRA equity security of $28,000. 

(B) The three months ended December 31, 2022 included $750,000 of income tax expense (net of Federal benefit) related to legislation that changed the nexus standard for New York City business tax. ($563,000 of that amount related to the first nine months of 2022).

(A) Other income for the December 2023 quarter included a positive fair value adjustment on a CRA equity security of $585,000.  Other income for the September 2023 quarter included fee income from equipment finance activity of $2.3 million and a negative fair value adjustment on a CRA equity security of $404,000. 

SUPPLEMENTAL QUARTERLY DETAILS:

 

Wealth Management

AUM/AUA in the Bank’s Wealth Management Division were $10.9 billion at December 31, 2023.  For the December 2023 quarter, the Wealth Management Team generated $13.8 million in fee income, compared to $14.0 million for the September 30, 2023 quarter and $13.0 million for the December 2022 quarter. The equity market increased during Q4 2023, contributing to the increase in AUM/AUA from $10.4 billion at September 30, 2023.

 

John Babcock, President of the Bank’s Wealth Management Division, noted, “2023 included total new accounts and client additions of $948 million ($703 million managed). As we prepare for 2024, our new business pipeline is healthy and we remain focused on delivering excellent service and advice to our clients. Our highly skilled wealth management professionals, our fiduciary powers and expertise, our financial planning capabilities and our high-touch client service model distinguishes us in our market and continues to drive our growth and success.” 

Loans / Commercial Banking

Total loans grew $135.2 million, or 3% to $5.4 billion at December 31, 2023 when compared to $5.3 billion at December 31, 2022.

Total C&I loans and leases at December 31, 2023 were $2.3 billion or 42% of the total loan portfolio.

Mr. Kennedy noted, “As previously mentioned, we have tightened our underwriting guidelines due to economic uncertainty. As a result, we achieved modest loan growth in 2023 compared to prior years. We are proud to have built a leading middle market commercial banking franchise, as evidenced by our C&I Portfolio, Treasury Management services, Corporate Advisory and SBA businesses. We believe these business lines fit perfectly with our private banking business model.”

Net Interest Income (NII)/Net Interest Margin (NIM)

The Company’s NII of $36.7 million and NIM of 2.29% for Q4 2023 increased $160,000 and 1 basis point from NII of $36.5 million and NIM of 2.28% for the linked quarter (Q3 2023), respectively, and decreased $11.4 million and 83 basis points from NII of $48.0 million and NIM of 3.12% for the prior year (Q4 2022), respectively.  When comparing Q4 2023 to the prior year quarter, the Company has seen a sharp increase in interest expense mostly driven by higher deposit rates during 2023. Cycle to date betas are approximately 48%.  Clients continue to migrate out of noninterest bearing checking products and into higher costing alternatives, which leads to intense competition for deposit balances from other banks and alternative investment opportunities due to the significant rise in interest rates.

Funding / Liquidity / Interest Rate Risk Management

Total deposits increased $69.0 million to $5.3 billion at December 31, 2023 from $5.2 billion at December 31, 2022.  The Company saw limited deposit increases in 2023 as the ongoing acquisition of new relationships driven by our private banking strategy was offset by larger deposit relationships using funds for purposes such as deployment of excess liquidity into higher-yielding treasuries or the equity market, tax payments, or asset acquisitions or investments.  The Company has also seen clients transition money from noninterest bearing deposit accounts to higher yielding deposit accounts as a result of increases in the Fed Funds rate.

At December 31, 2023, the Company’s balance sheet liquidity (investments available for sale, interest-earning deposits and cash) totaled $782.4 million, or 12% of assets.

The Company maintains additional liquidity resources of approximately $2.7 billion through secured available funding with the Federal Home Loan Bank and the Federal Reserve Discount Window.  The available funding from the Federal Home Loan Bank and the Federal Reserve are secured by the Company’s loan and investment portfolios. In addition, the Company also has access to the Bank Term Funding Program offered by the Federal Reserve Bank if needed.

The Company’s total on and off-balance sheet liquidity totaled $3.5 billion, which is 297% of the total uninsured/uncollateralized deposits on the Company’s balance sheet.

Income from Capital Markets Activities

Noninterest income from Capital Markets activities (detailed below) totaled $296,000 for the December 2023 quarter compared to $613,000 for the September 2023 quarter and $950,000 for the December 2022 quarter. The gain on sale of SBA loans was lower in Q4 2023 due to less activity in the higher interest rate environment and tighter margins.











 

Three Months Ended

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(Dollars in thousands, except per share data)

 

2023

 

 

2023

 

 

2022

 

Gain on loans held for sale at fair value (Mortgage banking)

 

$

18

 

 

$

37

 

 

$

25

 

Fee income related to loan level, back-to-back swaps

 

 

 

 

 

 

 

 

293

 

Gain on sale of SBA loans

 

 

239

 

 

 

491

 

 

 

624

 

Corporate advisory fee income

 

 

39

 

 

 

85

 

 

 

8

 

Total capital markets activity

 

$

296

 

 

$

613

 

 

$

950

Other Noninterest Income (other than Wealth Management Fee Income and Income from Capital Markets Activities)

Other noninterest income was $3.5 million for Q4 2023 compared to $4.8 million for Q3 2023 and $2.9 million for Q4 2022. Q4 2023 included $309,000 of income recorded by the Equipment Finance Division related to equipment transfers to lessees upon the termination of leases while Q3 2023 included $2.3 million and Q4 2022 included $294,000 respectively. Additionally, Q4 2023 included $750,000 of unused line fees compared to $794,000 for Q3 2023 and $732,000 for Q4 2022.

Operating Expenses

The Company’s total operating expenses were $37.6 million for the fourth quarter of 2023, compared to $37.4 million for the September 2023 quarter and $33.4 million for the December 2022 quarter. The December 2023 and September 2023 quarters included expenses associated with the expansion of the Company into New York City.

Mr. Kennedy noted, “While we have made a strategic decision to expand into a new market which results in additional costs, we are pleased with our ability to manage expenses across the Company. We will continue to look for opportunities to create efficiencies while investing in digital and other software tools to further enhance the client experience.”

Income Taxes

 

The effective tax rate for the three months ended December 31, 2023 was 26.0%, as compared to 30.5% for the September 2023 quarter and 30.3% for the quarter ended December 31, 2022.  The higher tax rate for the September 2023 quarter was primarily due to the impact of certain non-deductible expenses related to compensation and benefits and the higher tax rate for the December 2022 quarter included income tax expense related to legislation that changed the nexus standard for New York City business tax.

 

Asset Quality / Provision for Credit Losses

Nonperforming assets (which does not include modified loans that are performing in accordance with their terms) were $61.3 million, or 0.95% of total assets at December 31, 2023, as compared to $70.8 million, or 1.09% of total assets at September 30, 2023. The third quarter was impacted by two freight related clients totaling $33.4 million that were transferred to nonaccrual status during the third quarter. One credit, totaling $9.9 million, was successfully liquidated during the fourth quarter and management is working diligently to resolve the remaining matter as quickly and efficiently as possible. Loans past due 30 to 89 days and still accruing were $34.6 million, or 0.64% of total loans at December 31, 2023 compared to $9.8 million, or 0.18% of total loans at September 30, 2023. The Q4 2023 loans past due 30 to 89 days and still accruing included $16.5 million to US governmental entities and $11.8 million to one multifamily sponsor.

Criticized and classified loans totaled $155.8 million at December 31, 2023, reflecting an increase from September 30, 2023 and December 31, 2022 levels. The Company currently has no loans or leases on deferral and accruing.  

For the quarter ended December 31, 2023, the Company’s provision for credit losses was $5.1 million compared to $5.9 million for the September 2023 quarter and $2.1 million for the December 2022 quarter. The elevated level of provision for credit losses in both the December and September 2023 quarters was primarily driven by specific provisions related to the two freight credits that were transferred to nonaccrual status during the third quarter of 2023 as described above.  Net charge-offs for the quarter ended December 31, 2023 included charge-offs of $2.2 million of a previously established reserve to loans individually evaluated on one multifamily loan and $5.6 million on one equipment finance relationship. 

At December 31, 2023, the allowance for credit losses was $65.9 million (1.21% of total loans), compared to $68.6 million (1.25% of loans) at September 30, 2023, and $60.8 million (1.15% of loans) at December 31, 2022.

Capital

The Company’s capital position benefited by net income of $8.6 million during the December 2023 quarter, which was partially offset by the repurchase of 88,327 shares through the Company’s stock repurchase program at a total cost of $2.1 million and the quarterly dividend of $891,000. Additionally, during the fourth quarter of 2023, the Company recorded a net gain in accumulated other comprehensive loss of $16.8 million, net of tax. This amount was driven by a $21.2 million increase in the value of the available for sale securities portfolio partially offset by a $4.4 million loss on cash flow hedges. The total accumulated other comprehensive loss declined to $64.9 million as of December 31, 2023, ($69.8 million loss related to the available for sale securities portfolio partially offset by a $4.9 million gain on the cash flow hedges)

Tangible book value per share increased during Q4 2023 to $30.31 at December 31, 2023 from $28.77 at September 30, 2023. Tangible book value per share is a non-GAAP financial measure.  See the reconciliation tables included in this release. The Company’s and Bank’s regulatory capital ratios as of December 31, 2023 remain strong, and generally reflect increases from December 31, 2022 levels. Where applicable, such ratios remain well above regulatory well capitalized standards.

The Company employs quarterly capital stress testing modeling of an adverse case and severely adverse case. In the most recently completed stress test (as of September 30, 2023), under the severely adverse case, and no growth scenario, the Bank remains well capitalized over a two-year stress period.

On December 19, 2023, the Company declared a cash dividend of $0.05 per share payable on February 23, 2024 to shareholders of record on February 8, 2024.

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.5 billion and assets under management/administration of $10.9 billion as of December 31, 2023.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides Private Banking customized solutions through its wealth management, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers.  Peapack Private, the bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately-held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit www.pgbank.com and www.peapackprivate.com for more information.

FORWARD-LOOKING STATEMENTS

The foregoing may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions.  These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “may” or similar statements or variations of such terms.  Actual results may differ materially from such forward-looking statements.  Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to:

·       our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan;

·       the impact of anticipated higher operating expenses in 2024 and beyond;

·       our ability to successfully integrate wealth management firm acquisitions;

·       our ability to successfully integrate our expanded employee base;

·       an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions;

·       declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;

·       declines in the value in our investment portfolio;

·       impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels;

·       the continuing impact of the COVID-19 pandemic on our business and results of operation;

·       higher than expected increases in our allowance for credit losses;

·       higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans;

·       inflation and changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and lead to higher operating costs;

·       decline in real estate values within our market areas;

·       legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;

·       a potential government shutdown;

·       successful cyberattacks against our IT infrastructure and that of our IT and third-party providers;

·       higher than expected FDIC insurance premiums;

·       adverse weather conditions;

·       the current or anticipated impact of military conflict, terrorism or other geopolitical events;

·       our inability to successfully generate new business in new geographic markets, including our expansion into New York City;

·       a reduction in our lower-cost funding sources;

·       changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio;

·       our inability to adapt to technological changes;

·       claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;

·       our inability to retain key employees;

·       demands for loans and deposits in our market areas;

·       adverse changes in securities markets;

·       changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;

·       changes in accounting policies and practices; and/or

·       other unexpected material adverse changes in our operations or earnings.

A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2022.  We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Contact:

Frank A. Cavallaro, SEVP and CFO

Peapack-Gladstone Financial Corporation

T: 908-306-8933

 (Tables to follow)

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in Thousands, except per share data)

 (Unaudited)















































 

 

For the Three Months Ended

 

 

 

Dec 31,

 

 

Sept 30,

 

 

June 30,

 

 

March 31,

 

 

Dec 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Income Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

80,178

 

 

$

78,489

 

 

$

74,852

 

 

$

70,491

 

 

$

64,202

 

Interest expense

 

 

43,503

 

 

 

41,974

 

 

 

35,931

 

 

 

26,513

 

 

 

16,162

 

Net interest income

 

 

36,675

 

 

 

36,515

 

 

 

38,921

 

 

 

43,978

 

 

 

48,040

 

Wealth management fee income

 

 

13,758

 

 

 

13,975

 

 

 

14,252

 

 

 

13,762

 

 

 

12,983

 

Service charges and fees

 

 

1,255

 

 

 

1,319

 

 

 

1,320

 

 

 

1,258

 

 

 

1,150

 

Bank owned life insurance

 

 

357

 

 

 

310

 

 

 

305

 

 

 

297

 

 

 

321

 

Gain on loans held for sale at fair value

   (Mortgage banking)

 

 

18

 

 

 

37

 

 

 

15

 

 

 

21

 

 

 

25

 

Fee income related to loan level, back-to-back

   swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293

 

Gain on sale of SBA loans

 

 

239

 

 

 

491

 

 

 

838

 

 

 

865

 

 

 

624

 

Corporate advisory fee income

 

 

39

 

 

 

85

 

 

 

15

 

 

 

80

 

 

 

8

 

Other income (A)

 

 

1,339

 

 

 

3,541

 

 

 

2,039

 

 

 

1,567

 

 

 

1,380

 

Fair value adjustment for CRA equity security

 

 

585

 

 

 

(404

)

 

 

(209

)

 

 

209

 

 

 

28

 

Total other income

 

 

17,590

 

 

 

19,354

 

 

 

18,575

 

 

 

18,059

 

 

 

16,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

54,265

 

 

 

55,869

 

 

 

57,496

 

 

 

62,037

 

 

 

64,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits (B)

 

 

24,320

 

 

 

25,264

 

 

 

26,354

 

 

 

24,586

 

 

 

22,489

 

Premises and equipment

 

 

5,416

 

 

 

5,214

 

 

 

4,729

 

 

 

4,374

 

 

 

4,898

 

FDIC insurance expense

 

 

765

 

 

 

741

 

 

 

729

 

 

 

711

 

 

 

455

 

Other expenses

 

 

7,115

 

 

 

6,194

 

 

 

5,880

 

 

 

5,903

 

 

 

5,570

 

Total operating expenses

 

 

37,616

 

 

 

37,413

 

 

 

37,692

 

 

 

35,574

 

 

 

33,412

 

Pretax income before provision for credit losses

 

 

16,649

 

 

 

18,456

 

 

 

19,804

 

 

 

26,463

 

 

 

31,440

 

Provision for credit losses

 

 

5,026

 

 

 

5,856

 

 

 

1,696

 

 

 

1,513

 

 

 

1,930

 

Income before income taxes

 

 

11,623

 

 

 

12,600

 

 

 

18,108

 

 

 

24,950

 

 

 

29,510

 

Income tax expense (C)

 

 

3,024

 

 

 

3,845

 

 

 

4,963

 

 

 

6,595

 

 

 

8,931

 

Net income

 

$

8,599

 

 

$

8,755

 

 

$

13,145

 

 

$

18,355

 

 

$

20,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (basic)

 

$

0.48

 

 

$

0.49

 

 

$

0.73

 

 

$

1.03

 

 

$

1.15

 

Earnings per share (diluted)

 

 

0.48

 

 

 

0.49

 

 

 

0.73

 

 

 

1.01

 

 

 

1.12

 

Weighted average number of common

   shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,770,158

 

 

 

17,856,961

 

 

 

17,930,611

 

 

 

17,841,203

 

 

 

17,915,058

 

Diluted

 

 

17,961,400

 

 

 

18,010,127

 

 

 

18,078,848

 

 

 

18,263,310

 

 

 

18,382,193

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets annualized (ROAA)

 

 

0.53

%

 

 

0.54

%

 

 

0.82

%

 

 

1.16

%

 

 

1.33

%

Return on average equity annualized (ROAE)

 

 

6.13

%

 

 

6.20

%

 

 

9.43

%

 

 

13.50

%

 

 

15.73

%

Return on average tangible equity annualized (ROATCE) (D)

 

 

6.68

%

 

 

6.75

%

 

 

10.30

%

 

 

14.78

%

 

 

17.30

%

Net interest margin (tax-equivalent basis)

 

 

2.29

%

 

 

2.28

%

 

 

2.49

%

 

 

2.88

%

 

 

3.12

%

GAAP efficiency ratio (E)

 

 

69.32

%

 

 

66.97

%

 

 

65.56

%

 

 

57.34

%

 

 

51.52

%

Operating expenses / average assets annualized

 

 

2.33

%

 

 

2.31

%

 

 

2.36

%

 

 

2.26

%

 

 

2.15

%


 

(A) The September 2023 quarter included $2.3 million of fee income from equipment finance activity.

(B) The June 2023 quarter included $1.7 million of expense associated with the recent retirement of certain employees.

(C) The three months ended December 31, 2022 included $750,000 of income tax expense (net federal benefit) related to a recent New York City nexus determination change which included $563,000 from prior quarters.

(D) Return on average tangible equity is calculated by dividing tangible equity by annualized net income.  See Non-GAAP financial measures reconciliation included in these tables.

(E) Calculated as total operating expenses as a percentage of total revenue.  For Non-GAAP efficiency ratio, see the Non-GAAP financial measures reconciliation included in these tables.

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in Thousands, except share data)

(Unaudited)


















































 

 

For the Twelve Months Ended

 

 

 

 

 

 

 

 

 

December 31,

 

 

Change

 

 

 

2023

 

 

2022

 

 

$

 

 

%

 

Income Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

304,010

 

 

$

211,875

 

 

$

92,135

 

 

 

43

%

Interest expense

 

 

147,921

 

 

 

35,795

 

 

 

112,126

 

 

 

313

%

Net interest income

 

 

156,089

 

 

 

176,080

 

 

 

(19,991

)

 

 

-11

%

Wealth management fee income

 

 

55,747

 

 

 

54,651

 

 

 

1,096

 

 

 

2

%

Service charges and fees

 

 

5,152

 

 

 

4,225

 

 

 

927

 

 

 

22

%

Bank owned life insurance

 

 

1,269

 

 

 

1,243

 

 

 

26

 

 

 

2

%

Gain on loans held for sale at fair value (Mortgage banking)

 

 

91

 

 

 

483

 

 

 

(392

)

 

 

-81

%

Fee income related to loan level, back-to-back swaps

 

 

 

 

 

293

 

 

 

(293

)

 

 

-100

%

Gain on sale of SBA loans

 

 

2,433

 

 

 

6,765

 

 

 

(4,332

)

 

 

-64

%

Corporate advisory fee income

 

 

219

 

 

 

1,704

 

 

 

(1,485

)

 

 

-87

%

Other income (A)

 

 

8,486

 

 

 

5,362

 

 

 

3,124

 

 

 

58

%

Loss on securities sale, net (B)

 

 

 

 

 

(6,609

)

 

 

6,609

 

 

 

-100

%

Fair value adjustment for CRA equity security

 

 

181

 

 

 

(1,700

)

 

 

1,881

 

 

 

-111

%

Total other income

 

 

73,578

 

 

 

66,417

 

 

 

7,161

 

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

229,667

 

 

 

242,497

 

 

 

(12,830

)

 

 

-5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits (C)

 

 

100,524

 

 

 

89,476

 

 

 

11,048

 

 

 

12

%

Premises and equipment

 

 

19,733

 

 

 

18,719

 

 

 

1,014

 

 

 

5

%

FDIC insurance expense

 

 

2,946

 

 

 

1,939

 

 

 

1,007

 

 

 

52

%

Swap valuation allowance

 

 

 

 

 

673

 

 

 

(673

)

 

 

-100

%

Other expenses

 

 

25,092

 

 

 

22,993

 

 

 

2,099

 

 

 

9

%

Total operating expenses

 

 

148,295

 

 

 

133,800

 

 

 

14,495

 

 

 

11

%

Pretax income before provision for credit losses

 

 

81,372

 

 

 

108,697

 

 

 

(27,325

)

 

 

-25

%

Provision for credit losses

 

 

14,091

 

 

 

6,353

 

 

 

7,738

 

 

 

122

%

Income before income taxes

 

 

67,281

 

 

 

102,344

 

 

 

(35,063

)

 

 

-34

%

Income tax expense

 

 

18,427

 

 

 

28,098

 

 

 

(9,671

)

 

 

-34

%

Net income

 

$

48,854

 

 

$

74,246

 

 

$

(25,392

)

 

 

-34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (basic)

 

$

2.74

 

 

$

4.09

 

 

$

(1.35

)

 

 

-33

%

Earnings per share (diluted)

 

 

2.71

 

 

 

4.00

 

 

 

(1.29

)

 

 

-32

%

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,849,558

 

 

 

18,161,605

 

 

 

(312,047

)

 

 

-2

%

Diluted

 

 

18,049,052

 

 

 

18,568,098

 

 

 

(519,046

)

 

 

-3

%

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (ROAA)

 

 

0.76

%

 

 

1.20

%

 

 

(0.44

)%

 

 

-36

%

Return on average equity (ROAE)

 

 

8.77

%

 

 

14.02

%

 

 

(5.25

)%

 

 

-37

%

Return on average tangible equity (ROATCE) (D)

 

 

9.57

%

 

 

15.43

%

 

 

(5.86

)%

 

 

-38

%

Net interest margin (tax-equivalent basis)

 

 

2.48

%

 

 

2.91

%

 

 

(0.43

)%

 

 

-15

%

GAAP efficiency ratio (E)

 

 

64.57

%

 

 

55.18

%

 

 

9.39

%

 

 

17

%

Operating expenses / average assets

 

 

2.32

%

 

 

2.16

%

 

 

0.16

%

 

 

7

%

(A) The twelve months ended December 2023 included $3.0 million of fee income from equipment finance activity.

(B) Loss on sale of securities was a result of a balance sheet repositioning employed in the March 2022 quarter.

(C) The twelve months ended December 31, 2023 included $2.0 million of expense associated with the recent retirement of certain employees, increased corporate and health insurance costs and expenses associated with the previously announced expansion into New York City. The twelve months ended December 31, 2022 quarter included $1.5 million of severance expense related to corporate restructuring.

(D) Return on average tangible equity is calculated by dividing tangible equity by annualized net income.  See Non-GAAP financial measures reconciliation included in these tables.

(E) Calculated as total operating expenses as a percentage of total revenue.  For Non-GAAP efficiency ratio, see the Non-GAAP financial measures reconciliation included in these tables.

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in Thousands)

(Unaudited)




























































 

 

As of

 

 

 

Dec 31,

 

 

Sept 30,

 

 

June 30,

 

 

March 31,

 

 

Dec 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

5,887

 

 

$

7,400

 

 

$

4,859

 

 

$

6,514

 

 

$

5,937

 

Federal funds sold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning deposits

 

 

181,784

 

 

 

180,469

 

 

 

166,769

 

 

 

244,779

 

 

 

184,138

 

Total cash and cash equivalents

 

 

187,671

 

 

 

187,869

 

 

 

171,628

 

 

 

251,293

 

 

 

190,075

 

Securities available for sale

 

 

550,617

 

 

 

521,005

 

 

 

540,519

 

 

 

556,266

 

 

 

554,648

 

Securities held to maturity

 

 

107,755

 

 

 

108,940

 

 

 

110,438

 

 

 

111,609

 

 

 

102,291

 

CRA equity security, at fair value

 

 

13,166

 

 

 

12,581

 

 

 

12,985

 

 

 

13,194

 

 

 

12,985

 

FHLB and FRB stock, at cost (A)

 

 

31,044

 

 

 

34,158

 

 

 

35,402

 

 

 

30,338

 

 

 

30,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage

 

 

578,427

 

 

 

585,295

 

 

 

575,238

 

 

 

544,655

 

 

 

525,756

 

Multifamily mortgage

 

 

1,836,390

 

 

 

1,871,853

 

 

 

1,884,369

 

 

 

1,871,387

 

 

 

1,863,915

 

Commercial mortgage

 

 

637,625

 

 

 

622,469

 

 

 

624,710

 

 

 

613,911

 

 

 

624,625

 

Commercial and industrial loans

 

 

2,284,940

 

 

 

2,321,917

 

 

 

2,278,133

 

 

 

2,266,837

 

 

 

2,213,762

 

Consumer loans

 

 

62,036

 

 

 

57,227

 

 

 

52,098

 

 

 

49,002

 

 

 

38,014

 

Home equity lines of credit

 

 

36,464

 

 

 

34,411

 

 

 

34,397

 

 

 

33,294

 

 

 

34,496

 

Other loans

 

 

238

 

 

 

265

 

 

 

269

 

 

 

443

 

 

 

304

 

Total loans

 

 

5,436,120

 

 

 

5,493,437

 

 

 

5,449,214

 

 

 

5,379,529

 

 

 

5,300,872

 

Less: Allowance for credit losses

 

 

65,888

 

 

 

68,592

 

 

 

62,704

 

 

 

62,250

 

 

 

60,829

 

Net loans

 

 

5,370,232

 

 

 

5,424,845

 

 

 

5,386,510

 

 

 

5,317,279

 

 

 

5,240,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment

 

 

24,166

 

 

 

23,969

 

 

 

23,814

 

 

 

23,782

 

 

 

23,831

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

116

 

 

 

116

 

Accrued interest receivable

 

 

30,676

 

 

 

22,889

 

 

 

20,865

 

 

 

19,143

 

 

 

25,157

 

Bank owned life insurance

 

 

47,581

 

 

 

47,509

 

 

 

47,382

 

 

 

47,261

 

 

 

47,147

 

Goodwill and other intangible assets

 

 

46,014

 

 

 

46,286

 

 

 

46,624

 

 

 

46,979

 

 

 

47,333

 

Finance lease right-of-use assets

 

 

2,087

 

 

 

2,274

 

 

 

2,461

 

 

 

2,648

 

 

 

2,835

 

Operating lease right-of-use assets

 

 

12,096

 

 

 

12,800

 

 

 

13,500

 

 

 

12,262

 

 

 

12,873

 

Other assets

 

 

53,752

 

 

 

76,456

 

 

 

67,572

 

 

 

47,848

 

 

 

63,587

 

TOTAL ASSETS

 

$

6,476,857

 

 

$

6,521,581

 

 

$

6,479,700

 

 

$

6,480,018

 

 

$

6,353,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

957,687

 

 

$

947,405

 

 

$

1,024,105

 

 

$

1,096,549

 

 

$

1,246,066

 

Interest-bearing demand deposits

 

 

2,882,193

 

 

 

2,871,359

 

 

 

2,816,913

 

 

 

2,797,493

 

 

 

2,143,611

 

Savings

 

 

111,573

 

 

 

117,905

 

 

 

120,082

 

 

 

132,523

 

 

 

157,338

 

Money market accounts

 

 

740,559

 

 

 

761,833

 

 

 

763,026

 

 

 

873,329

 

 

 

1,228,234

 

Certificates of deposit – Retail

 

 

443,791

 

 

 

422,291

 

 

 

384,106

 

 

 

357,131

 

 

 

318,573

 

Certificates of deposit – Listing Service

 

 

7,804

 

 

 

9,103

 

 

 

10,822

 

 

 

15,922

 

 

 

25,358

 

Subtotal “customer” deposits

 

 

5,143,607

 

 

 

5,129,896

 

 

 

5,119,054

 

 

 

5,272,947

 

 

 

5,119,180

 

IB Demand – Brokered

 

 

10,000

 

 

 

10,000

 

 

 

10,000

 

 

 

10,000

 

 

 

60,000

 

Certificates of deposit – Brokered

 

 

120,507

 

 

 

119,463

 

 

 

69,443

 

 

 

25,895

 

 

 

25,984

 

Total deposits

 

 

5,274,114

 

 

 

5,259,359

 

 

 

5,198,497

 

 

 

5,308,842

 

 

 

5,205,164

 

Short-term borrowings

 

 

403,814

 

 

 

470,576

 

 

 

485,360

 

 

 

378,800

 

 

 

379,530

 

Finance lease liability

 

 

3,430

 

 

 

3,752

 

 

 

4,071

 

 

 

4,385

 

 

 

4,696

 

Operating lease liability

 

 

12,876

 

 

 

13,595

 

 

 

14,308

 

 

 

13,082

 

 

 

13,704

 

Subordinated debt, net

 

 

133,274

 

 

 

133,203

 

 

 

133,131

 

 

 

133,059

 

 

 

132,987

 

Due to brokers

 

 

 

 

 

 

 

 

 

 

 

8,308

 

 

 

 

Other liabilities

 

 

65,668

 

 

 

82,140

 

 

 

79,264

 

 

 

78,584

 

 

 

84,532

 

TOTAL LIABILITIES

 

 

5,893,176

 

 

 

5,962,625

 

 

 

5,914,631

 

 

 

5,925,060

 

 

 

5,820,613

 

Shareholders’ equity

 

 

583,681

 

 

 

558,956

 

 

 

565,069

 

 

 

554,958

 

 

 

532,980

 

TOTAL LIABILITIES AND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

$

6,476,857

 

 

$

6,521,581

 

 

$

6,479,700

 

 

$

6,480,018

 

 

$

6,353,593

 

Assets under management and / or administration at

   Peapack-Gladstone Bank’s Private Wealth Management

   Division (market value, not included above-dollars in billions)

 

$

10.9

 

 

$

10.4

 

 

$

10.7

 

 

$

10.4

 

 

$

9.9

 

 

(A) FHLB means “Federal Home Loan Bank” and FRB means “Federal Reserve Bank.”

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED BALANCE SHEET DATA

(Dollars in Thousands)

(Unaudited)




































 

 

As of

 

 

 

Dec 31,

 

 

Sept 30,

 

 

June 30,

 

 

March 31,

 

 

Dec 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Asset Quality:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans past due over 90 days and still accruing

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Nonaccrual loans (A)

 

 

61,324

 

 

 

70,809

 

 

 

34,505

 

 

 

28,659

 

 

 

18,974

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

 

116

 

 

 

116

 

Total nonperforming assets

 

$

61,324

 

 

$

70,809

 

 

$

34,505

 

 

$

28,775

 

 

$

19,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans to total loans

 

 

1.13

%

 

 

1.29

%

 

 

0.63

%

 

 

0.53

%

 

 

0.36

%

Nonperforming assets to total assets

 

 

0.95

%

 

 

1.09

%

 

 

0.53

%

 

 

0.44

%

 

 

0.30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing modifications (B)(C)

 

$

248

 

 

$

248

 

 

$

248

 

 

$

248

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing TDRs (D)(E)

 

$

 

 

$

 

 

$

 

 

$

 

 

$

965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans past due 30 through 89 days and still accruing (F)

 

$

34,589

 

 

$

9,780

 

 

$

14,524

 

 

$

2,762

 

 

$

7,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans subject to special mention

 

$

71,397

 

 

$

53,328

 

 

$

53,606

 

 

$

46,566

 

 

$

64,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified loans

 

$

84,372

 

 

$

94,866

 

 

$

58,655

 

 

$

58,010

 

 

$

42,985

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

$

60,710

 

 

$

70,184

 

 

$

33,867

 

 

$

27,736

 

 

$

16,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses (“ACL”):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of quarter

 

$

68,592

 

 

$

62,704

 

 

$

62,250

 

 

$

60,829

 

 

$

59,683

 

Provision for credit losses (G)

 

 

5,082

 

 

 

5,944

 

 

 

1,666

 

 

 

1,464

 

 

 

2,103

 

(Charge-offs)/recoveries, net (H)

 

 

(7,786

)

 

 

(56

)

 

 

(1,212

)

 

 

(43

)

 

 

(957

)

End of quarter

 

$

65,888

 

 

$

68,592

 

 

$

62,704

 

 

$

62,250

 

 

$

60,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACL to nonperforming loans

 

 

107.44

%

 

 

96.87

%

 

 

181.72

%

 

 

217.21

%

 

 

320.59

%

ACL to total loans

 

 

1.21

%

 

 

1.25

%

 

 

1.15

%

 

 

1.16

%

 

 

1.15

%

Collectively evaluated ACL to total loans (I)

 

 

1.13

%

 

 

1.10

%

 

 

1.11

%

 

 

1.11

%

 

 

1.12

%

(A) Includes one freight credit totaling $23.5 million at December 31, 2023 and two freight credits totaling $33.4 million at September 30, 2023. Excludes $1.6 million in held for sale at September 30, 2023.

(B) Amounts reflect modifications that are paying according to modified terms.

(C) Excludes modifications included in nonaccrual loans of $3.0 million at December 31, 2023, $3.1 million at September 30, 2023 and $777,000 at June 30, 2023.

(D) Amounts reflect troubled debt restructurings (“TDRs”) that are paying according to restructured terms.

(E) Excludes TDRs included in nonaccrual loans of $13.4 million at December 31, 2022. On January 1, 2023, the Company adopted Accounting Standards Update 2022-02, which replaced the accounting and recognition of TDRs.

(F) Includes $16.5 million outstanding to U.S. governmental entities at December 31, 2023 and $8.2 million of outstanding multifamily loans to one sponsor. December 31, 2022 includes $4.5 million outstanding to U.S. governmental entities.

(G) Provision to roll forward the ACL excludes a credit of $55,000 at December 31, 2023, a credit of $88,000 at September 30, 2023, a provision of $30,000 at June 30, 2023, a provision of $49,000 at March 31, 2023 and a credit of $173,000 at December 31, 2022 related to off-balance sheet commitments.

(H) Net charge-offs for the quarter ended December 31, 2023 included charge-offs of $2.2 million of a previously established reserve to loans individually evaluated on one multifamily loan and $5.6 million on one equipment finance relationship. Net charge-offs for the quarters ended June 30, 2023 and December 31, 2022 included a charge-off of $1.2 million of a previously established reserve to loans individually evaluated on one commercial real estate loan.

(I) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED BALANCE SHEET DATA

(Dollars in Thousands)

(Unaudited)














 

 

As of

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2023

 

 

2022

 

Capital Adequacy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to total assets (A)

 

 

 

 

9.01

%

 

 

 

 

8.57

%

 

 

 

 

8.39

%

Tangible equity to tangible assets (B)

 

 

 

 

8.36

%

 

 

 

 

7.92

%

 

 

 

 

7.70

%

Book value per share (C)

 

 

 

$

32.90

 

 

 

 

$

31.37

 

 

 

 

$

29.92

 

Tangible book value per share (D)

 

 

 

$

30.31

 

 

 

 

$

28.77

 

 

 

 

$

27.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets excluding other comprehensive loss*

 

 

 

 

9.28

%

 

 

 

 

9.06

%

 

 

 

 

8.77

%

Tangible book value per share excluding other comprehensive loss*

 

 

 

$

33.97

 

 

 

 

$

33.36

 

 

 

 

$

31.43

 

*Excludes other comprehensive loss of $64.9 million for the quarter ended December 31, 2023, $81.7 million for the quarter ended September 30, 2023, and $74.2 million for the quarter ended December 31, 2022.  See Non-GAAP financial measures reconciliation included in these tables.

 

(A) Equity to total assets is calculated as total shareholders’ equity as a percentage of total assets at quarter end.

(B) Tangible equity and tangible assets are calculated by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. Tangible equity as a percentage of tangible assets at quarter end is calculated by dividing tangible equity by tangible assets at quarter end.  See Non-GAAP financial measures reconciliation included in these tables.

(C) Book value per common share is calculated by dividing shareholders’ equity by quarter end common shares outstanding.

(D) Tangible book value per share excludes intangible assets.  Tangible book value per share is calculated by dividing tangible equity by quarter end common shares outstanding.  See Non-GAAP financial measures reconciliation tables.

 

















As of

 

 

December 31,

 

September 30,

 

December 31,

 

 

2023

 

2023

 

2022

Regulatory Capital – Holding Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I leverage

 

$

600,444

 

 

9.19%

 

$

592,061

 

 

9.05%

 

$

557,627

 

 

8.90%

Tier I capital to risk-weighted assets

 

 

600,444

 

 

11.43

 

 

592,061

 

 

11.13

 

 

557,627

 

 

11.02

Common equity tier I capital ratio

   to risk-weighted assets

 

 

600,432

 

 

11.43

 

 

592,043

 

 

11.13

 

 

557,609

 

 

11.02

Tier I & II capital to risk-weighted assets

 

 

785,413

 

 

14.95

 

 

784,777

 

 

14.76

 

 

745,197

 

 

14.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory Capital – Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I leverage (E)

 

$

707,446

 

 

10.83%

 

$

702,517

 

 

10.75%

 

$

680,137

 

 

10.85%

Tier I capital to risk-weighted assets (F)

 

 

707,446

 

 

13.48

 

 

702,517

 

 

13.22

 

 

680,137

 

 

13.45

Common equity tier I capital ratio

   to risk-weighted assets (G)

 

 

707,434

 

 

13.47

 

 

702,499

 

 

13.22

 

 

680,119

 

 

13.45

Tier I & II capital to risk-weighted assets (H)

 

 

773,083

 

 

14.73

 

 

768,979

 

 

14.47

 

 

741,719

 

 

14.67

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($261 million)

(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($446 million)

(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($368 million)

(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($551 million)

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

LOANS CLOSED

(Dollars in Thousands)

(Unaudited)


















 

 

For the Quarters Ended

 

 

 

Dec 31,

 

 

Sept 30,

 

 

June 30,

 

 

March 31,

 

 

Dec 31,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

2022

 

Residential loans retained

 

$

5,895

 

 

$

21,310

 

 

$

39,358

 

 

$

30,303

 

 

$

28,051

 

Residential loans sold

 

 

1,449

 

 

 

2,503

 

 

 

1,072

 

 

 

1,477

 

 

 

1,840

 

Total residential loans

 

 

7,344

 

 

 

23,813

 

 

 

40,430

 

 

 

31,780

 

 

 

29,891

 

Commercial real estate

 

 

21,375

 

 

 

3,900

 

 

 

43,235

 

 

 

18,990

 

 

 

6,747

 

Multifamily

 

 

5,725

 

 

 

3,000

 

 

 

26,662

 

 

 

30,150

 

 

 

37,500

 

Commercial (C&I) loans/leases (A) (B)

 

 

145,397

 

 

 

176,845

 

 

 

158,972

 

 

 

207,814

 

 

 

238,568

 

SBA

 

 

7,326

 

 

 

300

 

 

 

13,713

 

 

 

9,950

 

 

 

17,431

 

Wealth lines of credit (A)

 

 

350

 

 

 

6,875

 

 

 

3,950

 

 

 

23,225

 

 

 

7,700

 

Total commercial loans

 

 

180,173

 

 

 

190,920

 

 

 

246,532

 

 

 

290,129

 

 

 

307,946

 

Installment loans

 

 

2,946

 

 

 

6,999

 

 

 

4,587

 

 

 

12,086

 

 

 

1,845

 

Home equity lines of credit (A)

 

 

4,174

 

 

 

6,275

 

 

 

6,107

 

 

 

2,921

 

 

 

3,815

 

Total loans closed

 

$

194,637

 

 

$

228,007

 

 

$

297,656

 

 

$

336,916

 

 

$

343,497

 

 


















 

 

For the Twelve Months Ended

 

 

 

Dec 31,

 

 

Dec 31,

 

 

 

2023

 

 

2022

 

Residential loans retained

 

$

96,866

 

 

$

122,655

 

Residential loans sold

 

 

6,501

 

 

 

32,293

 

Total residential loans

 

 

103,367

 

 

 

154,948

 

Commercial real estate

 

 

87,500

 

 

 

53,602

 

Multifamily

 

 

65,537

 

 

 

381,714

 

Commercial (C&I) loans (A) (B)

 

 

689,028

 

 

 

965,647

 

SBA

 

 

31,289

 

 

 

59,740

 

Wealth lines of credit (A)

 

 

34,400

 

 

 

34,125

 

Total commercial loans

 

 

907,754

 

 

 

1,494,828

 

Installment loans

 

 

26,618

 

 

 

3,329

 

Home equity lines of credit (A)

 

 

19,477

 

 

 

14,667

 

Total loans closed

 

$

1,057,216

 

 

$

1,667,772

 

(A) Includes loans and lines of credit that closed in the period but not necessarily funded.

(B) Includes equipment finance.

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

AVERAGE BALANCE SHEET

(Tax-Equivalent Basis, Dollars in Thousands)

(Unaudited)

















 

 

For the Three Months Ended

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

Average

 

 

Income/

 

 

Annualized

 

 

Average

 

 

Income/

 

 

Annualized

 

 

 

Balance

 

 

Expense

 

 

Yield

 

 

Balance

 

 

Expense

 

 

Yield

 

ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable (A)

 

$

798,661

 

 

$

5,202

 

 

 

2.61

%

 

$

761,164

 

 

$

3,859

 

 

 

2.03

%

Tax-exempt (A) (B)

 

 

106

 

 

 

 

 

 

 

 

 

1,999

 

 

 

20

 

 

 

4.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (B) (C):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages

 

 

581,088

 

 

 

5,300

 

 

 

3.65

 

 

 

516,721

 

 

 

4,017

 

 

 

3.11

 

Commercial mortgages

 

 

2,492,204

 

 

 

28,318

 

 

 

4.55

 

 

 

2,497,847

 

 

 

25,007

 

 

 

4.00

 

Commercial

 

 

2,274,841

 

 

 

37,958

 

 

 

6.67

 

 

 

2,136,355

 

 

 

29,314

 

 

 

5.49

 

Commercial construction

 

 

16,680

 

 

 

382

 

 

 

9.16

 

 

 

4,213

 

 

 

68

 

 

 

6.46

 

Installment

 

 

59,988

 

 

 

1,037

 

 

 

6.91

 

 

 

36,648

 

 

 

496

 

 

 

5.41

 

Home equity

 

 

35,570

 

 

 

721

 

 

 

8.11

 

 

 

36,067