Peapack-Gladstone Financial Reports Q2 Earnings Miss but Beats Revenue Estimates
Peapack-Gladstone Financial (PGC) reported second-quarter GAAP earnings per share (EPS) of $0.85, which fell short of estimates by $0.03. However, the company exceeded revenue expectations with a total of $86.1 million, beating forecasts by $0.93 million. The firm's net interest income rose to $63.9 million in Q2, reflecting an increase of 7% compared to the previous quarter and 32% year-over-year. The company also reported a net interest margin (NIM) of 3.32%, up by six basis points from last quarter. This improvement indicates better efficiency or higher yields on its loan portfolio amid rising interest rates, which is typically favorable for banks.
Tickers: $PGC
Topics: earnings net interest income revenue beat