Peapack-Gladstone Financial Reports Strong Q2 Earnings with Revenue and Profit Growth
Peapack-Gladstone Financial (NASDAQ:PGC) reported a strong second-quarter performance, with net income available to common shareholders rising by 11% sequentially and 99% year over year to $15.8 million. The company's revenue increased by 23% year over year to $86.1 million, driven by higher net interest income, wealth-management fees, and loan growth. Net interest income rose to $63.9 million with a net interest margin of 3.32%, up from the previous quarter. Management remains confident in achieving its target return on assets (ROA) of 1% and ROE of 10% by late this year or early next year. The efficiency ratio improved for the seventh consecutive quarter to 65%. However, nonperforming assets increased due to a multifamily loan now in foreclosure. Despite credit risks related to specific loans, management noted no broad-based deterioration across its portfolio and expects quarterly provisions of about $7.5 million through year-end.
Tickers: $PGC
Topics: balance sheet credit risk financial performance net income revenue growth