Peapack-gladstone Financial ( (PGC) ) has released its Q4 earnings. Here is a breakdown of the information Peapack-gladstone Financial presented to its investors.
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Peapack-Gladstone Financial Corporation, now operating as Peapack Private Bank & Trust, is a New Jersey-based commercial bank known for its comprehensive financial services, including wealth management, commercial banking, and investment solutions.
In its fourth-quarter earnings report for 2024, Peapack-Gladstone Financial highlighted significant growth in core relationship deposits and an increase in loan demand, contributing to a strengthening of its liquidity position and repayment of all short-term borrowings.
The company recorded a net income of $9.2 million, with diluted earnings per share of $0.52, reflecting a positive improvement from the previous quarter. The growth in net interest income was fueled by an increase in average interest-earning assets and an improved net interest margin of 2.46%. Additionally, the wealth management division saw assets under management rise to $11.9 billion, generating $15.5 million in fee income for the quarter.
Peapack-Gladstone Financial’s strategic expansion into New York City has been fruitful, bringing in $950 million in new customer relationship deposits over the past year. The rebranding to Peapack Private Bank & Trust underscores the company’s commitment to providing premier banking and wealth management solutions.
Looking ahead, the company is optimistic about continued growth, driven by its strategic initiatives and strong pipeline of new business, despite potential challenges from rising operating expenses and anticipated changes in the economic landscape.
