Peapack-Gladstone reports Q3 EPS 43c, consensus 37c

Reports Q3 revenue $56.62M, consensus $55.85M. Reports Q3 tangible book value per share $32.00. Reports Q3 CET1 capital ratio 11.67%. Douglas Kennedy, president and CEO said, “Our expansion into the metro New York market, leading with our ‘Single Point of Contact’ private banking strategy, continues to deliver results ahead of plan. Our third quarter results reflect this success through strong core deposit growth, continued improvement in net interest income and enhanced liquidity profile. Our New York Commercial Private Banking initiative is currently managing over $730 million in customer relationship deposits, which includes 31% in noninterest-bearing demand deposits. We expect that our expansion will become accretive to earnings in early 2025.”