PeapackGladstone Financial Corp (PGC, Financial) filed Quarterly Report for the period ended 2009-06-30.
The Peapack-Gladstone Financial Corporation is a bank holding company for Peapack-Gladstone Bank. The Bank is primarily dedicated to providing quality personalized financial trust and investment services to individuals and small businesses. PeapackGladstone Financial Corp has a market cap of $159.48 million; its shares were traded at around $18.3 with a P/E ratio of 14.46 and P/S ratio of 2.11. The dividend yield of PeapackGladstone Financial Corp stocks is 1.09%. PeapackGladstone Financial Corp had an annual average earning growth of 2.1% over the past 5 years.
For the six months ended June 30, 2009, the Corporation recorded net income of $4.4 million compared to $7.0 million for the same period of 2008, a decline of $2.6 million, or 37.3 percent. Diluted earnings per common share after effect of the preferred stock dividend were $0.43 for the first six months of 2009 as compared to $0.80 per diluted share for the same six months of 2008. As noted above, the increases in the provision for loan losses, FDIC assessment and dividends on preferred stock have had a negative impact on the Corporation s earnings per share. Annualized return on average assets for the six months ended June 30, 2009 was 0.62 percent and annualized return on average common equity was 8.58 percent.
For the second quarter of 2009, average loans increased $40.6 million or 4.1 percent to $1.03 billion from $992 million for the second quarter of 2008. The average commercial mortgage loan portfolio grew $23.5 million or 9.3 percent and the average commercial construction loan portfolio grew $18.7 million or 36.3 percent. The home equity portfolio averaged $34.3 million, increasing $13.1 million or 62.0 percent. The Corporation focused on the origination of these higher-yielding, shorter-maturity loans and loan originations outpaced principal pay downs over the year. Since December 31, 2008, however, the loan portfolio has declined slightly, principally the residential mortgage loan portfolio, as the Corporation opted to sell its longer-term, fixed-rate production as an interest rate risk management strategy in the lower rate environment.
For the three months ended June 30, 2009, deposits averaged $1.28 billion as compared to $1.19 billion for the same period in 2008, an increase of $89.4 million, or 7.5 percent. Average non-interest bearing demand deposits remained relatively flat while all categories of interest-bearing deposits increased from the second quarter of 2008 to the second quarter of this year. Average interest-bearing checking accounts increased to $193.2 million for the second quarter of 2009, rising $56.6 million or 41.4 percent from the same period in 2008 due to the Corporation s focus on core deposit growth coupled with the introduction of the Ultimate Checking product, which provides customers with a low-cost checking product and a higher yield for greater balances. Money market accounts averaged $414.1 million for the three months ended June 30, 2009, an increase of $19.8 million or 5.0 percent from the same quarter in 2008 as certain customers tend to “park” funds in money market accounts in the lower interest rate environment. Certificates of deposit averaged $406.5 million for the second quarter of 2009, rising $9.5 million or 2.4 percent when compared to the 2008 quarter. Since December 2008, lower costing interest-bearing checking accounts and money market accounts have continued to increase and higher costing certificates of deposit have declined as the Corporation has
Average loans increased by $52.9 million to $1.04 billion for the six months ended June 30, 2009 over the same period last year. For the first six months of 2009, the commercial mortgage loan portfolio grew $27.5 million or 11.1 percent to $274.7 million and the average commercial construction loan portfolio grew $15.5 million or 28.6 percent to $69.7 million for the prior year period. The home equity portfolio also grew during this time period, increasing $13.4 million or 67.9 percent to $33.2 million.
For the six months ended June 30, 2009 and 2008, total deposits averaged $1.26 billion and $1.19 billion, respectively, increasing $64.8 million or 5.4 percent. Interest-bearing checking for the first half of 2009 averaged $180.7 million, an increase of $44.2 million or 32.3 percent over the same period of 2008, while certificate of deposits averaged $416.7 million, an increase of $16.3 million or 4.1 percent for the same time periods.
Read the The complete ReportPGC is in the portfolios of Michael Price of MFP Investors LLC.
The Peapack-Gladstone Financial Corporation is a bank holding company for Peapack-Gladstone Bank. The Bank is primarily dedicated to providing quality personalized financial trust and investment services to individuals and small businesses. PeapackGladstone Financial Corp has a market cap of $159.48 million; its shares were traded at around $18.3 with a P/E ratio of 14.46 and P/S ratio of 2.11. The dividend yield of PeapackGladstone Financial Corp stocks is 1.09%. PeapackGladstone Financial Corp had an annual average earning growth of 2.1% over the past 5 years.
Highlight of Business Operations:
EXECUTIVE SUMMARY: The Corporation recorded net income of $1.9 million for the second quarter of 2009 as compared to $3.6 million for the same quarter of 2008, a decline of $1.6 million, or 46.1 percent. Diluted earnings per common share, after giving effect for the preferred dividend, were $0.17 in the second quarter of 2009 as compared to $0.41 per diluted share for the same quarter of 2008. The decrease in 2009 earnings per share was primarily due to an increase in the provision for loan losses, an increase in the industry-wide FDIC assessment and the dividends on preferred stock. Annualized return on average assets for the quarter was 0.54 percent and annualized return on average common equity was 6.75 percent for the three months ended June 30, 2009.For the six months ended June 30, 2009, the Corporation recorded net income of $4.4 million compared to $7.0 million for the same period of 2008, a decline of $2.6 million, or 37.3 percent. Diluted earnings per common share after effect of the preferred stock dividend were $0.43 for the first six months of 2009 as compared to $0.80 per diluted share for the same six months of 2008. As noted above, the increases in the provision for loan losses, FDIC assessment and dividends on preferred stock have had a negative impact on the Corporation s earnings per share. Annualized return on average assets for the six months ended June 30, 2009 was 0.62 percent and annualized return on average common equity was 8.58 percent.
For the second quarter of 2009, average loans increased $40.6 million or 4.1 percent to $1.03 billion from $992 million for the second quarter of 2008. The average commercial mortgage loan portfolio grew $23.5 million or 9.3 percent and the average commercial construction loan portfolio grew $18.7 million or 36.3 percent. The home equity portfolio averaged $34.3 million, increasing $13.1 million or 62.0 percent. The Corporation focused on the origination of these higher-yielding, shorter-maturity loans and loan originations outpaced principal pay downs over the year. Since December 31, 2008, however, the loan portfolio has declined slightly, principally the residential mortgage loan portfolio, as the Corporation opted to sell its longer-term, fixed-rate production as an interest rate risk management strategy in the lower rate environment.
For the three months ended June 30, 2009, deposits averaged $1.28 billion as compared to $1.19 billion for the same period in 2008, an increase of $89.4 million, or 7.5 percent. Average non-interest bearing demand deposits remained relatively flat while all categories of interest-bearing deposits increased from the second quarter of 2008 to the second quarter of this year. Average interest-bearing checking accounts increased to $193.2 million for the second quarter of 2009, rising $56.6 million or 41.4 percent from the same period in 2008 due to the Corporation s focus on core deposit growth coupled with the introduction of the Ultimate Checking product, which provides customers with a low-cost checking product and a higher yield for greater balances. Money market accounts averaged $414.1 million for the three months ended June 30, 2009, an increase of $19.8 million or 5.0 percent from the same quarter in 2008 as certain customers tend to “park” funds in money market accounts in the lower interest rate environment. Certificates of deposit averaged $406.5 million for the second quarter of 2009, rising $9.5 million or 2.4 percent when compared to the 2008 quarter. Since December 2008, lower costing interest-bearing checking accounts and money market accounts have continued to increase and higher costing certificates of deposit have declined as the Corporation has
Average loans increased by $52.9 million to $1.04 billion for the six months ended June 30, 2009 over the same period last year. For the first six months of 2009, the commercial mortgage loan portfolio grew $27.5 million or 11.1 percent to $274.7 million and the average commercial construction loan portfolio grew $15.5 million or 28.6 percent to $69.7 million for the prior year period. The home equity portfolio also grew during this time period, increasing $13.4 million or 67.9 percent to $33.2 million.
For the six months ended June 30, 2009 and 2008, total deposits averaged $1.26 billion and $1.19 billion, respectively, increasing $64.8 million or 5.4 percent. Interest-bearing checking for the first half of 2009 averaged $180.7 million, an increase of $44.2 million or 32.3 percent over the same period of 2008, while certificate of deposits averaged $416.7 million, an increase of $16.3 million or 4.1 percent for the same time periods.
Read the The complete ReportPGC is in the portfolios of Michael Price of MFP Investors LLC.
