NASDAQ$PGC
Peapack-Gladstone Financial Corporation · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Peapack-Gladstone's financial performance declined in Q1 2024 compared to the previous year, with decreases in revenue, net income, and EPS, but deposits grew and borrowings decreased.
Peapack-Gladstone Financial Corporation reported a decrease in financial results for Q1 2024 compared to Q1 2023. Total revenue decreased to $53.1 million, net income decreased to $8.6 million, and diluted EPS decreased to $0.48. However, deposits grew by $202.6 million, loans decreased by $73.7 million, and overnight borrowings were reduced by $284.3 million.
- Total revenue was $53.1 million, a decrease from $62.0 million in Q1 2023.
- Net income was $8.6 million, a decrease from $18.4 million in Q1 2023.
- Diluted earnings per share (EPS) was $0.48, a decrease from $1.01 in Q1 2023.
- Deposits grew by $202.6 million to $5.48 billion.
Headline financials
Revenue & EPS history
Peapack-Gladstone · Revenue · Quarterly
$53.1M
Revenue by segment
Peapack-Gladstone · $14.5M total across 2 segments · Q2 2021
- Wealth Mgmt Fees$13M+30.3%89.9%
- Capital Markets$1.46M+44.6%10.1%
Forward guidance
The first quarter continued to present headwinds for our organization with margin compression and credit quality our primary areas of concern. As we work through this challenging economic environment, we continue to thoroughly analyze our loan portfolio for areas of potential stress.
Tailwinds
- The Company’s liquidity position remains stable as balance sheet liquidity, as a percentage of total assets, increased to 12.1% or $776.8 million.
- The Company also had $2.9 billion of external borrowing capacity available, which, when combined with on balance sheet liquidity, provides us with 303% coverage of our uninsured deposits.
- Wealth Management fee income was $14.4 million in Q1 2024, which amounted to 27% of total revenue for the quarter.
- We recently announced that we have successfully recruited and hired over 10 commercial private banking teams to work alongside the existing New York City teams hired during 2023.
- We believe that this ongoing strategic expansion will enhance our liquidity, enable us to diversify our balance sheet, improve profitability and provide favorable operating leverage in the years to come.
Headwinds
- The first quarter continued to present headwinds for our organization with margin compression and credit quality our primary areas of concern.
- As we work through this challenging economic environment, we continue to thoroughly analyze our loan portfolio for areas of potential stress.
- The Company’s NII of $34.4 million and NIM of 2.20% for Q1 2024 decreased $2.3 million and 9 basis point from NII of $36.7 million and NIM of 2.29% for the linked quarter (Q4 2023), respectively, and decreased $9.6 million and 68 basis points from NII of $44.0 million and NIM of 2.88% for the prior year period (Q1 2023), respectively.
- Nonperforming assets (which does not include modified loans that are performing in accordance with their terms) were $69.8 million, or 1.09% of total assets at March 31, 2024, as compared to $61.3 million, or 0.95% of total assets at December 31, 2023.
- Criticized and classified loans totaled $177.3 million at March 31, 2024, reflecting an increase from December 31, 2023 and March 31, 2023 levels.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.4%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+4.1%
Avg return
30 days after
55%
36 / 65 earnings
Positive
+9.7%
Q3 2024
Best reaction
-12.3%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.7% | +8.9% | +8.8% | |
| Q3 2025 | +1.0% | +2.0% | +9.8% | |
| Q2 2025 | -0.9% | +1.8% | +9.3% | |
| Q1 2025 | -1.2% | -0.8% | -5.0% | |
| Q4 2024 | -1.2% | -3.5% | -1.1% | |
| Q3 2024 | +9.7% | +10.3% | +25.7% | |
| Q2 2024 | +1.4% | +7.6% | -1.8% | |
| Q1 2024 | -6.6% | -7.2% | -8.2% | |
| Q4 2023 | +4.0% | +4.6% | -18.7% | |
| Q3 2023 | -7.0% | -8.0% | +5.4% | |
| Q2 2023 | +2.5% | -1.2% | -9.0% | |
| Q1 2023 | -2.2% | -2.4% | +0.1% | |
| Q4 2022 | +1.0% | +5.0% | +6.2% | |
| Q3 2022 | +4.9% | +4.3% | +10.0% | |
| Q2 2022 | +5.1% | +6.9% | +9.3% | |
| Q1 2022 | -2.6% | +1.3% | +4.6% | |
| Q4 2021 | +6.7% | +8.7% | +9.2% | |
| Q3 2021 | +2.4% | +2.9% | +2.4% | |
| Q2 2021 | +5.6% | +3.8% | +9.4% | |
| Q1 2021 | +2.3% | +4.4% | +6.2% | |
| Q4 2020 | +5.6% | +8.9% | +23.4% | |
| Q3 2020 | +2.3% | +3.1% | +36.6% | |
| Q2 2020 | +1.8% | -3.3% | +2.5% | |
| Q1 2020 | -12.3% | -1.7% | +8.9% | |
| Q4 2019 | +3.0% | +4.0% | -4.7% | |
| Q3 2019 | +3.3% | +4.5% | +7.4% | |
| Q2 2019 | +1.3% | +2.0% | -2.8% | |
| Q1 2019 | +8.4% | +5.1% | +2.0% | |
| Q4 2018 | +1.4% | -0.4% | +10.6% | |
| Q3 2018 | -2.4% | -3.8% | -1.4% | |
| Q2 2018 | -2.7% | -3.4% | -2.1% | |
| Q1 2018 | -2.7% | -4.8% | +3.8% | |
| Q4 2017 | +3.8% | +1.2% | -6.3% | |
| Q3 2017 | -0.6% | +1.2% | -4.3% | |
| Q2 2017 | -3.6% | -2.2% | -6.1% | |
| Q1 2017 | +6.4% | +3.3% | -3.5% | |
| Q4 2016 | -4.3% | -2.2% | +1.1% | |
| Q3 2016 | -2.5% | -2.9% | +22.2% | |
| Q2 2016 | +0.0% | +0.9% | -0.2% | |
| Q1 2016 | +2.7% | — | — | |
| Q4 2015 | -6.5% | — | — | |
| Q3 2015 | +5.5% | — | — | |
| Q2 2015 | +1.4% | — | — | |
| Q1 2015 | +3.3% | — | — | |
| Q4 2014 | +0.6% | — | — | |
| Q3 2014 | -4.2% | — | — | |
| Q2 2014 | -0.2% | — | — | |
| Q1 2014 | +2.9% | — | — | |
| Q4 2013 | -1.5% | — | — | |
| Q3 2013 | -2.6% | — | — | |
| Q2 2013 | -1.3% | — | — | |
| Q1 2013 | -1.7% | — | — | |
| Q4 2009 | -1.5% | — | — | |
| Q1 2010 | -1.5% | — | — | |
| Q4 2012 | -1.5% | — | — | |
| Q3 2012 | +0.1% | — | — | |
| Q2 2012 | -3.0% | — | — | |
| Q1 2011 | -1.5% | — | — | |
| Q1 2012 | +3.7% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q3 2011 | +0.3% | — | — | |
| Q3 2010 | +0.3% | — | — | |
| Q2 2010 | +1.4% | — | — | |
| Q2 2011 | +1.4% | — | — | |
| Q4 2010 | +1.4% | — | — |
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