Peapack-Gladstone Financial Corp (PGC) News & EventsPGCNews & EventsPeapack-Gladstone Financial Corp

Peapack Private Bank Q2 Revenue $86.05M, Exceeds Expectations

Reports Q2 revenue $86.05M, consensus $85.17M. Reports Q2 CET1 capital ratio 10.38%. Douglas L. Kennedy, President and CEO stated, "During the industry disruption of 2023, we invested significantly to expand our presence in Metropolitan New York. Since then, we have added 20 experienced banking teams and nearly 200 professionals, opened our flagship financial center on Park Avenue, and rebranded the Company as Peapack Private Bank & Trust. These investments temporarily affected earnings, but they created the platform that is now producing sustained growth and improving profitability. "

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."

Peapack Private appoints Vanessa Tortorice as senior managing director

Peapack-Gladstone Financial and Peapack Private announced that Vanessa Tortorice has joined Peapack Private's New York City location as Senior Managing Director. Vanessa joins a team of commercial bankers at Peapack Private, where she will contribute to the growth of commercial and industrial business in the New York market. She is dedicated to providing tailored banking solutions to help clients achieve their long-term financial goals. Previously, she served as Vice President and Senior Business Banker at M&T Bank.