Peapack-Gladstone Financial Corporation (PGC) has reported 45.42 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.98 million, or $0.46 a share in the quarter, compared with $5.49 million, or $0.34 a share for the same period last year. Revenue during the quarter grew 10.86 percent to $31.01 million from $27.97 million in the previous year period. Net interest income for the quarter rose 9.32 percent over the prior year period to $25.59 million. Non-interest income for the quarter rose 12.07 percent over the last year period to $7.02 million.
Peapack Gladstone Financial Corp has made provision of $1.60 million for loan losses during the quarter, down 5.88 percent from $1.70 million in the same period last year.
Net interest margin contracted 11 basis points to 2.71 percent in the quarter from 2.82 percent in the last year period. Efficiency ratio for the quarter improved to 59.20 percent from 65.22 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
John P. Babcock, President of PGB Private Wealth Management, said, “We had a solid Q1 2017 and our current pipeline is strong as we enter Q2 2017. We expect continued growth driven by organic new business, the expansion of existing relationships and potential strategic acquisitions of wealth management firms. In Q1 2017, we launched a new Unified Management Account (UMA) solution which expands our overall investment offerings, as we now have access to superior outside investment managers to complement our existing proprietary portfolio construction. We will continue to expand the products, services, and advice we deliver to our clients.”
Assets outpace liabilities growth
Total assets stood at $3,947.56 million as on Mar. 31, 2017, up 13.89 percent compared with $3,466 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,606.63 million as on Mar. 31, 2017, up 13.33 percent from $3,182.49 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $3,406.04 million as on Mar. 31, 2017, up 13.52 percent compared with $3,000.38 million on Mar. 31, 2016. Deposits stood at $3,430.64 million as on Mar. 31, 2017, up 12.72 percent compared with $3,043.58 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $528.55 million or 15.41 percent of total deposits on Mar. 31, 2017, compared with $457.73 million or 15.04 percent of total deposits on Mar. 31, 2016.
Investments stood at $300.23 million as on Mar. 31, 2017, up 40.26 percent or $86.18 million from year-ago. Shareholders equity stood at $340.93 million as on Mar. 31, 2017, up 20.25 percent or $57.42 million from year-ago.
Return on average assets moved up 18 basis points to 0.82 percent in the quarter from 0.64 percent in the last year period. At the same time, return on average equity increased 179 basis points to 9.62 percent in the quarter from 7.83 percent in the last year period.
Nonperforming assets moved up 49.47 percent or $4.03 million to $12.16 million on Mar. 31, 2017 from $8.14 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.31 percent in the quarter, up from 0.23 percent in the last year period.
Capital ratios improvePeapack-Gladstone Financial Corporation recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 8.66 percent for the quarter, up from 8.19 percent for the previous year quarter. Equity to assets ratio was 8.64 percent for the quarter, up from 8.18 percent for the previous year quarter. Book value per share was $19.39 for the quarter, up 11.69 percent or $2.03 compared to $17.36 for the same period last year.
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