PGC - Peapack-Gladstone Financial GAAP EPS of $1.01 revenue of $62.04M

2023-04-25 17:21:08 ET

• Peapack-Gladstone Financial press release ( NASDAQ: PGC ): Q1 GAAP EPS of $1.01.
• Revenue of $62.04M (+14.2% Y/Y).The Company repurchased 83,014 shares of Company stock for a total cost of $2.9 million during Q1 2023. The Company repurchased 930,977 shares of stock for a total cost of $32.7 million during the year ended December 31, 2022.
• Total deposits grew $104 million (2% linked quarter or 8% annualized) to $5.3 billion from $5.2 billion at December 31, 2022.
• Noninterest-bearing demand deposits declined by $150 million during the first quarter, but still comprised 21% of total deposits as of March 31, 2023.
• Core deposits (which includes noninterest-bearing demand and interest-bearing demand, savings and money market accounts) totaled 92% of total deposits at March 31, 2023.
• Total loans were $5.4 billion at March 31, 2023 reflecting growth of $79 million (1% linked quarter or 6% annualized) when compared to $5.3 billion at December 31, 2022.
• Commercial & industrial lending (“C&I”) loan/lease balances comprised 42% of the total loan portfolio at March 31, 2023.
• Fee income on unused commercial lines of credit totaled $852,000 for Q1 2023.

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