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Press Release: Peapack-Gladstone Financial Corporation Reports Third Quarter Results

新闻稿:Peapack-Gladstone金融公司公布第三季业绩

2020/10/28 21:00  Dow Jones Newswires

*DJ Peapack Gladstone 3Q Rev $52.4M >PGC

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October 28, 2020 09:00 ET (13:00 GMT)

*DJ Peapack Gladstone 3Q EPS 71c >PGC

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October 28, 2020 09:00 ET (13:00 GMT)

*DJ Peapack Gladstone 3Q Net $13.5M >PGC

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Press Release: Peapack-Gladstone Financial Corporation Reports Third Quarter Results

Peapack-Gladstone Financial Corporation Reports Third Quarter Results

Bedminster, N.J., Oct. 28, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its third quarter 2020 results.

This earnings release should be read in conjunction with the Company's Q3 2020 Investor Update (and Supplemental Financial Information), a copy of which is available on our website at www.pgbank.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

The Company recorded total revenue of $143.22 million, net income of $23.16 million and diluted earnings per share ("EPS") of $1.22 for the nine months ended September 30, 2020, compared to $128.53 million, $35.20 million and $1.81, respectively, for the nine months ended September 30, 2019.

The 2020 nine-month period included increased net interest income and increased non-interest income due principally to earnings from the Paycheck Protection Program ("PPP") and increased wealth management income (primarily due to the acquisition of Point View Wealth Management acquired in September 2019) , which was partially offset by increased operating expenses (due in part to the previous mentioned firm acquired in September 2019).

The 2020 nine-month period also included a tax benefit of $3.2 million recorded in the first quarter of 2020 caused by the changes in the treatment of tax net operating losses ("NOL") under the provisions of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The decrease in net income and EPS for the 2020 nine-month period was the result of a $30.05 million provision for loan losses due to the current environment created by the COVID-19 pandemic, which led to increased qualitative loss factors when calculating the allowance for loan losses. This compared to a $2.05 million provision for the 2019 nine-month period.

For the quarter ended September 30, 2020, the Company recorded revenue of $52.36 million, net income of $13.55 million and EPS of $0.71, compared to $44.51 million, $12.23 million and $0.63, respectively, for the same three-month period last year.

The 2020 quarter included increased net interest income and increased non-interest income due principally to earnings from the PPP and increased wealth management income (primarily due to the acquisition of Point View in September 2019) , which was partially offset by increased operating expenses (due in part to the previous mentioned firm acquired in September 2019), and an increase in the provision for loan and lease losses to $5.15 million due to the current environment created by the COVID-19 pandemic, compared to an $800,000 provision for loan and lease losses for the 2019 quarter.

Douglas L. Kennedy, President and CEO, said, "As I mentioned last quarter, our employees worked tirelessly to process approximately 2,500 PPP applications resulting in approximately $600 million in fundings. The Bank made a decision to sell a significant portion ($355 million) of its PPP loans in the third quarter, which generated a $7.4 million gain. The sale was to a well-respected firm that focuses on the forgiveness and ongoing servicing process associated with PPP loans, who will serve our clients well. Our client relationship is still maintained as we maintained all depository relationships (including those from the PPP loan fundings) and all loan relationships outside of PPP loans. Further the sale has given us the ability to free up internal resources to focus on generating new business and continuing to provide excellent service to our clients."

As of September 30, 2020, the Bank still holds $202 million of PPP loans (almost all of which exceed $2.0 million in original principal amount) with approximately $1.5 million of net deferred fees which will be recognized into income over the two-year maturity of the loan or as forgiven or repaid.

Mr. Kennedy also said, "The COVID-19 pandemic continues to have a devastating effect on businesses both locally and nationally. We have allowed our commercial and business clients to have their loan deferred for a six-month period. As of June 30, 2020, our deferrals stood at $914 million. As of September 30, 2020, deferrals were $828 million. An additional $247 million came off deferral status in October bringing deferrals down to $581 million. An additional $449 million is scheduled to come off in November. Further, as of this writing, our deferrals in sectors with COVID elevated residual risk (Hospitality and Food Services and Retail - Non-Grocery Anchored) totaled $95 million or 2% of total loans."

For more information about the Company's loan deferrals, including a breakdown by loan type and industry, as well as detail concerning our loan exposure to industries, please see the Q3 2020 Investor Update (and Supplemental financial Information).

EXECUTIVE SUMMARY:

The following tables summarize specified financial measures for the periods shown.

Year over Year Comparison

Nine Months Nine Months Ended Ended September September 30, 30, Increase/
(Dollars in millions,
except per share
data) 2020 2019 (Decrease)
Net interest income $ 95.87 $ 89.36 $ 6.51 7%
Wealth management fee income (A) 30.07 28.24 1.83 6
Capital markets activity (B) 4.81 4.93 (0.12) (2)
Other income (C) 12.47 6.00 6.47 108
Total other income 47.35 39.17 8.18 21
Operating expenses 85.71 78.15 7.56 10
Pretax income before provision for loan losses 57.51 50.38 7.13 14
Provision for loan and lease losses (D) 30.05 2.05 28.00 1,366
Pretax income 27.46 48.33 (20.87) (43)
Income tax expense (E) 4.30 13.13 (8.83) (67)
Net income $ 23.16 $ 35.20 $(12.04) (34)%
Diluted EPS $ 1.22 $ 1.81 $ (0.59) (33)%
Total Revenue $ 143.22 $ 128.53 $ 14.69 11%
Return on average assets annualized 0.54% 0.99% (0.45)
Return on average equity annualized 6.07% 9.67% (3.60) 1. The nine months ended September 30, 2020 included wealth management fee income and expense related to Point View Wealth Management, ("Point View"), which was acquired effective September 1, 2019. 2. Capital markets activity includes loan level back-to-back swap activities, the SBA lending and sale program, and mortgage banking activities. 3. The nine months ended September 30, 2020 includes a gain on sale of $7.4 million on the sale of $355 million of PPP loans. 4. The nine months ended September 30, 2020 included a provision for loan and lease losses of $30.05 million, which was primarily due to the current environment created by the COVID-19 pandemic. 5. The 2020 period included a $3.2 million tax benefit related to the carryback of tax NOLs to prior years when the Federal tax rate was 14% higher.

September 2020 Quarter Compared to Prior Year Quarter

Three Three Months Months Ended Ended September September 30, 30, Increase/
(Dollars in millions,
except per share
data) 2020 2019 (Decrease)
Net interest income $ 32.15 $ 30.09 $ 2.06 7%
Wealth management fee income (A) 10.12 9.50 0.62 7
Capital markets activity (B) 1.03 2.77 (1.74) (63)
Other income (C) 9.06 2.15 6.91 321
Total other income 20.21 14.42 5.79 40
Operating expenses 28.46 26.26 2.20 8
Pretax income before provision for loan losses 23.90 18.25 5.65 31
Provision for loan and lease losses (D) 5.15 0.80 4.35 544
Pretax income 18.75 17.45 1.30 7
Income tax expense 5.20 5.22 (0.02) (0)
Net income $ 13.55 $ 12.23 $ 1.32 11%
Diluted EPS $ 0.71 $ 0.63 $ 0.08 12%
Total Revenue $ 52.36 $ 44.51 $ 7.85 18%
Return on average assets annualized 0.89% 1.00% (0.11)
Return on average equity annualized 10.53% 9.87% 0.66 1. The September 2020 quarter included a full quarter of wealth management fee income and expense related to Point View, which was acquired effective September 1, 2019. 2. Capital markets activity includes loan level back-to-back swap activities, the SBA lending and sale program, and mortgage banking activities. 3. The quarter ended September 30, 2020 includes a gain on sale of $7.4 million on the sale of $355 million of PPP loans. 4. The September 2020 quarter included a provision for loan and lease losses of $5.15 million. The increase in the provision for loan and lease losses was primarily due to the current environment created by the COVID-19 pandemic.

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2020年10月28日东部时间09:00(格林尼治标准时间13:00)

新闻稿:Peapack-Gladstone金融公司公布第三季业绩

Peapack-Gladstone金融公司公布第三季度业绩

新泽西州贝德明斯特,2020年10月28日(Global Newswire)--通过NewMediaWire--Peapack-Gladstone金融公司(纳斯达克全球精选市场代码:PGC)(以下简称“公司”)公布了2020年第三季度业绩。

本收益新闻稿应与公司2020年第三季度投资者更新(和补充财务信息)一起阅读,该报告的副本可在我们的网站www.pgbank.com上获得,也可通过证券交易委员会网站www.sec.gov上的Form 8-K最新报告阅读。

截至2020年9月30日的9个月,该公司录得总收入1.4322亿美元,净收益2316万美元,稀释后每股收益(EPS)1.22美元,而截至2019年9月30日的9个月分别为1.2853亿美元、3520万美元和1.81美元。

2020年9个月期间包括净利息收入和非利息收入的增加,这主要是由于来自Paycheck Protection Program(“PPP”)的收益和财富管理收入的增加(主要是由于收购了2019年9月收购的Point View Wealth Management),但增加的运营费用(部分由于之前提到的公司于2019年9月收购)部分抵消了这一增长。

2020年9个月期间还包括2020年第一季度录得的320万美元的税收优惠,这是由于根据冠状病毒援助、救济和经济安全(CARE)法案的规定,税收净营业亏损(NOL)的处理方式发生了变化。2020年9个月期间净收入和每股收益减少的原因是,新冠肺炎疫情造成的当前环境造成的贷款损失拨备为3,005万美元,导致在计算贷款损失拨备时质量损失因素增加。相比之下,2019年9个月期间的拨备为205万美元。

在截至2020年9月30日的季度里,该公司的收入为5236万美元,净收益为1355万美元,每股收益为0.71美元,而去年同期分别为4451万美元、1223万美元和0.63万美元。

2020年季度包括净利息收入和非利息收入的增加,这主要是由于购买力平价的收益和财富管理收入的增加(主要是由于2019年9月收购Point View),但增加的运营费用(部分原因是之前提到的公司于2019年9月收购)以及贷款和租赁损失拨备因新冠肺炎疫情造成的当前环境而增加到515万美元,而2019年季度的贷款和租赁损失拨备为800,000美元。

总裁兼首席执行官道格拉斯·L·肯尼迪说:“正如我在上个季度提到的那样,我们的员工不知疲倦地工作,处理了大约2500份PPP申请,获得了大约6亿美元的资金。世行决定在第三季度出售其购买力平价贷款的很大一部分(3.55亿美元),这产生了740万美元的收益。这笔交易卖给了一家备受尊敬的公司,该公司专注于与PPP贷款相关的宽恕和持续服务流程,他们将很好地为我们的客户服务。我们的客户关系仍然保持,因为我们保持着所有的存管关系(包括来自PPP贷款基金的关系)和PPP贷款之外的所有贷款关系。此外,此次出售使我们有能力腾出内部资源,集中精力开展新业务,继续为我们的客户提供优质服务。“

截至2020年9月30日,世行仍持有2.02亿美元的购买力平价贷款(几乎所有贷款的原始本金都超过200万美元),净递延费用约为150万美元,这些费用将在贷款两年期满后确认为收入,或作为减免或偿还。

肯尼迪先生还说:“新冠肺炎疫情继续对当地和全国的企业造成毁灭性影响。我们已经允许我们的商业和商业客户将他们的贷款延期六个月。截至2020年6月30日,我们的延期金额为9.14亿美元。截至2020年9月30日,延期金额为8.28亿美元。10月份,又有2.47亿美元取消了延期状态,使延期金额降至5.81亿美元。另外4.49亿美元计划在11月发放。此外,在撰写本文时,我们在COVID提高了残余风险的行业(酒店和食品服务以及零售-非杂货店)的延期贷款总额为9500万美元,占总贷款的2%。“

有关公司贷款延期的更多信息,包括按贷款类型和行业细分的信息,以及我们对行业贷款敞口的详细信息,请参阅2020年第三季度投资者更新(和补充财务信息)。

执行摘要:

下表汇总了所示期间的特定财务衡量标准。

同比比较

9个月截至9月30日的9个月,增加/
(百万美元,
除每股外
数据)2020-2019年(减少)
净利息收入$95.87$89.36$6.51 7%
财富管理费收入(A)30.07 28.24 1.83 6
资本市场活动(B)4.81 4.93(0.12)(2)
其他收入(C)12.47 6.00 6.47 108
其他收入总额47.35 39.17 8.18 21
营业费用85.71 78.15 7.56 10
扣除贷款损失准备前的税前收入57.51 50.38 7.13 14
贷款和租赁损失准备金(D)30.05 2.05 28.00 1,366
税前收入27.46 48.33(20.87)(43)
所得税开支(E)4.30 13.13(8.83)(67)
净收入$23.16$35.20$(12.04)(34)%
稀释每股收益$1.22$1.81$(0.59)(33)%
总收入$143.22$128.53$14.69 11%
年化平均资产回报率0.54%0.99%(0.45)
平均股本回报率年化6.07%9.67%(3.60)1.截至2020年9月30日的9个月包括与Point View Wealth Management(“Point View”)相关的财富管理费收入和费用,该公司于2019年9月1日起收购。2.资本市场活动包括贷款水平背靠背互换活动、小企业协会借贷和销售计划以及抵押银行活动。3.截至2020年9月30日的9个月中,包括3.55亿美元PPP贷款的销售收益740万美元。4.截至2020年9月30日的9个月,包括贷款和租赁损失准备金3,005万美元,这主要是由于新冠肺炎疫情造成的当前环境。5.2020年期间包括320万美元的税收优惠,与将税收NOL结转到前几年有关,当时联邦税率高出14%。

2020年9月季度与上年同期相比

截至9月30日的三个月,增加/
(百万美元,
除每股外
数据)2020-2019年(减少)
净利息收入$32.15$30.09$2.06 7%
财富管理费收入(A)10.12 9.50 0.627
资本市场活动(B)1.032.77(1.74)(63)
其他收入(C)9.06 2.15 6.91 321
其他收入合计20.21 14.42 5.79 40
营业费用28.46 26.26 2.20 8
扣除贷款损失准备前的税前收入23.90 18.25 5.65 31
贷款和租赁损失准备金(D)5.15 0.80 4.35 544
税前收入18.75 17.45 1.30 7
所得税支出5.20 5.22(0.02)(0)
净收入$13.55$12.23$1.32 11%
稀释每股收益$0.71$0.63$0.08 12%
总收入$52.36$44.51$7.85 18%
年化平均资产回报率0.89%-1.00%(0.11)
平均股本回报率折合成年率为10.53%9.87%0.661。2020年9月这个季度包括与Point View相关的整个季度的财富管理费收入和费用,Point View于2019年9月1日收购。2.资本市场活动包括贷款水平背靠背互换活动、小企业协会借贷和销售计划以及抵押银行活动。3.截至2020年9月30日的季度包括3.55亿美元PPP贷款的销售收益740万美元。4.2020年9月这个季度包括515万美元的贷款和租赁损失准备金。贷款和租赁损失准备金增加的主要原因是新冠肺炎疫情造成的当前环境。

(更多后续报道)道琼斯通讯社

2020年10月28日东部时间09:00(格林尼治标准时间13:00)

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