SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(MARK ONE) | |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarter Ended September 30, 2004 |
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OR | |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Commission File No. 001-16197
PEAPACK-GLADSTONE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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New Jersey |
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22-3537895 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
158 Route 206 North,
Gladstone, New Jersey 07934
(Address of principal executive offices, including zip code)
(908) 234-0700
(Registrant’s telephone number, including area code)
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
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Yes |X| No |_|. |
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-d). Yes |X| No |_|.
Number of shares of Common stock outstanding as of November 1, 2004:
8,238,698
1
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PEAPACK-GLADSTONE FINANCIAL CORPORATION | ||
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Item 1 |
Financial Statements (Unaudited): |
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Page 3 | |
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Page 4 | |
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Page 5 | |
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Page 6 | |
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Page 7 | |
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Item 2 |
Page 9 | |
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Item 3 |
Page 16 | |
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Item 4 |
Page 17 | |
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PART 2 OTHER INFORMATION | ||
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Item 2 |
Page 17 | |
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Item 6 |
Page 18 | |
2
P
EAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
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September 30, |
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December 31, |
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ASSETS |
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Cash and due from banks |
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$ |
23,734 |
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$ |
17,234 |
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Federal funds sold |
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1,897 |
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5,461 |
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Total cash and cash equivalents |
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25,631 |
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22,695 |
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Interest-earning deposits |
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656 |
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30,949 |
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Investment Securities (approximate market value $92,943 in 2004 and $99,515 in 2003) |
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91,946 |
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97,701 |
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Securities Available for Sale |
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351,578 |
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355,998 |
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Loans: |
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Loans secured by real estate |
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514,079 |
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397,068 |
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Other loans |
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32,663 |
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29,933 |
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Total loans |
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546,742 |
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427,001 |
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Less: Allowance for loan losses |
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5,852 |
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5,467 |
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Net loans |
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540,890 |
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421,534 |
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Premises and equipment, net |
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18,610 |
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15,132 |
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Accrued interest receivable |
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5,039 |
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4,295 |
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Cash surrender value of life insurance |
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17,082 |
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16,548 |
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Other assets |
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4,143 |
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3,274 |
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TOTAL ASSETS |
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$ |
1,055,575 |
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$ |
968,126 |
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LIABILITIES |
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Deposits: |
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Noninterest-bearing demand deposits |
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$ |
163,734 |
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$ |
155,189 |
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Interest-bearing deposits: |
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Checking |
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164,665 |
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140,393 |
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Savings |
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107,434 |
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101,451 |
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Money market accounts |
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224,476 |
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225,863 |
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Certificates of deposit over $100,000 |
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64,240 |
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60,373 |
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Certificates of deposit less than $100,000 |
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155,323 |
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162,502 |
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Total deposits |
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879,872 |
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845,771 |
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Borrowed Funds |
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75,308 |
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30,032 |
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Accrued expenses and other liabilities |
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7,709 |
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7,269 |
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TOTAL LIABILITIES |
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962,889 |
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883,072 |
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SHAREHOLDERS’ EQUITY |
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Common stock (no par value; stated value $0.83 per share; authorized 20,000,000 shares; issued shares, 8,365,181 at September 30, 2004 and 8,288,676 at December 31, 2003; outstanding shares, 8,220,363 at September 30, 2004 and 8,157,634 at December 31, 2003) |
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6,971 |
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6,274 |
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Surplus |
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86,580 |
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61,959 |
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Treasury Stock at cost, 144,818 shares in 2004 and 131,042 shares in 2003 |
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(2,783 |
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(2,391 |
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Retained Earnings |
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— |
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16,557 |
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Accumulated other comprehensive income, net of income tax |
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1,918 |
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2,655 |
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TOTAL SHAREHOLDERS’ EQUITY |
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92,686 |
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85,054 |
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TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
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$ |
1,055,575 |
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$ |
968,126 |
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See accompanying notes to consolidated financial statements.
3
P
EAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share data)
(Unaudited)
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Three months ended |
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Nine months ended |
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2004 |
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2003 |
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2004 |
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2003 |
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INTEREST INCOME |
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Interest and fees on loans |
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$ |
7,126 |
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$ |
6,093 |
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$ |
19,544 |
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$ |
18,990 |
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Interest on investment securities: |
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Taxable |
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623 |
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635 |
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2,069 |
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3,154 |
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Tax-exempt |
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262 |
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162 |
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700 |
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405 |
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Interest on securities available for sale: |
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Taxable |
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3,438 |
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2,960 |
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10,165 |
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8,094 |
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Tax-exempt |
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91 |
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91 |
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273 |
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271 |
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Interest-earning deposits |
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2 |
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2 |
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15 |
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5 |
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Interest on federal funds sold |
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5 |
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4 |
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43 |
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60 |
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Total interest income |
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11,547 |
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9,947 |
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32,809 |
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30,979 |
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INTEREST EXPENSE |
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Interest on savings and interest-bearing deposit accounts |
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932 |
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794 |
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2,446 |
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2,639 |
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Interest on certificates of deposit over $100,000 |
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321 |
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386 |
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950 |
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1,207 |
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Interest on other time deposits |
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862 |
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1,096 |
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2,581 |
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3,522 |
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Interest on borrowed funds |
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410 |
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322 |
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953 |
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580 |
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Total interest expense |
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2,525 |
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2,598 |
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6,930 |
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7,948 |
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NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES |
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9,022 |
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7,349 |
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25,879 |
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23,031 |
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Provision for loan losses |
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150 |
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150 |
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450 |
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450 |
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
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8,872 |
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7,199 |
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25,429 |
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22,581 |
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OTHER INCOME |
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Service charges and fees for other services |
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435 |
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415 |
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1,259 |
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1,251 |
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Trust department income |
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1,666 |
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1,358 |
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5,141 |
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4,422 |
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Securities gains |
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12 |
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400 |
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612 |
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1,227 |
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Bank owned life insurance |
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185 |
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217 |
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599 |
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661 |
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Other income |
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177 |
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124 |
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404 |
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362 |
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Total other income |
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2,475 |
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2,514 |
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8,015 |
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7,923 |
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OTHER EXPENSES |
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Salaries and employee benefits |
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3,638 |
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3,306 |
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10,858 |
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9,902 |
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Premises and equipment |
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1,420 |
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1,213 |
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4,186 |
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3,416 |
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Other expense |
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1,084 |
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1,002 |
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3,641 |
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3,276 |
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Total other expenses |
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6,142 |
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5,521 |
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18,685 |
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16,594 |
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INCOME BEFORE INCOME TAX EXPENSE |
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5,205 |
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4,192 |
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14,759 |
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13,910 |
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Income tax expense |
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1,670 |
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1,308 |
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