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Peapack-Gladstone Financial Corporation (PGC-0.24%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $7,011,238,000 from $6,476,857,000 in the previous year. The growth in assets was driven primarily by an increase in deposits and cash equivalents.
Total deposits increased by $854,908,000 to $6,129,022,000 as of December 31, 2024. The increase was primarily due to growth in interest-bearing checking and money market accounts.
Net income for the year was $32,988,000, down from $48,854,000 in the previous year. The decrease is attributed to higher operating expenses related to the expansion into New York City and increased compensation costs.
Net interest income decreased to $149,006,000 from $156,089,000 in 2023, primarily due to an increase in interest expense driven by higher deposit rates.
The company reported a provision for credit losses of $7,500,000, a decrease from $14,091,000 in the previous year. This was due to lower levels of net charge-offs.
The Wealth Management Division reported fee income of $61,458,000, up from $55,747,000 in 2023, reflecting growth in assets under management and new business inflows.
Peapack-Gladstone's capital ratios remain well above regulatory requirements, with a total capital to risk-weighted assets ratio of 14.84% as of December 31, 2024.
The filing also details various financial agreements, including subordinated debt issuances and the company's participation in the Federal Home Loan Bank system.
Peapack-Gladstone does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting during the year.
Peapack-Gladstone continues to focus on expanding its private banking and wealth management services, particularly in the New York City market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Peapack-Gladstone Financial Corporation annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.