Monthly Archives: January 2014

Marani Brands CEO Discusses Mega Domestic Distribution Demand and First Container Shipment With Donald Baillargeon of MoneyTV

SOURCE: Marani Brands Inc.


TUSTIN, CA, via eTeligis, 1/31/2014 10:34:00 AM

Marani Brands CEO Discusses Mega Domestic Distribution Demand and First Container Shipment With Donald Baillargeon of MoneyTV

TUSTIN, CA– via eTeligis – Marani Brands Inc.’s (OTC Pink: MRIB) CEO, Margrit Eyraud, covers distribution of Marani Vodka Spirit across 8 states along with first container being shipped to California due to demand. Donald Baillargeon asked Margrit key questions on contracts and press that have been questioned by shareholders.

Meet CEO of Zodiac Brands, Inc. Santiago Ramos. Studio visit with Donald Baillargeon and Margrit Eyraud. Visit full segment athttp://youtu.be/o3uzkyFQCyc.

For more information on Marani Brands: http://www.maranispirit.com

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company’s dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Contact:
Marani Brands, Inc.
(800) 734-9619
info

SOURCE: Marani Brands, Inc.

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Marani Brands CEO Discusses Mega Domestic Distribution Demand and First Container Shipment With Donald Baillargeon of MoneyTV

SOURCE: Marani Brands Inc.


TUSTIN, CA, via eTeligis, 1/31/2014 10:34:00 AM

Marani Brands CEO Discusses Mega Domestic Distribution Demand and First Container Shipment With Donald Baillargeon of MoneyTV

TUSTIN, CA– via eTeligis – Marani Brands Inc.’s (OTC Pink: MRIB) CEO, Margrit Eyraud, covers distribution of Marani Vodka Spirit across 8 states along with first container being shipped to California due to demand. Donald Baillargeon asked Margrit key questions on contracts and press that have been questioned by shareholders.

Meet CEO of Zodiac Brands, Inc. Santiago Ramos. Studio visit with Donald Baillargeon and Margrit Eyraud. Visit full segment athttp://youtu.be/o3uzkyFQCyc.

For more information on Marani Brands: http://www.maranispirit.com

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company’s dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Contact:
Marani Brands, Inc.
(800) 734-9619
info

SOURCE: Marani Brands, Inc.

Peapack-Gladstone Financial Corporation Reports Another Solid Quarter of Accomplishment

  • SOURCE: Peapack-Gladstone Financial Corporation
BEDMINSTER, NJ, via eTeligis, 1/30/2014 4:32:00 PM

Peapack-Gladstone Financial Corporation Reports Another Solid Quarter of Accomplishment

BEDMINSTER, NJ – via eTeligis – Peapack Gladstone Financial Corporation (NASDAQ: PGC) (the “Corporation” or the “Company”) recorded net income of $2.40 million and diluted earnings per share of $0.25 for the quarter ended December 31, 2013.

Doug Kennedy, President and CEO, said, “We had another solid quarter of accomplishment, including achieving several new records.”

–          We continued to implement and follow through on our Strategic Plan — “Expanding Our Reach.” The Plan focuses on the client experience and aggressively building and maintaining a private banking platform.

–          In support of the growth associated with the Plan, we successfully raised $42 million (gross) of common equity in a rights offering and sale to standby investors that closed on December 12, 2013. Over 52 percent of the offering was subscribed by existing shareholders. The remainder was purchased by nine pre-arranged standby investors, the majority of which were new institutional shareholders in the Company.

–          Total end of year loan balances reached another record level for the Company — $1.57 billion. This level reflected an increase of $442 million or 39 percent from the balance at December 31, 2012, and included an increase of $177 million in the fourth quarter of 2013.

–          Total deposits also reached another record level. The end of year balance of $1.65 billion reflected an increase of $131 million or nearly nine percent from the balance at December 31, 2012, and included an increase of $75 million in the fourth quarter of 2013.

–          The Company’s net interest income for the December 2013 quarter reached another quarterly record level — $14.53 million. This level reflected improvement when compared to $12.76 million for the December 2012 quarter, and also reflected improvement when compared to $13.37 million for the immediately preceding September 2013 quarter.

–          At December 31, 2013, the market value of assets under administration at the Bank’s Wealth Management Division of $2.69 billion was also another record for the Company. This level reflected an increase of 17 percent from the balance at December 31, 2012.

–          Fee income from Peapack-Gladstone Bank’s Wealth Management Division of $3.55 million for the December 2013 quarter reflected growth of over 21 percent when compared to the $2.93 million for the December 2012 quarter.

–          Total revenue (net interest income plus other income) of $19.50 million for the December 2013 quarter reflected improvement when compared to prior quarters in 2013.

–          Trends in asset quality continue to demonstrate strong improvement when compared to prior periods. For example, nonperforming assets declined in both dollars and as a percentage of assets, to just 0.44 percent of total assets as of December 31, 2013, compared to 0.91 percent of total assets as of December 31, 2012.

–          The book value per share at December 31, 2013 of $14.79 reflected improvement when compared to $14.12 at September 30, 2013 and $13.87 at December 31, 2012.

–          Capital ratios were benefitted by the December 2013 capital raise and were improved and very strong as of December 31, 2013, even with nearly $300 million growth in assets for the year, as well as migration of lower risk weighted investment security cash flows into loans.

The $3.53 million pre-tax income, $2.40 million net income and $0.25 fully diluted earnings per share for the December 2013 quarter were negatively impacted by a $204 thousand ($128 thousand net of tax) search fee related to the new head of Wealth Management and also $602 thousand ($378 thousand net of tax) of accelerated depreciation expense related to the closing of our Operations Center and consolidation of the staff into our Administration building and equipment to an off-premises third party location.

Mr. Kennedy noted, “As we previously announced, John Babcock will join the Company, effective March 10, 2014, as the head of private wealth management. John is a proven leader in the wealth management space and will be a tremendous asset to the Company as we continue to execute our strategy.”

Finn Caspersen Jr., Senior Executive Vice President and Chief Operating Officer of the Company, commented, “We are pleased to now have all of our operations support staff consolidated into our Administration building and our core operating system equipment located at an off-premises third party location. These moves have created operating efficiencies; reduced risk from a disaster preparedness perspective; and created a savings relative to ongoing premises and equipment expenses.”

Net Interest Income and Margin
Net interest income was $14.53 million for the fourth quarter of 2013, reflecting an increase of $1.77 million from the same quarter last year. The net interest margin, on a fully tax-equivalent basis, was 3.26 percent for the December 2013 quarter compared to 3.42 percent for the December 2012 quarter.

Net interest income for the current 2013 quarter benefitted from significant loan growth during 2013, principally multifamily and commercial mortgage, funded by deposits, borrowings, and a decline in lower yielding investment securities and interest earning cash balances.

Net interest margin for the December 2013 quarter declined when compared to the December 2012 quarter due to the effect of low market yields, which compressed asset yields more than deposit costs. The 3.26 percent net interest margin for the December 2013 quarter showed only minor compression when compared to the 3.28 percent for the immediately preceding September 2013 quarter.

Average Loans/Loan Originations
For the fourth quarter of 2013, average loans totaled $1.49 billion as compared to $1.13 billion for the same quarter in 2012, reflecting an increase of $366 million, or 33 percent. The average commercial mortgage and commercial loan portfolio for the quarter ended December 2013 increased $358 million, or 68 percent, from the same quarter of 2012. The increase was attributable to a more concerted focus on this type of business in both the New Jersey and New York City markets, as well as demand from high-quality borrowers looking to refinance multifamily and other commercial mortgages held by other institutions.

Total loan originations were $243 million for the fourth quarter of 2013, up significantly from $116 million for the same quarter of 2012. Loan originations were $779 million for the twelve months ended December 31, 2013, also up significantly from $397 million for the same twelve month period of 2012. Included in the total were commercial mortgage (principally multifamily) / commercial loan originations of $551 million and $202 million for the twelve months and three months ended December 31, 2013, respectively, compared to $150 million and $55 million for the 2012 periods, respectively.

Mr. Kennedy said, “We are focused on generating solid lending growth, and we have been successful. As part of our Strategic Plan, we introduced a comprehensive Commercial & Industrial (C&I) lending program and we have closed $97 million of volume for the year. We expect such volume to continue to increase in future periods. Further, our multifamily and commercial real estate lenders have generated significant closed volume and continue to maintain very robust pipelines.”

Average Deposits
For the December 2013 quarter, average total deposits (interest-bearing and noninterest-bearing) increased $216 million or 15 percent when compared to the same quarter last year. Over that same period, the Company saw growth in each of its deposit categories, except certificates of deposit. For the fourth quarter of 2013, average certificates of deposit (CDs) declined $23 million from the same 2012 quarter. These higher-cost CDs were replaced with lower-cost, more stable core deposits.

The Company continues to successfully focus on:

–          Business and personal relationships;

–          Municipal relationships within its market territory; and

–          Growth in deposits associated with its private banking and its lending activities.

Mr. Kennedy commented, “We will continue to place intense focus on providing high touch client service and growing our strong core deposit base. Service is a key differentiator for us that will enable us to grow our business. In addition, we now have a full array of Cash Management products in place that will help support our growth in C&I lending.”

Wealth Management Business
In the fourth quarter of 2013, Peapack-Gladstone Bank’s wealth management business generated $3.55 million in fee income compared to $2.93 million for the fourth quarter of 2012, reflecting growth of 21 percent. The market value of the assets under administration (AUA) of the wealth management division was $2.69 billion at December 31, 2013, up from $2.30 billion at December 31, 2012 and $2.58 billion reported at September 30, 2013. The growth in fee income and AUA was due to new business, market value improvement, as well as solid investment advisory and management.

Mr. Kennedy noted, “We were pleased with the results of our Delaware Trust & Investment subsidiary which ended the year with nearly $100 million in assets under administration.” Our wealth management business differentiates us from many of our competitors and adds significant value to our Company. Conversations with all clients and potential clients across all lines of business include a wealth discussion, which will help them to establish, maintain, and/or expand their legacy.

Other Noninterest Income
In the December 2013 quarter, other noninterest income, exclusive of wealth management fees and securities gains, totaled $1.30 million, reflecting a decrease of $42 thousand or 3 percent when compared to the same quarter a year ago. The fourth quarter of 2013 included $171 thousand of income from the sale of newly originated residential mortgage loans, down from $370 thousand in the same 2012 quarter. Mr. Kennedy noted, “Due to the rise in mortgage rates earlier this year, a decrease in residential mortgage loan originations and resultant mortgage banking income was expected and planned for. Reduced levels of mortgage banking income are expected to be ongoing. Fortunately, mortgage banking income is not a significant portion of revenue (under two percent of total revenue for the twelve months ended December 31, 2013). Further, we have reduced our overhead expense associated with mortgage banking; we have taken steps to improve our loan volume on the commercial front which has and will improve net interest income; and we have introduced Cash Management services/products, which we expect will contribute to noninterest income in the future.”

Securities gains were $125 thousand for the December 2013 quarter compared to $3.08 million for the December 2012 quarter. The December 2012 quarter included a $2.87 million gain on the Company’s negotiated sale of its entire pooled trust preferred securities portfolio.

Operating Expenses
The Company’s total operating expenses were $14.65 million for the fourth quarter of 2013 compared to $13.55 million in the same 2012 quarter. The 2013 quarter included the previously mentioned $204 thousand search fee for the new head of our Wealth Management Division and the $602 thousand accelerated depreciation expense related to the consolidation of the operations center staff and equipment. The 2012 quarter included a $929 thousand severance accrual related to certain senior management changes, and $336 thousand of costs related to the CEO search which brought Mr. Kennedy to the Company in October 2012. After excluding these items, operating expenses increased $1.59 million in the December 2013 quarter compared to the December 2012 quarter. Salary and benefits expense rose in the 2013 quarter from the 2012 quarter principally due to strategic hiring in line with the Company’s Strategic Plan, as well as normal salary increases and increased bonus/incentive and profit sharing accruals. The 2013 expense levels also included various professional and other fees associated with various training and consulting, some of which was associated with the Strategic Plan.

Mr. Kennedy noted, “We expected higher operating expenses in 2013 relative to 2012. We expect that the trend of higher operating expenses will continue in 2014 as we bring on high caliber revenue producers, and continue to invest in our infrastructure in line with our Strategic Plan. Further, we generally expect revenue and profitability related to new personnel to lag those expenses by several quarters. It is important to note, however, that we did see an improvement in revenue in each of the quarters this year, and particularly in the December 2013 quarter as our plan began to gain momentum later in the year.”

Provision for Loan Losses / Asset Quality
For the quarter ended December 31, 2013, the Company’s provision for loan losses was $1.33 million compared to a $4.53 million provision recorded in the fourth quarter of 2012. Charge-offs, net of recoveries, for the fourth quarter of 2013 were $8 thousand compared to $5.68 million for the December 2012 quarter. The 2012 charge-off level included charge-offs related to $19 million of classified loans strategically moved to loans held for sale at December 31, 2012. These loans were sold in the first quarter of 2013 resulting in a gain of $522 thousand.

At December 31, 2013 the allowance for loan losses was 232 percent of nonperforming loans and 0.98 percent of total loans. Nonperforming assets totaled $8.6 million or just 0.44 percent of total assets at December 31, 2013 compared to $15.2 million or 0.91 percent of assets at December 31, 2012. The 0.44 percent nonperforming asset ratio, at December 31, 2013, compares favorably to a 1.20 percent weighted average for all Mid-Atlantic banks.

Capital / Dividends
At December 31, 2013, after accounting for the capital raise, the Company’s leverage ratio, tier 1 and total risk based capital ratios were 9.00 percent, 14.07 percent and 15.33 percent, respectively. The Company’s ratios are all significantly above the levels required to be considered well-capitalized under regulatory guidelines applicable to banks. The Company’s common equity ratio (common equity to total assets) at December 31, 2013 was 8.68 percent of total assets, up when compared to 7.32 percent at December 31, 2012.

On January 23, 2014, the Board of Directors declared a regular cash dividend of $0.05 per share payable on February 21, 2014 to shareholders of record on February 6, 2014.

ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $1.97 billion as of December 31, 2013. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to businesses, non-profits and consumers which help them to establish, maintain and expand their legacy. Through its private banking locations in Bedminster, Morristown, Princeton and Teaneck, its wealth management division, and its branch network and online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as “expect”, “look”, “believe”, “anticipate”, “may”, or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to

–          inability to successfully grow our business and implement our strategic plan, including an inability to generate revenues to offset the increased personnel and other costs related to the strategic plan;

–          inability to manage our growth;

–          a continued or unexpected decline in the economy, in particular in our New Jersey and New York market areas;

–          declines in our net interest margin caused by the low interest rate and highly competitive market;

–          declines in value in our investment portfolio;

–          higher than expected increases in our allowance for loan losses;

–          higher than expected increases in loan losses or in the level of nonperforming loans;

–          unexpected changes in interest rates;

–          a continued or unexpected decline in real estate values within our market areas;

–          legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) subject us to additional regulatory oversight which may result in increased compliance costs;

–          successful cyber attacks against our IT infrastructure and that of our IT providers;

–          higher than expected FDIC insurance premiums;

–          lack of liquidity to fund our various cash obligations;

–          reduction in our lower-cost funding sources;

–          our inability to adapt to technological changes;

–          claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters; and

–          other unexpected material adverse changes in our operations or earnings.

A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on form 10-K for the year ended December 31, 2012. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Corporation’s expectations.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

(Tables to Follow)

PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in Thousands)
(Unaudited)
As of
Dec 31, Sept 30, June 30, March 31, Dec 31,
2013 2013 2013 2013 2012
ASSETS
Cash and due from banks $ 6,534 $ 5,886 $ 5,978 $ 5,030 $ 6,733
Federal funds sold 101 101 101 100 100
Interest-earning deposits 28,512 33,528 60,783 94,147 112,395
Total cash and cash equivalents 35,147 39,515 66,862 99,277 119,228
Securities held to maturity
Securities available for sale 268,447 273,952 270,334 283,448 304,479
FHLB and FRB Stock, at cost 10,032 7,707 4,729 4,643 4,639
Loans held for sale, at fair value 2,001 724 4,684 1,828 6,461
Loans held for sale, at lower of cost or fair value 13,749
Residential mortgage 532,911 527,927 532,356 523,051 515,014
Commercial mortgage 831,997 680,762 534,371 455,670 420,086
Commercial loans 131,795 110,843 106,598 105,305 115,372
Construction loans 5,893 8,390 9,179 9,180 9,328
Consumer loans 21,852 19,932 19,552 20,782 21,188
Home equity lines of credit 47,905 47,020 47,583 46,778 49,635
Other loans 1,848 2,075 2,545 997 1,961
Total loans 1,574,201 1,396,949 1,252,184 1,161,763 1,132,584
Less: Allowance for loan losses 15,373 14,056 13,438 13,279 12,735
Net loans 1,558,828 1,382,893 1,238,746 1,148,484 1,119,849
Premises and equipment 28,990 29,022 29,021 29,429 30,030
Other real estate owned 1,941 2,759 3,347 4,141 3,496
Accrued interest receivable 4,086 4,017 3,972 3,768 3,864
Bank owned life insurance 31,882 31,691 31,490 31,283 31,088
Deferred tax assets, net 9,762 7,951 8,608 10,384 9,478
Other assets 15,832 17,473 17,797 18,647 21,475
TOTAL ASSETS $ 1,966,948 $ 1,797,704 $ 1,679,590 $ 1,635,332 $ 1,667,836
LIABILITIES
Deposits:
Noninterest-bearing demand deposits $ 356,119 $ 345,736 $ 326,916 $ 307,730 $ 298,095
Interest-bearing deposits
Checking 388,340 338,626 352,196 336,934 346,877
Savings 115,785 115,571 115,823 114,804 109,686
Money market accounts 630,173 611,498 559,439 547,302 583,197
CD’s $100,000 and over 61,128 62,136 65,607 67,902 68,741
CD’s less than $100,000 95,705 98,996 102,945 106,432 109,831
Total deposits 1,647,250 1,572,563 1,522,926 1,481,104 1,516,427
Overnight borrowings 54,900 30,361
Federal home loan bank advances 74,692 47,692 12,000 12,099 12,218
Capital lease obligation 8,754 8,809 8,864 8,918 8,971
Other Liabilities 10,695 11,861 11,687 8,605 8,163
TOTAL LIABILITIES 1,796,291 1,671,286 1,555,477 1,510,726 1,545,779
Shareholders’ equity 170,657 126,418 124,113 124,606 122,057
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,966,948 $ 1,797,704 $ 1,679,590 $ 1,635,332 $ 1,667,836
Assets under administration at PGB Trust & Investments (market value, not included above) $ 2,690,601 $ 2,581,813 $ 2,520,424 $ 2,544,465 $ 2,303,612
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)
Dec 31, Sept 30, June 30, March 31, Dec 31,
2013 2013 2013 2013 2012
Asset Quality:
Loans past due over 90 days and still accruing $ $ $ $ $
Nonaccrual loans 6,630 6,891 8,075 11,290 11,732 (C )
Other real estate owned 1,941 2,759 3,347 4,141 3,496
Total nonperforming assets $ 8,571 $ 9,650 $ 11,422 $ 15,431 $ 15,228 (C )
Nonperforming loans to total loans  0.42 %  0.49 %  0.64 %  0.97 %  1.04 % (C )
Nonperforming assets to total assets 0.44 %  0.54 %  0.68 %  0.94 %  0.91 % (C )
Accruing TDR’s (A) $ 11,114 $ 6,133 $ 6,131 $ 5,986 $ 6,415 (C )
Loans past due 30 through 89 days and still accruing $ 2,953 $ 2,039 $ 1,544 $ 1,791 $ 3,786
Classified loans (B) $ 33,827 $ 32,430 $ 32,123 $ 35,945 $ 32,014 (C )
Impaired loans (B) $ 17,744 $ 16,794 $ 17,977 $ 21,046 $ 18,147 (C )
Allowance for loan losses:
Beginning of period $ 14,056 $ 13,438 $ 13,279 $ 12,735 $ 13,893
Provision for loan losses 1,325 750 500 850 4,525
Charge-offs, net (8 ) (132 ) (341 ) (306 ) (5,683 )
End of period $ 15,373 $ 14,056 $ 13,438 $ 13,279 $ 12,735
ALLL to nonperforming loans 231.87 % 203.98 % 166.41 % 117.62 % 108.55 % (C )
ALLL to total loans 0.98 % 1.01 % 1.07 % 1.14 % 1.12 % (C )
Capital Adequacy:
Tier I leverage 9.00 % 7.20 % 7.39 % 7.37 % 7.27 %
Tier I capital to risk-weighted assets 14.07 % 11.30 % 11.84 % 12.16 % 11.83 %
Tier I & II capital torisk-weighted assets 15.33 % 12.55 % 13.09 % 13.41 % 13.08 %
Common equity to total assets 8.68 % 7.03 % 7.39 % 7.62 % 7.32 %
(End of period)
Book value per common share $ 14.79 $ 14.12 $ 13.93 $ 14.05 $ 13.87
(A) Does not include $2.9 million at December 31, 2013, $3.3 million at September 30, 2013, $3.3 million at June 30, 2013, $3.3 million at March 31, 2013 and $2.9 million at December 31, 2012 of TDR’s included in nonaccrual loans.
(B) Classified loans include all impaired loans. Impaired loans include all nonaccrual loans and all TDRs.
(C) Does not include classified Loans Held for Sale, as these loans were carried at lower of cost or fair value and were being marketed for sale as of 12/31/12. The sale closed during Q1 2013.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
LOANS CLOSED AND FUNDED
(Dollars in Thousands)
(Unaudited)
For the Quarters Ended
Dec 31, Sept 30, June 30, March 31, Dec 31,
2013 2013 2013 2013 2012
Residential loans retained $ 20,135 $ 31,517 $ 37,352 $ 31,430 $ 34,699
Residential loans sold 11,743 13,516 26,651 25,402 20,677
Total residential loans 31,878 45,033 64,003 56,832 55,376
CRE 11,972 20,357 17,080 9,490 13,125
Multifamily 152,456 143,727 70,645 27,880 39,160
Commercial loans 37,188 38,433 7,120 14,493 2,790
Small business banking & Installment loans 5,427 4,710 2,866 2,693 2,657
Home equity lines of credit 3,746 3,982 2,619 4,452 2,501
Total loan originations $ 242,667 $ 256,242 $ 164,333 $ 115,840 $ 115,609
    For the Twelve Months Ended
Dec 31, Dec 31,
2013 2012
Residential loans retained $ 120,434 $ 140,504
Residential loans sold 77,312 79,737
Total residential loans 197,746 220,241
CRE 58,899 64,072
Multifamily 394,707 69,360
Commercial loans 97,234 16,864
Small business banking & Installment loans 15,696 12,673
Home equity lines of credit 14,799 13,460
Total loan originations $ 779,081 $ 396,670
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
Dec 31, Sept 30, June 30, March 31, Dec 31,
2013 2013 2013 2013 2012
Income Statement Data:
Interest income $ 15,738 $ 14,423 $ 13,460 $ 13,432 $ 13,792
Interest expense 1,210 1,050 1,012 1,005 1,033
Net interest income 14,528 13,373 12,448 12,427 12,759
Provision for loan losses 1,325 750 500 850 4,525
Net interest income after provision for loan losses 13,203 12,623 11,948 11,577 8,234
Trust fees 3,547 3,295 3,628 3,368 2,929
Gain on sale of classified loans 522
Gain on loans sold (Mortgage Banking) 171 277 412 470 370
Other income 1,130 1,022 958 955 973
Securities gains, net 125 188 238 289 3,078
Total other income 4,973 4,782 5,236 5,604 7,350
Salaries and employee benefits 8,308 8,927 7,935 7,079 8,045
Premises and equipment 2,947 2,325 2,338 2,304 2,433
FDIC insurance expense 286 275 280 280 267
Other expenses 3,105 2,638 3,526 2,630 2,808
Total operating expenses 14,646 14,165 14,079 12,293 13,553
Income before income taxes 3,530 3,240 3,105 4,888 2,031
Income tax expense 1,135 1,276 1,096 1,995 973
Net income 2,395 1,964 2,009 2,893 1,058
Dividends and accretion on preferred stock
Net income available to common shareholders $ 2,395 $ 1,964 $ 2,009 $ 2,893 $ 1,058
Total revenue $ 19,501 $ 18,155 $ 17,684 $ 17,509 (A ) $ 17,239 (B )
(See footnotes below)
Per Common Share Data:
Earnings per share (basic) $ 0.25 $ 0.22 $ 0.23 $ 0.33 $ 0.12
Earnings per share (diluted) 0.25 0.22 0.22 0.32 0.12
Performance Ratios:
Return on average assets 0.51 % 0.45 % 0.48 % 0.71 % 0.26 %
Return on average common equity 7.42 % 6.28 % 6.41 % 9.40 % 3.52 %
Net interest margin
(Taxable equivalent basis) 3.26 % 3.28 % 3.22 % 3.28 % 3.42 %
(A) Excludes a $522 thousand gain from sale of classified loans. Including this gain, total revenue was $18,031.
(B) Excludes a $2.9 million gain from sale of the Company’s Pooled Trust Preferred Securities portfolio. Including this gain, total revenue was $20,109.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
For the
Twelve Months Ended
December 31,
2013 2012
Income Statement Data:
Interest income $ 57,053 $ 56,090
Interest expense 4,277 4,687
Net interest income 52,776 51,403
Provision for loan losses 3,425 8,275
Net interest income after provision for loan losses 49,351 43,128
Trust fees 13,838 12,282
Gain on sale of classified loans 522
Gain on loans sold (Mortgage Banking) 1,330 1,195
Other income 4,065 4,016
Securities gains, net 840 3,810
Total other income 20,595 21,303
Salaries and employee benefits 32,249 27,595
Premises and equipment 9,914 9,467
FDIC insurance expense 1,121 1,208
Other expenses 11,899 10,060
Total operating expenses 55,183 48,330
Income before income taxes 14,763 16,101
Income tax expense 5,502 6,405
Net income 9,261 9,696
Dividends and accretion on preferred stock 474
Net income available to common shareholders $ 9,261 $ 9,222
Total revenue $ 72,849 (A ) $ 69,836 (B )
(See footnotes below)
Per Common Share Data:
Earnings per share (basic) $ 1.02 $ 1.05
Earnings per share (diluted) 1.01 1.05
Performance Ratios:
Return on average assets 0.54 % 0.61 %
Return on average common equity 7.37 % 8.03 %
Net interest margin
(Tax equivalent basis) 3.26 % 3.50 %
(A) Excludes a $522 thousand gain from sale of classified loans in the March 2013 quarter. Including this gain, total revenue would have been $73,371.
(B) Excludes a $2.87 million gain from sale of the Company’s Pooled Trust Preferred Securities portfolio in the December 2012 quarter. Including this gain, total revenue would have been $72,706.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
December 31, 2013 December 31, 2012
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning Assets:
Investments:
Taxable (1) $ 213,779 $ 1,103 2.06 % $ 267,890 $ 1,423 2.12 %
Tax-exempt (1) (2) 57,358 333 2.32 47,262 327 2.77
Loans held for sale 1,186 17 5.76 4,355 48 4.40
Loans (2) (3) 1,491,667 14,422 3.87 1,125,490 12,107 4.30
Federal funds sold 101 0.10 100 0.10
Interest-earning deposits 38,351 17 0.18 66,942 41 0.24
Total interest-earning assets 1,802,442 $ 15,892 3.53 % 1,512,039 $ 13,946 3.69 %
Noninterest-Earning Assets:
Cash and due from banks 6,217 6,885
Allowance for loan losses (14,385 ) (14,020 )
Premises and equipment 29,220 30,350
Other assets 64,818 76,251
Total noninterest-earning assets 85,870 99,466
Total assets $ 1,888,312 $ 1,611,505
LIABILITIES:
Interest-Bearing Deposits:
Checking $ 410,409 $ 98 0.10 % $ 346,373 $ 87 0.10 %
Money markets 629,580 319 0.20 517,470 202 0.16
Savings 115,186 15 0.05 105,228 14 0.05
Certificates of deposit 158,085 393 0.99 180,941 528 1.17
Total interest-bearing deposits 1,313,260 825 0.25 1,150,012 831 0.29
Borrowings 61,585 281 1.83 12,258 95 3.10
Capital lease obligation 8,773 104 4.74 8,990 107 4.76
Total interest-bearing liabilities 1,383,618 1,210 0.35 1,171,260 1,033 0.35
Noninterest -Bearing Liabilities:
Demand deposits 364,463 311,920
Accrued expenses and other liabilities 11,159 8,144
Total noninterest-bearing liabilities 375,622 320,064
Shareholders’ equity 129,072 120,181
Total liabilities and shareholders’ equity $ 1,888,312 $ 1,611,505
Net interest income $ 14,682 $ 12,913
Net interest spread 3.18 % 3.34 %
Net interest margin (4) 3.26 % 3.42 %
(1) Average balances for available for sale securities are based on amortized cost.
(2) Interest income is presented on a tax-equivalent basis using a 35 percent federal tax rate.
(3) Loans are stated net of unearned income and include nonaccrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
December 31, 2013 September 30, 2013
Average Balance Income/ Expense Yield Average Balance Income/ Expense Yield
ASSETS:
Interest-Earning Assets:
Investments:
Taxable (1) $ 213,779 $ 1,103 2.06 % $ 237,559 $ 1,141 1.92 %
Tax-exempt (1) (2) 57,358 333 2.32 54,465 328 2.41
Loans held for sale 1,186 17 5.76 1,617 21 5.27
Loans (2) (3) 1,491,667 14,422 3.87 1,322,842 13,065 3.95
Federal funds sold 101 0.10 101 0.10
Interest-earning deposits 38,351 17 0.18 35,168 21 0.24
Total interest-earning assets 1,802,442 $ 15,892 3.53 % 1,651,752 $ 14,576 3.53 %
Noninterest-Earning Assets:
Cash and due from banks 6,217 5,962
Allowance for loan losses (14,385 ) (13,615 )
Premises and equipment 29,220 28,984
Other assets 64,818 65,163
Total noninterest-earning assets 85,870 86,494
Total assets $ 1,888,312 $ 1,738,246
LIABILITIES:
Interest-Bearing Deposits:
Checking $ 410,409 $ 98 0.10 % $ 349,392 $ 73 0.08 %
Money markets 629,580 319 0.20 580,819 275 0.19
Savings 115,186 15 0.05 115,711 15 0.05
Certificates of deposit 158,085 393 0.99 165,347 444 1.07
Total interest-bearing deposits 1,313,260 825 0.25 1,211,269 807 0.27
Borrowings 61,585 281 1.83 45,149 138 1.22
Capital lease obligation 8,773 104 4.74 8,828 105 4.76
Total interest-bearing liabilities 1,383,618 1,210 0.35 1,265,246 1,050 0.33
Noninterest -Bearing Liabilities:
Demand deposits 364,463 337,684
Accrued expenses and other liabilities 11,159 10,241
Total noninterest-bearing liabilities 375,622 347,925
Shareholders’ equity 129,072 125,075
Total liabilities and shareholders’ equity $ 1,888,312 $ 1,738,246
Net interest income $ 14,682 $ 13,526
Net interest spread 3.18 % 3.20 %
Net interest margin (4) 3.26 % 3.28 %
(1) Average balances for available for sale securities are based on amortized cost.
(2) Interest income is presented on a tax-equivalent basis using a 35 percent federal tax rate.
(3) Loans are stated net of unearned income and include nonaccrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
TWELVE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
December 31, 2013 December 31, 2012
Average Income/ Average Income/
Balance Expense Yield Balance Expense Yield
ASSETS:
Interest-Earning Assets:
Investments:
Taxable (1) $ 230,158 $ 4,606 2.00 % $ 303,599 $ 7,033 2.32 %
Tax-exempt (1) (2) 53,038 1,307 2.46 46,780 1,363 2.91
Loans held for sale 5,498 285 5.18 2,487 123 4.94
Loans (2) (3) 1,290,247 51,311 3.98 1,094,696 48,112 4.40
Federal funds sold 101 0.10 100 0.10
Interest-earning deposits 60,685 152 0.25 41,303 98 0.24
Total interest-earning assets 1,639,727 $ 57,661 3.52 % 1,488,965 $ 56,729 3.81 %
Noninterest-Earning Assets:
Cash and due from banks 5,970 6,506
Allowance for loan losses (13,653 ) (13,942 )
Premises and equipment 29,312 31,049
Other assets 69,197 77,048
Total noninterest-earning assets 90,826 100,661
Total assets $ 1,730,553 $ 1,589,626
LIABILITIES:
Interest-Bearing Deposits:
Checking $ 366,703 $ 323 0.09 % $ 336,228 $ 379 0.11 %
Money markets 578,819 1,048 0.18 510,633 1,022 0.20
Savings 113,914 59 0.05 101,068 70 0.07
Certificates of deposit 167,921 1,823 1.09 188,918 2,237 1.18
Total interest-bearing deposits 1,227,357 3,253 0.27 1,136,847 3,708 0.33
Borrowings 32,894 603 1.83 25,277 548 2.17
Capital lease obligation 8,855 421 4.75 9,067 431 4.75
Total interest-bearing liabilities 1,269,106 4,277 0.34 1,171,191 4,687 0.40
Noninterest -BearingLiabilities:
Demand deposits 326,286 296,250
Accrued expenses and other liabilities 9,460 6,977
Total noninterest-bearing liabilities 335,746 303,227
Shareholders’ equity 125,701 115,208
Total liabilities and shareholders’ equity $ 1,730,553 $ 1,589,626
Net interest income $ 53,384 $ 52,042
Net interest spread 3.18 % 3.41 %
Net interest margin (4) 3.26 % 3.50 %
(1) Average balances for available for sale securities are based on amortized cost.
(2) Interest income is presented on a tax-equivalent basis using a 35 percent federal tax rate.
(3) Loans are stated net of unearned income and include nonaccrual loans.
(4) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

Contact:

Jeffrey J. Carfora
SEVP and CFO
Peapack-Gladstone Financial Corporation
T: 908-719-4308

SOURCE: Peapack-Gladstone Financial Corporation