XML 25 R10.htm IDEA: XBRL DOCUMENT
v3.8.0.1

INVESTMENT SECURITIES AVAILABLE FOR SALE | 12 Months Ended
--- | ---
Dec. 31, 2017
INVESTMENT SECURITIES AVAILABLE FOR SALE [Abstract] |
INVESTMENT SECURITIES AVAILABLE FOR SALE | 2. INVESTMENT SECURITIES AVAILABLE FOR SALE A summary of amortized cost and approximate fair value of investment securities available for sale included in the consolidated statements of condition as of December 31, 2017 and 2016 follows:
|  | 2017 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. government-sponsored agencies |  | $ | 44,476 |  |  | $ | — |  |  | $ | (775 | ) |  | $ | 43,701 |
Mortgage-backed securities-residential |  |  | 244,913 |  |  |  | 583 |  |  |  | (2,380 | ) |  |  | 243,116 |
SBA pool securities |  |  | 5,262 |  |  |  | — |  |  |  | (57 | ) |  |  | 5,205 |
State and political subdivisions |  |  | 24,910 |  |  |  | 87 |  |  |  | (129 | ) |  |  | 24,868 |
Corporate bond |  |  | 3,000 |  |  |  | 82 |  |  |  | — |  |  |  | 3,082 |
Single-issuer trust preferred security |  |  | 2,999 |  |  |  | — |  |  |  | (162 | ) |  |  | 2,837 |
CRA investment fund |  |  | 5,000 |  |  |  | — |  |  |  | (176 | ) |  |  | 4,824 |
Total |  | $ | 330,560 |  |  | $ | 752 |  |  | $ | (3,679 | ) |  | $ | 327,633 |
|  | 2016 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U.S. government-sponsored agencies |  | $ | 21,991 |  |  | $ | — |  |  | $ | (474 | ) |  | $ | 21,517 |
Mortgage-backed securities-residential |  |  | 238,271 |  |  |  | 860 |  |  |  | (1,514 | ) |  |  | 237,617 |
SBA pool securities |  |  | 6,778 |  |  |  | — |  |  |  | (65 | ) |  |  | 6,713 |
State and political subdivisions |  |  | 29,107 |  |  |  | 160 |  |  |  | (274 | ) |  |  | 28,993 |
Corporate bond |  |  | 3,000 |  |  |  | 113 |  |  |  | — |  |  |  | 3,113 |
Single-issuer trust preferred security |  |  | 2,999 |  |  |  | — |  |  |  | (389 | ) |  |  | 2,610 |
CRA investment fund |  |  | 5,000 |  |  |  | — |  |  |  | (175 | ) |  |  | 4,825 |
Total |  | $ | 307,146 |  |  | $ | 1,133 |  |  | $ | (2,891 | ) |  | $ | 305,388 |
The amortized cost and fair value of investment securities available for sale as of December 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity, such as mortgage-backed securities, marketable equity securities and the CRA Investment Fund, are shown separately.
Maturing in: |  |  |  |  |  |
(In thousands) |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 18,057 |  |  | $ | 17,999 |
After one year through five years |  |  | 15,990 |  |  |  | 15,714 |
After five years through ten years |  |  | 37,972 |  |  |  | 37,394 |
After ten years |  |  | 3,366 |  |  |  | 3,381 |
|  |  | 75,385 |  |  |  | 74,488 |
Mortgage-backed securities-residential |  |  | 244,913 |  |  |  | 243,116 |
SBA pool securities |  |  | 5,262 |  |  |  | 5,205 |
CRA investment fund |  |  | 5,000 |  |  |  | 4,824 |
Total |  | $ | 330,560 |  |  | $ | 327,633 |
Securities available for sale with a fair value of $209.0 million and $154.7 million as of December 31, 2017 and December 31, 2016, respectively, were pledged to secure public funds and for other purposes required or permitted by law. The following is a summary of the gross gains, gross losses and net tax expense related to proceeds on sales of securities available for sale for the years ended December 31,
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Proceeds on sales |  | $ | — |  |  | $ | 5,499 |  |  | $ | 46,254 |
Gross gains |  |  | — |  |  |  | 133 |  |  |  | 536 |
Gross losses |  |  | — |  |  |  | (14 | ) |  |  | (9 | )
Net tax expense |  |  | — |  |  |  | 44 |  |  |  | 216 |
The following table presents the Company’s available for sale securities with continuous unrealized losses and the approximate fair value of these investments as of December 31, 2017 and 2016.
|  | 2017 |
|  | Duration of Unrecognized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. government- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored agencies |  | $ | 32,166 |  |  | $ | (317 | ) |  | $ | 11,535 |  |  | $ | (458 | ) |  | $ | 43,701 |  |  | $ | (775 | )
Mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities-residential |  |  | 116,774 |  |  |  | (1,000 | ) |  |  | 71,646 |  |  |  | (1,380 | ) |  |  | 188,420 |  |  |  | (2,380 | )
SBA pool securities |  |  | — |  |  |  | — |  |  |  | 5,205 |  |  |  | (57 | ) |  |  | 5,205 |  |  |  | (57 | )
State and political |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subdivisions |  |  | 5,628 |  |  |  | (97 | ) |  |  | 3,760 |  |  |  | (32 | ) |  |  | 9,388 |  |  |  | (129 | )
Single-issuer trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred security |  |  | — |  |  |  | — |  |  |  | 2,837 |  |  |  | (162 | ) |  |  | 2,837 |  |  |  | (162 | )
CRA investment fund |  |  | — |  |  |  | — |  |  |  | 4,824 |  |  |  | (176 | ) |  |  | 4,824 |  |  |  | (176 | )
Total |  | $ | 154,568 |  |  | $ | (1,414 | ) |  | $ | 99,807 |  |  | $ | (2,265 | ) |  | $ | 254,375 |  |  | $ | (3,679 | )
|  | 2016 |
|  | Duration of Unrecognized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U.S. government- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored agencies |  | $ | 21,517 |  |  | $ | (474 | ) |  | $ | — |  |  | $ | — |  |  | $ | 21,517 |  |  | $ | (474 | )
Mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities-residential |  |  | 151,114 |  |  |  | (1,472 | ) |  |  | 5,147 |  |  |  | (42 | ) |  |  | 156,261 |  |  |  | (1,514 | )
SBA pool securities |  |  | — |  |  |  | — |  |  |  | 6,713 |  |  |  | (65 | ) |  |  | 6,713 |  |  |  | (65 | )
State and political |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subdivisions |  |  | 9,412 |  |  |  | (274 | ) |  |  | — |  |  |  | — |  |  |  | 9,412 |  |  |  | (274 | )
Single-issuer trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred security |  |  | — |  |  |  | — |  |  |  | 2,610 |  |  |  | (389 | ) |  |  | 2,610 |  |  |  | (389 | )
CRA investment fund |  |  | 1,930 |  |  |  | (70 | ) |  |  | 2,894 |  |  |  | (105 | ) |  |  | 4,824 |  |  |  | (175 | )
Total |  | $ | 183,973 |  |  | $ | (2,290 | ) |  | $ | 17,364 |  |  | $ | (601 | ) |  | $ | 201,337 |  |  | $ | (2,891 | )
Management believes that the unrealized losses on investment securities available for sale are temporary and due to interest rate fluctuations and/or volatile market conditions rather than the credit worthiness of the issuers. The Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery. At December 31, 2017, the unrealized loss of $162 thousand is related to a single-issuer trust preferred security issued by a large bank holding company that has experienced declines in fair value on all its securities due to the turmoil in the financial markets and a merger. The investment continues to be rated below investment grade by at least two recognized rating agencies. Management monitors the performance of the issuer on a quarterly basis to determine if there are any credit events that could result in deferral or default of the security. The fair value of this security at December 31, 2017 is higher than the fair value at December 31, 2016. Management believes the depressed valuation is a result of the nature of the bond, a trust preferred security, and the bond’s very low yield and not due to credit. At December 31, 2017, Management does not intend to sell the security nor is it likely that it will be required to sell the security before its anticipated recovery. No other-than-temporary impairment charges were recognized in 2017, 2016 or 2015.

X
- References No definition available. + Details
Name: | pgc_InvestmentSecuritiesAvailableForSaleAbstract
Namespace Prefix: | pgc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration