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BUSINESS SEGMENTS | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | 6. BUSINESS SEGMENTS The Corporation assesses its results among two operating segments, Banking and Peapack-Gladstone Bank’s Private Wealth Management Division. Management uses certain methodologies to allocate income and expense to the business segments. A funds transfer pricing methodology is used to assign interest income and interest expense. Certain indirect expenses are allocated to segments. These include support unit expenses such as technology and operations and other support functions. Taxes are allocated to each segment based on the effective rate for the period shown. Banking The Banking segment includes commercial, commercial real estate, multifamily, residential and consumer lending activities; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support and sales. Private Wealth Management Division Peapack-Gladstone Bank’s Private Wealth Management Division, including PGB Trust & Investments of Delaware, MCM, Quadrant and Lassus Wherley, includes asset management services provided for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian and guardian; corporate trust services including services as trustee for pension and profit sharing plans; and other financial planning and advisory services. The following tables present the statements of income and total assets for the Corporation’s reportable segments for the three and nine months ended September 30, 2018 and 2017.
|  | Three Months Ended September 30, 2018 |
|  |  |  |  |  | Wealth |  |  |  |  |
|  |  |  |  |  | Management |  |  |  |  |
(In thousands) |  | Banking |  |  | Division |  |  | Total |
Net interest income |  | $ | 27,032 |  |  | $ | 1,110 |  |  | $ | 28,142 |
Noninterest income |  |  | 2,570 |  |  |  | 8,413 |  |  |  | 10,983 |
Total income |  |  | 29,602 |  |  |  | 9,523 |  |  |  | 39,125 |
Provision for loan and lease losses |  |  | 500 |  |  |  | — |  |  |  | 500 |
Compensation and benefits |  |  | 11,257 |  |  |  | 4,768 |  |  |  | 16,025 |
Premises and equipment expense |  |  | 2,967 |  |  |  | 432 |  |  |  | 3,399 |
FDIC expense |  |  | 593 |  |  |  | — |  |  |  | 593 |
Other noninterest expense |  |  | 2,202 |  |  |  | 2,065 |  |  |  | 4,267 |
Total noninterest expense |  |  | 17,519 |  |  |  | 7,265 |  |  |  | 24,784 |
Income before income tax expense |  |  | 12,083 |  |  |  | 2,258 |  |  |  | 14,341 |
Income tax expense |  |  | 3,039 |  |  |  | 578 |  |  |  | 3,617 |
Net income |  | $ | 9,044 |  |  | $ | 1,680 |  |  | $ | 10,724 |
|  | Three Months Ended September 30, 2017 |
|  |  |  |  |  | Wealth |  |  |  |  |
|  |  |  |  |  | Management |  |  |  |  |
(In thousands) |  | Banking |  |  | Division |  |  | Total |
Net interest income |  | $ | 28,687 |  |  | $ | 1,305 |  |  | $ | 29,992 |
Noninterest income |  |  | 2,928 |  |  |  | 5,903 |  |  |  | 8,831 |
Total income |  |  | 31,615 |  |  |  | 7,208 |  |  |  | 38,823 |
Provision for loan and lease losses |  |  | 400 |  |  |  | — |  |  |  | 400 |
Compensation and benefits |  |  | 10,992 |  |  |  | 3,004 |  |  |  | 13,996 |
Premises and equipment expense |  |  | 2,619 |  |  |  | 326 |  |  |  | 2,945 |
FDIC Expense |  |  | 583 |  |  |  | — |  |  |  | 583 |
Other noninterest expense |  |  | 2,584 |  |  |  | 1,853 |  |  |  | 4,437 |
Total noninterest expense |  |  | 17,178 |  |  |  | 5,183 |  |  |  | 22,361 |
Income before income tax expense |  |  | 14,437 |  |  |  | 2,025 |  |  |  | 16,462 |
Income tax expense |  |  | 5,474 |  |  |  | 782 |  |  |  | 6,256 |
Net income |  | $ | 8,963 |  |  | $ | 1,243 |  |  | $ | 10,206 |
|  | Nine Months Ended September 30, 2018 |
|  |  |  |  |  | Wealth |  |  |  |  |
|  |  |  |  |  | Management |  |  |  |  |
(In thousands) |  | Banking |  |  | Division |  |  | Total |
Net interest income |  | $ | 81,833 |  |  | $ | 3,945 |  |  | $ | 85,778 |
Noninterest income |  |  | 7,550 |  |  |  | 25,388 |  |  |  | 32,938 |
Total income |  |  | 89,383 |  |  |  | 29,333 |  |  |  | 118,716 |
Provision for loan and lease losses |  |  | 2,050 |  |  |  | — |  |  |  | 2,050 |
Compensation and benefits |  |  | 33,520 |  |  |  | 12,910 |  |  |  | 46,430 |
Premises and equipment expense |  |  | 8,788 |  |  |  | 1,287 |  |  |  | 10,075 |
FDIC expense |  |  | 1,798 |  |  |  | — |  |  |  | 1,798 |
Other noninterest expense |  |  | 7,860 |  |  |  | 6,399 |  |  |  | 14,259 |
Total noninterest expense |  |  | 54,016 |  |  |  | 20,596 |  |  |  | 74,612 |
Income before income tax expense |  |  | 35,367 |  |  |  | 8,737 |  |  |  | 44,104 |
Income tax expense |  |  | 8,551 |  |  |  | 2,112 |  |  |  | 10,663 |
Net income |  | $ | 26,816 |  |  | $ | 6,625 |  |  | $ | 33,441 |
Total assets for period end |  | $ | 4,367,950 |  |  | $ | 67,759 |  |  | $ | 4,435,709 |
|  | Nine Months Ended September 30, 2017 |
|  |  |  |  |  | Wealth |  |  |  |  |
|  |  |  |  |  | Management |  |  |  |  |
(In thousands) |  | Banking |  |  | Division |  |  | Total |
Net interest income |  | $ | 78,372 |  |  | $ | 4,183 |  |  | $ | 82,555 |
Noninterest income |  |  | 7,975 |  |  |  | 16,046 |  |  |  | 24,021 |
Total income |  |  | 86,347 |  |  |  | 20,229 |  |  |  | 106,576 |
Provision for loan and lease losses |  |  | 4,200 |  |  |  | — |  |  |  | 4,200 |
Compensation and benefits |  |  | 30,792 |  |  |  | 7,868 |  |  |  | 38,660 |
Premises and equipment expense |  |  | 7,891 |  |  |  | 903 |  |  |  | 8,794 |
FDIC Expense |  |  | 1,871 |  |  |  | — |  |  |  | 1,871 |
Other noninterest expense |  |  | 6,688 |  |  |  | 5,347 |  |  |  | 12,035 |
Total noninterest expense |  |  | 51,442 |  |  |  | 14,118 |  |  |  | 65,560 |
Income before income tax expense |  |  | 34,905 |  |  |  | 6,111 |  |  |  | 41,016 |
Income tax expense |  |  | 12,670 |  |  |  | 2,218 |  |  |  | 14,888 |
Net income |  | $ | 22,235 |  |  | $ | 3,893 |  |  | $ | 26,128 |
Total assets for period end |  | $ | 4,148,222 |  |  | $ | 28,110 |  |  | $ | 4,176,332 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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