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BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

BUSINESS SEGMENTS

6.  BUSINESS SEGMENTS

The Company assesses its results among two operating segments, Banking and Peapack Private. 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 (includes C&I and equipment finance), commercial real estate, multifamily, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support and sales.

Peapack Private

Peapack Private includes PGB Trust & Investments of Delaware, MCM, Lassus Wherley and Point View, includes investment management services provided for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian and guardian, and other financial planning, tax preparation and advisory services.

The following tables present the statements of income and total assets for the Company’s reportable segments for the three months ended March 31, 2020 and 2019.

		Three Months Ended March 31, 2020
						Wealth
						Management
(In thousands)		Banking				Division				Total
Net interest income		$	30,409			$	1,338			$	31,747
Noninterest income			4,229				10,288				14,517
Total income			34,638				11,626				46,264
Provision for loan and lease losses			20,000				—				20,000
Compensation and employee benefits			13,207				6,019				19,226
Premises and equipment expense			3,421				622				4,043
FDIC insurance expense			250				—				250
Other operating expense			2,606				2,110				4,716
Total operating expense			39,484				8,751				48,235
Income before income tax (benefit)/expense			(4,846	)			2,875				(1,971	)
Income tax (benefit)/expense			(3,893	)			549				(3,344	)
Net income/(loss)		$	(953	)		$	2,326			$	1,373
Total assets at period end		$	5,734,495			$	96,963			$	5,831,458

		Three Months Ended March 31, 2019
						Wealth
						Management
(In thousands)		Banking				Division				Total
Net interest income		$	28,566			$	1,441			$	30,007
Noninterest income			2,279				9,450				11,729
Total income			30,845				10,891				41,736
Provision for loan and lease losses			100				—				100
Compensation and employee benefits			11,997				5,159				17,156
Premises and equipment expense			2,925				463				3,388
FDIC insurance expense			277				—				277
Other operating expense			2,758				2,136				4,894
Total operating expense			18,057				7,758				25,815
Income before income tax expense			12,788				3,133				15,921
Income tax expense			3,611				885				4,496
Net income		$	9,177			$	2,248			$	11,425
Total assets at period end		$	4,582,200			$	80,106			$	4,662,306

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- References

No definition available.

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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

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