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BUSINESS SEGMENTS | 6 Months Ended
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Jun. 30, 2021
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. The Banking segment’s effective tax rate for the three and six months ended June 30, 2020 was affected by a $3.3 million income tax benefit recorded during the first quarter of 2020. For additional information related to this income tax benefit refer to the Income Taxes section of Management’s Discussion and Analysis. 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, which includes PGB Trust & Investments of Delaware and Murphy Capital, consists of 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 and six months ended June 30, 2021 and 2020.
|  | Three Months Ended June 30, 2021 |
|  |  |  |  |  | Peapack |  |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 32,399 |  |  | $ | 1,446 |  |  | $ | 33,845 |
Noninterest income |  |  | 4,194 |  |  |  | 13,484 |  |  |  | 17,678 |
Total income |  |  | 36,593 |  |  |  | 14,930 |  |  |  | 51,523 |
Provision for loan and lease losses |  |  | 900 |  |  |  | — |  |  |  | 900 |
Compensation and benefits |  |  | 14,369 |  |  |  | 5,541 |  |  |  | 19,910 |
Premises and equipment expense |  |  | 3,519 |  |  |  | 555 |  |  |  | 4,074 |
FDIC expense |  |  | 529 |  |  |  | — |  |  |  | 529 |
Other operating expense |  |  | 3,817 |  |  |  | 2,354 |  |  |  | 6,171 |
Total operating expense |  |  | 23,134 |  |  |  | 8,450 |  |  |  | 31,584 |
Income before income tax expense |  |  | 13,459 |  |  |  | 6,480 |  |  |  | 19,939 |
Income tax expense |  |  | 3,721 |  |  |  | 1,800 |  |  |  | 5,521 |
Net income |  | $ | 9,738 |  |  | $ | 4,680 |  |  | $ | 14,418 |
|  | Three Months Ended June 30, 2020 |
|  |  |  |  |  | Peapack |  |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 30,453 |  |  | $ | 1,518 |  |  | $ | 31,971 |
Noninterest income |  |  | 2,356 |  |  |  | 10,270 |  |  |  | 12,626 |
Total income |  |  | 32,809 |  |  |  | 11,788 |  |  |  | 44,597 |
Provision for loan and lease losses |  |  | 4,900 |  |  |  | — |  |  |  | 4,900 |
Compensation and employee benefits |  |  | 13,774 |  |  |  | 5,412 |  |  |  | 19,186 |
Premises and equipment expense |  |  | 3,487 |  |  |  | 549 |  |  |  | 4,036 |
FDIC insurance expense |  |  | 455 |  |  |  | — |  |  |  | 455 |
Other operating expense |  |  | 3,052 |  |  |  | 2,285 |  |  |  | 5,337 |
Total operating expense |  |  | 25,668 |  |  |  | 8,246 |  |  |  | 33,914 |
Income before income tax expense |  |  | 7,141 |  |  |  | 3,542 |  |  |  | 10,683 |
Income tax expense |  |  | 1,257 |  |  |  | 1,184 |  |  |  | 2,441 |
Net income |  | $ | 5,884 |  |  | $ | 2,358 |  |  | $ | 8,242 |
|  | Six Months Ended June 30, 2021 |
|  |  |  |  |  | Peapack |  |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 62,625 |  |  | $ | 3,013 |  |  | $ | 65,638 |
Noninterest income |  |  | 9,334 |  |  |  | 26,164 |  |  |  | 35,498 |
Total income |  |  | 71,959 |  |  |  | 29,177 |  |  |  | 101,136 |
Provision for loan and lease losses |  |  | 1,125 |  |  |  | — |  |  |  | 1,125 |
Compensation and employee benefits |  |  | 30,797 |  |  |  | 11,103 |  |  |  | 41,900 |
Premises and equipment expense |  |  | 7,089 |  |  |  | 1,098 |  |  |  | 8,187 |
FDIC insurance expense |  |  | 1,114 |  |  |  | — |  |  |  | 1,114 |
Other operating expense |  |  | 6,208 |  |  |  | 4,869 |  |  |  | 11,077 |
Total operating expense |  |  | 46,333 |  |  |  | 17,070 |  |  |  | 63,403 |
Income before income tax expense |  |  | 25,626 |  |  |  | 12,107 |  |  |  | 37,733 |
Income tax expense |  |  | 6,880 |  |  |  | 3,257 |  |  |  | 10,137 |
Net income |  | $ | 18,746 |  |  | $ | 8,850 |  |  | $ | 27,596 |
Total assets at period end |  | $ | 5,700,105 |  |  | $ | 91,583 |  |  | $ | 5,791,688 |
|  | Six Months Ended June 30, 2020 |
|  |  |  |  |  | Peapack |  |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 60,862 |  |  | $ | 2,856 |  |  | $ | 63,718 |
Noninterest income |  |  | 6,585 |  |  |  | 20,558 |  |  |  | 27,143 |
Total income |  |  | 67,447 |  |  |  | 23,414 |  |  |  | 90,861 |
Provision for loan and lease losses |  |  | 24,900 |  |  |  | — |  |  |  | 24,900 |
Compensation and employee benefits |  |  | 26,981 |  |  |  | 11,431 |  |  |  | 38,412 |
Premises and equipment expense |  |  | 6,908 |  |  |  | 1,171 |  |  |  | 8,079 |
FDIC insurance expense |  |  | 705 |  |  |  | — |  |  |  | 705 |
Other operating expense |  |  | 5,658 |  |  |  | 4,395 |  |  |  | 10,053 |
Total operating expense |  |  | 65,152 |  |  |  | 16,997 |  |  |  | 82,149 |
Income before income tax (benefit)/expense |  |  | 2,295 |  |  |  | 6,417 |  |  |  | 8,712 |
Income tax (benefit)/expense |  |  | (2,636 | ) |  |  | 1,733 |  |  |  | (903 | )
Net income |  | $ | 4,931 |  |  | $ | 4,684 |  |  | $ | 9,615 |
Total assets at period end |  | $ | 6,203,441 |  |  | $ | 77,774 |  |  | $ | 6,281,215 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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