XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INVESTMENT SECURITIES | 12 Months Ended
--- | ---
Dec. 31, 2021
Investment Securities Available For Sale [Abstract] |
INVESTMENT SECURITIES | 2. INVESTMENT SECURITIES A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the consolidated statements of condition as of December 31, 2021 and 2020 follows:
|  | 2021 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 280,045 |  |  | $ | — |  |  | $ | (7,824 | ) |  | $ | 272,221 |
Mortgage-backed securities-residential |  |  | 481,062 |  |  |  | 3,849 |  |  |  | (7,937 | ) |  |  | 476,974 |
SBA pool securities |  |  | 40,649 |  |  |  | 12 |  |  |  | (1,100 | ) |  |  | 39,561 |
State and political subdivisions |  |  | 5,431 |  |  |  | 45 |  |  |  | — |  |  |  | 5,476 |
Corporate bond |  |  | 2,500 |  |  |  | 21 |  |  |  | — |  |  |  | 2,521 |
Total securities available for sale |  | $ | 809,687 |  |  | $ | 3,927 |  |  | $ | (16,861 | ) |  | $ | 796,753 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | 7 |  |  | $ | (25 | ) |  | $ | 39,982 |
Mortgage-backed securities-residential |  |  | 68,680 |  |  |  | 67 |  |  |  | (269 | ) |  |  | 68,478 |
Total securities held to maturity |  | $ | 108,680 |  |  | $ | 74 |  |  | $ | (294 | ) |  | $ | 108,460 |
|  | 2020 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 2,613 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,613 |
U.S. government-sponsored agencies |  |  | 84,424 |  |  |  | 2 |  |  |  | (655 | ) |  |  | 83,771 |
Mortgage-backed securities-residential |  |  | 467,915 |  |  |  | 8,604 |  |  |  | (461 | ) |  |  | 476,058 |
SBA pool securities |  |  | 49,457 |  |  |  | 31 |  |  |  | (359 | ) |  |  | 49,129 |
State and political subdivisions |  |  | 7,987 |  |  |  | 102 |  |  |  | — |  |  |  | 8,089 |
Corporate bond |  |  | 3,000 |  |  |  | 29 |  |  |  | — |  |  |  | 3,029 |
Total securities available for sale |  | $ | 615,396 |  |  | $ | 8,768 |  |  | $ | (1,475 | ) |  | $ | 622,689 |
The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2021, 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 and SBA pool securities are shown separately.
(In thousands) | Available for Sale |  |  | Held to Maturity |
Maturing in: | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
One year or less | $ | 3,541 |  |  | $ | 3,554 |  |  | $ | — |  |  | $ | — |
After one year through five years |  | 7,516 |  |  |  | 7,492 |  |  |  | 15,000 |  |  |  | 14,991 |
After five years through ten years |  | 127,170 |  |  |  | 123,807 |  |  |  | 25,000 |  |  |  | 24,991 |
After ten years |  | 149,749 |  |  |  | 145,365 |  |  |  | — |  |  |  | — |
|  | 287,976 |  |  |  | 280,218 |  |  |  | 40,000 |  |  |  | 39,982 |
Mortgage-backed securities-residential |  | 481,062 |  |  |  | 476,974 |  |  |  | 68,680 |  |  |  | 68,478 |
SBA pool securities |  | 40,649 |  |  |  | 39,561 |  |  |  | — |  |  |  | — |
Total | $ | 809,687 |  |  | $ | 796,753 |  |  | $ | 108,680 |  |  | $ | 108,460 |
Securities available for sale with a fair value of $764.4 million and $598.3 million as of December 31, 2021 and December 31, 2020, respectively, were pledged, but not necessarily encumbered, to secure public funds and for other purposes required or permitted by law. In addition, securities held to maturity with a carrying value of $108.7 million were also pledged as of December 31, 2021 for the same purposes. There were no sales of securities available for sale for the years ended December 31, 2021, 2020 and 2019. The following table presents the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of December 31, 2021 and 2020.
|  | 2021 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government- sponsored agencies |  | $ | 243,187 |  |  | $ | (6,858 | ) |  | $ | 29,034 |  |  | $ | (966 | ) |  | $ | 272,221 |  |  | $ | (7,824 | )
Mortgage-backed securities-residential |  |  | 265,403 |  |  |  | (7,053 | ) |  |  | 33,455 |  |  |  | (884 | ) |  |  | 298,858 |  |  |  | (7,937 | )
SBA pool securities |  |  | 22,057 |  |  |  | (567 | ) |  |  | 10,562 |  |  |  | (533 | ) |  |  | 32,619 |  |  |  | (1,100 | )
Total securities available for sale |  | $ | 530,647 |  |  | $ | (14,478 | ) |  | $ | 73,051 |  |  | $ | (2,383 | ) |  | $ | 603,698 |  |  | $ | (16,861 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government- sponsored agencies |  | $ | 24,975 |  |  | $ | (25 | ) |  | $ | — |  |  | $ | — |  |  | $ | 24,975 |  |  | $ | (25 | )
Mortgage-backed securities-residential |  |  | 48,307 |  |  |  | (269 | ) |  |  | — |  |  |  | — |  |  |  | 48,307 |  |  |  | (269 | )
Total securities held to maturity |  | $ | 73,282 |  |  | $ | (294 | ) |  | $ | — |  |  | $ | — |  |  | $ | 73,282 |  |  | $ | (294 | )
Total securities |  | $ | 603,929 |  |  | $ | (14,772 | ) |  | $ | 73,051 |  |  | $ | (2,383 | ) |  | $ | 676,980 |  |  | $ | (17,155 | )
|  | 2020 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government- sponsored agencies |  | $ | 73,769 |  |  | $ | (655 | ) |  | $ | — |  |  | $ | — |  |  | $ | 73,769 |  |  | $ | (655 | )
Mortgage-backed securities-residential |  |  | 103,340 |  |  |  | (430 | ) |  |  | 13,914 |  |  |  | (31 | ) |  |  | 117,254 |  |  |  | (461 | )
SBA pool securities |  |  | 39,720 |  |  |  | (343 | ) |  |  | 2,095 |  |  |  | (16 | ) |  |  | 41,815 |  |  |  | (359 | )
Total securities available for sale |  | $ | 216,829 |  |  | $ | (1,428 | ) |  | $ | 16,009 |  |  | $ | (47 | ) |  | $ | 232,838 |  |  | $ | (1,475 | )
Management believes that the unrealized losses on investment securities available for sale and held to maturity 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; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired. No other-than-temporary impairment charges were recognized in 2021, 2020 or 2019. The Company has an investment in a CRA investment fund with a fair value of $14.7 million and $15.1 million at December 31, 2021 and 2020, respectively. The investment is classified as an equity security in our Consolidated Statements of Condition. This security had a loss of $432,000 for the year ended December 31, 2021, and gains of $281,000 and $117,000 for the year s ended December 31, 20 20 and 2019, respectively. This amount is included in securities gains/(losses), net on the Consolidated Statements of Income.

X
- Definition Disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
Name: | pgc_AvailableForSaleSecuritiesTextBlock1
Namespace Prefix: | pgc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition INVESTMENT SECURITIES AVAILABLE FOR SALE [Abstract] + References No definition available. + Details
Name: | pgc_InvestmentSecuritiesAvailableForSaleAbstract
Namespace Prefix: | pgc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration