XML 24 R15.htm IDEA: XBRL DOCUMENT v3.22.1
BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
BUSINESS SEGMENTS

7.  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, which includes the operations of 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 months ended March 31, 2022 and 2021.

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

Peapack

 

 

 

 

 

(In thousands)

 

Banking

 

 

Private

 

 

Total

 

Net interest income

 

$

37,999

 

 

$

1,623

 

 

$

39,622

 

Noninterest income

 

 

(429

)

 

 

15,143

 

 

 

14,714

 

Total income

 

 

37,570

 

 

 

16,766

 

 

 

54,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

2,375

 

 

 

—

 

 

 

2,375

 

Compensation and employee benefits

 

 

16,403

 

 

 

6,046

 

 

 

22,449

 

Premises and equipment expense

 

 

3,931

 

 

 

716

 

 

 

4,647

 

FDIC insurance expense

 

 

471

 

 

 

—

 

 

 

471

 

Other operating expense

 

 

4,166

 

 

 

2,436

 

 

 

6,602

 

Total operating expense

 

 

27,346

 

 

 

9,198

 

 

 

36,544

 

Income before income tax expense

 

 

10,224

 

 

 

7,568

 

 

 

17,792

 

Income tax expense

 

 

2,300

 

 

 

2,051

 

 

 

4,351

 

Net income

 

$

7,924

 

 

$

5,517

 

 

$

13,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

6,155,011

 

 

$

100,653

 

 

$

6,255,664

 

 

 

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

Peapack

 

 

 

 

 

(In thousands)

 

Banking

 

 

Private

 

 

Total

 

Net interest income

 

$

30,226

 

 

$

1,567

 

 

$

31,793

 

Noninterest income

 

 

5,140

 

 

 

12,680

 

 

 

17,820

 

Total income

 

 

35,366

 

 

 

14,247

 

 

 

49,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

225

 

 

 

—

 

 

 

225

 

Compensation and employee benefits

 

 

16,428

 

 

 

5,562

 

 

 

21,990

 

Premises and equipment expense

 

 

3,570

 

 

 

543

 

 

 

4,113

 

FDIC insurance expense

 

 

585

 

 

 

—

 

 

 

585

 

Other operating expense

 

 

2,391

 

 

 

2,515

 

 

 

4,906

 

Total operating expense

 

 

23,199

 

 

 

8,620

 

 

 

31,819

 

Income before income tax (benefit)/expense

 

 

12,167

 

 

 

5,627

 

 

 

17,794

 

Income tax (benefit)/expense

 

 

3,159

 

 

 

1,457

 

 

 

4,616

 

Net income

 

$

9,008

 

 

$

4,170

 

 

$

13,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

5,883,553

 

 

$

86,074

 

 

$

5,969,627