XML 35 R26.htm IDEA: XBRL DOCUMENT
v3.22.2

INVESTMENT SECURITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Investment Securities Available For Sale [Abstract] |
Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale | 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 June 30, 2022 and December 31, 2021 follows:
|  | June 30, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Allowance for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S government-sponsored agencies |  | $ | 244,765 |  |  | $ | — |  |  | $ | (38,642 | ) |  | $ | — |  |  | $ | 206,123 |
Mortgage-backed securities–residential |  |  | 342,272 |  |  |  | 101 |  |  |  | (35,545 | ) |  |  | — |  |  |  | 306,828 |
SBA pool securities |  |  | 35,836 |  |  |  | 7 |  |  |  | (3,260 | ) |  |  | — |  |  |  | 32,583 |
State and political subdivisions |  |  | 4,017 |  |  |  | 1 |  |  |  | (5 | ) |  |  | — |  |  |  | 4,013 |
Corporate bond |  |  | 7,500 |  |  |  | — |  |  |  | (256 | ) |  |  | — |  |  |  | 7,244 |
Total securities available for sale |  | $ | 634,390 |  |  | $ | 109 |  |  | $ | (77,708 | ) |  | $ | — |  |  | $ | 556,791 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (2,775 | ) |  | $ | — |  |  | $ | 37,225 |
Mortgage-backed securities–residential |  |  | 65,048 |  |  |  | — |  |  |  | (6,631 | ) |  |  | — |  |  |  | 58,417 |
Total |  | $ | 105,048 |  |  | $ | — |  |  | $ | (9,406 | ) |  | $ | — |  |  | $ | 95,642 |
|  | December 31, 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 |  | $ | 108,680 |  |  | $ | 74 |  |  | $ | (294 | ) |  | $ | 108,460 |
Summary of Gross Gains, Gross Losses and Net Tax Benefit Related to Proceeds on Sales of Securities Available for Sale | The following table presents a summary of the gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the six months ended June 30, 2022:
(In thousands) |  | June 30, 2022 |
Proceeds from sales |  | $ | 118,972 |
Gross gains |  |  | 3 |
Gross losses |  |  | (6,612 | )
Net tax benefit |  |  | 1,581 |
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments | The following tables present 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 June 30, 2022 and December 31, 2021.
|  | June 30, 2022 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 85,618 |  |  | $ | (14,238 | ) |  | $ | 120,505 |  |  | $ | (24,404 | ) |  | $ | 206,123 |  |  | $ | (38,642 | )
Mortgage-backed securities residential |  |  | 122,015 |  |  |  | (9,063 | ) |  |  | 149,883 |  |  |  | (26,482 | ) |  |  | 271,898 |  |  |  | (35,545 | )
SBA pool securities |  |  | 22,194 |  |  |  | (1,625 | ) |  |  | 8,956 |  |  |  | (1,635 | ) |  |  | 31,150 |  |  |  | (3,260 | )
State and political subdivisions |  |  | 2,341 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 2,341 |  |  |  | (5 | )
Corporate bond |  |  | 7,244 |  |  |  | (256 | ) |  |  | — |  |  |  | — |  |  |  | 7,244 |  |  |  | (256 | )
Total securities available for sale |  | $ | 239,412 |  |  | $ | (25,187 | ) |  | $ | 279,344 |  |  | $ | (52,521 | ) |  | $ | 518,756 |  |  | $ | (77,708 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 37,225 |  |  | $ | (2,775 | ) |  | $ | — |  |  | $ | — |  |  | $ | 37,225 |  |  | $ | (2,775 | )
Mortgage-backed securities residential |  |  | 58,417 |  |  |  | (6,631 | ) |  |  | — |  |  |  | — |  |  |  | 58,417 |  |  |  | (6,631 | )
Total securities held to maturity |  | $ | 95,642 |  |  | $ | (9,406 | ) |  | $ | — |  |  | $ | — |  |  | $ | 95,642 |  |  | $ | (9,406 | )
Total securities |  | $ | 335,054 |  |  | $ | (34,593 | ) |  | $ | 279,344 |  |  | $ | (52,521 | ) |  | $ | 614,398 |  |  | $ | (87,114 | )
|  | December 31, 2021 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | 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 | )

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

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration