XML 24 R15.htm IDEA: XBRL DOCUMENT v3.23.1
BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2023
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, 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, 2023 and 2022.

 

 

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

Peapack

 

 

 

 

(In thousands)

 

Banking

 

 

Private

 

 

Total

 

Net interest income

 

$

42,090

 

 

$

1,888

 

 

$

43,978

 

Noninterest income

 

 

3,835

 

 

 

14,224

 

 

 

18,059

 

Total income

 

 

45,925

 

 

 

16,112

 

 

 

62,037

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

1,513

 

 

 

—

 

 

 

1,513

 

Compensation and employee benefits

 

 

18,169

 

 

 

6,417

 

 

 

24,586

 

Premises and equipment expense

 

 

3,613

 

 

 

761

 

 

 

4,374

 

FDIC insurance expense

 

 

711

 

 

 

—

 

 

 

711

 

Other operating expense

 

 

3,274

 

 

 

2,629

 

 

 

5,903

 

Total operating expense

 

 

27,280

 

 

 

9,807

 

 

 

37,087

 

Income before income tax expense

 

 

18,645

 

 

 

6,305

 

 

 

24,950

 

Income tax expense

 

 

4,930

 

 

 

1,665

 

 

 

6,595

 

Net income

 

$

13,715

 

 

$

4,640

 

 

$

18,355

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

6,366,729

 

 

$

113,289

 

 

$

6,480,018

 

 

 

 

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 loan and lease 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