XML 44 R36.htm IDEA: XBRL DOCUMENT v3.24.0.1

LOANS (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of composition of loans categorized by the type of loan

The following table presents loans outstanding, by type of loan, as of December 31:

						% of Total								% of Total
(Dollars in thousands)		2023				Loans				2022				Loans
Residential mortgage		$	578,327				10.65	%		$	525,756				9.95	%
Multifamily mortgage			1,836,390				33.82				1,863,915				35.27
Commercial mortgage			637,625				11.74				624,625				11.82
Commercial loans (including equipment financing)			2,260,524				41.64				2,194,094				41.51
Commercial construction			17,721				0.33				4,042				0.07
Home equity lines of credit			36,464				0.67				34,496				0.65
Consumer loans, including    fixed rate home equity loans			62,036				1.14				38,014				0.72
Other loans			238				0.01				304				0.01
Total loans		$	5,429,325				100.00	%		$	5,285,246				100.00	%

In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of December 31, 2023 and 2022 are based on the CECL methodology:

						% of Total								% of Total
(Dollars in thousands)		2023				Loans				2022				Loans
Primary residential mortgage		$	585,126				10.78	%		$	527,784				9.99	%
Junior lien loan on residence			40,203				0.74				38,265				0.73
Multifamily property			1,836,390				33.85				1,863,915				35.29
Owner-occupied commercial real estate			255,110				4.70				272,009				5.15
Investment commercial real estate			1,061,197				19.56				1,044,125				19.77
Commercial and industrial			1,314,781				24.23				1,194,662				22.62
Lease financing			251,423				4.63				288,566				5.46
Construction			17,987				0.33				9,936				0.19
Consumer and other			63,906				1.18				42,319				0.80
Total loans		$	5,426,123				100.00	%		$	5,281,581				100.00	%
Net deferred costs			3,202								3,665
Total loans including net deferred costs		$	5,429,325							$	5,285,246

Schedule of loans to executives and directors

The following table shows the changes in loans to officers, directors and their associates:

(In thousands)		2023				2022
Balance, beginning of year		$	4,480			$	4,337
New loans			3				448
Repayments			(1,186	)			(305	)
Balance, at end of year		$	3,297			$	4,480

Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual

The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2023 and 2022:

		2023
						Loans Past Due Over
						90 Days and Still
(In thousands)		Nonaccrual				Accruing Interest
Primary residential mortgage		$	1,263			$	—
Junior lien loan on residence			100				—
Multifamily property			16,645				—
Investment commercial real estate			9,881				—
Commercial and industrial			31,430				—
Lease financing			2,002				—
Consumer and other			3				—
Total		$	61,324			$	—

		2022
						Loans Past Due Over
						90 Days and Still
(In thousands)		Nonaccrual				Accruing Interest
Primary residential mortgage		$	2,339			$	—
Investment commercial real estate			11,208				—
Commercial and industrial			3,662				—
Lease financing			1,765				—
Total		$	18,974			$	—

Schedule of aging of past due loans

The following tables present the recorded investment in past due loans as of December 31, 2023 and 2022 by class of loans, excluding nonaccrual loans:

		2023
		30-59				60-89				Greater Than
		Days				Days				90 Days				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	2,448			$	1,061			$	—			$	3,509
Junior lien loan on residence			84				—				—				84
Multifamily property			11,814				—				—				11,814
Commercial and industrial			7,297				11,498				—				18,795
Consumer and other			387				—				—				387
Total		$	22,030			$	12,559			$	—			$	34,589

		2022
		30-59				60-89				Greater Than
		Days				Days				90 Days				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	1,145			$	—			$	—			$	1,145
Multifamily property			882				—				—				882
Commercial and industrial			4,884				681				—				5,565
Total		$	6,911			$	681			$	—			$	7,592

Schedule of credit risk profile of loans

The following is a summary of the credit risk profile of loans by internally assigned grade as of December 31, 2023 and 2022 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans:

		Grade as of December 31, 2023 for Loans Originated During
																						2018								Revolving-
(In thousands)		2023				2022				2021				2020				2019				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	94,688			$	114,532			$	80,175			$	56,191			$	35,418			$	196,251			$	—			$	5,535			$	582,790
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				473				935				928				—				—				2,336
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			94,688				114,532				80,175				56,664				36,353				197,179				—				5,535				585,126
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Junior lien loan on residence:
Pass			872				1,394				135				—				530				808				29,620				6,680				40,039
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				163				1				164
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			872				1,394				135				—				530				808				29,783				6,681				40,203
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Multifamily property:
Pass			52,072				476,972				645,093				119,934				209,299				295,226				8,451				—				1,807,047
Special mention			—				—				—				—				—				1,650				—				—				1,650
Substandard			—				1,572				7,491				—				10,370				8,260				—				—				27,693
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			52,072				478,544				652,584				119,934				219,669				305,136				8,451				—				1,836,390
Current period gross charge-offs			—				—				2,223				—				—				—				—				—				2,223
Owner-occupied commercial real estate:
Pass			4,333				23,590				39,563				19,457				11,788				126,430				17,559				10,731				253,451
Special mention			—				—				1,197				—				—				—				462				—				1,659
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			4,333				23,590				40,760				19,457				11,788				126,430				18,021				10,731				255,110
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Investment commercial real estate:
Pass			125,568				173,660				150,026				57,811				144,447				314,411				30,124				13,379				1,009,426
Special mention			—				—				—				—				21,936				3,834				—				14,172				39,942
Substandard			—				9,881				—				—				1,948				—				—				—				11,829
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			125,568				183,541				150,026				57,811				168,331				318,245				30,124				27,551				1,061,197
Current period gross charge-offs			—				1,199				—				—				—				—				—				—				1,199
Commercial and industrial:
Pass			226,699				216,864				191,389				39,003				26,570				16,845				516,844				23,687				1,257,901
Special mention			—				—				758				—				1,161				190				14,232				194				16,535
Substandard			1,212				22,297				1,467				1,865				953				2,524				7,571				2,456				40,345
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial and industrial			227,911				239,161				193,614				40,868				28,684				19,559				538,647				26,337				1,314,781
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Lease financing:
Pass			50,706				42,447				61,547				39,710				24,113				19,287				—				—				237,810
Special mention			—				9,631				511				—				1,375				94				—				—				11,611

Substandard			1,056				—				—				—				946				—				—				—				2,002
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			51,762				52,078				62,058				39,710				26,434				19,381				—				—				251,423
Current period gross charge-offs			—				4,800				—				—				—				794				—				—				5,594
Construction loans:
Pass			—				—				—				—				—				—				17,987				—				17,987
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				—				—				—				17,987				—				17,987
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Consumer and other loans:
Pass			3,934				—				301				158				—				4,141				51,788				3,581				63,903
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				3				—				3
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			3,934				—				301				158				—				4,141				51,791				3,581				63,906
Current period gross charge-offs			—				—				—				—				—				—				139				—				139
Total:
Pass			558,872				1,049,459				1,168,229				332,264				452,165				973,399				672,373				63,593				5,270,354
Special mention			—				9,631				2,466				—				24,472				5,768				14,694				14,366				71,397
Substandard			2,268				33,750				8,958				2,338				15,152				11,712				7,737				2,457				84,372
Doubtful			—				—				—				—				—				—				—				—				—
Total Loans		$	561,140			$	1,092,840			$	1,179,653			$	334,602			$	491,789			$	990,879			$	694,804			$	80,416			$	5,426,123

		Grade as of December 31, 2022 for Loans Originated During
																						2017								Revolving-
(In thousands)		2022				2021				2020				2019				2018				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	118,864			$	87,312			$	62,540			$	37,902			$	27,209			$	190,834			$	—			$	691			$	525,352
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				547				1,044				141				700				—				—				2,432
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			118,864				87,312				63,087				38,946				27,350				191,534				—				691				527,784
Junior lien loan on residence:
Pass			1,631				177				42				639				326				953				33,996				—				37,764
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				501				—				501
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			1,631				177				42				639				326				953				34,497				—				38,265
Multifamily property:
Pass			488,657				678,507				118,220				224,129				33,884				305,628				1,246				1,425				1,851,696
Special mention			—				—				—				—				—				1,696				—				—				1,696
Substandard			—				—				—				2,846				—				7,677				—				—				10,523
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			488,657				678,507				118,220				226,975				33,884				315,001				1,246				1,425				1,863,915
Owner-occupied commercial real estate:
Pass			25,315				43,916				20,679				12,244				22,422				126,237				608				20,588				272,009
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			25,315				43,916				20,679				12,244				22,422				126,237				608				20,588				272,009
Investment commercial real estate:
Pass			189,829				154,715				59,444				155,995				93,330				305,219				6,590				23,487				988,609
Special mention			—				—				—				13,015				—				13,309				—				14,507				40,831
Substandard			11,208				—				—				3,477				—				—				—				—				14,685
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			201,037				154,715				59,444				172,487				93,330				318,528				6,590				37,994				1,044,125
Commercial and industrial:
Pass			421,072				217,887				76,307				80,359				26,792				5,559				303,526				29,750				1,161,252
Special mention			14,405				—				826				—				193				—				258				—				15,682
Substandard			1,553				1,892				2,148				3,894				277				71				7,893				—				17,728
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial and industrial			437,030				219,779				79,281				84,253				27,262				5,630				311,677				29,750				1,194,662
Lease financing:
Pass			73,155				71,925				58,262				48,942				24,408				8,125				—				—				284,817
Special mention			1,984				—				—				—				—				—				—				—				1,984
Substandard			—				—				—				1,765				—				—				—				—				1,765
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			75,139				71,925				58,262				50,707				24,408				8,125				—				—				288,566
Construction loans:
Pass			—				—				—				1,439				—				—				4,064				4,433				9,936
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				1,439				—				—				4,064				4,433				9,936
Consumer and other loans:
Pass			—				381				194				—				—				5,753				31,287				4,704				42,319
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			—				381				194				—				—				5,753				31,287				4,704				42,319
Total:
Pass			1,318,523				1,254,820				395,688				561,649				228,371				948,308				381,317				85,078				5,173,754
Special mention			16,389				—				826				13,015				193				15,005				258				14,507				60,193
Substandard			12,761				1,892				2,695				13,026				418				8,448				8,394				—				47,634
Doubtful			—				—				—				—				—				—				—				—				—
Total Loans		$	1,347,673			$	1,256,712			$	399,209			$	587,690			$	228,982			$	971,761			$	389,969			$	99,585			$	5,281,581

Summary of Information Related to Modification

The following tables provide information related to the modifications during the year ended December 31, 2023 by pool segment and type of concession granted:

		Significant Payment Delay
		Year ended December 31, 2023
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	248				0.02	%
Total		$	248				0.02	%

		Interest Rate Reduction
		Year Ended December 31, 2023
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	3,006				0.23	%
Total		$	3,006				0.23	%

Schedule of Loan Modifications, Subsequent Default, By Payment Status

The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through December 31, 2023:

		Payment Status at December 31, 2023
						30-89 Days				90+ Days
(Dollars in thousands)		Current				Past Due				Past Due
Commercial and industrial		$	3,254			$	—			$	—
Total		$	3,254			$	—			$	—

Schedule of Loan modifications resulted in payment default

The following table presents loans by class modified that failed to comply with the modified terms in the year following modification and resulted in a payment default at December 31, 2023:

		Amortized Cost Basis of Modified Loans
		That Subsequently Defaulted
		Year Ended December 31, 2023
		Interest Only				Interest
(Dollars in thousands)		Period Extension				Rate Reduction
Commercial and industrial		$	248			$	3,006
Total		$	248			$	3,006

Schedule of loans modified as troubled debt restructurings

The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2022:

						Pre-Modification				Post-Modification
						Outstanding				Outstanding
		Number of				Recorded				Recorded
(Dollars in thousands)		Loans				Investment				Investment
Investment commercial real estate			1			$	11,208			$	11,208
Total			1			$	11,208			$	11,208

The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2021:

						Pre-Modification				Post-Modification
						Outstanding				Outstanding
		Number of				Recorded				Recorded
(Dollars in thousands)		Loans				Investment				Investment
Primary residential mortgage			3			$	603			$	603
Junior lien loan on residence			1				18				18
Commercial and industrial			1				2,070				2,070
Total			5			$	2,691			$	2,691

The following table presents loans by class modified as troubled debt restructurings during the year ended December 31, 2021 for which there was a payment default during the same period:

		Number of				Recorded
(Dollars in thousands)		Loans				Investment
Primary residential mortgage			1			$	218
Total			1			$	218

X

- Definition

Financing receivable loan modifications resulted in payment default.

+ References

No definition available.

+ Details

Name:	pgc_FinancingReceivableLoanModificationsResultedInPaymentDefaultTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Financing Receivable Loan Modifications Subsequent Default By Payment Status.

+ References

No definition available.

+ Details

Name:	pgc_FinancingReceivableLoanModificationsSubsequentDefaultByPaymentStatusTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Financing receivable modified.

+ References

No definition available.

+ Details

Name:	pgc_FinancingReceivableModifiedTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of credit risk profile of loans.

+ References

No definition available.

+ Details

Name:	pgc_ScheduleOfCreditRiskProfileOfLoansTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ReceivablesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-16

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7

+ Details

Name:	us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable modified for debtor experiencing financial difficulty.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481933/310-10-55-12A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-42

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-42

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 33
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-33

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-34

+ Details

Name:	us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration