XML 22 R16.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2024
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, 2024 and 2023.

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

Peapack

 

 

 

 

(In thousands)

 

Banking

 

 

Private

 

 

Total

 

Net interest income

 

$

33,760

 

 

$

615

 

 

$

34,375

 

Noninterest income

 

 

4,087

 

 

 

14,614

 

 

 

18,701

 

Total income

 

 

37,847

 

 

 

15,229

 

 

 

53,076

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

627

 

 

 

—

 

 

 

627

 

Compensation and employee benefits

 

 

21,723

 

 

 

6,753

 

 

 

28,476

 

Premises and equipment expense

 

 

4,378

 

 

 

703

 

 

 

5,081

 

FDIC insurance expense

 

 

945

 

 

 

—

 

 

 

945

 

Other operating expense

 

 

3,588

 

 

 

1,951

 

 

 

5,539

 

Total operating expense

 

 

31,261

 

 

 

9,407

 

 

 

40,668

 

Income before income tax expense

 

 

6,586

 

 

 

5,822

 

 

 

12,408

 

Income tax expense

 

 

2,007

 

 

 

1,770

 

 

 

3,777

 

Net income

 

$

4,579

 

 

$

4,052

 

 

$

8,631

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

6,287,018

 

 

$

121,535

 

 

$

6,408,553

 

 

 

 

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