XML 33 R27.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

INVESTMENT SECURITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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, 2024 and December 31, 2023 follows:
|  | June 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S government-sponsored agencies |  | $ | 244,803 |  |  | $ | — |  |  | $ | (49,801 | ) |  | $ | — |  |  | $ | 195,002 |
Mortgage-backed securities–residential |  |  | 410,158 |  |  |  | 226 |  |  |  | (47,352 | ) |  |  | — |  |  |  | 363,032 |
SBA pool securities |  |  | 25,478 |  |  |  | 1 |  |  |  | (3,796 | ) |  |  | — |  |  |  | 21,683 |
Corporate bond |  |  | 14,000 |  |  |  | 23 |  |  |  | (1,856 | ) |  |  | — |  |  |  | 12,167 |
Total securities available for sale |  | $ | 694,439 |  |  | $ | 250 |  |  | $ | (102,805 | ) |  | $ | — |  |  | $ | 591,884 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (3,471 | ) |  | $ | — |  |  | $ | 36,529 |
Mortgage-backed securities–residential |  |  | 65,013 |  |  |  | — |  |  |  | (10,679 | ) |  |  | — |  |  |  | 54,334 |
Total securities held to maturity |  | $ | 105,013 |  |  | $ | — |  |  | $ | (14,150 | ) |  | $ | — |  |  | $ | 90,863 |
|  | December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S government-sponsored agencies |  | $ | 244,794 |  |  | $ | — |  |  | $ | (47,103 | ) |  | $ | — |  |  | $ | 197,691 |
Mortgage-backed securities–residential |  |  | 363,893 |  |  |  | 80 |  |  |  | (43,177 | ) |  |  | — |  |  |  | 320,796 |
SBA pool securities |  |  | 27,148 |  |  |  | — |  |  |  | (3,744 | ) |  |  | — |  |  |  | 23,404 |
Corporate bond |  |  | 10,000 |  |  |  | — |  |  |  | (1,274 | ) |  |  | — |  |  |  | 8,726 |
Total securities available for sale |  | $ | 645,835 |  |  | $ | 80 |  |  | $ | (95,298 | ) |  | $ | — |  |  | $ | 550,617 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (3,369 | ) |  | $ | — |  |  | $ | 36,631 |
Mortgage-backed securities–residential |  |  | 67,755 |  |  |  | — |  |  |  | (9,971 | ) |  |  | — |  |  |  | 57,784 |
Total securities held to maturity |  | $ | 107,755 |  |  | $ | — |  |  | $ | (13,340 | ) |  | $ | — |  |  | $ | 94,415 |
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, 2024 and December 31, 2023.
|  | June 30, 2024 |
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 195,002 |  |  | $ | (49,801 | ) |  | $ | 195,002 |  |  | $ | (49,801 | )
Mortgage-backed securities residential |  |  | 33,028 |  |  |  | (774 | ) |  |  | 230,103 |  |  |  | (46,578 | ) |  |  | 263,131 |  |  |  | (47,352 | )
SBA pool securities |  |  | — |  |  |  | — |  |  |  | 21,333 |  |  |  | (3,796 | ) |  |  | 21,333 |  |  |  | (3,796 | )
Corporate bond |  |  | — |  |  |  | — |  |  |  | 8,144 |  |  |  | (1,856 | ) |  |  | 8,144 |  |  |  | (1,856 | )
Total securities available for sale |  | $ | 33,028 |  |  | $ | (774 | ) |  | $ | 454,582 |  |  | $ | (102,031 | ) |  | $ | 487,610 |  |  | $ | (102,805 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 36,529 |  |  | $ | (3,471 | ) |  | $ | 36,529 |  |  | $ | (3,471 | )
Mortgage-backed securities residential |  |  | — |  |  |  | — |  |  |  | 54,334 |  |  |  | (10,679 | ) |  |  | 54,334 |  |  |  | (10,679 | )
Total securities held to maturity |  | $ | — |  |  | $ | — |  |  | $ | 90,863 |  |  | $ | (14,150 | ) |  | $ | 90,863 |  |  | $ | (14,150 | )
Total securities |  | $ | 33,028 |  |  | $ | (774 | ) |  | $ | 545,445 |  |  | $ | (116,181 | ) |  | $ | 578,473 |  |  | $ | (116,955 | )
|  | December 31, 2023 |
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 197,691 |  |  | $ | (47,103 | ) |  | $ | 197,691 |  |  | $ | (47,103 | )
Mortgage-backed securities residential |  |  | 36,634 |  |  |  | (963 | ) |  |  | 217,513 |  |  |  | (42,214 | ) |  |  | 254,147 |  |  |  | (43,177 | )
SBA pool securities |  |  | 655 |  |  |  | (1 | ) |  |  | 22,749 |  |  |  | (3,743 | ) |  |  | 23,404 |  |  |  | (3,744 | )
Corporate bond |  |  | — |  |  |  | — |  |  |  | 8,726 |  |  |  | (1,274 | ) |  |  | 8,726 |  |  |  | (1,274 | )
Total securities available for sale |  | $ | 37,289 |  |  | $ | (964 | ) |  | $ | 446,679 |  |  | $ | (94,334 | ) |  | $ | 483,968 |  |  | $ | (95,298 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 36,631 |  |  | $ | (3,369 | ) |  | $ | 36,631 |  |  | $ | (3,369 | )
Mortgage-backed securities residential |  |  | 9,647 |  |  |  | (135 | ) |  |  | 48,137 |  |  |  | (9,836 | ) |  |  | 57,784 |  |  |  | (9,971 | )
Total securities held to maturity |  | $ | 9,647 |  |  | $ | (135 | ) |  | $ | 84,768 |  |  | $ | (13,205 | ) |  | $ | 94,415 |  |  | $ | (13,340 | )
Total securities |  | $ | 46,936 |  |  | $ | (1,099 | ) |  | $ | 531,447 |  |  | $ | (107,539 | ) |  | $ | 578,383 |  |  | $ | (108,638 | )

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 -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + 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 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