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BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Income and Total Assets for Reportable Segments | The following tables present the statements of income and total assets for the Company’s reportable segments for the three and six months ended June 30, 2024 and 2023.
|  | Three Months Ended June 30, 2024 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 34,462 |  |  | $ | 580 |  |  | $ | 35,042 |
Noninterest income |  |  | 4,925 |  |  |  | 16,630 |  |  |  | 21,555 |
Total income |  |  | 39,387 |  |  |  | 17,210 |  |  |  | 56,597 |
Provision for credit losses |  |  | 3,911 |  |  |  | — |  |  |  | 3,911 |
Compensation and benefits |  |  | 21,874 |  |  |  | 8,010 |  |  |  | 29,884 |
Premises and equipment expense |  |  | 5,042 |  |  |  | 734 |  |  |  | 5,776 |
FDIC expense |  |  | 870 |  |  |  | — |  |  |  | 870 |
Other operating expense |  |  | 4,630 |  |  |  | 1,966 |  |  |  | 6,596 |
Total operating expense |  |  | 36,327 |  |  |  | 10,710 |  |  |  | 47,037 |
Income before income tax expense |  |  | 3,060 |  |  |  | 6,500 |  |  |  | 9,560 |
Income tax expense |  |  | 547 |  |  |  | 1,483 |  |  |  | 2,030 |
Net income |  | $ | 2,513 |  |  | $ | 5,017 |  |  | $ | 7,530 |
|  | Three Months Ended June 30, 2023 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 38,103 |  |  | $ | 818 |  |  | $ | 38,921 |
Noninterest income |  |  | 4,072 |  |  |  | 14,503 |  |  |  | 18,575 |
Total income |  |  | 42,175 |  |  |  | 15,321 |  |  |  | 57,496 |
Provision for credit losses |  |  | 1,696 |  |  |  | — |  |  |  | 1,696 |
Compensation and employee benefits |  |  | 17,949 |  |  |  | 8,405 |  |  |  | 26,354 |
Premises and equipment expense |  |  | 4,023 |  |  |  | 706 |  |  |  | 4,729 |
FDIC insurance expense |  |  | 729 |  |  |  | — |  |  |  | 729 |
Other operating expense |  |  | 3,855 |  |  |  | 2,025 |  |  |  | 5,880 |
Total operating expense |  |  | 28,252 |  |  |  | 11,136 |  |  |  | 39,388 |
Income before income tax expense |  |  | 13,923 |  |  |  | 4,185 |  |  |  | 18,108 |
Income tax expense |  |  | 3,816 |  |  |  | 1,147 |  |  |  | 4,963 |
Net income |  | $ | 10,107 |  |  | $ | 3,038 |  |  | $ | 13,145 |
|  | Six Months Ended June 30, 2024 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 68,222 |  |  | $ | 1,195 |  |  | $ | 69,417 |
Noninterest income |  |  | 9,012 |  |  |  | 31,244 |  |  |  | 40,256 |
Total income |  |  | 77,234 |  |  |  | 32,439 |  |  |  | 109,673 |
Provision for credit losses |  |  | 4,538 |  |  |  | — |  |  |  | 4,538 |
Compensation and employee benefits |  |  | 43,597 |  |  |  | 14,763 |  |  |  | 58,360 |
Premises and equipment expense |  |  | 9,420 |  |  |  | 1,437 |  |  |  | 10,857 |
FDIC insurance expense |  |  | 1,815 |  |  |  | — |  |  |  | 1,815 |
Other operating expense |  |  | 8,218 |  |  |  | 3,917 |  |  |  | 12,135 |
Total operating expense |  |  | 67,588 |  |  |  | 20,117 |  |  |  | 87,705 |
Income before income tax expense |  |  | 9,646 |  |  |  | 12,322 |  |  |  | 21,968 |
Income tax expense |  |  | 2,554 |  |  |  | 3,253 |  |  |  | 5,807 |
Net income |  | $ | 7,092 |  |  | $ | 9,069 |  |  | $ | 16,161 |
Total assets at period end |  | $ | 6,382,263 |  |  | $ | 123,087 |  |  | $ | 6,505,350 |
|  | Six Months Ended June 30, 2023 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 80,193 |  |  | $ | 2,706 |  |  | $ | 82,899 |
Noninterest income |  |  | 7,907 |  |  |  | 28,727 |  |  |  | 36,634 |
Total income |  |  | 88,100 |  |  |  | 31,433 |  |  |  | 119,533 |
Provision for credit losses |  |  | 3,209 |  |  |  | — |  |  |  | 3,209 |
Compensation and employee benefits |  |  | 36,118 |  |  |  | 14,822 |  |  |  | 50,940 |
Premises and equipment expense |  |  | 7,636 |  |  |  | 1,467 |  |  |  | 9,103 |
FDIC insurance expense |  |  | 1,440 |  |  |  | — |  |  |  | 1,440 |
Other operating expense |  |  | 7,129 |  |  |  | 4,654 |  |  |  | 11,783 |
Total operating expense |  |  | 55,532 |  |  |  | 20,943 |  |  |  | 76,475 |
Income before income tax expense |  |  | 32,568 |  |  |  | 10,490 |  |  |  | 43,058 |
Income tax expense |  |  | 8,746 |  |  |  | 2,812 |  |  |  | 11,558 |
Net income |  | $ | 23,822 |  |  | $ | 7,678 |  |  | $ | 31,500 |
Total assets at period end |  | $ | 6,363,409 |  |  | $ | 116,291 |  |  | $ | 6,479,700 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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