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BUSINESS SEGMENTS | 9 Months Ended
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Sep. 30, 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, commercial construction, 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 and nine months ended September 30, 2024 and 2023.
|  | Three Months Ended September 30, 2024 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 37,077 |  |  | $ | 604 |  |  | $ | 37,681 |
Noninterest income |  |  | 3,604 |  |  |  | 15,334 |  |  |  | 18,938 |
Total income |  |  | 40,681 |  |  |  | 15,938 |  |  |  | 56,619 |
Provision for credit losses |  |  | 1,224 |  |  |  | — |  |  |  | 1,224 |
Compensation and benefits |  |  | 23,988 |  |  |  | 7,062 |  |  |  | 31,050 |
Premises and equipment expense |  |  | 4,794 |  |  |  | 839 |  |  |  | 5,633 |
FDIC expense |  |  | 870 |  |  |  | — |  |  |  | 870 |
Other operating expense |  |  | 5,013 |  |  |  | 2,083 |  |  |  | 7,096 |
Total operating expense |  |  | 35,889 |  |  |  | 9,984 |  |  |  | 45,873 |
Income before income tax expense |  |  | 4,792 |  |  |  | 5,954 |  |  |  | 10,746 |
Income tax expense |  |  | 1,404 |  |  |  | 1,755 |  |  |  | 3,159 |
Net income |  | $ | 3,388 |  |  | $ | 4,199 |  |  | $ | 7,587 |
|  | Three Months Ended September 30, 2023 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 35,811 |  |  | $ | 704 |  |  | $ | 36,515 |
Noninterest income |  |  | 5,120 |  |  |  | 14,234 |  |  |  | 19,354 |
Total income |  |  | 40,931 |  |  |  | 14,938 |  |  |  | 55,869 |
Provision for credit losses |  |  | 5,856 |  |  |  | — |  |  |  | 5,856 |
Compensation and employee benefits |  |  | 18,440 |  |  |  | 6,824 |  |  |  | 25,264 |
Premises and equipment expense |  |  | 4,436 |  |  |  | 778 |  |  |  | 5,214 |
FDIC insurance expense |  |  | 741 |  |  |  | — |  |  |  | 741 |
Other operating expense |  |  | 4,188 |  |  |  | 2,006 |  |  |  | 6,194 |
Total operating expense |  |  | 33,661 |  |  |  | 9,608 |  |  |  | 43,269 |
Income before income tax expense |  |  | 7,270 |  |  |  | 5,330 |  |  |  | 12,600 |
Income tax expense |  |  | 2,275 |  |  |  | 1,570 |  |  |  | 3,845 |
Net income |  | $ | 4,995 |  |  | $ | 3,760 |  |  | $ | 8,755 |
|  | Nine Months Ended September 30, 2024 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 105,299 |  |  | $ | 1,799 |  |  | $ | 107,098 |
Noninterest income |  |  | 12,616 |  |  |  | 46,578 |  |  |  | 59,194 |
Total income |  |  | 117,915 |  |  |  | 48,377 |  |  |  | 166,292 |
Provision for credit losses |  |  | 5,762 |  |  |  | — |  |  |  | 5,762 |
Compensation and employee benefits |  |  | 67,585 |  |  |  | 21,825 |  |  |  | 89,410 |
Premises and equipment expense |  |  | 14,214 |  |  |  | 2,276 |  |  |  | 16,490 |
FDIC insurance expense |  |  | 2,685 |  |  |  | — |  |  |  | 2,685 |
Other operating expense |  |  | 13,231 |  |  |  | 6,000 |  |  |  | 19,231 |
Total operating expense |  |  | 103,477 |  |  |  | 30,101 |  |  |  | 133,578 |
Income before income tax expense |  |  | 14,438 |  |  |  | 18,276 |  |  |  | 32,714 |
Income tax expense |  |  | 3,958 |  |  |  | 5,008 |  |  |  | 8,966 |
Net income |  | $ | 10,480 |  |  | $ | 13,268 |  |  | $ | 23,748 |
Total assets at period end |  | $ | 6,663,410 |  |  | $ | 130,382 |  |  | $ | 6,793,792 |
|  | Nine Months Ended September 30, 2023 |
|  |  |  |  | Peapack |  |  |  |
(In thousands) |  | Banking |  |  | Private |  |  | Total |
Net interest income |  | $ | 116,004 |  |  | $ | 3,410 |  |  | $ | 119,414 |
Noninterest income |  |  | 13,027 |  |  |  | 42,961 |  |  |  | 55,988 |
Total income |  |  | 129,031 |  |  |  | 46,371 |  |  |  | 175,402 |
Provision for credit losses |  |  | 9,065 |  |  |  | — |  |  |  | 9,065 |
Compensation and employee benefits |  |  | 54,558 |  |  |  | 21,646 |  |  |  | 76,204 |
Premises and equipment expense |  |  | 12,072 |  |  |  | 2,245 |  |  |  | 14,317 |
FDIC insurance expense |  |  | 2,181 |  |  |  | — |  |  |  | 2,181 |
Other operating expense |  |  | 11,317 |  |  |  | 6,660 |  |  |  | 17,977 |
Total operating expense |  |  | 89,193 |  |  |  | 30,551 |  |  |  | 119,744 |
Income before income tax expense |  |  | 39,838 |  |  |  | 15,820 |  |  |  | 55,658 |
Income tax expense |  |  | 11,021 |  |  |  | 4,382 |  |  |  | 15,403 |
Net income |  | $ | 28,817 |  |  | $ | 11,438 |  |  | $ | 40,255 |
Total assets at period end |  | $ | 6,405,796 |  |  | $ | 115,785 |  |  | $ | 6,521,581 |

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- Definition The entire disclosure for reporting segments including data and tables. 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