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BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 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 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

X

- 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

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- References

No definition available.

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