XML 51 R38.htm IDEA: XBRL DOCUMENT
v3.25.0.1

INVESTMENT SECURITIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 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 December 31, 2024 and 2023 follows:
|  | 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | For Credit |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 244,813 |  |  | $ | — |  |  | $ | (47,899 | ) |  | $ | — |  |  | $ | 196,914 |
Mortgage-backed securities-residential |  |  | 595,789 |  |  |  | 1,086 |  |  |  | (48,263 | ) |  |  | — |  |  |  | 548,612 |
SBA pool securities |  |  | 27,772 |  |  |  | — |  |  |  | (3,290 | ) |  |  | — |  |  |  | 24,482 |
Corporate bond |  |  | 15,500 |  |  |  | 105 |  |  |  | (1,069 | ) |  |  | — |  |  |  | 14,536 |
Total securities available for sale |  | $ | 883,874 |  |  | $ | 1,191 |  |  | $ | (100,521 | ) |  | $ | — |  |  | $ | 784,544 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (2,666 | ) |  | $ | — |  |  | $ | 37,334 |
Mortgage-backed securities-residential |  |  | 61,635 |  |  |  | — |  |  |  | (10,319 | ) |  |  | — |  |  |  | 51,316 |
Total securities held to maturity |  | $ | 101,635 |  |  | $ | — |  |  | $ | (12,985 | ) |  | $ | — |  |  | $ | 88,650 |
|  | 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | For Credit |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | 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 Securities by Maturity | The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity, such as mortgage-backed securities and SBA pool securities are shown separately.
(In thousands) | Available for Sale |  |  | Held to Maturity |
Maturing in: | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
One year or less | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After one year through five years |  | 45,000 |  |  |  | 39,764 |  |  |  | 40,000 |  |  |  | 37,334 |
After five years through ten years |  | 150,450 |  |  |  | 123,093 |  |  |  | — |  |  |  | — |
After ten years |  | 64,863 |  |  |  | 48,593 |  |  |  | — |  |  |  | — |
|  | 260,313 |  |  |  | 211,450 |  |  |  | 40,000 |  |  |  | 37,334 |
Mortgage-backed securities-residential |  | 595,789 |  |  |  | 548,612 |  |  |  | 61,635 |  |  |  | 51,316 |
SBA pool securities |  | 27,772 |  |  |  | 24,482 |  |  |  | — |  |  |  | — |
Total | $ | 883,874 |  |  | $ | 784,544 |  |  | $ | 101,635 |  |  | $ | 88,650 |
Summary of Gross Gains, Gross Losses and Net Tax Benefit Related to Proceeds on Sales of Securities Available for Sale | The following is a summary of gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the years ended December 31:
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Proceeds on sales |  | $ | — |  |  | $ | — |  |  | $ | 118,972 |
Gross gains |  |  | — |  |  |  | — |  |  |  | 3 |
Gross losses |  |  | — |  |  |  | — |  |  |  | (6,612 | )
Net tax benefit |  |  | — |  |  |  | — |  |  |  | 1,581 |
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments | The following table presents 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 December 31, 2024 and 2023.
|  | 2024 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government- sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 196,914 |  |  | $ | (47,899 | ) |  | $ | 196,914 |  |  | $ | (47,899 | )
Mortgage-backed securities-residential |  |  | 171,531 |  |  |  | (2,063 | ) |  |  | 216,735 |  |  |  | (46,200 | ) |  |  | 388,266 |  |  |  | (48,263 | )
SBA pool securities |  |  | 4,861 |  |  |  | (11 | ) |  |  | 19,621 |  |  |  | (3,279 | ) |  |  | 24,482 |  |  |  | (3,290 | )
Corporate bond |  |  | — |  |  |  | — |  |  |  | 8,931 |  |  |  | (1,069 | ) |  |  | 8,931 |  |  |  | (1,069 | )
Total securities available for sale |  | $ | 176,392 |  |  | $ | (2,074 | ) |  | $ | 442,201 |  |  | $ | (98,447 | ) |  | $ | 618,593 |  |  | $ | (100,521 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government- sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 37,334 |  |  | $ | (2,666 | ) |  | $ | 37,334 |  |  | $ | (2,666 | )
Mortgage-backed securities-residential |  |  | — |  |  |  | — |  |  |  | 51,316 |  |  |  | (10,319 | ) |  |  | 51,316 |  |  |  | (10,319 | )
Total securities held to maturity |  | $ | — |  |  | $ | — |  |  | $ | 88,650 |  |  | $ | (12,985 | ) |  | $ | 88,650 |  |  | $ | (12,985 | )
Total securities |  | $ | 176,392 |  |  | $ | (2,074 | ) |  | $ | 530,851 |  |  | $ | (111,432 | ) |  | $ | 707,243 |  |  | $ | (113,506 | )
|  | 2023 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | 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 maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
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