XML 52 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1

LOANS (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of composition of loans categorized by the type of loan

The following table presents loans outstanding, by type of loan, as of December 31:

						% of Total								% of Total
(Dollars in thousands)		2024				Loans				2023				Loans
Residential mortgage		$	614,840				11.15	%		$	578,327				10.65	%
Multifamily mortgage			1,799,754				32.65				1,836,390				33.82
Commercial mortgage			588,104				10.67				637,625				11.74
Commercial loans (including equipment financing)			2,389,105				43.34				2,260,524				41.64
Commercial construction			—				—				17,721				0.33
Home equity lines of credit			42,327				0.77				36,464				0.67
Consumer loans, including    fixed rate home equity loans			77,785				1.41				62,036				1.14
Other loans			411				0.01				238				0.01
Total loans		$	5,512,326				100.00	%		$	5,429,325				100.00	%

In determining an appropriate amount for the allowance, the Bank segments and aggregates the loan portfolio based on common characteristics. The following pool segments identified as of December 31, 2024 and 2023 are based on the CECL methodology:

						% of Total								% of Total
(Dollars in thousands)		2024				Loans				2023				Loans
Primary residential mortgage		$	609,038				11.05	%		$	585,126				10.78	%
Junior lien loan on residence			45,307				0.82				40,203				0.74
Multifamily property			1,799,754				32.66				1,836,390				33.85
Owner-occupied commercial real estate			275,089				4.99				255,110				4.70
Investment commercial real estate			978,436				17.75				1,061,197				19.56
Commercial and industrial			1,489,466				27.03				1,314,781				24.23
Lease financing			222,497				4.04				251,423				4.63
Construction			11,204				0.20				17,987				0.33
Consumer and other			80,165				1.46				63,906				1.18
Total loans		$	5,510,956				100.00	%		$	5,426,123				100.00	%
Net deferred costs			1,370								3,202
Total loans including net deferred costs		$	5,512,326							$	5,429,325

Schedule of loans to executives and directors

The following table shows the changes in loans to officers, directors and their associates:

(In thousands)		2024				2023
Balance, beginning of year		$	3,297			$	4,480
New loans			81				3
Repayments			(275	)			(1,186	)
Balance, at end of year		$	3,103			$	3,297

Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual

The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2024 and 2023:

		2024
		Nonaccrual
		With No								Loans Past Due Over
		Allowance								90 Days and Still
(In thousands)		for Credit Loss				Nonaccrual				Accruing Interest
Primary residential mortgage		$	3,168			$	3,168			$	—
Junior lien loan on residence			92				92				—
Multifamily property			15,294				53,105				—
Investment commercial real estate			9,754				11,684				—
Commercial and industrial			5,394				30,881				—
Lease financing			434				1,234				—
Consumer and other			4				4				—
Total		$	34,140			$	100,168			$	—

		2023
		Nonaccrual
		With No								Loans Past Due Over
		Allowance								90 Days and Still
(In thousands)		for Credit Loss				Nonaccrual				Accruing Interest
Primary residential mortgage		$	1,263			$	1,263			$	—
Junior lien loan on residence			100				100				—
Multifamily property			16,645				16,645				—
Investment commercial real estate			9,881				9,881				—
Commercial and industrial			3,965				31,430				—
Lease financing			946				2,002				—
Consumer and other			3				3				—
Total		$	32,803			$	61,324			$	—

Schedule of aging of past due loans

The following tables present the recorded investment in past due loans as of December 31, 2024 and 2023 by class of loans, excluding nonaccrual loans:

		2024
		30-59				60-89				Greater Than
		Days				Days				90 Days				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	1,143			$	199			$	—			$	1,342
Junior lien loan on residence			—				23				—				23
Commercial and industrial			1,696				1,809				—				3,505
Total		$	2,839			$	2,031			$	—			$	4,870

		2023
		30-59				60-89				Greater Than
		Days				Days				90 Days				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	2,448			$	1,061			$	—			$	3,509
Junior lien loan on residence			84				—				—				84
Multifamily property			11,814				—				—				11,814
Commercial and industrial			7,297				11,498				—				18,795
Consumer and other			387				—				—				387
Total		$	22,030			$	12,559			$	—			$	34,589

Schedule of credit risk profile of loans

The following is a summary of the credit risk profile of loans by internally assigned grade as of December 31, 2024 and 2023 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans:

		Grade as of December 31, 2024 for Loans Originated During
																						2019								Revolving-
(In thousands)		2024				2023				2022				2021				2020				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	73,532			$	90,214			$	109,903			$	73,777			$	53,434			$	198,266			$	405			$	5,663			$	605,194
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				1,075				93				—				442				2,234				—				—				3,844
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			73,532				91,289				109,996				73,777				53,876				200,500				405				5,663				609,038
Current period gross charge-offs			—				43				—				—				—				—				—				—				43
Junior lien loan on residence:
Pass			1,357				2,468				1,874				419				55				2,409				30,792				5,841				45,215
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				91				1				92
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			1,357				2,468				1,874				419				55				2,409				30,883				5,842				45,307
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Multifamily property:
Pass			29,275				51,583				456,162				602,288				117,288				414,192				1,950				43,488				1,716,226
Special mention			—				—				—				11,961				—				7,719				—				—				19,680
Substandard			—				—				13,366				7,195				—				43,287				—				—				63,848
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			29,275				51,583				469,528				621,444				117,288				465,198				1,950				43,488				1,799,754
Current period gross charge-offs			—				—				—				2,088				—				3,291				—				—				5,379
Owner-occupied commercial real estate:
Pass			32,693				7,662				24,802				43,469				18,970				126,666				14,647				3,707				272,616
Special mention			—				—				—				1,148				—				—				—				—				1,148
Substandard			—				—				—				—				—				1,325				—				—				1,325
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			32,693				7,662				24,802				44,617				18,970				127,991				14,647				3,707				275,089
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Investment commercial real estate:
Pass			39,906				123,864				169,645				136,994				55,551				371,046				18,473				38,620				954,099
Special mention			—				—				—				—				—				12,653				—				—				12,653
Substandard			—				—				9,754				—				—				1,930				—				—				11,684
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			39,906				123,864				179,399				136,994				55,551				385,629				18,473				38,620				978,436
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Commercial and industrial:
Pass			425,315				127,304				133,067				132,237				10,760				33,985				537,844				12,554				1,413,066
Special mention			—				210				—				12,205				—				187				—				435				13,037
Substandard			10,307				4,352				19,252				52				2,040				4,417				12,484				10,448				63,352
Doubtful			—				—				—				—				—				—				—				11				11
Total commercial and industrial			435,622				131,866				152,319				144,494				12,800				38,589				550,328				23,448				1,489,466
Current period gross charge-offs			93				—				—				—				241				—				—				11				345

Lease financing:
Pass			46,585				43,887				38,297				47,659				23,711				21,124				—				—				221,263
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				800				—				—				—				434				—				—				1,234
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			46,585				44,687				38,297				47,659				23,711				21,558				—				—				222,497
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Construction loans:
Pass			—				—				—				—				—				—				11,204				—				11,204
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				—				—				—				11,204				—				11,204
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Consumer and other loans:
Pass			31,687				100				4,943				3,265				120				4,009				33,194				2,843				80,161
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				4				—				4
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			31,687				100				4,943				3,265				120				4,009				33,198				2,843				80,165
Current period gross charge-offs			—				—				—				—				—				3				—				36				39
Total:
Pass			680,350				447,082				938,693				1,040,108				279,889				1,171,697				648,509				112,716				5,319,044
Special mention			—				210				—				25,314				—				20,559				—				435				46,518
Substandard			10,307				6,227				42,465				7,247				2,482				53,627				12,579				10,449				145,383
Doubtful			—				—				—				—				—				—				—				11				11
Total Loans		$	690,657			$	453,519			$	981,158			$	1,072,669			$	282,371			$	1,245,883			$	661,088			$	123,611			$	5,510,956
Total Current Period Gross Charge-offs		$	93			$	43			$	—			$	2,088			$	241			$	3,294			$	—			$	47			$	5,806

		Grade as of December 31, 2023 for Loans Originated During
																						2018								Revolving-
(In thousands)		2023				2022				2021				2020				2019				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	94,688			$	114,532			$	80,175			$	56,191			$	35,418			$	196,251			$	—			$	5,535			$	582,790
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				473				935				928				—				—				2,336
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			94,688				114,532				80,175				56,664				36,353				197,179				—				5,535				585,126
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Junior lien loan on residence:
Pass			872				1,394				135				—				530				808				29,620				6,680				40,039
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				163				1				164
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			872				1,394				135				—				530				808				29,783				6,681				40,203
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Multifamily property:
Pass			52,072				476,972				645,093				119,934				209,299				295,226				8,451				—				1,807,047
Special mention			—				—				—				—				—				1,650				—				—				1,650
Substandard			—				1,572				7,491				—				10,370				8,260				—				—				27,693
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			52,072				478,544				652,584				119,934				219,669				305,136				8,451				—				1,836,390
Current period gross charge-offs			—				—				2,223				—				—				—				—				—				2,223
Owner-occupied commercial real estate:
Pass			4,333				23,590				39,563				19,457				11,788				126,430				17,559				10,731				253,451
Special mention			—				—				1,197				—				—				—				462				—				1,659
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			4,333				23,590				40,760				19,457				11,788				126,430				18,021				10,731				255,110
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Investment commercial real estate:
Pass			125,568				173,660				150,026				57,811				144,447				314,411				30,124				13,379				1,009,426
Special mention			—				—				—				—				21,936				3,834				—				14,172				39,942
Substandard			—				9,881				—				—				1,948				—				—				—				11,829
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			125,568				183,541				150,026				57,811				168,331				318,245				30,124				27,551				1,061,197
Current period gross charge-offs			—				1,199				—				—				—				—				—				—				1,199
Commercial and industrial:
Pass			226,699				216,864				191,389				39,003				26,570				16,845				516,844				23,687				1,257,901
Special mention			—				—				758				—				1,161				190				14,232				194				16,535
Substandard			1,212				22,297				1,467				1,865				953				2,524				7,571				2,456				40,345
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial and industrial			227,911				239,161				193,614				40,868				28,684				19,559				538,647				26,337				1,314,781
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Lease financing:
Pass			50,706				42,447				61,547				39,710				24,113				19,287				—				—				237,810
Special mention			—				9,631				511				—				1,375				94				—				—				11,611
Substandard			1,056				—				—				—				946				—				—				—				2,002
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			51,762				52,078				62,058				39,710				26,434				19,381				—				—				251,423
Current period gross charge-offs			—				4,800				—				—				—				794				—				—				5,594
Construction loans:
Pass			—				—				—				—				—				—				17,987				—				17,987
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				—				—				—				17,987				—				17,987
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Consumer and other loans:
Pass			3,934				—				301				158				—				4,141				51,788				3,581				63,903
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				3				—				3
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			3,934				—				301				158				—				4,141				51,791				3,581				63,906
Current period gross charge-offs			—				—				—				—				—				—				139				—				139
Total:
Pass			558,872				1,049,459				1,168,229				332,264				452,165				973,399				672,373				63,593				5,270,354
Special mention			—				9,631				2,466				—				24,472				5,768				14,694				14,366				71,397
Substandard			2,268				33,750				8,958				2,338				15,152				11,712				7,737				2,457				84,372

Doubtful			—				—				—				—				—				—				—				—				—
Total Loans		$	561,140			$	1,092,840			$	1,179,653			$	334,602			$	491,789			$	990,879			$	694,804			$	80,416			$	5,426,123
Total Current Period Gross Charge-offs		$	—			$	5,999			$	2,223			$	—			$	—			$	794			$	139			$	—			$	9,155

Summary of Information Related to Modification

The following tables provide information related to the modifications during the year ended December 31, 2024 by pool segment and type of concession granted:

		Significant Payment Delay
		Year ended December 31, 2024
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Primary residential mortgage		$	648				0.11	%
Commercial and industrial			571				0.04
Total		$	1,219				0.15	%

		Interest Rate Reduction and
		Term Extension
		Year ended December 31, 2024
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	12,138				0.81	%
Total		$	12,138				0.81	%

		Significant Payment Delay and
		Term Extension
		Year ended December 31, 2024
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Investment commercial real estate		$	17,838				1.82	%
Commercial and industrial			15,300				1.03
Total		$	33,138				2.85	%

The following tables provide information related to the modifications during the year ended December 31, 2023 by pool segment and type of concession granted:

		Significant Payment Delay
		Year ended December 31, 2023
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	248				0.02	%
Total		$	248				0.02	%

		Interest Rate Reduction
		Year Ended December 31, 2023
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	3,006				0.23	%
Total		$	3,006				0.23	%

Schedule of Loan Modifications, Subsequent Default, By Payment Status

The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties as of December 31, 2024:

		Payment Status at December 31, 2024
						30-89 Days				90+ Days
(Dollars in thousands)		Current				Past Due				Past Due
Primary residential mortgage		$	533			$	115			$	—
Investment commercial real estate			17,838				—				—
Commercial and industrial			28,009				—				2,984
Total		$	46,380			$	115			$	2,984

The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through December 31, 2023:

		Payment Status at December 31, 2023
						30-89 Days				90+ Days
(Dollars in thousands)		Current				Past Due				Past Due
Commercial and industrial		$	3,254			$	—			$	—
Total		$	3,254			$	—			$	—

Schedule of Loan modifications resulted in payment default

The following table presents loans by class that were modified that failed to comply with the modified terms in the year following modification and resulted in a payment default during the year ended December 31, 2024:

		Amortized Cost Basis of Modified Loans
		That Subsequently Defaulted
		Year Ended December 31, 2024
						Significant
		Significant				Payment Delay and
(Dollars in thousands)		Payment Delay				Term Extension
Primary residential mortgage		$	648			$	—
Investment commercial real estate			—				17,838
Commercial and industrial			503				—
Total		$	1,151			$	17,838

The following table presents loans by class that were modified that failed to comply with the modified terms in the year following modification and resulted in a payment default during the year December 31, 2023:

		Amortized Cost Basis of Modified Loans
		That Subsequently Defaulted
		Year Ended December 31, 2023
		Interest Only				Interest
(Dollars in thousands)		Period Extension				Rate Reduction
Commercial and industrial		$	248			$	3,006
Total		$	248			$	3,006

X

- Definition

Financing receivable loan modifications resulted in payment default.

+ References

No definition available.

+ Details

Name:	pgc_FinancingReceivableLoanModificationsResultedInPaymentDefaultTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Financing Receivable Loan Modifications Subsequent Default By Payment Status.

+ References

No definition available.

+ Details

Name:	pgc_FinancingReceivableLoanModificationsSubsequentDefaultByPaymentStatusTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Financing receivable modified.

+ References

No definition available.

+ Details

Name:	pgc_FinancingReceivableModifiedTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of credit risk profile of loans.

+ References

No definition available.

+ Details

Name:	pgc_ScheduleOfCreditRiskProfileOfLoansTableTextBlock
Namespace Prefix:	pgc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ReceivablesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-16

+ Details

Name:	us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration