XML 17 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

INVESTMENT SECURITIES | 3 Months Ended
--- | ---
Mar. 31, 2025
Investment Securities Available For Sale [Abstract] |
INVESTMENT SECURITIES | 2. INVESTMENT SECURITIES 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 March 31, 2025 and December 31, 2024 follows:
|  | March 31, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S government-sponsored agencies |  | $ | 244,818 |  |  | $ | — |  |  | $ | (41,420 | ) |  | $ | — |  |  | $ | 203,398 |
Mortgage-backed securities–residential |  |  | 629,148 |  |  |  | 3,305 |  |  |  | (42,116 | ) |  |  | — |  |  |  | 590,337 |
SBA pool securities |  |  | 26,483 |  |  |  | — |  |  |  | (2,772 | ) |  |  | — |  |  |  | 23,711 |
Corporate bond |  |  | 15,500 |  |  |  | 99 |  |  |  | (1,015 | ) |  |  | — |  |  |  | 14,584 |
Total securities available for sale |  | $ | 915,949 |  |  | $ | 3,404 |  |  | $ | (87,323 | ) |  | $ | — |  |  | $ | 832,030 |
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 40,000 |  |  | $ | — |  |  | $ | (2,112 | ) |  | $ | — |  |  | $ | 37,888 |
Mortgage-backed securities–residential |  |  | 60,285 |  |  |  | — |  |  |  | (9,486 | ) |  |  | — |  |  |  | 50,799 |
Total securities held to maturity |  | $ | 100,285 |  |  | $ | — |  |  | $ | (11,598 | ) |  | $ | — |  |  | $ | 88,687 |
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Credit 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 |
The following tables present 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 March 31, 2025 and December 31, 2024.
|  | March 31, 2025 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 203,398 |  |  | $ | (41,420 | ) |  | $ | 203,398 |  |  | $ | (41,420 | )
Mortgage-backed securities residential |  |  | 58,276 |  |  |  | (642 | ) |  |  | 218,198 |  |  |  | (41,474 | ) |  |  | 276,474 |  |  |  | (42,116 | )
SBA pool securities |  |  | 4,656 |  |  |  | (11 | ) |  |  | 19,055 |  |  |  | (2,761 | ) |  |  | 23,711 |  |  |  | (2,772 | )
Corporate bond |  |  | — |  |  |  | — |  |  |  | 8,985 |  |  |  | (1,015 | ) |  |  | 8,985 |  |  |  | (1,015 | )
Total securities available for sale |  | $ | 62,932 |  |  | $ | (653 | ) |  | $ | 449,636 |  |  | $ | (86,670 | ) |  | $ | 512,568 |  |  | $ | (87,323 | )
Securities Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | — |  |  | $ | — |  |  | $ | 37,888 |  |  | $ | (2,112 | ) |  | $ | 37,888 |  |  | $ | (2,112 | )
Mortgage-backed securities residential |  |  | — |  |  |  | — |  |  |  | 50,799 |  |  |  | (9,486 | ) |  |  | 50,799 |  |  |  | (9,486 | )
Total securities held to maturity |  | $ | — |  |  | $ | — |  |  | $ | 88,687 |  |  | $ | (11,598 | ) |  | $ | 88,687 |  |  | $ | (11,598 | )
Total securities |  | $ | 62,932 |  |  | $ | (653 | ) |  | $ | 538,323 |  |  | $ | (98,268 | ) |  | $ | 601,255 |  |  | $ | (98,921 | )
|  | December 31, 2024 |
|  | Duration of Unrealized Loss |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Approximate |  |  |  |  |  | Approximate |  |  |  |  |  | Approximate |  |  |  |
|  | 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 | )
Available for sale and held to maturity securities with a carrying value of $620.4 million and $98.3 million as of March 31, 2025, respectively, were pledged to secure public funds and for other purposes required or permitted by law. Available for sale and held to maturity securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statements of Income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of securities currently in a continuous loss position continue to make timely principal and interest payments and none of these securities were past due or were placed on nonaccrual status at March 31, 2025. Primarily all of the investment securities are backed by loans guaranteed by either U.S. government agencies or U.S government-sponsored entities, and management believes that default is highly unlikely given the lack of historical credit losses and governmental backing. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded for the three months ended March 31, 2025 or 2024, respectively. The Company has an investment in a CRA investment fund with a fair value of $13.2 million at March 31, 2025. This investment is classified as an equity security in our Consolidated Statements of Condition. This security had a gain of $195,000 for the three months ended March 31, 2025. This amount was included in the fair value adjustment for CRA equity security on the Consolidated Statements of Income.

X
- Definition Disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
Name: | pgc_AvailableForSaleSecuritiesTextBlock1
Namespace Prefix: | pgc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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