Apr. 23 at 8:44 PM
$PGC Peapack-Gladstone reports Q1 EPS 48c, consensus 51c
Reports Q1 revenue
$53.1M, one estimate
$55.07M.The net interest margin declined to 2.20% for the quarter ended March 31 compared to 2.29% for the quarter ended December 31 and 2.88% for the quarter ended March 31, 2023. During the first quarter of 2024, deposits grew
$202.6M to
$5.48 B loans decreased
$73.7M to
$5.36 billion and overnight borrowings were reduced by
$284.3M . The company's liquidity position remains stable as balance sheet liquidity, as a percentage of total assets, increased to 12.1% or
$776.8M.
"The first quarter continued to present headwinds for our organization with margin compression and credit quality our primary areas of concern. As we work through this challenging economic environment, we continue to thoroughly analyze our loan portfolio for areas of potential stress. We are fortunate to be able to rely on a consistent stream of fee revenue in this difficult interest rate environment led by Wealth Management fees and other noninterest income which represented 35% of total revenue in the first quarter of 2024."
