Peapack-Gladstone Q3 revenue rises on higher net interest income
PGC•Peapack-Gladstone's third-quarter revenue rose 24% year over year to $87.5 million, below the $89.22 million analyst consensus, while EPS increased to $0.99 from $0.54. The company completed a $20 million convertible preferred stock issuance to support growth.
1. Quarterly results
Revenue growth was mainly driven by higher net interest income and improved earning-asset yields, the company said. Net interest income was $67.5 million, and net income was $18.5 million.
2. Outlook and capital
Peapack-Gladstone said it enters the fourth quarter with strong loan and deposit pipelines. It plans to focus on productivity, pricing, expense discipline and credit quality, and expects continued relationship-based balance sheet growth while maintaining capital levels.
