Exhibit 99.1

Contact:

Jeffrey J. Carfora, SEVP and CFO

Peapack-Gladstone Financial Corporation

T: 908-719-4308

PEAPACK-GLADSTONE FINANCIAL CORPORATION

REPORTS FOURTH QUARTER AND FULL YEAR RESULTS AND

DECLARES ITS QUARTERLY CASH DIVIDEND

Bedminster, N.J. – January 25, 2019 –

Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the “Company”) recorded net income of $44.17 million and diluted earnings per share of $2.31 for the year ended December 31, 2018, compared to $36.50 million and $2.03, respectively, for the year ended December 31, 2017, reflecting increases of $7.67 million, or 21%, and $0.28 per share, or 14%, respectively.

The Company’s total revenue increased $13.59 million when comparing the 2018 year to the 2017 year. Of the total revenue increase, $10.07 million (or 74%) was provided by increased wealth management fee income.  Douglas L. Kennedy, President and CEO, said “Our Strategy has driven continued growth in our wealth management business, both organically and through acquisition. Our wealth management focus provides a more stable and predictable revenue stream over time than other sources of income.”

For the quarter ended December 31, 2018, the Company recorded net income of $10.73 million and diluted earnings per share of $0.55, compared to $10.37 million and $0.56 for the same three-month period last year. The 2018 quarter included a $4.39 million loss on sale of multifamily loans and a $405,000 write down of intangible assets (non-taxable), partially offset by $3.00 million of life insurance proceeds related to the December 31, 2018 passing of the founder and managing principle of Murphy Capital Management (also non-taxable). These three items reduced net income by $655,000 and reduced earnings per share by $0.04 for the December 2018 quarter.

EXECUTIVE SUMMARY:

 

The following tables summarize specified financial measures for the periods shown.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year over Year Comparison

 

 

 

Year

 

 

 

Year

 

 

Increase/

 

(Dollars in millions, except per share data)

 

2018 (1)(2)

 

 

 

2017

 

 

(Decrease)

 

Net interest income

 

$

115.16

 

 

 

$

111.14

 

 

$

4.02

 

 

 

4

%

Provision for loan and lease losses

 

 

3.55

 

 

 

 

5.85

 

 

 

(2.30

)

 

 

(39

)

Net interest income after provision

 

 

111.61

 

 

 

 

105.29

 

 

 

6.32

 

 

 

6

 

Wealth management fee income

 

 

33.25

 

 

 

 

23.18

 

 

 

10.07

 

 

 

43

 

Other income

 

 

10.95

 

 

 

 

11.45

 

 

 

(0.50

)

 

 

(4

)

Total other income

 

 

44.20

 

 

 

 

34.63

 

 

 

9.57

 

 

 

28

 

Operating expenses

 

 

98.09

 

 

 

 

85.61

 

 

 

12.48

 

 

 

15

 

Pretax income

 

 

57.72

 

 

 

 

54.31

 

 

 

3.41

 

 

 

6

 

Income tax expense

 

 

13.55

 

(3)

 

 

17.81

 

 

 

(4.26

)

 

 

(24

)

Net income

 

$

44.17

 

 

 

$

36.50

 

 

$

7.67

 

 

 

21

%

Diluted EPS

 

$

2.31

 

 

 

$

2.03

 

 

$

0.28

 

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.02

%

 

 

 

0.89

%

 

 

0.13

 

 

 

 

 

Return on average equity

 

 

10.13

%

 

 

 

10.12

%

 

 

0.01

 

 

 

 

 

1


The following information was filed by Peapack Gladstone Financial Corp (PGC) on Friday, January 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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