Peapack-Gladstone reports Q4 EPS 48c, consensus 45c

Reports Q4 revenue $54.3M, consensus $54.86M. Douglas Kennedy, president and CEO said, “The fourth quarter brings an end to an incredibly challenging year for the financial services industry. A year that began with questions regarding liquidity and uninsured deposit balances combined with several interest rate increases by the Federal Reserve Bank in an effort to control inflation, which resulted in a turbulent ride from beginning to end. Our net interest margin stabilized during the fourth quarter which provides an encouraging sign as we turn the calendar to 2024. We continue to generate a consistent stream of noninterest income led by our Wealth Management Team. Noninterest income represented 32% of total revenue during 2023.”