Peapack-Gladstone Financial Corporation reported a net income of $33.0 million for the fiscal year ending December 31, 2024, translating to diluted earnings per share of $1.85. This represents a significant decrease from the previous year's net income of $48.9 million and diluted earnings per share of $2.71, marking a decline of 32% in both metrics. The company's total assets increased to $7.0 billion, up from $6.5 billion in 2023, driven by a 16% rise in total deposits, which reached $6.1 billion, compared to $5.3 billion the prior year.
The decline in profitability was primarily attributed to increased operating expenses associated with the company's strategic expansion into the New York City market, which included hiring experienced professionals and opening new office locations. Operating expenses rose to $175.7 million, an increase of 18% from $148.3 million in 2023. Despite these challenges, Peapack-Gladstone's wealth management division saw a 10% increase in fee income, totaling $61.5 million, supported by a 9% growth in assets under management, which reached $11.9 billion.
In terms of operational metrics, the company reported a total loan portfolio of $5.5 billion, reflecting a modest increase of 2% from the previous year. The composition of loans included 43% in commercial and industrial loans, while noninterest-bearing demand deposits increased by 16% to $1.1 billion. The allowance for credit losses rose to $73.0 million, up from $65.9 million in 2023, with a provision for credit losses of $7.5 million recorded during the year.
Looking ahead, Peapack-Gladstone Financial Corporation remains focused on executing its strategic plan, which emphasizes growth in its wealth management business and commercial lending. The company aims to leverage its recent expansion efforts to enhance its market presence and client relationships, particularly in the competitive New York City market. Management expressed confidence in the company's ability to navigate the current economic landscape and continue to deliver value to its shareholders.
About PEAPACK GLADSTONE FINANCIAL CORP
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