Peapack-Gladstone Financial Corp. Announces Unaudited Consolidated Earnings Results for the Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
For the year, the company reported net interest income of $52,776,000 against $51,403,000 a year ago. Income before income taxes was $14,763,000 against $16,101,000 a year ago. Net income available to common shareholders was $9,261,000 or $1.01 per diluted share against $9,222,000 or $1.05 per diluted share a year ago. Total revenue was $72,849,000 against $69,836,000 a year ago. Return on average assets was 0.54% against 0.61% a year ago. Return on average common equity was 7.37% against 8.03% a year ago. The book value per share at December 31, 2013 of $14.79 reflected improvement when compared to $14.12 at September 30, 2013 and $13.87 at December 31, 2012.
The company reported charge-offs, net of recoveries, for the fourth quarter of 2013 were $8,000 compared to $5.68 million for the December 2012 quarter.