Peapack-Gladstone reports Q2 EPS 42c, consensus 34c

Reports Q2 revenue $56.6M, consensus $53.89M. Douglas Kennedy, president and CEO said, “One year ago we announced our strategic decision to expand our footprint into New York City with the addition of a team of experienced banking professionals and a new office on Park Avenue. During the second quarter of this year, we have taken another step to enhance our expansion effort with the addition of thirteen (13) commercial private banking teams that bring with them decades of experience and deep client relationships in the metro New York market. Our second quarter results demonstrate the progress and momentum we are building toward a successful destination. Growth in customer deposits in an extremely competitive environment, improvement in our net interest margin, along with an enhanced liquidity profile are evidence of the positive results we are striving to achieve.”