Peapack-Gladstone Financial Full Year 2023 Earnings: In Line With Expectations
Peapack-Gladstone Financial (NASDAQ:PGC) Full Year 2023 Results
Key Financial Results
Revenue: US$215.5m (down 8.7% from FY 2022).
Net income: US$48.9m (down 34% from FY 2022).
Profit margin: 23% (down from 31% in FY 2022). The decrease in margin was primarily driven by lower revenue.
EPS: US$2.74 (down from US$4.09 in FY 2022).
PGC Banking Performance Indicators
Net interest margin (NIM): 2.48% (down from 2.91% in FY 2022).
Non-performing loans: 1.13% (up from 0.36% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Peapack-Gladstone Financial Meets Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) was also in line with analyst expectations.
Looking ahead, revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's share price is broadly unchanged from a week ago.
Risk Analysis
You should always think about risks. Case in point, we've spotted 1 warning sign for Peapack-Gladstone Financial you should be aware of.
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