{"id":484449,"date":"2021-04-29T09:04:06","date_gmt":"2021-04-29T13:04:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/peapack-gladstone-financial-corporation-reports-strong-first-quarter-results-driven-by-noninterest-income-totaling-36-of-total-revenue\/"},"modified":"2021-04-29T09:04:06","modified_gmt":"2021-04-29T13:04:06","slug":"peapack-gladstone-financial-corporation-reports-strong-first-quarter-results-driven-by-noninterest-income-totaling-36-of-total-revenue","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/peapack-gladstone-financial-corporation-reports-strong-first-quarter-results-driven-by-noninterest-income-totaling-36-of-total-revenue\/","title":{"rendered":"Peapack-Gladstone Financial Corporation Reports Strong First Quarter Results, Driven By Noninterest Income Totaling 36% Of Total Revenue"},"content":{"rendered":"
\n

Bedminster, NJ, April 29, 2021 (GLOBE NEWSWIRE) — via NewMediaWire<\/u><\/a> — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC<\/strong>) (the \u201cCompany\u201d) announces its first quarter 2021 results.<\/p>\n

\n This earnings release should be read in conjunction with the Company\u2019s Q1 2021 Investor Update (and Supplemental Financial Information), a copy of which is available on our website at <\/em><\/strong>
\n
\n
\n
\n www.pgbank.com<\/u>
\n <\/em>
\n <\/strong>
\n <\/a>
\n
\n and<\/em>
\n <\/strong>
\n via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.\u00a0 <\/strong>\n <\/p>\n

The Company recorded total revenue of $49.61 million, net income of $13.18 million and diluted earnings per share (\u201cEPS\u201d) of $0.67 for the quarter ended March 31, 2021, compared to $46.27 million, $1.37 million and $0.07, respectively, for the same three month period ended March 31, 2020. <\/p>\n

The 2021 quarter included increased noninterest income, principally wealth management income and income from capital markets activities (which includes mortgage banking income, loan level back-to-back swap income, SBA loan income, and corporate advisory fee income). The 2021 quarter also included a significantly reduced provision for loan losses when compared to the same quarter last year. The 2021 quarter included a $225,000 provision while the 2020 quarter included a $20.0 million provision, which was due to the environment at that time created by the COVID-19 pandemic, which led to increased qualitative loss factors when calculating the allowance for loan losses. <\/p>\n

The 2021 three-month period also included $1.5 million of severance expense related to certain staff reorganizations within several areas of the Bank.\u00a0 The 2020 three-month period included a tax benefit of $3.2 million caused by the changes in the treatment of tax net operating losses (\u201cNOL\u201d) under the provisions of the Coronavirus Aid, Relief, and Economic Security (\u201cCARES\u201d) Act.\u00a0\u00a0 <\/p>\n

As previously disclosed, on January 28, 2021, the Company authorized the repurchase of up to 948,735 shares, or approximately 5% of its outstanding shares. During the first quarter of 2021 the Company purchased 158,033 shares at an average price of $27.71 for a total cost of $4.4 million under this program.<\/p>\n

Douglas L. Kennedy, President and CEO, said, \u201cOur capital is strong and we believe that purchasing the Company\u2019s stock is an opportunity for us to effectively manage our excess capital, while taking advantage of the Company\u2019s discounted valuation relative to peers.\u201d<\/p>\n

Mr. Kennedy also said, \u201cDuring the first quarter of 2021 the Company participated in the 2021 round of the Paycheck Protection Program (\u201cPPP\u201d) which created much needed funding to qualifying small businesses and organizations.\u00a0 We are proud to say that during the quarter we assisted with over $142 million of PPP loans – $47 million processed, closed and funded by the Bank, and another $95 million referred directly to a third party for processing and funding.\u00a0 The Company plans to sell the $46 million of loans in the second quarter to the same third party, who is extremely proficient in the servicing and forgiveness processes for PPP loans.\u201d<\/p>\n

\n
\n EXECUTIVE SUMMARY:<\/u>
\n <\/strong>\n <\/p>\n

The following tables summarize specified financial measures for the periods shown. <\/p>\n

\n March 2021 Quarter Compared to Prior Year Quarter<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n March<\/strong>
\n \u00a0<\/strong>
\n 31,<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n March<\/strong>
\n \u00a0<\/strong>
\n 31,<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Increase\/<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n (Dollars in millions, except per share data)<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2021<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (Decrease)<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Net interest income<\/td>\n\u00a0<\/td>\n$<\/td>\n31.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n31.75<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0<\/td>\n%<\/td>\n<\/tr>\n
Wealth management fee income (A)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.96<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capital markets activity (B)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.84<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.73<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.72<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.40<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total other income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14.52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.30<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses (C)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31.59<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28.24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.35<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pretax income before provision for loan losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18.03<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.01<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0<\/td>\n)<\/td>\n<\/tr>\n
Provision for loan and lease losses (D)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20.00<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19.77<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(99<\/td>\n)<\/td>\n<\/tr>\n
Pretax income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.97<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19.76<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN\/A<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense\/(benefit) (E)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3.34<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN\/A<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (C)<\/td>\n\u00a0<\/td>\n$<\/td>\n13.18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.37<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n11.81<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n862<\/td>\n%<\/td>\n<\/tr>\n
Diluted EPS<\/td>\n\u00a0<\/td>\n$<\/td>\n0.6747<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.0700<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.6047<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n864<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Revenue (F)<\/td>\n\u00a0<\/td>\n$<\/td>\n49.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n46.27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.34<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Return on average assets annualized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.89<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.11<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.78<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Return on average equity annualized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10.03<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.08<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n
    \n
  1. The March 2021 quarter included a full quarter of wealth management fee income and expense related to the December lift outs of teams from Lucas Capital Management (\u201cLucas\u201d) and Noyes Capital Management (\u201cNoyes\u201d) – approximately $600,000 of wealth management fee income and approximately $400,000 of operating expenses were recorded in the 2021 quarter. <\/li>\n
  2. Capital markets activity includes loan level back-to-back swap activities, the SBA lending and sale program, corporate advisory activities and mortgage banking activities. There were no fees related to loan level back-to-back swap activities in the quarter ended March 31, 2021, compared to $1.4 million in the March 2020 quarter. \u00a0<\/li>\n
  3. The quarter ended March 31, 2021 included $1.5 million of severance expense related to certain staff reorganization within several areas of the Bank. This expense reduced pretax income before provision for loan losses and pretax income by $1.5 million each; and reduced net income by $1.1 million; diluted EPS by $0.06; ROA by 0.08%; and ROE by 0.86%, respectively.\u00a0\u00a0 <\/li>\n
  4. The March 2020 quarter included a provision for loan and lease losses of $20.0 million, primarily due to the environment at that time created by the COVID-19 pandemic.<\/li>\n
  5. The March 2020 quarter included a $3.2 million tax benefit related to the carryback of tax NOLs to prior years when the Federal tax rate was 14% higher.<\/li>\n
  6. Total revenue equals net interest income plus total other income.<\/li>\n<\/ol>\n

    \n March 2021 Quarter Compared to Linked Quarter<\/p>\n

    <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n March<\/strong>
    \n \u00a0<\/strong>
    \n 31,<\/strong>\n <\/td>\n    		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n December<\/strong>
    \n \u00a0<\/strong>
    \n 31,<\/strong>\n <\/td>\n    		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Increase\/<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
    \n (Dollars in millions, except per share data)<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2021<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (Decrease)<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
    Net interest income<\/td>\n\u00a0<\/td>\n$<\/td>\n31.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n31.74<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0<\/td>\n%<\/td>\n<\/tr>\n
    Wealth management fee income (A)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.34<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Capital markets activity (B)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.90<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.67<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n88<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Other income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.71<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.41<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total other income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14.40<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.42<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Operating expenses (C)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31.59<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39.25<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7.66<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20<\/td>\n)<\/td>\n<\/tr>\n
    Pretax income before provision for loan losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.89<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.13<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n162<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Provision for loan and lease losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.35<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2.12<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(90<\/td>\n)<\/td>\n<\/tr>\n
    Pretax income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.54<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13.25<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n292<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.51<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n205<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net income (C)<\/td>\n\u00a0<\/td>\n$<\/td>\n13.18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.03<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n10.15<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n335<\/td>\n%<\/td>\n<\/tr>\n
    Diluted EPS<\/td>\n\u00a0<\/td>\n$<\/td>\n0.67<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.51<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n319<\/td>\n%<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Total Revenue (D)<\/td>\n\u00a0<\/td>\n$<\/td>\n49.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n46.14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.47<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8<\/td>\n%<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Return on average assets annualized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.89<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.21<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.68<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Return on average equity annualized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10.03<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.32<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.71<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n
      \n
    1. The March 2021 quarter included a full quarter of wealth management fee income and expense related to the lift outs of teams from Lucas and Noyes – approximately $600,000 of wealth management fee income and approximately $400,000 of operating expenses were recorded in the 2021 quarter. <\/li>\n
    2. Capital markets activity includes loan level back-to-back swap activities, the SBA lending and sale program, corporate advisory and mortgage banking activities.\u00a0 <\/li>\n
    3. The quarter ended March 31, 2021 included $1.5 million of severance expense related to certain staff reorganization within several areas of the Bank. This expense reduced pretax income before provision for loan losses and pretax income by $1.5 million each; and reduced net income by $1.1 million; diluted EPS by $0.06; ROA by 0.08%; and ROE by 0.86%, respectively.\u00a0\u00a0 The December 31, 2020 quarter included $4.8 million for the prepayment of FHLB advances, $4.4 million for the valuation allowance for a loan held for sale and $210,000 for the consolidation of two private banking locations.<\/li>\n
    4. Total revenue equals net interest income plus total other income.<\/li>\n<\/ol>\n

      \n The Company\u2019s near-term priorities include:<\/strong>\n <\/p>\n