PGC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-08

• an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions, which could affect the demand for loans and deposits or have an adverse effect on the ability of consumers and businesses to pay debts;

• impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels;

• changes in the methodology and assumptions used to calculate the allowance for credit losses;

• The increase in total revenue for the first quarter of 2026 was primarily due to higher net interest income of $14.4 million offset by increases in operating expenses and provision for credit losses. The increase in operating expenses was principally attributable to the addition of new employees rel…

• OFF-BALANCE SHEET ARRANGEMENTS: For a discussion of our off-balance sheet arrangements, see the information set forth in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Ope…

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• a decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions;

• The increase in total revenue for the third quarter of 2025 was primarily due to higher interest income of $9.3 million to $92.5 million due to an increase in the average balance of loans. In addition, interest expense declined by $3.6 million due to improvements in the cost on average interest-bear…

• For the nine months ended September 30, 2025, the Company recorded total revenue of $204.8 million, pretax income of $35.3 million, net income of $25.2 million and diluted earnings per share of $1.42, compared to revenue of $166.3 million, pretax income of $32.7 million, net income of $23.7 million …

• Net income for the three and nine months ended September 30, 2025 was impacted by increased operating expenses, principally attributable to the addition of new employees related to the Company's expansion into New York City and Long Island and the expansion of the equipment financing team, increased…

• OFF-BALANCE SHEET ARRANGEMENTS: For a discussion of our off-balance sheet arrangements, see the information set forth in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Ope…

Text added vs the prior filing · source: 10-Q · 2026-05-08

• The Company's interest rate sensitivity models indicate that, as of March 31, 2026, the Company is modestly liability sensitive in the near term, with net interest income declining in the first year under rising rate scenarios but improving in the second year, while sustained decreases in market rat…

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• The Company's interest rate sensitivity models indicate the Company is liability sensitive as of September 30, 2025 and that net interest income would decline in a rising rate environment, but improve in a falling rate environment.

• not provide a precise forecast of the effect of changes in market interest rates on our net interest income and will differ from actual results.

Text removed vs the prior filing · source: 10-Q · 2025-11-07

• On November 7, 2025, the Company and the Bank entered into Amended and Restated Retirement Transition Agreements with Douglas L. Kennedy, President and Chief Executive Officer of the Company and the Bank, John P. Babcock, Senior Executive Vice President of the Company, and Robert A. Plante, Executiv…

• The foregoing description of the Amended and Restated Retirement Transition Agreements does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Retirement Transition Agreements included as Exhibits 10.1, 10.2, and 10.3 to this Quarterly Report on Form…