Peapack-gladstone Bank Mortgage Rates, Fees & Info

Bedminster, NJ

LEI: 549300FZJCP0WM3QJH15

Tax ID: 22-2491488

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Peapack-gladstone Bank is a smaller bank specializing in Refi loans. Peapack-gladstone Bank has a high proportion of conventional loans. Their top markets include New York, Philadelphia, Allentown, Miami, and Trenton among others. Peapack-gladstone Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Peapack-gladstone Bank is typically an average fee lendor.


Originations

701

Origination Dollar Volume (All Markets)

$915,685,000

Employee count

485

Awards

Peapack-Gladstone Bank 30 Year Conventional Loans gold Peapack-Gladstone Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Peapack-gladstone Bank's average 30 year fixed rate mortgage of loans were 2.76%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.39%.

Relative Fees

Peapack-gladstone Bank's average total fees for a 30 year fixed rate mortgage are $4,719.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 596 $821,620,000 $1,378,557 $4,383 2.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 16 $26,780,000 $1,673,750 $4,310 3.01%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 11 $15,625,000 $1,420,455 $3,334 2.56%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 12 $10,280,000 $856,667 $8,280 2.52%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 17 $6,795,000 $399,706 $3,960 2.43%
COLUMBUS, OH (FHA|USDA|VA) 1 $6,505,000 $6,505,000 $0 3.40%
DOVER, DE (FHA|USDA|VA) 1 $5,505,000 $5,505,000 $0 3.00%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $4,190,000 $2,095,000 $2,483 2.94%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $2,670,000 $667,500 $5,697 2.65%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,595,000 $531,667 $4,136 2.29%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $1,555,000 $311,000 $3,180 2.55%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $1,110,000 $555,000 $4,861 2.94%
SALISBURY, MD-DE (FHA|USDA|VA) 3 $1,075,000 $358,333 $4,984 2.87%
Outside of Metro Areas 2 $910,000 $455,000 $5,463 2.44%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 3 $825,000 $275,000 $3,805 2.78%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $805,000 $805,000 $0 3.50%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $805,000 $805,000 $5,048 2.50%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $760,000 $380,000 $3,621 2.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $705,000 $705,000 $3,975 2.50%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $655,000 $655,000 $4,437 2.63%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $640,000 $320,000 $2,960 2.12%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $545,000 $545,000 $5,379 2.88%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $525,000 $525,000 $3,443 2.50%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $455,000 $455,000 $4,356 2.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $410,000 $205,000 $2,806 2.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $295,000 $295,000 $3,000 2.38%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $295,000 $295,000 $3,514 2.88%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $285,000 $285,000 $4,399 2.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,659 2.50%
Tifton, GA (FHA|USDA|VA) 1 $265,000 $265,000 $2,735 2.88%
RICHMOND, VA (FHA|USDA|VA) 1 $215,000 $215,000 $2,892 3.50%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $215,000 $215,000 $3,789 2.38%
Rutland, VT (FHA|USDA|VA) 1 $205,000 $205,000 $3,494 3.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,503 2.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,606 2.63%

Peapack-gladstone Bank's top markets include New York, Philadelphia, Allentown, Miami, and Trenton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 701 $915,685,000 $1,306,255 $4,404 2.73%

For the 2021 period, Peapack-gladstone Bank's most frequently originated loan type of loans were Conventional, with 701 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 313 $663,365,000 $2,119,377 $3,421 2.78%
Home Purchase 201 $176,185,000 $876,542 $5,477 2.75%
Cash Out Refi 177 $72,915,000 $411,949 $4,472 2.59%
Other 6 $2,620,000 $436,667 $4,573 3.46%
Home Improvement 4 $600,000 $150,000 $1,268 3.41%

For the 2021, Peapack-gladstone Bank's most frequently cited loan purpose of loans were Refi, with 313 originations. The 2nd most popular reason of loans were Home Purchase, with 201 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 320 $142,610,000 $445,656 $4,719 2.76%
Other 183 $364,375,000 $1,991,120 $5,052 2.78%
15 Year 85 $28,575,000 $336,176 $3,174 2.13%
10 Year 78 $335,810,000 $4,305,256 $2,032 3.19%
20 Year 28 $9,000,000 $321,429 $3,087 2.50%
5 Year 6 $22,130,000 $3,688,333 $0 3.48%
3 Year 1 $13,185,000 $13,185,000 $0 4.25%

For the 2021, Peapack-gladstone Bank's most frequently cited loan length of loans were 30 Year, with 320 originations. The 2nd most popular length of loans were Other, with 183 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 477 $197,085,000 $413,176
$3k-4k 35 $13,065,000 $373,286
$1k-2k 31 $8,005,000 $258,226
$2k-3k 15 $5,575,000 $371,667
$5k+ 10 $5,170,000 $517,000

$4,719 of loans were Peapack-gladstone Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 477 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 289 $118,125,000 $408,737
2.5-3% 231 $96,165,000 $416,299
3-4% 178 $687,590,000 $3,862,865
4-5% 2 $13,200,000 $6,600,000
5-6% 1 $605,000 $605,000

During 2021, Peapack-gladstone Bank's average interest rate of loans were 2.76%, while their most frequently originated rate bucket of loans were <2.5%, with 289 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 260 $77,030,000 $296,269 $3,985 2.58%
$400k-600k 150 $71,790,000 $478,600 $5,052 2.61%
$1MM+ 145 $713,755,000 $4,922,448 $9,548 3.26%
$100k-200k 79 $12,215,000 $154,620 $2,963 2.46%
$600k-1MM 55 $40,215,000 $731,182 $5,809 2.74%
$100,000 or less 12 $680,000 $56,667 $1,925 2.99%

2021 saw Peapack-gladstone Bank place emphasis on $200k-400k loans with 260 originations, totaling $77,030,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$250k+ 125 $85,265,000 $682,120 $5,467 2.55%
$150k-250k 105 $39,535,000 $376,524 $3,953 2.54%
$100k-150k 97 $34,665,000 $357,371 $4,067 2.59%
$75k-100k 82 $24,400,000 $297,561 $3,568 2.53%
$50k-75k 57 $13,295,000 $233,246 $3,431 2.66%
$50k or less 20 $2,410,000 $120,500 $2,714 2.69%

Peapack-gladstone Bank lent most frequently to those with incomes in the $250k+ range, with 125 originations. The second most popular income band? $150k-250k, with 105 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 150 $59,520,000 $396,800 $4,360 2.59%
30-36% 131 $55,445,000 $423,244 $4,433 2.56%
<20% 71 $33,815,000 $476,268 $5,078 2.54%
43% 22 $7,800,000 $354,545 $4,157 2.62%
36% 21 $6,905,000 $328,810 $3,663 2.61%
46% 20 $6,880,000 $344,000 $4,735 2.77%
44% 18 $6,310,000 $350,556 $3,885 2.67%
42% 16 $5,200,000 $325,000 $3,976 2.55%
45% 15 $5,595,000 $373,000 $4,015 2.68%
37% 15 $6,635,000 $442,333 $5,072 2.65%
47% 14 $4,560,000 $325,714 $3,817 2.59%
48% 14 $4,970,000 $355,000 $3,760 2.49%
38% 14 $6,680,000 $477,143 $4,989 2.65%
39% 12 $3,660,000 $305,000 $4,226 2.41%
41% 11 $4,115,000 $374,091 $4,344 2.66%
40% 11 $4,895,000 $445,000 $4,251 2.65%
49% 8 $3,500,000 $437,500 $3,816 2.73%
50-60% 2 $960,000 $480,000 $3,559 2.19%
>60% 2 $1,000,000 $500,000 $5,758 2.50%

Peapack-gladstone Bank lent most frequently to those with DTI ratios of 20-30%, with 150 originations. The next most common DTI ratio? 30-36%, with 131 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 196 $708,540,000 $3,615,000 $6,310 3.16%
White 424 $173,600,000 $409,434 $4,125 2.57%
Not provided 50 $20,500,000 $410,000 $4,248 2.59%
Asian 20 $10,290,000 $514,500 $5,286 2.59%
Black 8 $2,270,000 $283,750 $3,574 2.44%
Native Hawaiian 1 $275,000 $275,000 $2,763 2.63%
American Indian 1 $105,000 $105,000 $3,232 2.88%
Filipino 1 $105,000 $105,000 $2,677 2.25%

Approval Rates

Total approvals of all applications
96.27%

Peapack-gladstone Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
87.82%

Peapack-gladstone Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 701 $915,685,000 $1,306,255

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
701 $915,685,000 $1,306,255

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 64 $31,240,000 $488,125 $3,522 2.54%
40-60% 159 $141,675,000 $891,038 $3,679 2.57%
60-80% 349 $690,195,000 $1,977,636 $4,754 2.85%
80-100% 115 $47,565,000 $413,609 $5,185 2.69%
Under 20% 14 $5,010,000 $357,857 $2,133 3.02%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Peapack-Gladstone Bank 104 Ely Rd Boonton, NJ 7005 Full Service B&M $15,510
Peapack-Gladstone Bank 438 High Bridge-Califon Road Califon, NJ 7830 Full Service B&M $130,310
Peapack-Gladstone Bank 468 Route 206 North Bedminster, NJ 7921 Full Service B&M $580,893
Peapack-Gladstone Bank 48 Deforest Avenue Summit, NJ 7901 Full Service B&M $314,698
Peapack-Gladstone Bank 500 Hills Drive Bedminster, NJ 7921 Limited, Drive-thru $3,271
Peapack-Gladstone Bank 500 Hills Drive Suite 300 Bedminster, NJ 7921 Full Service B&M $1,445,897
Peapack-Gladstone Bank 58 Mountain Boulevard Warren, NJ 7059 Full Service B&M $212,874
Peapack-Gladstone Bank 59 East Mill Road Long Valley, NJ 7853 Full Service B&M $117,311
Peapack-Gladstone Bank 619 East Main Street Bridgewater, NJ 8807 Full Service B&M $153,027
Peapack-Gladstone Bank 8000 Fellowship Road Basking Ridge, NJ 7920 Full Service B&M $18,095
Peapack-Gladstone Bank 11 Pottersville Road Pottersville, NJ 7979 Full Service B&M $35,934
Peapack-Gladstone Bank 169 Lamington Road Oldwick, NJ 8858 Full Service B&M $206,251
Peapack-Gladstone Bank 17 East Main Street Mendham, NJ 7945 Full Service B&M $166,917
Peapack-Gladstone Bank 189 Center St Clinton, NJ 8809 Full Service B&M $121,040
Peapack-Gladstone Bank 233 South Street Morristown, NJ 7960 Full Service B&M $405,020
Peapack-Gladstone Bank 26 Dumont Road Far Hills, NJ 7931 Full Service B&M $105,190
Peapack-Gladstone Bank 278 Green Village Road Green Village, NJ 7935 Full Service B&M $300,777
Peapack-Gladstone Bank 311 Main Street Chatham, NJ 7928 Full Service B&M $120,220
Peapack-Gladstone Bank 350 Main Street Chester, NJ 7930 Full Service B&M $120,895
Peapack-Gladstone Bank 36 Morristown Road Bernardsville, NJ 7924 Full Service B&M $238,672
Peapack-Gladstone Bank 417 Route 206 North Hillsborough, NJ 8844 Full Service B&M $132,356

For 2021, Peapack-gladstone Bank had 21 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $160,067
Net interest income $145,073
Total noninterest income $72,676
Gross Fiduciary activities income $52,137
Service charges on deposit accounts $1,773
Trading account gains and fees $0
Additional Noninterest Income $18,766
Pre-tax net operating income $86,708
Securities gains (or losses, -) $-432
Income before extraordinary items $62,897
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $62,897
Minority interest net income $0
Net income $62,897
Sale, conversion, retirement of capital stock, net $0
Net operating income $63,238

Peapack-gladstone Bank's gross interest income from loans was $160,067,000.
Peapack-gladstone Bank's net interest income from loans was $145,073,000.
Peapack-gladstone Bank's fee based income from loans was $1,773,000.
Peapack-gladstone Bank's net income from loans was $62,897,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $14,994
Provision for credit losses $6,475
Total noninterest expense $124,566
Salaries and employee benefits $81,864
Premises and equipment expense $17,150
Additional noninterest expense $25,552
Applicable income taxes $23,379
Net charge-offs $12,087
Cash dividends $0

Peapack-gladstone Bank's interest expense for loans was $14,994,000.
Peapack-gladstone Bank's payroll and benefits expense were $81,864,000.
Peapack-gladstone Bank's property, plant and equipment expenses $17,150,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $5,294,201
Deposits held in domestic offices $5,294,201
Deposits by Individuals, partnerships, and corporations $5,028,393
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $265,809
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,565,461
Demand deposits $297,152
Nontransaction accounts $3,728,741
Money market deposit accounts (MMDAs) $3,099,018
Other savings deposits (excluding MMDAs) $154,915
Total time deposits $474,808
Total time and savings deposits $4,997,050
Noninterest-bearing deposits $984,013
Interest-bearing deposits $4,310,188
Retail deposits $5,034,972
IRAs and Keogh plan accounts $56,545
Brokered deposits $118,818
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $6,077,480
Cash & Balances due from depository institutions $146,804
Interest-bearing balances $140,875
Total securities $920,118
Federal funds sold & reverse repurchase $0
Net loans and leases $4,782,115
Loan and leases loss allowance $61,697
Trading account assets $0
Bank premises and fixed assets $36,401
Other real estate owned $0
Goodwill and other intangibles $50,573
All other assets $141,469

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $6,077,480
Total Liabilities $5,426,538
Total deposits $5,294,201
Interest-bearing deposits $4,310,188
Deposits held in domestic offices $5,294,201
% insured (estimated) $82
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $5,820
Subordinated debt $0
All other liabilities $126,517

Issued Loan Types

Type Value (in 000's)
Net loans and leases $4,782,115
Loan and leases loss allowance $61,697
Total loans and leases (domestic) $4,843,812
All real estate loans $3,437,631
Real estate loans in domestic offices $3,437,631
Construction and development loans $24,204
Residential 1-4 family construction $4,075
Other construction, all land development and other land $20,129
Loans secured by nonfarm nonresidential properties $1,263,796
Nonfarm nonresidential secured by owner-occupied properties $252,603
Commercial real estate & other non-farm, non-residential $1,011,193
Multifamily residential real estate $1,595,866
1-4 family residential loans $546,894
Farmland loans $6,871
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $1,019,535
To non-U.S. addressees $0
Loans to individuals $29,441
Credit card loans $0
Related Plans $29,308
Consumer Auto Loans $37
Other loans to individuals $96
All other loans & leases $357,205
Loans to foreign governments and official institutions $0
Other loans $4,499
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $2,479
Non 1-4 family restructured loans & leases $2,089
Total loans and leases (foreign) $0

Peapack-Gladstone Bank had $4,782,115,000 of loans outstanding in 2021. $3,437,631,000 of loans were in real estate loans. $24,204,000 of loans were in development loans. $1,595,866,000 of loans were in multifamily mortgage loans. $546,894,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $37,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 193 $56,324 $291,834
Nonfarm, nonresidential loans - <$100k 11 $363 $33,000
Nonfarm, nonresidential loans - $100-250k 48 $4,884 $101,750
Nonfarm, nonresidential loans - $250k-1MM 134 $51,077 $381,172
Commercial & Industrial, US addressed loans - <$1MM 354 $43,829 $123,811
Commercial & Industrial, US addressed loans - <$100k 110 $2,057 $18,700
Commercial & Industrial, US addressed loans - $100-250k 65 $5,374 $82,677
Commercial & Industrial, US addressed loans - $250k-1MM 179 $36,398 $203,341
Farmland loans - <$1MM 5 $1,734 $346,800
Farmland loans - $250k-1MM 5 $1,734 $346,800