Peapack-Gladstone Financial (PGC) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Cover [Abstract]
Entity Registrant Name	PEAPACK-GLADSTONE FINANCIAL CORPORATION
Entity Central Index Key	0001050743
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		17,887,895
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Trading Symbol	PGC
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-16197
Entity Tax Identification Number	22-3537895
Entity Address, Address Line One	500 Hills Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Bedminster
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07921-0700
City Area Code	908
Local Phone Number	234-0700
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	NJ
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, no par value
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF COND

CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks		$ 4,859	$ 5,937
Interest-earning deposits		166,769	184,138
Total cash and cash equivalents		171,628	190,075
Securities available for sale		540,519	554,648
Securities held to maturity (fair value $95,501 at June 30, 2023 and $87,187 at December 31, 2022)		110,438	102,291
CRA equity security, at fair value		12,985	12,985
FHLB and FRB stock, at cost	[1]	35,402	30,672
Loans held for sale, at lower of cost or fair value		14,198	15,626
Loans		5,435,016	5,285,246
Less: allowance for credit losses		62,704	60,829
Net loans		5,372,312	5,224,417
Premises and equipment		23,814	23,831
Other real estate owned			116
Accrued interest receivable		20,865	25,157
Bank owned life insurance		47,382	47,147
Goodwill		36,212	36,212
Other intangible assets		10,412	11,121
Finance lease right-of-use assets		2,461	2,835
Operating lease right-of-use assets		13,500	12,873
Other assets		67,572	63,587
TOTAL ASSETS		6,479,700	6,353,593
Deposits:
Noninterest-bearing demand deposits		1,024,105	1,246,066
Interest-bearing deposits:
Checking	[2]	2,816,913	2,143,611
Savings		120,082	157,338
Money market accounts		763,026	1,228,234
Certificates of deposit - retail		384,106	318,573
Certificates of deposit - listing service		10,822	25,358
Subtotal deposits		5,119,054	5,119,180
Interest-bearing demand - brokered		10,000	60,000
Certificates of deposit - brokered		69,443	25,984
Total deposits		5,198,497	5,205,164
Short-term borrowings		485,360	379,530
Finance lease liabilities		4,071	4,696
Operating lease liabilities		14,308	13,704
Subordinated debt, net		133,131	132,987
Deferred tax liabilities, net		8,334	15,432
Accrued expenses and other liabilities		70,930	69,100
TOTAL LIABILITIES		5,914,631	5,820,613
SHAREHOLDERS’ EQUITY
Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,348,808 at June 30, 2023 and 21,007,350 at December 31, 2022; outstanding shares, 17,887,895 at June 30, 2023 and 17,813,451 at December 31, 2022)		17,797	17,513
Surplus		342,137	338,706
Treasury stock at cost (3,460,913 shares at June 30, 2023 and 3,193,899 shares at December 31, 2022)		(105,393)	(97,826)
Retained earnings		378,525	348,798
Accumulated other comprehensive loss, net of income tax		(67,997)	(74,211)
TOTAL SHAREHOLDERS’ EQUITY		565,069	532,980
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY		$ 6,479,700	$ 6,353,593
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank." Interest-bearing checking includes $ 895.3 million at June 30, 2023 and $ 620.1 million at December 31, 2022 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Securities held to maturity fair value	$ 95,501	$ 87,187
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	500,000	500,000
Preferred stock, liquidation preference per share	$ 1,000	$ 1,000
Common stock, stated value	$ 0.83	$ 0.83
Common stock, shares authorized	42,000,000	42,000,000
Common stock, shares issued	21,348,808	21,007,350
Common stock, shares outstanding	17,887,895	17,813,451
Treasury stock, shares	3,460,913	3,193,899

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INTEREST INCOME
Interest and fees on loans	$ 68,490	$ 44,641	$ 132,962	$ 85,113
Interest on investments:
Taxable	4,900	3,535	9,371	7,142
Tax-exempt	9	18	17	39
Interest on loans held for sale	2	12	4	23
Interest on interest-earning deposits	1,451	314	2,989	343
Total interest income	74,852	48,520	145,343	92,660
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts	26,117	2,914	47,500	4,696
Interest on certificates of deposit	2,462	651	4,191	1,257
Interest on borrowed funds	5,384	10	6,680	74
Interest on finance lease liability	50	64	103	132
Interest on subordinated debt	1,597	1,363	3,236	2,727
Subtotal - interest expense	35,610	5,002	61,710	8,886
Interest on interest-bearing demand - brokered	125	364	333	737
Interest on certificates of deposits - brokered	196	261	401	522
Total interest expense	35,931	5,627	62,444	10,145
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES	38,921	42,893	82,899	82,515
Provision for credit losses	1,696	1,449	3,209	3,824
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	37,225	41,444	79,690	78,691
OTHER INCOME
Wealth management fee income	14,252	13,891	28,014	28,725
Service charges and fees	1,320	1,063	2,578	2,015
Bank owned life insurance	305	310	602	623
Gain on loans held for sale at fair value (mortgage banking)	15	151	36	398
Gain on sale of SBA loans	838	2,675	1,703	5,519
Corporate advisory fee income	15	33	95	1,594
Other income	2,039	860	3,606	2,114
Loss on securities sale, net				(6,609)
Fair value adjustment for CRA equity security	(209)	(475)		(1,157)
Total other income	18,575	18,508	36,634	33,222
OPERATING EXPENSES
Compensation and employee benefits	26,354	21,882	50,940	44,331
Premises and equipment	4,729	4,640	9,103	9,287
FDIC insurance expense	729	503	1,440	974
Swap valuation allowance				673
Other operating expense	5,880	5,634	11,783	11,563
Total operating expenses	37,692	32,659	73,266	66,828
INCOME BEFORE INCOME TAX EXPENSE	18,108	27,293	43,058	45,085
Income tax expense	4,963	7,193	11,558	11,544
NET INCOME	$ 13,145	$ 20,100	$ 31,500	$ 33,541
EARNINGS PER SHARE
Basic	$ 0.73	$ 1.10	$ 1.76	$ 1.83
Diluted	$ 0.73	$ 1.08	$ 1.74	$ 1.79
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic	17,930,611	18,325,605	17,886,154	18,332,272
Diluted	18,078,848	18,637,340	18,153,267	18,782,559

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 13,145	$ 20,100	$ 31,500	$ 33,541
Unrealized gains/(losses) on available for sale securities:
Unrealized holding gains/(losses) arising during the period	(7,022)	(24,475)	1,747	(71,274)
Reclassification adjustment for amounts included in net income				6,609
Before tax	(7,022)	(24,475)	1,747	(64,665)
Tax effect	3,226	5,856	3,178	15,472
Net of tax	(3,796)	(18,619)	4,925	(49,193)
Unrealized gains/(losses) on cash flow hedges:
Unrealized holding gains/(losses) arising during the period	4,775	1,155	2,043	3,951
Reclassification adjustment for amounts included in net income	(42)		(84)
Before tax	4,733	1,155	1,959	3,951
Tax effect	(1,489)	(325)	(670)	(1,111)
Net of tax	3,244	830	1,289	2,840
Total other comprehensive income/(loss)	(552)	(17,789)	6,214	(46,353)
Total comprehensive income/(loss)	$ 12,593	$ 2,311	$ 37,714	$ (12,812)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock [Member]	Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Surplus [Member]	Surplus [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Treasury Stock [Member]	Treasury Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Other Comprehensive Loss [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Balance at Dec. 31, 2021	$ 546,388		$ 550,297	$ 17,220	$ 17,220	$ 332,358	$ 332,358	$ (65,104)	$ (65,104)	$ 274,288		$ 278,197	$ (12,374)	$ (12,374)
Balance (ASU 2016-13 [Member]) at Dec. 31, 2021		$ 3,909									$ 3,909
Net income	33,541									33,541
Comprehensive income (loss)	(46,353)												(46,353)
Restricted stock units issued shares				270		(270)
Restricted stock units repurchased on vesting to pay taxes	(2,701)			(62)		(2,639)
Amortization of restricted stock units	4,391					4,391
Cash dividends declared on common stock	(1,839)									(1,839)
Share repurchase	(17,621)							(17,621)
Common stock options exercised shares	122			8		114
Exercise of warrants				18		(18)
Issuance of shares for Employee Stock Purchase Plan	487			12		475
Balance at Jun. 30, 2022	520,324			17,466		334,411		(82,725)		309,899			(58,727)
Balance at Mar. 31, 2022	523,426			17,450		332,474		(76,278)		290,718			(40,938)
Net income	20,100									20,100
Comprehensive income (loss)	(17,789)												(17,789)
Restricted stock units issued shares				14		(14)
Restricted stock units repurchased on vesting to pay taxes	(197)			(5)		(192)
Amortization of restricted stock units	1,916					1,916
Cash dividends declared on common stock	(919)									(919)
Share repurchase	(6,447)							(6,447)
Common stock options exercised shares	2			1		1
Issuance of shares for Employee Stock Purchase Plan	232			6		226
Balance at Jun. 30, 2022	520,324			17,466		334,411		(82,725)		309,899			(58,727)
Balance at Dec. 31, 2022	532,980			17,513		338,706		(97,826)		348,798			(74,211)
Net income	31,500									31,500
Comprehensive income (loss)	6,214												6,214
Restricted stock units issued shares	68			359		(291)
Restricted stock units repurchased on vesting to pay taxes	(3,258)			(90)		(3,168)
Amortization of restricted stock units	6,309					6,309
Cash dividends declared on common stock	(1,773)									(1,773)
Share repurchase	(7,567)							(7,567)
Common stock options exercised shares	19			1		18
Issuance of shares for Employee Stock Purchase Plan	577			14		563
Balance at Jun. 30, 2023	565,069			17,797		342,137		(105,393)		378,525			(67,997)
Balance at Mar. 31, 2023	554,958			17,750		339,060		(100,677)		366,270			(67,445)
Net income	13,145									13,145
Comprehensive income (loss)	(552)												(552)
Restricted stock units issued shares	68			65		3
Restricted stock units repurchased on vesting to pay taxes	(881)			(27)		(854)
Amortization of restricted stock units	3,643					3,643
Cash dividends declared on common stock	(890)									(890)
Share repurchase	(4,716)							(4,716)
Common stock options exercised shares	15			1		14
Issuance of shares for Employee Stock Purchase Plan	279			8		271
Balance at Jun. 30, 2023	$ 565,069			$ 17,797		$ 342,137		$ (105,393)		$ 378,525			$ (67,997)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Shares outstanding			17,813,451
Common stock options exercised, shares			1,400
Issuance of shares for Employee Stock Purchase Plan, shares	10,108	7,120	17,641	13,928
Shares outstanding	17,887,895		17,887,895
Common Stock [Member]
Shares outstanding	18,014,757	18,370,312	17,813,451	18,393,888
Restricted stock units issued, shares	77,986	18,923	430,620	325,607
Restricted stock units/awards repurchased on vesting to pay taxes, shares	(31,996)	(6,446)	(108,143)	(74,445)
Cash dividends declared on common stock, per share	$ 0.05	$ 0.05	$ 0.10	$ 0.10
Share repurchase, share	(184,000)	(200,000)	(267,014)	(499,878)
Common stock options exercised, shares	1,100	100	1,400	9,360
Common stock options exercised, used to exercise, shares	60		60
Common stock options exercised, net of shares used to exercise, shares	1,040		1,340
Exercise of warrants, shares				49,860
Exercise of warrants, used to exercise, shares				28,311
Exercise of warrants, net of shares used to exercise, shares				21,549
Issuance of shares for Employee Stock Purchase Plan, shares	10,108	7,120	17,641	13,928
Shares outstanding	17,887,895	18,190,009	17,887,895	18,190,009

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES:
Net income		$ 31,500	$ 33,541
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,769	1,697
Amortization of premium and accretion of discount on securities, net		328	1,459
Amortization of restricted stock		6,309	4,391
Amortization of intangible assets		709	820
Amortization of subordinated debt costs		144	143
Provision for credit losses		3,209	3,824
Swap valuation allowance			673
Deferred tax benefit		(4,475)	(3,582)
Stock-based compensation and employee stock purchase plan expense		106	77
Fair value adjustment for equity security			1,157
Loss on securities available for sale			6,609
Loans originated for sale	[1]	(20,987)	(49,372)
Proceeds from sales of loans held for sale	[1]	24,155	71,909
Gain on loans held for sale	[1]	(1,739)	(5,917)
Loss on disposal of fixed assets		6
Increase in cash surrender value of life insurance, net		(235)	(281)
Decrease/(Increase) in accrued interest receivable		4,292	(1,879)
Increase)/decrease in other assets		(3,137)	5,292
Increase/(decrease) in accrued expenses and other liabilities		2,071	(358)
NET CASH PROVIDED BY OPERATING ACTIVITIES		44,025	70,203
INVESTING ACTIVITIES:
Principal repayments, maturities and calls of securities available for sale		316,474	201,282
Principal repayments, maturities and calls of securities held to maturity		2,161	3,570
Redemptions of FHLB and FRB stock		51,784	24,690
Proceeds from sales of securities available for sale			118,972
Purchase of securities held to maturity		(10,347)
Purchase of securities available for sale		(300,887)	(152,963)
Purchase of FHLB and FRB stock		(56,514)	(25,450)
Net increase in loans, net of participations sold		(151,104)	(348,766)
Proceeds from sales of other real estate		116
Purchase of premises and equipment		(1,378)	(1,084)
Disposal of premises and equipment		(6)
NET CASH USED IN INVESTING ACTIVITIES		(149,701)	(179,749)
FINANCING ACTIVITIES:
Net (decrease)/increase in deposits		(6,667)	137,719
Net increase in short-term borrowings		105,830
Dividends paid on common stock		(1,773)	(1,839)
Exercise of stock options, net of stock swaps		19	122
Restricted stock repurchased on vesting to pay taxes		(3,258)	(2,701)
Issuance of restricted stock		68
Issuance of shares for employee stock purchase plan		577	487
Shares repurchased		(7,567)	(17,621)
NET CASH PROVIDED BY FINANCING ACTIVITIES		87,229	116,167
Net (decrease)/increase in cash and cash equivalents		(18,447)	6,621
Cash and cash equivalents at beginning of period		190,075	146,804
Cash and cash equivalents at end of period		171,628	153,425
Cash paid during the period for:
Interest		58,182	9,620
Income tax, net		$ 3,323	6,224
Transfer of loans to other real estate owned			$ 116
[1] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans which are carried at the lower of cost or fair value.

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b51 Arrangement Adopted Flag	false
Non Rule 10b51 Arrangement Adopted Flag	false
Rule 10b51 Arrangement Trmntd Flag	false
Non Rule 10b51 Arrangement Trmntd Flag	false

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Certain information and footnote disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2022 for Peapack-Gladstone Financial Corporation (the “Corporation” or the “Company”). In the opinion of the management of the Corporation, the accompanying unaudited consolidated interim financial statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of June 30, 2023, and the results of operations, comprehensive income/(loss), changes in shareholders’ equity for the three and six months ended June 30, 2023 and 2022 and cash flow statements for the six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full year or for any future period. Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack-Gladstone Bank (the “Bank”). The consolidated financial statements also include the Bank’s wholly-owned subsidiaries: • PGB Trust & Investments of Delaware • Peapack Capital Corporation (“PCC”) • Peapack-Gladstone Mortgage Group, Inc., which owns 99 percent of Peapack Ventures, LLC and 79 percent of Peapack-Gladstone Realty, Inc., a New Jersey real estate investment company • PGB Trust & Investments of Delaware, which owns one percent of Peapack Ventures, LLC • Peapack Ventures, LLC, which owns the remaining 21 percent of Peapack-Gladstone Realty, Inc. • PGB Securities, Inc. While the following notes to the consolidated financial statements include the consolidated results of the Company, the Bank and their subsidiaries, these notes primarily reflect the Bank’s and its subsidiaries’ activities. All significant intercompany balances and transactions have been eliminated from the accompanying consolidated financial statements. Basis of Financial Statement Presentation : The consolidated financial statements have been prepared in accordance with GAAP. In preparing the financial statements, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statement of condition and revenues and expenses for the periods presented. Actual results could differ from those estimates. Adoption of New Accounting Standards : On January 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan and lease receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). In addition, Accounting Standards Codification (“ASC”) 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities Management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet commitments. Results for reporting periods beginning after January 1, 2022, are presented under ASC 326 while prior period amounts continue to be reported in accordance with the incurred loss model previously applicable under GAAP. The Company recorded a net increase to retained earnings of $ 3.9 million as of January 1, 2022, for the cumulative effect of adopting ASC 326. The transition adjustment includes a $ 5.5 million reduction to our allowance for credit losses. The lower allowance was in part attributed to historically low charge-offs combined with the shorter duration of the loan portfolio employed in our CECL analysis. Further, the incurred loss method required significant qualitative factors, including factors related to COVID-19, and the use of a multiplier for potential losses on criticized and classified loans, neither of which are included within the CECL methodology. The CECL methodology utilizes significantly less qualitative factors as it uses economic factors and historical losses over a full economic cycle and calculates losses based on discounted cash flows on an individual loan basis. Accordingly, the CECL model quantitatively accounts for some of the qualitative factors utilized in the incurred loss methodology. The following table illustrates the impact to our financial statements as of January 1, 2022 upon adoption of ASC 326: January 1, 2022 (In thousands) Impact to Consolidated Statement of Condition from ASC-326 Adoption Tax Effect Impact to Retained Earnings from ASC-326 Adoption Allowance for credit losses on loans $ 5,536 $ ( 1,490 ) $ 4,046 Allowance for credit losses on off-balance sheet commitments ( 188 ) 51 ( 137 ) Total impact from ASC 326 adoption $ 5,348 $ ( 1,439 ) $ 3,909 Segment Information : The Company’s business is conducted through two business segments: (1) its banking segment (“Banking”), which involves the delivery of loan and deposit products to customers, and (2) Peapack Private Wealth Management Division ("Peapack Private"), which includes investment management services to individuals and institutions. Management uses certain methodologies to allocate income and expense to the business segments. The Banking segment includes: commercial (including commercial and industrial (“C&I”) and equipment financing), commercial real estate, multifamily, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support services. Peapack Private includes: investment management services for individuals and institutions; personal trust services, including services as executor, trustee, administrator and custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware. Wealth management fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management and/or administration (“AUM”) at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (i.e. trade date). Cash and Cash Equivalents: For purposes of the statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits and federal funds sold. Generally, federal funds are sold for one-day periods. Cash equivalents are of original maturities of 90 days or less. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less. Interest-Earning Deposits in Other Financial Institutions : Interest-earning deposits in other financial institutions mature within one year and are carried at cost. Securities : Prior to January 1, 2022 , Management evaluated securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market conditions warranted. For securities in an unrealized loss position, Management considered the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assessed whether it intended to sell, or it was more likely than not that it was required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell was met, the entire difference between amortized cost and fair value was recognized as impairment through earnings. For debt securities that did not meet the aforementioned criteria, the amount of impairment was split into two components as follows: (1) other-than-temporary impairment related to credit loss, which was recognized through the income statement and (2) other-than-temporary impairment related to other factors, which was recognized in other comprehensive income. Effective January 1, 2022 , upon the adoption of ASU 2016 - 13 , debt securities available-for-sale are measured at fair value and subject to impairment testing. When an available-for-sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses ("ACL") by a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value change. If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation reserve would be reduced, but not more than the amount of the current existing reserve for that security. Debt securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Under ASU 2016-13, held-to-maturity securities in a loss position are evaluated to determine if the decline in fair value has resulted from a credit-related loss or other factors and then, recognize an ACL through a charge to earnings for the decline in fair value. The Company also has an investment in a Community Reinvestment Act (“CRA”) investment fund, which is classified as an equity security. Interest income includes amortization of purchase premiums and discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated, and premiums on callable debt securities, which are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock, based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of the Federal Reserve Bank of New York and required to own a certain amount of FRB stock. FRB stock is carried at cost and classified as a restricted security. Dividends are reported as income. Loans Held for Sale: Mortgage loans originated with the intent to sell in the secondary market are carried at fair value, as determined by outstanding commitments from investors. Mortgage loans held for sale are generally sold with servicing rights released; therefore, no servicing rights are recorded. Gains and losses on sales of mortgage loans, shown as gain on sale of loans on the Statement of Income, are based on the difference between the selling price and the carrying value of the related loan sold. SBA loans originated with the intent to sell in the secondary market are carried at the lower of cost or fair value. SBA loans are generally sold with the servicing rights retained. Gains and losses on the sale of SBA loans are based on the difference between the selling price and the carrying value of the related loan sold. Total SBA loans serviced totaled $ 164.4 million and $ 152.2 million as of June 30, 2023 and December 31, 2022, respectively. SBA loans held for sale totaled $ 15.5 million and $ 17.2 million at June 30, 2023 and December 31, 2022, respectively. Loans originated with the intent to hold and subsequently transferred to loans held for sale are carried at the lower of cost or fair value. These are loans that the Company no longer has the intent to hold for the foreseeable future. Loans: Loans that Management has the intent and ability to hold for the foreseeable future or until maturity are stated at the principal amount outstanding. Interest on loans is recognized based upon the principal amount outstanding. Loans are stated at face value, less purchased premium and discounts and net deferred fees. Loan origination fees and certain direct loan origination costs are deferred and recognized on a level-yield method over the life of the loan as an adjustment to the loan’s yield. The definition of recorded investment in loans includes accrued interest receivable and deferred fees/costs, however, for the Company’s loan disclosures, accrued interest and deferred fees/costs were excluded as the impact was not material. Loans are considered past due when they are not paid within 30 days in accordance with contractual terms. The accrual of income on loans, including individually evaluated loans, is discontinued if, in the opinion of Management, principal or interest is not likely to be paid in accordance with the terms of the loan agreement, or when principal or interest is past due 90 days unless the asset is both well secured and in the process of collection. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Payments received on nonaccrual loans are recorded as principal payments. A nonaccrual loan is returned to accrual status only when interest and principal payments are brought current and future payments are reasonably assured, generally when the Bank receives contractual payments for a minimum of six consecutive months. Commercial loans are generally charged off, in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days. Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company’s loans are secured by real estate in New Jersey, New York and Pennsylvania. Allowance for Credit Losses : On January 1, 2022, the Company adopted ASU 2016-13, Topic 326 which replaced the incurred loss methodology with CECL for financial instruments measured at amortized cost and other commitments to extend credit. CECL requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable economic forecasts of future events and circumstances. The allowance for credit losses (“ACL”) on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments. ACL in accordance with CECL methodology With respect to pools of similar loans that are collectively evaluated, an appropriate level of general allowance is determined by portfolio segment using a non-linear discounted cash flow (“DCF”) model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including but not limited to unemployment rates, national consumer price and confidence indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include the following: levels of and trends in delinquencies and impaired loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant staffing and experience; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. The ACL results in two forms of allocations, specific and general. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio. When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. In determining an appropriate amount for the allowance, the Bank segments and aggregates the loan portfolio based on common characteristics. The following segments have been identified: Primary Residential Mortgages . The Bank originates one to four family residential mortgage loans in the Tri-State area (which is comprised of New York, New Jersey and Connecticut), Pennsylvania and Florida. Loans are secured by first liens on the primary residence or investment property. Primary risk characteristics associated with residential mortgage loans typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, residential mortgage loans that have adjustable rates could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Junior Lien Loan on Residence (which include home equity lines of credit) . The Bank provides junior lien loans (“JLL”) and revolving home equity lines of credit against one to four family properties in the Tri-State area. These loans are subordinate to a first mortgage, which may be from another lending institution. Primary risk characteristics associated with JLLs and home equity lines of credit typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, home equity lines of credit typically are made with variable or floating interest rates, which could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Multifamily . The Bank provides mortgage loans for multifamily properties (i.e., buildings which have five or more residential units). Multifamily loans are expected to be repaid from the cash flows of the underlying property so the collective amount of rents must be sufficient to cover all operating expenses, property management and maintenance, taxes and debt service. Increases in vacancy rates, interest rates or other changes in general economic conditions can have an impact on the borrower and its ability to repay the loan. Owner-Occupied Commercial Real Estate Loans . The Bank provides mortgage loans for owner-occupied commercial real estate properties in the Tri-State area and Pennsylvania. Commercial real estate properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are mixed use. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Investment Commercial Real Estate Loans. The Bank provides mortgage loans for properties managed as an investment property (non-owner-occupied) in the Tri-State area and Pennsylvania. Non-owner-occupied properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are considered “mixed use” as they are a combination of building types, such as a building with retail space on the ground floor and either residential apartments or office suites on the upper floors. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Commercial and Industrial Loans . The Bank provides lines of credit and term loans to operating companies for business purposes. The loans are generally secured by business assets such as accounts receivable, inventory, business vehicles and equipment as well as the stock of a company, if privately held. Commercial and industrial loans are typically repaid first by the cash flows generated by the borrower’s business operations. The primary risk characteristics are specific to the underlying business and its ability to generate sustainable profitability and resulting positive cash flows. Factors that may influence a business’ profitability include, but are not limited to, demand for its products or services, quality and depth of management, degree of competition, regulatory changes, and general economic conditions. To mitigate the risk characteristics of commercial and industrial loans, these loans often include commercial real estate as collateral and the Bank will often require more frequent reporting requirements from the borrower in order to better monitor its business performance. However, the ability of the Bank to foreclose and realize sufficient value from the assets is often highly uncertain. Leasing Finance . PCC offers a range of finance solutions nationally. PCC provides term loans and leases secured by assets financed for U.S. based mid-size and large companies. Facilities tend to be fully drawn under fixed rate terms. PCC serves a broad range of industries including transportation, manufacturing, heavy construction and utilities. Asset risk in PCC’s portfolio is generally recognized through changes to loan income, or through changes to lease related income streams due to fluctuations in lease rates. Changes to lease income can occur when the existing lease contract expires, the asset comes off lease or the business seeks to enter a new lease agreement. Asset risk may also change through depreciation, resulting from changes in the residual value of the operating lease asset or through impairment of the asset carrying value, which can occur at any time during the life of the asset. Credit risk in PCC’s portfolio generally results from the potential default of borrowers or lessees, which may be driven by customer specific or broader industry related conditions. Credit losses can impact multiple parts of the income statement including loss of interest/lease/rental income and/or higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets. Construction . The Bank provides commercial construction loans for properties located in the Tri-state area. Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer and Other . These are loans to individuals for household, family and other personal expenditures as well as obligations of states and political subdivisions in the U.S. This also represents all other loans that cannot be categorized in any of the previous mentioned loan segments. Consumer loans generally have higher interest rates and shorter terms than residential loans but tend to have higher credit risk due to the type of collateral securing the loan or in some cases the absence of collateral. A troubled debt restructuring (“TDR”) is a modified loan with concessions made by the lender to a borrower who is experiencing financial difficulty. TDRs are impaired and are generally measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral, less estimated disposition costs. For TDRs that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for credit losses. On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2022-02, which replaced the accounting and recognition of TDRs. ASU 2022-02 eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. ASU 2022-02 also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. Leases: At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding right-of-use (“ROU”) asset and operating lease liability are recorded as separate line items on the statement of condition. An ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made. If the rate implicit in the lease is not readily determinable, the incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s statement of condition, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. The Company maintains certain property and equipment under direct financing and operating leases. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space and are classified as operating leases. The ROU asset is measured at the amount of the lease liability adjusted for lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the ROU asset. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the ROU asset. There are no terms or conditions related to residual value guarantees and no restrictions or covenants that would impact the Company’s ability to pay dividends or to incur additional financial obligations. Derivatives: At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Compan

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
	Jun. 30, 2023
Investment Securities Available For Sale [Abstract]
INVESTMENT SECURITIES AVAILABLE FOR SALE	2. INVESTMENT SECURITIES A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of June 30, 2023 and December 31, 2022 follows: June 30, 2023 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,784 $ — $ ( 51,655 ) $ — $ 193,129 Mortgage-backed securities–residential 359,347 5 ( 46,826 ) — 312,526 SBA pool securities 29,184 — ( 4,306 ) — 24,878 State and political subdivisions 1,854 — ( 6 ) — 1,848 Corporate bond 10,000 — ( 1,862 ) — 8,138 Total securities available for sale $ 645,169 $ 5 $ ( 104,655 ) $ — $ 540,519 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 4,248 ) $ — $ 35,752 Mortgage-backed securities–residential 70,438 — ( 10,689 ) — 59,749 Total securities held to maturity $ 110,438 $ — $ ( 14,937 ) $ — $ 95,501 December 31, 2022 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,774 $ — $ ( 54,232 ) $ — $ 190,542 Mortgage-backed securities–residential 372,471 27 ( 46,760 ) — 325,738 SBA pool securities 31,934 1 ( 4,508 ) — 27,427 State and political subdivisions 1,866 — ( 17 ) — 1,849 Corporate bond 10,000 — ( 908 ) — 9,092 Total securities available for sale $ 661,045 $ 28 $ ( 106,425 ) $ — $ 554,648 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 4,563 ) $ — $ 35,437 Mortgage-backed securities–residential 62,291 — ( 10,541 ) — 51,750 Total securities held to maturity $ 102,291 $ — $ ( 15,104 ) $ — $ 87,187 The following table presents a summary of the gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the six months ended June 30, 2023 and 2022: (In thousands) June 30, 2023 June 30, 2022 Proceeds from sales $ — $ 118,972 Gross gains — 3 Gross losses — ( 6,612 ) Net tax benefit — 1,581 The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of June 30, 2023 and December 31, 2022. June 30, 2023 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 193,129 $ ( 51,655 ) $ 193,129 $ ( 51,655 ) Mortgage-backed securities residential 48,016 ( 1,473 ) 213,300 ( 45,353 ) 261,316 ( 46,826 ) SBA pool securities 457 ( 1 ) 24,058 ( 4,305 ) 24,515 ( 4,306 ) State and political subdivisions 270 ( 1 ) 1,578 ( 5 ) 1,848 ( 6 ) Corporate bond 2,040 ( 459 ) 6,098 ( 1,403 ) 8,138 ( 1,862 ) Total securities available for sale $ 50,783 $ ( 1,934 ) $ 438,163 $ ( 102,721 ) $ 488,946 $ ( 104,655 ) Securities Held to Maturity: U.S. government-sponsored agencies $ — $ — $ 35,752 $ ( 4,248 ) $ 35,752 $ ( 4,248 ) Mortgage-backed securities residential 10,039 ( 253 ) 49,710 ( 10,436 ) 59,749 ( 10,689 ) Total securities held to maturity $ 10,039 $ ( 253 ) $ 85,462 $ ( 14,684 ) $ 95,501 $ ( 14,937 ) Total securities $ 60,822 $ ( 2,187 ) $ 523,625 $ ( 117,405 ) $ 584,447 $ ( 119,592 ) December 31, 2022 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 190,542 $ ( 54,232 ) $ 190,542 $ ( 54,232 ) Mortgage-backed securities residential 82,907 ( 4,082 ) 174,557 ( 42,678 ) 257,464 ( 46,760 ) SBA pool securities 3,377 ( 332 ) 23,256 ( 4,176 ) 26,633 ( 4,508 ) State and political subdivisions 1,579 ( 17 ) — — 1,579 ( 17 ) Corporate bond 9,092 ( 908 ) — — 9,092 ( 908 ) Total securities available for sale $ 96,955 $ ( 5,339 ) $ 388,355 $ ( 101,086 ) $ 485,310 $ ( 106,425 ) Securities Held to Maturity: U.S. government-sponsored agencies $ 13,174 $ ( 1,826 ) $ 22,263 $ ( 2,737 ) $ 35,437 $ ( 4,563 ) Mortgage-backed securities residential 15,635 ( 3,585 ) 36,115 ( 6,956 ) 51,750 ( 10,541 ) Total securities held to maturity $ 28,809 $ ( 5,411 ) $ 58,378 $ ( 9,693 ) $ 87,187 $ ( 15,104 ) Total securities $ 125,764 $ ( 10,750 ) $ 446,733 $ ( 110,779 ) $ 572,497 $ ( 121,529 ) Available for sale and held to maturity securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statements of Income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of securities currently in a continuous loss position continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at June 30, 2023. Substantially all of the investment securities are backed by loans guaranteed by either U.S. government agencies or U.S government-sponsored entities, and management believes that default is highly unlikely given the lack of historical credit losses and governmental backing. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at June 30, 2023. T he Company has an investment in a CRA investment fund with a fair value of $ 13.0 million at June 30, 2023. This investment is classified as an equity security in our Consolidated Statements of Condition. This security had a loss of $ 209,000 for the three months ended June 30, 2023 ( no gain or loss for the six months ended June 30, 2023). This amount is included in the fair value adjustment for CRA equity security on the Consolidated Statements of Income.

LOANS AND LEASES

LOANS AND LEASES	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
LOANS AND LEASES	3. LOANS AND LEASES Loans outstanding, excluding those held for sale, by general ledger classification, as of June 30, 2023 and December 31, 2022, consisted of the following: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2023 Loans 2022 Loans Residential mortgage $ 575,238 10.58 % $ 525,756 9.95 % Multifamily mortgage 1,884,369 34.67 1,863,915 35.27 Commercial mortgage 624,710 11.49 624,625 11.82 Commercial loans (including equipment financing) 2,254,232 41.48 2,194,094 41.51 Commercial construction 9,703 0.18 4,042 0.07 Home equity lines of credit 34,397 0.63 34,496 0.65 Consumer loans, including fixed rate home equity loans 52,098 0.96 38,014 0.72 Other loans 269 0.01 304 0.01 Total loans $ 5,435,016 100.00 % $ 5,285,246 100.00 % In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of June 30, 2023 and December 31, 2022 are based on the CECL methodology: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2023 Loans 2022 Loans Primary residential mortgage $ 576,104 10.61 % $ 527,784 9.99 % Junior lien loan on residence 37,780 0.70 38,265 0.73 Multifamily property 1,884,369 34.69 1,863,915 35.29 Owner-occupied commercial real estate 258,909 4.77 272,009 5.15 Investment commercial real estate 1,041,189 19.17 1,044,125 19.77 Commercial and industrial 1,282,058 23.60 1,194,662 22.62 Lease financing 279,518 5.14 288,566 5.46 Construction 16,251 0.30 9,936 0.19 Consumer and other 55,476 1.02 42,319 0.80 Total loans 5,431,654 100.00 % 5,281,581 100.00 % Net deferred costs 3,362 3,665 Total loans including net deferred costs $ 5,435,016 $ 5,285,246 The following tables present the recorded investment in nonaccrual and loans past due 90 days or over still on accrual by class of loans as of June 30, 2023 and December 31, 2022: June 30, 2023 Loans Past Due 90 Days or Over And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 1,001 $ — Multifamily property 18,868 — Investment commercial real estate 9,935 — Commercial and industrial 3,373 — Lease financing 1,328 — Total $ 34,505 $ — December 31, 2022 Loans Past Due 90 Days or Over And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 2,339 $ — Investment commercial real estate 11,208 — Commercial and industrial 3,662 — Lease financing 1,765 — Total $ 18,974 $ — The following tables present the aging of the recorded investment in past due loans as of June 30, 2023 and December 31, 2022 by class of loans, excluding nonaccrual loans: June 30, 2023 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,463 $ — $ — $ 1,463 Commercial and industrial 3,968 — — 3,968 Lease financing 7,447 — — 7,447 Consumer and other — 3 — 3 Total $ 12,878 $ 3 $ — $ 12,881 December 31, 2022 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,145 $ — $ — $ 1,145 Multifamily property 882 — — 882 Commercial and industrial 4,884 681 — 5,565 Total $ 6,911 $ 681 $ — $ 7,592 Credit Quality Indicators: The Company places all commercial loans into various credit risk rating categories based on an assessment of the expected ability of the borrowers to properly service their debt. The assessment considers numerous factors including, but not limited to, current financial information on the borrower, historical payment experience, strength of any guarantor, nature of and value of any collateral, acceptability of the loan structure and documentation, relevant public information and current economic trends. This credit risk rating analysis is performed when the loan is initially underwritten and then annually based on set criteria in the loan policy. In addition, the Bank has engaged an independent loan review firm to validate risk ratings and to ensure compliance with our policies and procedures. This review of the following types of loans is performed quarterly: • A large sample of relationships or new lending to existing relationships greater than $ 1,000,000 booked since the prior review; • All criticized and classified rated borrowers with relationship exposure of more than $ 500,000 ; • A large sample of Pass-rated (including Pass Watch) borrowers with total relationships in excess of $ 1,000,000 and a small sample of Pass related relationships less than $ 1,000,000 ; • All leveraged loans of $ 1,000,000 or greater; • At least two borrowing relationships managed by each commercial banker; • Any new Federal Reserve Board Regulation O loan commitments over $ 1,000,000 ; and • Any other credits requested by Bank senior management or a member of the Board of Directors and any borrower for which the reviewer determines a review is warranted based upon knowledge of the portfolio, local events, industry stresses, etc. The review excludes borrowers with commitments of less than $ 500,000 . The Company uses the following regulatory definitions for criticized and classified risk ratings: Special Mention: These loans have a potential weakness that deserves Management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loans or of the institution’s credit position at some future date. Substandard: These loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: These loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, based on currently existing facts, conditions and values. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass-rated loans. With the adoption of CECL, loans that are in the process of or expected to be in foreclosure are deemed to be collateral dependent with respect to measuring potential loss and allowance adequacy and are individually evaluated by Management. Loans that do not share common risk characteristics are also evaluated on an individual basis. All other loans are evaluated using a non-linear discounted cashflow methodology for measuring potential loss and allowance adequacy. The following is a summary of the credit risk profile of loans by internally assigned grade as of June 30, 2023 and December 31, 2022 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans: Grade as of June 30, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Primary residential mortgage: Pass $ 69,713 $ 116,537 $ 82,789 $ 60,707 $ 36,329 $ 207,223 $ — $ 685 $ 573,983 Special mention — — — — — — — — — Substandard — — — 489 981 651 — — 2,121 Doubtful — — — — — — — — — Total primary residential mortgages 69,713 116,537 82,789 61,196 37,310 207,874 — 685 576,104 Current period gross charge-offs — — — — — — — — — Junior lien loan on residence: Pass 160 1,490 156 35 590 951 34,335 — 37,717 Special mention — — — — — — — — — Substandard — — — — — — 63 — 63 Doubtful — — — — — — — — — Total junior lien loan on residence 160 1,490 156 35 590 951 34,398 — 37,780 Current period gross charge-offs — — — — — — — — — Multifamily property: Pass 43,495 481,160 659,346 121,200 213,938 326,509 748 7,037 1,853,433 Special mention — — — — — 1,673 — — 1,673 Substandard — 1,572 9,714 — 10,399 7,578 — — 29,263 Doubtful — — — — — — — — — Total multifamily property 43,495 482,732 669,060 121,200 224,337 335,760 748 7,037 1,884,369 Current period gross charge-offs — — — — — — — — — Grade as of June 30, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Owner-occupied commercial real estate: Pass 1,515 23,878 43,125 20,395 11,996 130,336 305 26,983 258,533 Special mention — — — — — — 376 — 376 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 1,515 23,878 43,125 20,395 11,996 130,336 681 26,983 258,909 Current period gross charge-offs — — — — — — — — — Investment commercial real estate: Pass 82,974 175,500 152,000 58,567 153,896 328,176 8,231 42,542 1,001,886 Special mention — — — — 12,817 13,125 — — 25,942 Substandard — 9,935 — — 3,426 — — — 13,361 Doubtful — — — — — — — — — Total investment commercial real estate 82,974 185,435 152,000 58,567 170,139 341,301 8,231 42,542 1,041,189 Current period gross charge-offs — 1,199 — — — — — — 1,199 Commercial and industrial: Pass 126,562 303,336 196,525 59,775 59,585 24,167 469,571 27,576 1,267,097 Special mention — — — 825 1,170 191 256 — 2,442 Substandard — — 1,698 845 1,003 280 8,693 — 12,519 Doubtful — — — — — — — — — Total commercial and industrial 126,562 303,336 198,223 61,445 61,758 24,638 478,520 27,576 1,282,058 Current period gross charge-offs — — — — — — — — — Lease financing: Pass 25,805 46,099 66,439 51,345 39,709 25,620 — — 255,017 Special mention 1,410 18,225 569 — 1,508 1,461 — — 23,173 Substandard — — — — 1,328 — — — 1,328 Doubtful — — — — — — — — — Total lease financing 27,215 64,324 67,008 51,345 42,545 27,081 — — 279,518 Current period gross charge-offs — — — — — — — — — Construction: Pass — — — — 1,404 — — 14,847 16,251 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — — 1,404 — — 14,847 16,251 Current period gross charge-offs — — — — — — — — — Consumer and other loans: Pass 80 — 336 173 — 4,924 31,449 18,514 55,476 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other loans 80 — 336 173 — 4,924 31,449 18,514 55,476 Current period gross charge-offs — — — — — — 61 — 61 Grade as of June 30, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Total: Pass 350,304 1,148,000 1,200,716 372,197 517,447 1,047,906 544,639 138,184 5,319,393 Special mention 1,410 18,225 569 825 15,495 16,450 632 — 53,606 Substandard — 11,507 11,412 1,334 17,137 8,509 8,756 — 58,655 Doubtful — — — — — — — — — Total Loans $ 351,714 $ 1,177,732 $ 1,212,697 $ 374,356 $ 550,079 $ 1,072,865 $ 554,027 $ 138,184 $ 5,431,654 Total Current Period Gross Charge-offs $ — $ 1,199 $ — $ — $ — $ — $ 61 $ — $ 1,260 Grade as of December 31, 2022 for Loans Originated During 2017 Revolving- (In thousands) 2022 2021 2020 2019 2018 and Prior Revolving Term Total Primary residential mortgage: Pass $ 118,864 $ 87,312 $ 62,540 $ 37,902 $ 27,209 $ 190,834 $ — $ 691 $ 525,352 Special mention — — — — — — — — — Substandard — — 547 1,044 141 700 — — 2,432 Doubtful — — — — — — — — — Total primary residential mortgages 118,864 87,312 63,087 38,946 27,350 191,534 — 691 527,784 Junior lien loan on residence: Pass 1,631 177 42 639 326 953 33,996 — 37,764 Special mention — — — — — — — — — Substandard — — — — — — 501 — 501 Doubtful — — — — — — — — — Total junior lien loan on residence 1,631 177 42 639 326 953 34,497 — 38,265 Multifamily property: Pass 488,657 678,507 118,220 224,129 33,884 305,628 1,246 1,425 1,851,696 Special mention — — — — — 1,696 — — 1,696 Substandard — — — 2,846 — 7,677 — — 10,523 Doubtful — — — — — — — — — Total multifamily property 488,657 678,507 118,220 226,975 33,884 315,001 1,246 1,425 1,863,915 Owner-occupied commercial real estate: Pass 25,315 43,916 20,679 12,244 22,422 126,237 608 20,588 272,009 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 25,315 43,916 20,679 12,244 22,422 126,237 608 20,588 272,009 Investment commercial real estate: Pass 189,829 154,715 59,444 155,995 93,330 305,219 6,590 23,487 988,609 Special mention — — — 13,015 — 13,309 — 14,507 40,831 Substandard 11,208 — — 3,477 — — — — 14,685 Doubtful — — — — — — — — — Total investment commercial real estate 201,037 154,715 59,444 172,487 93,330 318,528 6,590 37,994 1,044,125 Commercial and industrial: Pass 421,072 217,887 76,307 80,359 26,792 5,559 303,526 29,750 1,161,252 Special mention 14,405 — 826 — 193 — 258 — 15,682 Substandard 1,553 1,892 2,148 3,894 277 71 7,893 — 17,728 Doubtful — — — — — — — — — Total commercial and industrial 437,030 219,779 79,281 84,253 27,262 5,630 311,677 29,750 1,194,662 Lease financing: Pass 73,155 71,925 58,262 48,942 24,408 8,125 — — 284,817 Special mention 1,984 — — — — — — — 1,984 Substandard — — — 1,765 — — — — 1,765 Doubtful — — — — — — — — — Total lease financing 75,139 71,925 58,262 50,707 24,408 8,125 — — 288,566 Grade as of December 31, 2022 for Loans Originated During 2017 Revolving- (In thousands) 2022 2021 2020 2019 2018 and Prior Revolving Term Total Construction: Pass — — — 1,439 — — 4,064 4,433 9,936 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — 1,439 — — 4,064 4,433 9,936 Consumer and other loans: Pass — 381 194 — — 5,753 31,287 4,704 42,319 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other loans — 381 194 — — 5,753 31,287 4,704 42,319 Total: Pass 1,318,523 1,254,820 395,688 561,649 228,371 948,308 381,317 85,078 5,173,754 Special mention 16,389 — 826 13,015 193 15,005 258 14,507 60,193 Substandard 12,761 1,892 2,695 13,026 418 8,448 8,394 — 47,634 Doubtful — — — — — — — — — Total Loans $ 1,347,673 $ 1,256,712 $ 399,209 $ 587,690 $ 228,982 $ 971,761 $ 389,969 $ 99,585 $ 5,281,581 At June 30, 2023, $ 33.7 million of substandard loans were also considered individually evaluated, compared to $ 14.7 million at December 31, 2022. The increase in individually evaluated substandard loans is primarily due to three multifamily loans with a balance of $ 18.9 million that were graded as substandard during the first six months of 2023. Loan Modifications: On January 1, 2023, the Company adopted Accounting Standards Update 2022-02, which replaced the accounting and recognition of TDRs. The Company will provide modifications, which may include other than insignificant delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. The following tables provides information related to the modifications during the six months ended June 30, 2023 by pool segment and type of concession granted: Interest Only Period Extension Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 248 0.02 % Total $ 248 0.02 % Interest Rate Reduction Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 777 0.06 % Total $ 777 0.06 % The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through June 30, 2023: Payment Status at June 30, 2023 30-89 Days 90+ Days (Dollars in thousands) Current Past Due Past Due Commercial and industrial $ 248 $ — $ 777 Total $ 248 $ — $ 777 The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2023: Amortized Cost Basis of Modified Loans That Subsequently Defaulted Six Months Ended June 30, 2023 Interest Only Interest (Dollars in thousands) Period Extension Rate Reduction Commercial and industrial $ 248 $ — Total $ 248 $ — Troubled Debt Restructurings: Prior to the adoption of ASU 2022-02 on January 1, 2023, the Company classified certain loans as troubled debt restructuring (“TDR”) loans when credit terms to a borrower in financial difficulty were modified, in accordance with ASC 310-40. With the adoption of ASU 2022-02 as of January 1, 2023, the Company has ceased to recognize or measure new TDRs but those existing at December 31, 2022 will remain until settled. The Company had allocated $ 2.5 million of specific reserves on TDRs as of June 30, 2022. There were no unfunded commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs. There were no loans modified as TDRs during the three-month period ended June 30, 2022. The following table presents loans by class modified as TDRs during the six-month period ended June 30, 2022: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment Investment commercial real estate 1 $ 12,471 $ 12,471 Total 1 $ 12,471 $ 12,471 The identification of the TDRs did not have a material impact on the allowance for credit losses. The following table presents loans by class modified as TDRs that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2022: Number of Recorded (Dollars in thousands) Loans Investment Primary residential mortgage 2 $ 359 Total 2 $ 359 In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. The modification of the terms of such loans may include one or more of the following: (1) a reduction of the stated interest rate of the loan to a rate that is lower than the current market rate for new debt with similar risk; (2) an extension of an interest only period for a predetermined period of time; (3) an extension of the maturity date; or (4) an extension of the amortization period over which future payments will be computed. At the time a loan is restructured, the Bank performs a full underwriting analysis, which includes, at a minimum, obtaining current financial statements and tax returns, copies of all leases, and an updated independent appraisal of the property. A loan will continue to accrue interest if it can be reasonably determined that the borrower should be able to perform under the modified terms, that the loan has not been chronically delinquent (both to debt service and real estate taxes) or in nonaccrual status since its inception, and that there have been no charge-offs on the loan. Restructured loans with previous charge-offs would not accrue interest at the time of the TDR. At a minimum, six consecutive months of contractual payments would need to be made on a restructured loan before returning it to accrual status. Once a loan is classified as a TDR, the loan is reported as a TDR until the loan is paid in full, sold or charged-off. In rare circumstances, a loan may be removed from TDR status if it meets the requirements of ASC 310-40-50-2.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	4. ALLOWANCE FOR CREDIT LOSSES On January 1, 2022, the Company adopted ASU 2016-13, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. See Note 1, Summary of Significant Accounting Policies for additional information on Topic 326. The Company does not estimate expected credit losses on accrued interest receivable (“AIR”) on loans, as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful. AIR on loans totaled $ 18.1 million at June 30, 2023 and $ 22.8 million at December 31, 2022. The following tables present the loan balances by segment, and the corresponding balances in the allowance as of June 30, 2023 and December 31, 2022. The allowance was based on the CECL methodology. June 30, 2023 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 363 $ — $ 575,741 $ 3,148 $ 576,104 $ 3,148 Junior lien loan on residence — — 37,780 151 37,780 151 Multifamily property 18,868 1,986 1,865,501 8,551 1,884,369 10,537 Owner-occupied commercial real estate — — 258,909 4,708 258,909 4,708 Investment commercial real estate 9,935 — 1,031,254 13,548 1,041,189 13,548 Commercial and industrial 3,373 448 1,278,685 26,985 1,282,058 27,433 Lease financing 1,328 — 278,190 2,063 279,518 2,063 Construction — — 16,251 421 16,251 421 Consumer and other loans — — 55,476 695 55,476 695 Total ACL $ 33,867 $ 2,434 $ 5,397,787 $ 60,270 $ 5,431,654 $ 62,704 December 31, 2022 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 374 $ — $ 527,410 $ 2,894 $ 527,784 $ 2,894 Junior lien loan on residence — — 38,265 154 38,265 154 Multifamily property — — 1,863,915 8,849 1,863,915 8,849 Owner-occupied commercial real estate — — 272,009 4,835 272,009 4,835 Investment commercial real estate 11,208 1,208 1,032,917 14,272 1,044,125 15,480 Commercial and industrial 3,385 299 1,191,277 25,231 1,194,662 25,530 Lease financing 1,765 — 286,801 2,314 288,566 2,314 Construction — — 9,936 236 9,936 236 Consumer and other loans — — 42,319 537 42,319 537 Total ACL $ 16,732 $ 1,507 $ 5,264,849 $ 59,322 $ 5,281,581 $ 60,829 Individually evaluated loans include nonaccrual loans of $ 33.7 million at June 30, 2023 and $ 15.8 million at December 31, 2022. Individually evaluated loans did no t include any performing modified loans at June 30, 2023. An allowance of $ 233,000 was allocated to modified loans at June 30, 2023. All accruing modified loans were paying in accordance with their modified terms as of June 30, 2023. The Company has not committed to lend additional amounts as of June 30, 2023 to customers with outstanding loans that are classified as modified loans. The allowance for credit losses was $ 62.7 million as of June 30, 2023, compared to $ 60.8 million at December 31, 2022. The increase in the allowance for credit losses (“ACL”) was primarily due to provision for credit losses of $ 3.2 million driven by loan growth of $ 150.1 million for the first six months of 2023. The provision for credit losses was partially offset by the charge-off of a specific reserve of $ 1.2 million related to a mixed-use commercial real estate loan during the quarter ended June 30, 2023. The allowance for credit losses as a percentage of loans was 1.15 percent at both June 30, 2023 and December 31, 2022. Under Topic 326, the Company's methodology for determining the ACL on loans is based upon key assumptions, including historic net charge-offs, economic forecasts, reversion periods, prepayments and qualitative adjustments. The allowance is measured on a collective, or pool, basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. The following tables present collateral dependent loans individually evaluated by segment as of June 30, 2023 and December 31, 2022: June 30, 2023 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment Allowance Loans With no related allowance recorded: Primary residential mortgage $ 408 $ 363 $ — $ 436 Investment commercial real estate 12,500 9,935 — 10,967 Multifamily property 9,153 9,153 — 1,526 Commercial and industrial 3,775 1,608 — 2,004 Lease financing 1,383 1,328 — 1,529 Total loans with no related allowance $ 27,219 $ 22,387 $ — $ 16,462 With related allowance recorded: Multifamily property $ 9,714 $ 9,715 $ 1,986 $ 7,254 Commercial and industrial 1,864 1,765 448 1,099 Total loans with related allowance $ 11,578 $ 11,480 $ 2,434 $ 8,353 Total loans individually evaluated $ 38,797 $ 33,867 $ 2,434 $ 24,815 December 31, 2022 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment Allowance Loans With no related allowance recorded: Primary residential mortgage $ 415 $ 374 $ — $ 249 Commercial and industrial 3,868 1,836 — 539 Lease financing 1,792 1,765 — 444 Total loans with no related allowance $ 6,075 $ 3,975 $ — $ 1,232 With related allowance recorded: Investment commercial real estate $ 12,500 $ 11,208 $ 1,208 $ 12,402 Commercial and industrial 1,555 1,549 299 174 Total loans with related allowance $ 14,055 $ 12,757 $ 1,507 $ 12,576 Total loans individually evaluated for impairment $ 20,130 $ 16,732 $ 1,507 $ 13,808 Interest income recognized on individually evaluated loans for the three and six months ended June 30, 2023 and 2022 was not material. The Company did not recognize any income on non-accruing impaired loans for the three and six months ended June 30, 2023 and 2022. The activity in the allowance for credit losses for the three months ended June 30, 2023 and June 30, 2022 is summarized below: April 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,959 $ — $ — $ 189 $ 3,148 Junior lien loan on residence 146 — — 5 151 Multifamily property 9,823 — — 714 10,537 Owner-occupied commercial real estate 4,952 — — ( 244 ) 4,708 Investment commercial real estate 14,538 ( 1,199 ) — 209 13,548 Commercial and industrial 26,869 — — 564 27,433 Lease financing 1,989 — — 74 2,063 Construction 313 — — 108 421 Consumer and other loans 661 ( 15 ) 2 47 695 Total ACL $ 62,250 $ ( 1,214 ) $ 2 $ 1,666 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 30,000 for off-balance sheet commitments. April 1, June 30, 2022 2022 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,291 $ — $ — $ ( 137 ) $ 2,154 Junior lien loan on residence 161 ( 3 ) — ( 7 ) 151 Multifamily property 15,017 — — 773 15,790 Owner-occupied commercial real estate 4,774 — — ( 114 ) 4,660 Investment commercial real estate 10,504 — — 465 10,969 Commercial and industrial 21,192 — — ( 194 ) 20,998 Lease financing 3,354 — — ( 2 ) 3,352 Construction 468 — — ( 109 ) 359 Consumer and other loans 625 ( 7 ) — ( 29 ) 589 Total ACL $ 58,386 $ ( 10 ) $ — $ 646 $ 59,022 (A) Provision to roll forward the ACL excludes a provision of $ 803,000 for off-balance sheet commitments. The activity in the allowance for credit losses for the six months ended June 30, 2023 and 2022 is summarized below: January 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,894 $ — $ — $ 254 $ 3,148 Junior lien loan on residence 154 — — ( 3 ) 151 Multifamily property 8,849 — — 1,688 10,537 Owner-occupied commercial real estate 4,835 — — ( 127 ) 4,708 Investment commercial real estate 15,480 ( 1,199 ) — ( 733 ) 13,548 Commercial and industrial 25,530 — — 1,903 27,433 Lease financing 2,314 — — ( 251 ) 2,063 Construction 236 — — 185 421 Consumer and other loans 537 ( 61 ) 5 214 695 Total ACL $ 60,829 $ ( 1,260 ) $ 5 $ 3,130 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 79,000 for off-balance sheet commitments. December 31, 2021 Prior to June 30, Adoption Impact of 2022 of Adopting Provision Ending (In thousands) Topic 326 Topic 326 Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 1,510 $ 717 $ — $ — $ ( 73 ) $ 2,154 Junior lien loan on residence 88 83 ( 3 ) — ( 17 ) 151 Multifamily property 9,806 4,072 — — 1,912 15,790 Owner-occupied commercial real estate 1,998 2,902 — — ( 240 ) 4,660 Investment commercial real estate 27,083 ( 13,589 ) ( 250 ) — ( 2,275 ) 10,969 Commercial and industrial 17,509 ( 657 ) — 4 4,142 20,998 Lease financing 3,440 156 — — ( 244 ) 3,352 Construction 48 361 — — ( 50 ) 359 Consumer and other loans 215 419 ( 27 ) 2 ( 20 ) 589 Total ACL $ 61,697 $ ( 5,536 ) $ ( 280 ) $ 6 $ 3,135 $ 59,022 (A) Provision to roll forward the ACL excludes a provision of $ 689,000 for off-balance sheet commitments. Allowance for Credit Losses on Off-Balance Sheet Commitments The following tables present the activity in the ACL for off-balance sheet commitments for the six months ended June 30, 2023 and 2022: January 1, 2023 June 30, Beginning Provision 2023 (In thousands) ACL (Credit) Ending ACL Off balance sheet commitments $ 752 $ 79 $ 831 Total ACL $ 752 $ 79 $ 831 December 31, 2021 June 30, Prior to adoption Impact of Provision 2022 (In thousands) of Topic 326 adopting Topic 326 (Credit) Ending ACL Off balance sheet commitments $ — $ 302 $ 689 $ 991 Total ACL $ — $ 302 $ 689 $ 991

DEPOSITS

DEPOSITS	6 Months Ended
	Jun. 30, 2023
Deposits [Abstract]
DEPOSITS	5. DEPOSITS Certificates of deposit that met or exceeded $250,000 totaled $ 87.9 million and $ 91.1 million at June 30, 2023 and December 31, 2022, respectively. These totals exclude brokered certificates of deposit. The following table sets forth the details of total deposits as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 (Dollars in thousands) Noninterest-bearing demand deposits $ 1,024,105 19.70 % $ 1,246,066 23.94 % Interest-bearing checking (A) 2,816,913 54.19 2,143,611 41.18 Savings 120,082 2.31 157,338 3.02 Money market 763,026 14.68 1,228,234 23.60 Certificates of deposit - retail 384,106 7.39 318,573 6.12 Certificates of deposit - listing service 10,822 0.21 25,358 0.49 Subtotal deposits 5,119,054 98.48 5,119,180 98.35 Interest-bearing demand - Brokered 10,000 0.19 60,000 1.15 Certificates of deposit - Brokered 69,443 1.33 25,984 0.50 Total deposits $ 5,198,497 100.00 % $ 5,205,164 100.00 % (A) Interest-bearing checking includes $ 895.3 million at June 30, 2023 and $ 620.1 million at December 31, 2022 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program. The scheduled maturities of certificates of deposit, including brokered certificates of deposit, as of June 30, 2023, are as follows: (In thousands) 2023 $ 178,462 2024 240,065 2025 38,917 2026 4,240 2027 2,564 2028 and later 123 Total $ 464,371

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	6. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS At June 30, 2023, the Company had overnight borrowings with the FHLB of $ 485.4 million at a rate of 5.31 percent compared to $ 379.5 million of overnight borrowings at the FHLB at a rate of 4.61 percent at December 31, 2022. At June 30, 2023, unused short-term overnight borrowing commitments totaled $ 3.2 billion from the FHLB, correspondent banks and at the Federal Reserve Bank of New York.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
BUSINESS SEGMENTS	7. BUSINESS SEGMENTS The Company assesses its results among two operating segments, Banking and Peapack Private. Management uses certain methodologies to allocate income and expense to the business segments. A funds transfer pricing methodology is used to assign interest income and interest expense. Certain indirect expenses are allocated to segments. These include support unit expenses such as technology and operations and other support functions. Taxes are allocated to each segment based on the effective rate for the period shown. Banking The Banking segment includes: commercial (includes C&I and equipment finance), commercial real estate, multifamily, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support and sales. Peapack Private Peapack Private which includes the operations of PGB Trust & Investments of Delaware, consists of: investment management services provided for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian and guardian; and other financial planning, tax preparation and advisory services. The following tables present the statements of income and total assets for the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 38,103 $ 818 $ 38,921 Noninterest income 4,072 14,503 18,575 Total income 42,175 15,321 57,496 Provision for credit losses 1,696 — 1,696 Compensation and benefits 17,949 8,405 26,354 Premises and equipment expense 4,023 706 4,729 FDIC expense 729 — 729 Other operating expense 3,855 2,025 5,880 Total operating expense 28,252 11,136 39,388 Income before income tax expense 13,923 4,185 18,108 Income tax expense 3,816 1,147 4,963 Net income $ 10,107 $ 3,038 $ 13,145 Three Months Ended June 30, 2022 Peapack (In thousands) Banking Private Total Net interest income $ 41,078 $ 1,815 $ 42,893 Noninterest income 4,119 14,389 18,508 Total income 45,197 16,204 61,401 Provision for loan and lease losses 1,449 — 1,449 Compensation and employee benefits 15,476 6,406 21,882 Premises and equipment expense 3,835 805 4,640 FDIC insurance expense 503 — 503 Other operating expense 3,212 2,422 5,634 Total operating expense 24,475 9,633 34,108 Income before income tax expense 20,722 6,571 27,293 Income tax expense 5,624 1,569 7,193 Net income $ 15,098 $ 5,002 $ 20,100 Six Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 80,193 $ 2,706 $ 82,899 Noninterest income 7,907 28,727 36,634 Total income 88,100 31,433 119,533 Provision for credit losses 3,209 — 3,209 Compensation and employee benefits 36,118 14,822 50,940 Premises and equipment expense 7,636 1,467 9,103 FDIC insurance expense 1,440 — 1,440 Other operating expense 7,129 4,654 11,783 Total operating expense 55,532 20,943 76,475 Income before income tax expense 32,568 10,490 43,058 Income tax expense 8,746 2,812 11,558 Net income $ 23,822 $ 7,678 $ 31,500 Total assets at period end $ 6,363,409 $ 116,291 $ 6,479,700 Six Months Ended June 30, 2022 Peapack (In thousands) Banking Private Total Net interest income $ 79,077 $ 3,438 $ 82,515 Noninterest income 3,690 29,532 33,222 Total income 82,767 32,970 115,737 Provision for loan and lease losses 3,824 — 3,824 Compensation and employee benefits 31,879 12,452 44,331 Premises and equipment expense 7,766 1,521 9,287 FDIC insurance expense 974 — 974 Other operating expense 7,378 4,858 12,236 Total operating expense 51,821 18,831 70,652 Income before income tax expense 30,946 14,139 45,085 Income tax expense 7,924 3,620 11,544 Net income $ 23,022 $ 10,519 $ 33,541 Total assets at period end $ 6,046,082 $ 105,085 $ 6,151,167

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	8. FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value: Investment Securities: The fair values for investment securities are determined by quoted market prices (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Loans Held for Sale, at Fair Value: The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors (Level 2). Derivatives : The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Individually Evaluated Loans: The fair value of collateral dependent loans with specific allocations of the allowance for credit losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Individually evaluated loans may, in some cases, also be measured by the discounted cash flow methodology where payments are anticipated. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Other Real Estate Owned: Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned (“OREO") are measured at fair value, less estimated costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by Management. Once received, a third party conducts a review of the appraisal for compliance with the Uniform Standards of Professional Appraisal Practice and appropriate analysis methods for the type of property. Subsequently, a member of the Credit Department reviews the assumptions and approaches utilized in the appraisal, as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Appraisals on collateral dependent impaired loans and other real estate owned (consistent for all loan types) are obtained on an annual basis, unless a significant change in the market or other factors warrants a more frequent appraisal. On an annual basis, Management compares the actual selling price of any collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value for other properties. The most recent analysis performed indicated that a discount up to 15 percent should be applied to appraisals on properties. The discount is determined based on the nature of the underlying properties, aging of appraisals and other factors. For each collateral-dependent impaired loan, we consider other factors, such as certain indices or other market information, as well as property specific circumstances to determine if an adjustment to the appraised value is needed. In situations where there is evidence of change in value, the Bank will determine if there is a need for an adjustment to the specific reserve on the collateral dependent impaired loans. When the Bank applies an interim adjustment, it generally shows the adjustment as an incremental specific reserve against the loan until it has received the full updated appraisal. All collateral-dependent impaired loans and other real estate owned valuations were supported by an appraisal less than 12 months old or in the process of obtaining an appraisal as of June 30, 2023. The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option: Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. government-sponsored agencies $ 193,129 $ — $ 193,129 $ — Mortgage-backed securities-residential 312,526 — 312,526 — SBA pool securities 24,878 — 24,878 — State and political subdivisions 1,848 — 1,848 — Corporate bond 8,138 — 8,138 — CRA investment fund 12,985 12,985 — — Derivatives: Cash flow hedges 11,248 — 11,248 — Loan level swaps 36,331 — 36,331 — Total $ 601,083 $ 12,985 $ 588,098 $ — Liabilities: Derivatives: Loan level swaps 36,331 — 36,331 — Total $ 36,331 $ — $ 36,331 $ — Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2022 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. government-sponsored agencies $ 190,542 $ — $ 190,542 $ — Mortgage-backed securities-residential 325,738 — 325,738 — SBA pool securities 27,427 — 27,427 — State and political subdivisions 1,849 — 1,849 — Corporate bond 9,092 — 9,092 — CRA investment fund 12,985 12,985 — — Derivatives: Cash flow hedges 9,289 — 9,289 — Loan level swaps 38,265 — 38,265 — Total $ 615,187 $ 12,985 $ 602,202 $ — Liabilities: Derivatives: Loan level swaps $ 38,265 $ — $ 38,265 $ — Total $ 38,265 $ — $ 38,265 $ — The Company has elected the fair value option for certain loans held for sale. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 days or more past due or on nonaccrual as of June 30, 2023 and December 31, 2022. There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2023. The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis: Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Multifamily property $ 7,728 $ — $ — $ 7,728 Commercial and industrial 1,317 — — 1,317 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2022 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Investment commercial real estate $ 10,000 $ — $ — $ 10,000 Commercial and industrial 743 — — 743 The carrying amounts and estimated fair values of financial instruments at June 30, 2023 are as follows: Fair Value Measurements at June 30, 2023 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 171,628 $ 171,628 $ — $ — $ 171,628 Securities available for sale 540,519 — 540,519 — 540,519 Securities held to maturity 110,438 — 95,501 — 95,501 CRA investment fund 12,985 12,985 — — 12,985 FHLB and FRB stock 35,402 — — — N/A Loans held for sale, at lower of cost or fair value 14,198 — 15,493 — 15,493 Loans, net of allowance for credit losses 5,372,312 — — 5,224,990 5,224,990 Accrued interest receivable 20,865 — 2,763 18,102 20,865 Accrued interest receivable loan level swaps (A) 368 — 368 — 368 Cash flow hedges 11,248 — 11,248 — 11,248 Loan level swaps 36,331 — 36,331 — 36,331 Financial liabilities Deposits $ 5,198,497 $ 4,734,126 $ 455,274 $ — $ 5,189,400 Short-term borrowings 485,360 — 485,360 — 485,360 Subordinated debt 133,131 — — 114,185 114,185 Accrued interest payable 4,767 4,070 570 127 4,767 Accrued interest payable loan level swaps (B) 368 — 368 — 368 Loan level swap 36,331 — 36,331 — 36,331 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The carrying amounts and estimated fair values of financial instruments at December 31, 2022 are as follows: Fair Value Measurements at December 31, 2022 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 190,075 $ 190,075 $ — $ — $ 190,075 Securities available for sale 554,648 — 554,648 — 554,648 Securities held to maturity 102,291 — 87,187 — 87,187 CRA investment fund 12,985 12,985 — — 12,985 FHLB and FRB stock 30,672 — — — N/A Loans held for sale, at lower of cost or fair value 15,626 — 17,176 — 17,176 Loans, net of allowance for loan and lease losses 5,224,417 — — 5,141,201 5,141,201 Accrued interest receivable 25,157 — 2,393 22,764 25,157 Accrued interest receivable loan level swaps (A) 1,092 — 1,092 — 1,092 Cash flow hedges 9,289 — 9,289 — 9,289 Loan level swaps 38,265 — 38,265 — 38,265 Financial liabilities Deposits $ 5,205,164 $ 4,835,249 $ 356,975 $ — $ 5,192,224 Short-term borrowings 379,530 — 379,530 — 379,530 Subordinated debt 132,987 — — 119,865 119,865 Accrued interest payable 2,997 2,509 413 75 2,997 Accrued interest payable loan level swaps (B) 1,092 — 1,092 — 1,092 Loan level swaps 38,265 — 38,265 — 38,265 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
	Jun. 30, 2023
Revenue From Contract With Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	9. REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following tables present the sources of noninterest income for the periods indicated: For the Three Months Ended June 30, (In thousands) 2023 2022 Service charges on deposits Overdraft fees $ 130 $ 118 Interchange income 309 379 Other 881 566 Wealth management fees (A) 14,252 13,891 Corporate advisory fee income 15 33 Other (B) 2,988 3,521 Total noninterest other income $ 18,575 $ 18,508 For the Six Months Ended June 30, (In thousands) 2023 2022 Service charges on deposits Overdraft fees $ 263 $ 231 Interchange income 620 721 Other 1,695 1,063 Wealth management fees (A) 28,014 28,725 Corporate advisory fee income 95 1,594 Other (B) 5,947 888 Total noninterest other income $ 36,634 $ 33,222 (A) Includes investment brokerage fees. (B) All of the other category is outside the scope of ASC 606 . The following table presents the sources of noninterest income by operating segment for the periods indicated: For the Three Months Ended For the Three Months Ended 2023 2022 (In thousands) Wealth Wealth Revenue by Operating Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 130 $ — $ 130 $ 118 $ — $ 118 Interchange income 309 — 309 379 — 379 Other 881 — 881 566 — 566 Wealth management fees (A) — 14,252 14,252 — 13,891 13,891 Corporate advisory fee income 15 — 15 33 — 33 Other (B) 2,737 251 2,988 3,023 498 3,521 Total noninterest income $ 4,072 $ 14,503 $ 18,575 $ 4,119 $ 14,389 $ 18,508 For the Six Months Ended For the Six Months Ended (In thousands) 2023 2022 Revenue by Operating Wealth Wealth Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 263 $ — $ 263 $ 231 $ — $ 231 Interchange income 620 — 620 721 — 721 Other 1,695 — 1,695 1,063 — 1,063 Wealth management fees (A) — 28,014 28,014 — 28,725 28,725 Corporate advisory fee income 95 — 95 1,594 — 1,594 Other (B) 5,234 713 5,947 81 807 888 Total noninterest income $ 7,907 $ 28,727 $ 36,634 $ 3,690 $ 29,532 $ 33,222 (A) Includes investment brokerage fees. (B) All of the other category is outside the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 follows: Service charges on deposit accounts : The Company earns fees from its deposit customers for certain transaction account maintenance, and overdraft fees. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange income : The Company earns interchange fees from debit cardholder transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Interchange income is presented gross of cardholder rewards. Cardholder rewards are included in other expenses in the statement of income. Cardholder rewards reduced interchange income for the second quarter of 2023 by $ 2,000 and $ 34,000 for the same quarter in 2022. Cardholder rewards reduced interchange income by $ 4,000 and $ 64,000 for the six months ended June 30, 2023 and 2022, respectively. Wealth management fees (gross) : The Company earns wealth management fees from its contracts with wealth management clients to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Company charges its clients on a monthly or quarterly basis in accordance with its investment advisory agreements. Fees are generally assessed based on a tiered scale of the market value of AUM at month end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (i.e. trade date). Investment brokerage fees (net) : The Company earns fees from investment brokerage services provided to its customers by a third-party service provider. The Company receives commissions from the third-party service provider twice a month based upon customer activity for the month. The fees are recognized monthly, and a receivable is recorded until commissions are generally paid by the 15 th of the following month. Because the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, investment brokerage fees are presented net of related costs. Corporate advisory fee income: The Company provides our clients with financial advisory and underwriting services. Investment banking revenues, which includes mergers and acquisition advisory fees and private placement fees, are recorded when the performance obligation for the transaction is satisfied under the terms of each engagement. Reimbursed expenses are reported in other revenue on the statement of operations. Expenses related to investment banking are recognized as non-compensation expenses on the statement of operations. Amounts received and unearned are included on the statement of financial condition. Expenses related to investment banking deals not completed are recognized in non-compensation expenses on the statement of operations. The Company’s mergers and acquisition advisory fees generally consist of a nonrefundable up-front fee and success fee. The nonrefundable fee is recorded as deferred revenue upon receipt and recognized at a point in time when the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management’s judgement is required in determining when a transaction is considered to be terminated. Other : All of the other income items are outside the scope of ASC 606.

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	6 Months Ended
	Jun. 30, 2023
Other Income And Expenses [Abstract]
OTHER OPERATING EXPENSES	10. OTHER OPERATING EXPENSES The following table presents the major components of other operating expenses for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Professional and legal fees $ 1,179 $ 1,312 $ 2,524 $ 2,450 Telephone 362 348 731 682 Advertising 706 681 1,102 971 Amortization of intangible assets 355 389 709 820 Branch/office restructure — — 175 372 Other operating expenses 3,278 2,904 6,542 6,268 Total other operating expenses $ 5,880 $ 5,634 $ 11,783 $ 11,563

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	6 Months Ended
	Jun. 30, 2023
Stockholders Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	11. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended June 30, 2023 and 2022: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1 Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 72,251 ) $ ( 3,796 ) $ — $ ( 3,796 ) $ ( 76,047 ) Gain/(loss) on cash flow hedges 4,806 3,274 ( 30 ) 3,244 8,050 Accumulated other comprehensive gain/(loss), $ ( 67,445 ) $ ( 522 ) $ ( 30 ) $ ( 552 ) $ ( 67,997 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1 Before Comprehensive June 30, June 30, (In thousands) 2022 Reclassifications Income/(Loss) 2022 2022 Net unrealized holding gain/(loss) on $ ( 40,447 ) $ ( 18,619 ) $ — $ ( 18,619 ) $ ( 59,066 ) Gain/(loss) on cash flow hedges ( 491 ) 830 — 830 339 Accumulated other comprehensive gain/(loss), $ ( 40,938 ) $ ( 17,789 ) $ — $ ( 17,789 ) $ ( 58,727 ) The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, (In thousands) 2023 2022 Affected Line Item in Income Statement Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ ( 42 ) $ — Interest Expense Tax effect 12 — Income tax expense Total reclassifications, net of tax $ ( 30 ) $ — The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the six months ended June 30, 2023 and 2022: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 80,972 ) $ 4,925 $ — $ 4,925 $ ( 76,047 ) Gain/(loss) on cash flow hedges 6,761 1,349 ( 60 ) 1,289 8,050 Accumulated other comprehensive $ ( 74,211 ) $ 6,274 $ ( 60 ) $ 6,214 $ ( 67,997 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2022 Reclassifications Income/(Loss) 2022 2022 Net unrealized holding gain/(loss) on $ ( 9,873 ) $ ( 54,221 ) $ 5,028 $ ( 49,193 ) $ ( 59,066 ) Gain/(loss) on cash flow hedges ( 2,501 ) 2,840 — 2,840 339 Accumulated other comprehensive $ ( 12,374 ) $ ( 51,381 ) $ 5,028 $ ( 46,353 ) $ ( 58,727 ) The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, (In thousands) 2023 2022 Affected Line Item in Income Unrealized gains/(losses) on securities Reclassification adjustment for amounts $ — $ 6,609 Securities losses, net Tax effect — ( 1,581 ) Income tax expense Total reclassifications, net of tax $ — $ 5,028 Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ ( 84 ) $ — Interest Expense Tax effect 24 — Income tax expense Total reclassifications, net of tax $ ( 60 ) $ —

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVES	12. DERIVATIVES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Interest Rate Swaps Designated as Cash Flow Hedges: Interest rate swaps with a notional amount of $ 310.0 million as of June 30, 2023 and $ 290.0 million as of December 31, 2022 were designated as cash flow hedges of certain interest-bearing deposits. On a quarterly basis, the Company performs a qualitative hedge effectiveness assessment. This assessment takes into consideration any adverse developments related to the counterparty’s risk of default and any negative events or circumstances that affect the factors that originally enabled the Company to assess that it could reasonably support, qualitatively, an expectation that the hedging relationship was and will continue to be highly effective. As of June 30, 2023, there were no events or market conditions that would result in hedge ineffectiveness. The aggregate fair value of the swaps is recorded in other assets/liabilities with changes in fair value recorded in other comprehensive income. The amount included in accumulated other comprehensive income would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining terms of the swaps. The following table presents information about the interest rate swaps designated as cash flow hedges as of June 30, 2023 and December 31, 2022: (Dollars in thousands) June 30, December 31, Notional amount $ 310,000 $ 290,000 Weighted average pay rate 2.15 % 1.71 % Weighted average receive rate 3.78 % 2.78 % Weighted average maturity 3.49 years 2.01 years Unrealized gain/(loss), net $ 11,248 $ 3,290 Number of contracts 12 12 June 30, 2023 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 310,000 $ 11,248 Total included in other assets $ 310,000 $ 11,248 Total included in other liabilities December 31, 2022 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 290,000 $ 3,290 Total included in other assets 290,000 3,290 Total included in other liabilities — — Cash Flow Hedges The following table presents the net gains/(losses) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three month and six months ended June 30, 2023 and 2022: For the Three Months Ended For the Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Interest rate contracts Gain/(loss) recognized in other comprehensive income (effective portion) $ 4,775 $ 1,155 $ 2,043 $ 3,951 Gain/(loss) reclassified from other comprehensive income to interest expense — — — — Gain/(loss) recognized in other noninterest income $ ( 42 ) — ( 84 ) — During the third quarter of 2022, the Company recognized an unrealized after-tax gain of $ 167,000 in accumulated other comprehensive income/(loss) related to the termination of two interest rate swaps designated as cash flow hedges that were deemed ineffective. The gain is being amortized into earnings over the remaining life of the terminated swaps. Net interest income recorded on these swap transactions totaled $ 1.1 million and $ 2.0 million for the three and six months ended June 30, 2023. Net interest expense recorded on these swap transactions totaled $ 679,000 and $ 1.7 million for the three and six months ended June 30, 2022. Net income/expense for these swap transactions is reported as a component of interest expense. Derivatives Not Designated as Accounting Hedges The Company offers facility specific/loan level swaps to its customers and offsets its exposure from such contracts by entering mirror image swaps with a financial institution/swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The accrued interest receivable and payable related to these swaps of $ 368,000 and $ 1.1 million at June 30, 2023 and December 31, 2022, respectively, is recorded in other assets and other liabilities. Information about these swaps is as follows: (Dollars in thousands) June 30, December 31, Notional amount $ 585,234 $ 612,211 Fair value $ ( 36,355 ) $ ( 37,173 ) Weighted average pay rates 3.99 % 3.99 % Weighted average receive rates 6.87 % 6.14 % Weighted average maturity 4.06 years 4.68 years Number of contracts 76 78

SUBORDINATED DEBT

SUBORDINATED DEBT	6 Months Ended
	Jun. 30, 2023
Subordinated Longterm Debt Current And Noncurrent [Abstract]
SUBORDINATED DEBT	13. SUBORDINATED DEBT In December 2017, the Company issued $ 35.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “2017 Notes”) to certain institutional investors. The 2017 Notes are non-callable for five years , have a stated maturity of December 15, 2027 , and had a fixed interest rate of 4.75 percent until December 15, 2022. From December 16, 2022 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month London Interbank Offered Rate (“LIBOR”) rate plus 254 basis points, payable quarterly in arrears. Debt issuance costs incurred totaled $ 875 ,000 and are being amortized to maturity. In December 2020, the Company issued $ 100.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “2020 Notes”) to certain institutional investors. The 2020 Notes are non-callable for five years , have a stated maturity of December 22, 2030 , and bear interest at a fixed rate of 3.50 percent until December 22, 2025. From December 23, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 326 basis points, payable quarterly in arrears. Debt issuance costs incurred totaled $ 1.9 million and are being amortized to maturity. The Company used the proceeds from the issuance of the 2020 Notes to refinance then-outstanding debt, for stock repurchases, acquisitions of wealth management firms, as well as other general corporate purposes. Subordinated debt is presented net of issuance costs on the Consolidated Statements of Condition. The subordinated debt issuances are included in the Company’s regulatory total capital amount and ratio. In connection with the issuance of the 2020 Notes, the Company obtained ratings from Kroll Bond Rating Agency (“KBRA”) and Moody’s Investors Services (“Moody’s). KBRA assigned an investment grade rating of BBB- and Moody’s assigned an investment grade rating of Baa3 for the 2020 Notes at the time of issuance.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	14. LEASES The Company maintains certain property and equipment under direct financing and operating leases. As of June 30, 2023, the Company's operating lease ROU asset and operating lease liability totaled $ 13.5 million and $ 14.3 million, respectively. As of December 31, 2022, the Company's operating lease ROU asset and operating lease liability totaled $ 12.9 million and $ 13.7 million, respectively. A weighted average discount rate of 2.70 percent and 2.63 percent was used in the measurement of the ROU asset and lease liability as of June 30, 2023 and December 31, 2022, respectively. The Company's leases have remaining lease terms between 14 months to 14 years , with a weighted average lease term of 6.96 years at June 30, 2023. The Company's leases had remaining lease terms between three months to 14 years, with a weighted average lease term of 7.48 years at December 31, 2022. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. Total operating lease costs were $ 822,000 and $ 867,000 for the three months ended June 30, 2023 and 2022, respectively. The variable lease costs were $ 70,000 and $ 76,000 for the three months ended June 30, 2023 and 2022, respectively. Total operating lease costs were $ 1.6 million and $ 1.7 million for the six months ended June 30, 2023 and 2022, respectively. The variable lease costs were $ 142,000 and $ 153,000 for the six months ended June 30, 2023 and 2022, respectively. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of June 30, 2023: (In thousands) 2023 $ 1,613 2024 3,131 2025 2,434 2026 1,807 2027 1,451 Thereafter 5,368 Total lease payments 15,804 Less: imputed interest 1,496 Total present value of lease payments $ 14,308 The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the periods indicated: For the Six Months Ended June 30, (In thousands) 2023 2022 Right-of-use asset obtained in exchange for lease obligation $ 1,926 $ 5,683 Operating cash flows from operating leases 1,471 1,334 Operating cash flows from direct finance leases 103 132 Financing cash flows from direct finance leases 374 374

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2023
Accounting Changes And Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	15. ACCOUNTING PRONOUNCEMENTS In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842), Common Control Arrangements . The amendments in this update clarify the accounting for leasehold improvements associated with common control leases. This update has been issued in order to address current diversity in practice associated with the accounting for leasehold improvements associated with a lease between entities under common control. The amendments in this update apply to all lessees that are a party to a lease between entities under common control in which there are leasehold improvements. The amendments in this update are effective for interim and annual periods beginning after December 15, 2023. The Company is currently evaluating the provisions of this update but does not anticipate the adoption will have a material impact on the Company’s consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS The Company had an equipment financing lease with a principal balance of $ 9.2 million as of June 30, 2023, which was downgraded to nonaccrual status as a result of a bankruptcy filing by the lessee subsequent to June 30, 2023. This lease was classified as special mention as of June 30, 2023 and subsequently downgraded to substandard during the third quarter of 2023. The Company presently believes that the fair value of the collateral will be sufficient to repay the outstanding principal balance but will continue to closely monitor the bankruptcy proceedings to evaluate changes as they occur. No additional allowance for credit losses was applied to this loan as of June 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Organization	Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack-Gladstone Bank (the “Bank”). The consolidated financial statements also include the Bank’s wholly-owned subsidiaries: • PGB Trust & Investments of Delaware • Peapack Capital Corporation (“PCC”) • Peapack-Gladstone Mortgage Group, Inc., which owns 99 percent of Peapack Ventures, LLC and 79 percent of Peapack-Gladstone Realty, Inc., a New Jersey real estate investment company • PGB Trust & Investments of Delaware, which owns one percent of Peapack Ventures, LLC • Peapack Ventures, LLC, which owns the remaining 21 percent of Peapack-Gladstone Realty, Inc. • PGB Securities, Inc. While the following notes to the consolidated financial statements include the consolidated results of the Company, the Bank and their subsidiaries, these notes primarily reflect the Bank’s and its subsidiaries’ activities. All significant intercompany balances and transactions have been eliminated from the accompanying consolidated financial statements.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation : The consolidated financial statements have been prepared in accordance with GAAP. In preparing the financial statements, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statement of condition and revenues and expenses for the periods presented. Actual results could differ from those estimates.
Adoption of New Accounting Standards	Adoption of New Accounting Standards : On January 1, 2022, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan and lease receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). In addition, Accounting Standards Codification (“ASC”) 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities Management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet commitments. Results for reporting periods beginning after January 1, 2022, are presented under ASC 326 while prior period amounts continue to be reported in accordance with the incurred loss model previously applicable under GAAP. The Company recorded a net increase to retained earnings of $ 3.9 million as of January 1, 2022, for the cumulative effect of adopting ASC 326. The transition adjustment includes a $ 5.5 million reduction to our allowance for credit losses. The lower allowance was in part attributed to historically low charge-offs combined with the shorter duration of the loan portfolio employed in our CECL analysis. Further, the incurred loss method required significant qualitative factors, including factors related to COVID-19, and the use of a multiplier for potential losses on criticized and classified loans, neither of which are included within the CECL methodology. The CECL methodology utilizes significantly less qualitative factors as it uses economic factors and historical losses over a full economic cycle and calculates losses based on discounted cash flows on an individual loan basis. Accordingly, the CECL model quantitatively accounts for some of the qualitative factors utilized in the incurred loss methodology. The following table illustrates the impact to our financial statements as of January 1, 2022 upon adoption of ASC 326: January 1, 2022 (In thousands) Impact to Consolidated Statement of Condition from ASC-326 Adoption Tax Effect Impact to Retained Earnings from ASC-326 Adoption Allowance for credit losses on loans $ 5,536 $ ( 1,490 ) $ 4,046 Allowance for credit losses on off-balance sheet commitments ( 188 ) 51 ( 137 ) Total impact from ASC 326 adoption $ 5,348 $ ( 1,439 ) $ 3,909
Segment Information	Segment Information : The Company’s business is conducted through two business segments: (1) its banking segment (“Banking”), which involves the delivery of loan and deposit products to customers, and (2) Peapack Private Wealth Management Division ("Peapack Private"), which includes investment management services to individuals and institutions. Management uses certain methodologies to allocate income and expense to the business segments. The Banking segment includes: commercial (including commercial and industrial (“C&I”) and equipment financing), commercial real estate, multifamily, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services and customer support services. Peapack Private includes: investment management services for individuals and institutions; personal trust services, including services as executor, trustee, administrator and custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware. Wealth management fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management and/or administration (“AUM”) at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed (i.e. trade date).
Cash and Cash Equivalents	Cash and Cash Equivalents: For purposes of the statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits and federal funds sold. Generally, federal funds are sold for one-day periods. Cash equivalents are of original maturities of 90 days or less. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less.
Interest-Earning Deposits in Other Financial Institutions	Interest-Earning Deposits in Other Financial Institutions : Interest-earning deposits in other financial institutions mature within one year and are carried at cost.
Securities	Securities : Prior to January 1, 2022 , Management evaluated securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market conditions warranted. For securities in an unrealized loss position, Management considered the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assessed whether it intended to sell, or it was more likely than not that it was required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell was met, the entire difference between amortized cost and fair value was recognized as impairment through earnings. For debt securities that did not meet the aforementioned criteria, the amount of impairment was split into two components as follows: (1) other-than-temporary impairment related to credit loss, which was recognized through the income statement and (2) other-than-temporary impairment related to other factors, which was recognized in other comprehensive income. Effective January 1, 2022 , upon the adoption of ASU 2016 - 13 , debt securities available-for-sale are measured at fair value and subject to impairment testing. When an available-for-sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses ("ACL") by a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value change. If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation reserve would be reduced, but not more than the amount of the current existing reserve for that security. Debt securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Under ASU 2016-13, held-to-maturity securities in a loss position are evaluated to determine if the decline in fair value has resulted from a credit-related loss or other factors and then, recognize an ACL through a charge to earnings for the decline in fair value. The Company also has an investment in a Community Reinvestment Act (“CRA”) investment fund, which is classified as an equity security. Interest income includes amortization of purchase premiums and discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated, and premiums on callable debt securities, which are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock	Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock, based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of the Federal Reserve Bank of New York and required to own a certain amount of FRB stock. FRB stock is carried at cost and classified as a restricted security. Dividends are reported as income.
Loans Held for Sale	Loans Held for Sale: Mortgage loans originated with the intent to sell in the secondary market are carried at fair value, as determined by outstanding commitments from investors. Mortgage loans held for sale are generally sold with servicing rights released; therefore, no servicing rights are recorded. Gains and losses on sales of mortgage loans, shown as gain on sale of loans on the Statement of Income, are based on the difference between the selling price and the carrying value of the related loan sold. SBA loans originated with the intent to sell in the secondary market are carried at the lower of cost or fair value. SBA loans are generally sold with the servicing rights retained. Gains and losses on the sale of SBA loans are based on the difference between the selling price and the carrying value of the related loan sold. Total SBA loans serviced totaled $ 164.4 million and $ 152.2 million as of June 30, 2023 and December 31, 2022, respectively. SBA loans held for sale totaled $ 15.5 million and $ 17.2 million at June 30, 2023 and December 31, 2022, respectively. Loans originated with the intent to hold and subsequently transferred to loans held for sale are carried at the lower of cost or fair value. These are loans that the Company no longer has the intent to hold for the foreseeable future.
Loans	Loans: Loans that Management has the intent and ability to hold for the foreseeable future or until maturity are stated at the principal amount outstanding. Interest on loans is recognized based upon the principal amount outstanding. Loans are stated at face value, less purchased premium and discounts and net deferred fees. Loan origination fees and certain direct loan origination costs are deferred and recognized on a level-yield method over the life of the loan as an adjustment to the loan’s yield. The definition of recorded investment in loans includes accrued interest receivable and deferred fees/costs, however, for the Company’s loan disclosures, accrued interest and deferred fees/costs were excluded as the impact was not material. Loans are considered past due when they are not paid within 30 days in accordance with contractual terms. The accrual of income on loans, including individually evaluated loans, is discontinued if, in the opinion of Management, principal or interest is not likely to be paid in accordance with the terms of the loan agreement, or when principal or interest is past due 90 days unless the asset is both well secured and in the process of collection. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Payments received on nonaccrual loans are recorded as principal payments. A nonaccrual loan is returned to accrual status only when interest and principal payments are brought current and future payments are reasonably assured, generally when the Bank receives contractual payments for a minimum of six consecutive months. Commercial loans are generally charged off, in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days. Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company’s loans are secured by real estate in New Jersey, New York and Pennsylvania.
Allowance for Credit Losses	Allowance for Credit Losses : On January 1, 2022, the Company adopted ASU 2016-13, Topic 326 which replaced the incurred loss methodology with CECL for financial instruments measured at amortized cost and other commitments to extend credit. CECL requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable economic forecasts of future events and circumstances. The allowance for credit losses (“ACL”) on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments. ACL in accordance with CECL methodology With respect to pools of similar loans that are collectively evaluated, an appropriate level of general allowance is determined by portfolio segment using a non-linear discounted cash flow (“DCF”) model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including but not limited to unemployment rates, national consumer price and confidence indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include the following: levels of and trends in delinquencies and impaired loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant staffing and experience; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. The ACL results in two forms of allocations, specific and general. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio. When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. In determining an appropriate amount for the allowance, the Bank segments and aggregates the loan portfolio based on common characteristics. The following segments have been identified: Primary Residential Mortgages . The Bank originates one to four family residential mortgage loans in the Tri-State area (which is comprised of New York, New Jersey and Connecticut), Pennsylvania and Florida. Loans are secured by first liens on the primary residence or investment property. Primary risk characteristics associated with residential mortgage loans typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, residential mortgage loans that have adjustable rates could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Junior Lien Loan on Residence (which include home equity lines of credit) . The Bank provides junior lien loans (“JLL”) and revolving home equity lines of credit against one to four family properties in the Tri-State area. These loans are subordinate to a first mortgage, which may be from another lending institution. Primary risk characteristics associated with JLLs and home equity lines of credit typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, home equity lines of credit typically are made with variable or floating interest rates, which could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Multifamily . The Bank provides mortgage loans for multifamily properties (i.e., buildings which have five or more residential units). Multifamily loans are expected to be repaid from the cash flows of the underlying property so the collective amount of rents must be sufficient to cover all operating expenses, property management and maintenance, taxes and debt service. Increases in vacancy rates, interest rates or other changes in general economic conditions can have an impact on the borrower and its ability to repay the loan. Owner-Occupied Commercial Real Estate Loans . The Bank provides mortgage loans for owner-occupied commercial real estate properties in the Tri-State area and Pennsylvania. Commercial real estate properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are mixed use. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Investment Commercial Real Estate Loans. The Bank provides mortgage loans for properties managed as an investment property (non-owner-occupied) in the Tri-State area and Pennsylvania. Non-owner-occupied properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are considered “mixed use” as they are a combination of building types, such as a building with retail space on the ground floor and either residential apartments or office suites on the upper floors. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Commercial and Industrial Loans . The Bank provides lines of credit and term loans to operating companies for business purposes. The loans are generally secured by business assets such as accounts receivable, inventory, business vehicles and equipment as well as the stock of a company, if privately held. Commercial and industrial loans are typically repaid first by the cash flows generated by the borrower’s business operations. The primary risk characteristics are specific to the underlying business and its ability to generate sustainable profitability and resulting positive cash flows. Factors that may influence a business’ profitability include, but are not limited to, demand for its products or services, quality and depth of management, degree of competition, regulatory changes, and general economic conditions. To mitigate the risk characteristics of commercial and industrial loans, these loans often include commercial real estate as collateral and the Bank will often require more frequent reporting requirements from the borrower in order to better monitor its business performance. However, the ability of the Bank to foreclose and realize sufficient value from the assets is often highly uncertain. Leasing Finance . PCC offers a range of finance solutions nationally. PCC provides term loans and leases secured by assets financed for U.S. based mid-size and large companies. Facilities tend to be fully drawn under fixed rate terms. PCC serves a broad range of industries including transportation, manufacturing, heavy construction and utilities. Asset risk in PCC’s portfolio is generally recognized through changes to loan income, or through changes to lease related income streams due to fluctuations in lease rates. Changes to lease income can occur when the existing lease contract expires, the asset comes off lease or the business seeks to enter a new lease agreement. Asset risk may also change through depreciation, resulting from changes in the residual value of the operating lease asset or through impairment of the asset carrying value, which can occur at any time during the life of the asset. Credit risk in PCC’s portfolio generally results from the potential default of borrowers or lessees, which may be driven by customer specific or broader industry related conditions. Credit losses can impact multiple parts of the income statement including loss of interest/lease/rental income and/or higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets. Construction . The Bank provides commercial construction loans for properties located in the Tri-state area. Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer and Other . These are loans to individuals for household, family and other personal expenditures as well as obligations of states and political subdivisions in the U.S. This also represents all other loans that cannot be categorized in any of the previous mentioned loan segments. Consumer loans generally have higher interest rates and shorter terms than residential loans but tend to have higher credit risk due to the type of collateral securing the loan or in some cases the absence of collateral. A troubled debt restructuring (“TDR”) is a modified loan with concessions made by the lender to a borrower who is experiencing financial difficulty. TDRs are impaired and are generally measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral, less estimated disposition costs. For TDRs that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for credit losses. On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2022-02, which replaced the accounting and recognition of TDRs. ASU 2022-02 eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. ASU 2022-02 also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty.
Leases	Leases: At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding right-of-use (“ROU”) asset and operating lease liability are recorded as separate line items on the statement of condition. An ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made. If the rate implicit in the lease is not readily determinable, the incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s statement of condition, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. The Company maintains certain property and equipment under direct financing and operating leases. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space and are classified as operating leases. The ROU asset is measured at the amount of the lease liability adjusted for lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the ROU asset. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the ROU asset. There are no terms or conditions related to residual value guarantees and no restrictions or covenants that would impact the Company’s ability to pay dividends or to incur additional financial obligations.
Derivatives	Derivatives: At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the statement of condition, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the statement of condition or to specific firm commitments or forecasted transactions. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company also offers facility specific / loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The Company is exposed to losses if a customer counterparty fails to make its payments under a contract in which the Company is in a net receiving position. At this time, the Company anticipates that its counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly. Further, the Company has netting agreements with the dealers with which it does business.
Stock-Based Compensation	Stock-Based Compensation: The Company’s 2021 Long-Term Stock Incentive Plan allows the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries. There are no shares remaining for issuance with respect to the stock option plans approved in 2002, 2006 and 2012; however, options granted under these plans are still included in the amounts below. Options granted under these plans are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises. Upon adoption of ASU 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. C hanges in options outstanding during the six months ended June 30, 2023 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2023 6,800 $ 16.53 Exercised during 2023 ( 1,400 ) 15.03 Expired during 2023 ( 2,600 ) 14.85 Forfeited during 2023 — — Balance, June 30, 2023 2,800 $ 18.85 0.54 years $ 23 Vested and expected to vest 2,800 $ 18.85 0.54 years $ 23 Exercisable at June 30, 2023 2,800 $ 18.85 0.54 years $ 23 The aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the second quarter of 2023 and the exercise price, multiplied by the number of in-the-money options. The Company’s closing stock price on June 30, 2023 was $ 27.08 . There were no stock options granted during the three or six months ended June 30, 2023. As of June 30, 2023, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company's stock incentive plans. The Company issued performance-based and service-based restricted stock units in 2023 and 2022. Service-based units vest ratably over a three - or five-year period. There were 1,817 service-based restricted stock units granted during the second quarter of 2023. The performance-based awards are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance period, which is generally three years. There were 3,684 performance-based restricted stock units granted in the second quarter of 2023. Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2023 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2023 233,556 $ 23.77 Granted during 2023 126,821 26.81 Vested during 2023 ( 164,438 ) 15.88 Forfeited during 2023 — — Balance, June 30, 2023 195,939 $ 32.36 Changes in service-based restricted stock awards/units for the six months ended June 30, 2023 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2023 621,170 $ 27.50 Granted during 2023 271,387 30.94 Vested during 2023 ( 264,223 ) 26.27 Forfeited during 2023 ( 2,711 ) 26.20 Balance, June 30, 2023 625,623 $ 29.52 As of June 30, 2023, there was $ 19.6 million of total unrecognized compensation cost related to service-based and performance-based units. That cost is expected to be recognized over a weighted average period of 1.34 years. Stock compensation expense recorded for the second quarters of 2023 and 2022 totaled $ 3.6 million and $ 1.7 million, respectively. Stock compensation expense recorded for the six months ended June 30, 2023 and 2022 totaled $ 6.3 million and $ 3.6 million, respectively.
Employee Stock Purchase Plan	Employee Stock Purchase Plan (“ESPP”): The ESPP provides for the granting of rights to purchase up to 150,000 shares of Peapack-Gladstone Financial Corporation common stock. In May 2020, shareholders approved an increase of 200,000 shares of Peapack-Gladstone Financial Corporation common stock to be issued under the ESPP. The ESPP allows for the purchase of shares during four three-month Offering Periods of each calendar year. The Offering Periods end on February 16, May 16, August 16 and November 16 of each calendar year. Each participant in the Offering Period is granted an option to purchase a number of shares and may contribute between one percent and 15 percent of their compensation. At the end of each Offering Period, the number of shares to be purchased by the employee is determined by dividing the employee’s contributions accumulated during the Offering Period by the applicable purchase price. The purchase price is an amount equal to 85 percent of the closing market price of a share of common stock on the purchase date. Participation in the ESPP is entirely voluntary and employees can cancel their purchases at any time during the period without penalty. The fair value of each share purchase right is determined using the Black-Scholes option pricing model. The Company recorded $ 58,000 and $ 42,000 of expense in salaries and employee benefits expense for the three months ended June 30, 2023 and 2022, respectively related to the ESPP. Total shares issued under the ESPP during the second quarter of 2023 and 2022 were 10,108 and 7,120 , respectively. The Company recorded $ 106,000 and $ 77,000 of expense in salaries and employee benefits expense for the six months ended June 30, 2023 and 2022, respectively related to the ESPP. Total shares issued under the ESPP during the six months ended June 30, 2023 and 2022 were 17,641 and 13,928 , respectively.
Earnings per share - Basic and Diluted	Earnings per share – Basic and Diluted: The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2023 2022 2023 2022 Net income available to common shareholders $ 13,145 $ 20,100 $ 31,500 $ 33,541 Basic weighted average shares outstanding 17,930,611 18,325,605 17,886,154 18,332,272 Plus: common stock equivalents 148,237 311,735 267,113 450,287 Diluted weighted average shares outstanding 18,078,848 18,637,340 18,153,267 18,782,559 Net income per share Basic $ 0.73 $ 1.10 $ 1.76 $ 1.83 Diluted 0.73 1.08 1.74 1.79 For the three months ended June 30, 2023 and 2022, restricted stock units totaling 556,743 and 300,925 , respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2023 and 2022, restricted stock units totaling 420,090 and 300,925 , respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the average market value for the periods presented.
Income Taxes	Income Taxes: The Company files a consolidated Federal income tax return. Separate state income tax returns are filed for each subsidiary based on current laws and regulations. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on the enacted tax rates. Such tax assets and liabilities are adjusted for the effect of a change in tax rates in the period of enactment. The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company is no longer subject to examination by the U.S. Federal tax authorities for years prior to 2019 or by New Jersey tax authorities for years prior to 2017. The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
Loss Contingencies	Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the financial statements.
Restrictions on Cash	Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank of New York was required to meet regulatory reserve and clearing requirements.
Comprehensive Income/(Loss)	Comprehensive Income/(Loss): Comprehensive income/(loss) consists of net income and the change during the period in the Company’s net unrealized gains or losses on securities available for sale and unrealized gains and losses on cash flow hedge, net of tax, less adjustments for realized gains and losses.
Transfers of Financial Assets	Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets: Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree (if any), over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Goodwill was primarily attributable to the Bank’s wealth management acquisitions. Management monitors the impact of changes in the financial markets and includes these assessments in our impairment process. The Company has selected December 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill, which includes assembled workforce has an indefinite life on our statement of financial condition. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill and assembled workforce are the intangible assets with an indefinite life on our balance sheet. Other intangible assets, which primarily consist of customer relationship intangible assets arising from acquisitions, are amortized on an accelerated basis over their estimated useful lives, which range from 5 to 15 years .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Impact to Financial Statements Upon Adoption of ASC 326	The following table illustrates the impact to our financial statements as of January 1, 2022 upon adoption of ASC 326: January 1, 2022 (In thousands) Impact to Consolidated Statement of Condition from ASC-326 Adoption Tax Effect Impact to Retained Earnings from ASC-326 Adoption Allowance for credit losses on loans $ 5,536 $ ( 1,490 ) $ 4,046 Allowance for credit losses on off-balance sheet commitments ( 188 ) 51 ( 137 ) Total impact from ASC 326 adoption $ 5,348 $ ( 1,439 ) $ 3,909
Schedule of Changes in Options Outstanding	hanges in options outstanding during the six months ended June 30, 2023 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2023 6,800 $ 16.53 Exercised during 2023 ( 1,400 ) 15.03 Expired during 2023 ( 2,600 ) 14.85 Forfeited during 2023 — — Balance, June 30, 2023 2,800 $ 18.85 0.54 years $ 23 Vested and expected to vest 2,800 $ 18.85 0.54 years $ 23 Exercisable at June 30, 2023 2,800 $ 18.85 0.54 years $ 23
Schedule of Changes in Non-Vested Performance-Based Shares	Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2023 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2023 233,556 $ 23.77 Granted during 2023 126,821 26.81 Vested during 2023 ( 164,438 ) 15.88 Forfeited during 2023 — — Balance, June 30, 2023 195,939 $ 32.36
Schedule of Changes in Service-Based Restricted Stock Awards/Units	Changes in service-based restricted stock awards/units for the six months ended June 30, 2023 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2023 621,170 $ 27.50 Granted during 2023 271,387 30.94 Vested during 2023 ( 264,223 ) 26.27 Forfeited during 2023 ( 2,711 ) 26.20 Balance, June 30, 2023 625,623 $ 29.52
Schedule of Calculation of Basic and Diluted Earnings per Share	The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share data) 2023 2022 2023 2022 Net income available to common shareholders $ 13,145 $ 20,100 $ 31,500 $ 33,541 Basic weighted average shares outstanding 17,930,611 18,325,605 17,886,154 18,332,272 Plus: common stock equivalents 148,237 311,735 267,113 450,287 Diluted weighted average shares outstanding 18,078,848 18,637,340 18,153,267 18,782,559 Net income per share Basic $ 0.73 $ 1.10 $ 1.76 $ 1.83 Diluted 0.73 1.08 1.74 1.79

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Investment Securities Available For Sale [Abstract]
Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale	A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of June 30, 2023 and December 31, 2022 follows: June 30, 2023 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,784 $ — $ ( 51,655 ) $ — $ 193,129 Mortgage-backed securities–residential 359,347 5 ( 46,826 ) — 312,526 SBA pool securities 29,184 — ( 4,306 ) — 24,878 State and political subdivisions 1,854 — ( 6 ) — 1,848 Corporate bond 10,000 — ( 1,862 ) — 8,138 Total securities available for sale $ 645,169 $ 5 $ ( 104,655 ) $ — $ 540,519 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 4,248 ) $ — $ 35,752 Mortgage-backed securities–residential 70,438 — ( 10,689 ) — 59,749 Total securities held to maturity $ 110,438 $ — $ ( 14,937 ) $ — $ 95,501 December 31, 2022 Gross Gross Allowance Amortized Unrealized Unrealized for Fair (In thousands) Cost Gains Losses Credit Losses Value Securities Available for Sale: U.S government-sponsored agencies $ 244,774 $ — $ ( 54,232 ) $ — $ 190,542 Mortgage-backed securities–residential 372,471 27 ( 46,760 ) — 325,738 SBA pool securities 31,934 1 ( 4,508 ) — 27,427 State and political subdivisions 1,866 — ( 17 ) — 1,849 Corporate bond 10,000 — ( 908 ) — 9,092 Total securities available for sale $ 661,045 $ 28 $ ( 106,425 ) $ — $ 554,648 Securities Held to Maturity: U.S. government-sponsored agencies $ 40,000 $ — $ ( 4,563 ) $ — $ 35,437 Mortgage-backed securities–residential 62,291 — ( 10,541 ) — 51,750 Total securities held to maturity $ 102,291 $ — $ ( 15,104 ) $ — $ 87,187
Summary of Gross Gains, Gross Losses and Net Tax Benefit Related to Proceeds on Sales of Securities Available for Sale	The following table presents a summary of the gross gains, gross losses and net tax benefit related to proceeds on sales of securities available for sale for the six months ended June 30, 2023 and 2022: (In thousands) June 30, 2023 June 30, 2022 Proceeds from sales $ — $ 118,972 Gross gains — 3 Gross losses — ( 6,612 ) Net tax benefit — 1,581
Schedule of Available for Sale Securities with Continuous Unrealized Losses and Approximate Fair Value of Investments	The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of June 30, 2023 and December 31, 2022. June 30, 2023 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 193,129 $ ( 51,655 ) $ 193,129 $ ( 51,655 ) Mortgage-backed securities residential 48,016 ( 1,473 ) 213,300 ( 45,353 ) 261,316 ( 46,826 ) SBA pool securities 457 ( 1 ) 24,058 ( 4,305 ) 24,515 ( 4,306 ) State and political subdivisions 270 ( 1 ) 1,578 ( 5 ) 1,848 ( 6 ) Corporate bond 2,040 ( 459 ) 6,098 ( 1,403 ) 8,138 ( 1,862 ) Total securities available for sale $ 50,783 $ ( 1,934 ) $ 438,163 $ ( 102,721 ) $ 488,946 $ ( 104,655 ) Securities Held to Maturity: U.S. government-sponsored agencies $ — $ — $ 35,752 $ ( 4,248 ) $ 35,752 $ ( 4,248 ) Mortgage-backed securities residential 10,039 ( 253 ) 49,710 ( 10,436 ) 59,749 ( 10,689 ) Total securities held to maturity $ 10,039 $ ( 253 ) $ 85,462 $ ( 14,684 ) $ 95,501 $ ( 14,937 ) Total securities $ 60,822 $ ( 2,187 ) $ 523,625 $ ( 117,405 ) $ 584,447 $ ( 119,592 ) December 31, 2022 Duration of Unrealized Loss Less Than 12 Months 12 Months or Longer Total Approximate Approximate Approximate Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities Available for Sale: U.S. government-sponsored agencies $ — $ — $ 190,542 $ ( 54,232 ) $ 190,542 $ ( 54,232 ) Mortgage-backed securities residential 82,907 ( 4,082 ) 174,557 ( 42,678 ) 257,464 ( 46,760 ) SBA pool securities 3,377 ( 332 ) 23,256 ( 4,176 ) 26,633 ( 4,508 ) State and political subdivisions 1,579 ( 17 ) — — 1,579 ( 17 ) Corporate bond 9,092 ( 908 ) — — 9,092 ( 908 ) Total securities available for sale $ 96,955 $ ( 5,339 ) $ 388,355 $ ( 101,086 ) $ 485,310 $ ( 106,425 ) Securities Held to Maturity: U.S. government-sponsored agencies $ 13,174 $ ( 1,826 ) $ 22,263 $ ( 2,737 ) $ 35,437 $ ( 4,563 ) Mortgage-backed securities residential 15,635 ( 3,585 ) 36,115 ( 6,956 ) 51,750 ( 10,541 ) Total securities held to maturity $ 28,809 $ ( 5,411 ) $ 58,378 $ ( 9,693 ) $ 87,187 $ ( 15,104 ) Total securities $ 125,764 $ ( 10,750 ) $ 446,733 $ ( 110,779 ) $ 572,497 $ ( 121,529 )

LOANS AND LEASES (Tables)

LOANS AND LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of composition of loans categorized by the type of loan	Loans outstanding, excluding those held for sale, by general ledger classification, as of June 30, 2023 and December 31, 2022, consisted of the following: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2023 Loans 2022 Loans Residential mortgage $ 575,238 10.58 % $ 525,756 9.95 % Multifamily mortgage 1,884,369 34.67 1,863,915 35.27 Commercial mortgage 624,710 11.49 624,625 11.82 Commercial loans (including equipment financing) 2,254,232 41.48 2,194,094 41.51 Commercial construction 9,703 0.18 4,042 0.07 Home equity lines of credit 34,397 0.63 34,496 0.65 Consumer loans, including fixed rate home equity loans 52,098 0.96 38,014 0.72 Other loans 269 0.01 304 0.01 Total loans $ 5,435,016 100.00 % $ 5,285,246 100.00 % In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of June 30, 2023 and December 31, 2022 are based on the CECL methodology: % of % of June 30, Totals December 31, Total (Dollars in thousands) 2023 Loans 2022 Loans Primary residential mortgage $ 576,104 10.61 % $ 527,784 9.99 % Junior lien loan on residence 37,780 0.70 38,265 0.73 Multifamily property 1,884,369 34.69 1,863,915 35.29 Owner-occupied commercial real estate 258,909 4.77 272,009 5.15 Investment commercial real estate 1,041,189 19.17 1,044,125 19.77 Commercial and industrial 1,282,058 23.60 1,194,662 22.62 Lease financing 279,518 5.14 288,566 5.46 Construction 16,251 0.30 9,936 0.19 Consumer and other 55,476 1.02 42,319 0.80 Total loans 5,431,654 100.00 % 5,281,581 100.00 % Net deferred costs 3,362 3,665 Total loans including net deferred costs $ 5,435,016 $ 5,285,246
Schedule of recorded investment in nonaccrual and loans past due 90 days or over still on accrual	The following tables present the recorded investment in nonaccrual and loans past due 90 days or over still on accrual by class of loans as of June 30, 2023 and December 31, 2022: June 30, 2023 Loans Past Due 90 Days or Over And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 1,001 $ — Multifamily property 18,868 — Investment commercial real estate 9,935 — Commercial and industrial 3,373 — Lease financing 1,328 — Total $ 34,505 $ — December 31, 2022 Loans Past Due 90 Days or Over And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 2,339 $ — Investment commercial real estate 11,208 — Commercial and industrial 3,662 — Lease financing 1,765 — Total $ 18,974 $ —
Schedule of aging of past due loans	The following tables present the aging of the recorded investment in past due loans as of June 30, 2023 and December 31, 2022 by class of loans, excluding nonaccrual loans: June 30, 2023 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,463 $ — $ — $ 1,463 Commercial and industrial 3,968 — — 3,968 Lease financing 7,447 — — 7,447 Consumer and other — 3 — 3 Total $ 12,878 $ 3 $ — $ 12,881 December 31, 2022 30-59 60-89 90 Days or Days Days Greater Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,145 $ — $ — $ 1,145 Multifamily property 882 — — 882 Commercial and industrial 4,884 681 — 5,565 Total $ 6,911 $ 681 $ — $ 7,592
Schedule of credit risk profile of loans	The following is a summary of the credit risk profile of loans by internally assigned grade as of June 30, 2023 and December 31, 2022 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans: Grade as of June 30, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Primary residential mortgage: Pass $ 69,713 $ 116,537 $ 82,789 $ 60,707 $ 36,329 $ 207,223 $ — $ 685 $ 573,983 Special mention — — — — — — — — — Substandard — — — 489 981 651 — — 2,121 Doubtful — — — — — — — — — Total primary residential mortgages 69,713 116,537 82,789 61,196 37,310 207,874 — 685 576,104 Current period gross charge-offs — — — — — — — — — Junior lien loan on residence: Pass 160 1,490 156 35 590 951 34,335 — 37,717 Special mention — — — — — — — — — Substandard — — — — — — 63 — 63 Doubtful — — — — — — — — — Total junior lien loan on residence 160 1,490 156 35 590 951 34,398 — 37,780 Current period gross charge-offs — — — — — — — — — Multifamily property: Pass 43,495 481,160 659,346 121,200 213,938 326,509 748 7,037 1,853,433 Special mention — — — — — 1,673 — — 1,673 Substandard — 1,572 9,714 — 10,399 7,578 — — 29,263 Doubtful — — — — — — — — — Total multifamily property 43,495 482,732 669,060 121,200 224,337 335,760 748 7,037 1,884,369 Current period gross charge-offs — — — — — — — — — Grade as of June 30, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Owner-occupied commercial real estate: Pass 1,515 23,878 43,125 20,395 11,996 130,336 305 26,983 258,533 Special mention — — — — — — 376 — 376 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 1,515 23,878 43,125 20,395 11,996 130,336 681 26,983 258,909 Current period gross charge-offs — — — — — — — — — Investment commercial real estate: Pass 82,974 175,500 152,000 58,567 153,896 328,176 8,231 42,542 1,001,886 Special mention — — — — 12,817 13,125 — — 25,942 Substandard — 9,935 — — 3,426 — — — 13,361 Doubtful — — — — — — — — — Total investment commercial real estate 82,974 185,435 152,000 58,567 170,139 341,301 8,231 42,542 1,041,189 Current period gross charge-offs — 1,199 — — — — — — 1,199 Commercial and industrial: Pass 126,562 303,336 196,525 59,775 59,585 24,167 469,571 27,576 1,267,097 Special mention — — — 825 1,170 191 256 — 2,442 Substandard — — 1,698 845 1,003 280 8,693 — 12,519 Doubtful — — — — — — — — — Total commercial and industrial 126,562 303,336 198,223 61,445 61,758 24,638 478,520 27,576 1,282,058 Current period gross charge-offs — — — — — — — — — Lease financing: Pass 25,805 46,099 66,439 51,345 39,709 25,620 — — 255,017 Special mention 1,410 18,225 569 — 1,508 1,461 — — 23,173 Substandard — — — — 1,328 — — — 1,328 Doubtful — — — — — — — — — Total lease financing 27,215 64,324 67,008 51,345 42,545 27,081 — — 279,518 Current period gross charge-offs — — — — — — — — — Construction: Pass — — — — 1,404 — — 14,847 16,251 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — — 1,404 — — 14,847 16,251 Current period gross charge-offs — — — — — — — — — Consumer and other loans: Pass 80 — 336 173 — 4,924 31,449 18,514 55,476 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other loans 80 — 336 173 — 4,924 31,449 18,514 55,476 Current period gross charge-offs — — — — — — 61 — 61 Grade as of June 30, 2023 for Loans Originated During 2018 Revolving- (In thousands) 2023 2022 2021 2020 2019 and Prior Revolving Term Total Total: Pass 350,304 1,148,000 1,200,716 372,197 517,447 1,047,906 544,639 138,184 5,319,393 Special mention 1,410 18,225 569 825 15,495 16,450 632 — 53,606 Substandard — 11,507 11,412 1,334 17,137 8,509 8,756 — 58,655 Doubtful — — — — — — — — — Total Loans $ 351,714 $ 1,177,732 $ 1,212,697 $ 374,356 $ 550,079 $ 1,072,865 $ 554,027 $ 138,184 $ 5,431,654 Total Current Period Gross Charge-offs $ — $ 1,199 $ — $ — $ — $ — $ 61 $ — $ 1,260 Grade as of December 31, 2022 for Loans Originated During 2017 Revolving- (In thousands) 2022 2021 2020 2019 2018 and Prior Revolving Term Total Primary residential mortgage: Pass $ 118,864 $ 87,312 $ 62,540 $ 37,902 $ 27,209 $ 190,834 $ — $ 691 $ 525,352 Special mention — — — — — — — — — Substandard — — 547 1,044 141 700 — — 2,432 Doubtful — — — — — — — — — Total primary residential mortgages 118,864 87,312 63,087 38,946 27,350 191,534 — 691 527,784 Junior lien loan on residence: Pass 1,631 177 42 639 326 953 33,996 — 37,764 Special mention — — — — — — — — — Substandard — — — — — — 501 — 501 Doubtful — — — — — — — — — Total junior lien loan on residence 1,631 177 42 639 326 953 34,497 — 38,265 Multifamily property: Pass 488,657 678,507 118,220 224,129 33,884 305,628 1,246 1,425 1,851,696 Special mention — — — — — 1,696 — — 1,696 Substandard — — — 2,846 — 7,677 — — 10,523 Doubtful — — — — — — — — — Total multifamily property 488,657 678,507 118,220 226,975 33,884 315,001 1,246 1,425 1,863,915 Owner-occupied commercial real estate: Pass 25,315 43,916 20,679 12,244 22,422 126,237 608 20,588 272,009 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total owner-occupied commercial real estate 25,315 43,916 20,679 12,244 22,422 126,237 608 20,588 272,009 Investment commercial real estate: Pass 189,829 154,715 59,444 155,995 93,330 305,219 6,590 23,487 988,609 Special mention — — — 13,015 — 13,309 — 14,507 40,831 Substandard 11,208 — — 3,477 — — — — 14,685 Doubtful — — — — — — — — — Total investment commercial real estate 201,037 154,715 59,444 172,487 93,330 318,528 6,590 37,994 1,044,125 Commercial and industrial: Pass 421,072 217,887 76,307 80,359 26,792 5,559 303,526 29,750 1,161,252 Special mention 14,405 — 826 — 193 — 258 — 15,682 Substandard 1,553 1,892 2,148 3,894 277 71 7,893 — 17,728 Doubtful — — — — — — — — — Total commercial and industrial 437,030 219,779 79,281 84,253 27,262 5,630 311,677 29,750 1,194,662 Lease financing: Pass 73,155 71,925 58,262 48,942 24,408 8,125 — — 284,817 Special mention 1,984 — — — — — — — 1,984 Substandard — — — 1,765 — — — — 1,765 Doubtful — — — — — — — — — Total lease financing 75,139 71,925 58,262 50,707 24,408 8,125 — — 288,566 Grade as of December 31, 2022 for Loans Originated During 2017 Revolving- (In thousands) 2022 2021 2020 2019 2018 and Prior Revolving Term Total Construction: Pass — — — 1,439 — — 4,064 4,433 9,936 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total commercial construction loans — — — 1,439 — — 4,064 4,433 9,936 Consumer and other loans: Pass — 381 194 — — 5,753 31,287 4,704 42,319 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total consumer and other loans — 381 194 — — 5,753 31,287 4,704 42,319 Total: Pass 1,318,523 1,254,820 395,688 561,649 228,371 948,308 381,317 85,078 5,173,754 Special mention 16,389 — 826 13,015 193 15,005 258 14,507 60,193 Substandard 12,761 1,892 2,695 13,026 418 8,448 8,394 — 47,634 Doubtful — — — — — — — — — Total Loans $ 1,347,673 $ 1,256,712 $ 399,209 $ 587,690 $ 228,982 $ 971,761 $ 389,969 $ 99,585 $ 5,281,581
Summary of Information Related to Modification	The following tables provides information related to the modifications during the six months ended June 30, 2023 by pool segment and type of concession granted: Interest Only Period Extension Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 248 0.02 % Total $ 248 0.02 % Interest Rate Reduction Six Months Ended June 30, 2023 % of Total Amortized Class of Cost Basis Financing (Dollars in thousands) at Period End Receivable Commercial and industrial $ 777 0.06 % Total $ 777 0.06 %
Schedule of Loan Modifications, Subsequent Default, By Payment Status	The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties on or after January 1, 2023, the date we adopted ASU 2022-02, through June 30, 2023: Payment Status at June 30, 2023 30-89 Days 90+ Days (Dollars in thousands) Current Past Due Past Due Commercial and industrial $ 248 $ — $ 777 Total $ 248 $ — $ 777
Schedule of Loan modifications resulted in payment default	The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2023: Amortized Cost Basis of Modified Loans That Subsequently Defaulted Six Months Ended June 30, 2023 Interest Only Interest (Dollars in thousands) Period Extension Rate Reduction Commercial and industrial $ 248 $ — Total $ 248 $ —
Schedule of loans modified as troubled debt restructurings	The following table presents loans by class modified as TDRs during the six-month period ended June 30, 2022: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment Investment commercial real estate 1 $ 12,471 $ 12,471 Total 1 $ 12,471 $ 12,471 The identification of the TDRs did not have a material impact on the allowance for credit losses. The following table presents loans by class modified as TDRs that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2022: Number of Recorded (Dollars in thousands) Loans Investment Primary residential mortgage 2 $ 359 Total 2 $ 359

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Schedule of loan balances by segment and the corresponding balances in the allowance for loan losses	The following tables present the loan balances by segment, and the corresponding balances in the allowance as of June 30, 2023 and December 31, 2022. The allowance was based on the CECL methodology. June 30, 2023 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 363 $ — $ 575,741 $ 3,148 $ 576,104 $ 3,148 Junior lien loan on residence — — 37,780 151 37,780 151 Multifamily property 18,868 1,986 1,865,501 8,551 1,884,369 10,537 Owner-occupied commercial real estate — — 258,909 4,708 258,909 4,708 Investment commercial real estate 9,935 — 1,031,254 13,548 1,041,189 13,548 Commercial and industrial 3,373 448 1,278,685 26,985 1,282,058 27,433 Lease financing 1,328 — 278,190 2,063 279,518 2,063 Construction — — 16,251 421 16,251 421 Consumer and other loans — — 55,476 695 55,476 695 Total ACL $ 33,867 $ 2,434 $ 5,397,787 $ 60,270 $ 5,431,654 $ 62,704 December 31, 2022 Ending ACL Attributable Ending ACL Total To Total Attributable Individually Individually Loans To Loans Total Evaluated Evaluated Collectively Collectively Total Ending (In thousands) Loans Loans Evaluated Evaluated Loans ACL Primary residential mortgage $ 374 $ — $ 527,410 $ 2,894 $ 527,784 $ 2,894 Junior lien loan on residence — — 38,265 154 38,265 154 Multifamily property — — 1,863,915 8,849 1,863,915 8,849 Owner-occupied commercial real estate — — 272,009 4,835 272,009 4,835 Investment commercial real estate 11,208 1,208 1,032,917 14,272 1,044,125 15,480 Commercial and industrial 3,385 299 1,191,277 25,231 1,194,662 25,530 Lease financing 1,765 — 286,801 2,314 288,566 2,314 Construction — — 9,936 236 9,936 236 Consumer and other loans — — 42,319 537 42,319 537 Total ACL $ 16,732 $ 1,507 $ 5,264,849 $ 59,322 $ 5,281,581 $ 60,829
Schedule of loans individually evaluated by segment	The following tables present collateral dependent loans individually evaluated by segment as of June 30, 2023 and December 31, 2022: June 30, 2023 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment Allowance Loans With no related allowance recorded: Primary residential mortgage $ 408 $ 363 $ — $ 436 Investment commercial real estate 12,500 9,935 — 10,967 Multifamily property 9,153 9,153 — 1,526 Commercial and industrial 3,775 1,608 — 2,004 Lease financing 1,383 1,328 — 1,529 Total loans with no related allowance $ 27,219 $ 22,387 $ — $ 16,462 With related allowance recorded: Multifamily property $ 9,714 $ 9,715 $ 1,986 $ 7,254 Commercial and industrial 1,864 1,765 448 1,099 Total loans with related allowance $ 11,578 $ 11,480 $ 2,434 $ 8,353 Total loans individually evaluated $ 38,797 $ 33,867 $ 2,434 $ 24,815 December 31, 2022 Average Unpaid Individually Principal Recorded Related Evaluated (In thousands) Balance Investment Allowance Loans With no related allowance recorded: Primary residential mortgage $ 415 $ 374 $ — $ 249 Commercial and industrial 3,868 1,836 — 539 Lease financing 1,792 1,765 — 444 Total loans with no related allowance $ 6,075 $ 3,975 $ — $ 1,232 With related allowance recorded: Investment commercial real estate $ 12,500 $ 11,208 $ 1,208 $ 12,402 Commercial and industrial 1,555 1,549 299 174 Total loans with related allowance $ 14,055 $ 12,757 $ 1,507 $ 12,576 Total loans individually evaluated for impairment $ 20,130 $ 16,732 $ 1,507 $ 13,808
Schedule of Activity in Allowance for Loan and Losses	The activity in the allowance for credit losses for the three months ended June 30, 2023 and June 30, 2022 is summarized below: April 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,959 $ — $ — $ 189 $ 3,148 Junior lien loan on residence 146 — — 5 151 Multifamily property 9,823 — — 714 10,537 Owner-occupied commercial real estate 4,952 — — ( 244 ) 4,708 Investment commercial real estate 14,538 ( 1,199 ) — 209 13,548 Commercial and industrial 26,869 — — 564 27,433 Lease financing 1,989 — — 74 2,063 Construction 313 — — 108 421 Consumer and other loans 661 ( 15 ) 2 47 695 Total ACL $ 62,250 $ ( 1,214 ) $ 2 $ 1,666 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 30,000 for off-balance sheet commitments. April 1, June 30, 2022 2022 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,291 $ — $ — $ ( 137 ) $ 2,154 Junior lien loan on residence 161 ( 3 ) — ( 7 ) 151 Multifamily property 15,017 — — 773 15,790 Owner-occupied commercial real estate 4,774 — — ( 114 ) 4,660 Investment commercial real estate 10,504 — — 465 10,969 Commercial and industrial 21,192 — — ( 194 ) 20,998 Lease financing 3,354 — — ( 2 ) 3,352 Construction 468 — — ( 109 ) 359 Consumer and other loans 625 ( 7 ) — ( 29 ) 589 Total ACL $ 58,386 $ ( 10 ) $ — $ 646 $ 59,022 (A) Provision to roll forward the ACL excludes a provision of $ 803,000 for off-balance sheet commitments. The activity in the allowance for credit losses for the six months ended June 30, 2023 and 2022 is summarized below: January 1, June 30, 2023 2023 Beginning Provision Ending (In thousands) ACL Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 2,894 $ — $ — $ 254 $ 3,148 Junior lien loan on residence 154 — — ( 3 ) 151 Multifamily property 8,849 — — 1,688 10,537 Owner-occupied commercial real estate 4,835 — — ( 127 ) 4,708 Investment commercial real estate 15,480 ( 1,199 ) — ( 733 ) 13,548 Commercial and industrial 25,530 — — 1,903 27,433 Lease financing 2,314 — — ( 251 ) 2,063 Construction 236 — — 185 421 Consumer and other loans 537 ( 61 ) 5 214 695 Total ACL $ 60,829 $ ( 1,260 ) $ 5 $ 3,130 $ 62,704 (A) Provision to roll forward the ACL excludes a provision of $ 79,000 for off-balance sheet commitments. December 31, 2021 Prior to June 30, Adoption Impact of 2022 of Adopting Provision Ending (In thousands) Topic 326 Topic 326 Charge-offs Recoveries (Credit) (A) ACL Primary residential mortgage $ 1,510 $ 717 $ — $ — $ ( 73 ) $ 2,154 Junior lien loan on residence 88 83 ( 3 ) — ( 17 ) 151 Multifamily property 9,806 4,072 — — 1,912 15,790 Owner-occupied commercial real estate 1,998 2,902 — — ( 240 ) 4,660 Investment commercial real estate 27,083 ( 13,589 ) ( 250 ) — ( 2,275 ) 10,969 Commercial and industrial 17,509 ( 657 ) — 4 4,142 20,998 Lease financing 3,440 156 — — ( 244 ) 3,352 Construction 48 361 — — ( 50 ) 359 Consumer and other loans 215 419 ( 27 ) 2 ( 20 ) 589 Total ACL $ 61,697 $ ( 5,536 ) $ ( 280 ) $ 6 $ 3,135 $ 59,022 (A) Provision to roll forward the ACL excludes a provision of $ 689,000 for off-balance sheet commitments.
Schedule of Activity in ACL for Off Balance Sheet Commitments	The following tables present the activity in the ACL for off-balance sheet commitments for the six months ended June 30, 2023 and 2022: January 1, 2023 June 30, Beginning Provision 2023 (In thousands) ACL (Credit) Ending ACL Off balance sheet commitments $ 752 $ 79 $ 831 Total ACL $ 752 $ 79 $ 831 December 31, 2021 June 30, Prior to adoption Impact of Provision 2022 (In thousands) of Topic 326 adopting Topic 326 (Credit) Ending ACL Off balance sheet commitments $ — $ 302 $ 689 $ 991 Total ACL $ — $ 302 $ 689 $ 991

DEPOSITS (Tables)

DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2023
Deposits [Abstract]
Schedule of Details of Total Deposits	The following table sets forth the details of total deposits as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 (Dollars in thousands) Noninterest-bearing demand deposits $ 1,024,105 19.70 % $ 1,246,066 23.94 % Interest-bearing checking (A) 2,816,913 54.19 2,143,611 41.18 Savings 120,082 2.31 157,338 3.02 Money market 763,026 14.68 1,228,234 23.60 Certificates of deposit - retail 384,106 7.39 318,573 6.12 Certificates of deposit - listing service 10,822 0.21 25,358 0.49 Subtotal deposits 5,119,054 98.48 5,119,180 98.35 Interest-bearing demand - Brokered 10,000 0.19 60,000 1.15 Certificates of deposit - Brokered 69,443 1.33 25,984 0.50 Total deposits $ 5,198,497 100.00 % $ 5,205,164 100.00 % (A) Interest-bearing checking includes $ 895.3 million at June 30, 2023 and $ 620.1 million at December 31, 2022 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.
Scheduled Maturities of Time Deposits	The scheduled maturities of certificates of deposit, including brokered certificates of deposit, as of June 30, 2023, are as follows: (In thousands) 2023 $ 178,462 2024 240,065 2025 38,917 2026 4,240 2027 2,564 2028 and later 123 Total $ 464,371

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Income and Total Assets for Reportable Segments	The following tables present the statements of income and total assets for the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 38,103 $ 818 $ 38,921 Noninterest income 4,072 14,503 18,575 Total income 42,175 15,321 57,496 Provision for credit losses 1,696 — 1,696 Compensation and benefits 17,949 8,405 26,354 Premises and equipment expense 4,023 706 4,729 FDIC expense 729 — 729 Other operating expense 3,855 2,025 5,880 Total operating expense 28,252 11,136 39,388 Income before income tax expense 13,923 4,185 18,108 Income tax expense 3,816 1,147 4,963 Net income $ 10,107 $ 3,038 $ 13,145 Three Months Ended June 30, 2022 Peapack (In thousands) Banking Private Total Net interest income $ 41,078 $ 1,815 $ 42,893 Noninterest income 4,119 14,389 18,508 Total income 45,197 16,204 61,401 Provision for loan and lease losses 1,449 — 1,449 Compensation and employee benefits 15,476 6,406 21,882 Premises and equipment expense 3,835 805 4,640 FDIC insurance expense 503 — 503 Other operating expense 3,212 2,422 5,634 Total operating expense 24,475 9,633 34,108 Income before income tax expense 20,722 6,571 27,293 Income tax expense 5,624 1,569 7,193 Net income $ 15,098 $ 5,002 $ 20,100 Six Months Ended June 30, 2023 Peapack (In thousands) Banking Private Total Net interest income $ 80,193 $ 2,706 $ 82,899 Noninterest income 7,907 28,727 36,634 Total income 88,100 31,433 119,533 Provision for credit losses 3,209 — 3,209 Compensation and employee benefits 36,118 14,822 50,940 Premises and equipment expense 7,636 1,467 9,103 FDIC insurance expense 1,440 — 1,440 Other operating expense 7,129 4,654 11,783 Total operating expense 55,532 20,943 76,475 Income before income tax expense 32,568 10,490 43,058 Income tax expense 8,746 2,812 11,558 Net income $ 23,822 $ 7,678 $ 31,500 Total assets at period end $ 6,363,409 $ 116,291 $ 6,479,700 Six Months Ended June 30, 2022 Peapack (In thousands) Banking Private Total Net interest income $ 79,077 $ 3,438 $ 82,515 Noninterest income 3,690 29,532 33,222 Total income 82,767 32,970 115,737 Provision for loan and lease losses 3,824 — 3,824 Compensation and employee benefits 31,879 12,452 44,331 Premises and equipment expense 7,766 1,521 9,287 FDIC insurance expense 974 — 974 Other operating expense 7,378 4,858 12,236 Total operating expense 51,821 18,831 70,652 Income before income tax expense 30,946 14,139 45,085 Income tax expense 7,924 3,620 11,544 Net income $ 23,022 $ 10,519 $ 33,541 Total assets at period end $ 6,046,082 $ 105,085 $ 6,151,167

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option: Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. government-sponsored agencies $ 193,129 $ — $ 193,129 $ — Mortgage-backed securities-residential 312,526 — 312,526 — SBA pool securities 24,878 — 24,878 — State and political subdivisions 1,848 — 1,848 — Corporate bond 8,138 — 8,138 — CRA investment fund 12,985 12,985 — — Derivatives: Cash flow hedges 11,248 — 11,248 — Loan level swaps 36,331 — 36,331 — Total $ 601,083 $ 12,985 $ 588,098 $ — Liabilities: Derivatives: Loan level swaps 36,331 — 36,331 — Total $ 36,331 $ — $ 36,331 $ — Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2022 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. government-sponsored agencies $ 190,542 $ — $ 190,542 $ — Mortgage-backed securities-residential 325,738 — 325,738 — SBA pool securities 27,427 — 27,427 — State and political subdivisions 1,849 — 1,849 — Corporate bond 9,092 — 9,092 — CRA investment fund 12,985 12,985 — — Derivatives: Cash flow hedges 9,289 — 9,289 — Loan level swaps 38,265 — 38,265 — Total $ 615,187 $ 12,985 $ 602,202 $ — Liabilities: Derivatives: Loan level swaps $ 38,265 $ — $ 38,265 $ — Total $ 38,265 $ — $ 38,265 $ —
Schedule of Assets Measured at Fair Value on Non-Recurring Basis	The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis: Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs (In thousands) 2023 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Multifamily property $ 7,728 $ — $ — $ 7,728 Commercial and industrial 1,317 — — 1,317 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2022 (Level 1) (Level 2) (Level 3) Assets: Individually evaluated loans: Investment commercial real estate $ 10,000 $ — $ — $ 10,000 Commercial and industrial 743 — — 743
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments at June 30, 2023 are as follows: Fair Value Measurements at June 30, 2023 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 171,628 $ 171,628 $ — $ — $ 171,628 Securities available for sale 540,519 — 540,519 — 540,519 Securities held to maturity 110,438 — 95,501 — 95,501 CRA investment fund 12,985 12,985 — — 12,985 FHLB and FRB stock 35,402 — — — N/A Loans held for sale, at lower of cost or fair value 14,198 — 15,493 — 15,493 Loans, net of allowance for credit losses 5,372,312 — — 5,224,990 5,224,990 Accrued interest receivable 20,865 — 2,763 18,102 20,865 Accrued interest receivable loan level swaps (A) 368 — 368 — 368 Cash flow hedges 11,248 — 11,248 — 11,248 Loan level swaps 36,331 — 36,331 — 36,331 Financial liabilities Deposits $ 5,198,497 $ 4,734,126 $ 455,274 $ — $ 5,189,400 Short-term borrowings 485,360 — 485,360 — 485,360 Subordinated debt 133,131 — — 114,185 114,185 Accrued interest payable 4,767 4,070 570 127 4,767 Accrued interest payable loan level swaps (B) 368 — 368 — 368 Loan level swap 36,331 — 36,331 — 36,331 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The carrying amounts and estimated fair values of financial instruments at December 31, 2022 are as follows: Fair Value Measurements at December 31, 2022 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 190,075 $ 190,075 $ — $ — $ 190,075 Securities available for sale 554,648 — 554,648 — 554,648 Securities held to maturity 102,291 — 87,187 — 87,187 CRA investment fund 12,985 12,985 — — 12,985 FHLB and FRB stock 30,672 — — — N/A Loans held for sale, at lower of cost or fair value 15,626 — 17,176 — 17,176 Loans, net of allowance for loan and lease losses 5,224,417 — — 5,141,201 5,141,201 Accrued interest receivable 25,157 — 2,393 22,764 25,157 Accrued interest receivable loan level swaps (A) 1,092 — 1,092 — 1,092 Cash flow hedges 9,289 — 9,289 — 9,289 Loan level swaps 38,265 — 38,265 — 38,265 Financial liabilities Deposits $ 5,205,164 $ 4,835,249 $ 356,975 $ — $ 5,192,224 Short-term borrowings 379,530 — 379,530 — 379,530 Subordinated debt 132,987 — — 119,865 119,865 Accrued interest payable 2,997 2,509 413 75 2,997 Accrued interest payable loan level swaps (B) 1,092 — 1,092 — 1,092 Loan level swaps 38,265 — 38,265 — 38,265 (A) Included in other assets in the Consolidated Statement of Condition. (B) Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue From Contract With Customer [Abstract]
Schedule of Noninterest Income	The following tables present the sources of noninterest income for the periods indicated: For the Three Months Ended June 30, (In thousands) 2023 2022 Service charges on deposits Overdraft fees $ 130 $ 118 Interchange income 309 379 Other 881 566 Wealth management fees (A) 14,252 13,891 Corporate advisory fee income 15 33 Other (B) 2,988 3,521 Total noninterest other income $ 18,575 $ 18,508 For the Six Months Ended June 30, (In thousands) 2023 2022 Service charges on deposits Overdraft fees $ 263 $ 231 Interchange income 620 721 Other 1,695 1,063 Wealth management fees (A) 28,014 28,725 Corporate advisory fee income 95 1,594 Other (B) 5,947 888 Total noninterest other income $ 36,634 $ 33,222 (A) Includes investment brokerage fees. (B) All of the other category is outside the scope of ASC 606 .
Schedule of Noninterest Income by Operating Segment	The following table presents the sources of noninterest income by operating segment for the periods indicated: For the Three Months Ended For the Three Months Ended 2023 2022 (In thousands) Wealth Wealth Revenue by Operating Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 130 $ — $ 130 $ 118 $ — $ 118 Interchange income 309 — 309 379 — 379 Other 881 — 881 566 — 566 Wealth management fees (A) — 14,252 14,252 — 13,891 13,891 Corporate advisory fee income 15 — 15 33 — 33 Other (B) 2,737 251 2,988 3,023 498 3,521 Total noninterest income $ 4,072 $ 14,503 $ 18,575 $ 4,119 $ 14,389 $ 18,508 For the Six Months Ended For the Six Months Ended (In thousands) 2023 2022 Revenue by Operating Wealth Wealth Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 263 $ — $ 263 $ 231 $ — $ 231 Interchange income 620 — 620 721 — 721 Other 1,695 — 1,695 1,063 — 1,063 Wealth management fees (A) — 28,014 28,014 — 28,725 28,725 Corporate advisory fee income 95 — 95 1,594 — 1,594 Other (B) 5,234 713 5,947 81 807 888 Total noninterest income $ 7,907 $ 28,727 $ 36,634 $ 3,690 $ 29,532 $ 33,222 (A) Includes investment brokerage fees. (B) All of the other category is outside the scope of ASC 606.

OTHER OPERATING EXPENSES (Table

OTHER OPERATING EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income And Expenses [Abstract]
Schedule of Components of Other Operating Expenses	The following table presents the major components of other operating expenses for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Professional and legal fees $ 1,179 $ 1,312 $ 2,524 $ 2,450 Telephone 362 348 731 682 Advertising 706 681 1,102 971 Amortization of intangible assets 355 389 709 820 Branch/office restructure — — 175 372 Other operating expenses 3,278 2,904 6,542 6,268 Total other operating expenses $ 5,880 $ 5,634 $ 11,783 $ 11,563

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax	The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended June 30, 2023 and 2022: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1 Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 72,251 ) $ ( 3,796 ) $ — $ ( 3,796 ) $ ( 76,047 ) Gain/(loss) on cash flow hedges 4,806 3,274 ( 30 ) 3,244 8,050 Accumulated other comprehensive gain/(loss), $ ( 67,445 ) $ ( 522 ) $ ( 30 ) $ ( 552 ) $ ( 67,997 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at April 1 Before Comprehensive June 30, June 30, (In thousands) 2022 Reclassifications Income/(Loss) 2022 2022 Net unrealized holding gain/(loss) on $ ( 40,447 ) $ ( 18,619 ) $ — $ ( 18,619 ) $ ( 59,066 ) Gain/(loss) on cash flow hedges ( 491 ) 830 — 830 339 Accumulated other comprehensive gain/(loss), $ ( 40,938 ) $ ( 17,789 ) $ — $ ( 17,789 ) $ ( 58,727 ) The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the six months ended June 30, 2023 and 2022: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2023 Reclassifications Income/(Loss) 2023 2023 Net unrealized holding gain/(loss) on $ ( 80,972 ) $ 4,925 $ — $ 4,925 $ ( 76,047 ) Gain/(loss) on cash flow hedges 6,761 1,349 ( 60 ) 1,289 8,050 Accumulated other comprehensive $ ( 74,211 ) $ 6,274 $ ( 60 ) $ 6,214 $ ( 67,997 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Six Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive June 30, June 30, (In thousands) 2022 Reclassifications Income/(Loss) 2022 2022 Net unrealized holding gain/(loss) on $ ( 9,873 ) $ ( 54,221 ) $ 5,028 $ ( 49,193 ) $ ( 59,066 ) Gain/(loss) on cash flow hedges ( 2,501 ) 2,840 — 2,840 339 Accumulated other comprehensive $ ( 12,374 ) $ ( 51,381 ) $ 5,028 $ ( 46,353 ) $ ( 58,727 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income/(loss)	The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended June 30, 2023 and 2022: Three Months Ended June 30, (In thousands) 2023 2022 Affected Line Item in Income Statement Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ ( 42 ) $ — Interest Expense Tax effect 12 — Income tax expense Total reclassifications, net of tax $ ( 30 ) $ — The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, (In thousands) 2023 2022 Affected Line Item in Income Unrealized gains/(losses) on securities Reclassification adjustment for amounts $ — $ 6,609 Securities losses, net Tax effect — ( 1,581 ) Income tax expense Total reclassifications, net of tax $ — $ 5,028 Unrealized gains/(losses) on cash Reclassification adjustment for amounts $ ( 84 ) $ — Interest Expense Tax effect 24 — Income tax expense Total reclassifications, net of tax $ ( 60 ) $ —

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges	The following table presents information about the interest rate swaps designated as cash flow hedges as of June 30, 2023 and December 31, 2022: (Dollars in thousands) June 30, December 31, Notional amount $ 310,000 $ 290,000 Weighted average pay rate 2.15 % 1.71 % Weighted average receive rate 3.78 % 2.78 % Weighted average maturity 3.49 years 2.01 years Unrealized gain/(loss), net $ 11,248 $ 3,290 Number of contracts 12 12
Schedule of Cash Flow Hedges Included in Financial Statements	June 30, 2023 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 310,000 $ 11,248 Total included in other assets $ 310,000 $ 11,248 Total included in other liabilities December 31, 2022 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 290,000 $ 3,290 Total included in other assets 290,000 3,290 Total included in other liabilities — —
Schedule of Net Gains/(Losses) Recorded in Accumulated Other Comprehensive Income/(Loss)	The following table presents the net gains/(losses) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three month and six months ended June 30, 2023 and 2022: For the Three Months Ended For the Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Interest rate contracts Gain/(loss) recognized in other comprehensive income (effective portion) $ 4,775 $ 1,155 $ 2,043 $ 3,951 Gain/(loss) reclassified from other comprehensive income to interest expense — — — — Gain/(loss) recognized in other noninterest income $ ( 42 ) — ( 84 ) —
Not Designated as Hedging Instrument [Member]
Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges	Information about these swaps is as follows: (Dollars in thousands) June 30, December 31, Notional amount $ 585,234 $ 612,211 Fair value $ ( 36,355 ) $ ( 37,173 ) Weighted average pay rates 3.99 % 3.99 % Weighted average receive rates 6.87 % 6.14 % Weighted average maturity 4.06 years 4.68 years Number of contracts 76 78

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Operating Lease Liabilities by Contractual Maturity	The following is a schedule of the Company's operating lease liabilities by contractual maturity as of June 30, 2023: (In thousands) 2023 $ 1,613 2024 3,131 2025 2,434 2026 1,807 2027 1,451 Thereafter 5,368 Total lease payments 15,804 Less: imputed interest 1,496 Total present value of lease payments $ 14,308
Summary of Supplemental Cash Flow Information Related to Direct Finance and Operating Leases	The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the periods indicated: For the Six Months Ended June 30, (In thousands) 2023 2022 Right-of-use asset obtained in exchange for lease obligation $ 1,926 $ 5,683 Operating cash flows from operating leases 1,471 1,334 Operating cash flows from direct finance leases 103 132 Financing cash flows from direct finance leases 374 374

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2020 shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) Segment $ / shares shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net increase to retained earnings		$ 378,525,000		$ 378,525,000		$ 348,798,000
Reduction to allowance for credit losses		(831,000)	$ (991,000)	$ (831,000)	$ (991,000)	(752,000)
Number of operating segments | Segment				2
Federal funds sales periods				1 day
Interest-earning deposits maturities period				1 year
Servicing rights				$ 0
Amount of loans serviced		$ 164,400,000		$ 164,400,000		152,200,000
Threshold period for loan				30 days
Threshold for determining nonaccrual status		90 days		90 days
Post-modification outstanding recorded investment					$ 12,471,000
Closing stock price of common stock | $ / shares		$ 27.08		$ 27.08
Stock options granted | shares		0		0
Unrecognized compensation cost		$ 0		$ 0
Issuance of shares for Employee Stock Purchase Plan, shares | shares		10,108	7,120	17,641	13,928
Antidilutive securities | shares		556,743	300,925	420,090	300,925
Restricted stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares granted | shares		1,817		271,387
Compensation cost		$ 3,600,000	$ 1,700,000	$ 6,300,000	$ 3,600,000
Restricted stock [Member] | Tranche One [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock option vesting term				3 years
Restricted stock [Member] | Tranche Two [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock option vesting term				5 years
Performance Shares [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares granted | shares		3,684		126,821
Restricted Stock Units [Member]
Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost		$ 19,600,000		$ 19,600,000
Weighted average period over which unrecognized compensation is expected to be recognized (in years)				1 year 4 months 2 days
Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Compensation cost		$ 58,000	$ 42,000	$ 106,000	$ 77,000
Number of share purchase rights authorized | shares		150,000		150,000
Additional common stock to be issued | shares	200,000
Percentage of closing market price on purchase date				85%
Consumer and Other [Member] | Closed-end Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Threshold for determining nonaccrual status		120 days		120 days
Consumer and Other [Member] | Open-end Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Threshold for determining nonaccrual status		180 days		180 days
Small Business Administration Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans held for sale		$ 15,500,000		$ 15,500,000		$ 17,200,000
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents original maturities period				90 days
Short term borrowings original maturities period				90 days
Finite-Lived Intangible Asset, Useful Life				15 years
Maximum [Member] | Employee Stock Option [Member]
Summary Of Significant Accounting Policies [Line Items]
Option term				10 years
Maximum [Member] | Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of compensation contributable				15%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life				5 years
Minimum [Member] | Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of compensation contributable				1%
ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Net increase to retained earnings							$ 3,900,000
Reduction to allowance for credit losses							$ 5,500,000
Peapack-Gladstone Mortgage Group, Inc. [Member] | Peapack Ventures, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned		99%		99%
Peapack-Gladstone Mortgage Group, Inc. [Member] | Peapack-Gladstone Realty, Inc [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned		79%		79%
PGB Trust & Investments of Delaware [Member] | Peapack Ventures, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned		1%		1%
Peapack Ventures, LLC [Member] | Peapack-Gladstone Realty, Inc [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned		21%		21%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact to Financial Statements Upon Adoption of ASC 326 (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Allowance for credit losses on off-balance sheet commitments	$ (137)
Total impact from ASC 326 adoption	3,909	$ 565,069	$ 554,958	$ 532,980	$ 520,324	$ 523,426	$ 546,388
Tax Effect [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for credit losses on off-balance sheet commitments	51
Total impact from ASC 326 adoption	(1,439)						$ 550,297
Impact to Consolidated Statement of Condition from ASC-326 Adoption [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for credit losses on off-balance sheet commitments	(188)
Total impact from ASC 326 adoption	5,348
Allowance For Credit Losses on Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets	4,046
Allowance For Credit Losses on Loans [Member] | Tax Effect [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets	(1,490)
Allowance For Credit Losses on Loans [Member] | Impact to Consolidated Statement of Condition from ASC-326 Adoption [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets	$ 5,536

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Options Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023
Number of Options
Balance	6,800
Exercised	(1,400)
Expired	(2,600)
Balance	2,800
Vested and expected to vest	2,800
Exercisable	2,800
Weighted Average Exercise Price
Balance	$ 16.53
Exercised	15.03
Expired	14.85
Balance	18.85
Vested and expected to vest	18.85
Exercisable	$ 18.85
Weighted Average Remaining Contractual Term
Balance	6 months 14 days
Vested and expected to vest	6 months 14 days
Exercisable	6 months 14 days
Aggregate Intrinsic Value
Balance	$ 23
Vested and expected to vest	23
Exercisable	$ 23

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Restricted Common Shares) (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Performance Shares [Member]
Number of Shares
Balance at Beginning		233,556
Shares granted	3,684	126,821
Vested		(164,438)
Balance at end	195,939	195,939
Weighted Average Grant Date Fair Value
Balance at Beginning		$ 23.77
Granted		26.81
Vested		15.88
Balance at end	$ 32.36	$ 32.36
Restricted stock [Member]
Number of Shares
Balance at Beginning		621,170
Shares granted	1,817	271,387
Vested		(264,223)
Forfeited		(2,711)
Balance at end	625,623	625,623
Weighted Average Grant Date Fair Value
Balance at Beginning		$ 27.50
Granted		30.94
Vested		26.27
Forfeited		26.20
Balance at end	$ 29.52	$ 29.52

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Calculation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Net income available to common shareholders	$ 13,145	$ 20,100	$ 31,500	$ 33,541
Basic weighted average shares outstanding	17,930,611	18,325,605	17,886,154	18,332,272
Plus: common stock equivalents	148,237	311,735	267,113	450,287
Diluted weighted average shares outstanding	18,078,848	18,637,340	18,153,267	18,782,559
Net income per share
Basic	$ 0.73	$ 1.10	$ 1.76	$ 1.83
Diluted	$ 0.73	$ 1.08	$ 1.74	$ 1.79

INVESTMENT SECURITIES (Schedule

INVESTMENT SECURITIES (Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Securities Available for Sale:
Amortized Cost	$ 645,169	$ 661,045
Gross Unrealized Gains	5	28
Gross Unrealized Losses	(104,655)	(106,425)
Fair Value	540,519	554,648
Securities Held to Maturity:
Amortized Cost	110,438	102,291
Gross Unrealized Losses	(14,937)	(15,104)
Fair Value	95,501	87,187
U.S. Government-Sponsored Agencies [Member]
Securities Available for Sale:
Amortized Cost	244,784	244,774
Gross Unrealized Losses	(51,655)	(54,232)
Fair Value	193,129	190,542
Securities Held to Maturity:
Amortized Cost	40,000	40,000
Gross Unrealized Losses	(4,248)	(4,563)
Fair Value	35,752	35,437
Mortgage-Backed Securities-Residential [Member]
Securities Available for Sale:
Amortized Cost	359,347	372,471
Gross Unrealized Gains	5	27
Gross Unrealized Losses	(46,826)	(46,760)
Fair Value	312,526	325,738
Securities Held to Maturity:
Amortized Cost	70,438	62,291
Gross Unrealized Losses	(10,689)	(10,541)
Fair Value	59,749	51,750
SBA Pool Securities [Member]
Securities Available for Sale:
Amortized Cost	29,184	31,934
Gross Unrealized Gains		1
Gross Unrealized Losses	(4,306)	(4,508)
Fair Value	24,878	27,427
State and Political Subdivisions [Member]
Securities Available for Sale:
Amortized Cost	1,854	1,866
Gross Unrealized Losses	(6)	(17)
Fair Value	1,848	1,849
Corporate Bond [Member]
Securities Available for Sale:
Amortized Cost	10,000	10,000
Gross Unrealized Losses	(1,862)	(908)
Fair Value	$ 8,138	$ 9,092

INVESTMENT SECURITIES - Summary

INVESTMENT SECURITIES - Summary of Gross Gains, Gross Losses and Net Tax Benefit Related to Proceeds on Sales of Securities Available for Sale (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Investments Debt And Equity Securities [Abstract]
Proceeds from sales	$ 118,972
Gross gains	3
Gross losses	(6,612)
Net tax (benefit)/expense	$ 1,581

INVESTMENT SECURITIES (Schedu_2

INVESTMENT SECURITIES (Schedule of Available for Sale Securities in Continuous Unrealized Loss Position and Approximate Fair Value of Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available for Sale Securities, Fair Value
Less Than 12 Months	$ 50,783	$ 96,955
12 Months or Longer	438,163	388,355
Total	488,946	485,310
Approximate Fair Value
Less Than 12 Months	(1,934)	(5,339)
12 Months or Longer	(102,721)	(101,086)
Total	(104,655)	(106,425)
Held to Maturity Securities, Fair Value
Less Than 12 Months	10,039	28,809
12 Months or Longer	85,462	58,378
Total	95,501	87,187
Held to Maturity Securities, Unrealized Losses
Less Than 12 Months	(253)	(5,411)
12 Months or Longer	(14,684)	(9,693)
Total	(14,937)	(15,104)
Approximate Fair Value
Fair Value, Less than 12 months	60,822	125,764
Fair Value, 12 months or longer	523,625	446,733
Fair Value	584,447	572,497
Unrealized Losses
Unrealized Losses, Less than 12 months	(2,187)	(10,750)
Unrealized Losses, 12 months or longer	(117,405)	(110,779)
Unrealized Losses	(119,592)	(121,529)
U.S. Government-Sponsored Agencies [Member]
Available for Sale Securities, Fair Value
12 Months or Longer	193,129	190,542
Total	193,129	190,542
Approximate Fair Value
12 Months or Longer	(51,655)	(54,232)
Total	(51,655)	(54,232)
Held to Maturity Securities, Fair Value
Less Than 12 Months		13,174
12 Months or Longer	35,752	22,263
Total	35,752	35,437
Held to Maturity Securities, Unrealized Losses
Less Than 12 Months		(1,826)
12 Months or Longer	(4,248)	(2,737)
Total	(4,248)	(4,563)
Mortgage-Backed Securities-Residential [Member]
Available for Sale Securities, Fair Value
Less Than 12 Months	48,016	82,907
12 Months or Longer	213,300	174,557
Total	261,316	257,464
Approximate Fair Value
Less Than 12 Months	(1,473)	(4,082)
12 Months or Longer	(45,353)	(42,678)
Total	(46,826)	(46,760)
Held to Maturity Securities, Fair Value
Less Than 12 Months	10,039	15,635
12 Months or Longer	49,710	36,115
Total	59,749	51,750
Held to Maturity Securities, Unrealized Losses
Less Than 12 Months	(253)	(3,585)
12 Months or Longer	(10,436)	(6,956)
Total	(10,689)	(10,541)
SBA Pool Securities [Member]
Available for Sale Securities, Fair Value
Less Than 12 Months	457	3,377
12 Months or Longer	24,058	23,256
Total	24,515	26,633
Approximate Fair Value
Less Than 12 Months	(1)	(332)
12 Months or Longer	(4,305)	(4,176)
Total	(4,306)	(4,508)
State and Political Subdivisions [Member]
Available for Sale Securities, Fair Value
Less Than 12 Months	270	1,579
12 Months or Longer	1,578
Total	1,848	1,579
Approximate Fair Value
Less Than 12 Months	(1)	(17)
12 Months or Longer	(5)
Total	(6)	(17)
Corporate Bond [Member]
Available for Sale Securities, Fair Value
Less Than 12 Months	2,040	9,092
12 Months or Longer	6,098
Total	8,138	9,092
Approximate Fair Value
Less Than 12 Months	(459)	(908)
12 Months or Longer	(1,403)
Total	$ (1,862)	$ (908)

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	$ 12,985,000		$ 12,985,000		$ 12,985,000
Fair value adjustment for CRA equity security	(209,000)	$ (475,000)		$ (1,157,000)
Gain (loss) on securities sale, net				$ (6,609,000)
CRA Investment Fund [Member]
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	13,000,000		13,000,000
Fair value adjustment for CRA equity security	$ (209,000)		$ 0

LOANS AND LEASES (Schedule of L

LOANS AND LEASES (Schedule of Loans Outstanding, by Type of Loan) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Total loans	$ 5,435,016	$ 5,285,246
Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	100%	100%
Unallocated Financing Receivables [Member]
Total loans	$ 269	$ 304
Unallocated Financing Receivables [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.01%	0.01%
Primary Residential Mortgage [Member] | Residential Portfolio Segment [Member]
Total loans	$ 575,238	$ 525,756
Primary Residential Mortgage [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	10.58%	9.95%
Multifamily Property [Member] | Residential Portfolio Segment [Member]
Total loans	$ 1,884,369	$ 1,863,915
Multifamily Property [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	34.67%	35.27%
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans	$ 624,710	$ 624,625
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	11.49%	11.82%
Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans	$ 2,254,232	$ 2,194,094
Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	41.48%	41.51%
Construction [Member] | Commercial Portfolio Segment [Member]
Total loans	$ 9,703	$ 4,042
Construction [Member] | Commercial Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.18%	0.07%
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member]
Total loans	$ 34,397	$ 34,496
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.63%	0.65%
Consumer Loans, Including Home Equity Loans [Member] | Consumer and Other Loans [Member]
Total loans	$ 52,098	$ 38,014
Consumer Loans, Including Home Equity Loans [Member] | Consumer and Other Loans [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.96%	0.72%

LOANS AND LEASES (Schedule of_2

LOANS AND LEASES (Schedule of Loan Balances by Pool Segment and Portfolio Class) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Total loans	$ 5,431,654	$ 5,281,581
Total loans including net deferred costs	$ 5,435,016	$ 5,285,246
Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	100%	100%
Current Expected Credit Loss Methodology [Member]
Total loans	$ 5,431,654	$ 5,281,581
Net deferred costs	3,362	3,665
Total loans including net deferred costs	5,435,016	5,285,246
Construction [Member]
Total loans	16,251	9,936
Construction [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 16,251	$ 9,936
Construction [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	0.30%	0.19%
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	$ 576,104	$ 527,784
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 576,104	$ 527,784
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	10.61%	9.99%
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	$ 1,884,369	$ 1,863,915
Total loans including net deferred costs	1,884,369	1,863,915
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 1,884,369	$ 1,863,915
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	34.69%	35.29%
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans including net deferred costs	$ 34,397	$ 34,496
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans	37,780	38,265
Residential Portfolio Segment [Member] | Junior Lien [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 37,780	$ 38,265
Residential Portfolio Segment [Member] | Junior Lien [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	0.70%	0.73%
Commercial Real Estate Portfolio Segment [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 258,909	$ 272,009
Commercial Real Estate Portfolio Segment [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	4.77%	5.15%
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans	$ 258,909	$ 272,009
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	1,041,189	1,044,125
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 1,041,189	$ 1,044,125
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	19.17%	19.77%
Commercial Portfolio Segment [Member] | Construction [Member]
Total loans	$ 16,251	$ 9,936
Total loans including net deferred costs	9,703	4,042
Consumer and Other [Member]
Total loans	55,476	42,319
Consumer and Other [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 55,476	$ 42,319
Consumer and Other [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	1.02%	0.80%
Commercial and Industrial [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 1,282,058	$ 1,194,662
Commercial and Industrial [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	23.60%	22.62%
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member]
Total loans	$ 1,282,058	$ 1,194,662
Lease Financing [Member]
Total loans	279,518	288,566
Lease Financing [Member] | Current Expected Credit Loss Methodology [Member]
Total loans	$ 279,518	$ 288,566
Lease Financing [Member] | Current Expected Credit Loss Methodology [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	5.14%	5.46%

LOANS AND LEASES (Schedule of R

LOANS AND LEASES (Schedule of Recorded Investment in Nonaccrual and Loans Past Due 90 Days or Over Still On Accrual) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Impaired non-accrual loans	$ 34,505	$ 18,974
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Impaired non-accrual loans	1,001	2,339
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Impaired non-accrual loans	18,868
Loans Past Due 90 Days or Over And Still Accruing Interest	0
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Impaired non-accrual loans	9,935	11,208
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Impaired non-accrual loans	3,373	3,662
Loans Past Due 90 Days or Over And Still Accruing Interest	0	0
Commercial Portfolio Segment [Member] | Lease Financing [Member]
Impaired non-accrual loans	1,328	1,765
Loans Past Due 90 Days or Over And Still Accruing Interest	$ 0	$ 0

LOANS AND LEASES (Schedule of A

LOANS AND LEASES (Schedule of Aging of Past Due Loans) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
30 to 59 Days Past Due [Member]
Total past due loans	$ 12,878	$ 6,911
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total past due loans	1,463	1,145
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total past due loans		882
30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total past due loans	3,968	4,884
30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member]
Total past due loans	7,447
60 to 89 Days Past Due [Member]
Total past due loans	3	681
60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total past due loans		681
60 to 89 Days Past Due [Member] | Consumer and Other [Member]
Total past due loans	3
90 Days or Greater Past Due [Member]
Total past due loans	0	0
90 Days or Greater Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total past due loans	0	0
Total Past Due [Member]
Total past due loans	12,881	7,592
Total Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total past due loans	1,463	1,145
Total Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total past due loans		882
Total Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Total past due loans	3,968	$ 5,565
Total Past Due [Member] | Commercial Portfolio Segment [Member] | Lease Financing [Member]
Total past due loans	7,447
Total Past Due [Member] | Consumer and Other [Member]
Total past due loans	$ 3

LOANS AND LEASES - Additional I

LOANS AND LEASES - Additional Information (Details)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) Loan	Jun. 30, 2023 USD ($) Loan	Jun. 30, 2022 USD ($) Loan	Dec. 31, 2022 USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for large sample or new lending to existing relationships		$ 1,000,000
Loan receivable, validate risk ratings performed for criticized and classified rated borrowers with relationship exposure, value		500,000
Loan receivable, validate risk ratings performed for new federal reserve board regulation "O" loan commitments, value		1,000,000
Loan receivable validate risk ratings performed for leveraged loans, value		1,000,000
Loan receivable validate risk ratings performed for no borrower with commitments, value		500,000
Troubled debt restructurings specific reserves	$ 2,500,000		$ 2,500,000
Troubled debt restructurings unfunded commitments		0
Number of Loans | Loan	0		1
Troubled debt restructuring, payments default, number of loans | Loan			2
Substandard [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Financing receivable individually evaluated loan		33,700,000		$ 14,700,000
Substandard [Member] | Multifamily Property [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Financing receivable increase in individually evaluated substandard loans		$ 18,900,000
Number of Loans | Loan		3
Minimum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for large sample of borrowers with relationship, value		$ 1,000,000
Maximum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for small sample of borrowers with relationship, value		$ 1,000,000

LOANS AND LEASES (Summary of Cr

LOANS AND LEASES (Summary of Credit Risk Profile of Loans) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
2023/2022	$ 351,714	$ 1,347,673
2022/2021	1,177,732	1,256,712
2021/2020	1,212,697	399,209
2020/2019	374,356	587,690
2019/2018	550,079	228,982
2018/2017 and Prior	1,072,865	971,761
Revolving	554,027	389,969
Revolving-Term	138,184	99,585
Total loans	5,431,654	5,281,581
Gross Charge-offs	61
Total Current Period Charge-offs	1,260
2022, Current period gross charge-offs	1,199
Pass [Member]
2023/2022	350,304	1,318,523
2022/2021	1,148,000	1,254,820
2021/2020	1,200,716	395,688
2020/2019	372,197	561,649
2019/2018	517,447	228,371
2018/2017 and Prior	1,047,906	948,308
Revolving	544,639	381,317
Revolving-Term	138,184	85,078
Total loans	5,319,393	5,173,754
Special Mention [Member]
2023/2022	1,410	16,389
2022/2021	18,225
2021/2020	569	826
2020/2019	825	13,015
2019/2018	15,495	193
2018/2017 and Prior	16,450	15,005
Revolving	632	258
Revolving-Term		14,507
Total loans	53,606	60,193
Substandard [Member]
2023/2022		12,761
2022/2021	11,507	1,892
2021/2020	11,412	2,695
2020/2019	1,334	13,026
2019/2018	17,137	418
2018/2017 and Prior	8,509	8,448
Revolving	8,756	8,394
Total loans	58,655	47,634
Lease Financing [Member]
2023/2022	27,215	75,139
2022/2021	64,324	71,925
2021/2020	67,008	58,262
2020/2019	51,345	50,707
2019/2018	42,545	24,408
2018/2017 and Prior	27,081	8,125
Total loans	279,518	288,566
Lease Financing [Member] | Pass [Member]
2023/2022	25,805	73,155
2022/2021	46,099	71,925
2021/2020	66,439	58,262
2020/2019	51,345	48,942
2019/2018	39,709	24,408
2018/2017 and Prior	25,620	8,125
Total loans	255,017	284,817
Lease Financing [Member] | Special Mention [Member]
2023/2022	1,410	1,984
2022/2021	18,225
2021/2020	569
2019/2018	1,508
2018/2017 and Prior	1,461
Total loans	23,173	1,984
Lease Financing [Member] | Substandard [Member]
2020/2019		1,765
2019/2018	1,328
Total loans	1,328	1,765
Construction [Member]
Total loans	16,251	9,936
Residential Portfolio Segment [Member] | Junior Lien [Member]
2023/2022	160	1,631
2022/2021	1,490	177
2021/2020	156	42
2020/2019	35	639
2019/2018	590	326
2018/2017 and Prior	951	953
Revolving	34,398	34,497
Total loans	37,780	38,265
Residential Portfolio Segment [Member] | Junior Lien [Member] | Pass [Member]
2023/2022	160	1,631
2022/2021	1,490	177
2021/2020	156	42
2020/2019	35	639
2019/2018	590	326
2018/2017 and Prior	951	953
Revolving	34,335	33,996
Total loans	37,717	37,764
Residential Portfolio Segment [Member] | Junior Lien [Member] | Substandard [Member]
Revolving	63	501
Total loans	63	501
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
2023/2022	69,713	118,864
2022/2021	116,537	87,312
2021/2020	82,789	63,087
2020/2019	61,196	38,946
2019/2018	37,310	27,350
2018/2017 and Prior	207,874	191,534
Revolving-Term	685	691
Total loans	576,104	527,784
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Pass [Member]
2023/2022	69,713	118,864
2022/2021	116,537	87,312
2021/2020	82,789	62,540
2020/2019	60,707	37,902
2019/2018	36,329	27,209
2018/2017 and Prior	207,223	190,834
Revolving-Term	685	691
Total loans	573,983	525,352
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Substandard [Member]
2021/2020		547
2020/2019	489	1,044
2019/2018	981	141
2018/2017 and Prior	651	700
Total loans	2,121	2,432
Residential Portfolio Segment [Member] | Multifamily Property [Member]
2023/2022	43,495	488,657
2022/2021	482,732	678,507
2021/2020	669,060	118,220
2020/2019	121,200	226,975
2019/2018	224,337	33,884
2018/2017 and Prior	335,760	315,001
Revolving	748	1,246
Revolving-Term	7,037	1,425
Total loans	1,884,369	1,863,915
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Pass [Member]
2023/2022	43,495	488,657
2022/2021	481,160	678,507
2021/2020	659,346	118,220
2020/2019	121,200	224,129
2019/2018	213,938	33,884
2018/2017 and Prior	326,509	305,628
Revolving	748	1,246
Revolving-Term	7,037	1,425
Total loans	1,853,433	1,851,696
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Special Mention [Member]
2018/2017 and Prior	1,673	1,696
Total loans	1,673	1,696
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Substandard [Member]
2022/2021	1,572
2021/2020	9,714
2020/2019		2,846
2019/2018	10,399
2018/2017 and Prior	7,578	7,677
Total loans	29,263	10,523
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
2023/2022	1,515	25,315
2022/2021	23,878	43,916
2021/2020	43,125	20,679
2020/2019	20,395	12,244
2019/2018	11,996	22,422
2018/2017 and Prior	130,336	126,237
Revolving	681	608
Revolving-Term	26,983	20,588
Total loans	258,909	272,009
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Pass [Member]
2023/2022	1,515	25,315
2022/2021	23,878	43,916
2021/2020	43,125	20,679
2020/2019	20,395	12,244
2019/2018	11,996	22,422
2018/2017 and Prior	130,336	126,237
Revolving	305	608
Revolving-Term	26,983	20,588
Total loans	258,533	272,009
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Special Mention [Member]
Revolving	376
Total loans	376
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
2023/2022	82,974	201,037
2022/2021	185,435	154,715
2021/2020	152,000	59,444
2020/2019	58,567	172,487
2019/2018	170,139	93,330
2018/2017 and Prior	341,301	318,528
Revolving	8,231	6,590
Revolving-Term	42,542	37,994
Total loans	1,041,189	1,044,125
Total Current Period Charge-offs	1,199
2022, Current period gross charge-offs	1,199
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Pass [Member]
2023/2022	82,974	189,829
2022/2021	175,500	154,715
2021/2020	152,000	59,444
2020/2019	58,567	155,995
2019/2018	153,896	93,330
2018/2017 and Prior	328,176	305,219
Revolving	8,231	6,590
Revolving-Term	42,542	23,487
Total loans	1,001,886	988,609
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Special Mention [Member]
2020/2019		13,015
2019/2018	12,817
2018/2017 and Prior	13,125	13,309
Revolving-Term		14,507
Total loans	25,942	40,831
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Substandard [Member]
2023/2022		11,208
2022/2021	9,935
2020/2019		3,477
2019/2018	3,426
Total loans	13,361	14,685
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
2023/2022	126,562	437,030
2022/2021	303,336	219,779
2021/2020	198,223	79,281
2020/2019	61,445	84,253
2019/2018	61,758	27,262
2018/2017 and Prior	24,638	5,630
Revolving	478,520	311,677
Revolving-Term	27,576	29,750
Total loans	1,282,058	1,194,662
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member]
2023/2022	126,562	421,072
2022/2021	303,336	217,887
2021/2020	196,525	76,307
2020/2019	59,775	80,359
2019/2018	59,585	26,792
2018/2017 and Prior	24,167	5,559
Revolving	469,571	303,526
Revolving-Term	27,576	29,750
Total loans	1,267,097	1,161,252
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member]
2023/2022		14,405
2021/2020		826
2020/2019	825
2019/2018	1,170	193
2018/2017 and Prior	191
Revolving	256	258
Total loans	2,442	15,682
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member]
2023/2022		1,553
2022/2021		1,892
2021/2020	1,698	2,148
2020/2019	845	3,894
2019/2018	1,003	277
2018/2017 and Prior	280	71
Revolving	8,693	7,893
Total loans	12,519	17,728
Commercial Portfolio Segment [Member] | Construction [Member]
2020/2019		1,439
2019/2018	1,404
Revolving		4,064
Revolving-Term	14,847	4,433
Total loans	16,251	9,936
Commercial Portfolio Segment [Member] | Construction [Member] | Pass [Member]
2020/2019		1,439
2019/2018	1,404
Revolving		4,064
Revolving-Term	14,847	4,433
Total loans	16,251	9,936
Consumer and Other [Member]
2023/2022	80
2022/2021		381
2021/2020	336	194
2020/2019	173
2018/2017 and Prior	4,924	5,753
Revolving	31,449	31,287
Revolving-Term	18,514	4,704
Total loans	55,476	42,319
Gross Charge-offs	61
Total Current Period Charge-offs	61
Consumer and Other [Member] | Pass [Member]
2023/2022	80
2022/2021		381
2021/2020	336	194
2020/2019	173
2018/2017 and Prior	4,924	5,753
Revolving	31,449	31,287
Revolving-Term	18,514	4,704
Total loans	$ 55,476	$ 42,319

LOANS AND LEASES (Summary of In

LOANS AND LEASES (Summary of Information Related to Modification) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Amortized Cost Basis at Period End	$ 248
% of Total Class of Financing Receivable	0.02%
Interest Rate Reduction [Member]
Amortized Cost Basis at Period End	$ 777
% of Total Class of Financing Receivable	0.06%
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member]
Amortized Cost Basis at Period End	$ 248
% of Total Class of Financing Receivable	0.02%
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | Interest Rate Reduction [Member]
Amortized Cost Basis at Period End	$ 777
% of Total Class of Financing Receivable	0.06%

LOANS AND LEASES - (Schedule of

LOANS AND LEASES - (Schedule of Loans Modifications as Subsequent Default, By Payment Status (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Not Past Due [Member]
Loans modified	$ 248
90 Days or Greater Past Due [Member]
Loans modified	777
Commercial and Industrial [Member] | Consumer Loan [Member] | Not Past Due [Member]
Loans modified	248
Commercial and Industrial [Member] | Consumer Loan [Member] | 90 Days or Greater Past Due [Member]
Loans modified	$ 777

LOANS AND LEASES (Schedule of_3

LOANS AND LEASES (Schedule of Loans Modifications Resulted in Payment Default (Details) - Interest Only Period Extension [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 248
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member]
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 248

LOANS AND LEASES (Schedule of_4

LOANS AND LEASES (Schedule of Loans Modified as Troubled Debt Restructurings) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 Loan	Jun. 30, 2022 USD ($) Loan
Number of Loans | Loan	0	1
Pre-Modification Outstanding Recorded Investment		$ 12,471
Post-Modification Outstanding Recorded Investment		$ 12,471
Investment Property [Member]
Number of Loans | Loan		1
Pre-Modification Outstanding Recorded Investment		$ 12,471
Post-Modification Outstanding Recorded Investment		$ 12,471

LOANS AND LEASES (Schedule of M

LOANS AND LEASES (Schedule of Modified as Troubled Debt Restructurings Subsequently Defaulted) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) Loan
Number of Subsequently Defaulted Loans | Loan	2
Subsequently Defaulted Recorded Investment | $	$ 359
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Number of Subsequently Defaulted Loans | Loan	2
Subsequently Defaulted Recorded Investment | $	$ 359

ALLOWANCE FOR CREDIT LOSSES - A

ALLOWANCE FOR CREDIT LOSSES - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Jan. 01, 2022
Financing Receivable Recorded Investment Past Due [Line Items]
Accrued interest receivable	$ 20,865,000			$ 25,157,000
Individually evaluated loans balance	11,578,000			14,055,000
Individually evaluated include Nonaccrual loans	33,700,000			15,800,000
Individually evaluated non accrual loans performing modified loans	0
Allowance allocated to modified loans	233,000
Allowance for credit losses	62,704,000	$ 59,022,000	$ 62,250,000	60,829,000	$ 58,386,000
Reduction to allowance for credit losses	(831,000)	(991,000)		(752,000)
Provision for credit losses	3,209,000	3,824,000
Allowance for credit losses, due to specific reserves	1,200,000
Allowance for credit losses, recorded investment nonaccrual status	$ 34,505,000			$ 18,974,000
Allowance for credit losses, percentage of loans	1.15%			1.15%
Loan growth	$ 151,104,000	$ 348,766,000
Increase in loan amount	150,100,000
ASU 2016-13 [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Reduction to allowance for credit losses						$ 5,500,000
Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Accrued interest receivable	$ 18,100,000			$ 22,800,000

ALLOWANCE FOR CREDIT LOSSES (Sc

ALLOWANCE FOR CREDIT LOSSES (Schedule of Balances by Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	$ 33,867		$ 16,732
Ending ACL Attributable to Loans Individually Evaluated for Impairment	2,434		1,507
Total Loans Collectively Evaluated for Impairment	5,397,787		5,264,849
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	60,270		59,322
Total Loans	5,431,654		5,281,581
Total Ending ACL	62,704	$ 62,250	60,829	$ 59,022	$ 58,386
Lease Financing [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	1,328		1,765
Total Loans Collectively Evaluated for Impairment	278,190		286,801
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	2,063		2,314
Total Loans	279,518		288,566
Total Ending ACL	2,063		2,314
Commercial Real Estate Portfolio Segment [Member] | Commercial and Industrial [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Ending ACL	27,433	26,869	25,530	20,998	21,192
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	3,373		3,385
Ending ACL Attributable to Loans Individually Evaluated for Impairment	448		299
Total Loans Collectively Evaluated for Impairment	1,278,685		1,191,277
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	26,985		25,231
Total Loans	1,282,058		1,194,662
Total Ending ACL	27,433		25,530
Consumer and Other [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Collectively Evaluated for Impairment	55,476		42,319
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	695		537
Total Loans	55,476		42,319
Total Ending ACL	695	661	537	589	625
Junior Lien [Member] | Residential Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Collectively Evaluated for Impairment	37,780		38,265
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	151		154
Total Loans	37,780		38,265
Total Ending ACL	151	146	154	151	161
Primary Residential Mortgages [Member] | Residential Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	363		374
Total Loans Collectively Evaluated for Impairment	575,741		527,410
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	3,148		2,894
Total Loans	576,104		527,784
Total Ending ACL	3,148	2,959	2,894	2,154	2,291
Multifamily Property [Member] | Residential Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	18,868
Ending ACL Attributable to Loans Individually Evaluated for Impairment	1,986
Total Loans Collectively Evaluated for Impairment	1,865,501		1,863,915
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	8,551		8,849
Total Loans	1,884,369		1,863,915
Total Ending ACL	10,537	9,823	8,849	15,790	15,017
Owner Occupied Property [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Collectively Evaluated for Impairment	258,909		272,009
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	4,708		4,835
Total Loans	258,909		272,009
Total Ending ACL	4,708	4,952	4,835	4,660	4,774
Investment Property [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Individually Evaluated for Impairment	9,935		11,208
Ending ACL Attributable to Loans Individually Evaluated for Impairment			1,208
Total Loans Collectively Evaluated for Impairment	1,031,254		1,032,917
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	13,548		14,272
Total Loans	1,041,189		1,044,125
Total Ending ACL	13,548	14,538	15,480	10,969	10,504
Construction [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans Collectively Evaluated for Impairment	16,251		9,936
Ending ACL Attributable to Loans Collectively Evaluated for Impairment	421		236
Total Loans	16,251		9,936
Total Ending ACL	421		236
Construction [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Ending ACL	421	$ 313	236	$ 359	$ 468
Construction [Member] | Commercial Portfolio Segment [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Total Loans	$ 16,251		$ 9,936

ALLOWANCE FOR CREDIT LOSSES (_2

ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans Individually Evaluated by Segment) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Unpaid Principal Balance
With no related allowance recorded	$ 27,219	$ 6,075
With related allowance recorded:	11,578	14,055
Total loans individually evaluated for impairment	38,797	20,130
Recorded Investment
With no related allowance recorded	22,387	3,975
With related allowance recorded:	11,480	12,757
Total loans individually evaluated for impairment	33,867	16,732
Related Allowance	2,434	1,507
Average Individually Evaluated Loans
With no related allowance recorded	16,462	1,232
With related allowance recorded:	8,353	12,576
Total loans individually evaluated for impairment	24,815	13,808
Lease Financing [Member]
Unpaid Principal Balance
With no related allowance recorded	1,383	1,792
Recorded Investment
With no related allowance recorded	1,328	1,765
Average Individually Evaluated Loans
With no related allowance recorded	1,529	444
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Unpaid Principal Balance
With no related allowance recorded	408	415
Recorded Investment
With no related allowance recorded	363	374
Average Individually Evaluated Loans
With no related allowance recorded	436	249
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Unpaid Principal Balance
With no related allowance recorded	9,153
With related allowance recorded:	9,714
Recorded Investment
With no related allowance recorded	9,153
With related allowance recorded:	9,715
Related Allowance	1,986
Average Individually Evaluated Loans
With no related allowance recorded	1,526
With related allowance recorded:	7,254
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Unpaid Principal Balance
With no related allowance recorded	12,500
With related allowance recorded:		12,500
Recorded Investment
With no related allowance recorded	9,935
With related allowance recorded:		11,208
Related Allowance		1,208
Average Individually Evaluated Loans
With no related allowance recorded	10,967
With related allowance recorded:		12,402
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Unpaid Principal Balance
With no related allowance recorded	3,775	3,868
With related allowance recorded:	1,864	1,555
Recorded Investment
With no related allowance recorded	1,608	1,836
With related allowance recorded:	1,765	1,549
Related Allowance	448	299
Average Individually Evaluated Loans
With no related allowance recorded	2,004	539
With related allowance recorded:	$ 1,099	$ 174

ALLOWANCE FOR CREDIT LOSSES (_3

ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	$ 62,250	$ 58,386	$ 60,829
Charge-Offs	(1,214)	(10)	(1,260)	$ (280)
Recoveries	2		5	6
Provision (Credit)	1,666	646	3,130	3,135
Ending ACL	62,704	59,022	62,704	59,022
Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				61,697
Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				(5,536)
Construction [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL			236
Ending ACL	421		421
Residential Portfolio Segment [Member] | Junior Lien [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	146	161	154
Charge-Offs		(3)		(3)
Provision (Credit)	5	(7)	(3)	17
Ending ACL	151	151	151	151
Residential Portfolio Segment [Member] | Junior Lien [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				88
Residential Portfolio Segment [Member] | Junior Lien [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				83
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	2,959	2,291	2,894
Provision (Credit)	189	(137)	254	(73)
Ending ACL	3,148	2,154	3,148	2,154
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				1,510
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				717
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	9,823	15,017	8,849
Provision (Credit)	714	773	1,688	1,912
Ending ACL	10,537	15,790	10,537	15,790
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				9,806
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				4,072
Commercial Real Estate Portfolio Segment [Member] | Commercial and Industrial [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	26,869	21,192	25,530
Recoveries				4
Provision (Credit)	564	(194)	1,903	4,142
Ending ACL	27,433	20,998	27,433	20,998
Commercial Real Estate Portfolio Segment [Member] | Pre-ASC-326 Adoption [Member] | Commercial and Industrial [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				17,509
Commercial Real Estate Portfolio Segment [Member] | Impact of ASC-326 Adoption [Member] | Commercial and Industrial [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				(657)
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	4,952	4,774	4,835
Provision (Credit)	(244)	(114)	(127)	(240)
Ending ACL	4,708	4,660	4,708	4,660
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				1,998
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				2,902
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	14,538	10,504	15,480
Charge-Offs	(1,199)		(1,199)	(250)
Provision (Credit)	209	465	(733)	(2,275)
Ending ACL	13,548	10,969	13,548	10,969
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				27,083
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				(13,589)
Commercial Real Estate Portfolio Segment [Member] | Lease Financing [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	1,989	3,354	2,314
Provision (Credit)	74	(2)	(251)	(244)
Ending ACL	2,063	3,352	2,063	3,352
Commercial Real Estate Portfolio Segment [Member] | Lease Financing [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				3,440
Commercial Real Estate Portfolio Segment [Member] | Lease Financing [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				156
Commercial Real Estate Portfolio Segment [Member] | Construction [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	313	468	236
Provision (Credit)	108	(109)	185	(50)
Ending ACL	421	359	421	359
Commercial Real Estate Portfolio Segment [Member] | Construction [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				48
Commercial Real Estate Portfolio Segment [Member] | Construction [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				361
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL			25,530
Ending ACL	27,433		27,433
Consumer and Other [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL	661	625	537
Charge-Offs	(15)	(7)	(61)	(27)
Recoveries	2		5	2
Provision (Credit)	47	(29)	214	(20)
Ending ACL	$ 695	$ 589	$ 695	589
Consumer and Other [Member] | Pre-ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Beginning ACL				215
Consumer and Other [Member] | Impact of ASC-326 Adoption [Member]
Loans And Leases Receivable Disclosure [Line Items]
Impact of adopting Topic 326				$ 419

ALLOWANCE FOR CREDIT LOSSES (_4

ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity in Allowance for Loan Losses) (Parenthetical) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Credit Loss [Abstract]
Off-balance sheet commitments, provision	$ 30,000	$ 803,000	$ 79,000	$ 689,000

ALLOWANCE FOR CREDIT LOSSES - (

ALLOWANCE FOR CREDIT LOSSES - (Schedule of Activity in ACL for Off Balance Sheet Commitments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Credit Loss [Abstract]
Off balance sheet commitments, Beginning ACL			$ 752,000
Off balance sheet commitments, Impact of adiopting Topic 326				$ 302,000
Off balance sheet commitments, Provision (Credit)	$ 30,000	$ 803,000	79,000	689,000
Off balance sheet commitments, Ending ACL	831,000	991,000	831,000	991,000
Total ACL, Beginning ACL			752,000
Total ACL, Impact of adopting Topic 326				302,000
Total ACL, Provision (Credit)			79,000	689,000
Total ACL, Ending ACL	$ 831,000	$ 991,000	$ 831,000	$ 991,000

DEPOSITS - Additional Informati

DEPOSITS - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Deposits [Abstract]
Time deposits met or exceeded $250,000	$ 87.9	$ 91.1

DEPOSITS (Schedule of Details o

DEPOSITS (Schedule of Details of Total Deposits) (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Deposits:
Noninterest-bearing demand deposits		$ 1,024,105	$ 1,246,066
Interest-bearing checking	[1]	2,816,913	2,143,611
Savings		120,082	157,338
Money market		763,026	1,228,234
Certificates of deposit - retail		384,106	318,573
Certificates of deposit - listing service		10,822	25,358
Subtotal deposits		5,119,054	5,119,180
Interest-bearing demand - Brokered		10,000	60,000
Certificates of deposit - Brokered		69,443	25,984
Total deposits		$ 5,198,497	$ 5,205,164
%
Noninterest-bearing demand deposits		19.70%	23.94%
Interest-bearing checking	[1]	54.19%	41.18%
Savings		2.31%	3.02%
Money market		14.68%	23.60%
Certificates of deposit - retail		7.39%	6.12%
Certificates of deposit - listing service		0.21%	0.49%
Subtotal deposits		98.48%	98.35%
Interest-bearing demand - Brokered		0.19%	1.15%
Certificates of deposit - Brokered		1.33%	0.50%
Total deposits		100%	100%
[1] Interest-bearing checking includes $ 895.3 million at June 30, 2023 and $ 620.1 million at December 31, 2022 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.

DEPOSITS (Details of Total Depo

DEPOSITS (Details of Total Deposits) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Deposits:
Reciprocal balances	$ 895.3	$ 620.1

DEPOSITS (Scheduled Maturities

DEPOSITS (Scheduled Maturities of Time Deposits) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Scheduled maturities of time deposits
2023	$ 178,462
2024	240,065
2025	38,917
2026	4,240
2027	2,564
2028 and later	123
Total	$ 464,371

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Overnight borrowings with FHLB	$ 485,360	$ 379,530
FHLB interest rate	5.31%	4.61%
Unused commitments from FHLB	$ 3,200,000
Federal Reserve Bank of New York [Member]
Debt Instrument [Line Items]
Overnight borrowings with FHLB	$ 485,400	$ 379,500

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of Operating Segments	2

BUSINESS SEGMENTS - Schedule of

BUSINESS SEGMENTS - Schedule of Income and Total Assets for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Net interest income	$ 38,921	$ 42,893	$ 82,899	$ 82,515
Noninterest income	18,575	18,508	36,634	33,222
Total income	57,496	61,401	119,533	115,737
Provision for credit losses	1,696	1,449	3,209	3,824
Compensation and employee benefits	26,354	21,882	50,940	44,331
Premises and equipment	4,729	4,640	9,103	9,287
FDIC insurance expense	729	503	1,440	974
Other operating expense	5,880	5,634	11,783	12,236
Total operating expense	39,388	34,108	76,475	70,652
INCOME BEFORE INCOME TAX EXPENSE	18,108	27,293	43,058	45,085
Income tax expense	4,963	7,193	11,558	11,544
NET INCOME	13,145	20,100	31,500	33,541
Total assets at period end	6,479,700	6,151,167	6,479,700	6,151,167	$ 6,353,593
Banking Segment [Member]
Net interest income	38,103	41,078	80,193	79,077
Noninterest income	4,072	4,119	7,907	3,690
Total income	42,175	45,197	88,100	82,767
Provision for credit losses	1,696	1,449	3,209	3,824
Compensation and employee benefits	17,949	15,476	36,118	31,879
Premises and equipment	4,023	3,835	7,636	7,766
FDIC insurance expense	729	503	1,440	974
Other operating expense	3,855	3,212	7,129	7,378
Total operating expense	28,252	24,475	55,532	51,821
INCOME BEFORE INCOME TAX EXPENSE	13,923	20,722	32,568	30,946
Income tax expense	3,816	5,624	8,746	7,924
NET INCOME	10,107	15,098	23,822	23,022
Total assets at period end	6,363,409	6,046,082	6,363,409	6,046,082
Peapack Private Segment [Member]
Net interest income	818	1,815	2,706	3,438
Noninterest income	14,503	14,389	28,727	29,532
Total income	15,321	16,204	31,433	32,970
Compensation and employee benefits	8,405	6,406	14,822	12,452
Premises and equipment	706	805	1,467	1,521
Other operating expense	2,025	2,422	4,654	4,858
Total operating expense	11,136	9,633	20,943	18,831
INCOME BEFORE INCOME TAX EXPENSE	4,185	6,571	10,490	14,139
Income tax expense	1,147	1,569	2,812	3,620
NET INCOME	3,038	5,002	7,678	10,519
Total assets at period end	$ 116,291	$ 105,085	$ 116,291	$ 105,085

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value transfers between level 1 and level 2	$ 0
Loans [Member] | Property A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	15%
Age of appraisal	12 months

FAIR VALUE (Schedule of Assets

FAIR VALUE (Schedule of Assets Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Securities available for sale	$ 540,519	$ 554,648
Recurring Basis [Member]
Total	601,083	615,187
Derivatives	36,331	38,265
Recurring Basis [Member] | Designated as Hedging Instrument [Member]
Derivatives	11,248	9,289
Recurring Basis [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	36,331	38,265
Derivatives	36,331	38,265
Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Total	12,985	12,985
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Total	588,098	602,202
Derivatives	36,331	38,265
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Designated as Hedging Instrument [Member]
Derivatives	11,248	9,289
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	36,331	38,265
Derivatives	36,331	38,265
U.S. Government-Sponsored Agencies [Member]
Securities available for sale	193,129	190,542
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member]
Securities available for sale	193,129	190,542
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	193,129	190,542
Mortgage-Backed Securities-Residential [Member]
Securities available for sale	312,526	325,738
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member]
Securities available for sale	312,526	325,738
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	312,526	325,738
SBA Pool Securities [Member]
Securities available for sale	24,878	27,427
SBA Pool Securities [Member] | Recurring Basis [Member]
Securities available for sale	24,878	27,427
SBA Pool Securities [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	24,878	27,427
State and Political Subdivisions [Member]
Securities available for sale	1,848	1,849
State and Political Subdivisions [Member] | Recurring Basis [Member]
Securities available for sale	1,848	1,849
State and Political Subdivisions [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	1,848	1,849
Corporate Bond [Member]
Securities available for sale	8,138	9,092
Corporate Bond [Member] | Recurring Basis [Member]
Securities available for sale	8,138	9,092
Corporate Bond [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	8,138	9,092
CRA Investment Fund [Member] | Recurring Basis [Member]
Securities available for sale	12,985	12,985
CRA Investment Fund [Member] | Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Securities available for sale	$ 12,985	$ 12,985

FAIR VALUE (Schedule of Asset_2

FAIR VALUE (Schedule of Assets Measured on a Non-Recurring Basis) (Details) - Non-Recurring Basis [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commercial and Industrial [Member]
Individually evaluated loans	$ 1,317	$ 743
Commercial and Industrial [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans	1,317	743
Multifamily Property [Member]
Individually evaluated loans	7,728
Multifamily Property [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans	$ 7,728
Investment Property [Member]
Individually evaluated loans		10,000
Investment Property [Member] | Significant Unobservable Inputs (Level 3) [Member]
Individually evaluated loans		$ 10,000

FAIR VALUE (Schedule of Financi

FAIR VALUE (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2023		Dec. 31, 2022
Financial Assets:
Securities available for sale		$ 540,519		$ 554,648
Securities held to maturity		110,438		102,291
FHLB and FRB stock	[1]	35,402		30,672
Loans held for sale, at lower of cost or fair value		14,198		15,626
Accrued interest receivable		20,865		25,157
Carrying Value [Member]
Financial Assets:
Cash and cash equivalents		171,628		190,075
Securities available for sale		540,519		554,648
Securities held to maturity		110,438		102,291
CRA investment fund		12,985		12,985
FHLB and FRB stock		35,402		30,672
Loans held for sale, at lower of cost or fair value		14,198		15,626
Loans, net of allowance for loan and lease losses		5,372,312		5,224,417
Accrued interest receivable		20,865		25,157
Financial Liabilities:
Deposits		5,198,497		5,205,164
Short-term borrowings		485,360		379,530
Subordinated debt		133,131		132,987
Accrued interest payable		4,767		2,997
Carrying Value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Accrued interest receivable		368	[2]	1,092	[3]
Derivatives		36,331		38,265
Financial Liabilities:
Accrued interest payable		368	[4]	1,092	[5]
Derivatives		36,331		38,265
Carrying Value [Member] | Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives		11,248		9,289
Fair value [Member]
Financial Assets:
Cash and cash equivalents		171,628		190,075
Securities available for sale		540,519		554,648
Securities held to maturity		95,501		87,187
CRA investment fund		12,985		12,985
Loans held for sale, at lower of cost or fair value		15,493		17,176
Loans, net of allowance for loan and lease losses		5,224,990		5,141,201
Accrued interest receivable		20,865		25,157
Financial Liabilities:
Deposits		5,189,400		5,192,224
Short-term borrowings		485,360		379,530
Subordinated debt		114,185		119,865
Accrued interest payable		4,767		2,997
Fair value [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Financial Assets:
Cash and cash equivalents		171,628		190,075
CRA investment fund		12,985		12,985
Financial Liabilities:
Deposits		4,734,126		4,835,249
Accrued interest payable		4,070		2,509
Fair value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Securities available for sale		540,519		554,648
Securities held to maturity		95,501		87,187
Loans held for sale, at lower of cost or fair value		15,493		17,176
Accrued interest receivable		2,763		2,393
Financial Liabilities:
Deposits		455,274		356,975
Short-term borrowings		485,360		379,530
Accrued interest payable		570		413
Fair value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial Assets:
Loans, net of allowance for loan and lease losses		5,224,990		5,141,201
Accrued interest receivable		18,102		22,764
Financial Liabilities:
Subordinated debt		114,185		119,865
Accrued interest payable		127		75
Fair value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Accrued interest receivable		368	[2]	1,092	[3]
Derivatives		36,331		38,265
Financial Liabilities:
Accrued interest payable		368	[4]	1,092	[5]
Derivatives		36,331		38,265
Fair value [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Accrued interest receivable		368	[2]	1,092	[3]
Derivatives		36,331		38,265
Financial Liabilities:
Accrued interest payable		368	[4]	1,092	[5]
Derivatives		36,331		38,265
Fair value [Member] | Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives		11,248		9,289
Fair value [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Derivatives		$ 11,248		$ 9,289
[1] FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank." Included in other assets in the Consolidated Statement of Condition. Included in other assets in the Consolidated Statement of Condition. Included in accrued expenses and other liabilities in the Consolidated Statement of Condition. Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Noninterest Income) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Service charges on deposits
Overdraft fees		$ 130	$ 118	$ 263	$ 231
Interchange income		309	379	620	721
Other		881	566	1,695	1,063
Wealth management fees	[1]	14,252	13,891	28,014	28,725
Corporate advisory fee income		15	33	95	1,594
Other	[2],[3]	2,988	3,521	5,947	888
Total other income		$ 18,575	$ 18,508	$ 36,634	$ 33,222
[1] Includes investment brokerage fees. All of the other category is outside the scope of ASC 606. All of the other category is outside the scope of ASC 606 .

REVENUE FROM CONTRACTS WITH C_4

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Noninterest Income by Operating Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Service charges on deposits
Overdraft fees		$ 130	$ 118	$ 263	$ 231
Interchange income		309	379	620	721
Other		881	566	1,695	1,063
Wealth management fees	[1]	14,252	13,891	28,014	28,725
Corporate advisory fee income		15	33	95	1,594
Other	[2],[3]	2,988	3,521	5,947	888
Total other income		18,575	18,508	36,634	33,222
Banking Segment [Member]
Service charges on deposits
Overdraft fees		130	118	263	231
Interchange income		309	379	620	721
Other		881	566	1,695	1,063
Wealth management fees	[4]	0	0	0	0
Corporate advisory fee income		15	33	95	1,594
Other	[2]	2,737	3,023	5,234	81
Total other income		4,072	4,119	7,907	3,690
Wealth Management Division [Member]
Service charges on deposits
Overdraft fees			0		0
Interchange income			0		0
Other			0		0
Wealth management fees	[4]	14,252	13,891	28,014	28,725
Corporate advisory fee income			0		0
Other	[2]	251	498	713	807
Total other income		$ 14,503	$ 14,389	$ 28,727	$ 29,532
[1] Includes investment brokerage fees. All of the other category is outside the scope of ASC 606. All of the other category is outside the scope of ASC 606 . Includes investment brokerage fees.

REVENUE FROM CONTRACTS WITH C_5

REVENUE FROM CONTRACTS WITH CUSTOMERS - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interchange income	$ 309,000	$ 379,000	$ 620,000	$ 721,000
Cardholder Rewards [Member]
Interchange income	$ 2,000	$ 34,000	$ 4,000	$ 64,000

OTHER OPERATING EXPENSES (Sched

OTHER OPERATING EXPENSES (Schedule of Components of Other Operating Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other operating expenses
Professional and legal fees	$ 1,179	$ 1,312	$ 2,524	$ 2,450
Telephone	362	348	731	682
Advertising	706	681	1,102	971
Amortization of intangible assets	355	389	709	820
Branch/office restructure			175	372
Other operating expenses	3,278	2,904	6,542	6,268
Total other operating expenses	$ 5,880	$ 5,634	$ 11,783	$ 11,563

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 554,958	$ 523,426	$ 532,980	$ 546,388
Total other comprehensive income/(loss)	(552)	(17,789)	6,214	(46,353)
Balance	565,069	520,324	565,069	520,324
Net Unrealized Holding Gain/(Loss) on Securities Available for Sale, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(72,251)	(40,447)	(80,972)	(9,873)
Other Comprehensive Income/(Loss) Before Reclassifications	(3,796)	(18,619)	4,925	(54,221)
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)				5,028
Total other comprehensive income/(loss)	(3,796)	(18,619)	4,925	(49,193)
Balance	(76,047)	(59,066)	(76,047)	(59,066)
Gain/(Loss) on Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	4,806	(491)	6,761	(2,501)
Other Comprehensive Income/(Loss) Before Reclassifications	3,274	830	1,349	2,840
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)	(30)		(60)
Total other comprehensive income/(loss)	3,244	830	1,289	2,840
Balance	8,050	339	8,050	339
Accumulated Other Comprehensive Gain/(Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(67,445)	(40,938)	(74,211)	(12,374)
Other Comprehensive Income/(Loss) Before Reclassifications	(522)	(17,789)	6,274	(51,381)
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)	(30)		(60)	5,028
Total other comprehensive income/(loss)	(552)	(17,789)	6,214	(46,353)
Balance	$ (67,997)	$ (58,727)	$ (67,997)	$ (58,727)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (35,931)	$ (5,627)	$ (62,444)	$ (10,145)
Income tax expense	(4,963)	(7,193)	(11,558)	(11,544)
NET INCOME	13,145	$ 20,100	31,500	33,541
Reclassification out of Accumulated Other Comprehensive Income | Gain/(Loss) on Cash Flow Hedge [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Securities losses, net				6,609
Interest expense	(42)		(84)
Income tax expense	12		24	(1,581)
NET INCOME	$ (30)		$ (60)	$ 5,028

DERIVATIVES - Additional Inform

DERIVATIVES - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Net interest income (expense)	$ 38,921,000		$ 42,893,000	$ 82,899,000	$ 82,515,000
Swap valuation allowance					673,000
Accrued interest receivable	20,865,000			20,865,000		$ 25,157,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	310,000,000			310,000,000		290,000,000
Unrealized after-tax gain of accumulated other comprehensive income (loss)		$ 167,000
Unrealized gain				11,248,000		3,290,000
Net interest income (expense)	1,100,000		$ (679,000)	2,000,000	$ (1,700,000)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Notional amount	310,000,000			310,000,000		290,000,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	585,234,000			585,234,000		612,211,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Accrued interest payable	$ 368,000			$ 368,000		$ 1,100,000

DERIVATIVES - (Schedule of Info

DERIVATIVES - (Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) Contract	Dec. 31, 2022 USD ($) Contract
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 310,000,000	$ 290,000,000
Fair Value	$ 11,248,000	$ 3,290,000
Weighted average pay rate	2.15%	1.71%
Weighted average receive rate	3.78%	2.78%
Weighted average maturity	3 years 5 months 26 days	2 years 3 days
Unrealized gain/(loss), net	$ 11,248,000	$ 3,290,000
Number of contracts | Contract	12	12
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 585,234,000	$ 612,211,000
Fair Value	$ (36,355,000)	$ (37,173,000)
Weighted average pay rate	3.99%	3.99%
Weighted average receive rate	6.87%	6.14%
Weighted average maturity	4 years 21 days	4 years 8 months 4 days
Number of contracts | Contract	76	78

DERIVATIVES - (Schedule of Cash

DERIVATIVES - (Schedule of Cash Flow Hedges Included in Financial Statements) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 310,000,000	$ 290,000,000
Fair Value	11,248,000	3,290,000
Other Assets [Member]
Derivative [Line Items]
Notional Amount	310,000,000	290,000,000
Fair Value	$ 11,248,000	$ 3,290,000

DERIVATIVES - (Schedule of Net

DERIVATIVES - (Schedule of Net Gains/(Loss) Recorded in Accumulated Other Comprehensive Income/(Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Gain/(loss) recognized in other comprehensive income (effective portion)	$ 3,244	$ 830	$ 1,289	$ 2,840
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain/(loss) recognized in other comprehensive income (effective portion)	4,775	$ 1,155	2,043	$ 3,951
Gain/(loss) recognized in other noninterest income	$ (42)		$ (84)

SUBORDINATED DEBT - Additional

SUBORDINATED DEBT - Additional Information (Details) - Subordinated Debt [Member] - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2020	Dec. 31, 2017
Debt Instrument [Line Items]
Principal amount	$ 100,000	$ 35,000
Non-callable term	5 years	5 years
Notes maturity date	Dec. 22, 2030	Dec. 15, 2027
Fixed interest rate	3.50%	4.75%
LIBOR spread	3.26%	2.54%
Debt issuance costs	$ 1,900	$ 875

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 13,500,000		$ 13,500,000		$ 12,873,000
Operating lease liabilities	$ 14,308,000		$ 14,308,000		$ 13,704,000
Weighted average discount rate	2.70%		2.70%		2.63%
Weighted average lease term	6 years 11 months 15 days		6 years 11 months 15 days		7 years 5 months 23 days
Operating lease costs	$ 822,000	$ 867,000	$ 1,600,000	$ 1,700,000
Variable lease costs	$ 70,000	$ 76,000	$ 142,000	$ 153,000
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease term			14 months		3 months
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease term			14 years		14 years

LEASES (Schedule of Operating L

LEASES (Schedule of Operating Lease Liabilities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 1,613
2024	3,131
2025	2,434
2026	1,451
2027	1,807
Thereafter	5,368
Total lease payments	15,804
Less: imputed interest	1,496
Total present value of lease payments	$ 14,308	$ 13,704

LEASES (Summary of Supplemental

LEASES (Summary of Supplemental Cash Flow Information Related to Direct Finance and Operating Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Right-of-use asset obtained in exchange for lease obligation	$ 1,926	$ 5,683
Operating cash flows from operating leases	1,471	1,334
Operating cash flows from direct finance leases	103	132
Financing cash flows from direct finance leases	$ 374	$ 374

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Subsequent Event [Line Items]
Financing receivable principal balance	$ 11,578,000	$ 14,055,000
Allowance for credit losses	831,000	$ 752,000	$ 991,000
Equipment Financing Lease [Member]
Subsequent Event [Line Items]
Financing receivable principal balance	9,200,000
Allowance for credit losses	$ 0