Peapack-Gladstone Financial (PGC) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Entity Registrant Name	PEAPACK GLADSTONE FINANCIAL CORP
Entity Central Index Key	0001050743
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
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		18,852,523
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
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		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and due from banks		$ 6,171	$ 6,591
Federal funds sold		102	102
Interest-earning deposits		767,730	201,492
Total cash and cash equivalents		774,003	208,185
Securities available for sale		400,558	390,755
Equity security, at fair value		14,034	10,836
FHLB and FRB stock, at cost		40,871	24,068
Loans held for sale, at fair value		3,853	2,881
Loans held for sale, at lower of cost or fair value		4,122	14,667
Loans		4,408,005	4,394,137
Less: Allowance for loan and lease losses		63,783	43,676
Net loans		4,344,222	4,350,461
Premises and equipment		21,243	20,913
Other real estate owned		50	50
Accrued interest receivable		11,816	10,494
Bank owned life insurance		46,309	46,128
Goodwill		30,208	30,208
Other intangible assets		10,057	10,380
Finance lease right-of-use assets		4,891	5,078
Operating lease right-of-use assets		11,553	12,132
Other assets		113,668	45,643
TOTAL ASSETS		5,831,458	5,182,879
Deposits:
Noninterest-bearing demand deposits		581,085	529,281
Interest-bearing deposits:
Checking	[1]	1,680,452	1,510,363
Savings		112,668	112,652
Money market accounts		1,163,410	1,196,313
Certificates of deposit - retail		651,000	633,763
Certificates of deposit - listing service		38,895	47,430
Subtotal deposits		4,227,510	4,029,802
Interest-bearing demand - brokered		180,000	180,000
Certificates of deposit - brokered		33,723	33,709
Total deposits		4,441,233	4,243,511
Short-term borrowings		515,000	128,100
Federal Home Loan Bank advances		105,000	105,000
Finance lease liabilities		7,402	7,598
Operating lease liabilities		11,852	12,423
Subordinated debt, net		83,473	83,417
Deferred tax liabilities, net		28,462	26,151
Due to brokers, securities settlements		10,885	7,951
Accrued expenses and other liabilities		131,711	65,076
TOTAL LIABILITIES		5,335,018	4,679,227
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, 20,220,701 at March 31, 2020 and 20,074,766 at December 31, 2019; outstanding shares, 18,852,523 at March 31, 2020 and 18,926,810 at December 31, 2019		16,854	16,733
Surplus		320,269	319,375
Treasury stock at cost, 1,368,178 shares at March 31, 2020 and 1,147,956 shares at December 31, 2019		(36,477)	(29,990)
Retained earnings		199,453	199,029
Accumulated other comprehensive loss, net of income tax		(3,659)	(1,495)
TOTAL SHAREHOLDERS’ EQUITY		496,440	503,652
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY		$ 5,831,458	$ 5,182,879
[1]	Interest-bearing checking includes $569.4 million at March 31, 2020 and $423.8 million at December 31, 2019 of reciprocal balances in the Reich & Tang or Promontory Demand Deposit Marketplace program.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
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	20,220,701	20,074,766
Common stock, shares outstanding	18,852,523	18,926,810
Treasury stock, shares	1,368,178	1,147,956

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
INTEREST INCOME
Interest and fees on loans	$ 42,305	$ 40,512
Interest on investments:
Taxable	2,459	2,684
Tax-exempt	58	93
Interest on loans held for sale	21	4
Interest on interest-earning deposits	552	1,270
Total interest income	45,395	44,563
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts	6,443	8,061
Interest on certificates of deposit	3,694	3,234
Interest on borrowed funds	1,012	834
Interest on finance lease liability	90	99
Interest on subordinated debt	1,223	1,224
Subtotal - interest expense	12,462	13,452
Interest on interest-bearing demand - brokered	923	739
Interest on certificates of deposits - brokered	263	365
Total interest expense	13,648	14,556
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES	31,747	30,007
Provision for loan and lease losses	20,000	100
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES	11,747	29,907
OTHER INCOME
Wealth management fee income	9,955	9,174
Service charges and fees	816	816
Bank owned life insurance	328	338
Gains on loans held for sale at fair value (mortgage banking)	292	47
Loss on loans held for sale at lower of cost or fair value	(3)
Fee income related to loan level, back-to-back swaps	1,418	270
Gain on sale of SBA loans	1,054	419
Other income	459	606
Securities gains, net	198	59
Total other income	14,517	11,729
OPERATING EXPENSES
Compensation and employee benefits	19,226	17,156
Premises and equipment	4,043	3,388
FDIC insurance expense	250	277
Other operating expense	4,716	4,894
Total operating expenses	28,235	25,715
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE	(1,971)	15,921
Income tax (benefit)/expense	(3,344)	4,496
NET INCOME	$ 1,373	$ 11,425
EARNINGS PER SHARE
Basic	$ 0.07	$ 0.59
Diluted	$ 0.07	$ 0.58
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic	18,858,343	19,350,452
Diluted	19,079,575	19,658,006

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 1,373	$ 11,425
Unrealized gains/(losses) on available for sale securities:
Unrealized holding gains/(losses) arising during the period	5,799	2,288
Before tax	5,799	2,288
Tax effect	(1,412)	(560)
Net of tax	4,387	1,728
Unrealized gains/(losses) on cash flow hedges:
Unrealized holding gains/(losses) arising during the period	(8,878)	(1,547)
Reclassification adjustment for amounts included in net income	(71)	(31)
Before tax	(8,949)	(1,578)
Tax effect	2,398	466
Net of tax	(6,551)	(1,112)
Total other comprehensive income/(loss)	(2,164)	616
Total comprehensive income/(loss)	$ (791)	$ 12,041

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Surplus [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2018	$ 469,013	$ 16,459	$ 309,088	$ (8,988)	$ 154,799	$ (2,345)
Cumulative effect adjustment for adoption of Accounting Standard Update (ASU 842 [Member]) at Dec. 31, 2018	661				661
Adjusted Balance at Dec. 31, 2018	469,674	16,459	309,088	(8,988)	155,460	(2,345)
Net income	11,425				11,425
Other comprehensive income (loss)	616					616
Restricted stock units issued		108	(108)
Restricted stock units/awards repurchased on vesting to pay taxes	(964)	(30)	(934)
Amortization of restricted stock awards/units	1,390		1,390
Cash dividends declared on common stock	(967)				(967)
Common stock options exercised	4	1	3
Exercise of warrants		2	(2)
Issuance of shares for Employee Stock Purchase Plan	294	8	286
Issuance of common stock for acquisition		1	(1)
Balance at Mar. 31, 2019	481,472	16,549	309,722	(8,988)	165,918	(1,729)
Balance at Dec. 31, 2019	503,652	16,733	319,375	(29,990)	199,029	(1,495)
Net income	1,373				1,373
Other comprehensive income (loss)	(2,164)					(2,164)
Restricted stock units issued		125	(125)
Restricted stock units/awards repurchased on vesting to pay taxes	(601)	(31)	(570)
Amortization of restricted stock awards/units	1,541		1,541
Cash dividends declared on common stock	(949)				(949)
Share repurchase	(6,487)			(6,487)
Common stock options exercised	75	4	71
Exercise of warrants		6	(6)
Issuance of common stock for acquisition		17	(17)
Balance at Mar. 31, 2020	$ 496,440	$ 16,854	$ 320,269	$ (36,477)	$ 199,453	$ (3,659)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Shares outstanding	18,926,810
Common stock options exercised, shares	5,600
Issuance of shares for Employee Stock Purchase Plan, shares	0	10,176
Shares outstanding	18,852,523
Common Stock [Member]
Shares outstanding	18,926,810	19,337,662
Restricted stock units issued, shares	150,084	129,362
Restricted stock units/awards repurchased on vesting to pay taxes, shares	(37,106)	(35,335)
Cash dividends declared on common stock, per share	$ 0.05	$ 0.05
Share repurchase, share	(220,222)
Common stock options exercised, shares	5,600	300
Exercise of warrants, shares	20,000	7,109
Exercise of warrants, used to exercise, shares	13,469	4,218
Exercise of warrants, net of shares used to exercise, shares	6,531	2,891
Issuance of shares for Employee Stock Purchase Plan, shares		10,176
Issuance of common stock for acquisition, shares	20,826	307
Shares outstanding	18,852,523	19,445,363

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES:
Net income		$ 1,373	$ 11,425
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		771	741
Amortization of premium and accretion of discount on securities, net		684	251
Amortization of restricted stock		1,541	1,390
Amortization of intangible assets		324	229
Amortization of subordinated debt costs		56	56
Provision for loan and lease losses		20,000	100
Deferred tax benefit		(3,520)	(4,105)
Stock-based compensation and employee stock purchase plan expense		41	45
Fair value adjustment for equity security		(198)	(59)
Loans originated for sale	[1]	(30,247)	(10,030)
Proceeds from sales of loans held for sale	[1]	31,095	9,298
Gain on loans held for sale	[1]	(1,346)	(466)
Loss on loans held for sale at lower of cost or fair value		3
Increase in cash surrender value of life insurance, net		(181)	(201)
Increase in accrued interest receivable		(1,310)	(874)
(Increase)/decrease in other assets		(7,528)	16,412
(Decrease)/increase in accrued expenses and other liabilities		(4,174)	7,674
NET CASH PROVIDED BY OPERATING ACTIVITIES		7,384	31,886
INVESTING ACTIVITIES:
Principal repayments, maturities and calls of securities available for sale		31,037	49,056
Redemptions of FHLB and FRB stock		12,072	135
Purchase of securities available for sale		(24,852)	(53,483)
Purchase of equity securities		(3,000)
Purchase of FHLB and FRB stock		(28,875)	(62)
Proceeds from sales of loans held for sale at lower of cost or fair value		10,067
Net (increase)/decrease in loans, net of participations sold		(13,761)	32,949
Purchase of premises and equipment		(914)	(173)
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES		(18,226)	28,422
FINANCING ACTIVITIES:
Net increase in deposits		197,722	23,866
Net increase in short-term borrowings		386,900
Repayments of Federal Home Loan Bank advances			(3,000)
Dividends paid on common stock		(949)	(967)
Exercise of Stock Options, net of stock swaps		75	4
Restricted stock repurchased on vesting to pay taxes		(601)	(964)
Issuance of shares for employee stock purchase plan			294
Purchase of treasury shares		(6,487)
NET CASH PROVIDED BY FINANCING ACTIVITIES		576,660	19,233
Net increase in cash and cash equivalents		565,818	79,541
Cash and cash equivalents at beginning of period		208,185	160,773
Cash and cash equivalents at end of period		774,003	240,314
Cash paid during the year for:
Interest		12,424	12,993
Income tax, net		206	$ 265
Securities purchase settled in subsequent period		$ 10,885
[1]	Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of SBA loans which are carried at the lower of cost or fair value.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
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 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, 2019 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 recurring accruals) necessary to present fairly the financial position as of March 31, 2020, the results of operations, comprehensive income, shareholders’ equity and cash flow statements for the three months ended March 31, 2020 and 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected 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”) (formed in the second quarter of 2017) • Murphy Capital Management (“MCM”) (acquired in the third quarter of 2017) • Lassus Wherley and Associates (“Lassus Wherley”) (acquired in the third quarter of 2018) • Point View Wealth Management, Inc. (“Point View”) (acquired in the third quarter of 2019) • Peapack-Gladstone Mortgage Group, Inc. 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 owns one percent of Peapack Ventures, LLC • Peapack Ventures, LLC owns the remaining 21 percent of Peapack-Gladstone Realty, Inc. While the following footnotes include the collective results of the Company, the Bank and their subsidiaries, these footnotes 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 U.S. generally accepted accounting principles. 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 period presented. Actual results could differ from those estimates. Segment Information : The Company’s business is conducted through two business segments: its banking subsidiary, which involves the delivery of loan and deposit products to customers, and Peapack Private, which includes asset management services to individuals and institutions. Management uses certain methodologies to allocate income and expense to the business segments. The Banking segment includes commercial (includes 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, custodian and guardian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware, MCM, Lassus Wherley, and Point View. 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 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 : All debt securities are classified as available for sale and are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income/(loss), net of tax. The Company also has an investment in a 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. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, Management considers the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be 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 is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) other-than-temporary impairment related to credit loss, which is recognized in the income statement and 2) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. 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. U.S. Small Business Administration (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 $60.6 million and $51.9 million as of March 31, 2020 and December 31, 2019, respectively. SBA loans held for sale totaled $4.1 million and $4.6 million at March 31, 2020 and December 31, 2019, 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/cost, however, for the Company’s loan disclosures, accrued interest and deferred fees/cost 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 impaired 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 after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer loans are generally charged off after they become 120 days past due. 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 Loan and Lease Losses: The allowance for loan and lease losses is a valuation allowance for credit losses that is Management’s estimate of probable losses in the loan portfolio. The process to determine reserves utilizes analytic tools and Management judgment and is reviewed on a quarterly basis. When Management is reasonably certain that a loan balance is not fully collectable, an impairment analysis is completed whereby a specific reserve may be established or a full or partial charge off is recorded against the allowance. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the size and composition of the portfolio, information about specific borrower situations, estimated collateral values, economic conditions and other factors. Allocations of the allowance may be made for specific loans via a specific reserve, but the entire allowance is available for any loan that, in Management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by Management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans are individually evaluated for impairment when they are classified as substandard by Management. If a loan is considered impaired, a portion of the allowance may be allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or if repayment is expected solely from the underlying collateral, the loan principal balance is compared to the fair value of collateral less estimated disposition costs to determine the need, if any, for a charge off. 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 loan and lease losses. On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security ("CARES“) Act, which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAAP. The CARES Act allows financial institutions to suspend application of certain current TDR The general component of the allowance covers non-impaired loans and is based primarily on the Company’s historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experience by the Company on a weighted average basis over the previous three years. This actual loss experience is adjusted by other qualitative factors based on the risks present for each portfolio segment. As a result of the effects of the COVID-19 pandemic, the Company increased certain qualitative factors related to elevated levels of unemployment and approval loan deferral payment requests as businesses both locally and nationally have been shut down. The Company also considered qualitative factors related to 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; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. For loans that are graded as non-impaired, the Company allocates a higher general reserve percentage than pass-rated loans using a multiple that is calculated annually through a migration analysis. At both March 31, 2020 and December 31, 2019, the multiple was 2.25 times for non-impaired special mention loans and 3.5 times for non-impaired substandard loans. In determining an appropriate amount for the allowance, the Bank segments and evaluates the loan portfolio based on Federal call report codes, which are based on collateral or purpose. The following portfolio classes have been identified: Primary Residential Mortgages Home Equity Lines of Credit Junior Lien Loan on Residence Multifamily and Commercial Real Estate Loans Commercial and Industrial Loans Leasing and Equipment Finance 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 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 via higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets. Consumer and Other 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 in separate line items on the statement of condition. A 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 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 balance sheet 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. Stock-Based Compensation: The Company’s 2006 Long-Term Stock Incentive Plan and 2012 Long-Term Stock Incentive Plan allow 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. The 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. Some options granted to officers at or above the senior vice president level were immediately exercisable at the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises. The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures. For the Company’s stock option plans, changes in options outstanding during the three months ended March 31, 2020 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2020 71,420 $ 13.57 Exercised during 2020 (5,600 ) 13.48 Expired during 2020 — — Forfeited during 2020 — — Balance, March 31, 2020 65,820 $ 13.58 2.02 years $ 291 Vested and expected to vest 65,820 $ 13.58 2.02 years $ 291 Exercisable at March 31, 2020 65,820 $ 13.58 2.02 years $ 291 The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the first quarter of 2020 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on March 31, 2020 was $17.95. There were no stock options granted during the three months ended March 31, 2020. The Company has previously granted performance-based and service-based restricted stock awards/units. Service-based awards/units vest ratably over a three- or five-year period. There were 439,270 service-based restricted stock units granted during the first quarter of 2020. 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 130,832 performance-based restricted stock units granted in the first quarter of 2020. Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2020 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2020 90,768 $ 30.60 Granted during 2020 130,832 13.44 Balance, March 31, 2020 221,600 $ 20.47 Changes in service-based restricted stock awards/units for the three months ended March 31, 2020 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2020 432,728 $ 29.65 Granted during 2020 439,270 13.65 Vested during 2020 (153,278 ) 29.20 Forfeited during 2020 (8,349 ) 31.22 Balance, March 31, 2020 710,371 $ 19.83 As of March 31, 2020, there was $15.8 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 1.76 years. Stock compensation expense recorded for the first quarters of 2020 and 2019 totaled $1.5 million and $1.4 million, respectively. Employee Stock Purchase Plan (“ESPP”): On April 22, 2014, the shareholders of the Company approved the 2014 ESPP. In July 2019, the Board appointed ESPP “Committee” revised the ESPP. The ESPP provides for the granting of purchase rights of up to 150,000 shares of Peapack-Gladstone Financial Corporation common stock. Subject to certain eligibility requirements and restrictions, the ESPP now provides for a single Offering Period of twelve months in duration, commencing on or about May 16 of each year. The last day of each Offering Period is May 15 of each year (or such other date as may be determined by the Board). 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 on the purchase date, 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 $41,000 and $45,000 of expense in salaries and employee benefits expense for the three months ended March 31, 2020 and 2019, respectively. Total shares issued under the ESPP during the first quarter of 2020 and 2019 were 0 and 10,176, respectively. 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 restricted stock, stock warrants or restricted stock units were to vest during the reporting period. Three Months Ended March 31, (Dollars in thousands, except per share data) 2020 2019 Net income available to common shareholders $ 1,373 $ 11,425 Basic weighted-average shares outstanding 18,858,343 19,350,452 Plus: common stock equivalents 221,232 307,554 Diluted weighted-average shares outstanding 19,079,575 19,658,006 Net income per share Basic $ 0.07 $ 0.59 Diluted 0.07 0.58 Restricted stock units totaling 570,102 and 243,747 were not included in the computation of diluted earnings per share because they were anti-dilutive as of March 31, 2020 and 2019, respectively. 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: 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 2016 or by New Jersey tax authorities for years prior to 2015. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. 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: A large portion of cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. Comprehensive Income/(Loss): Comprehensive income/(loss) consists of net income and the ch

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE FOR SALE	3 Months Ended
	Mar. 31, 2020
Investment Securities Available For Sale [Abstract]
INVESTMENT SECURITIES AVAILABLE FOR SALE	2. INVESTMENT SECURITIES AVAILABLE FOR SALE A summary of amortized cost and approximate fair value of investment securities available for sale included in the consolidated statements of condition as of March 31, 2020 and December 31, 2019 follows: March 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S. treasuries $ 2,912 $ 6 $ — $ 2,918 U.S government-sponsored agencies 29,962 122 — 30,084 Mortgage-backed securities–residential 344,814 7,459 (566 ) 351,707 SBA pool securities 2,565 — (12 ) 2,553 State and political subdivisions 10,175 29 (2 ) 10,202 Corporate bond 3,000 94 — 3,094 Total $ 393,428 $ 7,710 $ (580 ) $ 400,558 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S. government-sponsored agencies $ 34,961 $ 37 $ (214 ) $ 34,784 Mortgage-backed securities–residential 337,489 2,365 (950 ) 338,904 SBA pool securities 2,799 — (15 ) 2,784 State and political subdivisions 11,175 41 (1 ) 11,215 Corporate bond 3,000 68 — 3,068 Total $ 389,424 $ 2,511 $ (1,180 ) $ 390,755 The following tables present the Company’s available for sale securities in a continuous unrealized loss position and the approximate fair value of these investments as of March 31, 2020 and December 31, 2019. March 31, 2020 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 Mortgage-backed securities-residential $ 43,044 $ (280 ) $ 20,532 $ (286 ) $ 63,576 $ (566 ) SBA pool securities — — 2,553 (12 ) 2,553 (12 ) State and political subdivisions 777 (2 ) — — 777 (2 ) Total $ 43,821 $ (282 ) $ 23,085 $ (298 ) $ 66,906 $ (580 ) December 31, 2019 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 U.S. government-sponsored agencies $ 19,758 $ (214 ) $ — $ — $ 19,758 $ (214 ) Mortgage-backed securities-residential 78,982 (382 ) 69,142 (568 ) 148,124 (950 ) SBA pool securities — — 2,784 (15 ) 2,784 (15 ) State and political subdivisions 783 (1 ) — — 783 (1 ) Total $ 99,523 $ (597 ) $ 71,926 $ (583 ) $ 171,449 $ (1,180 ) Management believes that the unrealized losses on investment securities available for sale are temporary and are due to interest rate fluctuations and/or volatile market conditions rather than the credit worthiness of the issuers. As of March 31, 2020, the Company does not intend to sell these securities nor is it likely that it will be required to sell the securities before their anticipated recovery; therefore, none of the securities in an unrealized loss position were determined to be other-than-temporarily impaired. T he Company has an investment in a CRA investment fund with a fair value of $14.0 million at March 31, 2020. The investment is classified as an equity security in our Consolidated Statements of Condition. This security had a gain of $198,000 for the three months ended March 31, 2020. This amount is included in securities gains/(losses), net on the Consolidated Statements of Income

LOANS AND LEASES

LOANS AND LEASES	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
LOANS AND LEASES	3. LOANS AND LEASES Loans outstanding, excluding those held for sale, by general ledger classification, as of March 31, 2020 and December 31, 2019, consisted of the following: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2020 Loans 2019 Loans Residential mortgage $ 528,210 11.98 % $ 549,138 12.50 % Multifamily mortgage 1,203,487 27.30 1,210,003 27.54 Commercial mortgage 760,648 17.26 761,244 17.32 Commercial loans (including equipment financing) 1,803,158 40.90 1,756,477 39.97 Commercial construction 2,934 0.07 5,306 0.12 Home equity lines of credit 55,856 1.27 57,248 1.30 Consumer loans, including fixed rate home equity loans 53,365 1.21 54,372 1.24 Other loans 347 0.01 349 0.01 Total loans $ 4,408,005 100.00 % $ 4,394,137 100.00 % In determining an appropriate amount for the allowance, the Bank segments and evaluates the loan portfolio based on federal Call Report codes. The following portfolio classes have been identified as of March 31, 2020 and December 31, 2019: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2020 Loans 2019 Loans Primary residential mortgage $ 557,053 12.65 % $ 578,306 13.17 % Home equity lines of credit 55,856 1.27 57,248 1.30 Junior lien loan on residence 6,817 0.16 7,011 0.16 Multifamily property 1,203,487 27.33 1,210,003 27.56 Owner-occupied commercial real estate 251,293 5.71 249,419 5.68 Investment commercial real estate 1,092,294 24.81 1,095,182 24.95 Commercial and industrial 904,949 20.55 867,295 19.76 Lease financing 268,436 6.10 258,401 5.89 Farmland/agricultural production 2,725 0.06 3,043 0.07 Commercial construction loans 3,137 0.07 5,520 0.13 Consumer and other loans 56,998 1.29 58,213 1.33 Total loans $ 4,403,045 100.00 % $ 4,389,641 100.00 % Net deferred costs 4,960 4,496 Total loans including net deferred costs $ 4,408,005 $ 4,394,137 The following tables present the loan balances by portfolio class, based on impairment method, and the corresponding balances in the allowance for loan and lease losses (ALLL) as of March 31, 2020 and December 31, 2019: March 31, 2020 Total Ending ALLL Total Ending ALLL Loans Attributable Loans Attributable Individually To Loans Collectively To Loans Evaluated Individually Evaluated Collectively Total For Evaluated for For Evaluated for Total Ending (In thousands) Impairment Impairment Impairment Impairment Loans ALLL Primary residential mortgage $ 7,098 $ 58 $ 549,955 $ 3,115 $ 557,053 $ 3,173 Home equity lines of credit 2 — 55,854 237 55,856 237 Junior lien loan on residence 15 — 6,802 23 6,817 23 Multifamily property — — 1,203,487 9,104 1,203,487 9,104 Owner-occupied commercial real estate 368 — 250,925 2,838 251,293 2,838 Investment commercial real estate 22,554 4,000 1,069,740 23,671 1,092,294 27,671 Commercial and industrial 6,332 2,284 898,617 14,840 904,949 17,124 Lease financing — — 268,436 3,141 268,436 3,141 Farmland/agricultural production — — 2,725 38 2,725 38 Commercial construction loans — — 3,137 40 3,137 40 Consumer and other loans — — 56,998 394 56,998 394 Total ALLL $ 36,369 $ 6,342 $ 4,366,676 $ 57,441 $ 4,403,045 $ 63,783 December 31, 2019 Total Ending ALLL Total Ending ALLL Loans Attributable Loans Attributable Individually To Loans Collectively To Loans Evaluated Individually Evaluated Collectively Total For Evaluated for For Evaluated for Total Ending (In thousands) Impairment Impairment Impairment Impairment Loans ALLL Primary residential mortgage $ 6,890 $ 215 $ 571,416 $ 1,875 $ 578,306 $ 2,090 Home equity lines of credit 3 — 57,245 128 57,248 128 Junior lien loan on residence 19 — 6,992 13 7,011 13 Multifamily property — — 1,210,003 6,037 1,210,003 6,037 Owner-occupied commercial real estate 379 — 249,040 2,064 249,419 2,064 Investment commercial real estate 22,605 1,000 1,072,577 14,988 1,095,182 15,988 Commercial and industrial 6,028 1,585 861,267 12,768 867,295 14,353 Lease financing — — 258,401 2,642 258,401 2,642 Farmland/agricultural production — — 3,043 38 3,043 38 Commercial construction loans — — 5,520 27 5,520 27 Consumer and other loans — — 58,213 296 58,213 296 Total ALLL $ 35,924 $ 2,800 $ 4,353,717 $ 40,876 $ 4,389,641 $ 43,676 Impaired loans include nonaccrual loans of $29.3 million at March 31, 2020 and $28.9 million at December 31, 2019. Impaired loans also include performing TDR loans of $2.4 million at March 31, 2020 and $2.4 million at December 31, 2019. At March 31,2020, the allowance allocated to TDR loans totaled $6.3 million, of which all but $58,000 was allocated to nonaccrual loans. At December 31, 2019, the allowance allocated to TDR loans totaled $2.8 million, of which $2.7 million was allocated to nonaccrual loans. All accruing TDR loans were paying in accordance with restructured terms as of March 31, 2020. The Company has not committed to lend additional amounts as of March 31, 2020 to customers with outstanding loans that are classified as TDR loans. The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2020 and December 31, 2019 (The average impaired loans on the following tables represent year to date impaired loans.): March 31, 2020 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 7,643 $ 6,436 $ — $ 6,303 Owner-occupied commercial real estate 443 368 — 370 Investment commercial real estate 9,632 8,108 — 8,118 Home equity lines of credit 5 2 — 2 Junior lien loan on residence 90 15 — 18 Commercial and industrial 391 391 — 146 Total loans with no related allowance $ 18,204 $ 15,320 $ — $ 14,957 With related allowance recorded: Primary residential mortgage $ 662 $ 662 $ 58 $ 664 Investment commercial real estate 15,064 14,446 4,000 14,453 Commercial and industrial 6,229 5,941 2,284 5,970 Total loans with related allowance $ 21,955 $ 21,049 $ 6,342 $ 21,087 Total loans individually evaluated for impairment $ 40,159 $ 36,369 $ 6,342 $ 36,044 December 31, 2019 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 7,310 $ 6,071 $ — $ 7,186 Owner-occupied commercial real estate 450 379 — 1,099 Investment commercial real estate 9,663 8,138 — 14,115 Home equity lines of credit 5 3 — 77 Junior lien loan on residence 92 19 — 29 Total loans with no related allowance $ 17,520 $ 14,610 $ — $ 22,506 With related allowance recorded: Primary residential mortgage $ 819 $ 819 $ 215 $ 1,011 Investment commercial real estate 15,064 14,467 1,000 4,832 Commercial and industrial 6,229 6,028 1,585 3,685 Total loans with related allowance $ 22,112 $ 21,314 $ 2,800 $ 9,528 Total loans individually evaluated for impairment $ 39,632 $ 35,924 $ 2,800 $ 32,034 Interest income recognized on impaired loans for the quarters ended March 31, 2020 and 2019 was not material. The Company did not recognize any income on nonaccruing impaired loans for the three months ended March 31, 2020 and 2019. The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of March 31, 2020 and December 31, 2019: March 31, 2020 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 4,757 $ — Home equity lines of credit 2 — Junior lien loan on residence 15 — Owner-occupied commercial real estate 368 — Investment commercial real estate 17,899 — Commercial and industrial 6,283 — Total $ 29,324 $ — December 31, 2019 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 4,533 $ — Home equity lines of credit 3 — Junior lien loan on residence 19 — Owner-occupied commercial real estate 379 — Investment commercial real estate 17,919 — Commercial and industrial 6,028 — Total $ 28,881 $ — The following tables present the aging of the recorded investment in past due loans as of March 31, 2020 and December 31, 2019 by class of loans, excluding nonaccrual loans: March 31, 2020 30-59 60-89 Greater Than Days Days 90 Days Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 2,509 $ — $ — $ 2,509 Home equity lines of credit 226 — — 226 Owner-occupied commercial real estate 75 — — 75 Investment commercial real estate 3,515 — — 3,515 Commercial and industrial 1,935 — — 1,935 Consumer and other loans 1 — — 1 Total $ 8,261 $ — $ — $ 8,261 December 31, 2019 30-59 60-89 Greater Than Days Days 90 Days Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,264 $ — $ — $ 1,264 Home equity lines of credit 80 — — 80 Consumer and other loans 566 — — 566 Total $ 1,910 $ — $ — $ 1,910 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 majority of relationships or new lending to existing relationships greater than $1,000,000; • All criticized and classified rated borrowers with relationship exposure of more than $500,000; • A random sample of borrowers with 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 Regulation “O” loan commitments over $1,000,000; • No borrower with commitments of less than $250,000; • 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 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. Loans that are considered to be impaired are individually evaluated for potential loss and allowance adequacy. Loans not deemed impaired are collectively evaluated for potential loss and allowance adequacy. As of March 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Special (In thousands) Pass Mention Substandard Doubtful Primary residential mortgage $ 548,902 $ 844 $ 7,307 $ — Home equity lines of credit 55,854 — 2 — Junior lien loan on residence 6,802 — 15 — Multifamily property 1,202,783 — 704 — Owner-occupied commercial real estate 249,459 — 1,834 — Investment commercial real estate 1,050,812 6,288 35,194 — Commercial and industrial 885,059 6,008 13,882 — Lease financing 268,436 — — — Farmland/agricultural production 2,725 — — — Commercial construction loans 3,055 82 — — Consumer and other loans 56,998 — — — Total $ 4,330,885 $ 13,222 $ 58,938 $ — As of December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Special (In thousands) Pass Mention Substandard Doubtful Primary residential mortgage $ 570,353 $ 853 $ 7,100 $ — Home equity lines of credit 57,245 — 3 — Junior lien loan on residence 6,992 — 19 — Multifamily property 1,209,288 — 715 — Owner-occupied commercial real estate 247,388 — 2,031 — Investment commercial real estate 1,053,445 6,325 35,412 — Commercial and industrial 847,285 6,382 13,628 — Lease financing 258,401 — — — Farmland/agricultural production 3,043 — — — Commercial construction loans 5,437 83 — — Consumer and other loans 58,213 — — — Total $ 4,317,090 $ 13,643 $ 58,908 $ — At March 31, 2020, $36.4 million of substandard loans were also considered impaired, compared to December 31, 2019, when $35.9 million of substandard loans were also impaired. The activity in the allowance for loan and lease losses for the three months ended March 31, 2020 is summarized below: January 1, March 31, 2020 2020 Beginning Provision Ending (In thousands) ALLL Charge-offs Recoveries (Credit) ALLL Primary residential mortgage $ 2,090 $ — $ 77 $ 1,006 $ 3,173 Home equity lines of credit 128 — 3 106 237 Junior lien loan on residence 13 — — 10 23 Multifamily property 6,037 — — 3,067 9,104 Owner-occupied commercial real estate 2,064 — — 774 2,838 Investment commercial real estate 15,988 — 31 11,652 27,671 Commercial and industrial 14,353 — 3 2,768 17,124 Lease financing 2,642 — — 499 3,141 Farmland/agricultural production 38 — — — 38 Commercial construction loans 27 — — 13 40 Consumer and other loans 296 (8 ) 1 105 394 Total ALLL $ 43,676 $ (8 ) $ 115 $ 20,000 $ 63,783 The activity in the allowance for loan and lease losses for the three months ended March 31, 2019 is summarized below: January 1, March 31, 2019 2019 Beginning Provision Ending (In thousands) ALLL Charge-offs Recoveries (Credit) ALLL Primary residential mortgage $ 3,506 $ — $ 42 $ (71 ) $ 3,477 Home equity lines of credit 164 — 2 (14 ) 152 Junior lien loan on residence 15 — 11 (11 ) 15 Multifamily property 5,959 — — (191 ) 5,768 Owner-occupied commercial real estate 2,614 — — (80 ) 2,534 Investment commercial real estate 14,248 — — 162 14,410 Commercial and industrial 9,839 — 4 342 10,185 Lease financing 1,772 — — 31 1,803 Farmland/agricultural production 2 — — — 2 Commercial construction loans 1 — — — 1 Consumer and other loans 384 (11 ) 1 (68 ) 306 Total ALLL $ 38,504 $ (11 ) $ 60 $ 100 $ 38,653 Troubled Debt Restructurings: The Company has allocated $6.3 million and $2.8 million of specific reserves on TDRs to customers whose loan terms have been modified in TDRs as of March 31, 2020 and December 31, 2019, respectively. There were no unfunded commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs. The terms of certain loans were modified as TDRs when one or a combination of the following occurred: a reduction of the stated interest rate of the loan; the maturity date was extended; or some other modification or extension occurred which would not be readily available in the market. The following table presents loans by class modified as TDRs during the three-month period ended March 31, 2020: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded (Dollars in thousands) Contracts Investment Investment Primary residential mortgage 1 $ 253 $ 253 Commercial and industrial 1 48 48 Total 2 $ 301 $ 301 There were no loans modified as TDRs during the three-month period ended March 31, 2019. The identification of the TDRs did not have a significant impact on the allowance for loan and lease 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 March 31, 2020: Number of Recorded (Dollars in thousands) Contracts Investment Primary residential mortgage 1 $ 200 Total 1 $ 200 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 March 31, 2019: Number of Recorded (Dollars in thousands) Contracts Investment Investment commercial real estate 1 $ 14,841 Total 1 $ 14,841 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 re-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.

DEPOSITS

DEPOSITS	3 Months Ended
	Mar. 31, 2020
Deposits [Abstract]
DEPOSITS	4. DEPOSITS Certificates of deposit, over $250,000, totaled $225.6 million and $223.7 million at March 31, 2020 and December 31, 2019, respectively. The above totals exclude brokered certificates of deposit. The following table sets forth the details of total deposits as of March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 (Dollars in thousands) Noninterest-bearing demand deposits $ 581,085 13.08 % $ 529,281 12.47 % Interest-bearing checking (1) 1,680,452 37.83 1,510,363 35.59 Savings 112,668 2.54 112,652 2.66 Money market 1,163,410 26.20 1,196,313 28.19 Certificates of deposit - retail 651,000 14.66 633,763 14.94 Certificates of deposit - listing service 38,895 0.88 47,430 1.12 Subtotal deposits 4,227,510 95.19 4,029,802 94.97 Interest-bearing demand - Brokered 180,000 4.05 180,000 4.24 Certificates of deposit - Brokered 33,723 0.76 33,709 0.79 Total deposits $ 4,441,233 100.00 % $ 4,243,511 100.00 % (1) Interest-bearing checking includes $569.4 million at March 31, 2020 and $423.8 million at December 31, 2019 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 March 31, 2020 are as follows: (In thousands) 2020 $ 366,756 2021 237,175 2022 53,539 2023 8,771 2024 29,239 Over 5 Years 28,138 Total $ 723,618

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS Advances from the FHLB totaled $105.0 million with a weighted average interest rate of 3.20 percent and $105.0 million with a weighted average interest rate of 3.20 percent at both March 31, 2020 and December 31, 2019, respectively. The advances The final maturity dates of the FHLB advances are scheduled as follows: (In thousands) 2021 $ 60,000 2022 20,000 2023 25,000 Total $ 105,000 Short-term borrowings consisted of two one-month FHLB advances totaling $515.0 million with a rate of 0.52 percent. One- FHLB advance for $15 million is part of an interest rate swap designated as a cash flow hedge. The cash flow hedge has a term of four years. The remaining $500.0 million FHLB advance was transacted in mid-March specifically to increase the Company’s balance sheet liquidity in the event of significant depositor withdrawals and/or significant borrower draws on existing unused credit line in the current environment. The borrowing was repaid on April 24, 2020. There were no overnight borrowings with the FHLB as of March 31, 2020 and December 31, 2019. At March 31, 2020 unused short-term overnight borrowing commitments totaled $1.1 billion from FHLB, $22.0 million from correspondent banks and $1.4 billion at the Federal Reserve Bank of New York.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
BUSINESS SEGMENTS	6. 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 includes PGB Trust & Investments of Delaware, MCM, Lassus Wherley and Point View, includes 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 months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 Wealth Management (In thousands) Banking Division Total Net interest income $ 30,409 $ 1,338 $ 31,747 Noninterest income 4,229 10,288 14,517 Total income 34,638 11,626 46,264 Provision for loan and lease losses 20,000 — 20,000 Compensation and employee benefits 13,207 6,019 19,226 Premises and equipment expense 3,421 622 4,043 FDIC insurance expense 250 — 250 Other operating expense 2,606 2,110 4,716 Total operating expense 39,484 8,751 48,235 Income before income tax (benefit)/expense (4,846 ) 2,875 (1,971 ) Income tax (benefit)/expense (3,893 ) 549 (3,344 ) Net income/(loss) $ (953 ) $ 2,326 $ 1,373 Total assets at period end $ 5,734,495 $ 96,963 $ 5,831,458 Three Months Ended March 31, 2019 Wealth Management (In thousands) Banking Division Total Net interest income $ 28,566 $ 1,441 $ 30,007 Noninterest income 2,279 9,450 11,729 Total income 30,845 10,891 41,736 Provision for loan and lease losses 100 — 100 Compensation and employee benefits 11,997 5,159 17,156 Premises and equipment expense 2,925 463 3,388 FDIC insurance expense 277 — 277 Other operating expense 2,758 2,136 4,894 Total operating expense 18,057 7,758 25,815 Income before income tax expense 12,788 3,133 15,921 Income tax expense 3,611 885 4,496 Net income $ 9,177 $ 2,248 $ 11,425 Total assets at period end $ 4,582,200 $ 80,106 $ 4,662,306

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE	7. 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: Loans Held for Sale, at Fair Value: Derivatives Impaired Loans: Other Real Estate Owned: 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 March 31, 2020. The following table summarizes, for the periods 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 March 31, Assets Inputs Inputs (In thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. treasuries $ 2,918 $ — $ 2,918 $ — U.S. government-sponsored agencies 30,084 — 30,084 — Mortgage-backed securities-residential 351,707 — 351,707 — SBA pool securities 2,553 — 2,553 — State and political subdivisions 10,202 — 10,202 — Corporate bond 3,094 — 3,094 — CRA investment fund 14,034 14,034 — — Loans held for sale, at fair value 3,853 — 3,853 — Derivatives: Loan level swaps 92,993 — 92,993 — Total $ 511,438 $ 14,034 $ 497,404 $ — Liabilities: Derivatives: Cash flow hedges $ 12,616 $ — $ 12,616 $ — Loan level swaps 92,993 — 92,993 — Total $ 105,609 $ — $ 105,609 $ — 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) 2019 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. government-sponsored agencies $ 34,784 $ — $ 34,784 $ — Mortgage-backed securities-residential 338,904 — 338,904 — SBA pool securities 2,784 — 2,784 — State and political subdivisions 11,215 — 11,215 — Corporate bond 3,068 — 3,068 — CRA investment fund 10,836 10,836 — — Loans held for sale, at fair value 2,881 — 2,881 — Derivatives: Cash flow hedges 121 — 121 — Loan level swaps 32,381 — 32,381 — Total $ 436,974 $ 10,836 $ 426,138 $ — Liabilities: Derivatives: Cash flow hedges $ 3,788 $ — $ 3,788 $ — Loan level swaps 32,381 — 32,381 — Total $ 36,169 $ — $ 36,169 $ — 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 nor on nonaccrual as of March 31, 2020 and December 31, 2019. The following tables present residential loans held for sale, at fair value for the periods indicated: (In thousands) March 31, 2020 December 31, 2019 Residential loans contractual balance $ 3,789 $ 2,839 Fair value adjustment 64 42 Total fair value of residential loans held for sale $ 3,853 $ 2,881 There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2020. The following tables summarize, for the periods 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 March 31, Assets Inputs Inputs (In thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Investment commercial real estate $ 10,446 $ — $ — $ 10,446 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Investment commercial real estate $ 13,467 $ — $ — $ 13,467 The carrying amounts and estimated fair values of financial instruments at March 31, 2020 are as follows: Fair Value Measurements at March 31, 2020 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 774,003 $ 774,003 $ — $ — $ 774,003 Securities available for sale 400,558 — 400,558 — 400,558 CRA investment fund 14,034 14,034 — — 14,034 FHLB and FRB stock 40,871 — — — N/A Loans held for sale, at fair value 3,853 — 3,853 — 3,853 Loans held for sale, at lower of cost or fair value 4,122 — 4,535 — 4,535 Loans, net of allowance for loan and lease losses 4,344,222 — — 4,674,834 4,674,834 Accrued interest receivable 11,816 — 1,589 10,227 11,816 Loan level swaps 92,993 — 92,993 — 92,993 Financial liabilities Deposits $ 4,441,233 $ 3,717,615 $ 734,404 $ — $ 4,452,019 Short-term borrowings 515,000 — 515,000 — 515,000 Federal home loan bank advances 105,000 — 110,196 — 110,196 Subordinated debt 83,473 — — 85,315 85,315 Accrued interest payable 3,434 82 2,131 1,221 3,434 Cash flow hedges 12,616 — 12,616 — 12,616 Loan level swap 92,993 — 92,993 — 92,993 The carrying amounts and estimated fair values of financial instruments at December 31, 2019 are as follows: Fair Value Measurements at December 31, 2019 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 208,185 $ 208,185 $ — $ — $ 208,185 Securities available for sale 390,755 — 390,755 — 390,755 CRA investment fund 10,836 10,836 — — 10,836 FHLB and FRB stock 24,068 — — — N/A Loans held for sale, at fair value 2,881 — 2,881 — 2,881 Loans held for sale, at lower of cost or fair value 14,667 — 15,126 — 15,126 Loans, net of allowance for loan and lease losses 4,350,461 — — 4,268,481 4,268,481 Accrued interest receivable 10,494 — 1,361 9,133 10,494 Cash flow Hedges 121 — 121 — 121 Loan level swaps 32,381 — 32,381 — 32,381 Financial liabilities Deposits $ 4,243,511 $ 3,528,609 $ 718,818 $ — $ 4,247,427 Short-term borrowings 128,100 — 128,100 — 128,100 Federal Home Loan Bank advances 105,000 — 108,354 — 108,354 Subordinated debt 83,417 — — 86,536 86,536 Accrued interest payable 2,357 392 1,910 55 2,357 Cash flow hedges 3,788 — 3,788 — 3,788 Loan level swaps 32,381 — 32,381 — 32,381

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	8. 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 table presents the sources of noninterest income for the periods indicated: For the Three Months Ended March 31, (In thousands) 2020 2019 Service charges on deposits Overdraft fees $ 147 $ 158 Interchange income 280 264 Other 389 394 Wealth management fees (a) 9,955 9,174 Other (b) 3,746 1,739 Total noninterest other income $ 14,517 $ 11,729 (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 March 31, For the Three Months Ended March 31, (In thousands) 2020 2019 Revenue by Operating Wealth Wealth Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 147 $ — $ 147 $ 158 $ — $ 158 Interchange income 280 — 280 264 — 264 Other 389 — 389 394 — 394 Wealth management fees (a) — 9,955 9,955 — 9,174 9,174 Other (b) 3,413 333 3,746 1,463 276 1,739 Total noninterest income $ 4,229 $ 10,288 $ 14,517 $ 2,279 $ 9,450 $ 11,729 (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 Interchange income Wealth management fees (gross) Investment brokerage fees (net) th Gains/(losses) on sales of OREO Other

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	3 Months Ended
	Mar. 31, 2020
Other Income And Expenses [Abstract]
OTHER OPERATING EXPENSES	9. OTHER OPERATING EXPENSES The following table presents the major components of other operating expenses for the periods indicated: Three Months Ended March 31, (In thousands) 2020 2019 Professional and legal fees 974 1,124 Telephone 324 280 Advertising 340 359 Amortization of intangible assets 324 229 Other operating expenses 2,754 2,902 Total other operating expenses $ 4,716 $ 4,894

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME	10. ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended March 31, 2020 and 2019: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive March 31, March 31, (In thousands) 2020 Reclassifications Income/(Loss) 2020 2020 Net unrealized holding gain/(loss) on securities available for sale, net of tax $ 1,006 $ 4,387 — $ 4,387 $ 5,393 Gain/(loss) on cash flow hedges (2,501 ) (6,499 ) (52 ) (6,551 ) (9,052 ) Accumulated other comprehensive loss, net of tax $ (1,495 ) $ (2,112 ) $ (52 ) $ (2,164 ) $ (3,659 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive March 31, March 31, (In thousands) 2019 Reclassifications Income/(Loss) 2019 2019 Net unrealized holding gain/(loss) on securities available for sale, net of tax $ (3,006 ) $ 1,728 $ — $ 1,728 $ (1,278 ) Gain/(loss) on cash flow hedges 661 (1,090 ) (22 ) (1,112 ) (451 ) Accumulated other comprehensive loss, net of tax $ (2,345 ) $ 638 $ (22 ) $ 616 $ (1,729 ) Three Months Ended March 31, (In thousands) 2020 2019 Affected Line Item in Income Statement Unrealized gains on cash flow hedge derivatives: Reclassification adjustment for amounts included in net income $ (71 ) $ (31 ) Interest expense Income tax expense 19 9 Income tax expense Total reclassifications, net of tax $ (52 ) $ (22 )

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVES	11. 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: The following table presents information about the interest rate swaps designated as cash flow hedges as of March 31, 2020 and December 31, 2019: (Dollars in thousands) March 31, 2020 December 31, 2019 Notional amount $ 270,000 $ 245,000 Weighted average pay rate 1.94 % 2.05 % Weighted average receive rate 1.47 % 1.83 % Weighted average maturity 2.78 years 2.45 years Unrealized gain/(loss), net $ (12,616 ) $ (3,667 ) Number of contracts 13 12 Net interest income/(expense) recorded on these swap transactions totaled $(106,000) and $335,000 for the three months ended March 31, 2020 and 2019, respectively. Cash Flow Hedges The following table presents the net gain/(loss) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three months ended March 31, 2020 and March 31, 2019: For the Three Months Ended March 31, (In thousands) 2020 2019 Interest rate contracts Gain/(loss) recognized in OCI (effective portion) $ (8,878 ) $ (1,547 ) Gain/(loss) reclassified from OCI to interest expense (71 ) (31 ) Gain/(loss) recognized in other non-interest expense (ineffective portion) — — During the first quarter of 2020, the Company recognized an unrealized after-tax gain of $26,000 in accumulated other comprehensive income/(loss) related to the termination of three interest rate swaps designated as cash flow hedges. During the second quarter of 2019, the Company recognized an unrealized after-tax gain of $189,000 in accumulated other comprehensive income/(loss) related to the termination of four interest rate swaps designated as cash flow hedges. These gains are being amortized into earnings over the remaining life of the terminated swaps. The Company recognized pre-tax interest income of $71,000 and $31,000 for the three months ended March 31, 2020 and 2019, respectively, related to the amortization of the gain on the terminated interest rate swaps designated as cash flow hedges. March 31, 2020 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits and FHLB advances $ 270,000 $ (12,616 ) Total included in other assets — — Total included in other liabilities 270,000 (12,616 ) December 31, 2019 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 245,000 $ (3,667 ) Total included in other assets 70,000 121 Total included in other liabilities 175,000 (3,788 ) Derivatives Not Designated as Accounting Hedges: Information about these swaps is as follows: (Dollars in thousands) March 31, 2020 December 31, 2019 Notional amount $ 864,035 $ 793,875 Fair value $ 92,993 $ 32,381 Weighted average pay rates 4.03 % 4.12 % Weighted average receive rates 2.76 % 3.54 % Weighted average maturity 7.1 years 7.3 years Number of contracts 98 91

SUBORDINATED DEBT

SUBORDINATED DEBT	3 Months Ended
	Mar. 31, 2020
Subordinated Longterm Debt Current And Noncurrent [Abstract]
SUBORDINATED DEBT	12. SUBORDINATED DEBT During June 2016, the Company issued $50.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “2016 Notes”) to certain institutional investors. The 2016 Notes are non-callable for five years, have a stated maturity of June 30, 2026, and bear interest at a fixed rate of 6.0% per year until June 30, 2021. From June 30, 2021 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month LIBOR rate plus 485 basis points, payable quarterly in arrears. Debt issuance costs incurred totaled $1.3 million and are being amortized to maturity. Approximately $40.0 million of the net proceeds from the sale of the 2016 Notes were contributed by the Company to the Bank in the second quarter of 2016. The remaining funds (approximately $10 million) were retained by the Company for operational purposes. During 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 bear interest at a fixed rate of 4.75% per year 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 LIBOR rate plus 254 basis points, payable quarterly in arrears. Debt issuance costs incurred totaled $875 thousand and are being amortized to maturity. Approximately $29.1 million of the net proceeds from the sale of the 2017 Notes were contributed by the Company to the Bank in the fourth quarter of 2017. The remaining funds of approximately $5 million, representing three years of interest payments, were retained by the Company for operational 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 2017 Notes, the Company obtained ratings from Kroll Bond Rating Agency (“KBRA”). KBRA an assigned investment grade rating of BBB- for the Company’s subordinated debt.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	13. LEASES Leases (Topic 842) Targeted Improvements Leases The Company maintains certain property and equipment under direct financing and operating leases. Upon adoption of the new lease guidance, on January 1, 2019, the Company recorded a ROU asset and corresponding lease liability of $7.9 million and $8.2 million, respectively, on the consolidated statement of condition. As of March 31, 2020, the Company's operating lease ROU asset and operating lease liability totaled $11.6 million and $11.9 million, respectively. As of December 31, 2019, the Company's operating lease ROU asset and operating lease liability totaled $12.1 million and $12.4 million, respectively. A weighted average discount rate of 3.07% and 3.05% was used in the measurement of the ROU asset and lease liability as of March 31, 2020 and December 31, 2019, respectively. The Company's leases have remaining lease terms between two months to 17 years, with a weighted average lease term of 6.18 years at March 31, 2020. The Company's leases had remaining lease terms between five months to 17 years, with a weighted average lease term of 6.33 years, at December 31, 2019. 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 $827,000 and $624,000 for the three months ended March 31, 2020 and 2019, respectively. The variable lease costs were $89,000 and $73,000 for the three months ended March 31, 2020 and 2019, respectively. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of March 31, 2020: (In thousands) 2020 $ 3,135 2021 2,449 2022 2,050 2023 1,577 2024 1,282 Thereafter 2,643 Total lease payments 13,136 Less: imputed interest 1,284 Total present value of lease payments $ 11,852 The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the three months ended March 31, 2020 and 2019: For the Three Months Ended (In thousands) 2020 2019 Right-of-use asset obtained in exchange for lease obligation $ 157 $ 7,862 Operating cash flows from operating leases 728 567 Operating cash flows from direct finance leases 90 99 Financing cash flows from direct finance leases 187 187

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
Accounting Changes And Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	14. ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The standard requires a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. For lessees, virtually all leases will be required to be recognized on the balance sheet by recording a right-of-use asset and lease liability. Subsequent accounting for leases varies depending on whether the lease is an operating lease or a finance lease. The ASU requires additional qualitative and quantitative disclosures with the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-11 “Leases (Topic 842) Targeted Improvements” which allows entities adopting ASU No. 2016-02 to choose an additional transition method, under which an entity to initially applies the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The amendment in this update becomes effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. The Company has elected the transition method permitted by ASU No. 2018-11 under which an entity shall recognize and measure leases that exist at the application date and prior comparative periods are not adjusted. Upon adoption of the new lease guidance on January 1, 2019, the Company recorded a lease liability of approximately $8.2 million, a right-of-use-asset of approximately $7.9 million and a cumulative effect adjustment to retained earnings of $661,000. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This ASU replaces the incurred loss model with an expected loss model, referred to as “current expected credit loss” (CECL) model. It will change estimates for credit losses related to financial assets measured at amortized cost, including loans receivable, held-to-maturity (HTM) debt securities and certain other contracts. Due to the uncertainty created by the current environment u nder a provision provided by the CARES Act, the Company elected to delay the adoption of FASB’s new rule covering the CECL standard until the earlier of the termination date of the national emergency declared by President Trump under the National Emergencies Act on March 13, 2020, related to the outbreak of COVID-19, or December 31, 2020. Once the delay provision has been terminated, adoption will be retroactive to January 1, 2020. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is assessing ASU 2019-12 and its impact on its financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
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”) (formed in the second quarter of 2017) • Murphy Capital Management (“MCM”) (acquired in the third quarter of 2017) • Lassus Wherley and Associates (“Lassus Wherley”) (acquired in the third quarter of 2018) • Point View Wealth Management, Inc. (“Point View”) (acquired in the third quarter of 2019) • Peapack-Gladstone Mortgage Group, Inc. 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 owns one percent of Peapack Ventures, LLC • Peapack Ventures, LLC owns the remaining 21 percent of Peapack-Gladstone Realty, Inc. While the following footnotes include the collective results of the Company, the Bank and their subsidiaries, these footnotes 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 U.S. generally accepted accounting principles. 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 period presented. Actual results could differ from those estimates.
Segment Information	Segment Information : The Company’s business is conducted through two business segments: its banking subsidiary, which involves the delivery of loan and deposit products to customers, and Peapack Private, which includes asset management services to individuals and institutions. Management uses certain methodologies to allocate income and expense to the business segments. The Banking segment includes commercial (includes 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, custodian and guardian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware, MCM, Lassus Wherley, and Point View. 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 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 : All debt securities are classified as available for sale and are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income/(loss), net of tax. The Company also has an investment in a 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. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, Management considers the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be 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 is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) other-than-temporary impairment related to credit loss, which is recognized in the income statement and 2) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis.
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. U.S. Small Business Administration (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 $60.6 million and $51.9 million as of March 31, 2020 and December 31, 2019, respectively. SBA loans held for sale totaled $4.1 million and $4.6 million at March 31, 2020 and December 31, 2019, 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/cost, however, for the Company’s loan disclosures, accrued interest and deferred fees/cost 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 impaired 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 after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer loans are generally charged off after they become 120 days past due. 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 Loan and Lease Losses	Allowance for Loan and Lease Losses: The allowance for loan and lease losses is a valuation allowance for credit losses that is Management’s estimate of probable losses in the loan portfolio. The process to determine reserves utilizes analytic tools and Management judgment and is reviewed on a quarterly basis. When Management is reasonably certain that a loan balance is not fully collectable, an impairment analysis is completed whereby a specific reserve may be established or a full or partial charge off is recorded against the allowance. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the size and composition of the portfolio, information about specific borrower situations, estimated collateral values, economic conditions and other factors. Allocations of the allowance may be made for specific loans via a specific reserve, but the entire allowance is available for any loan that, in Management’s judgment, should be charged off. The allowance consists of specific and general components. The specific component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by Management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans are individually evaluated for impairment when they are classified as substandard by Management. If a loan is considered impaired, a portion of the allowance may be allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or if repayment is expected solely from the underlying collateral, the loan principal balance is compared to the fair value of collateral less estimated disposition costs to determine the need, if any, for a charge off. 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 loan and lease losses. On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security ("CARES“) Act, which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAAP. The CARES Act allows financial institutions to suspend application of certain current TDR The general component of the allowance covers non-impaired loans and is based primarily on the Company’s historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experience by the Company on a weighted average basis over the previous three years. This actual loss experience is adjusted by other qualitative factors based on the risks present for each portfolio segment. As a result of the effects of the COVID-19 pandemic, the Company increased certain qualitative factors related to elevated levels of unemployment and approval loan deferral payment requests as businesses both locally and nationally have been shut down. The Company also considered qualitative factors related to 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; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. For loans that are graded as non-impaired, the Company allocates a higher general reserve percentage than pass-rated loans using a multiple that is calculated annually through a migration analysis. At both March 31, 2020 and December 31, 2019, the multiple was 2.25 times for non-impaired special mention loans and 3.5 times for non-impaired substandard loans. In determining an appropriate amount for the allowance, the Bank segments and evaluates the loan portfolio based on Federal call report codes, which are based on collateral or purpose. The following portfolio classes have been identified: Primary Residential Mortgages Home Equity Lines of Credit Junior Lien Loan on Residence Multifamily and Commercial Real Estate Loans Commercial and Industrial Loans Leasing and Equipment Finance 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 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 via higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets. Consumer and Other
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 in separate line items on the statement of condition. A 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 balance sheet 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.
Stock-Based Compensation	Stock-Based Compensation: The Company’s 2006 Long-Term Stock Incentive Plan and 2012 Long-Term Stock Incentive Plan allow 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. The 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. Some options granted to officers at or above the senior vice president level were immediately exercisable at the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises. The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures. For the Company’s stock option plans, changes in options outstanding during the three months ended March 31, 2020 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2020 71,420 $ 13.57 Exercised during 2020 (5,600 ) 13.48 Expired during 2020 — — Forfeited during 2020 — — Balance, March 31, 2020 65,820 $ 13.58 2.02 years $ 291 Vested and expected to vest 65,820 $ 13.58 2.02 years $ 291 Exercisable at March 31, 2020 65,820 $ 13.58 2.02 years $ 291 The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the first quarter of 2020 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on March 31, 2020 was $17.95. There were no stock options granted during the three months ended March 31, 2020. The Company has previously granted performance-based and service-based restricted stock awards/units. Service-based awards/units vest ratably over a three- or five-year period. There were 439,270 service-based restricted stock units granted during the first quarter of 2020. 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 130,832 performance-based restricted stock units granted in the first quarter of 2020. Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2020 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2020 90,768 $ 30.60 Granted during 2020 130,832 13.44 Balance, March 31, 2020 221,600 $ 20.47 Changes in service-based restricted stock awards/units for the three months ended March 31, 2020 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2020 432,728 $ 29.65 Granted during 2020 439,270 13.65 Vested during 2020 (153,278 ) 29.20 Forfeited during 2020 (8,349 ) 31.22 Balance, March 31, 2020 710,371 $ 19.83 As of March 31, 2020, there was $15.8 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 1.76 years. Stock compensation expense recorded for the first quarters of 2020 and 2019 totaled $1.5 million and $1.4 million, respectively.
Employee Stock Purchase Plan	Employee Stock Purchase Plan (“ESPP”): On April 22, 2014, the shareholders of the Company approved the 2014 ESPP. In July 2019, the Board appointed ESPP “Committee” revised the ESPP. The ESPP provides for the granting of purchase rights of up to 150,000 shares of Peapack-Gladstone Financial Corporation common stock. Subject to certain eligibility requirements and restrictions, the ESPP now provides for a single Offering Period of twelve months in duration, commencing on or about May 16 of each year. The last day of each Offering Period is May 15 of each year (or such other date as may be determined by the Board). 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 on the purchase date, 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 $41,000 and $45,000 of expense in salaries and employee benefits expense for the three months ended March 31, 2020 and 2019, respectively. Total shares issued under the ESPP during the first quarter of 2020 and 2019 were 0 and 10,176, 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 restricted stock, stock warrants or restricted stock units were to vest during the reporting period. Three Months Ended March 31, (Dollars in thousands, except per share data) 2020 2019 Net income available to common shareholders $ 1,373 $ 11,425 Basic weighted-average shares outstanding 18,858,343 19,350,452 Plus: common stock equivalents 221,232 307,554 Diluted weighted-average shares outstanding 19,079,575 19,658,006 Net income per share Basic $ 0.07 $ 0.59 Diluted 0.07 0.58 Restricted stock units totaling 570,102 and 243,747 were not included in the computation of diluted earnings per share because they were anti-dilutive as of March 31, 2020 and 2019, respectively. 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 2016 or by New Jersey tax authorities for years prior to 2015. 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: A large portion of cash on hand or on deposit with the Federal Reserve Bank 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.
Risks and Uncertainties	Risks and Uncertainties: The COVID-19 pandemic has had a devastating effect on businesses both locally and nationally. As a result, Congress passed the CARES Act to provide fast and direct economic assistance to American workers, families and businesses. The CARES Act contains substantial tax and spending provisions including direct financial aid to American families, extensive emergency funding for hospitals and medical providers, and economic stimulus to significant impacted industry sectors. The Company expects COVID-19 to have a significant impact on our operations but cannot determine or estimate the impact at this time. It is possible that estimates made in the Company’s consolidated financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected provision for loan and lease losses and impairment of goodwill.
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. As a result of the COVID-19 pandemic and the resulting effect on economic markets due to government shutdowns of businesses both locally and nationally, Management determined that the COVID-19 pandemic resulted in a triggering event and performed an interim evaluation to determine if a goodwill impairment test should be performed at March 31, 2020. Goodwill was primarily attributable to the Bank’s recent wealth acquisitions. Assets under management and/or administration (“AUM/AUA”) did decline by 14 percent to $6.4 billion at March 31, 2020 from $7.5 billion at December 31, 2019. The majority of the decline was attributable to market value decline in assets and not related to customer attrition. Based on our assessment, Management concluded that a goodwill impairment test was not required as of March 31, 2020. 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 acquisition, are amortized on an accelerated basis over their estimated useful lives, which range from 5 to 15 years. Management determined that there was no impairment of intangible assets related to the events created by the COVID-19 pandemic.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Changes in Options Outstanding	For the Company’s stock option plans, changes in options outstanding during the three months ended March 31, 2020 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2020 71,420 $ 13.57 Exercised during 2020 (5,600 ) 13.48 Expired during 2020 — — Forfeited during 2020 — — Balance, March 31, 2020 65,820 $ 13.58 2.02 years $ 291 Vested and expected to vest 65,820 $ 13.58 2.02 years $ 291 Exercisable at March 31, 2020 65,820 $ 13.58 2.02 years $ 291
Schedule of Changes in Non-Vested Performance-Based Shares	Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2020 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2020 90,768 $ 30.60 Granted during 2020 130,832 13.44 Balance, March 31, 2020 221,600 $ 20.47
Schedule of Changes in Service-Based Restricted Stock Awards/Units	Changes in service-based restricted stock awards/units for the three months ended March 31, 2020 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2020 432,728 $ 29.65 Granted during 2020 439,270 13.65 Vested during 2020 (153,278 ) 29.20 Forfeited during 2020 (8,349 ) 31.22 Balance, March 31, 2020 710,371 $ 19.83
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 restricted stock, stock warrants or restricted stock units were to vest during the reporting period. Three Months Ended March 31, (Dollars in thousands, except per share data) 2020 2019 Net income available to common shareholders $ 1,373 $ 11,425 Basic weighted-average shares outstanding 18,858,343 19,350,452 Plus: common stock equivalents 221,232 307,554 Diluted weighted-average shares outstanding 19,079,575 19,658,006 Net income per share Basic $ 0.07 $ 0.59 Diluted 0.07 0.58

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2020
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 included in the consolidated statements of condition as of March 31, 2020 and December 31, 2019 follows: March 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S. treasuries $ 2,912 $ 6 $ — $ 2,918 U.S government-sponsored agencies 29,962 122 — 30,084 Mortgage-backed securities–residential 344,814 7,459 (566 ) 351,707 SBA pool securities 2,565 — (12 ) 2,553 State and political subdivisions 10,175 29 (2 ) 10,202 Corporate bond 3,000 94 — 3,094 Total $ 393,428 $ 7,710 $ (580 ) $ 400,558 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S. government-sponsored agencies $ 34,961 $ 37 $ (214 ) $ 34,784 Mortgage-backed securities–residential 337,489 2,365 (950 ) 338,904 SBA pool securities 2,799 — (15 ) 2,784 State and political subdivisions 11,175 41 (1 ) 11,215 Corporate bond 3,000 68 — 3,068 Total $ 389,424 $ 2,511 $ (1,180 ) $ 390,755
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 securities in a continuous unrealized loss position and the approximate fair value of these investments as of March 31, 2020 and December 31, 2019. March 31, 2020 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 Mortgage-backed securities-residential $ 43,044 $ (280 ) $ 20,532 $ (286 ) $ 63,576 $ (566 ) SBA pool securities — — 2,553 (12 ) 2,553 (12 ) State and political subdivisions 777 (2 ) — — 777 (2 ) Total $ 43,821 $ (282 ) $ 23,085 $ (298 ) $ 66,906 $ (580 ) December 31, 2019 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 U.S. government-sponsored agencies $ 19,758 $ (214 ) $ — $ — $ 19,758 $ (214 ) Mortgage-backed securities-residential 78,982 (382 ) 69,142 (568 ) 148,124 (950 ) SBA pool securities — — 2,784 (15 ) 2,784 (15 ) State and political subdivisions 783 (1 ) — — 783 (1 ) Total $ 99,523 $ (597 ) $ 71,926 $ (583 ) $ 171,449 $ (1,180 )

LOANS AND LEASES (Tables)

LOANS AND LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019, consisted of the following: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2020 Loans 2019 Loans Residential mortgage $ 528,210 11.98 % $ 549,138 12.50 % Multifamily mortgage 1,203,487 27.30 1,210,003 27.54 Commercial mortgage 760,648 17.26 761,244 17.32 Commercial loans (including equipment financing) 1,803,158 40.90 1,756,477 39.97 Commercial construction 2,934 0.07 5,306 0.12 Home equity lines of credit 55,856 1.27 57,248 1.30 Consumer loans, including fixed rate home equity loans 53,365 1.21 54,372 1.24 Other loans 347 0.01 349 0.01 Total loans $ 4,408,005 100.00 % $ 4,394,137 100.00 % In determining an appropriate amount for the allowance, the Bank segments and evaluates the loan portfolio based on federal Call Report codes. The following portfolio classes have been identified as of March 31, 2020 and December 31, 2019: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2020 Loans 2019 Loans Primary residential mortgage $ 557,053 12.65 % $ 578,306 13.17 % Home equity lines of credit 55,856 1.27 57,248 1.30 Junior lien loan on residence 6,817 0.16 7,011 0.16 Multifamily property 1,203,487 27.33 1,210,003 27.56 Owner-occupied commercial real estate 251,293 5.71 249,419 5.68 Investment commercial real estate 1,092,294 24.81 1,095,182 24.95 Commercial and industrial 904,949 20.55 867,295 19.76 Lease financing 268,436 6.10 258,401 5.89 Farmland/agricultural production 2,725 0.06 3,043 0.07 Commercial construction loans 3,137 0.07 5,520 0.13 Consumer and other loans 56,998 1.29 58,213 1.33 Total loans $ 4,403,045 100.00 % $ 4,389,641 100.00 % Net deferred costs 4,960 4,496 Total loans including net deferred costs $ 4,408,005 $ 4,394,137
Schedule of loan balances by portfolio segment, based on impairment method, and the corresponding balances in the allowance for loan losses	The following tables present the loan balances by portfolio class, based on impairment method, and the corresponding balances in the allowance for loan and lease losses (ALLL) as of March 31, 2020 and December 31, 2019: March 31, 2020 Total Ending ALLL Total Ending ALLL Loans Attributable Loans Attributable Individually To Loans Collectively To Loans Evaluated Individually Evaluated Collectively Total For Evaluated for For Evaluated for Total Ending (In thousands) Impairment Impairment Impairment Impairment Loans ALLL Primary residential mortgage $ 7,098 $ 58 $ 549,955 $ 3,115 $ 557,053 $ 3,173 Home equity lines of credit 2 — 55,854 237 55,856 237 Junior lien loan on residence 15 — 6,802 23 6,817 23 Multifamily property — — 1,203,487 9,104 1,203,487 9,104 Owner-occupied commercial real estate 368 — 250,925 2,838 251,293 2,838 Investment commercial real estate 22,554 4,000 1,069,740 23,671 1,092,294 27,671 Commercial and industrial 6,332 2,284 898,617 14,840 904,949 17,124 Lease financing — — 268,436 3,141 268,436 3,141 Farmland/agricultural production — — 2,725 38 2,725 38 Commercial construction loans — — 3,137 40 3,137 40 Consumer and other loans — — 56,998 394 56,998 394 Total ALLL $ 36,369 $ 6,342 $ 4,366,676 $ 57,441 $ 4,403,045 $ 63,783 December 31, 2019 Total Ending ALLL Total Ending ALLL Loans Attributable Loans Attributable Individually To Loans Collectively To Loans Evaluated Individually Evaluated Collectively Total For Evaluated for For Evaluated for Total Ending (In thousands) Impairment Impairment Impairment Impairment Loans ALLL Primary residential mortgage $ 6,890 $ 215 $ 571,416 $ 1,875 $ 578,306 $ 2,090 Home equity lines of credit 3 — 57,245 128 57,248 128 Junior lien loan on residence 19 — 6,992 13 7,011 13 Multifamily property — — 1,210,003 6,037 1,210,003 6,037 Owner-occupied commercial real estate 379 — 249,040 2,064 249,419 2,064 Investment commercial real estate 22,605 1,000 1,072,577 14,988 1,095,182 15,988 Commercial and industrial 6,028 1,585 861,267 12,768 867,295 14,353 Lease financing — — 258,401 2,642 258,401 2,642 Farmland/agricultural production — — 3,043 38 3,043 38 Commercial construction loans — — 5,520 27 5,520 27 Consumer and other loans — — 58,213 296 58,213 296 Total ALLL $ 35,924 $ 2,800 $ 4,353,717 $ 40,876 $ 4,389,641 $ 43,676
Schedule of loans individually evaluated for impairment	The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2020 and December 31, 2019 (The average impaired loans on the following tables represent year to date impaired loans.): March 31, 2020 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 7,643 $ 6,436 $ — $ 6,303 Owner-occupied commercial real estate 443 368 — 370 Investment commercial real estate 9,632 8,108 — 8,118 Home equity lines of credit 5 2 — 2 Junior lien loan on residence 90 15 — 18 Commercial and industrial 391 391 — 146 Total loans with no related allowance $ 18,204 $ 15,320 $ — $ 14,957 With related allowance recorded: Primary residential mortgage $ 662 $ 662 $ 58 $ 664 Investment commercial real estate 15,064 14,446 4,000 14,453 Commercial and industrial 6,229 5,941 2,284 5,970 Total loans with related allowance $ 21,955 $ 21,049 $ 6,342 $ 21,087 Total loans individually evaluated for impairment $ 40,159 $ 36,369 $ 6,342 $ 36,044 December 31, 2019 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 7,310 $ 6,071 $ — $ 7,186 Owner-occupied commercial real estate 450 379 — 1,099 Investment commercial real estate 9,663 8,138 — 14,115 Home equity lines of credit 5 3 — 77 Junior lien loan on residence 92 19 — 29 Total loans with no related allowance $ 17,520 $ 14,610 $ — $ 22,506 With related allowance recorded: Primary residential mortgage $ 819 $ 819 $ 215 $ 1,011 Investment commercial real estate 15,064 14,467 1,000 4,832 Commercial and industrial 6,229 6,028 1,585 3,685 Total loans with related allowance $ 22,112 $ 21,314 $ 2,800 $ 9,528 Total loans individually evaluated for impairment $ 39,632 $ 35,924 $ 2,800 $ 32,034
Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual	The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of March 31, 2020 and December 31, 2019: March 31, 2020 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 4,757 $ — Home equity lines of credit 2 — Junior lien loan on residence 15 — Owner-occupied commercial real estate 368 — Investment commercial real estate 17,899 — Commercial and industrial 6,283 — Total $ 29,324 $ — December 31, 2019 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 4,533 $ — Home equity lines of credit 3 — Junior lien loan on residence 19 — Owner-occupied commercial real estate 379 — Investment commercial real estate 17,919 — Commercial and industrial 6,028 — Total $ 28,881 $ —
Schedule of aging of past due loans	The following tables present the aging of the recorded investment in past due loans as of March 31, 2020 and December 31, 2019 by class of loans, excluding nonaccrual loans: March 31, 2020 30-59 60-89 Greater Than Days Days 90 Days Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 2,509 $ — $ — $ 2,509 Home equity lines of credit 226 — — 226 Owner-occupied commercial real estate 75 — — 75 Investment commercial real estate 3,515 — — 3,515 Commercial and industrial 1,935 — — 1,935 Consumer and other loans 1 — — 1 Total $ 8,261 $ — $ — $ 8,261 December 31, 2019 30-59 60-89 Greater Than Days Days 90 Days Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 1,264 $ — $ — $ 1,264 Home equity lines of credit 80 — — 80 Consumer and other loans 566 — — 566 Total $ 1,910 $ — $ — $ 1,910
Schedule of the risk category of loans by class of loans	As of March 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Special (In thousands) Pass Mention Substandard Doubtful Primary residential mortgage $ 548,902 $ 844 $ 7,307 $ — Home equity lines of credit 55,854 — 2 — Junior lien loan on residence 6,802 — 15 — Multifamily property 1,202,783 — 704 — Owner-occupied commercial real estate 249,459 — 1,834 — Investment commercial real estate 1,050,812 6,288 35,194 — Commercial and industrial 885,059 6,008 13,882 — Lease financing 268,436 — — — Farmland/agricultural production 2,725 — — — Commercial construction loans 3,055 82 — — Consumer and other loans 56,998 — — — Total $ 4,330,885 $ 13,222 $ 58,938 $ — As of December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Special (In thousands) Pass Mention Substandard Doubtful Primary residential mortgage $ 570,353 $ 853 $ 7,100 $ — Home equity lines of credit 57,245 — 3 — Junior lien loan on residence 6,992 — 19 — Multifamily property 1,209,288 — 715 — Owner-occupied commercial real estate 247,388 — 2,031 — Investment commercial real estate 1,053,445 6,325 35,412 — Commercial and industrial 847,285 6,382 13,628 — Lease financing 258,401 — — — Farmland/agricultural production 3,043 — — — Commercial construction loans 5,437 83 — — Consumer and other loans 58,213 — — — Total $ 4,317,090 $ 13,643 $ 58,908 $ —
Schedule of Activity in Allowance for Loan and Lease Losses	The activity in the allowance for loan and lease losses for the three months ended March 31, 2020 is summarized below: January 1, March 31, 2020 2020 Beginning Provision Ending (In thousands) ALLL Charge-offs Recoveries (Credit) ALLL Primary residential mortgage $ 2,090 $ — $ 77 $ 1,006 $ 3,173 Home equity lines of credit 128 — 3 106 237 Junior lien loan on residence 13 — — 10 23 Multifamily property 6,037 — — 3,067 9,104 Owner-occupied commercial real estate 2,064 — — 774 2,838 Investment commercial real estate 15,988 — 31 11,652 27,671 Commercial and industrial 14,353 — 3 2,768 17,124 Lease financing 2,642 — — 499 3,141 Farmland/agricultural production 38 — — — 38 Commercial construction loans 27 — — 13 40 Consumer and other loans 296 (8 ) 1 105 394 Total ALLL $ 43,676 $ (8 ) $ 115 $ 20,000 $ 63,783 The activity in the allowance for loan and lease losses for the three months ended March 31, 2019 is summarized below: January 1, March 31, 2019 2019 Beginning Provision Ending (In thousands) ALLL Charge-offs Recoveries (Credit) ALLL Primary residential mortgage $ 3,506 $ — $ 42 $ (71 ) $ 3,477 Home equity lines of credit 164 — 2 (14 ) 152 Junior lien loan on residence 15 — 11 (11 ) 15 Multifamily property 5,959 — — (191 ) 5,768 Owner-occupied commercial real estate 2,614 — — (80 ) 2,534 Investment commercial real estate 14,248 — — 162 14,410 Commercial and industrial 9,839 — 4 342 10,185 Lease financing 1,772 — — 31 1,803 Farmland/agricultural production 2 — — — 2 Commercial construction loans 1 — — — 1 Consumer and other loans 384 (11 ) 1 (68 ) 306 Total ALLL $ 38,504 $ (11 ) $ 60 $ 100 $ 38,653
Schedule of loans modified as troubled debt restructurings	The following table presents loans by class modified as TDRs during the three-month period ended March 31, 2020: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded (Dollars in thousands) Contracts Investment Investment Primary residential mortgage 1 $ 253 $ 253 Commercial and industrial 1 48 48 Total 2 $ 301 $ 301 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 March 31, 2020: Number of Recorded (Dollars in thousands) Contracts Investment Primary residential mortgage 1 $ 200 Total 1 $ 200 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 March 31, 2019: Number of Recorded (Dollars in thousands) Contracts Investment Investment commercial real estate 1 $ 14,841 Total 1 $ 14,841

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2020
Deposits [Abstract]
Schedule of Details of Total Deposits	The following table sets forth the details of total deposits as of March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 (Dollars in thousands) Noninterest-bearing demand deposits $ 581,085 13.08 % $ 529,281 12.47 % Interest-bearing checking (1) 1,680,452 37.83 1,510,363 35.59 Savings 112,668 2.54 112,652 2.66 Money market 1,163,410 26.20 1,196,313 28.19 Certificates of deposit - retail 651,000 14.66 633,763 14.94 Certificates of deposit - listing service 38,895 0.88 47,430 1.12 Subtotal deposits 4,227,510 95.19 4,029,802 94.97 Interest-bearing demand - Brokered 180,000 4.05 180,000 4.24 Certificates of deposit - Brokered 33,723 0.76 33,709 0.79 Total deposits $ 4,441,233 100.00 % $ 4,243,511 100.00 % (1) Interest-bearing checking includes $569.4 million at March 31, 2020 and $423.8 million at December 31, 2019 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 March 31, 2020 are as follows: (In thousands) 2020 $ 366,756 2021 237,175 2022 53,539 2023 8,771 2024 29,239 Over 5 Years 28,138 Total $ 723,618

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of maturity dates of the advances and other borrowings	The final maturity dates of the FHLB advances are scheduled as follows: (In thousands) 2021 $ 60,000 2022 20,000 2023 25,000 Total $ 105,000

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 Wealth Management (In thousands) Banking Division Total Net interest income $ 30,409 $ 1,338 $ 31,747 Noninterest income 4,229 10,288 14,517 Total income 34,638 11,626 46,264 Provision for loan and lease losses 20,000 — 20,000 Compensation and employee benefits 13,207 6,019 19,226 Premises and equipment expense 3,421 622 4,043 FDIC insurance expense 250 — 250 Other operating expense 2,606 2,110 4,716 Total operating expense 39,484 8,751 48,235 Income before income tax (benefit)/expense (4,846 ) 2,875 (1,971 ) Income tax (benefit)/expense (3,893 ) 549 (3,344 ) Net income/(loss) $ (953 ) $ 2,326 $ 1,373 Total assets at period end $ 5,734,495 $ 96,963 $ 5,831,458 Three Months Ended March 31, 2019 Wealth Management (In thousands) Banking Division Total Net interest income $ 28,566 $ 1,441 $ 30,007 Noninterest income 2,279 9,450 11,729 Total income 30,845 10,891 41,736 Provision for loan and lease losses 100 — 100 Compensation and employee benefits 11,997 5,159 17,156 Premises and equipment expense 2,925 463 3,388 FDIC insurance expense 277 — 277 Other operating expense 2,758 2,136 4,894 Total operating expense 18,057 7,758 25,815 Income before income tax expense 12,788 3,133 15,921 Income tax expense 3,611 885 4,496 Net income $ 9,177 $ 2,248 $ 11,425 Total assets at period end $ 4,582,200 $ 80,106 $ 4,662,306

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following table summarizes, for the periods 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 March 31, Assets Inputs Inputs (In thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. treasuries $ 2,918 $ — $ 2,918 $ — U.S. government-sponsored agencies 30,084 — 30,084 — Mortgage-backed securities-residential 351,707 — 351,707 — SBA pool securities 2,553 — 2,553 — State and political subdivisions 10,202 — 10,202 — Corporate bond 3,094 — 3,094 — CRA investment fund 14,034 14,034 — — Loans held for sale, at fair value 3,853 — 3,853 — Derivatives: Loan level swaps 92,993 — 92,993 — Total $ 511,438 $ 14,034 $ 497,404 $ — Liabilities: Derivatives: Cash flow hedges $ 12,616 $ — $ 12,616 $ — Loan level swaps 92,993 — 92,993 — Total $ 105,609 $ — $ 105,609 $ — 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) 2019 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. government-sponsored agencies $ 34,784 $ — $ 34,784 $ — Mortgage-backed securities-residential 338,904 — 338,904 — SBA pool securities 2,784 — 2,784 — State and political subdivisions 11,215 — 11,215 — Corporate bond 3,068 — 3,068 — CRA investment fund 10,836 10,836 — — Loans held for sale, at fair value 2,881 — 2,881 — Derivatives: Cash flow hedges 121 — 121 — Loan level swaps 32,381 — 32,381 — Total $ 436,974 $ 10,836 $ 426,138 $ — Liabilities: Derivatives: Cash flow hedges $ 3,788 $ — $ 3,788 $ — Loan level swaps 32,381 — 32,381 — Total $ 36,169 $ — $ 36,169 $ —
Schedule of Residential Loans Held for Sale	The following tables present residential loans held for sale, at fair value for the periods indicated: (In thousands) March 31, 2020 December 31, 2019 Residential loans contractual balance $ 3,789 $ 2,839 Fair value adjustment 64 42 Total fair value of residential loans held for sale $ 3,853 $ 2,881
Schedule of Assets Measured at Fair Value on Non-Recurring Basis	The following tables summarize, for the periods 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 March 31, Assets Inputs Inputs (In thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Investment commercial real estate $ 10,446 $ — $ — $ 10,446 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2019 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Investment commercial real estate $ 13,467 $ — $ — $ 13,467
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments at March 31, 2020 are as follows: Fair Value Measurements at March 31, 2020 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 774,003 $ 774,003 $ — $ — $ 774,003 Securities available for sale 400,558 — 400,558 — 400,558 CRA investment fund 14,034 14,034 — — 14,034 FHLB and FRB stock 40,871 — — — N/A Loans held for sale, at fair value 3,853 — 3,853 — 3,853 Loans held for sale, at lower of cost or fair value 4,122 — 4,535 — 4,535 Loans, net of allowance for loan and lease losses 4,344,222 — — 4,674,834 4,674,834 Accrued interest receivable 11,816 — 1,589 10,227 11,816 Loan level swaps 92,993 — 92,993 — 92,993 Financial liabilities Deposits $ 4,441,233 $ 3,717,615 $ 734,404 $ — $ 4,452,019 Short-term borrowings 515,000 — 515,000 — 515,000 Federal home loan bank advances 105,000 — 110,196 — 110,196 Subordinated debt 83,473 — — 85,315 85,315 Accrued interest payable 3,434 82 2,131 1,221 3,434 Cash flow hedges 12,616 — 12,616 — 12,616 Loan level swap 92,993 — 92,993 — 92,993 The carrying amounts and estimated fair values of financial instruments at December 31, 2019 are as follows: Fair Value Measurements at December 31, 2019 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 208,185 $ 208,185 $ — $ — $ 208,185 Securities available for sale 390,755 — 390,755 — 390,755 CRA investment fund 10,836 10,836 — — 10,836 FHLB and FRB stock 24,068 — — — N/A Loans held for sale, at fair value 2,881 — 2,881 — 2,881 Loans held for sale, at lower of cost or fair value 14,667 — 15,126 — 15,126 Loans, net of allowance for loan and lease losses 4,350,461 — — 4,268,481 4,268,481 Accrued interest receivable 10,494 — 1,361 9,133 10,494 Cash flow Hedges 121 — 121 — 121 Loan level swaps 32,381 — 32,381 — 32,381 Financial liabilities Deposits $ 4,243,511 $ 3,528,609 $ 718,818 $ — $ 4,247,427 Short-term borrowings 128,100 — 128,100 — 128,100 Federal Home Loan Bank advances 105,000 — 108,354 — 108,354 Subordinated debt 83,417 — — 86,536 86,536 Accrued interest payable 2,357 392 1,910 55 2,357 Cash flow hedges 3,788 — 3,788 — 3,788 Loan level swaps 32,381 — 32,381 — 32,381

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Noninterest Income	The following table presents the sources of noninterest income for the periods indicated: For the Three Months Ended March 31, (In thousands) 2020 2019 Service charges on deposits Overdraft fees $ 147 $ 158 Interchange income 280 264 Other 389 394 Wealth management fees (a) 9,955 9,174 Other (b) 3,746 1,739 Total noninterest other income $ 14,517 $ 11,729 (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 March 31, For the Three Months Ended March 31, (In thousands) 2020 2019 Revenue by Operating Wealth Wealth Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 147 $ — $ 147 $ 158 $ — $ 158 Interchange income 280 — 280 264 — 264 Other 389 — 389 394 — 394 Wealth management fees (a) — 9,955 9,955 — 9,174 9,174 Other (b) 3,413 333 3,746 1,463 276 1,739 Total noninterest income $ 4,229 $ 10,288 $ 14,517 $ 2,279 $ 9,450 $ 11,729 (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)	3 Months Ended
	Mar. 31, 2020
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 March 31, (In thousands) 2020 2019 Professional and legal fees 974 1,124 Telephone 324 280 Advertising 340 359 Amortization of intangible assets 324 229 Other operating expenses 2,754 2,902 Total other operating expenses $ 4,716 $ 4,894

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and 2019: Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive March 31, March 31, (In thousands) 2020 Reclassifications Income/(Loss) 2020 2020 Net unrealized holding gain/(loss) on securities available for sale, net of tax $ 1,006 $ 4,387 — $ 4,387 $ 5,393 Gain/(loss) on cash flow hedges (2,501 ) (6,499 ) (52 ) (6,551 ) (9,052 ) Accumulated other comprehensive loss, net of tax $ (1,495 ) $ (2,112 ) $ (52 ) $ (2,164 ) $ (3,659 ) Amount Other Reclassified Comprehensive Other From Income/(Loss) Comprehensive Accumulated Three Months Balance at Income/(Loss) Other Ended Balance at January 1, Before Comprehensive March 31, March 31, (In thousands) 2019 Reclassifications Income/(Loss) 2019 2019 Net unrealized holding gain/(loss) on securities available for sale, net of tax $ (3,006 ) $ 1,728 $ — $ 1,728 $ (1,278 ) Gain/(loss) on cash flow hedges 661 (1,090 ) (22 ) (1,112 ) (451 ) Accumulated other comprehensive loss, net of tax $ (2,345 ) $ 638 $ (22 ) $ 616 $ (1,729 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income	Three Months Ended March 31, (In thousands) 2020 2019 Affected Line Item in Income Statement Unrealized gains on cash flow hedge derivatives: Reclassification adjustment for amounts included in net income $ (71 ) $ (31 ) Interest expense Income tax expense 19 9 Income tax expense Total reclassifications, net of tax $ (52 ) $ (22 )

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019: (Dollars in thousands) March 31, 2020 December 31, 2019 Notional amount $ 270,000 $ 245,000 Weighted average pay rate 1.94 % 2.05 % Weighted average receive rate 1.47 % 1.83 % Weighted average maturity 2.78 years 2.45 years Unrealized gain/(loss), net $ (12,616 ) $ (3,667 ) Number of contracts 13 12
Schedule of Net Gains/(Loss) Recorded in Accumulated Other Comprehensive Income/(Loss)	The following table presents the net gain/(loss) recorded in accumulated other comprehensive income/(loss) and the consolidated financial statements relating to the cash flow derivative instruments for the three months ended March 31, 2020 and March 31, 2019: For the Three Months Ended March 31, (In thousands) 2020 2019 Interest rate contracts Gain/(loss) recognized in OCI (effective portion) $ (8,878 ) $ (1,547 ) Gain/(loss) reclassified from OCI to interest expense (71 ) (31 ) Gain/(loss) recognized in other non-interest expense (ineffective portion) — —
Schedule of Notional Amount and Fair Value	March 31, 2020 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits and FHLB advances $ 270,000 $ (12,616 ) Total included in other assets — — Total included in other liabilities 270,000 (12,616 ) December 31, 2019 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 245,000 $ (3,667 ) Total included in other assets 70,000 121 Total included in other liabilities 175,000 (3,788 )
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) March 31, 2020 December 31, 2019 Notional amount $ 864,035 $ 793,875 Fair value $ 92,993 $ 32,381 Weighted average pay rates 4.03 % 4.12 % Weighted average receive rates 2.76 % 3.54 % Weighted average maturity 7.1 years 7.3 years Number of contracts 98 91

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020: (In thousands) 2020 $ 3,135 2021 2,449 2022 2,050 2023 1,577 2024 1,282 Thereafter 2,643 Total lease payments 13,136 Less: imputed interest 1,284 Total present value of lease payments $ 11,852
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 three months ended March 31, 2020 and 2019: For the Three Months Ended (In thousands) 2020 2019 Right-of-use asset obtained in exchange for lease obligation $ 157 $ 7,862 Operating cash flows from operating leases 728 567 Operating cash flows from direct finance leases 90 99 Financing cash flows from direct finance leases 187 187

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)segment$ / sharesshares	Mar. 31, 2019USD ($)shares	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
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	$ 60,600,000		$ 51,900,000
Threshold period for loan	30 days
Threshold for determining nonaccrual status	90 days
Closing stock price of common stock | $ / shares	$ 17.95
Stock options granted | shares	0
Issuance of shares for Employee Stock Purchase Plan, shares | shares	0	10,176
Antidilutive securities | shares	570,102	243,747
Assets under management and/or administration	$ 6,400,000,000		$ 7,500,000,000
Percentage of assets under management	14.00%
Impairment of intangible assets	$ 0
Restricted stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares granted | shares	439,270
Compensation cost	$ 1,500,000	$ 1,400,000
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	130,832
Restricted Stock Units [Member]
Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost	$ 15,800,000
Weighted average period over which unrecognized compensation is expected to be recognized (in years)	1 year 9 months 3 days
Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Compensation cost	$ 41,000	$ 45,000
Number of share purchase rights authorized | shares	150,000
Share purchase rights offering period	12 months
Percentage of closing market price on purchase date	85.00%
Substandard [Member]
Summary Of Significant Accounting Policies [Line Items]
Loan reserve multiple	3.5		3.5
Special Mention [Member]
Summary Of Significant Accounting Policies [Line Items]
Loan reserve multiple	2.25		2.25
Consumer and Other [Member]
Summary Of Significant Accounting Policies [Line Items]
Threshold for determining nonaccrual status	120 days
Small Business Administration Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans held for sale	$ 4,100,000		$ 4,600,000
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
Stock option vesting term	5 years
Maximum [Member] | Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of compensation contributable	15.00%
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	1.00%
Peapack-Gladstone Mortgage Group, Inc. [Member] | Peapack Ventures, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	99.00%
Peapack-Gladstone Mortgage Group, Inc. [Member] | Peapack-Gladstone Realty, Inc [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	79.00%
PGB Trust & Investments of Delaware [Member] | Peapack Ventures, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	1.00%
Peapack Ventures, LLC [Member] | Peapack-Gladstone Realty, Inc [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest owned	21.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Options Outstanding) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Number of Options
Balance | shares	71,420
Exercised | shares	(5,600)
Balance | shares	65,820
Vested and expected to vest | shares	65,820
Exercisable | shares	65,820
Weighted Average Exercise Price
Balance | $ / shares	$ 13.57
Exercised | $ / shares	13.48
Balance | $ / shares	13.58
Vested and expected to vest | $ / shares	13.58
Exercisable | $ / shares	$ 13.58
Weighted Average Remaining Contractual Term
Balance	2 years 7 days
Vested and expected to vest	2 years 7 days
Exercisable	2 years 7 days
Aggregate Intrinsic Value
Balance | $	$ 291
Vested and expected to vest | $	291
Exercisable | $	$ 291

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Restricted Common Shares) (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Performance Shares [Member]
Number of Shares
Balance at Beginning | shares	90,768
Shares granted | shares	130,832
Balance at end | shares	221,600
Weighted Average Grant Date Fair Value
Balance at Beginning | $ / shares	$ 30.60
Granted | $ / shares	13.44
Balance at end | $ / shares	$ 20.47
Restricted stock [Member]
Number of Shares
Balance at Beginning | shares	432,728
Shares granted | shares	439,270
Vested | shares	(153,278)
Forfeited | shares	(8,349)
Balance at end | shares	710,371
Weighted Average Grant Date Fair Value
Balance at Beginning | $ / shares	$ 29.65
Granted | $ / shares	13.65
Vested | $ / shares	29.20
Forfeited | $ / shares	31.22
Balance at end | $ / shares	$ 19.83

SUMMARY OF SIGNIFICANT ACCOUN_7

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
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Abstract]
Net income available to common shareholders	$ 1,373	$ 11,425
Basic weighted-average shares outstanding	18,858,343	19,350,452
Plus: common stock equivalents	221,232	307,554
Diluted weighted-average shares outstanding	19,079,575	19,658,006
Net income per share
Basic	$ 0.07	$ 0.59
Diluted	$ 0.07	$ 0.58

INVESTMENT SECURITIES AVAILAB_3

INVESTMENT SECURITIES AVAILABLE FOR SALE (Schedule of Amortized Cost and Approximate Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 393,428	$ 389,424
Gross Unrealized Gains	7,710	2,511
Gross Unrealized Losses	(580)	(1,180)
Fair Value	400,558	390,755
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,912
Gross Unrealized Gains	6
Gross Unrealized Losses
Fair Value	2,918
U.S. Government-Sponsored Agencies [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	29,962	34,961
Gross Unrealized Gains	122	37
Gross Unrealized Losses		(214)
Fair Value	30,084	34,784
Mortgage-Backed Securities-Residential [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	344,814	337,489
Gross Unrealized Gains	7,459	2,365
Gross Unrealized Losses	(566)	(950)
Fair Value	351,707	338,904
SBA Pool Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,565	2,799
Gross Unrealized Gains
Gross Unrealized Losses	(12)	(15)
Fair Value	2,553	2,784
State and Political Subdivisions [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,175	11,175
Gross Unrealized Gains	29	41
Gross Unrealized Losses	(2)	(1)
Fair Value	10,202	11,215
Corporate Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,000	3,000
Gross Unrealized Gains	94	68
Gross Unrealized Losses
Fair Value	$ 3,094	$ 3,068

INVESTMENT SECURITIES AVAILAB_4

INVESTMENT SECURITIES AVAILABLE FOR SALE (Schedule of Available for Sale Securities in Continuous Unrealized Loss Position and Approximate Fair Value of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Approximate Fair Value
Less Than 12 Months	$ 43,821	$ 99,523
12 Months or Longer	23,085	71,926
Total	66,906	171,449
Unrealized Losses
Less Than 12 Months	(282)	(597)
12 Months or Longer	(298)	(583)
Total	(580)	(1,180)
U.S. Government-Sponsored Agencies [Member]
Approximate Fair Value
Less Than 12 Months		19,758
12 Months or Longer
Total		19,758
Unrealized Losses
Less Than 12 Months		(214)
12 Months or Longer
Total		(214)
Mortgage-Backed Securities-Residential [Member]
Approximate Fair Value
Less Than 12 Months	43,044	78,982
12 Months or Longer	20,532	69,142
Total	63,576	148,124
Unrealized Losses
Less Than 12 Months	(280)	(382)
12 Months or Longer	(286)	(568)
Total	(566)	(950)
SBA Pool Securities [Member]
Approximate Fair Value
Less Than 12 Months
12 Months or Longer	2,553	2,784
Total	2,553	2,784
Unrealized Losses
Less Than 12 Months
12 Months or Longer	(12)	(15)
Total	(12)	(15)
State and Political Subdivisions [Member]
Approximate Fair Value
Less Than 12 Months	777	783
12 Months or Longer
Total	777	783
Unrealized Losses
Less Than 12 Months	(2)	(1)
12 Months or Longer
Total	$ (2)	$ (1)

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE FOR SALE - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	$ 14,034,000		$ 10,836,000
Securities gains/(losses), net	198,000	$ 59,000
CRA Investment Fund [Member]
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	14,000,000
Securities gains/(losses), net	$ 198,000

LOANS AND LEASES (Schedule of L

LOANS AND LEASES (Schedule of Loans Outstanding, by Type of Loan) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Total loans	$ 4,408,005	$ 4,394,137
Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	100.00%	100.00%
Unallocated Financing Receivables [Member]
Total loans	$ 347	$ 349
Unallocated Financing Receivables [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.01%	0.01%
Residential Mortgage [Member] | Residential Portfolio Segment [Member]
Total loans	$ 528,210	$ 549,138
Residential Mortgage [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	11.98%	12.50%
Multifamily Property [Member] | Residential Portfolio Segment [Member]
Total loans	$ 1,203,487	$ 1,210,003
Multifamily Property [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	27.30%	27.54%
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans	$ 760,648	$ 761,244
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	17.26%	17.32%
Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans	$ 1,803,158	$ 1,756,477
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)	40.90%	39.97%
Construction [Member] | Commercial Portfolio Segment [Member]
Total loans	$ 2,934	$ 5,306
Construction [Member] | Commercial Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	0.07%	0.12%
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member]
Total loans	$ 55,856	$ 57,248
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)	1.27%	1.30%
Consumer Loans, Including Home Equity Loans [Member] | Consumer and Other Loans [Member]
Total loans	$ 53,365	$ 54,372
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)	1.21%	1.24%

LOANS AND LEASES (Schedule of_2

LOANS AND LEASES (Schedule of Loan Balances by Portfolio Class) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Total loans	$ 4,403,045	$ 4,389,641
Net deferred costs	4,960	4,496
Total loans including net deferred costs	$ 4,408,005	$ 4,394,137
Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	100.00%	100.00%
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	$ 557,053	$ 578,306
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	12.65%	13.17%
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans	$ 55,856	$ 57,248
Total loans including net deferred costs	$ 55,856	$ 57,248
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	1.27%	1.30%
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	$ 1,203,487	$ 1,210,003
Total loans including net deferred costs	$ 1,203,487	$ 1,210,003
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	27.33%	27.56%
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans	$ 6,817	$ 7,011
Residential Portfolio Segment [Member] | Junior Lien [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	0.16%	0.16%
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans	$ 251,293	$ 249,419
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	5.71%	5.68%
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	$ 1,092,294	$ 1,095,182
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	24.81%	24.95%
Commercial Portfolio Segment [Member] | Construction [Member]
Total loans	$ 3,137	$ 5,520
Total loans including net deferred costs	$ 2,934	$ 5,306
Commercial Portfolio Segment [Member] | Construction [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	0.07%	0.13%
Consumer and Other Loans [Member]
Total loans	$ 56,998	$ 58,213
Consumer and Other Loans [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	1.29%	1.33%
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member]
Total loans	$ 904,949	$ 867,295
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	20.55%	19.76%
Lease Financing [Member]
Total loans	$ 268,436	$ 258,401
Lease Financing [Member] | Commercial Portfolio Segment [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	6.10%	5.89%
Agricultural Sector [Member]
Total loans	$ 2,725	$ 3,043
Agricultural Sector [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	0.06%	0.07%

LOANS AND LEASES (Schedule of B

LOANS AND LEASES (Schedule of Balances by Portfolio Class, Based on Impairment Method) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Total Loans Individually Evaluated for Impairment	$ 36,369	$ 35,924
Ending ALLL Attributable to Loans Individually Evaluated for Impairment	6,342	2,800
Total Loans Collectively Evaluated for Impairment	4,366,676	4,353,717
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	57,441	40,876
Total Loans	4,403,045	4,389,641
Total Ending ALLL	63,783	43,676	$ 38,653	$ 38,504
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Loans Individually Evaluated for Impairment	7,098	6,890
Ending ALLL Attributable to Loans Individually Evaluated for Impairment	58	215
Total Loans Collectively Evaluated for Impairment	549,955	571,416
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	3,115	1,875
Total Loans	557,053	578,306
Total Ending ALLL	3,173	2,090	3,477	3,506
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total Loans Individually Evaluated for Impairment	2	3
Total Loans Collectively Evaluated for Impairment	55,854	57,245
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	237	128
Total Loans	55,856	57,248
Total Ending ALLL	237	128	152	164
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total Loans Collectively Evaluated for Impairment	1,203,487	1,210,003
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	9,104	6,037
Total Loans	1,203,487	1,210,003
Total Ending ALLL	9,104	6,037	5,768	5,959
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total Loans Individually Evaluated for Impairment	15	19
Total Loans Collectively Evaluated for Impairment	6,802	6,992
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	23	13
Total Loans	6,817	7,011
Total Ending ALLL	23	13	15	15
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total Loans Individually Evaluated for Impairment	368	379
Total Loans Collectively Evaluated for Impairment	250,925	249,040
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	2,838	2,064
Total Loans	251,293	249,419
Total Ending ALLL	2,838	2,064	2,534	2,614
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total Loans Individually Evaluated for Impairment	22,554	22,605
Ending ALLL Attributable to Loans Individually Evaluated for Impairment	4,000	1,000
Total Loans Collectively Evaluated for Impairment	1,069,740	1,072,577
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	23,671	14,988
Total Loans	1,092,294	1,095,182
Total Ending ALLL	27,671	15,988	14,410	14,248
Commercial Portfolio Segment [Member] | Construction [Member]
Total Loans Collectively Evaluated for Impairment	3,137	5,520
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	40	27
Total Loans	3,137	5,520
Total Ending ALLL	40	27	1	1
Consumer and Other Loans [Member]
Total Loans Collectively Evaluated for Impairment	56,998	58,213
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	394	296
Total Loans	56,998	58,213
Total Ending ALLL	394	296	306	384
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member]
Total Loans Individually Evaluated for Impairment	6,332	6,028
Ending ALLL Attributable to Loans Individually Evaluated for Impairment	2,284	1,585
Total Loans Collectively Evaluated for Impairment	898,617	861,267
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	14,840	12,768
Total Loans	904,949	867,295
Total Ending ALLL	17,124	14,353	10,185	9,839
Lease Financing [Member]
Total Loans Collectively Evaluated for Impairment	268,436	258,401
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	3,141	2,642
Total Loans	268,436	258,401
Total Ending ALLL	3,141	2,642
Agricultural Sector [Member]
Total Loans Collectively Evaluated for Impairment	2,725	3,043
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment	38	38
Total Loans	2,725	3,043
Total Ending ALLL	$ 38	$ 38	$ 2	$ 2

LOANS AND LEASES - Additional I

LOANS AND LEASES - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Impaired non-accrual loans	$ 29,324,000	$ 28,881,000
Impaired non-accrual loans performing troubled debt restructured	2,400,000	2,400,000
Allowance allocated to troubled debt restructured loans	6,300,000	2,800,000
Allowance allocated to non accrual loans	58,000	2,700,000
Loan receivable, validate risk ratings performed for 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 random sample of borrowers with relationship, value	1,000,000
Loan receivable, validate risk ratings performed for new 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	250,000
Troubled debt restructurings specific reserves to customers	6,300,000	2,800,000
Substandard [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Financing receivable impaired loan	$ 36,400,000	$ 35,900,000

LOANS AND LEASES (Schedule of_3

LOANS AND LEASES (Schedule of Loans Individually Evaluated for Impairment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Unpaid Principal Balance
With no related allowance recorded	$ 18,204	$ 17,520
With related allowance recorded	21,955	22,112
Total loans individually evaluated for impairment	40,159	39,632
Recorded Investment
With no related allowance recorded	15,320	14,610
With related allowance recorded	21,049	21,314
Total loans individually evaluated for impairment	36,369	35,924
Specific Reserves	6,342	2,800
Average Impaired Loans
With no related allowance recorded	14,957	22,506
With related allowance recorded	21,087	9,528
Total loans individually evaluated for impairment	36,044	32,034
Residential Portfolio Segment [Member] | Junior Lien [Member]
Unpaid Principal Balance
With no related allowance recorded	90	92
Recorded Investment
With no related allowance recorded	15	19
Average Impaired Loans
With no related allowance recorded	18	29
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Unpaid Principal Balance
With no related allowance recorded	7,643	7,310
With related allowance recorded	662	819
Recorded Investment
With no related allowance recorded	6,436	6,071
With related allowance recorded	662	819
Specific Reserves	58	215
Average Impaired Loans
With no related allowance recorded	6,303	7,186
With related allowance recorded	664	1,011
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Unpaid Principal Balance
With no related allowance recorded	5	5
Recorded Investment
With no related allowance recorded	2	3
Average Impaired Loans
With no related allowance recorded	2	77
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Unpaid Principal Balance
With no related allowance recorded	443	450
Recorded Investment
With no related allowance recorded	368	379
Average Impaired Loans
With no related allowance recorded	370	1,099
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Unpaid Principal Balance
With no related allowance recorded	9,632	9,663
With related allowance recorded	15,064	15,064
Recorded Investment
With no related allowance recorded	8,108	8,138
With related allowance recorded	14,446	14,467
Specific Reserves	4,000	1,000
Average Impaired Loans
With no related allowance recorded	8,118	14,115
With related allowance recorded	14,453	4,832
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Unpaid Principal Balance
With no related allowance recorded	391
With related allowance recorded	6,229	6,229
Recorded Investment
With no related allowance recorded	391
With related allowance recorded	5,941	6,028
Specific Reserves	2,284	1,585
Average Impaired Loans
With no related allowance recorded	146
With related allowance recorded	$ 5,970	$ 3,685

LOANS AND LEASES (Schedule of I

LOANS AND LEASES (Schedule of Investment in Nonaccrual and Loans Past Due Over 90 Days) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Impaired non-accrual loans	$ 29,324	$ 28,881
Loans Past Due Over 90 Days And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Junior Lien [Member]
Impaired non-accrual loans	15	19
Loans Past Due Over 90 Days And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Impaired non-accrual loans	4,757	4,533
Loans Past Due Over 90 Days And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Impaired non-accrual loans	2	3
Loans Past Due Over 90 Days And Still Accruing Interest	0	0
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Impaired non-accrual loans	368	379
Loans Past Due Over 90 Days And Still Accruing Interest	0	0
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Impaired non-accrual loans	17,899	17,919
Loans Past Due Over 90 Days And Still Accruing Interest	0	0
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Impaired non-accrual loans	6,283	6,028
Loans Past Due Over 90 Days 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	Mar. 31, 2020	Dec. 31, 2019
Total Past Due	$ 8,261	$ 1,910
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Past Due	2,509	1,264
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total Past Due	226	80
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total Past Due	75
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total Past Due	3,515
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total Past Due	1,935
Consumer and Other Loans [Member]
Total Past Due	1	566
30 to 59 Days Past Due [Member]
Total Past Due	8,261	1,910
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Past Due	2,509	1,264
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total Past Due	226	80
30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total Past Due	75
30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total Past Due	3,515
30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total Past Due	1,935
30 to 59 Days Past Due [Member] | Consumer and Other Loans [Member]
Total Past Due	1	566
60 to 89 Days Past Due [Member]
Total Past Due		0
60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Past Due		0
Greater Than 90 Days [Member]
Total Past Due	0	0
Greater Than 90 Days [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Past Due	$ 0	$ 0

LOANS AND LEASES (Schedule of R

LOANS AND LEASES (Schedule of Risk Category of Loans by Class of Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Total loans	$ 4,403,045	$ 4,389,641
Lease Financing [Member]
Total loans	268,436	258,401
Agricultural Sector [Member]
Total loans	2,725	3,043
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans	6,817	7,011
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	557,053	578,306
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans	55,856	57,248
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	1,203,487	1,210,003
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	1,092,294	1,095,182
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans	904,949	867,295
Commercial Portfolio Segment [Member] | Construction [Member]
Total loans	3,137	5,520
Consumer and Other Loans [Member]
Total loans	56,998	58,213
Pass [Member]
Total loans	4,330,885	4,317,090
Pass [Member] | Lease Financing [Member]
Total loans	268,436	258,401
Pass [Member] | Agricultural Sector [Member]
Total loans	2,725	3,043
Pass [Member] | Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans	6,802	6,992
Pass [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	548,902	570,353
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans	55,854	57,245
Pass [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	1,202,783	1,209,288
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans	249,459	247,388
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	1,050,812	1,053,445
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans	885,059	847,285
Pass [Member] | Commercial Portfolio Segment [Member] | Construction [Member]
Total loans	3,055	5,437
Pass [Member] | Consumer and Other Loans [Member]
Total loans	56,998	58,213
Special Mention [Member]
Total loans	13,222	13,643
Special Mention [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	844	853
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	6,288	6,325
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans	6,008	6,382
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction [Member]
Total loans	82	83
Substandard [Member]
Total loans	58,938	58,908
Substandard [Member] | Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans	15	19
Substandard [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans	7,307	7,100
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans	2	3
Substandard [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans	704	715
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans	1,834	2,031
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans	35,194	35,412
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans	$ 13,882	$ 13,628

LOANS AND LEASES (Schedule of_4

LOANS AND LEASES (Schedule of Activity in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Allowance for loan losses
Beginning ALLL	$ 43,676	$ 38,504
Charge-Offs	(8)	(11)
Recoveries	115	60
Provision (Credit)	20,000	100
Ending ALLL	63,783	38,653
Agricultural Sector [Member]
Allowance for loan losses
Beginning ALLL	38	2
Ending ALLL	38	2
Residential Portfolio Segment [Member] | Junior Lien [Member]
Allowance for loan losses
Beginning ALLL	13	15
Recoveries		11
Provision (Credit)	10	(11)
Ending ALLL	23	15
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Allowance for loan losses
Beginning ALLL	2,090	3,506
Recoveries	77	42
Provision (Credit)	1,006	(71)
Ending ALLL	3,173	3,477
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Allowance for loan losses
Beginning ALLL	128	164
Recoveries	3	2
Provision (Credit)	106	(14)
Ending ALLL	237	152
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Allowance for loan losses
Beginning ALLL	6,037	5,959
Provision (Credit)	3,067	(191)
Ending ALLL	9,104	5,768
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Allowance for loan losses
Beginning ALLL	2,064	2,614
Provision (Credit)	774	(80)
Ending ALLL	2,838	2,534
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Allowance for loan losses
Beginning ALLL	15,988	14,248
Recoveries	31
Provision (Credit)	11,652	162
Ending ALLL	27,671	14,410
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Allowance for loan losses
Beginning ALLL	14,353	9,839
Recoveries	3	4
Provision (Credit)	2,768	342
Ending ALLL	17,124	10,185
Commercial Portfolio Segment [Member] | Lease Financing [Member]
Allowance for loan losses
Beginning ALLL	2,642	1,772
Provision (Credit)	499	31
Ending ALLL	3,141	1,803
Commercial Portfolio Segment [Member] | Construction [Member]
Allowance for loan losses
Beginning ALLL	27	1
Provision (Credit)	13
Ending ALLL	40	1
Consumer and Other Loans [Member]
Allowance for loan losses
Beginning ALLL	296	384
Charge-Offs	(8)	(11)
Recoveries	1	1
Provision (Credit)	105	(68)
Ending ALLL	$ 394	$ 306

LOANS AND LEASES (Schedule of_5

LOANS AND LEASES (Schedule of Loans Modified as Troubled Debt Restructurings) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)N
Number of Contracts | N	2
Pre-Modification Outstanding Recorded Investment	$ 301
Post-Modification Outstanding Recorded Investment	$ 301
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Number of Contracts | N	1
Pre-Modification Outstanding Recorded Investment	$ 253
Post-Modification Outstanding Recorded Investment	$ 253
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Number of Contracts | N	1
Pre-Modification Outstanding Recorded Investment	$ 48
Post-Modification Outstanding Recorded Investment	$ 48

LOANS AND LEASES (Schedule of M

LOANS AND LEASES (Schedule of Modified as Troubled Debt Restructurings Subsequently Defaulted) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)N	Mar. 31, 2019USD ($)N
Number of Subsequently Defaulted Contracts | N	1	1
Subsequently Defaulted Recorded Investment | $	$ 200	$ 14,841
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Number of Subsequently Defaulted Contracts | N		1
Subsequently Defaulted Recorded Investment | $		$ 14,841
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Number of Subsequently Defaulted Contracts | N	1
Subsequently Defaulted Recorded Investment | $	$ 200

DEPOSITS - Additional Informati

DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deposits [Abstract]
Time deposits over $250,000	$ 225,600	$ 223,700

DEPOSITS (Schedule of Details o

DEPOSITS (Schedule of Details of Total Deposits) (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Deposits:
Noninterest-bearing demand deposits		$ 581,085	$ 529,281
Interest-bearing checking	[1]	1,680,452	1,510,363
Savings		112,668	112,652
Money market		1,163,410	1,196,313
Certificates of deposit - retail		651,000	633,763
Certificates of deposit - listing service		38,895	47,430
Subtotal deposits		4,227,510	4,029,802
Interest-bearing demand - Brokered		180,000	180,000
Certificates of deposit - Brokered		33,723	33,709
Total deposits		$ 4,441,233	$ 4,243,511
%
Noninterest-bearing demand deposits		13.08%	12.47%
Interest-bearing checking	[1]	37.83%	35.59%
Savings		2.54%	2.66%
Money market		26.20%	28.19%
Certificates of deposit - retail		14.66%	14.94%
Certificates of deposit - listing service		0.88%	1.12%
Subtotal deposits		95.19%	94.97%
Interest-bearing demand - Brokered		4.05%	4.24%
Certificates of deposit - Brokered		0.76%	0.79%
Total deposits		100.00%	100.00%
[1]	Interest-bearing checking includes $569.4 million at March 31, 2020 and $423.8 million at December 31, 2019 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	Mar. 31, 2020	Dec. 31, 2019
Deposits:
Reciprocal balances	$ 569.4	$ 423.8

DEPOSITS (Scheduled Maturities

DEPOSITS (Scheduled Maturities of Time Deposits) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Scheduled maturities of time deposits
2020	$ 366,756
2021	237,175
2022	53,539
2023	8,771
2024	29,239
Over 5 Years	28,138
Total	$ 723,618

FEDERAL HOME LOAN BANK ADVANC_3

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Advances from Federal Home Loan Banks	$ 105,000	$ 105,000
FHLB interest rate	3.20%	3.20%
FHLB advance	$ 515,000
FHLB advance rate	0.52%
Cash flow hedge, term	4 years
Overnight borrowings with FHLB	$ 515,000	$ 128,100
Unused commitments from FHLB	1,100,000
Unused short-term or overnight borrowings from correspondent banks	22,000
Unused short-term or overnight borrowings from FRB	1,400,000
Transaction amount from FHLB advance	500,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
FHLB advance	15,000
Federal Reserve Bank of New York [Member]
Debt Instrument [Line Items]
Overnight borrowings with FHLB	0	0
Residential Mortgage [Member]
Debt Instrument [Line Items]
Mortgages pledged as collateral for advances	334,000	347,500
Multifamily Property [Member]
Debt Instrument [Line Items]
Mortgages pledged as collateral for advances	730,700	773,100,000
Securities [Member]
Debt Instrument [Line Items]
Mortgages pledged as collateral for advances	$ 148,800	$ 154,300

FEDERAL HOME LOAN BANK ADVANC_4

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Schedule of Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Federal Home Loan Bank Advances Maturities Summary
2021	$ 60,000
2022	20,000
2023	25,000
Total	$ 105,000	$ 105,000

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020segment
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
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Net interest income	$ 31,747	$ 30,007
Noninterest income	14,517	11,729
Total income	46,264	41,736
Provision for loan and lease losses	20,000	100
Compensation and employee benefits	19,226	17,156
Premises and equipment expense	4,043	3,388
FDIC insurance expense	250	277
Other operating expense	4,716	4,894
Total operating expense	48,235	25,815
Income before income tax (benefit)/expense	(1,971)	15,921
Income tax (benefit)/expense	(3,344)	4,496
NET INCOME	1,373	11,425
Total assets at period end	5,831,458	4,662,306	$ 5,182,879
Banking [Member]
Net interest income	30,409	28,566
Noninterest income	4,229	2,279
Total income	34,638	30,845
Provision for loan and lease losses	20,000	100
Compensation and employee benefits	13,207	11,997
Premises and equipment expense	3,421	2,925
FDIC insurance expense	250	277
Other operating expense	2,606	2,758
Total operating expense	39,484	18,057
Income before income tax (benefit)/expense	(4,846)	12,788
Income tax (benefit)/expense	(3,893)	3,611
NET INCOME	(953)	9,177
Total assets at period end	5,734,495	4,582,200
Wealth Management Division [Member]
Net interest income	1,338	1,441
Noninterest income	10,288	9,450
Total income	11,626	10,891
Provision for loan and lease losses	0	0
Compensation and employee benefits	6,019	5,159
Premises and equipment expense	622	463
FDIC insurance expense	0	0
Other operating expense	2,110	2,136
Total operating expense	8,751	7,758
Income before income tax (benefit)/expense	2,875	3,133
Income tax (benefit)/expense	549	885
NET INCOME	2,326	2,248
Total assets at period end	$ 96,963	$ 80,106

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value transfers between level 1 and level 2	$ 0
Loans Receivable [Member] | Property A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	15.00%
Age of appraisal	12 months

FAIR VALUE (Schedule of Assets

FAIR VALUE (Schedule of Assets Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Securities available for sale	$ 400,558	$ 390,755
Loans held for sale, at fair value	3,853	2,881
Recurring Basis [Member]
Loans held for sale, at fair value	3,853	2,881
Total	511,438	436,974
Derivatives	105,609	36,169
Recurring Basis [Member] | Designated as Hedging Instrument [Member]
Derivatives		121
Derivatives	12,616	3,788
Recurring Basis [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	92,993	32,381
Derivatives	92,993	32,381
Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Total	14,034	10,836
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Loans held for sale, at fair value	3,853	2,881
Total	497,404	426,138
Derivatives	105,609	36,169
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Designated as Hedging Instrument [Member]
Derivatives		121
Derivatives	12,616	3,788
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	92,993	32,381
Derivatives	92,993	32,381
U.S. Treasuries [Member]
Securities available for sale	2,918
U.S. Treasuries [Member] | Recurring Basis [Member]
Securities available for sale	2,918
U.S. Treasuries [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	2,918
U.S. Government-Sponsored Agencies [Member]
Securities available for sale	30,084	34,784
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member]
Securities available for sale	30,084	34,784
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	30,084	34,784
Mortgage-Backed Securities-Residential [Member]
Securities available for sale	351,707	338,904
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member]
Securities available for sale	351,707	338,904
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	351,707	338,904
SBA Pool Securities [Member]
Securities available for sale	2,553	2,784
SBA Pool Securities [Member] | Recurring Basis [Member]
Securities available for sale	2,553	2,784
SBA Pool Securities [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	2,553	2,784
State and Political Subdivisions [Member]
Securities available for sale	10,202	11,215
State and Political Subdivisions [Member] | Recurring Basis [Member]
Securities available for sale	10,202	11,215
State and Political Subdivisions [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	10,202	11,215
Corporate Bond [Member]
Securities available for sale	3,094	3,068
Corporate Bond [Member] | Recurring Basis [Member]
Securities available for sale	3,094	3,068
Corporate Bond [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	3,094	3,068
CRA Investment Fund [Member] | Recurring Basis [Member]
Securities available for sale	14,034	10,836
CRA Investment Fund [Member] | Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Securities available for sale	$ 14,034	$ 10,836

FAIR VALUE (Schedule of Residen

FAIR VALUE (Schedule of Residential Loans Held for Sale, at Fair Value) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Residential loans contractual balance	$ 3,789	$ 2,839
Fair value adjustment	64	42
Total fair value of residential loans held for sale	$ 3,853	$ 2,881

FAIR VALUE (Schedule of Asset_2

FAIR VALUE (Schedule of Assets Measured on a Non-Recurring Basis) (Details) - Non-Recurring Basis [Member] - Investment Property [Member] - Commercial Real Estate Portfolio Segment [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Impaired loans	$ 10,446	$ 13,467
Significant Unobservable Inputs (Level 3) [Member]
Impaired loans	$ 10,446	$ 13,467

FAIR VALUE (Schedule of Financi

FAIR VALUE (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Assets:
Securities available for sale	$ 400,558	$ 390,755
FHLB and FRB stock	40,871	24,068
Loans held for sale, at fair value	3,853	2,881
Loans held for sale, at lower of cost or fair value	4,122	14,667
Accrued interest receivable	11,816	10,494
Financial Liabilities:
Short-term borrowings	515,000	128,100
Federal home loan bank advances	105,000	105,000
Carrying Value [Member]
Financial Assets:
Cash and cash equivalents	774,003	208,185
Securities available for sale	400,558	390,755
CRA investment fund	14,034	10,836
FHLB and FRB stock	40,871	24,068
Loans held for sale, at fair value	3,853	2,881
Loans held for sale, at lower of cost or fair value	4,122	14,667
Loans, net of allowance for loan and lease losses	4,344,222	4,350,461
Accrued interest receivable	11,816	10,494
Financial Liabilities:
Deposits	4,441,233	4,243,511
Short-term borrowings	515,000	128,100
Federal home loan bank advances	105,000	105,000
Subordinated debt	83,473	83,417
Accrued interest payable	3,434	2,357
Carrying Value [Member] | Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives		121
Financial Liabilities:
Derivatives	12,616	3,788
Carrying Value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives	92,993	32,381
Financial Liabilities:
Derivatives	92,993	32,381
Fair value [Member]
Financial Assets:
Cash and cash equivalents	774,003	208,185
Securities available for sale	400,558	390,755
CRA investment fund	14,034	10,836
Loans held for sale, at fair value	3,853	2,881
Loans held for sale, at lower of cost or fair value	4,535	15,126
Loans, net of allowance for loan and lease losses	4,674,834	4,268,481
Accrued interest receivable	11,816	10,494
Financial Liabilities:
Deposits	4,452,019	4,247,427
Short-term borrowings	515,000	128,100
Federal home loan bank advances	110,196	108,354
Subordinated debt	85,315	86,536
Accrued interest payable	3,434	2,357
Fair value [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Financial Assets:
Cash and cash equivalents	774,003	208,185
CRA investment fund	14,034	10,836
Financial Liabilities:
Deposits	3,717,615	3,528,609
Accrued interest payable	82	392
Fair value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Securities available for sale	400,558	390,755
Loans held for sale, at fair value	3,853	2,881
Loans held for sale, at lower of cost or fair value	4,535	15,126
Accrued interest receivable	1,589	1,361
Financial Liabilities:
Deposits	734,404	718,818
Short-term borrowings	515,000	128,100
Federal home loan bank advances	110,196	108,354
Accrued interest payable	2,131	1,910
Fair value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial Assets:
Loans, net of allowance for loan and lease losses	4,674,834	4,268,481
Accrued interest receivable	10,227	9,133
Financial Liabilities:
Subordinated debt	85,315	86,536
Accrued interest payable	1,221	55
Fair value [Member] | Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives		121
Financial Liabilities:
Derivatives	12,616	3,788
Fair value [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Derivatives		121
Financial Liabilities:
Derivatives	12,616	3,788
Fair value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Derivatives	92,993	32,381
Financial Liabilities:
Derivatives	92,993	32,381
Fair value [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Derivatives	92,993	32,381
Financial Liabilities:
Derivatives	$ 92,993	$ 32,381

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Noninterest Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Service charges on deposits
Overdraft fees		$ 147	$ 158
Interchange income		280	264
Other		389	394
Wealth management fees	[1]	9,955	9,174
Other	[2]	3,746	1,739
Total other income		$ 14,517	$ 11,729
[1]	Includes investment brokerage fees.
[2]	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
		Mar. 31, 2020	Mar. 31, 2019
Service charges on deposits
Overdraft fees		$ 147	$ 158
Interchange income		280	264
Other		389	394
Wealth management fees	[1]	9,955	9,174
Other	[2]	3,746	1,739
Total other income		14,517	11,729
Banking [Member]
Service charges on deposits
Overdraft fees		147	158
Interchange income		280	264
Other		389	394
Wealth management fees	[1]	0	0
Other	[2]	3,413	1,463
Total other income		4,229	2,279
Wealth Management [Member]
Service charges on deposits
Overdraft fees		0	0
Interchange income		0	0
Other		0	0
Wealth management fees	[1]	9,955	9,174
Other	[2]	333	276
Total other income		$ 10,288	$ 9,450
[1]	Includes investment brokerage fees.
[2]	All of the other category is outside the scope of ASC 606.

REVENUE FROM CONTRACTS WITH C_5

REVENUE FROM CONTRACTS WITH CUSTOMERS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interchange income	$ 280	$ 264
Cardholder Rewards [Member]
Interchange income	$ 32	$ 32

OTHER OPERATING EXPENSES (Sched

OTHER OPERATING EXPENSES (Schedule of Components of Other Operating Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other operating expenses
Professional and legal fees	$ 974	$ 1,124
Telephone	324	280
Advertising	340	359
Amortization of intangible assets	324	229
Other operating expenses	2,754	2,902
Total other operating expenses	$ 4,716	$ 4,894

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME (Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 503,652	$ 469,013
Total other comprehensive income/(loss)	(2,164)	616
Balance	496,440	481,472
Net Unrealized Holding Gain/(Loss) on Securities Available for Sale, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	1,006	(3,006)
Other Comprehensive Income/(Loss) Before Reclassifications	4,387	1,728
Total other comprehensive income/(loss)	4,387	1,728
Balance	5,393	(1,278)
Gain/(Loss) on Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(2,501)	661
Other Comprehensive Income/(Loss) Before Reclassifications	(6,499)	(1,090)
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)	(52)	(22)
Total other comprehensive income/(loss)	(6,551)	(1,112)
Balance	(9,052)	(451)
Accumulated Other Comprehensive Loss, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(1,495)	(2,345)
Other Comprehensive Income/(Loss) Before Reclassifications	(2,112)	638
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)	(52)	(22)
Total other comprehensive income/(loss)	(2,164)	616
Balance	$ (3,659)	$ (1,729)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE (LOSS)/INCOME (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (13,648)	$ (14,556)
Securities gains/(losses), net	198	59
Income tax expense	3,344	(4,496)
NET INCOME	1,373	11,425
Reclassification out of Accumulated Other Comprehensive Income | Gain/(Loss) on Cash Flow Hedge [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(71)	(31)
Income tax expense	19	9
NET INCOME	$ (52)	$ (22)

DERIVATIVES - Additional Inform

DERIVATIVES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)N	Jun. 30, 2019USD ($)N	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Derivative [Line Items]
Net interest income/(expense)	$ 31,747,000		$ 30,007,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	270,000,000			$ 245,000,000
Net interest income/(expense)	(106,000)		335,000
Unrealized after-tax gain of accumulated other comprehensive income (loss)	26,000	$ 189,000
Interest income	$ 71,000		$ 31,000
Derivative number of instruments terminated | N	3	4

DERIVATIVES - (Schedule of Info

DERIVATIVES - (Schedule of Information about Interest Rate Swaps Designated as Cash Flow Hedges) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)N	Dec. 31, 2019USD ($)N
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 270,000,000	$ 245,000,000
Fair Value	$ (12,616,000)	$ (3,667,000)
Weighted average pay rate	1.94%	2.05%
Weighted average receive rate	1.47%	1.83%
Weighted average maturity	2 years 9 months 10 days	2 years 5 months 12 days
Unrealized gain/(loss), net	$ (12,616,000)	$ (3,667,000)
Number of contracts | N	13	12
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 864,035,000	$ 793,875,000
Fair Value	$ 92,993,000	$ 32,381,000
Weighted average pay rate	4.03%	4.12%
Weighted average receive rate	2.76%	3.54%
Weighted average maturity	7 years 1 month 6 days	7 years 3 months 18 days
Number of contracts | N	98	91

DERIVATIVES - (Schedule of Net

DERIVATIVES - (Schedule of Net Gains/(Loss) Recorded in Accumulated Other Comprehensive Income/(Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Gain/(loss) recognized in OCI (effective portion)	$ (6,551)	$ (1,112)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain/(loss) recognized in OCI (effective portion)	(8,878)	(1,547)
Gain/(loss) reclassified from OCI to interest expense	$ (71)	$ (31)

DERIVATIVES - (Schedule of Noti

DERIVATIVES - (Schedule of Notional Amount and Fair Value) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional Amount	$ 270,000,000	$ 245,000,000
Fair Value	(12,616,000)	(3,667,000)
Other Assets [Member]
Derivative [Line Items]
Notional Amount		70,000,000
Fair Value		121,000
Other Liabilities [Member]
Derivative [Line Items]
Notional Amount	270,000,000	175,000,000
Fair Value	$ (12,616,000)	$ (3,788,000)

SUBORDINATED DEBT - Additional

SUBORDINATED DEBT - Additional Information (Details) - Subordinated Debt [Member] - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Principal amount	$ 35,000	$ 50,000
Non-callable term	5 years	5 years
Notes maturity date	Dec. 15, 2027	Jun. 30, 2026
Fixed interest rate	4.75%	6.00%
LIBOR spread	2.54%	4.85%
Debt issuance costs	$ 875	$ 1,300
Parent Company [Member]
Debt Instrument [Line Items]
Net proceeds used to contribute to the Bank	29,100	40,000
Proceeds from debt retained by parent	$ 5,000	$ 10,000

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 01, 2019
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 11,553,000		$ 12,132,000	$ 7,900,000
Operating lease liabilities	$ 11,852,000		$ 12,423,000	$ 8,200,000
Weighted average discount rate	3.07%		3.05%
Weighted average lease term	6 years 2 months 4 days		6 years 3 months 29 days
Operating lease costs	$ 827,000	$ 624,000
Variable lease costs	$ 89,000	$ 73,000
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	2 months		5 months
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	17 years		17 years

LEASES (Schedule of Operating L

LEASES (Schedule of Operating Lease Liabilities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
2020	$ 3,135
2021	2,449
2022	2,050
2023	1,577
2024	1,282
Thereafter	2,643
Total lease payments	13,136
Less: imputed interest	1,284
Total present value of lease payments	$ 11,852	$ 12,423	$ 8,200

LEASES (Summary of Supplemental

LEASES (Summary of Supplemental Cash Flow Information Related to Direct Finance and Operating Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Right-of-use asset obtained in exchange for lease obligation	$ 157	$ 7,862
Operating cash flows from operating leases	728	567
Operating cash flows from direct finance leases	90	99
Financing cash flows from direct finance leases	$ 187	$ 187

ACCOUNTING PRONOUNCEMENTS (Deta

ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)	Jan. 01, 2019	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lease liability	$ 8,200,000	$ 11,852,000	$ 12,423,000
Right-of-use asset	7,900,000	$ 11,553,000	$ 12,132,000
ASU 2018-11 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect adjustment to retained earnings	$ 661,000