Peapack-Gladstone Financial (PGC) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Entity Registrant Name	PEAPACK-GLADSTONE FINANCIAL CORPORATION
Entity Central Index Key	0001050743
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
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		19,035,870
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks		$ 8,159	$ 10,629
Federal funds sold		102	102
Interest-earning deposits		468,276	642,591
Total cash and cash equivalents		476,537	653,322
Securities available for sale		875,301	622,689
Equity security, at fair value		14,852	15,117
FHLB and FRB stock, at cost		13,699	13,709
Loans held for sale, at fair value		9,219	13,588
Loans held for sale, at lower of cost or fair value		53,185	18,520
Loans		4,377,931	4,372,437
Less: Allowance for loan and lease losses		67,536	67,309
Net loans		4,310,395	4,305,128
Premises and equipment		23,260	21,609
Other real estate owned		50	50
Accrued interest receivable		23,916	22,495
Bank owned life insurance		46,448	46,809
Goodwill		33,103	33,103
Other intangible assets		10,421	10,788
Finance lease right-of-use assets		4,143	4,330
Operating lease right-of-use assets		10,186	9,421
Other assets		64,912	99,764
TOTAL ASSETS		5,969,627	5,890,442
Deposits:
Noninterest-bearing demand deposits		908,922	833,500
Interest-bearing deposits:
Checking	[1]	1,987,567	1,849,254
Savings		141,743	130,731
Money market accounts		1,256,605	1,298,885
Certificates of deposit - retail		474,668	530,222
Certificates of deposit - listing service		31,631	32,128
Subtotal deposits		4,801,136	4,674,720
Interest-bearing demand - brokered		110,000	110,000
Certificates of deposit - brokered		33,777	33,764
Total deposits		4,944,913	4,818,484
Short-term borrowings		15,000	15,000
Paycheck Protection Program Liquidity Facility		168,180	177,086
Finance lease liabilities		6,528	6,753
Operating lease liabilities		10,509	9,737
Subordinated debt, net		181,837	181,794
Deferred tax liabilities, net		28,341	32,978
Accrued expenses and other liabilities		91,878	121,488
TOTAL LIABILITIES		5,447,186	5,363,320
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, 20,561,081 at March 31, 2021 and 20,342,881 at December 31, 2020; outstanding shares, 19,034,870 at March 31, 2021 and 18,974,703 at December 31, 2020		17,140	16,958
Surplus		326,251	326,592
Treasury stock at cost, 1,526,211 shares at March 31, 2021 and 1,368,178 shares at December 31, 2020		(40,856)	(36,477)
Retained earnings		233,670	221,441
Accumulated other comprehensive loss, net of income tax		(13,764)	(1,392)
TOTAL SHAREHOLDERS’ EQUITY		522,441	527,122
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY		$ 5,969,627	$ 5,890,442
[1]	Interest-bearing checking includes

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	20,561,081	20,342,881
Common stock, shares outstanding	19,034,870	18,974,703
Treasury stock, shares	1,526,211	1,368,178

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
INTEREST INCOME
Interest and fees on loans	$ 35,384	$ 42,305
Interest on investments:
Taxable	2,629	2,459
Tax-exempt	43	58
Interest on loans held for sale	55	21
Interest on interest-earning deposits	128	552
Total interest income	38,239	45,395
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts	1,789	6,443
Interest on certificates of deposit	1,470	3,694
Interest on borrowed funds	209	1,012
Interest on finance lease liability	79	90
Interest on subordinated debt	2,145	1,223
Subtotal - interest expense	5,692	12,462
Interest on interest-bearing demand - brokered	493	923
Interest on certificates of deposits - brokered	261	263
Total interest expense	6,446	13,648
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES	31,793	31,747
Provision for loan and lease losses	225	20,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES	31,568	11,747
OTHER INCOME
Wealth management fee income	12,131	9,955
Service charges and fees	846	816
Bank owned life insurance	611	328
Gains on loans held for sale at fair value (mortgage banking)	1,025	292
Gain/(loss) on loans held for sale at lower of cost or fair value	282	(3)
Fee income related to loan level, back-to-back swaps		1,418
Gain on sale of SBA loans	1,449	1,054
Corporate advisory fee income	1,098	75
Other income	643	384
Securities (losses)/gains, net	(265)	198
Total other income	17,820	14,517
OPERATING EXPENSES
Compensation and employee benefits	21,990	19,226
Premises and equipment	4,113	4,043
FDIC insurance expense	585	250
Other operating expense	4,906	4,716
Total operating expenses	31,594	28,235
INCOME/(LOSS) BEFORE INCOME TAX EXPENSE/(BENEFIT)	17,794	(1,971)
Income tax expense/(benefit)	4,616	(3,344)
NET INCOME	$ 13,178	$ 1,373
EARNINGS PER SHARE
Basic	$ 0.70	$ 0.07
Diluted	$ 0.67	$ 0.07
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic	18,950,305	18,858,343
Diluted	19,531,689	19,079,575

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 13,178	$ 1,373
Unrealized (losses)/gains on available for sale securities:
Unrealized holding (losses)/gains arising during the period	(17,618)	5,799
Before tax	(17,618)	5,799
Tax effect	4,203	(1,412)
Net of tax	(13,415)	4,387
Unrealized gains/(losses) on cash flow hedges:
Unrealized holding gains/(losses) arising during the period	1,450	(8,878)
Reclassification adjustment for amounts included in net income		(71)
Before tax	1,450	(8,949)
Tax effect	(407)	2,398
Net of tax	1,043	(6,551)
Total other comprehensive loss	(12,372)	(2,164)
Total comprehensive income/(loss)	$ 806	$ (791)

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, 2019	$ 503,652	$ 16,733	$ 319,375	$ (29,990)	$ 199,029	$ (1,495)
Net income	1,373				1,373
Other comprehensive 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)
Balance at Dec. 31, 2020	527,122	16,958	326,592	(36,477)	221,441	(1,392)
Net income	13,178				13,178
Other comprehensive loss	(12,372)					(12,372)
Restricted stock units issued		223	(223)
Restricted stock units/awards repurchased on vesting to pay taxes	(2,002)	(54)	(1,948)
Amortization of restricted stock awards/units	1,615		1,615
Cash dividends declared on common stock	(949)				(949)
Share repurchase	(4,379)			(4,379)
Common stock options exercised	10	1	9
Exercise of warrants		5	(5)
Issuance of shares for Employee Stock Purchase Plan	218	7	211
Balance at Mar. 31, 2021	$ 522,441	$ 17,140	$ 326,251	$ (40,856)	$ 233,670	$ (13,764)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shares outstanding	18,974,703
Common stock options exercised, shares	820
Issuance of shares for Employee Stock Purchase Plan, shares	8,425	0
Shares outstanding	19,034,870
Common Stock [Member]
Shares outstanding	18,974,703	18,926,810
Restricted stock units issued, shares	267,148	150,084
Restricted stock units/awards repurchased on vesting to pay taxes, shares	(64,653)	(37,106)
Cash dividends declared on common stock, per share	$ 0.05	$ 0.05
Share repurchase, share	(158,033)	(220,222)
Common stock options exercised, shares	820	5,600
Common stock options exercised, used to exercise, shares	62
Common stock options exercised, net of shares used to exercise, shares	758
Exercise of warrants, shares	20,000	20,000
Exercise of warrants, used to exercise, shares	13,478	13,469
Exercise of warrants, net of shares used to exercise, shares	6,522	6,531
Issuance of shares for Employee Stock Purchase Plan, shares	8,425
Issuance of common stock for acquisition, shares		20,826
Shares outstanding	19,034,870	18,852,523

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES:
Net income		$ 13,178	$ 1,373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		784	771
Amortization of premium and accretion of discount on securities, net		1,578	684
Amortization of restricted stock		1,615	1,541
Amortization of intangible assets		368	324
Amortization of subordinated debt costs		43	56
Provision for loan and lease losses		225	20,000
Deferred tax benefit		(841)	(3,520)
Stock-based compensation and employee stock purchase plan expense		30	41
Fair value adjustment for equity security		265	(198)
Loans originated for sale	[1]	(53,886)	(30,247)
Proceeds from sales of loans held for sale	[1]	64,900	31,095
Gain on loans held for sale	[1]	(2,474)	(1,346)
(Gain)/loss on loans held for sale at lower of cost or fair value		(282)	3
Gain on life insurance death benefit		(302)
Increase in cash surrender value of life insurance, net		(153)	(181)
Increase in accrued interest receivable		(1,421)	(1,310)
Decrease/(increase) in other assets		4,956	(7,528)
Increase/(decrease) in accrued expenses and other liabilities		1,722	(4,174)
NET CASH PROVIDED BY OPERATING ACTIVITIES		30,305	7,384
INVESTING ACTIVITIES:
Principal repayments, maturities and calls of securities available for sale		52,781	31,037
Redemptions of FHLB and FRB stock		10	12,072
Purchase of securities available for sale		(324,589)	(24,852)
Purchase of equity securities			(3,000)
Purchase of FHLB and FRB stock			(28,875)
Proceeds from sales of loans held for sale at lower of cost or fair value		7,221	10,067
Net increase in loans, net of participations sold		(51,268)	(13,761)
Purchase of premises and equipment		(2,248)	(914)
Proceeds from life insurance death benefit		582
NET CASH USED IN INVESTING ACTIVITIES		(317,511)	(18,226)
FINANCING ACTIVITIES:
Net increase in deposits		126,429	197,722
Net increase in short-term borrowings			386,900
Repayments of Paycheck Protection Program Liquidity Facility		(8,906)
Dividends paid on common stock		(949)	(949)
Exercise of Stock Options, net of stock swaps		10	75
Restricted stock repurchased on vesting to pay taxes		(2,002)	(601)
Issuance of shares for employee stock purchase plan		218
Purchase of treasury shares		(4,379)	(6,487)
NET CASH PROVIDED BY FINANCING ACTIVITIES		110,421	576,660
Net (decrease)/increase in cash and cash equivalents		(176,785)	565,818
Cash and cash equivalents at beginning of period		653,322	208,185
Cash and cash equivalents at end of period		476,537	774,003
Cash paid during the year for:
Interest		4,413	12,424
Income tax, net		200	206
Transfer of loans to loans held for sale		$ 45,776
Security purchases 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, 2021
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, 2020 for Peapack-Gladstone Financial Corporation (the “Corporation” or the “Company”). In the opinion of the management of the Corporation, the accompanying unaudited Consolidated Interim Financial Statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of March 31, 2021, and the results of operations, comprehensive income/(loss), shareholders’ equity for 2020 and cash flow statements for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year or for any future period. Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack-Gladstone Bank (the “Bank”). The consolidated financial statements also include the Bank’s wholly-owned subsidiaries: • PGB Trust & Investments of Delaware • Peapack Capital Corporation (“PCC”) (formed in the second quarter of 2017) • Murphy Capital Management (“Murphy Capital”) (acquired in the third quarter of 2017) • 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. • PGB Securities, Inc. (formed in the second quarter of 2020) While the following footnotes include the consolidated 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 periods presented. Actual results could differ from those estimates. Segment Information : The Company’s business is conducted through two business segments: its banking segment, which involves the delivery of loan and deposit products to customers, and the Peapack Private Wealth Management Division (“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 and custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware and Murphy Capital. 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 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, 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. 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 $77.0 million and $65.5 million as of March 31, 2021 and December 31, 2020, respectively. SBA loans held for sale totaled $1.8 million and $6.0 million at March 31, 2021 and December 31, 2020, respectively. The Company also has loans originated through the SBA Paycheck Protection Program (PPP) that are held for sale. As of March 31, 2021, the Company had $45.8 million of PPP loans that were designated held for sale. 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 , in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days . Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company ’s loans are secured by real estate in New Jersey, New York and Pennsylvania. Allowance for 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, level of and trends in delinquent, classified and nonperforming loans, 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. 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, economic forecasts and approved loan deferral payment requests as businesses both locally and nationally were shut down and have only gradually and partially reopened. 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, 2021 and December 31, 2020, the multiple was 2.25 times for non-impaired special mention loans and 3.25 times for non-impaired substandard loans. 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 accounting guidance under Accounting Standards Codification ("ASC") 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. This relief can be applied to loan modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan modifications that defer or delay the payment of principal or interest or change the interest rate on the loan. The revised CARES Act allows for loan modifications through January 1, 2022. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide further interpretation of when a borrower is experiencing financial difficulty, specifically indicating that if the modification is either short-term (e.g., six months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not experiencing financial difficulty under ASC 310-40. The Company continues to prudently work with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing an appropriate allowance for loan and lease losses on its loan portfolio. The Company approved total loan modifications under the CARES Act of $946.7 million, of which $42.8 million remain outstanding as of March 31, 2021. Another key program under the CARES Act is the Paycheck Protection Program (“PPP”) administered by the SBA which has provided much needed funding to qualifying businesses and organizations. Under this program, the Company has provided fundings of approximately $650 million. In the third quarter of 2020, the Company sold approximately $355.0 million of such loans, servicing rights released to a third party. The Company has approximately $232.7 million of PPP loans remaining in its portfolio as of March 31, 2021 and believes that the majority of these loans will be forgiven by the SBA. 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 maintenance, taxes and debt service. Increases in vacancy rates, interest rates or other changes in general economic conditions can have an impact on the borrower and its ability to repay the loan. Commercial real estate loans are generally considered to have a higher degree of credit risk than multifamily loans as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Commercial and Industrial Loans 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 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. The Company also offers facility specific / loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty (loan level / back to back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The Company is exposed to losses if a customer counterparty fails to make its payments under a contract in which the Company is in a net receiving position. At this time, the Company anticipates that our counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly. Further, the Company has netting agreements with the dealers with which it does business. Stock-Based Compensation: 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. There are no shares remaining for issuance with respect to the stock option plan approved in 2002, however options granted under this plan are still included in the numbers below. Options granted under these plans are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. 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. Upon adoption of Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting” the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. For the Company’s stock option plans, changes in options outstanding during the three months ended March 31, 2021 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2021 50,660 $ 13.59 Exercised during 2021 (820 ) 13.39 Expired during 2021 — — Forfeited during 2021 (2,380 ) 13.53 Balance, March 31, 2021 47,460 $ 13.60 1.44 years $ 820 Vested and expected to vest 47,460 $ 13.60 1.44 years $ 820 Exercisable at March 31, 2021 47,460 $ 13.60 1.44 years $ 820 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 2021 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on March 31, 2021 was $30.88. There were no stock options granted during the three months ended March 31, 2021. The Company issued performance-based and service-based restricted stock units in 2021 and 2020. Service-based units vest ratably over a three- or five-year 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 51,710 performance-based restricted stock units granted in the first quarter of 2021. Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2021 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2021 221,600 $ 20.47 Granted during 2021 51,710 31.36 Vested during 2021 (36,032 ) 35.33 Forfeited during 2021 (11,843 ) 26.32 Balance, March 31, 2021 225,435 $ 20.29 Changes in service-based restricted stock awards/units for the three months ended March 31, 2021 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2021 777,166 $ 19.24 Granted during 2021 187,762 31.36 Vested during 2021 (231,116 ) 22.32 Forfeited during 2021 (21,260 ) 16.12 Balance, March 31, 2021 712,552 $ 21.53 As of March 31, 2021, there was $17.4 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 1.65 years. Stock compensation expense recorded for the first quarters of 2021 and 2020 totaled $1.7 million and $1.5 million, respectively. Employee Stock Purchase Plan (“ESPP”): In July 2019, the Board appointed ESPP “committee” revised the ESPP. The ESPP provides for the granting of rights to purchase up to 150,000 shares of Peapack-Gladstone Financial Corporation common stock. In May 2020, shareholders approved an increase of 200,000 shares of Peapack-Gladstone Financial Corporation common stock to be issued under the ESPP. Subject to certain eligibility requirements and restrictions, the ESPP provide

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE FOR SALE	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 follows: March 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S government-sponsored agencies $ 229,199 $ — $ (7,862 ) $ 221,337 Mortgage-backed securities–residential 598,088 6,786 (8,254 ) 596,620 SBA pool securities 47,372 15 (1,144 ) 46,243 State and political subdivisions 7,967 86 — 8,053 Corporate bond 3,000 48 — 3,048 Total $ 885,626 $ 6,935 $ (17,260 ) $ 875,301 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S. treasuries $ 2,613 $ — $ — $ 2,613 U.S. government-sponsored agencies 84,424 2 (655 ) 83,771 Mortgage-backed securities–residential 467,915 8,604 (461 ) 476,058 SBA pool securities 49,457 31 (359 ) 49,129 State and political subdivisions 7,987 102 — 8,089 Corporate bond 3,000 29 — 3,029 Total $ 615,396 $ 8,768 $ (1,475 ) $ 622,689 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, 2021 and December 31, 2020. March 31, 2021 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 $ 211,882 $ (7,862 ) $ — $ — $ 211,882 $ (7,862 ) Mortgage-backed securities-residential 290,133 (8,244 ) 6,534 (10 ) 296,667 (8,254 ) SBA pool securities 36,923 (1,129 ) 2,057 (15 ) 38,980 (1,144 ) Total $ 538,938 $ (17,235 ) $ 8,591 $ (25 ) $ 547,529 $ (17,260 ) December 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 U.S. government-sponsored agencies $ 73,769 $ (655 ) $ — $ — $ 73,769 $ (655 ) Mortgage-backed securities-residential 103,340 (430 ) 13,914 (31 ) 117,254 (461 ) SBA pool securities 39,720 (343 ) 2,095 (16 ) 41,815 (359 ) Total $ 216,829 $ (1,428 ) $ 16,009 $ (47 ) $ 232,838 $ (1,475 ) 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, 2021, 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 $ 14.9 million at March 31 , 202 1 . The investment is classified as an equity security in our Consolidated Statements of Condition. This security had a loss of $ 265,000 for the three months ended March 31 , 20 2 1 . 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, 2021
Receivables [Abstract]
LOANS AND LEASES	3. LOANS AND LEASES Loans outstanding, excluding those held for sale, by general ledger classification, as of March 31, 2021 and December 31, 2020, consisted of the following: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2021 Loans 2020 Loans Residential mortgage $ 489,665 11.18 % $ 502,829 11.50 % Multifamily mortgage 1,178,940 26.93 1,126,946 25.77 Commercial mortgage 697,599 15.94 691,294 15.81 Commercial loans (including equipment financing) (A) 1,911,520 43.66 1,950,981 44.62 Commercial construction 17,865 0.41 12,600 0.29 Home equity lines of credit 45,623 1.04 50,545 1.15 Consumer loans, including fixed rate home equity loans 36,519 0.83 37,016 0.85 Other loans 200 0.01 226 0.01 Total loans $ 4,377,931 100.00 % $ 4,372,437 100.00 % (A) Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020. 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, 2021 and December 31, 2020: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2021 Loans 2020 Loans Primary residential mortgage $ 498,570 11.39 % $ 512,841 11.74 % Home equity lines of credit 45,623 1.04 50,545 1.16 Junior lien loan on residence 4,686 0.11 4,527 0.10 Multifamily property 1,178,940 26.95 1,126,946 25.79 Owner-occupied commercial real estate 241,094 5.51 253,447 5.80 Investment commercial real estate 966,287 22.09 995,613 22.79 Commercial and industrial (A) 1,064,133 24.32 1,059,399 24.24 Lease financing 312,358 7.14 305,931 7.00 Farmland/agricultural production 3,349 0.08 3,068 0.07 Commercial construction loans 18,035 0.41 12,773 0.29 Consumer and other loans 42,080 0.96 44,483 1.02 Total loans $ 4,375,155 100.00 % $ 4,369,573 100.00 % Net deferred costs 2,776 2,864 Total loans including net deferred costs $ 4,377,931 $ 4,372,437 (A) Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020. 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, 2021 and December 31, 2020: March 31, 2021 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 $ 2,264 $ 1 $ 496,306 $ 2,775 $ 498,570 $ 2,776 Home equity lines of credit — — 45,623 198 45,623 198 Junior lien loan on residence — — 4,686 16 4,686 16 Multifamily property — — 1,178,940 10,427 1,178,940 10,427 Owner-occupied commercial real estate 564 — 240,530 2,864 241,094 2,864 Investment commercial real estate — — 966,287 26,693 966,287 26,693 Commercial and industrial (A) 9,136 3,200 1,054,997 16,925 1,064,133 20,125 Lease financing — — 312,358 3,967 312,358 3,967 Farmland/agricultural production — — 3,349 47 3,349 47 Commercial construction loans — — 18,035 161 18,035 161 Consumer and other loans — — 42,080 262 42,080 262 Total ALLL $ 11,964 $ 3,201 $ 4,363,191 $ 64,335 $ 4,375,155 $ 67,536 (A) The balance includes PPP loans of $187 million had no related reserve as these loans are guaranteed by the SBA December 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 $ 1,490 $ 3 $ 511,351 $ 2,902 $ 512,841 $ 2,905 Home equity lines of credit — — 50,545 218 50,545 218 Junior lien loan on residence — — 4,527 15 4,527 15 Multifamily property — — 1,126,946 9,945 1,126,946 9,945 Owner-occupied commercial real estate 807 — 252,640 3,050 253,447 3,050 Investment commercial real estate 4,593 — 991,020 27,713 995,613 27,713 Commercial and industrial 9,314 2,700 1,050,085 16,347 1,059,399 19,047 Lease financing — — 305,931 3,936 305,931 3,936 Farmland/agricultural production — — 3,068 43 3,068 43 Commercial construction loans — — 12,773 158 12,773 158 Consumer and other loans — — 44,483 279 44,483 279 Total ALLL $ 16,204 $ 2,703 $ 4,353,369 $ 64,606 $ 4,369,573 $ 67,309 Impaired loans include nonaccrual loans of $11.8 million at March 31, 2021 and $11.4 million at December 31, 2020. . The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2021 and December 31, 2020 (The average impaired loans on the following tables represent year to date impaired loans): March 31, 2021 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 2,384 $ 2,104 $ — $ 1,579 Owner-occupied commercial real estate 577 564 — 645 Commercial and industrial 7,033 4,136 — 4,198 Total loans with no related allowance $ 9,994 $ 6,804 $ — $ 6,422 With related allowance recorded: Primary residential mortgage $ 160 $ 160 $ 1 $ 161 Commercial and industrial 5,000 5,000 3,200 5,000 Total loans with related allowance $ 5,160 $ 5,160 $ 3,201 $ 5,161 Total loans individually evaluated for impairment $ 15,154 $ 11,964 $ 3,201 $ 11,583 December 31, 2020 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 1,601 $ 1,328 $ — $ 5,544 Owner-occupied commercial real estate 817 807 — 516 Investment commercial real estate 4,593 4,593 — 6,582 Commercial and industrial 7,137 4,314 — 1,677 Total loans with no related allowance $ 14,148 $ 11,042 $ — $ 14,319 With related allowance recorded: Primary residential mortgage $ 162 $ 162 $ 3 $ 526 Commercial and industrial 5,000 5,000 2,700 4,140 Total loans with related allowance $ 5,162 $ 5,162 $ 2,703 $ 4,666 Total loans individually evaluated for impairment $ 19,310 $ 16,204 $ 2,703 $ 18,985 Interest income recognized on impaired loans for the quarters ended March 31, 2021 and 2020 was not material. The Company did not recognize any income on non-accruing impaired loans for the three months ended March 31, 2021 and 2020. 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, 2021 and December 31, 2020: March 31, 2021 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 2,104 $ — Owner-occupied commercial real estate 564 — Commercial and industrial 9,099 — Total $ 11,767 $ — December 31, 2020 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 1,328 $ — Owner-occupied commercial real estate 807 — Commercial and industrial 9,275 — Total $ 11,410 $ — The following tables present the aging of the recorded investment in past due loans as of March 31, 2021 and December 31, 2020 by class of loans, excluding nonaccrual loans: March 31, 2021 30-59 60-89 Greater Than Days Days 90 Days Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 990 $ — $ — $ 990 Owner occupied commercial real estate 550 — — 550 Commercial and industrial 81 — — 81 Consumer and other loans — 1 — 1 Total $ 1,621 $ 1 $ — $ 1,622 December 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 $ 2,900 $ 141 $ — $ 3,041 Home equity lines of credit 181 — — 181 Junior lien loan on residence — 25 — 25 Multifamily property — 269 — 269 Owner-occupied commercial real estate 268 — — 268 Commercial and industrial 497 772 — 1,269 Total $ 3,846 $ 1,207 $ — $ 5,053 Credit Quality Indicators: The Company places all commercial loans into various credit risk rating categories based on an assessment of the expected ability of the borrowers to properly service their debt. The assessment considers numerous factors including, but not limited to, current financial information on the borrower, historical payment experience, strength of any guarantor, nature of and value of any collateral, acceptability of the loan structure and documentation, relevant public information and current economic trends. This credit risk rating analysis is performed when the loan is initially underwritten and then annually based on set criteria in the loan policy. In addition, the Bank has engaged an independent loan review firm to validate risk ratings and to ensure compliance with our policies and procedures. This review of the following types of loans is performed quarterly: • A large sample of relationships or new lending to existing relationships greater than $1,000,000 booked since the prior review; • All criticized and classified rated borrowers with relationship exposure of more than $500,000; • A large sample of Pass-rated (including Pass Watch) borrowers with total relationships in excess of $1,000,000 and a small sample of Pass related relationships less than $1,000,000; • All leveraged loans of $1,000,000 or greater; • At least two borrowing relationships managed by each commercial banker; • Any new Regulation “O” loan commitments over $1,000,000; and • Any other credits requested by Bank senior management or a member of the Board of Directors and any borrower for which the reviewer determines a review is warranted based upon knowledge of the portfolio, local events, industry stresses, etc. The review excludes borrowers with commitments of less than $ 500,000 . The Company uses the following regulatory definitions for criticized and classified risk ratings: Special Mention: These loans have a potential weakness that deserves Management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loans or of the institution’s credit position at some future date. Substandard: These loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: These loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, based on currently existing facts, conditions and values. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. 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, 2021, 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 $ 488,941 $ 3,014 $ 6,615 $ — Home equity lines of credit 45,149 — 474 — Junior lien loan on residence 4,668 — 18 — Multifamily property 1,174,380 4,206 354 — Owner-occupied commercial real estate 228,790 10,187 2,117 — Investment commercial real estate 868,088 98,199 — — Commercial and industrial 997,669 50,328 16,136 — Lease financing 312,358 — — — Farmland/agricultural production 3,349 — — — Commercial construction loans 17,956 79 — — Consumer and other loans 42,080 — — — Total $ 4,183,428 $ 166,013 $ 25,714 $ — As of December 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 $ 504,795 $ 1,398 $ 6,648 $ — Home equity lines of credit 50,068 — 477 — Junior lien loan on residence 4,483 — 44 — Multifamily property 1,121,145 5,441 360 — Owner-occupied commercial real estate 240,638 10,417 2,392 — Investment commercial real estate 893,115 91,162 11,336 — Commercial and industrial 989,281 53,604 16,514 — Lease financing 305,931 — — — Farmland/agricultural production 3,068 — — — Commercial construction loans 12,692 81 — — Consumer and other loans 44,483 — — — Total $ 4,169,699 $ 162,103 $ 37,771 $ — At March 31, 2021, $12.0 million of substandard loans were also considered impaired, compared to December 31, 2020, when $16.2 million of substandard loans were also considered impaired. The activity in the allowance for loan and lease losses for the three months ended March 31, 2021 is summarized below: January 1, March 31, 2021 2021 Beginning Provision Ending (In thousands) ALLL Charge-offs Recoveries (Credit) ALLL Primary residential mortgage $ 2,905 $ — $ — $ (129 ) $ 2,776 Home equity lines of credit 218 — 9 (29 ) 198 Junior lien loan on residence 15 — — 1 16 Multifamily property 9,945 — — 482 10,427 Owner-occupied commercial real estate 3,050 — — (186 ) 2,864 Investment commercial real estate 27,713 — — (1,020 ) 26,693 Commercial and industrial 19,047 — 7 1,071 20,125 Lease financing 3,936 — — 31 3,967 Farmland/agricultural production 43 — — 4 47 Commercial construction loans 158 — — 3 161 Consumer and other loans 279 (15 ) 1 (3 ) 262 Total ALLL $ 67,309 $ (15 ) $ 17 $ 225 $ 67,536 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 Loan Modifications: The CARES Act allows financial institutions to suspend application of certain current TDR accounting guidance under ASC 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. The revised CARES Act extended loan modifications through January 1, 2022. This relief can be applied to loan modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan modifications that defer or delay the payment of principal or interest or change the interest rate on the loan. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide further interpretation of when a borrower is experiencing financial difficulty, specifically indicating that if the modification is either short-term (e.g., six months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not experiencing financial difficulty under ASC 310-40. As of March 31, 2021, the Bank has modified 540 loans with a balance of $946.7 million resulting in the deferral of principal and/or interest. The table below summarizes the deferrals as of March 31, 2021. All of these loans were performing in accordance with their terms prior to modification and are in conformance with the CARES Act. Included in the table below is 1 loan related to our back to back swap program totaling $19.9 million. Details with respect to loan modifications are as follows: Post-Modification Outstanding Number of Recorded (Dollars in thousands) Loans Investment Primary residential mortgage 21 $ 7,477 Junior lien loan on residence 1 18 Multifamily property 1 921 Owner-occupied commercial real estate 1 117 Investment commercial real estate 1 19,887 Commercial and industrial 6 12,993 Commercial construction loans 1 1,344 Total 32 $ 42,757 The future performance of these loans, specifically beyond the term of the deferral, is uncertain. To recognize a credit allowance commensurate with the existing risk, the Company assigned qualitative factors for each of the above portfolio classes for allowance purposes. Troubled Debt Restructurings: The Company has allocated $1,000 and $3,000 of specific reserves on TDRs as of March 31, 2021 and December 31, 2020, respectively. There were no unfunded commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs. There were no loans modified as TDRs during the three-month period ended March 31, 2021. 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) Loans Investment Investment Primary residential mortgage 1 $ 253 $ 253 Commercial and industrial 1 48 48 Total 2 $ 301 $ 301 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, 2021: Number of Recorded (Dollars in thousands) Loans Investment Primary residential mortgage 1 $ 132 Total 1 $ 132 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) Loans Investment Primary residential mortgage 1 $ 200 Total 1 $ 200 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, 2021
Deposits [Abstract]
DEPOSITS	4. DEPOSITS Certificates of deposit, over $250,000, totaled $164.1 million and $186.3 million at March 31, 2021 and December 31, 2020, respectively. These totals exclude brokered certificates of deposit. The following table sets forth the details of total deposits as of March 31, 2021 and December 31, 2020: March 31, December 31, 2021 2020 (Dollars in thousands) Noninterest-bearing demand deposits $ 908,922 18.38 % $ 833,500 17.30 % Interest-bearing checking (1) 1,987,567 40.19 1,849,254 38.38 Savings 141,743 2.87 130,731 2.71 Money market 1,256,605 25.41 1,298,885 26.96 Certificates of deposit - retail 474,668 9.60 530,222 11.00 Certificates of deposit - listing service 31,631 0.64 32,128 0.67 Subtotal deposits 4,801,136 97.09 4,674,720 97.02 Interest-bearing demand - Brokered 110,000 2.23 110,000 2.28 Certificates of deposit - Brokered 33,777 0.68 33,764 0.70 Total deposits $ 4,944,913 100.00 % $ 4,818,484 100.00 % (1) Interest-bearing checking includes The scheduled maturities of certificates of deposit, including brokered certificates of deposit, as of March 31, 2021 are as follows: (In thousands) 2021 $ 352,816 2022 115,218 2023 11,530 2024 25,558 2025 29,225 Over 5 Years 5,729 Total $ 540,076

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS At March 31, 2021, short-term borrowings consisted of a one-month FHLB advance totaling $15.0 million with a rate of 0.36 percent. The one-month FHLB advance for $15.0 million is part of an interest rate swap designated as a cash flow hedge. The cash flow hedge has a term of three years. There were no overnight borrowings with the FHLB as of March 31, 2021 or December 31, 2020. At March 31, 2021, unused short-term overnight borrowing commitments totaled $1.8 billion from the FHLB, $22.0 million from correspondent banks and $990.0 million at the Federal Reserve Bank of New York. The Company had $168.2 million in borrowings from the Federal Reserve’s Paycheck Protection Plan Lending Facility (the “PPPLF”), as of March 31, 2021 as compared to $177.1 million at December 31, 2020. The borrowings have a rate of 0.35 percent, primarily all of which have a 2-year maturity. The Company utilized the PPPLF to fund PPP loan production during the second quarter of 2020. The borrowings are fully pledged by PPP loans as of March 31, 2021. The Company prepaid $105.0 million of FHLB advances resulting in a prepayment penalty of $4.8 million during 2020. The repayment of the FHLB advances is expected to provide a benefit to interest expense greater than the prepayment penalty over the remaining life of the advances.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2021
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. The Banking segment’s effective tax rate for the three months ended March 31, 2020 was affected by a $3.3 million income tax benefit recorded during the first quarter of 2020. For additional information related to this income tax benefit refer to the Income Taxes Management’s Discussion and Analysis. 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 and Murphy Capital, 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, 2021 and 2020. Three Months Ended March 31, 2021 Wealth Management (In thousands) Banking Division Total Net interest income $ 30,226 $ 1,567 $ 31,793 Noninterest income 5,140 12,680 17,820 Total income 35,366 14,247 49,613 Provision for loan and lease losses 225 — 225 Compensation and employee benefits 16,428 5,562 21,990 Premises and equipment expense 3,570 543 4,113 FDIC insurance expense 585 — 585 Other operating expense 2,391 2,515 4,906 Total operating expense 23,199 8,620 31,819 Income before income tax expense 12,167 5,627 17,794 Income tax expense 3,159 1,457 4,616 Net income $ 9,008 $ 4,170 $ 13,178 Total assets at period end $ 5,883,553 $ 86,074 $ 5,969,627 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 (Loss)/income before income tax (benefit)/expense (4,846 ) 2,875 (1,971 ) Income tax (benefit)/expense (3,893 ) 549 (3,344 ) Net (loss)/income $ (953 ) $ 2,326 $ 1,373 Total assets at period end $ 5,734,495 $ 96,963 $ 5,831,458

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2021
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, 2021. The following table summarizes, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option: Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs (In thousands) 2021 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. government-sponsored agencies $ 221,337 $ — $ 221,337 $ — Mortgage-backed securities-residential 596,620 — 596,620 — SBA pool securities 46,243 — 46,243 — State and political subdivisions 8,053 — 8,053 — Corporate bond 3,048 — 3,048 — CRA investment fund 14,852 14,852 — — Loans held for sale, at fair value 9,219 — 9,219 — Derivatives: Loan level swaps 45,301 — 45,301 — Total $ 944,673 $ 14,852 $ 929,821 $ — Liabilities: Derivatives: Cash flow hedges $ 8,166 $ — $ 8,166 $ — Loan level swaps 45,301 — 45,301 — Total $ 53,467 $ — $ 53,467 $ — 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) 2020 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. treasuries $ 2,613 $ — $ 2,613 $ — U.S. government-sponsored agencies 83,771 — 83,771 — Mortgage-backed securities-residential 476,058 — 476,058 — SBA pool securities 49,129 — 49,129 — State and political subdivisions 8,089 — 8,089 — Corporate bond 3,029 — 3,029 — CRA investment fund 15,117 15,117 — — Loans held for sale, at fair value 13,588 — 13,588 — Derivatives: Loan level swaps 79,529 — 79,529 — Total $ 730,923 $ 15,117 $ 715,806 $ — Liabilities: Derivatives: Cash flow hedges $ 9,616 $ — $ 9,616 $ — Loan level swaps 79,529 — 79,529 — Total $ 89,145 $ — $ 89,145 $ — 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, 2021 and December 31, 2020. The following tables present residential loans held for sale, at fair value at the dates indicated: (In thousands) March 31, 2021 December 31, 2020 Residential loans contractual balance $ 9,029 $ 13,295 Fair value adjustment 190 293 Total fair value of residential loans held for sale $ 9,219 $ 13,588 There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2021. The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis: Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs (In thousands) 2021 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial and industrial $ 1,800 $ — $ — $ 1,800 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial and industrial $ 2,300 $ — $ — $ 2,300 The carrying amounts and estimated fair values of financial instruments at March 31, 2021 are as follows: Fair Value Measurements at March 31, 2021 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 476,537 $ 476,537 $ — $ — $ 476,537 Securities available for sale 875,301 — 875,301 — 875,301 CRA investment fund 14,852 14,852 — — 14,852 FHLB and FRB stock 13,699 — — — N/A Loans held for sale, at fair value 9,219 — 9,219 — 9,219 Loans held for sale, at lower of cost or fair value 53,185 — 53,399 — 53,399 Loans, net of allowance for loan and lease losses 4,310,395 — — 4,511,593 4,511,593 Accrued interest receivable 23,916 — 2,244 21,672 23,916 Accrued interest receivable loan level swaps (A) 4,660 — 4,660 — 4,660 Loan level swaps 45,301 — 45,301 — 45,301 Financial liabilities Deposits $ 4,944,913 $ 4,404,837 $ 545,549 $ — $ 4,950,386 Short-term borrowings 15,000 — 15,000 — 15,000 Paycheck Protection Program Liquidity Facility 168,180 — 168,180 — 168,180 Subordinated debt 181,837 — — 181,076 181,076 Accrued interest payable 3,499 147 1,159 2,193 3,499 Accrued interest payable loan level swaps 4,660 — 4,660 — 4,660 Cash flow hedges 8,166 — 8,166 — 8,166 Loan level swap 45,301 — 45,301 — 45,301 (A) Included in other assets in the Consolidated Statement of Condition. The carrying amounts and estimated fair values of financial instruments at December 31, 2020 are as follows: Fair Value Measurements at December 31, 2020 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 653,322 $ 653,322 $ — $ — $ 653,322 Securities available for sale 622,689 — 622,689 — 622,689 CRA investment fund 15,117 15,117 — — 15,117 FHLB and FRB stock 13,709 — — — N/A Loans held for sale, at fair value 13,588 — 13,588 — 13,588 Loans held for sale, at lower of cost or fair value 18,520 — 19,115 — 19,115 Loans, net of allowance for loan and lease losses 4,305,128 — — 4,462,243 4,462,243 Accrued interest receivable 22,495 — 1,653 20,842 22,495 Loan level swaps 79,529 — 79,529 — 79,529 Financial liabilities Deposits $ 4,818,484 $ 4,222,370 $ 604,036 $ — $ 4,826,406 Short-term borrowings 15,000 — 15,000 — 15,000 Paycheck Protection Program Liquidity Facility 177,086 — 177,086 — 177,086 Subordinated debt 181,794 — — 183,348 183,348 Accrued interest payable 1,650 150 1,347 153 1,650 Cash flow hedges 9,616 — 9,616 — 9,616 Loan level swaps 79,529 — 79,529 — 79,529

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Mar. 31, 2021
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 tables present the sources of noninterest income for the periods indicated: For the Three Months Ended March 31, (In thousands) 2021 2020 Service charges on deposits Overdraft fees $ 93 $ 147 Interchange income 317 280 Other 436 389 Wealth management fees (a) 12,131 9,955 Other (b) 4,843 3,746 Total noninterest other income $ 17,820 $ 14,517 (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, 2021 2020 (In thousands) Wealth Wealth Revenue by Operating Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 93 $ — $ 93 $ 147 $ — $ 147 Interchange income 317 — 317 280 — 280 Other 436 — 436 389 — 389 Wealth management fees (a) — 12,131 12,131 — 9,955 9,955 Other (b) 4,294 549 4,843 3,413 333 3,746 Total noninterest income $ 5,140 $ 12,680 $ 17,820 $ 4,229 $ 10,288 $ 14,517 (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, 2021
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) 2021 2020 Professional and legal fees $ 1,256 $ 974 Telephone 334 324 Advertising 214 340 Amortization of intangible assets 368 324 Other operating expenses 2,734 2,754 Total other operating expenses $ 4,906 $ 4,716

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	3 Months Ended
	Mar. 31, 2021
Stockholders Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	10. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended March 31, 2021 and 2020: 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) 2021 Reclassifications Income/(Loss) 2021 2021 Net unrealized holding gain/(loss) on securities available for sale, net of tax $ 5,521 $ (13,415 ) $ — $ (13,415 ) $ (7,894 ) Gain/(loss) on cash flow hedges (6,913 ) 1,043 — 1,043 (5,870 ) Accumulated other comprehensive gain/(loss), net of tax $ (1,392 ) $ (12,372 ) $ — $ (12,372 ) $ (13,764 ) 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 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 ) The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (In thousands) 2021 2020 Affected Line Item in Income Statement Unrealized gains/(losses) on cash flow hedge derivatives: Reclassification adjustment for amounts included in net income $ — $ (71 ) Interest expense Tax effect — 19 Income tax expense Total reclassifications, net of tax $ — $ (52 )

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020: (Dollars in thousands) March 31, 2021 December 31, 2020 Notional amount $ 270,000 $ 270,000 Weighted average pay rate 1.93 % 1.93 % Weighted average receive rate 0.20 % 0.22 % Weighted average maturity 1.78 years 2.02 years Unrealized loss, net $ (8,166 ) $ (9,616 ) Number of contracts 13 13 Net interest expense recorded on these swap transactions totaled $1.2 million and $106,000 for the three months ended March 31, 2021 and 2020, 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, 2021 and 2020: For the Three Months Ended March 31, (In thousands) 2021 2020 Interest rate contracts Gain/(loss) recognized in OCI (effective portion) $ 1,450 $ (8,878 ) Gain/(loss) reclassified from OCI to interest expense — (71 ) Gain/(loss) recognized in other noninterest 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 were amortized into earnings over the remaining life of the terminated swaps and completed amortization as of December 31, 2020. The Company did not recognize pre-tax interest income for the three months ended March 31, 2021, related to the amortization of the gain on the terminated interest rate swaps designated as cash flow hedges. The Company recognized pre-tax interest income March 31, 2021 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 270,000 $ (8,166 ) Total included in other assets — — Total included in other liabilities 270,000 (8,166 ) December 31, 2020 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 270,000 $ (9,616 ) Total included in other assets — — Total included in other liabilities 270,000 (9,616 ) Derivatives Not Designated as Accounting Hedges: Information about these swaps is as follows: (Dollars in thousands) March 31, 2021 December 31, 2020 Notional amount $ 789,673 $ 823,134 Fair value $ 45,301 $ 79,529 Weighted average pay rates 4.05 % 4.02 % Weighted average receive rates 1.89 % 1.91 % Weighted average maturity 6.13 years 6.5 years Number of contracts 93 95

SUBORDINATED DEBT

SUBORDINATED DEBT	3 Months Ended
	Mar. 31, 2021
Subordinated Longterm Debt Current And Noncurrent [Abstract]
SUBORDINATED DEBT	12. SUBORDINATED DEBT In 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 percent 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. In December 2017, the Company issued $35.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “2017 Notes”) to certain institutional investors. The 2017 Notes are non-callable for five years, have a stated maturity of December 15, 2027, and bear interest at a fixed rate of 4.75 percent 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 $875,000 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 (approximately $5 million), representing three years of interest payments, were retained by the Company for operational purposes. In December 2020, the Company issued $100.0 million in aggregate principal amount of fixed to floating subordinates notes (the “2020 Notes”) to certain institutional investors. The 2020 Notes are non-callable for five years, have a stated maturity of December 22, 2030, and bear interest at a fixed rate of 3.50 percent per year until December 22, 2025. From December 23, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month SOFR plus 326 basis points, payable quarterly in arrears. Debt issuance costs incurred totaled $1.9 million and are being amortized to maturity. The Company plans for the use of proceeds from the issuance of the 2020 Notes could include stock repurchases, redemption of the 2016 Notes and acquisitions of wealth management firms. Subordinated debt is presented net of issuance costs on the Consolidated Statements of Condition. The subordinated debt issuances are included in the Company’s regulatory total capital amount and ratio. In connection with the issuance of the 2020 Notes, the Company obtained ratings from Kroll Bond Rating Agency (“KBRA”) and Moody’s Investors Services (“Moody’s). KBRA assigned investment grade rating of BBB- and Moody’s assigned investment grade of Baa3 for the 2020 Notes at the time of issuance.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
LEASES	13. LEASES The Company maintains certain property and equipment under direct financing and operating leases. As of March 31, 2021, the Company's operating lease ROU asset and operating lease liability totaled $10.2 million and $10.5 million, respectively. The Company's leases have remaining lease terms between three months to 16 years, with a weighted average lease term of 6.67 years at March 31, 2021. The Company's leases had remaining lease terms between one months to 16 years, with a weighted average lease term of 6.01 years, at December 31, 2020. 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 $701,000 and $827,000 for the three months ended March 31, 2021 and 2020, respectively. The variable lease costs were $84,000 and $89,000 for the three months ended March 31, 2021 and 2020, respectively. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of March 31, 2021: (In thousands) 2021 $ 2,523 2022 2,228 2023 1,721 2024 1,426 2025 1,005 Thereafter 2,825 Total lease payments 11,728 Less: imputed interest 1,219 Total present value of lease payments $ 10,509 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, 2021 and 2020: For the Three Months Ended (In thousands) 2021 2020 Right-of-use asset obtained in exchange for lease obligation $ 1,412 $ 157 Operating cash flows from operating leases 619 728 Operating cash flows from direct finance leases 79 90 Financing cash flows from direct finance leases 187 187

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2021
Accounting Changes And Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	14. ACCOUNTING PRONOUNCEMENTS On June 16, 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 significantly change estimates for credit losses related to financial assets measured at amortized cost, including loans receivable, and certain other contracts. The largest impact will be on lenders and the allowance for loan and lease losses (ALLL). This ASU will be effective for public business entities (PBEs) in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company has elected to delay the adoption of ASU 2016-13, as approved by the CARES Act, until January 1, 2022. The Company has reviewed the potential impact to our securities portfolio, which primarily consists of U.S. government sponsored entities, mortgage-backed securities and municipal securities which have no history of credit loss and have strong credit ratings. The Company does not expect the standard to have a material impact on its financial statements as it relates to the Company’s securities portfolio. The Company is also currently evaluating the impact the CECL model will have on our accounting and allowance for loans losses. The Company has selected a third-party firm to assist in the development of a CECL model to assist in the calculation of the allowance for loan and lease losses in preparation for the change to the expected loss model. The Company has also engaged a third-party firm to perform a model validation of our CECL model. The Company is also in the process of updating its policies and internal controls accordingly. The Company expects to recognize a one-time cumulative-effect adjustment to our ALLL as of January 1, 2022, consistent with regulatory expectations set forth in interagency guidance. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our consolidated financial condition or results of operations. In December 2019, the FASB issued ASU 2019-12, 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. This ASU did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in this ASU can be adopted immediately and are effective through December 31, 2020. The Company is evaluating alternative reference rates including the Secured Overnight Financing Rate (SOFR) in preparation for a rate index replacement and the adoption of this ASU.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
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 (“Murphy Capital”) (acquired in the third quarter of 2017) • 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. • PGB Securities, Inc. (formed in the second quarter of 2020) While the following footnotes include the consolidated 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 periods presented. Actual results could differ from those estimates.
Segment Information	Segment Information : The Company’s business is conducted through two business segments: its banking segment, which involves the delivery of loan and deposit products to customers, and the Peapack Private Wealth Management Division (“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 and custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware and Murphy Capital. 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 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, 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. 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 $77.0 million and $65.5 million as of March 31, 2021 and December 31, 2020, respectively. SBA loans held for sale totaled $1.8 million and $6.0 million at March 31, 2021 and December 31, 2020, respectively. The Company also has loans originated through the SBA Paycheck Protection Program (PPP) that are held for sale. As of March 31, 2021, the Company had $45.8 million of PPP loans that were designated held for sale. 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 , in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days . Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company ’s loans are secured by real estate in New Jersey, New York and Pennsylvania.
Allowance for 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, level of and trends in delinquent, classified and nonperforming loans, 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. 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, economic forecasts and approved loan deferral payment requests as businesses both locally and nationally were shut down and have only gradually and partially reopened. 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, 2021 and December 31, 2020, the multiple was 2.25 times for non-impaired special mention loans and 3.25 times for non-impaired substandard loans. 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 accounting guidance under Accounting Standards Codification ("ASC") 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. This relief can be applied to loan modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan modifications that defer or delay the payment of principal or interest or change the interest rate on the loan. The revised CARES Act allows for loan modifications through January 1, 2022. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide further interpretation of when a borrower is experiencing financial difficulty, specifically indicating that if the modification is either short-term (e.g., six months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not experiencing financial difficulty under ASC 310-40. The Company continues to prudently work with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing an appropriate allowance for loan and lease losses on its loan portfolio. The Company approved total loan modifications under the CARES Act of $946.7 million, of which $42.8 million remain outstanding as of March 31, 2021. Another key program under the CARES Act is the Paycheck Protection Program (“PPP”) administered by the SBA which has provided much needed funding to qualifying businesses and organizations. Under this program, the Company has provided fundings of approximately $650 million. In the third quarter of 2020, the Company sold approximately $355.0 million of such loans, servicing rights released to a third party. The Company has approximately $232.7 million of PPP loans remaining in its portfolio as of March 31, 2021 and believes that the majority of these loans will be forgiven by the SBA. 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 maintenance, taxes and debt service. Increases in vacancy rates, interest rates or other changes in general economic conditions can have an impact on the borrower and its ability to repay the loan. Commercial real estate loans are generally considered to have a higher degree of credit risk than multifamily loans as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Commercial and Industrial Loans 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 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. The Company also offers facility specific / loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty (loan level / back to back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The Company is exposed to losses if a customer counterparty fails to make its payments under a contract in which the Company is in a net receiving position. At this time, the Company anticipates that our counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly. Further, the Company has netting agreements with the dealers with which it does business.
Stock-Based Compensation	Stock-Based Compensation: The Company’s 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. There are no shares remaining for issuance with respect to the stock option plan approved in 2002, however options granted under this plan are still included in the numbers below. Options granted under these plans are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. 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. Upon adoption of Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting” the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. For the Company’s stock option plans, changes in options outstanding during the three months ended March 31, 2021 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2021 50,660 $ 13.59 Exercised during 2021 (820 ) 13.39 Expired during 2021 — — Forfeited during 2021 (2,380 ) 13.53 Balance, March 31, 2021 47,460 $ 13.60 1.44 years $ 820 Vested and expected to vest 47,460 $ 13.60 1.44 years $ 820 Exercisable at March 31, 2021 47,460 $ 13.60 1.44 years $ 820 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 2021 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on March 31, 2021 was $30.88. There were no stock options granted during the three months ended March 31, 2021. The Company issued performance-based and service-based restricted stock units in 2021 and 2020. Service-based units vest ratably over a three- or five-year 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 51,710 performance-based restricted stock units granted in the first quarter of 2021. Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2021 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2021 221,600 $ 20.47 Granted during 2021 51,710 31.36 Vested during 2021 (36,032 ) 35.33 Forfeited during 2021 (11,843 ) 26.32 Balance, March 31, 2021 225,435 $ 20.29 Changes in service-based restricted stock awards/units for the three months ended March 31, 2021 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2021 777,166 $ 19.24 Granted during 2021 187,762 31.36 Vested during 2021 (231,116 ) 22.32 Forfeited during 2021 (21,260 ) 16.12 Balance, March 31, 2021 712,552 $ 21.53 As of March 31, 2021, there was $17.4 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 1.65 years. Stock compensation expense recorded for the first quarters of 2021 and 2020 totaled $1.7 million and $1.5 million, respectively.
Employee Stock Purchase Plan	Employee Stock Purchase Plan (“ESPP”): In July 2019, the Board appointed ESPP “committee” revised the ESPP. The ESPP provides for the granting of rights to purchase up to 150,000 shares of Peapack-Gladstone Financial Corporation common stock. In May 2020, shareholders approved an increase of 200,000 shares of Peapack-Gladstone Financial Corporation common stock to be issued under the ESPP. Subject to certain eligibility requirements and restrictions, the ESPP provided for a single Offering Period of twelve months in duration, which commenced on May 16, 2019 and ended on May 15, 2020. During the second quarter of 2020, the ESPP was revised to allow for the purchase of shares during four three-month Offering Periods. The first Offering Period under this revised plan commenced on May 16, 2020. The next three future Offering Periods will commence on August 16, November 16 and February 16. 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 $30,000 and $41,000 of expense in salaries and employee benefits expense for the three months ended March 31, 2021 and 2020, respectively related to the ESPP. Total shares issued under the ESPP during the first quarter of 2021 and 2020 were 8,425 and 0, 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) 2021 2020 Net income available to common shareholders $ 13,178 $ 1,373 Basic weighted average shares outstanding 18,950,305 18,858,343 Plus: common stock equivalents 581,384 221,232 Diluted weighted average shares outstanding 19,531,689 19,079,575 Net income per share Basic $ 0.70 $ 0.07 Diluted 0.67 0.07 For the three months ended March 31, 2021 and 2020, restricted stock units totaling 239,472 and 570,102 were not included in the computation of diluted earnings per share because they were anti-dilutive. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the average market value for the periods presented.
Income Taxes	Income Taxes: The Company files a consolidated Federal income tax return. Separate state income tax returns are filed for each subsidiary based on current laws and regulations. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on the enacted tax rates. Such tax assets and liabilities are adjusted for the effect of a change in tax rates in the period of enactment. The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company is no longer subject to examination by the U.S. Federal tax authorities for years prior to 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 (“FRB”) was required to meet regulatory reserve and clearing requirements. Prior to March 2020, reserves were in the form of cash and balances with the FRB and included in interest-earning deposits in our statement of condition. The FRB suspended cash reserve requirements effective March 26, 2020.
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 an impact on our operations but cannot determine or estimate the full 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 the conditions created by COVID-19, 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. The Company has selected December 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill which includes assembled workforce has an indefinite life on our statement of financial condition. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill and assembled workforce are the intangible assets with an indefinite life on our balance sheet. Other intangible assets, which primarily consist of customer relationship intangible assets arising from acquisitions, are amortized on an accelerated basis over their estimated useful lives, which range from 5 to 15 years.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 were as follows: Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Term (In thousands) Balance, January 1, 2021 50,660 $ 13.59 Exercised during 2021 (820 ) 13.39 Expired during 2021 — — Forfeited during 2021 (2,380 ) 13.53 Balance, March 31, 2021 47,460 $ 13.60 1.44 years $ 820 Vested and expected to vest 47,460 $ 13.60 1.44 years $ 820 Exercisable at March 31, 2021 47,460 $ 13.60 1.44 years $ 820
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, 2021 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2021 221,600 $ 20.47 Granted during 2021 51,710 31.36 Vested during 2021 (36,032 ) 35.33 Forfeited during 2021 (11,843 ) 26.32 Balance, March 31, 2021 225,435 $ 20.29
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, 2021 were as follows: Weighted Average Number of Grant Date Shares Fair Value Balance, January 1, 2021 777,166 $ 19.24 Granted during 2021 187,762 31.36 Vested during 2021 (231,116 ) 22.32 Forfeited during 2021 (21,260 ) 16.12 Balance, March 31, 2021 712,552 $ 21.53
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) 2021 2020 Net income available to common shareholders $ 13,178 $ 1,373 Basic weighted average shares outstanding 18,950,305 18,858,343 Plus: common stock equivalents 581,384 221,232 Diluted weighted average shares outstanding 19,531,689 19,079,575 Net income per share Basic $ 0.70 $ 0.07 Diluted 0.67 0.07

INVESTMENT SECURITIES AVAILAB_2

INVESTMENT SECURITIES AVAILABLE FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 follows: March 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S government-sponsored agencies $ 229,199 $ — $ (7,862 ) $ 221,337 Mortgage-backed securities–residential 598,088 6,786 (8,254 ) 596,620 SBA pool securities 47,372 15 (1,144 ) 46,243 State and political subdivisions 7,967 86 — 8,053 Corporate bond 3,000 48 — 3,048 Total $ 885,626 $ 6,935 $ (17,260 ) $ 875,301 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value U.S. treasuries $ 2,613 $ — $ — $ 2,613 U.S. government-sponsored agencies 84,424 2 (655 ) 83,771 Mortgage-backed securities–residential 467,915 8,604 (461 ) 476,058 SBA pool securities 49,457 31 (359 ) 49,129 State and political subdivisions 7,987 102 — 8,089 Corporate bond 3,000 29 — 3,029 Total $ 615,396 $ 8,768 $ (1,475 ) $ 622,689
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, 2021 and December 31, 2020. March 31, 2021 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 $ 211,882 $ (7,862 ) $ — $ — $ 211,882 $ (7,862 ) Mortgage-backed securities-residential 290,133 (8,244 ) 6,534 (10 ) 296,667 (8,254 ) SBA pool securities 36,923 (1,129 ) 2,057 (15 ) 38,980 (1,144 ) Total $ 538,938 $ (17,235 ) $ 8,591 $ (25 ) $ 547,529 $ (17,260 ) December 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 U.S. government-sponsored agencies $ 73,769 $ (655 ) $ — $ — $ 73,769 $ (655 ) Mortgage-backed securities-residential 103,340 (430 ) 13,914 (31 ) 117,254 (461 ) SBA pool securities 39,720 (343 ) 2,095 (16 ) 41,815 (359 ) Total $ 216,829 $ (1,428 ) $ 16,009 $ (47 ) $ 232,838 $ (1,475 )

LOANS AND LEASES (Tables)

LOANS AND LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020, consisted of the following: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2021 Loans 2020 Loans Residential mortgage $ 489,665 11.18 % $ 502,829 11.50 % Multifamily mortgage 1,178,940 26.93 1,126,946 25.77 Commercial mortgage 697,599 15.94 691,294 15.81 Commercial loans (including equipment financing) (A) 1,911,520 43.66 1,950,981 44.62 Commercial construction 17,865 0.41 12,600 0.29 Home equity lines of credit 45,623 1.04 50,545 1.15 Consumer loans, including fixed rate home equity loans 36,519 0.83 37,016 0.85 Other loans 200 0.01 226 0.01 Total loans $ 4,377,931 100.00 % $ 4,372,437 100.00 % (A) Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020. 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, 2021 and December 31, 2020: % of % of March 31, Totals December 31, Total (Dollars in thousands) 2021 Loans 2020 Loans Primary residential mortgage $ 498,570 11.39 % $ 512,841 11.74 % Home equity lines of credit 45,623 1.04 50,545 1.16 Junior lien loan on residence 4,686 0.11 4,527 0.10 Multifamily property 1,178,940 26.95 1,126,946 25.79 Owner-occupied commercial real estate 241,094 5.51 253,447 5.80 Investment commercial real estate 966,287 22.09 995,613 22.79 Commercial and industrial (A) 1,064,133 24.32 1,059,399 24.24 Lease financing 312,358 7.14 305,931 7.00 Farmland/agricultural production 3,349 0.08 3,068 0.07 Commercial construction loans 18,035 0.41 12,773 0.29 Consumer and other loans 42,080 0.96 44,483 1.02 Total loans $ 4,375,155 100.00 % $ 4,369,573 100.00 % Net deferred costs 2,776 2,864 Total loans including net deferred costs $ 4,377,931 $ 4,372,437 (A) Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020.
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, 2021 and December 31, 2020: March 31, 2021 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 $ 2,264 $ 1 $ 496,306 $ 2,775 $ 498,570 $ 2,776 Home equity lines of credit — — 45,623 198 45,623 198 Junior lien loan on residence — — 4,686 16 4,686 16 Multifamily property — — 1,178,940 10,427 1,178,940 10,427 Owner-occupied commercial real estate 564 — 240,530 2,864 241,094 2,864 Investment commercial real estate — — 966,287 26,693 966,287 26,693 Commercial and industrial (A) 9,136 3,200 1,054,997 16,925 1,064,133 20,125 Lease financing — — 312,358 3,967 312,358 3,967 Farmland/agricultural production — — 3,349 47 3,349 47 Commercial construction loans — — 18,035 161 18,035 161 Consumer and other loans — — 42,080 262 42,080 262 Total ALLL $ 11,964 $ 3,201 $ 4,363,191 $ 64,335 $ 4,375,155 $ 67,536 (A) The balance includes PPP loans of $187 million had no related reserve as these loans are guaranteed by the SBA December 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 $ 1,490 $ 3 $ 511,351 $ 2,902 $ 512,841 $ 2,905 Home equity lines of credit — — 50,545 218 50,545 218 Junior lien loan on residence — — 4,527 15 4,527 15 Multifamily property — — 1,126,946 9,945 1,126,946 9,945 Owner-occupied commercial real estate 807 — 252,640 3,050 253,447 3,050 Investment commercial real estate 4,593 — 991,020 27,713 995,613 27,713 Commercial and industrial 9,314 2,700 1,050,085 16,347 1,059,399 19,047 Lease financing — — 305,931 3,936 305,931 3,936 Farmland/agricultural production — — 3,068 43 3,068 43 Commercial construction loans — — 12,773 158 12,773 158 Consumer and other loans — — 44,483 279 44,483 279 Total ALLL $ 16,204 $ 2,703 $ 4,353,369 $ 64,606 $ 4,369,573 $ 67,309
Schedule of loans individually evaluated for impairment	The following tables present loans individually evaluated for impairment by class of loans as of March 31, 2021 and December 31, 2020 (The average impaired loans on the following tables represent year to date impaired loans): March 31, 2021 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 2,384 $ 2,104 $ — $ 1,579 Owner-occupied commercial real estate 577 564 — 645 Commercial and industrial 7,033 4,136 — 4,198 Total loans with no related allowance $ 9,994 $ 6,804 $ — $ 6,422 With related allowance recorded: Primary residential mortgage $ 160 $ 160 $ 1 $ 161 Commercial and industrial 5,000 5,000 3,200 5,000 Total loans with related allowance $ 5,160 $ 5,160 $ 3,201 $ 5,161 Total loans individually evaluated for impairment $ 15,154 $ 11,964 $ 3,201 $ 11,583 December 31, 2020 Unpaid Average Principal Recorded Specific Impaired (In thousands) Balance Investment Reserves Loans With no related allowance recorded: Primary residential mortgage $ 1,601 $ 1,328 $ — $ 5,544 Owner-occupied commercial real estate 817 807 — 516 Investment commercial real estate 4,593 4,593 — 6,582 Commercial and industrial 7,137 4,314 — 1,677 Total loans with no related allowance $ 14,148 $ 11,042 $ — $ 14,319 With related allowance recorded: Primary residential mortgage $ 162 $ 162 $ 3 $ 526 Commercial and industrial 5,000 5,000 2,700 4,140 Total loans with related allowance $ 5,162 $ 5,162 $ 2,703 $ 4,666 Total loans individually evaluated for impairment $ 19,310 $ 16,204 $ 2,703 $ 18,985
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, 2021 and December 31, 2020: March 31, 2021 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 2,104 $ — Owner-occupied commercial real estate 564 — Commercial and industrial 9,099 — Total $ 11,767 $ — December 31, 2020 Loans Past Due Over 90 Days And Still (In thousands) Nonaccrual Accruing Interest Primary residential mortgage $ 1,328 $ — Owner-occupied commercial real estate 807 — Commercial and industrial 9,275 — Total $ 11,410 $ —
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, 2021 and December 31, 2020 by class of loans, excluding nonaccrual loans: March 31, 2021 30-59 60-89 Greater Than Days Days 90 Days Total (In thousands) Past Due Past Due Past Due Past Due Primary residential mortgage $ 990 $ — $ — $ 990 Owner occupied commercial real estate 550 — — 550 Commercial and industrial 81 — — 81 Consumer and other loans — 1 — 1 Total $ 1,621 $ 1 $ — $ 1,622 December 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 $ 2,900 $ 141 $ — $ 3,041 Home equity lines of credit 181 — — 181 Junior lien loan on residence — 25 — 25 Multifamily property — 269 — 269 Owner-occupied commercial real estate 268 — — 268 Commercial and industrial 497 772 — 1,269 Total $ 3,846 $ 1,207 $ — $ 5,053
Schedule of the risk category of loans by class of loans	As of March 31, 2021, 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 $ 488,941 $ 3,014 $ 6,615 $ — Home equity lines of credit 45,149 — 474 — Junior lien loan on residence 4,668 — 18 — Multifamily property 1,174,380 4,206 354 — Owner-occupied commercial real estate 228,790 10,187 2,117 — Investment commercial real estate 868,088 98,199 — — Commercial and industrial 997,669 50,328 16,136 — Lease financing 312,358 — — — Farmland/agricultural production 3,349 — — — Commercial construction loans 17,956 79 — — Consumer and other loans 42,080 — — — Total $ 4,183,428 $ 166,013 $ 25,714 $ — As of December 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 $ 504,795 $ 1,398 $ 6,648 $ — Home equity lines of credit 50,068 — 477 — Junior lien loan on residence 4,483 — 44 — Multifamily property 1,121,145 5,441 360 — Owner-occupied commercial real estate 240,638 10,417 2,392 — Investment commercial real estate 893,115 91,162 11,336 — Commercial and industrial 989,281 53,604 16,514 — Lease financing 305,931 — — — Farmland/agricultural production 3,068 — — — Commercial construction loans 12,692 81 — — Consumer and other loans 44,483 — — — Total $ 4,169,699 $ 162,103 $ 37,771 $ —
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, 2021 is summarized below: January 1, March 31, 2021 2021 Beginning Provision Ending (In thousands) ALLL Charge-offs Recoveries (Credit) ALLL Primary residential mortgage $ 2,905 $ — $ — $ (129 ) $ 2,776 Home equity lines of credit 218 — 9 (29 ) 198 Junior lien loan on residence 15 — — 1 16 Multifamily property 9,945 — — 482 10,427 Owner-occupied commercial real estate 3,050 — — (186 ) 2,864 Investment commercial real estate 27,713 — — (1,020 ) 26,693 Commercial and industrial 19,047 — 7 1,071 20,125 Lease financing 3,936 — — 31 3,967 Farmland/agricultural production 43 — — 4 47 Commercial construction loans 158 — — 3 161 Consumer and other loans 279 (15 ) 1 (3 ) 262 Total ALLL $ 67,309 $ (15 ) $ 17 $ 225 $ 67,536 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
Schedule of loans modified as troubled debt restructurings	Details with respect to loan modifications are as follows: Post-Modification Outstanding Number of Recorded (Dollars in thousands) Loans Investment Primary residential mortgage 21 $ 7,477 Junior lien loan on residence 1 18 Multifamily property 1 921 Owner-occupied commercial real estate 1 117 Investment commercial real estate 1 19,887 Commercial and industrial 6 12,993 Commercial construction loans 1 1,344 Total 32 $ 42,757 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) Loans 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, 2021: Number of Recorded (Dollars in thousands) Loans Investment Primary residential mortgage 1 $ 132 Total 1 $ 132 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) Loans Investment Primary residential mortgage 1 $ 200 Total 1 $ 200

DEPOSITS (Tables)

DEPOSITS (Tables)	3 Months Ended
	Mar. 31, 2021
Deposits [Abstract]
Schedule of Details of Total Deposits	The following table sets forth the details of total deposits as of March 31, 2021 and December 31, 2020: March 31, December 31, 2021 2020 (Dollars in thousands) Noninterest-bearing demand deposits $ 908,922 18.38 % $ 833,500 17.30 % Interest-bearing checking (1) 1,987,567 40.19 1,849,254 38.38 Savings 141,743 2.87 130,731 2.71 Money market 1,256,605 25.41 1,298,885 26.96 Certificates of deposit - retail 474,668 9.60 530,222 11.00 Certificates of deposit - listing service 31,631 0.64 32,128 0.67 Subtotal deposits 4,801,136 97.09 4,674,720 97.02 Interest-bearing demand - Brokered 110,000 2.23 110,000 2.28 Certificates of deposit - Brokered 33,777 0.68 33,764 0.70 Total deposits $ 4,944,913 100.00 % $ 4,818,484 100.00 % (1) Interest-bearing checking includes
Scheduled Maturities of Time Deposits	The scheduled maturities of certificates of deposit, including brokered certificates of deposit, as of March 31, 2021 are as follows: (In thousands) 2021 $ 352,816 2022 115,218 2023 11,530 2024 25,558 2025 29,225 Over 5 Years 5,729 Total $ 540,076

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020. Three Months Ended March 31, 2021 Wealth Management (In thousands) Banking Division Total Net interest income $ 30,226 $ 1,567 $ 31,793 Noninterest income 5,140 12,680 17,820 Total income 35,366 14,247 49,613 Provision for loan and lease losses 225 — 225 Compensation and employee benefits 16,428 5,562 21,990 Premises and equipment expense 3,570 543 4,113 FDIC insurance expense 585 — 585 Other operating expense 2,391 2,515 4,906 Total operating expense 23,199 8,620 31,819 Income before income tax expense 12,167 5,627 17,794 Income tax expense 3,159 1,457 4,616 Net income $ 9,008 $ 4,170 $ 13,178 Total assets at period end $ 5,883,553 $ 86,074 $ 5,969,627 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 (Loss)/income before income tax (benefit)/expense (4,846 ) 2,875 (1,971 ) Income tax (benefit)/expense (3,893 ) 549 (3,344 ) Net (loss)/income $ (953 ) $ 2,326 $ 1,373 Total assets at period end $ 5,734,495 $ 96,963 $ 5,831,458

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following table summarizes, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option: Assets Measured on a Recurring Basis Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs (In thousands) 2021 (Level 1) (Level 2) (Level 3) Assets: Available for sale: U.S. government-sponsored agencies $ 221,337 $ — $ 221,337 $ — Mortgage-backed securities-residential 596,620 — 596,620 — SBA pool securities 46,243 — 46,243 — State and political subdivisions 8,053 — 8,053 — Corporate bond 3,048 — 3,048 — CRA investment fund 14,852 14,852 — — Loans held for sale, at fair value 9,219 — 9,219 — Derivatives: Loan level swaps 45,301 — 45,301 — Total $ 944,673 $ 14,852 $ 929,821 $ — Liabilities: Derivatives: Cash flow hedges $ 8,166 $ — $ 8,166 $ — Loan level swaps 45,301 — 45,301 — Total $ 53,467 $ — $ 53,467 $ — 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) 2020 (Level 1) (Level 2) (Level 3) Assets: Securities available for sale: U.S. treasuries $ 2,613 $ — $ 2,613 $ — U.S. government-sponsored agencies 83,771 — 83,771 — Mortgage-backed securities-residential 476,058 — 476,058 — SBA pool securities 49,129 — 49,129 — State and political subdivisions 8,089 — 8,089 — Corporate bond 3,029 — 3,029 — CRA investment fund 15,117 15,117 — — Loans held for sale, at fair value 13,588 — 13,588 — Derivatives: Loan level swaps 79,529 — 79,529 — Total $ 730,923 $ 15,117 $ 715,806 $ — Liabilities: Derivatives: Cash flow hedges $ 9,616 $ — $ 9,616 $ — Loan level swaps 79,529 — 79,529 — Total $ 89,145 $ — $ 89,145 $ —
Schedule of Residential Loans Held for Sale	The following tables present residential loans held for sale, at fair value at the dates indicated: (In thousands) March 31, 2021 December 31, 2020 Residential loans contractual balance $ 9,029 $ 13,295 Fair value adjustment 190 293 Total fair value of residential loans held for sale $ 9,219 $ 13,588
Schedule of Assets Measured at Fair Value on Non-Recurring Basis	The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis: Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable March 31, Assets Inputs Inputs (In thousands) 2021 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial and industrial $ 1,800 $ — $ — $ 1,800 Fair Value Measurements Using Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs (In thousands) 2020 (Level 1) (Level 2) (Level 3) Assets: Impaired loans: Commercial and industrial $ 2,300 $ — $ — $ 2,300
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of financial instruments at March 31, 2021 are as follows: Fair Value Measurements at March 31, 2021 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 476,537 $ 476,537 $ — $ — $ 476,537 Securities available for sale 875,301 — 875,301 — 875,301 CRA investment fund 14,852 14,852 — — 14,852 FHLB and FRB stock 13,699 — — — N/A Loans held for sale, at fair value 9,219 — 9,219 — 9,219 Loans held for sale, at lower of cost or fair value 53,185 — 53,399 — 53,399 Loans, net of allowance for loan and lease losses 4,310,395 — — 4,511,593 4,511,593 Accrued interest receivable 23,916 — 2,244 21,672 23,916 Accrued interest receivable loan level swaps (A) 4,660 — 4,660 — 4,660 Loan level swaps 45,301 — 45,301 — 45,301 Financial liabilities Deposits $ 4,944,913 $ 4,404,837 $ 545,549 $ — $ 4,950,386 Short-term borrowings 15,000 — 15,000 — 15,000 Paycheck Protection Program Liquidity Facility 168,180 — 168,180 — 168,180 Subordinated debt 181,837 — — 181,076 181,076 Accrued interest payable 3,499 147 1,159 2,193 3,499 Accrued interest payable loan level swaps 4,660 — 4,660 — 4,660 Cash flow hedges 8,166 — 8,166 — 8,166 Loan level swap 45,301 — 45,301 — 45,301 (A) Included in other assets in the Consolidated Statement of Condition. The carrying amounts and estimated fair values of financial instruments at December 31, 2020 are as follows: Fair Value Measurements at December 31, 2020 using Carrying (In thousands) Amount Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 653,322 $ 653,322 $ — $ — $ 653,322 Securities available for sale 622,689 — 622,689 — 622,689 CRA investment fund 15,117 15,117 — — 15,117 FHLB and FRB stock 13,709 — — — N/A Loans held for sale, at fair value 13,588 — 13,588 — 13,588 Loans held for sale, at lower of cost or fair value 18,520 — 19,115 — 19,115 Loans, net of allowance for loan and lease losses 4,305,128 — — 4,462,243 4,462,243 Accrued interest receivable 22,495 — 1,653 20,842 22,495 Loan level swaps 79,529 — 79,529 — 79,529 Financial liabilities Deposits $ 4,818,484 $ 4,222,370 $ 604,036 $ — $ 4,826,406 Short-term borrowings 15,000 — 15,000 — 15,000 Paycheck Protection Program Liquidity Facility 177,086 — 177,086 — 177,086 Subordinated debt 181,794 — — 183,348 183,348 Accrued interest payable 1,650 150 1,347 153 1,650 Cash flow hedges 9,616 — 9,616 — 9,616 Loan level swaps 79,529 — 79,529 — 79,529

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Noninterest Income	The following tables present the sources of noninterest income for the periods indicated: For the Three Months Ended March 31, (In thousands) 2021 2020 Service charges on deposits Overdraft fees $ 93 $ 147 Interchange income 317 280 Other 436 389 Wealth management fees (a) 12,131 9,955 Other (b) 4,843 3,746 Total noninterest other income $ 17,820 $ 14,517 (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, 2021 2020 (In thousands) Wealth Wealth Revenue by Operating Segment Banking Management Total Banking Management Total Service charges on deposits Overdraft fees $ 93 $ — $ 93 $ 147 $ — $ 147 Interchange income 317 — 317 280 — 280 Other 436 — 436 389 — 389 Wealth management fees (a) — 12,131 12,131 — 9,955 9,955 Other (b) 4,294 549 4,843 3,413 333 3,746 Total noninterest income $ 5,140 $ 12,680 $ 17,820 $ 4,229 $ 10,288 $ 14,517 (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, 2021
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) 2021 2020 Professional and legal fees $ 1,256 $ 974 Telephone 334 324 Advertising 214 340 Amortization of intangible assets 368 324 Other operating expenses 2,734 2,754 Total other operating expenses $ 4,906 $ 4,716

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020: 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) 2021 Reclassifications Income/(Loss) 2021 2021 Net unrealized holding gain/(loss) on securities available for sale, net of tax $ 5,521 $ (13,415 ) $ — $ (13,415 ) $ (7,894 ) Gain/(loss) on cash flow hedges (6,913 ) 1,043 — 1,043 (5,870 ) Accumulated other comprehensive gain/(loss), net of tax $ (1,392 ) $ (12,372 ) $ — $ (12,372 ) $ (13,764 ) 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 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 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income/(loss)	The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, (In thousands) 2021 2020 Affected Line Item in Income Statement Unrealized gains/(losses) on cash flow hedge derivatives: Reclassification adjustment for amounts included in net income $ — $ (71 ) Interest expense Tax effect — 19 Income tax expense Total reclassifications, net of tax $ — $ (52 )

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020: (Dollars in thousands) March 31, 2021 December 31, 2020 Notional amount $ 270,000 $ 270,000 Weighted average pay rate 1.93 % 1.93 % Weighted average receive rate 0.20 % 0.22 % Weighted average maturity 1.78 years 2.02 years Unrealized loss, net $ (8,166 ) $ (9,616 ) Number of contracts 13 13
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, 2021 and 2020: For the Three Months Ended March 31, (In thousands) 2021 2020 Interest rate contracts Gain/(loss) recognized in OCI (effective portion) $ 1,450 $ (8,878 ) Gain/(loss) reclassified from OCI to interest expense — (71 ) Gain/(loss) recognized in other noninterest expense (ineffective portion) — —
Schedule of Cash Flow Hedges Included in Financial Statements	March 31, 2021 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 270,000 $ (8,166 ) Total included in other assets — — Total included in other liabilities 270,000 (8,166 ) December 31, 2020 Notional Fair (In thousands) Amount Value Interest rate swaps related to interest-bearing deposits $ 270,000 $ (9,616 ) Total included in other assets — — Total included in other liabilities 270,000 (9,616 )
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, 2021 December 31, 2020 Notional amount $ 789,673 $ 823,134 Fair value $ 45,301 $ 79,529 Weighted average pay rates 4.05 % 4.02 % Weighted average receive rates 1.89 % 1.91 % Weighted average maturity 6.13 years 6.5 years Number of contracts 93 95

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021: (In thousands) 2021 $ 2,523 2022 2,228 2023 1,721 2024 1,426 2025 1,005 Thereafter 2,825 Total lease payments 11,728 Less: imputed interest 1,219 Total present value of lease payments $ 10,509
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, 2021 and 2020: For the Three Months Ended (In thousands) 2021 2020 Right-of-use asset obtained in exchange for lease obligation $ 1,412 $ 157 Operating cash flows from operating leases 619 728 Operating cash flows from direct finance leases 79 90 Financing cash flows from direct finance leases 187 187

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	1 Months Ended	3 Months Ended
	May 31, 2020shares	Mar. 31, 2021USD ($)segment$ / sharesshares	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)
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		$ 77,000,000			$ 65,500,000
Threshold period for loan		30 days
Threshold for determining nonaccrual status		90 days
Loan modifications		$ 946,700,000
Post-modification outstanding recorded investment				$ 301,000
Sale of loans servicing released to third party			$ 355,000,000
Closing stock price of common stock | $ / shares		$ 30.88
Stock options granted | shares		0
Issuance of shares for Employee Stock Purchase Plan, shares | shares		8,425		0
Antidilutive securities | shares		239,472		570,102
Restricted stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares granted | shares		187,762
Compensation cost		$ 1,700,000		$ 1,500,000
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		51,710
Restricted Stock Units [Member]
Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost		$ 17,400,000
Weighted average period over which unrecognized compensation is expected to be recognized (in years)		1 year 7 months 24 days
Employee Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Compensation cost		$ 30,000		$ 41,000
Number of share purchase rights authorized | shares		150,000
Additional common stock to be issued | shares	200,000
Share purchase rights offering period		12 months
Percentage of closing market price on purchase date		85.00%
Deferral [Member]
Summary Of Significant Accounting Policies [Line Items]
Post-modification outstanding recorded investment		$ 42,757,000
U.S. Small Business Administration (SBA) Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Paycheck Protection Program, maximum credit facility		650,000,000
Paycheck protection program loans remaining balance		$ 232,700,000
Substandard [Member]
Summary Of Significant Accounting Policies [Line Items]
Loan reserve multiple		3.25			3.25
Special Mention [Member]
Summary Of Significant Accounting Policies [Line Items]
Loan reserve multiple		2.25			2.25
Consumer and Other [Member] | Closed-end Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Threshold for determining nonaccrual status		120 days
Consumer and Other [Member] | Open-end Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Threshold for determining nonaccrual status		180 days
Small Business Administration Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans held for sale		$ 1,800,000			$ 6,000,000
SBA Paycheck Protection Program [Member]
Summary Of Significant Accounting Policies [Line Items]
Loans held for sale		$ 45,800,000
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, 2021USD ($)$ / sharesshares
Number of Options
Balance | shares	50,660
Exercised | shares	(820)
Forfeited | shares	(2,380)
Balance | shares	47,460
Vested and expected to vest | shares	47,460
Exercisable | shares	47,460
Weighted Average Exercise Price
Balance | $ / shares	$ 13.59
Exercised | $ / shares	13.39
Forfeited | $ / shares	13.53
Balance | $ / shares	13.60
Vested and expected to vest | $ / shares	13.60
Exercisable | $ / shares	$ 13.60
Weighted Average Remaining Contractual Term
Balance	1 year 5 months 8 days
Vested and expected to vest	1 year 5 months 8 days
Exercisable	1 year 5 months 8 days
Aggregate Intrinsic Value
Balance | $	$ 820
Vested and expected to vest | $	820
Exercisable | $	$ 820

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Restricted Common Shares) (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Performance Shares [Member]
Number of Shares
Balance at Beginning | shares	221,600
Shares granted | shares	51,710
Vested | shares	(36,032)
Forfeited | shares	(11,843)
Balance at end | shares	225,435
Weighted Average Grant Date Fair Value
Balance at Beginning | $ / shares	$ 20.47
Granted | $ / shares	31.36
Vested | $ / shares	35.33
Forfeited | $ / shares	26.32
Balance at end | $ / shares	$ 20.29
Restricted stock [Member]
Number of Shares
Balance at Beginning | shares	777,166
Shares granted | shares	187,762
Vested | shares	(231,116)
Forfeited | shares	(21,260)
Balance at end | shares	712,552
Weighted Average Grant Date Fair Value
Balance at Beginning | $ / shares	$ 19.24
Granted | $ / shares	31.36
Vested | $ / shares	22.32
Forfeited | $ / shares	16.12
Balance at end | $ / shares	$ 21.53

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, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net income available to common shareholders	$ 13,178	$ 1,373
Basic weighted average shares outstanding	18,950,305	18,858,343
Plus: common stock equivalents	581,384	221,232
Diluted weighted average shares outstanding	19,531,689	19,079,575
Net income per share
Basic	$ 0.70	$ 0.07
Diluted	$ 0.67	$ 0.07

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, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 885,626	$ 615,396
Gross Unrealized Gains	6,935	8,768
Gross Unrealized Losses	(17,260)	(1,475)
Fair Value	875,301	622,689
U.S. Government-Sponsored Agencies [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	229,199	84,424
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(7,862)	(655)
Fair Value	221,337	83,771
Mortgage-Backed Securities-Residential [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	598,088	467,915
Gross Unrealized Gains	6,786	8,604
Gross Unrealized Losses	(8,254)	(461)
Fair Value	596,620	476,058
SBA Pool Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	47,372	49,457
Gross Unrealized Gains	15	31
Gross Unrealized Losses	(1,144)	(359)
Fair Value	46,243	49,129
State and Political Subdivisions [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	7,967	7,987
Gross Unrealized Gains	86	102
Gross Unrealized Losses	0	0
Fair Value	8,053	8,089
Corporate Bond [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,000	3,000
Gross Unrealized Gains	48	29
Gross Unrealized Losses	0	0
Fair Value	$ 3,048	3,029
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		2,613
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		$ 2,613

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, 2021	Dec. 31, 2020
Approximate Fair Value
Less Than 12 Months	$ 538,938	$ 216,829
12 Months or Longer	8,591	16,009
Total	547,529	232,838
Unrealized Losses
Less Than 12 Months	(17,235)	(1,428)
12 Months or Longer	(25)	(47)
Total	(17,260)	(1,475)
U.S. Government-Sponsored Agencies [Member]
Approximate Fair Value
Less Than 12 Months	211,882	73,769
12 Months or Longer	0	0
Total	211,882	73,769
Unrealized Losses
Less Than 12 Months	(7,862)	(655)
12 Months or Longer	0	0
Total	(7,862)	(655)
Mortgage-Backed Securities-Residential [Member]
Approximate Fair Value
Less Than 12 Months	290,133	103,340
12 Months or Longer	6,534	13,914
Total	296,667	117,254
Unrealized Losses
Less Than 12 Months	(8,244)	(430)
12 Months or Longer	(10)	(31)
Total	(8,254)	(461)
SBA Pool Securities [Member]
Approximate Fair Value
Less Than 12 Months	36,923	39,720
12 Months or Longer	2,057	2,095
Total	38,980	41,815
Unrealized Losses
Less Than 12 Months	(1,129)	(343)
12 Months or Longer	(15)	(16)
Total	$ (1,144)	$ (359)

INVESTMENT SECURITIES AVAILAB_5

INVESTMENT SECURITIES AVAILABLE FOR SALE - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	$ 14,852,000		$ 15,117,000
Securities (losses)/gains, net	(265,000)	$ 198,000
CRA Investment Fund [Member]
Schedule Of Available For Sale Securities [Line Items]
Investment with fair value classified as equity security	14,900,000
Securities (losses)/gains, net	$ (265,000)

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, 2021	Dec. 31, 2020
Total loans		$ 4,377,931	$ 4,372,437
Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)		100.00%	100.00%
Unallocated Financing Receivables [Member]
Total loans		$ 200	$ 226
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		$ 489,665	$ 502,829
Residential Mortgage [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)		11.18%	11.50%
Multifamily Property [Member] | Residential Portfolio Segment [Member]
Total loans		$ 1,178,940	$ 1,126,946
Multifamily Property [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)		26.93%	25.77%
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans		$ 697,599	$ 691,294
Commercial Mortgage [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)		15.94%	15.81%
Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member]
Total loans	[1]	$ 1,911,520	$ 1,950,981
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)	[1]	43.66%	44.62%
Construction [Member] | Commercial Portfolio Segment [Member]
Total loans		$ 17,865	$ 12,600
Construction [Member] | Commercial Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)		0.41%	0.29%
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member]
Total loans		$ 45,623	$ 50,545
Home Equity Lines of Credit [Member] | Residential Portfolio Segment [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)		1.04%	1.15%
Consumer Loans, Including Home Equity Loans [Member] | Consumer and Other Loans [Member]
Total loans		$ 36,519	$ 37,016
Consumer Loans, Including Home Equity Loans [Member] | Consumer and Other Loans [Member] | Loans and Finance Receivables, Gross [Member] | Credit Concentration Risk [Member]
Total loans (in percent)		0.83%	0.85%
[1]	Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020.

LOANS AND LEASES (Schedule of_2

LOANS AND LEASES (Schedule of Loans Outstanding, by Type of Loan) (Parenthetical) (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans		$ 4,377,931	$ 4,372,437
Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	[1]	1,911,520	1,950,981
U.S. Small Business Administration (SBA) Loans [Member] | Commercial Loans Including Equipment Financing [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans		$ 187,000	$ 196,000
[1]	Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020.

LOANS AND LEASES (Schedule of_3

LOANS AND LEASES (Schedule of Loan Balances by Portfolio Class) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2021		Dec. 31, 2020
Total loans		$ 4,375,155		$ 4,369,573
Net deferred costs		2,776		2,864
Total loans including net deferred costs		$ 4,377,931		$ 4,372,437
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		$ 498,570		$ 512,841
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		11.39%		11.74%
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans		$ 45,623		$ 50,545
Total loans including net deferred costs		$ 45,623		$ 50,545
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		1.04%		1.16%
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans		$ 1,178,940		$ 1,126,946
Total loans including net deferred costs		$ 1,178,940		$ 1,126,946
Residential Portfolio Segment [Member] | Multifamily Property [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		26.95%		25.79%
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans		$ 4,686		$ 4,527
Residential Portfolio Segment [Member] | Junior Lien [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		0.11%		0.10%
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans		$ 241,094		$ 253,447
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		5.51%		5.80%
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans		$ 966,287		$ 995,613
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		22.09%		22.79%
Commercial Portfolio Segment [Member] | Construction [Member]
Total loans		$ 18,035		$ 12,773
Total loans including net deferred costs		$ 17,865		$ 12,600
Commercial Portfolio Segment [Member] | Construction [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		0.41%		0.29%
Consumer and Other Loans [Member]
Total loans		$ 42,080		$ 44,483
Consumer and Other Loans [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		0.96%		1.02%
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member]
Total loans	[2]	$ 1,064,133	[1]	$ 1,059,399
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)	[2]	24.32%		24.24%
Lease Financing [Member]
Total loans		$ 312,358		$ 305,931
Lease Financing [Member] | Commercial Portfolio Segment [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		7.14%		7.00%
Agricultural Sector [Member]
Total loans		$ 3,349		$ 3,068
Agricultural Sector [Member] | Customer Concentration Risk [Member] | Loans and Finance Receivables, Gross [Member]
Total loans (in percent)		0.08%		0.07%
[1]	The balance includes PPP loans of $187 million had no related reserve as these loans are guaranteed by the SBA
[2]	Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020.

LOANS AND LEASES (Schedule of_4

LOANS AND LEASES (Schedule of Loan Balances by Portfolio Class) (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 4,377,931	$ 4,372,437
U.S. Small Business Administration (SBA) Loans [Member] | Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 187,000	$ 196,000

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, 2021		Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Total Loans Individually Evaluated for Impairment		$ 11,964		$ 16,204
Ending ALLL Attributable to Loans Individually Evaluated for Impairment		3,201		2,703
Total Loans Collectively Evaluated for Impairment		4,363,191		4,353,369
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		64,335		64,606
Total Loans		4,375,155		4,369,573
Total Ending ALLL		67,536		67,309	$ 63,783	$ 43,676
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Loans Individually Evaluated for Impairment		2,264		1,490
Ending ALLL Attributable to Loans Individually Evaluated for Impairment		1		3
Total Loans Collectively Evaluated for Impairment		496,306		511,351
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		2,775		2,902
Total Loans		498,570		512,841
Total Ending ALLL		2,776		2,905	3,173	2,090
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total Loans Collectively Evaluated for Impairment		45,623		50,545
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		198		218
Total Loans		45,623		50,545
Total Ending ALLL		198		218	237	128
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total Loans Collectively Evaluated for Impairment		1,178,940		1,126,946
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		10,427		9,945
Total Loans		1,178,940		1,126,946
Total Ending ALLL		10,427		9,945	9,104	6,037
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total Loans Collectively Evaluated for Impairment		4,686		4,527
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		16		15
Total Loans		4,686		4,527
Total Ending ALLL		16		15	23	13
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total Loans Individually Evaluated for Impairment		564		807
Total Loans Collectively Evaluated for Impairment		240,530		252,640
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		2,864		3,050
Total Loans		241,094		253,447
Total Ending ALLL		2,864		3,050	2,838	2,064
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total Loans Individually Evaluated for Impairment				4,593
Total Loans Collectively Evaluated for Impairment		966,287		991,020
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		26,693		27,713
Total Loans		966,287		995,613
Total Ending ALLL		26,693		27,713	27,671	15,988
Commercial Portfolio Segment [Member] | Construction [Member]
Total Loans Collectively Evaluated for Impairment		18,035		12,773
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		161		158
Total Loans		18,035		12,773
Total Ending ALLL		161		158	40	27
Consumer and Other Loans [Member]
Total Loans Collectively Evaluated for Impairment		42,080		44,483
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		262		279
Total Loans		42,080		44,483
Total Ending ALLL		262		279	394	296
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member]
Total Loans Individually Evaluated for Impairment		9,136	[1]	9,314
Ending ALLL Attributable to Loans Individually Evaluated for Impairment		3,200	[1]	2,700
Total Loans Collectively Evaluated for Impairment		1,054,997	[1]	1,050,085
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		16,925	[1]	16,347
Total Loans	[2]	1,064,133	[1]	1,059,399
Total Ending ALLL		20,125	[1]	19,047	17,124	14,353
Lease Financing [Member]
Total Loans Collectively Evaluated for Impairment		312,358		305,931
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		3,967		3,936
Total Loans		312,358		305,931
Total Ending ALLL		3,967		3,936
Agricultural Sector [Member]
Total Loans Collectively Evaluated for Impairment		3,349		3,068
Ending ALLL Attributable to Loans Collectively Evaluated for Impairment		47		43
Total Loans		3,349		3,068
Total Ending ALLL		$ 47		$ 43	$ 38	$ 38
[1]	The balance includes PPP loans of $187 million had no related reserve as these loans are guaranteed by the SBA
[2]	Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020.

LOANS AND LEASES - (Schedule of

LOANS AND LEASES - (Schedule of Balances by Portfolio Class, Based on Impairment Method) (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 4,377,931	$ 4,372,437
U.S. Small Business Administration (SBA) Loans [Member] | Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 187,000

LOANS AND LEASES - Additional I

LOANS AND LEASES - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)Contract	Mar. 31, 2020USD ($)Contract	Dec. 31, 2020USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Impaired non-accrual loans	$ 11,767,000		$ 11,410,000
Impaired non-accrual loans performing troubled debt restructured	197,000		201,000
Allowance allocated to troubled debt restructured loans	1,000		3,000
Allowance allocated to non accrual loans	0
Loan receivable, validate risk ratings performed for large sample or new lending to existing relationships	1,000,000
Loan receivable, validate risk ratings performed for criticized and classified rated borrowers with relationship exposure, value	500,000
Loan receivable, validate risk ratings performed for new regulation "O" loan commitments, value	1,000,000
Loan receivable validate risk ratings performed for leveraged loans, value	1,000,000
Loan receivable validate risk ratings performed for no borrower with commitments, value	500,000
Bank modified loans and contracts | Contract		2
Post-modification outstanding recorded investment		$ 301,000
Loan modifications	946,700,000
Troubled debt restructurings specific reserves	$ 1,000		3,000
Deferral [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Bank modified loans and contracts | Contract	540
Bank modified loans and contracts | Contract	32
Post-modification outstanding recorded investment	$ 42,757,000
Deferral [Member] | Loan Level Swaps [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Bank modified loans and contracts | Contract	1
Post-modification outstanding recorded investment	$ 19,900,000
Substandard [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Financing receivable impaired loan	12,000,000		$ 16,200,000
Minimum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for large sample of borrowers with relationship, value	1,000,000
Maximum [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Loan receivable, validate risk ratings performed for small sample of borrowers with relationship, value	$ 1,000,000

LOANS AND LEASES (Schedule of_5

LOANS AND LEASES (Schedule of Loans Individually Evaluated for Impairment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Unpaid Principal Balance
With no related allowance recorded	$ 9,994	$ 14,148
With related allowance recorded	5,160	5,162
Total loans individually evaluated for impairment	15,154	19,310
Recorded Investment
With no related allowance recorded	6,804	11,042
With related allowance recorded	5,160	5,162
Total loans individually evaluated for impairment	11,964	16,204
Specific Reserves	3,201	2,703
Average Impaired Loans
With no related allowance recorded	6,422	14,319
With related allowance recorded	5,161	4,666
Total loans individually evaluated for impairment	11,583	18,985
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Unpaid Principal Balance
With no related allowance recorded	2,384	1,601
With related allowance recorded	160	162
Recorded Investment
With no related allowance recorded	2,104	1,328
With related allowance recorded	160	162
Specific Reserves	1	3
Average Impaired Loans
With no related allowance recorded	1,579	5,544
With related allowance recorded	161	526
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Unpaid Principal Balance
With no related allowance recorded	577	817
Recorded Investment
With no related allowance recorded	564	807
Average Impaired Loans
With no related allowance recorded	645	516
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Unpaid Principal Balance
With no related allowance recorded		4,593
Recorded Investment
With no related allowance recorded		4,593
Average Impaired Loans
With no related allowance recorded		6,582
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Unpaid Principal Balance
With no related allowance recorded	7,033	7,137
With related allowance recorded	5,000	5,000
Recorded Investment
With no related allowance recorded	4,136	4,314
With related allowance recorded	5,000	5,000
Specific Reserves	3,200	2,700
Average Impaired Loans
With no related allowance recorded	4,198	1,677
With related allowance recorded	$ 5,000	$ 4,140

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, 2021	Dec. 31, 2020
Impaired non-accrual loans	$ 11,767	$ 11,410
Loans Past Due Over 90 Days And Still Accruing Interest	0	0
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Impaired non-accrual loans	2,104	1,328
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	564	807
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	9,099	9,275
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, 2021	Dec. 31, 2020
Total Past Due	$ 1,622	$ 5,053
Consumer and Other Loans [Member]
Total Past Due	1
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total Past Due		25
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Past Due	990	3,041
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total Past Due		181
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total Past Due		269
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total Past Due	81	1,269
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total Past Due	550	268
30 to 59 Days Past Due [Member]
Total Past Due	1,621	3,846
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Past Due	990	2,900
30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total Past Due		181
30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total Past Due	81	497
30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total Past Due	550	268
60 to 89 Days Past Due [Member]
Total Past Due	1	1,207
60 to 89 Days Past Due [Member] | Consumer and Other Loans [Member]
Total Past Due	1
60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Junior Lien [Member]
Total Past Due		25
60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total Past Due		141
60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total Past Due		269
60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total Past Due		772
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, 2021		Dec. 31, 2020
Total loans		$ 4,375,155		$ 4,369,573
Lease Financing [Member]
Total loans		312,358		305,931
Agricultural Sector [Member]
Total loans		3,349		3,068
Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans		4,686		4,527
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans		498,570		512,841
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans		45,623		50,545
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans		1,178,940		1,126,946
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans		966,287		995,613
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans	[2]	1,064,133	[1]	1,059,399
Commercial Portfolio Segment [Member] | Construction [Member]
Total loans		18,035		12,773
Consumer and Other Loans [Member]
Total loans		42,080		44,483
Pass [Member]
Total loans		4,183,428		4,169,699
Pass [Member] | Lease Financing [Member]
Total loans		312,358		305,931
Pass [Member] | Agricultural Sector [Member]
Total loans		3,349		3,068
Pass [Member] | Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans		4,668		4,483
Pass [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans		488,941		504,795
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans		45,149		50,068
Pass [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans		1,174,380		1,121,145
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans		228,790		240,638
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans		868,088		893,115
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans		997,669		989,281
Pass [Member] | Commercial Portfolio Segment [Member] | Construction [Member]
Total loans		17,956		12,692
Pass [Member] | Consumer and Other Loans [Member]
Total loans		42,080		44,483
Special Mention [Member]
Total loans		166,013		162,103
Special Mention [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans		3,014		1,398
Special Mention [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans		4,206		5,441
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans		10,187		10,417
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans		98,199		91,162
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans		50,328		53,604
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction [Member]
Total loans		79		81
Substandard [Member]
Total loans		25,714		37,771
Substandard [Member] | Residential Portfolio Segment [Member] | Junior Lien [Member]
Total loans		18		44
Substandard [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Total loans		6,615		6,648
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Total loans		474		477
Substandard [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Total loans		354		360
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Total loans		2,117		2,392
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Total loans				11,336
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Total loans		$ 16,136		$ 16,514
[1]	The balance includes PPP loans of $187 million had no related reserve as these loans are guaranteed by the SBA
[2]	Includes PPP loans of $187 million at March 31, 2021 and $196 million at December 31, 2020.

LOANS AND LEASES (Schedule of_6

LOANS AND LEASES (Schedule of Activity in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Allowance for loan losses
Beginning ALLL	$ 67,309		$ 43,676
Charge-Offs	(15)		(8)
Recoveries	17		115
Provision (Credit)	225		20,000
Ending ALLL	67,536		63,783
Agricultural Sector [Member]
Allowance for loan losses
Beginning ALLL	43		38
Provision (Credit)	4
Ending ALLL	47		38
Residential Portfolio Segment [Member] | Junior Lien [Member]
Allowance for loan losses
Beginning ALLL	15		13
Provision (Credit)	1		10
Ending ALLL	16		23
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Allowance for loan losses
Beginning ALLL	2,905		2,090
Recoveries			77
Provision (Credit)	(129)		1,006
Ending ALLL	2,776		3,173
Residential Portfolio Segment [Member] | Home Equity Lines of Credit [Member]
Allowance for loan losses
Beginning ALLL	218		128
Recoveries	9		3
Provision (Credit)	(29)		106
Ending ALLL	198		237
Residential Portfolio Segment [Member] | Multifamily Property [Member]
Allowance for loan losses
Beginning ALLL	9,945		6,037
Provision (Credit)	482		3,067
Ending ALLL	10,427		9,104
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Allowance for loan losses
Beginning ALLL	3,050		2,064
Provision (Credit)	(186)		774
Ending ALLL	2,864		2,838
Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Allowance for loan losses
Beginning ALLL	27,713		15,988
Recoveries			31
Provision (Credit)	(1,020)		11,652
Ending ALLL	26,693		27,671
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Allowance for loan losses
Beginning ALLL	19,047		14,353
Recoveries	7		3
Provision (Credit)	1,071		2,768
Ending ALLL	20,125	[1]	17,124
Commercial Portfolio Segment [Member] | Lease Financing [Member]
Allowance for loan losses
Beginning ALLL	3,936		2,642
Provision (Credit)	31		499
Ending ALLL	3,967		3,141
Commercial Portfolio Segment [Member] | Construction [Member]
Allowance for loan losses
Beginning ALLL	158		27
Provision (Credit)	3		13
Ending ALLL	161		40
Consumer and Other Loans [Member]
Allowance for loan losses
Beginning ALLL	279		296
Charge-Offs	(15)		(8)
Recoveries	1		1
Provision (Credit)	(3)		105
Ending ALLL	$ 262		$ 394
[1]	The balance includes PPP loans of $187 million had no related reserve as these loans are guaranteed by the SBA

LOANS AND LEASES (Schedule of_7

LOANS AND LEASES (Schedule of Loan Modifications) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)Contract	Mar. 31, 2020USD ($)Contract
Number of Loans | Contract		2
Post-Modification Outstanding Recorded Investment | $		$ 301
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Number of Loans | Contract		1
Post-Modification Outstanding Recorded Investment | $		$ 253
Deferral [Member]
Number of Loans | Contract	32
Post-Modification Outstanding Recorded Investment | $	$ 42,757
Deferral [Member] | Residential Portfolio Segment [Member] | Junior Lien [Member]
Number of Loans | Contract	1
Post-Modification Outstanding Recorded Investment | $	$ 18
Deferral [Member] | Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Number of Loans | Contract	21
Post-Modification Outstanding Recorded Investment | $	$ 7,477
Deferral [Member] | Residential Portfolio Segment [Member] | Multifamily Property [Member]
Number of Loans | Contract	1
Post-Modification Outstanding Recorded Investment | $	$ 921
Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Property [Member]
Number of Loans | Contract	1
Post-Modification Outstanding Recorded Investment | $	$ 117
Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | Investment Property [Member]
Number of Loans | Contract	1
Post-Modification Outstanding Recorded Investment | $	$ 19,887
Deferral [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Number of Loans | Contract	6
Post-Modification Outstanding Recorded Investment | $	$ 12,993
Deferral [Member] | Commercial Portfolio Segment [Member] | Construction [Member]
Number of Loans | Contract	1
Post-Modification Outstanding Recorded Investment | $	$ 1,344

LOANS AND LEASES (Schedule of_8

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

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, 2021USD ($)Contract	Mar. 31, 2020USD ($)Contract
Number of Subsequently Defaulted Loans | Contract	1	1
Subsequently Defaulted Recorded Investment | $	$ 132	$ 200
Residential Portfolio Segment [Member] | Primary Residential Mortgages [Member]
Number of Subsequently Defaulted Loans | Contract	1	1
Subsequently Defaulted Recorded Investment | $	$ 132	$ 200

DEPOSITS - Additional Informati

DEPOSITS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deposits [Abstract]
Time deposits over $250,000	$ 164,100	$ 186,300

DEPOSITS (Schedule of Details o

DEPOSITS (Schedule of Details of Total Deposits) (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Deposits:
Noninterest-bearing demand deposits		$ 908,922	$ 833,500
Interest-bearing checking	[1]	1,987,567	1,849,254
Savings		141,743	130,731
Money market		1,256,605	1,298,885
Certificates of deposit - retail		474,668	530,222
Certificates of deposit - listing service		31,631	32,128
Subtotal deposits		4,801,136	4,674,720
Interest-bearing demand - Brokered		110,000	110,000
Certificates of deposit - Brokered		33,777	33,764
Total deposits		$ 4,944,913	$ 4,818,484
%
Noninterest-bearing demand deposits		18.38%	17.30%
Interest-bearing checking	[1]	40.19%	38.38%
Savings		2.87%	2.71%
Money market		25.41%	26.96%
Certificates of deposit - retail		9.60%	11.00%
Certificates of deposit - listing service		0.64%	0.67%
Subtotal deposits		97.09%	97.02%
Interest-bearing demand - Brokered		2.23%	2.28%
Certificates of deposit - Brokered		0.68%	0.70%
Total deposits		100.00%	100.00%
[1]	Interest-bearing checking includes

DEPOSITS (Details of Total Depo

DEPOSITS (Details of Total Deposits) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Deposits:
Reciprocal balances	$ 731.6	$ 652.5

DEPOSITS (Scheduled Maturities

DEPOSITS (Scheduled Maturities of Time Deposits) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Scheduled maturities of time deposits
2021	$ 352,816
2022	115,218
2023	11,530
2024	25,558
2025	29,225
Over 5 Years	5,729
Total	$ 540,076

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
FHLB advance	$ 15,000
FHLB advance rate	0.36%
Cash flow hedge, term	3 years
Overnight borrowings with FHLB	$ 15,000	$ 15,000
Unused commitments from FHLB	1,800,000
Unused short-term or overnight borrowings from correspondent banks	22,000
Unused short-term or overnight borrowings from FRB	990,000
Borrowings from the federal reserve’s PPPLF	$ 168,180	177,086
Paycheck protection program liquidity facility interest rate	0.35%
Paycheck protection program liquidity facility term	2 years
Prepaid FHLB advances		105,000
FHLB prepayment penalty		4,800
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

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021segment	Mar. 31, 2020USD ($)
Number of Operating Segments | segment	2
Banking [Member]
Federal income tax benefit | $		$ 3.3

BUSINESS SEGMENTS - Schedule of

BUSINESS SEGMENTS - Schedule of Income and Total Assets for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Net interest income	$ 31,793	$ 31,747
Noninterest income	17,820	14,517
Total income	49,613	46,264
Provision for loan and lease losses	225	20,000
Compensation and employee benefits	21,990	19,226
Premises and equipment expense	4,113	4,043
FDIC insurance expense	585	250
Other operating expense	4,906	4,716
Total operating expense	31,819	48,235
(Loss)/income before income tax (benefit)/expense	17,794	(1,971)
Income tax expense/(benefit)	4,616	(3,344)
NET INCOME	13,178	1,373
Total assets at period end	5,969,627	5,831,458	$ 5,890,442
Banking [Member]
Net interest income	30,226	30,409
Noninterest income	5,140	4,229
Total income	35,366	34,638
Provision for loan and lease losses	225	20,000
Compensation and employee benefits	16,428	13,207
Premises and equipment expense	3,570	3,421
FDIC insurance expense	585	250
Other operating expense	2,391	2,606
Total operating expense	23,199	39,484
(Loss)/income before income tax (benefit)/expense	12,167	(4,846)
Income tax expense/(benefit)	3,159	(3,893)
NET INCOME	9,008	(953)
Total assets at period end	5,883,553	5,734,495
Wealth Management Division [Member]
Net interest income	1,567	1,338
Noninterest income	12,680	10,288
Total income	14,247	11,626
Provision for loan and lease losses	0	0
Compensation and employee benefits	5,562	6,019
Premises and equipment expense	543	622
FDIC insurance expense	0	0
Other operating expense	2,515	2,110
Total operating expense	8,620	8,751
(Loss)/income before income tax (benefit)/expense	5,627	2,875
Income tax expense/(benefit)	1,457	549
NET INCOME	4,170	2,326
Total assets at period end	$ 86,074	$ 96,963

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
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, 2021	Dec. 31, 2020
Securities available for sale	$ 875,301	$ 622,689
Loans held for sale, at fair value	9,219	13,588
Recurring Basis [Member]
Loans held for sale, at fair value	9,219	13,588
Total	944,673	730,923
Derivatives	53,467	89,145
Recurring Basis [Member] | Designated as Hedging Instrument [Member]
Derivatives	8,166	9,616
Recurring Basis [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	45,301	79,529
Derivatives	45,301	79,529
Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Total	14,852	15,117
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Loans held for sale, at fair value	9,219	13,588
Total	929,821	715,806
Derivatives	53,467	89,145
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Designated as Hedging Instrument [Member]
Derivatives	8,166	9,616
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Not Designated as Hedging Instrument [Member]
Derivatives	45,301	79,529
Derivatives	45,301	79,529
U.S. Treasuries [Member]
Securities available for sale		2,613
U.S. Treasuries [Member] | Recurring Basis [Member]
Securities available for sale		2,613
U.S. Treasuries [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale		2,613
U.S. Government-Sponsored Agencies [Member]
Securities available for sale	221,337	83,771
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member]
Securities available for sale	221,337	83,771
U.S. Government-Sponsored Agencies [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	221,337	83,771
Mortgage-Backed Securities-Residential [Member]
Securities available for sale	596,620	476,058
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member]
Securities available for sale	596,620	476,058
Mortgage-Backed Securities-Residential [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	596,620	476,058
SBA Pool Securities [Member]
Securities available for sale	46,243	49,129
SBA Pool Securities [Member] | Recurring Basis [Member]
Securities available for sale	46,243	49,129
SBA Pool Securities [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	46,243	49,129
State and Political Subdivisions [Member]
Securities available for sale	8,053	8,089
State and Political Subdivisions [Member] | Recurring Basis [Member]
Securities available for sale	8,053	8,089
State and Political Subdivisions [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	8,053	8,089
Corporate Bond [Member]
Securities available for sale	3,048	3,029
Corporate Bond [Member] | Recurring Basis [Member]
Securities available for sale	3,048	3,029
Corporate Bond [Member] | Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Securities available for sale	3,048	3,029
CRA Investment Fund [Member] | Recurring Basis [Member]
Securities available for sale	14,852	15,117
CRA Investment Fund [Member] | Recurring Basis [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Securities available for sale	$ 14,852	$ 15,117

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, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Residential loans contractual balance	$ 9,029	$ 13,295
Fair value adjustment	190	293
Total fair value of residential loans held for sale	$ 9,219	$ 13,588

FAIR VALUE (Schedule of Asset_2

FAIR VALUE (Schedule of Assets Measured on a Non-Recurring Basis) (Details) - Non-Recurring Basis [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member]
Impaired loans	$ 1,800
Commercial Portfolio Segment [Member] | Commercial and Industrial Sector [Member] | Significant Unobservable Inputs (Level 3) [Member]
Impaired loans	$ 1,800
Commercial and Industrial Sector [Member] | Commercial Portfolio Segment [Member]
Impaired loans		$ 2,300
Commercial and Industrial Sector [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Portfolio Segment [Member]
Impaired loans		$ 2,300

FAIR VALUE (Schedule of Financi

FAIR VALUE (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Financial Assets:
Securities available for sale		$ 875,301	$ 622,689
FHLB and FRB stock		13,699	13,709
Loans held for sale, at fair value		9,219	13,588
Loans held for sale, at lower of cost or fair value		53,185	18,520
Accrued interest receivable		23,916	22,495
Financial Liabilities:
Short-term borrowings		15,000	15,000
Paycheck Protection Program Liquidity Facility		168,180	177,086
Carrying Value [Member]
Financial Assets:
Cash and cash equivalents		476,537	653,322
Securities available for sale		875,301	622,689
CRA investment fund		14,852	15,117
FHLB and FRB stock		13,699	13,709
Loans held for sale, at fair value		9,219	13,588
Loans held for sale, at lower of cost or fair value		53,185	18,520
Loans, net of allowance for loan and lease losses		4,310,395	4,305,128
Accrued interest receivable		23,916	22,495
Financial Liabilities:
Deposits		4,944,913	4,818,484
Short-term borrowings		15,000	15,000
Paycheck Protection Program Liquidity Facility		168,180	177,086
Subordinated debt		181,837	181,794
Accrued interest payable		3,499	1,650
Carrying Value [Member] | Designated as Hedging Instrument [Member]
Financial Liabilities:
Derivatives		8,166	9,616
Carrying Value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Accrued interest receivable	[1]	4,660
Derivatives		45,301	79,529
Financial Liabilities:
Accrued interest payable		4,660
Derivatives		45,301	79,529
Fair value [Member]
Financial Assets:
Cash and cash equivalents		476,537	653,322
Securities available for sale		875,301	622,689
CRA investment fund		14,852	15,117
Loans held for sale, at fair value		9,219	13,588
Loans held for sale, at lower of cost or fair value		53,399	19,115
Loans, net of allowance for loan and lease losses		4,511,593	4,462,243
Accrued interest receivable		23,916	22,495
Financial Liabilities:
Deposits		4,950,386	4,826,406
Short-term borrowings		15,000	15,000
Paycheck Protection Program Liquidity Facility		168,180	177,086
Subordinated debt		181,076	183,348
Accrued interest payable		3,499	1,650
Fair value [Member] | Quoted Prices in Active Market For Identical Assets (Level 1) [Member]
Financial Assets:
Cash and cash equivalents		476,537	653,322
CRA investment fund		14,852	15,117
Financial Liabilities:
Deposits		4,404,837	4,222,370
Accrued interest payable		147	150
Fair value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Securities available for sale		875,301	622,689
Loans held for sale, at fair value		9,219	13,588
Loans held for sale, at lower of cost or fair value		53,399	19,115
Accrued interest receivable		2,244	1,653
Financial Liabilities:
Deposits		545,549	604,036
Short-term borrowings		15,000	15,000
Paycheck Protection Program Liquidity Facility		168,180	177,086
Accrued interest payable		1,159	1,347
Fair value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial Assets:
Loans, net of allowance for loan and lease losses		4,511,593	4,462,243
Accrued interest receivable		21,672	20,842
Financial Liabilities:
Subordinated debt		181,076	183,348
Accrued interest payable		2,193	153
Fair value [Member] | Designated as Hedging Instrument [Member]
Financial Liabilities:
Derivatives		8,166	9,616
Fair value [Member] | Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Liabilities:
Derivatives		8,166	9,616
Fair value [Member] | Not Designated as Hedging Instrument [Member]
Financial Assets:
Accrued interest receivable	[1]	4,660
Derivatives		45,301	79,529
Financial Liabilities:
Accrued interest payable		4,660
Derivatives		45,301	79,529
Fair value [Member] | Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets:
Accrued interest receivable	[1]	4,660
Derivatives		45,301	79,529
Financial Liabilities:
Accrued interest payable		4,660
Derivatives		$ 45,301	$ 79,529
[1]	Included in other assets in the Consolidated Statement of Condition.

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of Noninterest Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Service charges on deposits
Overdraft fees		$ 93	$ 147
Interchange income		317	280
Other		436	389
Wealth management fees	[1]	12,131	9,955
Other	[2]	4,843	3,746
Total other income		$ 17,820	$ 14,517
[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, 2021	Mar. 31, 2020
Service charges on deposits
Overdraft fees		$ 93	$ 147
Interchange income		317	280
Other		436	389
Wealth management fees	[1]	12,131	9,955
Other	[2]	4,843	3,746
Total other income		17,820	14,517
Banking [Member]
Service charges on deposits
Overdraft fees		93	147
Interchange income		317	280
Other		436	389
Wealth management fees	[1]	0	0
Other	[2]	4,294	3,413
Total other income		5,140	4,229
Wealth Management Division [Member]
Service charges on deposits
Overdraft fees		0	0
Interchange income		0	0
Other		0	0
Wealth management fees	[1]	12,131	9,955
Other	[2]	549	333
Total other income		$ 12,680	$ 10,288
[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 ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interchange income	$ 317,000	$ 280,000
Cardholder Rewards [Member]
Interchange income	$ 29,000	$ 32,000

OTHER OPERATING EXPENSES (Sched

OTHER OPERATING EXPENSES (Schedule of Components of Other Operating Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other operating expenses
Professional and legal fees	$ 1,256	$ 974
Telephone	334	324
Advertising	214	340
Amortization of intangible assets	368	324
Other operating expenses	2,734	2,754
Total other operating expenses	$ 4,906	$ 4,716

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 527,122	$ 503,652
Total other comprehensive loss	(12,372)	(2,164)
Balance	522,441	496,440
Net Unrealized Holding Gain/(Loss) on Securities Available for Sale, Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	5,521	1,006
Other Comprehensive Income/(Loss) Before Reclassifications	(13,415)	4,387
Total other comprehensive loss	(13,415)	4,387
Balance	(7,894)	5,393
Gain/(Loss) on Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(6,913)	(2,501)
Other Comprehensive Income/(Loss) Before Reclassifications	1,043	(6,499)
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)		(52)
Total other comprehensive loss	1,043	(6,551)
Balance	(5,870)	(9,052)
Accumulated Other Comprehensive Gain/(Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(1,392)	(1,495)
Other Comprehensive Income/(Loss) Before Reclassifications	(12,372)	(2,112)
Amount Reclassified From Accumulated Other Comprehensive Income/(Loss)		(52)
Total other comprehensive loss	(12,372)	(2,164)
Balance	$ (13,764)	$ (3,659)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (6,446)	$ (13,648)
Securities (losses)/gains, net	(265)	198
Income tax expense	(4,616)	3,344
NET INCOME	$ 13,178	1,373
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)
Income tax expense		19
NET INCOME		$ (52)

DERIVATIVES - Additional Inform

DERIVATIVES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)N	Jun. 30, 2019USD ($)N	Dec. 31, 2020USD ($)
Derivative [Line Items]
Net interest income (expense)	$ 31,793,000	$ 31,747,000
Accrued interest receivable	23,916,000			$ 22,495,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	270,000,000			270,000,000
Net interest income (expense)	1,200,000	106,000
Unrealized after-tax gain of accumulated other comprehensive income (loss)		26,000	$ 189,000
Interest income		$ 71,000
Derivative number of instruments terminated | N		3	4
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Notional amount	270,000,000			270,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Short Term Borrowing [Member]
Derivative [Line Items]
Cash flow hedge of short-term borrowing	15,000,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	789,673,000			$ 823,134,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Accrued interest receivable	4,700,000
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Accrued interest payable	$ 4,700,000

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, 2021USD ($)N	Dec. 31, 2020USD ($)N
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 270,000,000	$ 270,000,000
Fair Value	$ (8,166,000)	$ (9,616,000)
Weighted average pay rate	1.93%	1.93%
Weighted average receive rate	0.20%	0.22%
Weighted average maturity	1 year 9 months 10 days	2 years 7 days
Unrealized loss, net	$ (8,166,000)	$ (9,616,000)
Number of contracts | N	13	13
Loan Level Swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	$ 789,673,000	$ 823,134,000
Fair Value	$ 45,301,000	$ 79,529,000
Weighted average pay rate	4.05%	4.02%
Weighted average receive rate	1.89%	1.91%
Weighted average maturity	6 years 1 month 17 days	6 years 6 months
Number of contracts | N	93	95

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, 2021	Mar. 31, 2020
Derivative [Line Items]
Gain/(loss) recognized in OCI (effective portion)	$ 1,043	$ (6,551)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain/(loss) recognized in OCI (effective portion)	$ 1,450	(8,878)
Gain/(loss) reclassified from OCI to interest expense		$ (71)

DERIVATIVES - (Schedule of Cash

DERIVATIVES - (Schedule of Cash Flow Hedges Included in Financial Statements) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional Amount	$ 270,000,000	$ 270,000,000
Fair Value	(8,166,000)	(9,616,000)
Other Liabilities [Member]
Derivative [Line Items]
Notional Amount	270,000,000	270,000,000
Fair Value	$ (8,166,000)	$ (9,616,000)

SUBORDINATED DEBT - Additional

SUBORDINATED DEBT - Additional Information (Details) - Subordinated Debt [Member] - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2020	Dec. 31, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Principal amount	$ 100,000	$ 35,000	$ 50,000
Non-callable term	5 years	5 years	5 years
Notes maturity date	Dec. 22, 2030	Dec. 15, 2027	Jun. 30, 2026
Fixed interest rate	3.50%	4.75%	6.00%
LIBOR spread	326.00%	2.54%	4.85%
Debt issuance costs	$ 1,900	$ 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, 2021	Mar. 31, 2020	Dec. 31, 2020
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 10,186,000		$ 9,421,000
Operating lease liabilities	$ 10,509,000		$ 9,737,000
Weighted average discount rate	3.02%		3.11%
Weighted average lease term	6 years 8 months 1 day		6 years 3 days
Operating lease costs	$ 701,000	$ 827,000
Variable lease costs	$ 84,000	$ 89,000
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	3 months		1 month
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	16 years		16 years

LEASES (Schedule of Operating L

LEASES (Schedule of Operating Lease Liabilities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 2,523
2022	2,228
2023	1,721
2024	1,426
2025	1,005
Thereafter	2,825
Total lease payments	11,728
Less: imputed interest	1,219
Total present value of lease payments	$ 10,509	$ 9,737

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, 2021	Mar. 31, 2020
Leases [Abstract]
Right-of-use asset obtained in exchange for lease obligation	$ 1,412	$ 157
Operating cash flows from operating leases	619	728
Operating cash flows from direct finance leases	79	90
Financing cash flows from direct finance leases	$ 187	$ 187

ACCOUNTING PRONOUNCEMENTS (Deta

ACCOUNTING PRONOUNCEMENTS (Details) - ASU 2019-12 [Member]	Mar. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true