Kroll Bond Rating Agency on June 6 affirmed a number of ratings for Peapack-Gladstone Financial Corp. and unit Peapack-Gladstone Bank.
The rating agency affirmed the Bedminster, N.J.-based company's senior unsecured debt rating of BBB, subordinated debt rating of BBB-, and short-term debt rating of K3. For Peapack-Gladstone Bank, Kroll affirmed its deposit and senior unsecured debt ratings of BBB+, subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2. All long-term ratings have a stable outlook.
Factors that support the company's ratings include its strong management team, diverse revenue streams, strong asset quality metrics, and variety of products offered to clients, according to Kroll. Conversely, constraints to Peapack's ratings include its low earnings relative to peers', a compact geographic footprint and minimal diversification in its loan portfolio.