Peapack-Gladstone Financial (NASDAQ:PGC) expects to record a pretax gain of ~$7.4M in the current quarter on the sale of $354.9M of Paycheck Protection Program loans to The Loan Source.

After the sale, Peapack-Gladstone Bank will hold ~$203.5M of PPP loans, almost all of which exceed $2.0M in original principal amount.

"We expect the sale of the PPP loans to allow a return to a more normal course of business, freeing up staff to focus on traditional lending efforts and providing excellent service to our clients," said PGC President and CEO Doug Kennedy.

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