Underwriter II

Underwriter II

Peapack Private Bank & Trust is a well-recognized, high-performing boutique bank and a leader in wealth, lending, and deposit solutions. We provide a broad range of sought-after products and services designed to help our clients establish, maintain, and grow their legacy through an innovative approach to private banking. What makes Peapack Private different from our competition? As an institution with over 100 years of history, we have always believed in putting the well-being and needs of our employees and clients first. We are proud to be recognized by American Banker for the eighth consecutive year as one of the nation's "Best Banks to Work For." Our secret sauce, in a word, is our culture. We value a diverse, equitable, inclusive, and safe workplace. Our one-team culture goes to great lengths to show all employees that they are valued members of the organization. We treat one another like family and communicate across the Bank in a transparent and frequent manner, respect and consider feedback from all levels, and operate with a philosophy grounded in hospitality and genuine human kindness. There are multiple ways to build relationships and get involved; from joining one of our Cultural Ambassador sub-committees (focused on Wellness, Employee Fun, Diversity & Inclusion, or Environmental Awareness), to participating in community service activities through our Volunteerism outreach, to joining LIFT (Leading Inspiring Females Together), a committee focused on enriching the lives of women. Simply put, our culture is amazing.

Position Summary

Underwriter II is responsible for evaluating, structuring, underwriting, and ongoing monitoring of loans and leases for the Equipment Finance team. This role involves preparing loan approval memos and reviews by independently analyzing financial statements, assessing creditworthiness, the ability to repay annual debt service, market analysis, and ensuring compliance with the Bank's credit policies and procedures and regulatory requirements.

Responsibilities

• Review and evaluate credit requests including analyzing borrower and guarantor financial statements, cashflow projections, credit reports, and collateral evaluations.
• Work closely with senior underwriters and relationship managers to proactively identify potential risks and find solutions.
• In collaboration with the deal team, develop and recommend appropriate structuring options that align with our risk tolerance and business strategy.
• Prepare both scorecard credit models as well as more comprehensive loan approval memos including financial analysis, debt service coverage, sensitivity analysis, borrower ratings, risk mitigation, and collateral assessment.
• In conjunction with the deal team, present proposed structures to senior management as part of the screening and approval process.
• Monitor and manage the performance of an existing portfolio of loans, identifying potential risks and recommending appropriate actions, including annual and quarterly reviews, compliance with financial covenants and borrower risk rating and assessment.
• Proactively identify emerging risks and collaborate with stakeholders to resolve.
• Collaborate with senior underwriters and relationship managers to determine appropriate structuring options, with the ability to present findings to credit approvers.
• Work with the relationship manager to gather necessary information and clarify loan requests.
• Work closely with other departments, including operations, and legal.

Key Behavioral Expectations

• Operate with agility and adaptability, responding effectively to changing priorities and business needs.
• Demonstrate curiosity and a learning mindset, continuously seeking to improve and grow.
• Utilize AI and technology tools responsibly to enhance productivity and decision-making.
• Show ownership and critical thinking, using sound judgment to solve problems and deliver results.
• Deliver white-glove hospitality, providing thoughtful, proactive, and personalized service in every interaction.

Qualifications

Bachelor's degree in business, finance, or accounting or equivalent experience. Minimum of 3 to 5 years of experience in commercial lending or credit, with a focus on equipment finance. Strong analytical skills, attention to detail, and the ability to interpret financial data. Strong written and verbal communication skills, with the ability to present information clearly and concisely. Strong knowledge of Microsoft Excel, financial modeling, loan origination systems; formal credit training a plus.

Benefits Overview

We offer a competitive compensation package, a generous paid time off program, comprehensive medical, dental, and vision coverage, maternity/paternity leave, education reimbursement, wellness programs, and more. We also offer participation in an Employee Stock Purchase Program and a 401K with a generous match. The approximate pay range for this position is $107,461 to $140,535, plus an opportunity to earn performance-based incentives. Please note that the pay range provided is a good faith estimate for the position at the time of posting. Final compensation may vary based on factors including, but not limited to knowledge, skills, and abilities, as well as geographic location.