| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 82.49 | 28.2% |
| Total Income | 82.49 | 28.2% |
| Expenditure | 62.77 | 16.4% |
| PBT | 19.73 | 88.8% |
| Net Profit | 14.15 | 86.2% |
| OPM | — | |
| NPM | 17.16% | 5.36pp |
| EPS | 0.80 | 86.0% |
Peapack-Gladstone Reports Q1 2026 Net Income of $14.2 Million
23 Apr 2026 · 23 Apr, 2:13 am
Summary
Peapack-Gladstone Financial Corporation announced its first quarter 2026 financial results, reporting net income of $14.2 million, or $0.80 per diluted share. The company saw growth in both loans and deposits, with total loans increasing by 12% to $6.4 billion and deposits growing by 9% to $6.8 billion. Net interest income increased by 32% year-over-year to $59.9 million, and the net interest margin expanded to 3.26%. The company also announced a commitment by Strategic Value Bank Partners to purchase up to $50 million of preferred stock.
Key Highlights
- 1
Peapack-Gladstone Financial Corporation reported net income of $14.2 million, or $0.80 per diluted share, for the quarter ended March 31, 2026.
- 2
Total loans increased by 12% over the last twelve months to $6.4 billion.
- 3
Deposits grew 9% to $6.8 billion during the same period.
- 4
Net interest income totaled $59.9 million for the first quarter of 2026, an increase of 32% from the first quarter of 2025.
- 5
Net interest margin expanded to 3.26%, an increase of 58 basis points year-over-year.
- 6
Wealth management fee income totaled $16.5 million, representing 20% of total revenue.
- 7
Tangible book value per share increased 14% year-over-year to $37.02.
Management Comments
Douglas L. Kennedy
Our first quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. Core earnings increased for a sixth consecutive quarter, with net income reaching $14.2 million, up 16% over the previous quarter and 86% over the first quarter of 2025.
Douglas L. Kennedy
This performance continues to be driven by steady growth in both loans and deposits. Total loans increased by 12% over the last twelve months to $6.4 billion, while deposits grew 9% to $6.8 billion during the same period reflecting the strength of our client-focused approach and consistent execution across business lines.
Douglas L. Kennedy
We are very pleased to partner with Strategic Value Bank Partners whose long-term orientation aligns well with our current strategic initiatives. This capital raise provides the flexibility needed to continue to execute on our growth and expansion plan while maintaining capital levels consistent with our long-standing targets. More importantly, it reflects our disciplined approach to capital management with the ultimate goal of delivering top tier returns and value to our entire shareholder base.
John Babcock
Our Wealth Management business delivered another quarter of solid performance, with wealth management fee income totaling $16.5 million for the first quarter of 2026, compared to $16.1 million for the fourth quarter of 2025 and $15.4 million for the first quarter of 2025 driven by continued client inflows of $227 million, along with disciplined cost management and operating efficiency. We ended the quarter with assets under management and administration remaining stable at $13.1 billion as of March 31, 2026, compared to prior quarter end, despite the market volatility late in the quarter.
Douglas L. Kennedy
Loan growth during the quarter was driven by our core C&I franchise, including equipment finance, where we continue to see strong demand from well-capitalized middle-market clients. We are scaling our C&I platform while maintaining disciplined underwriting standards and reducing reliance on higher-risk segments, which we believe positions the loan portfolio for durable, risk-adjusted growth. Our Commercial Real Estate lending team also contributed to the growth in the period focusing on clients that bring a complete relationship to Peapack Private.
Informational and educational content only. Not investment advice.