| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 86.05 | 4.3% | 23.4% |
| Total Income | 86.05 | 4.3% | 23.4% |
| Expenditure | 63.76 | 1.6% | 9.0% |
| PBT | 22.30 | 13.0% | 98.0% |
| Net Profit | 15.97 | 12.9% | 101.1% |
| OPM | — | ||
| NPM | 18.56% | 1.40pp | 7.18pp |
| EPS | 0.89 | 11.3% | 97.8% |
Peapack-Gladstone Financial Corporation Reports Q2 2026 Financial Results
28 Jul 2026 · 28 Jul, 2:27 am
Summary
Peapack-Gladstone Financial Corporation reported strong second quarter 2026 results, with total revenue reaching $86.1 million, up 23% year-over-year, driven by a 32% increase in net interest income. Net income available to common shareholders was $15.8 million, or $0.85 per diluted share, an 89% increase year-over-year. The company highlighted positive operating leverage due to revenue growth outpacing expense growth, with operating expenses increasing by only 7% year-over-year. Management expressed confidence in the long-term earnings power of the franchise, supported by strategic investments and continued momentum in loan and deposit growth.
Key Highlights
- 1
Peapack-Gladstone Financial Corporation reported second quarter 2026 net income available to common shareholders of $15.8 million, or $0.85 per diluted share.
- 2
Total revenue for the second quarter of 2026 was $86.1 million, marking the ninth consecutive quarter of revenue growth.
- 3
Net interest income increased by 32% year-over-year to $63.9 million, and the net interest margin expanded to 3.32%.
- 4
Total loans grew by $854 million year-over-year to $6.7 billion, with growth concentrated in C&I and commercial real estate.
- 5
Deposits increased by $694 million year-over-year to $7.1 billion, with noninterest-bearing deposits showing significant growth.
- 6
Wealth management assets under management and administration grew 13% year-over-year to $13.9 billion.
- 7
The Company elected to issue the remaining $20 million of its 6% non-cumulative perpetual convertible preferred stock on July 24, 2026, enhancing financial flexibility.
Management Comments
Douglas L. Kennedy
During the industry disruption of 2023, we invested significantly to expand our presence in Metropolitan New York. Since then, we have added 20 experienced banking teams and nearly 200 professionals, opened our flagship financial center on Park Avenue, and rebranded the Company as Peapack Private Bank & Trust. These investments temporarily affected earnings, but they created the platform that is now producing sustained growth and improving profitability. These actions capture our unique brand that seamlessly combines traditional banking with wealth management delivered through a single point of contact. The quality of growth is very strong as our bankers continue to onboard longstanding relationships, introducing clients to a broader range of banking, treasury, and wealth solutions. This integrated approach is deepening relationships and allowing us to compete effectively with much larger institutions. We remain focused on maintaining the capital necessary to support growth prudently. The additional preferred equity enhances our financial flexibility as earnings continue to strengthen and move the Company toward greater organic capital generation. The quality of our loan growth remains as important as the pace of growth. Our bankers are onboarding core relationships and connecting commercial banking, personal banking, treasury management and wealth management through a single point of contact. This model allows us to deepen the connection with our customers and compete effectively against much larger institutions. We continue to manage credit issues proactively and conservatively. While isolated relationships have affected certain credit metrics, criticized and classified loan trends have improved over time, reserve coverage remains appropriate and we continue to see no evidence of broad-based deterioration across the portfolio.
John Babcock
Wealth Management delivered another strong quarter, supported by $205 million of gross client inflows and favorable market performance. Our integrated model continues to create opportunities to introduce investment management, trust, tax, financial planning and other advisory services to banking relationships, while also delivering banking and credit solutions to wealth clients.
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