Peapack-Gladstone Financial Corporation reported its financial results for the first quarter of 2025, revealing a total revenue of $64.4 million, a significant increase from $53.1 million in the same period last year. The company’s net income for the quarter was $7.6 million, or $0.43 per diluted share, compared to $8.6 million, or $0.48 per diluted share, in the first quarter of 2024. The decline in net income was primarily attributed to increased operating expenses, which rose to $49.4 million from $40.0 million year-over-year, largely due to the expansion into New York City and associated costs.
The company’s net interest income increased by 32% to $45.5 million, driven by a rise in interest income from loans and investments, which totaled $86.3 million, up from $79.2 million in the prior year. The net interest margin improved to 2.68% from 2.20%, reflecting the company’s focus on growing client deposit relationships and the impact of a lower interest rate environment. Total loans outstanding increased to $5.75 billion, up from $5.51 billion at the end of 2024, with notable growth in commercial and industrial loans.
In terms of operational metrics, Peapack-Gladstone reported a total deposit increase of $157.5 million during the quarter, including a $72.1 million rise in noninterest-bearing demand deposits. The company’s allowance for credit losses was $75.2 million, representing 1.31% of total loans, slightly down from 1.32% at the end of 2024. The company also noted a decrease in nonperforming loans to 1.69% of total loans, down from 1.82% at the end of the previous year.
Looking ahead, Peapack-Gladstone remains focused on its strategic initiatives, including the integration of new employees and expansion efforts in New York City. The company anticipates that these efforts will continue to enhance its revenue streams, particularly in wealth management, which generated $15.4 million in fee income for the quarter, up from $14.4 million in the prior year. Management expressed confidence in the company’s ability to navigate the current economic environment and maintain its growth trajectory.
About PEAPACK GLADSTONE FINANCIAL CORP
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