Peapack-Gladstone Financial Corporation Reports Revenue Growth to $82.5 Million in Q1 2026

Peapack-Gladstone Financial Corporation reported a significant increase in financial performance for the first quarter of 2026, with total revenue reaching $82.5 million, up from $64.4 million in the same period last year. The company achieved a net income of $14.2 million, or $0.80 per diluted share, compared to $7.6 million, or $0.43 per diluted share, in the prior year. This growth was primarily driven by a $14.4 million increase in net interest income, which rose to $59.9 million, reflecting a net interest margin improvement to 3.26% from 2.68% year-over-year.

The company’s total assets increased to $7.7 billion as of March 31, 2026, compared to $7.5 billion at the end of 2025. This growth was supported by a rise in total loans, which reached $6.4 billion, up from $6.3 billion at the end of the previous fiscal year. The increase in loans was attributed to strong demand in commercial and residential lending, particularly in the New York City and Long Island markets, as well as the addition of new employees to support this expansion.

In terms of operational developments, Peapack-Gladstone Financial Corporation issued 30,000 shares of Series B Non-Cumulative Perpetual Convertible Preferred Stock in March 2026, raising $30 million in capital. The company also reported a net increase in deposits of $237.8 million during the quarter, which included a notable $115.8 million in noninterest-bearing demand deposits. The total deposits stood at $6.8 billion, up from $6.6 billion at the end of 2025.

The allowance for credit losses (ACL) decreased to $67 million from $71 million at the end of 2025, primarily due to $11.3 million in net charge-offs during the quarter. The provision for credit losses was $7.3 million, reflecting the company's loan growth and adjustments in specific reserves. The ACL as a percentage of total loans was 1.04% as of March 31, 2026, down from 1.14% at the end of the previous year, indicating improved asset quality.

Looking ahead, Peapack-Gladstone Financial Corporation remains focused on its strategic expansion into new markets and enhancing its product offerings. The company anticipates continued growth in its loan portfolio and deposit base, supported by favorable market conditions and its ongoing efforts to attract lower-cost core deposits. Management is optimistic about maintaining strong financial performance while navigating potential economic challenges and regulatory changes.