Peapack-Gladstone Financial Corporation Reports Strong Q3 and Year-to-Date Financial Performance for 2025

Peapack-Gladstone Financial Corporation reported significant financial performance improvements for the third quarter and the first nine months of 2025, as detailed in its latest 10-Q filing. For the quarter ended September 30, 2025, the company achieved a net income of $9.6 million, or $0.54 per diluted share, compared to $7.6 million, or $0.43 per diluted share, for the same period in 2024. Total revenue for the quarter increased to $70.7 million, up from $56.6 million year-over-year, driven primarily by a rise in interest income, which reached $92.5 million, an increase of $9.3 million from the previous year. The net interest margin improved to 2.81%, reflecting a favorable shift in the cost of interest-bearing liabilities.

In the nine months ending September 30, 2025, Peapack-Gladstone reported a net income of $25.2 million, or $1.42 per diluted share, compared to $23.7 million, or $1.34 per diluted share, for the same period in 2024. Total revenue for this period rose to $204.8 million, up from $166.3 million, with net interest income contributing significantly to this growth. The company noted a provision for credit losses of $15.8 million, a substantial increase from $5.8 million in the prior year, attributed to loan growth and economic conditions.

Operationally, Peapack-Gladstone experienced a notable increase in its loan portfolio, which grew to $6.02 billion as of September 30, 2025, compared to $5.51 billion at the end of 2024. This growth was fueled by strong demand for commercial loans, particularly in the New York City and Long Island markets. The company also reported a significant increase in deposits, which rose by $433.1 million during the first nine months of 2025, including a $210.8 million increase in noninterest-bearing demand deposits.

The company’s strategic initiatives, including its expansion into New York City and Long Island, have contributed to its improved financial metrics. However, increased operating expenses, primarily due to the hiring of new employees and rising health insurance costs, have also been noted. The total operating expenses for the third quarter of 2025 were $52.3 million, up from $44.6 million in the same quarter of 2024. Looking ahead, Peapack-Gladstone remains focused on maintaining its growth trajectory while managing costs and enhancing its capital position, which was reported at $642.6 million as of September 30, 2025.