Peapack-Gladstone Financial Corporation reported a net income of $37.3 million for the fiscal year ending December 31, 2025, reflecting a 13% increase from the previous year's net income of $33.0 million. Diluted earnings per share rose to $2.10, up from $1.85 in 2024. The company's total assets increased by 7.3% to $7.53 billion, driven by a 13% growth in total loans, which reached $6.25 billion, and an 8% increase in total deposits, amounting to $6.59 billion. The net interest income also saw a significant rise, increasing by 35% to $200.9 million, attributed to a favorable shift in the deposit mix towards lower-cost core deposits.
In comparison to the previous fiscal year, Peapack-Gladstone experienced notable changes in its operational metrics. The wealth management division's assets under management grew by 10% to $13.1 billion, contributing $63.2 million in fee income, which accounted for 22% of the company's total revenue. The increase in wealth management fees was primarily due to market appreciation and net client inflows. Additionally, noninterest-bearing demand deposits surged by 28% to $1.43 billion, indicating a shift in customer preferences towards more stable deposit products.
Strategically, the company expanded its footprint in the metropolitan New York area, adding six new production teams in Long Island and opening a flagship financial center in New York City. This expansion strategy has resulted in approximately $1.9 billion in new core relationship deposits, with 31% classified as noninterest-bearing accounts. The company also focused on enhancing its commercial real estate platform and equipment finance capabilities, which contributed to the overall growth in loans.
Operationally, Peapack-Gladstone reported a total employee count of 682 as of December 31, 2025, with a commitment to diversity, equity, and inclusion in its hiring practices. The company has maintained a strong capital position, with capital ratios well above regulatory requirements, and continues to invest in technology to improve customer service and operational efficiency. The allowance for credit losses was $71.0 million, or 1.14% of total loans, reflecting a decrease from the previous year, which management attributes to effective risk management practices and a stable economic outlook.
Looking ahead, Peapack-Gladstone Financial Corporation aims to sustain its growth trajectory by leveraging its expanded market presence and enhancing its wealth management services. The company anticipates continued improvement in its financial performance, supported by a disciplined approach to capital management and a focus on building deeper client relationships. The management remains cautious of potential economic headwinds but expresses confidence in the company's strategic direction and operational resilience.
About PEAPACK GLADSTONE FINANCIAL CORP
Peapack-Gladstone Financial Corporation is a bank holding company operating through its principal subsidiary, Peapack Private Bank & Trust. It provides commercial banking, wealth management, and private banking services to high-net-worth individuals, families, and businesses in New Jersey, New York, and Pennsylvania. The company emphasizes personalized, high-touch client service, diversified revenue streams, and prudent risk management within a highly regulated banking environment.
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