Peapack-Gladstone Financial Reports 23.4% Revenue Growth to $86.1 Million in Q2 2026

Peapack-Gladstone Financial Corporation reported significant financial growth in its latest quarterly filing, with total revenue reaching $86.1 million for the second quarter of 2026, a 23.4% increase from $69.7 million in the same period last year. The company’s net income available to common shareholders surged to $15.8 million, or $0.86 per diluted share, compared to $7.9 million, or $0.45 per diluted share, in the prior year. For the first half of 2026, net income was $30.1 million, reflecting a 93.5% increase from $15.5 million in the first half of 2025.

The company’s net interest income also saw a substantial rise, increasing by 32% to $63.9 million in the second quarter, driven by a higher net interest margin of 3.32%, up from 2.77% a year earlier. This improvement was attributed to a strategic focus on lower-cost core deposit relationships and a growth in average loan balances, which increased by $736.6 million year-over-year. Total loans outstanding reached $6.68 billion as of June 30, 2026, up from $6.25 billion at the end of 2025.

Operationally, Peapack-Gladstone expanded its workforce and opened new offices in New York City and Long Island, contributing to increased operating expenses, which rose to $55.7 million for the quarter. The company’s total deposits increased by $468.6 million to $7.06 billion, with noninterest-bearing demand deposits growing significantly. The allowance for credit losses decreased to $69.2 million, or 1.04% of total loans, down from $71.0 million at the end of 2025, reflecting a higher level of charge-offs during the period.

In terms of strategic developments, Peapack-Gladstone issued 30,000 shares of Series B Preferred Stock in March 2026, raising $30 million in capital, and subsequently issued an additional 20,000 shares in July 2026. The company continues to focus on expanding its wealth management services, which generated $17.2 million in fee income for the second quarter, an 8% increase from the previous year. The total assets of the company reached $7.97 billion as of June 30, 2026, up from $7.53 billion at the end of 2025.

Looking ahead, Peapack-Gladstone remains optimistic about its growth trajectory, particularly in the New York City and Long Island markets. The company plans to continue leveraging its strategic initiatives to enhance its deposit base and loan portfolio while managing operational costs effectively. Management anticipates that the ongoing expansion and improved market conditions will support further revenue growth and profitability in the coming quarters.