{"id":1014369,"date":"2026-10-27T19:30:01","date_gmt":"2026-10-27T23:30:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/peapack-gladstone-financial-corporation-reports-third-quarter-financial-results\/"},"modified":"2026-10-27T19:30:01","modified_gmt":"2026-10-27T23:30:01","slug":"peapack-gladstone-financial-corporation-reports-third-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/peapack-gladstone-financial-corporation-reports-third-quarter-financial-results\/","title":{"rendered":"Peapack-Gladstone Financial Corporation Reports Third Quarter Financial Results"},"content":{"rendered":"
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BEDMINSTER, N.J., Oct. 27, 2026 (GLOBE NEWSWIRE) — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC<\/strong>) (the “Company”) announced its third quarter 2026 financial results.<\/p>\n

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\n This earnings release should be read in conjunction with the Company\u2019s Q3 2026 Investor Update, a copy of which is available on our website at <\/em>
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\n www.peapackprivate.com<\/u>
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\n and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at <\/em>
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\n www.sec.gov<\/u>
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The Company reported third quarter 2026 financial results that reflect continued execution of its private banking strategy and earnings momentum. Total revenue increased 24% year-over-year to $87.5 million, representing the Company’s tenth consecutive quarter of revenue growth, as net interest income increased 33% to $67.5 million and net interest margin expanded to 3.34%. Wealth management fee income of $17.3 million represented 20% of total revenue. At the same time, operating expenses increased only 5% year-over-year and declined on a linked-quarter basis, producing another quarter of meaningful positive operating leverage. These results reflect the maturation of the Company’s strategic investments across the Metropolitan New York market and reinforce management’s confidence in the long-term earnings power of the franchise. The Company continued to generate relationship-based balance sheet growth, with total loans reaching $7.1 billion and deposits reaching $7.4 billion at September 30, 2026.<\/p>\n

Douglas L. Kennedy, President and CEO stated, \u201cOur investments in experienced teams across New York City, Westchester and Long Island are translating into deeper client relationships and strong loan and deposit growth. We have built the capabilities and geographic presence to serve more of our clients\u2019 financial needs, and the earnings contribution from that platform continues to grow.”<\/p>\n

Mr. Kennedy added, “We enter the fourth quarter with strong pipelines and confidence in our teams. Our focus is on increasing productivity across the platform we have built, maintaining pricing and expense discipline, and translating continued relationship growth into higher returns. Credit and capital discipline remain central to that execution.\u201d<\/p>\n

Our third quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. The continued growth in net interest income and expansion in net interest margin, together with disciplined expense management, led to net income available to common shareholders of $18.5 million, or $0.99 per diluted share for the third quarter, compared to $15.8 million, or $0.86 per diluted share, for the linked quarter and $9.6 million, or $0.54 per diluted share for the quarter ended September 30, 2025. Net income available to common shareholders increased 17% on a linked-quarter basis, and diluted earnings per share increased 83% year-over-year. Operating expenses declined 1% sequentially to $55.1 million; the GAAP efficiency ratio improved 166 basis points to 63.03%. Asset quality also improved, with nonperforming assets declining 20% sequentially to $55.8 million, or 0.68% of total assets. Tangible book value per share increased 6% year-over-year to $36.24 at September 30, 2026.<\/p>\n

During the first quarter the Company announced a commitment by Strategic Value Bank Partners to purchase up to $50 million of convertible preferred stock. Strategic Value Bank Partners is a well-known, long-term investor primarily focused on the banking sector.\u00a0 The commitment included an initial $30 million private placement of the preferred stock which closed during March 2026 with the ability to issue an additional $20 million through the end of 2027. Based on this quarter\u2019s results and projected growth rates, we elected to issue the remaining $20 million of our 6% non-cumulative perpetual convertible preferred stock on July 24, 2026.<\/p>\n

\n Third Quarter Highlights:<\/strong>\n <\/p>\n