{"id":985251,"date":"2026-07-27T16:35:43","date_gmt":"2026-07-27T20:35:43","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/peapack-gladstone-financial-corporation-reports-second-quarter-financial-results\/"},"modified":"2026-07-27T16:35:43","modified_gmt":"2026-07-27T20:35:43","slug":"peapack-gladstone-financial-corporation-reports-second-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/peapack-gladstone-financial-corporation-reports-second-quarter-financial-results\/","title":{"rendered":"Peapack-Gladstone Financial Corporation Reports Second Quarter Financial Results"},"content":{"rendered":"
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BEDMINSTER, N.J., July 27, 2026 (GLOBE NEWSWIRE) — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC<\/strong>) (the “Company”) announces its second quarter 2026 financial results.<\/p>\n

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\n This earnings release should be read in conjunction with the Company\u2019s Q2 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 second quarter 2026 financial results that reflect continued execution of its private banking strategy and demonstrate accelerating earnings momentum. Revenue increased for the ninth consecutive quarter while expense growth continued to normalize, 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.<\/p>\n

Douglas L. Kennedy, President and CEO stated, \u201cDuring the industry disruption of 2023, we invested significantly to expand our presence in Metropolitan New York. Since then, we have added 20 experienced banking teams and nearly 200 professionals, opened our flagship financial center on Park Avenue, and rebranded the Company as Peapack Private Bank & Trust. These investments temporarily affected earnings, but they created the platform that is now producing sustained growth and improving profitability. “<\/p>\n

Mr. Kennedy added, “These actions capture our unique brand that seamlessly combines traditional banking with wealth management delivered through a single point of contact. The quality of growth is very strong as our bankers continue to onboard longstanding relationships, introducing clients to a broader range of banking, treasury, and wealth solutions. This integrated approach is deepening relationships and allowing us to compete effectively with much larger institutions.\u201d<\/p>\n

Our second quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. Revenue grew by 23% year-over-year, while operating expenses increased by only 7%, producing approximately 70% growth in pre-provision net revenue year-over-year. This positive operating leverage led to net income available to common shareholders of $15.8 million, or $0.85 per diluted share for the second quarter, compared to $14.2 million, or $0.80 per diluted share, for the linked quarter and $7.9 million, or $0.45 per diluted share for the June 30, 2025 quarter. This led to an increase of 11% of net income on a linked quarter basis and earnings per diluted share increased 89% year-over-year.<\/p>\n

During the first quarter the Company also 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 our continued momentum and projected growth, we elected to issue the remaining $20 million of our 6% non-cumulative perpetual convertible preferred stock on July 24, 2026. Mr. Kennedy added, \u201cWe remain focused on maintaining the capital necessary to support growth prudently. The additional preferred equity enhances our financial flexibility as earnings continue to strengthen and move the Company toward greater organic capital generation.\u201d<\/p>\n

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