PEAPACK GLADSTONE FINANCIAL CORP

Listed Company

PGCCIK 0001050743NasdaqAcceleratedCommercial Banks, NecNew JerseyFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$37.33M

Total Assets

$7.53B

Equity

$658.21M

Shares Out

17.57M

Op. Cash Flow

$43.13M

+ 13F Filer

Business

PEAPACK GLADSTONE FINANCIAL CORP is a bank holding company whose principal subsidiary operates as a state‑chartered commercial bank providing banking and fiduciary services. It offers commercial and consumer lending, residential mortgages and home equity products, deposit accounts, automated teller services, internet and mobile banking, and private wealth management and trust services. Key business divisions include its wealth management division, commercial private banking, retail private banking, residential lending and online platforms. The company serves clients primarily across the New Jersey, New York and Pennsylvania metropolitan area through branch and private banking locations and digital channels.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	321	291	278	195	148
Taxable securities	32	23	20	14	12
Tax-exempt securities	—	—	22,000	61,000	131,000
Interest-earning deposits	10	14	6	3	545,000
Total interest income	363	328	304	212	160
Savings and interest-bearing deposit accounts	142	144	107	24	7
Certificates of deposit	15	21	12	3	4
Borrowed funds	543,000	4	18	600,000	473,000
Finance lease liability	53,000	89,000	191,000	251,000	300,000
Subordinated debt	4	7	7	5	7
Subtotal interest expense	161	175	144	33	19
Interest-bearing demand - brokered	210,000	522,000	611,000	2	2
Interest on certificates of deposits brokered	—	3	3	942,000	1
Total interest expense	162	179	148	36	—
Net interest income before provision for credit losses	201	149	156	176	138
Provision for credit losses	24	8	14	6	—
Net interest income after provision for credit losses	177	142	142	170	132
Wealth management fee income	63	61	56	55	53
Service charges and fees	5	5	5	4	4
Bank owned life insurance	2	2	1	1	2
Gain on loans held for sale at fair value (mortgage banking)	132,000	163,000	91,000	483,000	2
Loss/(gain) on loans held for sale at lower of cost or fair value	−364,000	23,000	—	—	1
Fee income related to loan level, back-to-back swaps	492,000	—	—	293,000	—
Gain on sale of SBA loans	2	1	2	7	5
Corporate advisory fee income	820,000	1	219,000	820,000	3
Other income	9	8	8	5	3
Securities gains	7,000	—	—	−7	−432,000
Fair value adjustment for equity securities	418,000	828,000	181,000	−2	−432,000
Total other income	82	79	74	82	72
Compensation and employee benefits	145	122	101	89	82
Premises and equipment	27	22	20	19	17
FDIC insurance expense	5	4	3	2	2
Other operating expenses	30	27	25	23	23
Total operating expenses	207	176	148	134	126
Income before income tax expense	52	45	67	102	78
Income tax expense	15	12	18	28	21
Net income	37	33	49	74	57
Basic	2.12	1.87	2.74	4.09	3.01
Diluted	2.1	1.85	2.71	4	2.93

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	9	8	6	6	6
Interest-earning deposits	179	383	182	184	141
Total cash and cash equivalents	188	391	188	190	147
Securities held to maturity (fair value $87,491 at December 31, 2025 and $88,650 at December 31, 2024)	96	102	108	102	109
Securities available for sale	774	785	551	555	797
CRA equity security, at fair value	13	13	13	13	15
FHLB and FRB stock, at cost	15	12	31	31	13
Loans held for sale, at fair value	450,000	—	100,000	—	3
Loans held for sale, at lower of cost or fair value	4	9	7	16	34
Loans	6,254	5,512	5,429	—	—
Less: allowance for credit losses	71	73	66	61	—
Net loans	6,183	5,439	5,363	—	—
Premises and equipment	39	29	24	24	23
Accrued interest receivable	32	30	31	25	22
Bank owned life insurance	48	48	48	47	47
Goodwill	36	36	36	36	36
Other intangible assets	8	9	10	11	13
Finance lease right-of-use assets	844,000	985,000	2	3	4
Operating lease right-of-use assets	40	40	12	13	10
Deferred tax assets, net	772,000	16	505,000	—	—
Other assets	49	51	53	64	62
Total assets	7,526	7,011	6,477	6,354	6,078
Noninterest-bearing demand deposits	1,429	1,113	958	1,246	956
Checking	3,448	3,334	2,882	2,144	2,288
Savings	105	103	112	157	155
Money market accounts	1,198	1,078	741	1,228	1,307
Certificates of deposit - retail	408	484	444	319	410
Certificates of deposit - listing service	400,000	7	8	25	31
Subtotal deposits	6,589	6,119	5,144	5,119	5,147
Interest-bearing demand Brokered	0	10	10	60	85
Total deposits	6,589	6,129	5,274	5,205	5,266
Short-term borrowings	73	—	404	380	—
Finance lease liabilities	1	1	3	5	6
Operating lease liabilities	43	44	13	14	10
Subordinated debt, net	99	134	133	133	133
Due to brokers	—	19	—	—	—
Accrued expenses and other liabilities	62	79	66	69	78
Total liabilities	6,868	6,405	5,893	5,821	5,532
Preferred stock (no par value; authorized 500,000 shares)	—	—	—	—	—
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,707,259 at December 31, 2025 and 21,535,856 at December 31, 2024; outstanding shares, 17,558,019 at December 31, 2025 and 17,586,616 at December 31, 2024)	18	18	18	18	17
Surplus	353	348	347	339	332
Treasury stock at cost (4,149,240 shares at December 31, 2025 and 3,949,240 shares at December 31, 2024)	−123	−118	−110	−98	−65
Retained earnings	457	424	394	349	274
Accumulated other comprehensive loss	−48	−66	−65	−74	−12
Total shareholders equity	658	606	584	533	546
Total liabilities and shareholders equity	7,526	7,011	6,477	6,354	6,078

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	37	33	49	74	57
Depreciation	4	4	4	4	3
Amortization of premium and accretion of discount on securities, net	−85,000	242,000	578,000	3	6
Amortization of restricted stock	5	6	11	8	7
Amortization of intangible assets	1	1	1	2	2
Amortization of subordinated debt costs	469,000	287,000	287,000	286,000	1
Provision for credit losses	24	8	14	6	6
Stock-based compensation and employee stock purchase plan expense	199,000	154,000	178,000	145,000	126,000
Deferred tax expense/(benefit)	8	−14	−15	−7	9
Fair value adjustment for equity security	−418,000	−828,000	−181,000	2	432,000
Gain on sale of securities, available for sale, net	−7,000	—	—	7	—
Proceeds from sales of loans held for sale (A)	29	29	41	99	171
Loans originated for sale (A)	−24	−29	−30	−75	−177
Gain on loans held for sale (A)	−2	−1	−3	−7	−7
Loss on disposal of fixed assets	304,000	102,000	6,000	−275,000	—
Gain on life insurance death benefit	−8,000	−236,000	−41,000	−27,000	−455,000
Increase in cash surrender value of life insurance, net	−48,000	−318,000	−457,000	−532,000	−618,000
(Increase)/decrease in accrued interest receivable	−2	778,000	−6	−4	906,000
Increase in other assets	−15	−27	−3	5	−5
(Decrease)/increase in accrued expenses and other liabilities	−23	63	6	2	226,000
Net cash provided by operating activities	43	71	70	119	75
Principal repayments, maturities and calls of securities held to maturity	6	6	5	6	234,000
Principal repayments, maturities and calls of securities available for sale	723	661	634	441	453
Redemptions for FHLB & FRB stock	27	60	116	34	807,000
Sales of securities available for sale	53	—	—	119	—
Proceeds from sales of equity securities	—	953,000	—	—	—
Purchase of securities held to maturity	—	—	−10	—	−109
Purchase of securities available for sale	−733	−900	−619	−420	−654
Purchase of FHLB & FRB stock	−29	−41	−116	−52	−48,000
Proceeds from sale of loans held for sale at lower of cost or fair value	886,000	23,000	—	—	66
Net increase in loans, net of participations sold	−768	−83	−153	−481	−504
Sales of OREO	—	—	116,000	—	101,000
Purchases of premises and equipment	−14	−8	−3	−4	−4
Disposal of premises and equipment	−237,000	428,000	−6,000	277,000	—
Proceeds from life insurance death benefit	—	154,000	—	—	1
Net cash used in investing activities	−736	−303	−147	−356	−754
Net increase in deposits	460	855	69	−61	448
Net increase/(decrease) in short-term borrowings	73	−404	24	380	—
Dividends paid on common stock	−4	−4	−4	−4	−4
Exercise of stock options, net of stock swaps	0	—	42,000	292,000	187,000
Restricted stock repurchased on vesting to pay taxes	−1	−877,000	−3	−3	−2
Issuance of restricted stock	0	−4	0	0	0
Redemption of subordinated debt	−35	—	—	—	−50
Equity adjustment related to REIT minority interest	−58,000	—	—	—	—
Issuance of shares for employee stock purchase plan	1	857,000	1	904,000	833,000
Shares repurchased	−5	−7	−12	−33	−29
Net cash provided by financing activities	489	436	75	280	172
Net (decrease)/increase in cash and cash equivalents	−204	204	−2	43	−507
Interest	164	171	141	33	22
Income tax, net	20	18	18	25	16
Right-of-use asset obtained in exchange for operating lease liabilities	4	32	2	6	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 1,115 positions

Reported AUM

$5.10B

Holdings

1.1K

Top sector

$5.10B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$5.10B	100.0%

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