Peapack-Gladstone Financial Corporation (PGC) functions as the holding company for Peapack-Gladstone Bank, a financial institution primarily dedicated to delivering private banking and ...
Peapack-Gladstone Financial Corporation (NASDAQ: PGC) is a bank holding company headquartered in Bedminster, New Jersey, and operates as the parent of Peapack-Gladstone Bank, a commercial bank with a rich history dating back to 1921. The company is dedicated to delivering innovative private banking and comprehensive wealth management services to a ...Peapack-Gladstone Financial Corporation (NASDAQ: PGC) is a bank holding company headquartered in Bedminster, New Jersey, and operates as the parent of Peapack-Gladstone Bank, a commercial bank with a rich history dating back to 1921. The company is dedicated to delivering innovative private banking and comprehensive wealth management services to a diverse clientele, including businesses, non-profit organizations, and individual consumers, primarily in the NY Tri-State region.
Its operations are structured across two primary divisions: Banking and Peapack Private. The Banking division offers a full suite of deposit products, including checking and savings accounts, high-yield money market accounts, interest-bearing checking options, certificates of deposit, and individual retirement accounts. On the lending front, the bank provides working capital lines of credit, term loans for fixed assets, commercial and multi-family real estate mortgages, asset-based financing, and various commercial and industrial lending solutions. It also serves individual clients with residential mortgages, home equity lines of credit, and second mortgage products.
Peapack Private, the wealth management arm, delivers comprehensive asset and investment management, personal trust services (including executor, trustee, administrator, custodian, and guardian roles), financial planning, tax preparation, and advisory services. The company also provides treasury management, escrow management, and strategic deposit generation services to corporate and industrial clients. Modern banking conveniences include telephone and online banking, merchant credit card services, and dedicated customer support.
As of the latest financial data, Peapack-Gladstone Financial Corporation reported a market capitalization of approximately $811.5 million, with a price-to-earnings ratio of 15.6, return on equity of 7.6%, and return on assets of 0.7%. The company has a solid capital position, with total assets exceeding $7.7 billion and assets under management/administration also surpassing that figure. Its operational efficiency is reflected in a net profit margin of 11.1% and a dividend yield of 0.4%.
The company employs approximately 682 full-time staff, operating from private banking locations in Bedminster, Morristown, Princeton, and Teaneck, New Jersey, with wealth management branches in Somerset, Morris, Hunterdon, and Union counties, and a network of 20 ATMs.
Under the leadership of President and CEO Douglas L. Kennedy, the company's strategic objective remains to build a premier private banking and wealth management firm that delivers long-term shareholder value through one-on-one relationship banking. The company continues to expand its services and geographic presence, focusing on high-net-worth individuals, families, and businesses seeking a trusted financial partner. With a legacy of over a century, Peapack-Gladstone Financial Corporation is committed to helping clients establish, maintain, and expand their financial legacies.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$441.4M
+9.5%
+4.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$37.3M
+13.2%
+12.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+58.1%
+8.0%
-0.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+11.9%
+6.2%
+8.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+8.5%
+3.3%
+8.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$28.6M
-54.6%
+125.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+6.5%
-58.6%
+116.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
32.9%
+11.8%
+7.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.07x
-12.6%
+21626.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Welcome to the Peapack-Gladstone Financial Corporation First Quarter 2026 Earnings Call. Please be advised that today's conference is being recorded. I will now hand the conference over to Matthew Remo, Treasurer and Head of Corporate Finance. Please go ahead.
Matthew Remo: Thank you, and good morning, everybody. I would like to thank you all for participating in our inaugural public earnings call. Joining me today is our President and CEO, Doug Kennedy; and our CFO, Frank Cavallaro, who will both provide an overview of our first quarter results. John Babcock, our President of Wealth Management; and Lisa Chalkan, our Chief Credit Officer, are also here to answer any questions you may have. If you have not yet read the earnings release and investor presentation we issued yesterday afternoon, you may access them by going to the Investor Relations page on our company website at peapackprivate.com. You may also access the investor presentation directly within the webcast today. After the presentation, we will be happy to take questions. Our comments today may contain forward-looking statements, which are subject to risks and uncertainties that may cause our results to differ materially from expectations. Cautionary statements about reliance on this information are included in the earnings release and investor presentation as well as our SEC filings and other investor materials. The earnings release and presentation also include non-GAAP financial measures, so it is important to review the appropriate reconciliations in the appendices to each document. And with that, it is my pleasure to turn the call over to Doug.
Douglas Kennedy: Thanks, Matt. Hello, everybody. I'm really pleased to report our first quarter earnings results, which again reflected solid performance and continued positive momentum, building out our differentiated banking brand throughout the Metro New York region. Core earnings increased for the sixth consecutive quarter with net income reaching up $14.2 million, up 16% on a linked quarter basis and 86% year-over-year. Despite $225 million in payoffs in Q1, loans grew $184 million to $6.4 billion, up 12% year-over-year, while deposits increased $238 million to $6.8 billion, up 9% year-over-year. In Q1, we welcomed an additional 150 new commercial relationships, bringing our New York expansion results to more than 1,300 relationships with over $2.1 billion in client deposits and over $1.6 billion in credit commitments. Importantly, our expansion strategy has transformed our balance sheet and translated into higher quality earnings. We continue to see strong revenue growth in the quarter, now up 28% year-over-year, while expenses increased at a more muted pace, all of this driving positive operating leverage and improved profitability. We expect that continued new business flows and our ongoing investment in technology and AI should continue to deliver solid positive operating leverage for the foreseeable future. Net interest …
