Peapack-Gladstone Financial Corporation (PGC) Q4 2025 earnings summary

Executive summary

• Achieved strong balance sheet and earnings growth, with disciplined execution and strategic expansion in the Metro New York region, including record $13.1B in wealth management AUM/AUA.

• Core relationship deposits grew 16% year-over-year, transforming the funding base and reducing reliance on higher-cost funding.

• Net income for FY 2025 was $37.3M, up 13% year-over-year; Q4 2025 net income was $12.2M, up 26% sequentially and 32% year-over-year.

• Net interest income and margin expanded significantly, with NII up 35% and NIM up 52 bps year-over-year.

• Credit quality improved, with nonperforming assets down 41% in the second half and a $15.2M reduction in Q4 2025.

Financial highlights

• Total revenue grew 24% to $283M for FY 2025; Q4 2025 revenue was $78.2M, up 26% year-over-year.

• Pre-provision net revenue rose 45% to $75.8M for the year.

• Net interest margin improved to 2.84% for the year and 3.08% in Q4 2025.

• Operating expenses increased 18% for the year and to $53.5M in Q4 2025, but efficiency ratio improved to 68% in Q4.

• Tangible book value per share rose 10% year-over-year to $34.99.

Outlook and guidance

• Expansion in Metro New York is expected to continue driving growth in deposits, loans, and wealth management.

• Management expects higher operating expenses in 2026 due to ongoing expansion and investments, with a focus on disciplined expense management and risk-adjusted loan growth.