Peapack-Gladstone Financial Q2 Earnings Call Highlights

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Tue, July 28, 2026 astatine 11:04 AM CDT 7 min read

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Strong quarterly performance: Second-quarter nett income disposable to communal shareholders roseate 11% sequentially and 99% twelvemonth implicit twelvemonth to $15.8 million, portion gross accrued 23% twelvemonth implicit twelvemonth to $86.1 million. Management said it remains connected way to scope a 1% instrumentality connected assets and 10% instrumentality connected equity by precocious this twelvemonth oregon aboriginal adjacent year.
Balance-sheet and operating momentum: Net involvement income roseate to $63.9 million, nett involvement borderline expanded to 3.32%, deposits grew to $7.1 cardinal and loans reached $6.7 billion. Wealth-management fees increased, expenses remained astir flat, and the ratio ratio improved to 65% for the seventh consecutive quarter.
Credit risks stay concentrated: Nonperforming assets roseate to $72.2 million, chiefly owed to a multifamily narration present successful foreclosure proceedings, portion nett charge-offs totaled $5.9 million. Management said it saw nary broad-based portfolio deterioration but expects quarterly provisions of astir $7.5 cardinal done year-end.

Peapack-Gladstone Financial (NASDAQ:PGC) reported second-quarter nett income disposable to communal shareholders of $15.8 million, oregon $0.85 per diluted share, arsenic higher nett involvement income, wealth-management fees and indebtedness maturation supported results.

The quarter's nett income accrued 11% from $14.2 million, oregon $0.80 per share, successful the archetypal 4th and was 99% higher than a twelvemonth earlier, President and CEO Doug Kennedy said during the company's net call. Total gross roseate 4% sequentially and 23% twelvemonth implicit twelvemonth to $86.1 million.

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Kennedy said the company's gross and profitability person improved for 7 consecutive quarters and that absorption remains connected way to scope a 1% instrumentality connected assets and 10% instrumentality connected equity by the 4th quarter, perchance extending into the archetypal 4th of adjacent year.

Net Interest Income and Operating Leverage

Net involvement income totaled $63.9 million, rising $4 cardinal from the anterior 4th and $15.6 cardinal from the year-ago period. Chief Financial Officer Frank Cavallaro said the summation reflected balance-sheet expansion, loan-pricing subject and improving earning-asset yields.

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Net involvement borderline accrued 6 ground points during the 4th to 3.32%. Cavallaro said caller indebtedness originations carried mean yields "just northbound of 6%," portion repricing of existing loans besides contributed to higher plus yields.

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