Peapack-Gladstone Financial Corporation (NASDAQ: PGC) reported its financial results for the three months ended September 30, 2026, in a press release dated October 27, 2026. The company reported total revenue of $87.5 million for the third quarter, representing a 24% year-over-year increase and the tenth consecutive quarter of revenue growth. Net interest income rose 33% year-over-year to $67.5 million, while the net interest margin expanded to 3.34%.
Net income available to common shareholders was $18.5 million, or $0.99 per diluted share, compared to $15.8 million, or $0.86 per diluted share, in the linked quarter. Diluted earnings per share increased 83% year-over-year. Operating expenses decreased 1% sequentially to $55.1 million, resulting in a GAAP efficiency ratio of 63.03%.
On the balance sheet, total loans reached $7.1 billion, an increase of $1.1 billion year-over-year. Total deposits stood at $7.4 billion, up $796 million year-over-year. The company’s loan-to-deposit ratio was 96%, and its liquidity profile remained strong with $1.1 billion in balance sheet liquidity and $4.2 billion in secured available borrowing facilities.
Asset quality metrics improved during the quarter. Nonperforming assets declined 20% sequentially to $55.8 million, or 0.68% of total assets. The allowance for credit losses was $73.0 million, or 1.03% of total loans. The provision for credit losses totaled $8.5 million for the quarter.
In July 2026, the company issued the remaining $20 million of its 6% non-cumulative perpetual convertible preferred stock, bringing the total issuance under a $50 million commitment to $50 million. The company also reinstated a 3% discount feature for its Dividend Reinvestment Plan, effective with the next dividend payment in November 2026.
