Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack Private Bank & Trust that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Wealth Management. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts. The company also provides working capital lines of credit, term loans for fixed asset acquisitions, commercial mortgages, multi-family mortgages, and other forms of asset-based financing services; and residential mortgages, home equity lines of credit, and other second mortgage loans. In addition, it offers corporate and industrial (C&I) lending and equipment finance, commercial real estate, multifamily, residential, and consumer lending activities; treasury management, C&I advisory, escrow management, deposit generation, and investment management services; personal trust services, including services as executor, trustee, administrator, custodian, and guardian; and other financial planning, tax preparation, and advisory services. Further, the company provides telephone and Internet banking, merchant credit card, and customer support sales services. Its private banking clients include businesses, non-profits, and consumers; wealth management clients include individuals, families, foundations, endowments, trusts, and estates; and commercial loan clients include business owners, professionals, retailers, contractors, and real estate investors. The company operates its private banking locations in Bedminster, Morristown, Princeton, and Teaneck, New Jersey; and branches in Somerset, Morris, Hunterdon, and Union counties, as well as operates automated teller machines. The company was founded in 1921 and is headquartered in Bedminster, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $276M | - | $37M | $29M | 5.7% | 23.8% | 13.2% |
| 2024 | $223M | - | $33M | $63M | 5.4% | -0.8% | -32.5% |
| 2023 | $225M | - | $49M | $67M | 8.4% | -5.4% | -34.2% |
| 2022 | $237M | - | $74M | $115M | 13.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 237.47 | 224.63 | 222.82 | 275.91 |
| Pretax Income | 102.34 | 67.28 | 44.95 | 52.31 |
| Tax Provision | 28.10 | 18.43 | 11.96 | 14.98 |
| Net Income | 74.25 | 48.85 | 32.99 | 37.33 |
| Net Income Common Stockholders | 74.25 | 48.85 | 32.99 | 37.33 |
| Interest Expense | 35.80 | 147.92 | 178.79 | 161.62 |
| Interest Income | 211.88 | 304.01 | 327.80 | 362.52 |
| Selling General And Administration | 93.30 | 105.34 | 127.95 | 152.35 |
| Normalized Income | 74.39 | 48.85 | 32.99 | 37.33 |
| Basic EPS | 4.09 | 2.74 | 1.87 | 0 |
| Diluted EPS | 4 | 2.71 | 1.85 | 0 |
| Tax Effect Of Unusual Items | -0.06 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.27 | 0.27 | 0.27 | 0.29 |
| Total Unusual Items | -0.20 | -0.56 | -0.29 | 0 |
| Total Unusual Items Excluding Goodwill | -0.20 | -0.56 | -0.29 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 74.25 | 48.85 | 32.99 | 37.33 |
| Reconciled Depreciation | 5.04 | 5.01 | 4.63 | 5.20 |
| Net Interest Income | 176.08 | 156.09 | 149.01 | 200.91 |
| Net Income From Continuing And Discontinued Operation | 74.25 | 48.85 | 32.99 | 37.33 |
| Diluted Average Shares | 18.57 | 18.05 | 17.84 | 0 |
| Basic Average Shares | 18.16 | 17.85 | 17.66 | 0 |
| Diluted NI Availto Com Stockholders | 74.25 | 48.85 | 32.99 | 37.33 |
| Net Income Including Noncontrolling Interests | 74.25 | 48.85 | 32.99 | 37.33 |
| Net Income Continuous Operations | 74.25 | 48.85 | 32.99 | 37.33 |
| Special Income Charges | -0.20 | -0.56 | -0.29 | 0 |
| Write Off | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0.20 | 0.56 | 0.29 | 0 |
| Gain On Sale Of Security | -8.31 | 0.18 | 0.83 | 0.42 |
| Depreciation Amortization Depletion Income Statement | 1.57 | 1.32 | 1.09 | 1.09 |
| Depreciation And Amortization In Income Statement | 1.57 | 1.32 | 1.09 | 1.09 |
| Amortization | 1.57 | 1.32 | 1.09 | 1.09 |
| Amortization Of Intangibles Income Statement | 1.57 | 1.32 | 1.09 | 1.09 |
| Selling And Marketing Expense | 1.88 | 1.87 | 2.11 | 2.05 |
| General And Administrative Expense | 91.42 | 103.47 | 125.83 | 150.30 |
| Other Gand A | 1.46 | 0 | 0 | 0 |
| Insurance And Claims | 1.94 | 2.95 | 3.51 | 4.81 |
| Salaries And Wages | 89.48 | 100.52 | 122.33 | 145.49 |
| Operating Revenue | 237.47 | 224.63 | 222.82 | 275.91 |
| Occupancy And Equipment | 18.72 | 19.73 | 22.48 | 26.61 |
| Professional Expense And Contract Services Expense | 5.06 | 5.71 | 7.31 | 6.67 |
| Other Non Interest Expense | 9.92 | 11.15 | 11.54 | 13.36 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Peapack-Gladstone Financial Corporationthis co. | PGC | $737M | 16.84β premium | 1.10 | 5.7% | - |
| Bowhead Specialty Holdings Inc. | BOW | $784M | 15.01 | 1.74 | 12.0% | 9.66 |
| First Financial Corporation | THFF | $772M | 9.55 | 1.19 | 12.2% | - |
| Velocity Financial, Inc. | VEL | $752M | 6.97 | 1.11 | 15.5% | - |
| Southern Missouri Bancorp, Inc. |
| SMBC |
| $751M |
| 11.80 |
| 1.34 |
| 10.8% |
| - |
| Great Southern Bancorp, Inc. | GSBC | $741M | 10.72 | 1.16 | 11.2% | - |
| Hippo Holdings Inc. | HIPO | $735M | 12.71 | 1.66 | 13.2% | -18.50 |
| Orrstown Financial Services, Inc. | ORRF | $717M | 8.36 | 1.20 | 13.7% | - |
| SmartFinancial, Inc. | SMBK | $714M | 13.38 | 1.29 | 9.1% | - |
| Peer Median | - | 11.26 | 1.25 | 12.1% | -4.42 | |