0001193125-26-101763
SEC filingPeapack-Gladstone Financial Corporation reported FY 2025 net income of $37.3 million on total interest income of $362.5 million and total other income of $82.1 million. Net interest income before provision for credit losses was $200.9 million, with a provision for credit losses of $23.5 million. The company generated $43.1 million in net cash from operating activities, while investing activities used $735.8 million primarily for loan growth ($768.1 million net increase) and securities purchases. Financing activities provided $489.1 million, driven by a $460.0 million net increase in deposits. The balance sheet shows total assets of $7.53 billion, total liabilities of $6.87 billion, and shareholders' equity of $658.2 million. Earnings per share were $2.00 basic and diluted. No prior period data is provided for year-over-year comparisons.
Peapack-Gladstone Financial Corporation reported FY 2025 financial results with net income of $37.3 million. The company generated total interest income of $362.5 million, consisting of $321.3 million from loans (including fees), $31.5 million from taxable securities, $22,000 from tax-exempt securities, and $9.7 million from interest-earning deposits. Total interest expense was $161.6 million, resulting in net interest income before provision for credit losses of $200.9 million. After a $23.5 million provision for credit losses, net interest income was $177.4 million. Total other income was $82.1 million, primarily from wealth management fee income ($63.2 million), service charges and fees ($4.8 million), and other income ($9.3 million). Total operating expenses were $207.2 million, with compensation and employee benefits being the largest component at $145.5 million. Income before income tax expense was $52.3 million, with income tax expense of $15.0 million. No prior period data is provided for year-over-year comparisons.
The company's revenue streams are primarily divided between interest income and other income. Interest income of $362.5 million was dominated by loans at $321.3 million (88.6% of total interest income), with securities contributing $31.5 million and interest-earning deposits $9.7 million. Other income of $82.1 million was led by wealth management fee income of $63.2 million (77.0% of other income), followed by service charges and fees ($4.8 million), bank owned life insurance ($1.7 million), and gain on sale of SBA loans ($1.6 million). Other components included corporate advisory fee income ($820,000), fee income related to loan level swaps ($492,000), fair value adjustment for equity securities ($418,000), gain on loans held for sale ($132,000), and securities gains ($7,000), with offsetting items including a loss on loans held for sale at lower of cost or fair value (-$364,000). No segment or geographic breakdown is provided in the available data.
The company's profitability metrics show net interest margin before provision for credit losses of $200.9 million on total interest-earning assets. Operating expenses of $207.2 million represented the largest use of funds, with compensation and employee benefits at $145.5 million (70.2% of operating expenses), premises and equipment at $26.6 million, other operating expenses at $30.3 million, and FDIC insurance expense at $4.8 million. Income before income tax expense was $52.3 million, resulting in a net income margin of 10.3% relative to total revenue (interest income plus other income). The effective tax rate was 28.7% ($15.0 million tax expense on $52.3 million pre-tax income). No gross margin or operating margin percentages can be calculated from the provided data as cost of goods sold or cost of revenue figures are not disclosed.
Operating activities generated $43.1 million in net cash, starting from net income of $37.3 million with adjustments including provision for credit losses ($23.5 million), depreciation ($4.1 million), amortization of restricted stock ($5.3 million), and deferred tax expense ($7.8 million). Investing activities used $735.8 million, primarily for net increase in loans ($768.1 million), purchase of securities available for sale ($733.4 million), and purchases of premises and equipment ($14.3 million), partially offset by principal repayments of securities ($722.8 million) and sales of securities ($53.2 million). Financing activities provided $489.1 million, mainly from net increase in deposits ($460.0 million) and net increase in short-term borrowings ($73.3 million), offset by redemption of subordinated debt ($35.0 million), dividends paid ($3.5 million), and shares repurchased ($5.4 million). The balance sheet shows total assets of $7.53 billion, including cash and cash equivalents of $187.8 million. Total liabilities were $6.87 billion, with shareholders' equity of $658.2 million consisting of common stock ($18.1 million), surplus ($353.3 million), retained earnings ($457.4 million), treasury stock ($123.0 million), and accumulated other comprehensive loss (-$47.6 million).
No forward-looking statements, management guidance, strategic priorities, or specific risk factors are provided in the available financial data. The document contains only the financial statements without accompanying management discussion and analysis (MD&A) section that would typically include outlook information. The financial data shows the company engaged in significant loan growth ($768.1 million net increase) and securities purchases during the period, funded primarily by deposit growth ($460.0 million net increase). The company paid $3.5 million in dividends and repurchased $5.4 million in shares during the period. No information is provided about future plans, expected performance, or market conditions that would inform an outlook analysis.