Peapack-Gladstone Financial Amends Q1 Earnings, Corrects Book Value and Capital Ratios
PGC sits 62% above its 52-week low of $24.415.
Summary
Peapack-Gladstone Financial Corporation filed an amended 8-K to correct previously reported book value, tangible book value, and a capital ratio from its Q1 2026 earnings release, due to an error in accounting for preferred stock.
Key Events · Earnings and Guidance · PGC
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Correction to Q1 Financials
The company issued a correction to its Q1 2026 press release and investor presentation due to an error in calculating book value and tangible book value per share, and related capital ratios.
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Revised Book Values
Book value per common share was revised from $39.48 to $37.79, and tangible book value per common share was revised from $37.02 to $35.33. This represents a decrease of $1.69 for both metrics.
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Adjusted Capital Ratio
The tangible equity to tangible assets ratio was revised from 8.56% to 8.17%, reflecting a decrease of 0.39 percentage points.
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No Impact on Core Earnings
The correction does not affect the company's reported net income, operating results, cash flows, or regulatory capital ratios for the period.
Analysis · PGC · Finance
Peapack-Gladstone Financial Corporation filed an amended 8-K to correct errors in its previously reported Q1 2026 financial results. The amendment specifically addresses an accounting error related to preferred stock issuance, which led to an overstatement of book value and tangible book value per share, as well as the tangible equity to tangible assets ratio. While the core net income, operating results, cash flows, and regulatory capital ratios remain unaffected, the adjustment to key book value metrics is important for investors assessing the company's intrinsic value and capital strength, especially for a financial institution. This correction follows the initial Q1 earnings report filed on April 22, 2026.
At the time of this filing, PGC was trading at $39.55 on NASDAQ in the Finance sector, with a market capitalization of approximately $700.4M. The 52-week trading range was $24.42 to $40.41. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.