Peapack-Gladstone Q2 Earnings Beat, Revenue Up 23% YoY; Issues Remaining $20M Preferred Stock
PGC sits 88% above its 52-week low of $24.415.
Summary
Peapack-Gladstone reported Q2 2026 earnings that beat consensus, with revenue up 23% year-over-year and EPS of $0.85. The company also issued the remaining $20 million of convertible preferred stock, completing a $50 million capital raise to support growth.
Key Events · Earnings and Guidance · PGC
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Q2 Earnings Beat Consensus
Revenue of $86.1 million exceeded the $84.48 million consensus, with net income available to common shareholders of $15.8 million, or $0.85 per diluted share, up 89% year-over-year.
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Net Interest Margin Expands to 3.32%
Net interest income rose 32% year-over-year to $63.9 million, and net interest margin increased 55 basis points from Q2 2025 to 3.32%, driven by balance sheet repositioning and disciplined pricing.
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Remaining $20M Preferred Stock Issued
On July 24, 2026, the company issued the remaining $20 million of its 6% non-cumulative perpetual convertible preferred stock, completing the $50 million commitment from Strategic Value Bank Partners announced in Q1 2026.
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Loan and Deposit Growth Continues
Total loans grew 15% year-over-year to $6.7 billion, and total deposits increased to $7.1 billion, with noninterest-bearing demand deposits representing 56% of the deposit growth over the last twelve months.
Analysis · PGC · Finance
A strong Q2 2026 saw revenue of $86.1 million beat the $84.48 million consensus, while net income available to common shareholders surged 89% year-over-year to $15.8 million, or $0.85 per diluted share. The ninth consecutive quarter of revenue growth was fueled by a 32% jump in net interest income and a 55-basis-point expansion in net interest margin to 3.32%. Completing the $50 million commitment announced in Q1, the company elected to issue the remaining $20 million of its 6% convertible preferred stock, bolstering capital to support continued loan growth. The results underscore the earnings inflection from the New York metro expansion, with positive operating leverage as expense growth normalizes.
At the time of this filing, PGC was trading at $45.91 on NASDAQ in the Finance sector, with a market capitalization of approximately $833.5M. The 52-week trading range was $24.42 to $49.14. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.