Peapack Gladstone Financial Corp (NASDAQ: PGC)

Peapack-Gladstone Financial Corporation is a bank holding company whose principal subsidiary is Peapack Private Bank & Trust, a state chartered commercial bank and member of the Federal Reserve System. The bank operates through a branch network in Somerset, Morris, Hunterdon, and Union counties in New Jersey and maintains private banking offices in Bedminster, Morristown, Princeton, and Teaneck, New Jersey as well as in New York City and Long Island. It also delivers services via online platforms including internet banking, mobile phone banking, and an online bill payment option. The company’s core activities comprise commercial lending, retail banking, private wealth management, and related financial solutions for individuals, families, foundations, endowments, trusts, and businesses.

Revenue is derived primarily from interest income on loans and securities, fee income from wealth management and trust services, and service charges on deposit accounts. The company also earns revenue from mortgage banking, equipment financing, treasury management fees, and commissions on securities transactions. Additionally, Peapack Private Bank & Trust collects income from residential mortgages, home equity lines of credit, and other second mortgage loans. The bank’s deposits are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation.

The company operates through the following segments.

• Wealth Management: This segment provides fiduciary, investment management, tax, and trust services to high net worth individuals, families, foundations, endowments, trusts, and estates, managing $13.1 billion of assets as of year end 2025 through offices in Bedminster, Morristown, Princeton, Red Bank, Summit, Teaneck, New York City, Long Island, and the affiliated PGB Trust & Investments of Delaware.

• Commercial Private Banking: This segment delivers commercial and industrial lending, equipment financing, commercial mortgages, multifamily mortgages, treasury management, depository services, electronic banking, and corporate advisory services to business owners, professionals, retailers, contractors, and real estate investors, supported by experienced private bankers who provide an advice based approach to client relationships.

• Retail Private Banking: This segment offers checking and savings accounts, money market accounts, interest bearing checking accounts, certificates of deposit, individual retirement accounts, residential mortgages, home equity lines of credit, and other second mortgage loans to individual customers, supported by a network of 17 automated teller machines, internet banking, and mobile phone banking.

• Residential Lending: This segment focuses on originating residential mortgage loans, home equity lines of credit, and other second mortgage loans for personal housing needs, leveraging the bank’s underwriting expertise and collateral evaluation processes.

Peapack-Gladstone Financial Corporation distinguishes itself as a boutique alternative to larger banks in the Metropolitan New York region by emphasizing relationship driven, high touch private banking and wealth management services. The company competes with regional banks, national banks, savings institutions, credit unions, and registered investment advisory firms, differentiating itself through personalized client solutions, strong capital ratios, and a focus on core relationship deposits. Its disciplined balance sheet management and commitment to community engagement further enhance its competitive standing.

The company serves high net worth individuals and families, foundations, endowments, trusts, and estates through its wealth management division, while its commercial banking division serves business owners, professionals, retailers, contractors, and real estate investors. Retail banking customers include individuals seeking checking and savings accounts, mortgages, and consumer loans.