PGCMEDIUM SIGNALFINANCIAL10-K

PGC reported solid revenue growth of 24% while experiencing a notable decline in operating cash flow and substantially higher capital expenditures.

The company appears to be in an investment phase, with capital expenditures substantially higher year-over-year, which contributed to reduced operating cash flow and lower cash balances. The operational language changes indicating expanded workforce and New York office presence suggest strategic growth initiatives are underway.

Comparing 2026-03-11 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

PGC delivered strong top-line performance with revenue growing 24% to $283 million and net interest income expanding 11%, while net income increased a more modest 13% to $37.3 million. However, operating cash flow declined meaningfully to $43.1 million from $71.1 million, driven partly by substantially higher capital expenditures of $14.3 million. The company's cash position weakened to $43.1 million from $62.7 million, reflecting the increased investment activity and reduced cash generation.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+76.8%
$8.1M$14.3M

Capital expenditure jumped 76.8% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-39.3%
$71.1M$43.1M

Operating cash flow fell 39.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-31.3%
$62.7M$43.1M

Cash declined 31.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Share Buybacks
Cash Flow
-24.3%
$7.2M$5.4M

Buyback activity reduced 24.3% — capital being redeployed elsewhere or cash conservation underway.

Revenue
P&L
+24.1%
$228.1M$283.0M

Revenue growing 24.1% — solid top-line momentum, watch margins for quality of growth.

Net Income
P&L
+13.2%
$33.0M$37.3M

Net income grew 13.2% — bottom-line growth signals improving overall business health.

Net Interest Income
P&L
+10.6%
$327.8M$362.5M

Net interest income grew 10.6% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-12
ADDED
As of March 3, 2026, 17,570,625 shares of no par value Common Stock were outstanding.
The Company expects to file the 2026 Proxy Statement within 120 days of December 31, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.
Peapack-Gladstone Bank, which changed its name to Peapack Private Bank Trust effective January 1, 2025 ( Peapack Private ), is a state-chartered commercial bank founded in 1921 under New Jersey laws, is its principal subsidiary.
As of December 31, 2025, we had 682 full-time and part-time employees, with 278 at our corporate headquarters, 152 in our New York offices, 85 in our branch offices and 167 in other locations.
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REMOVED
As of March 3, 2025, 17,596,195 shares of no par value Common Stock were outstanding.
The Company expects to file the 2025 Proxy Statement within 120 days of December 31, 2024.
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.
The Company was organized under New Jersey law in 1997 by the Board of Directors of Peapack-Gladstone Bank, which changed its name to Peapack Private Bank Trust effective January 1, 2025 ( Peapack Private ) The Bank is its principal subsidiary.
The Bank is a state-chartered commercial bank founded in 1921 under New Jersey laws.
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