Business Context and Reporting Period
Company: Peapack-Gladstone Financial Corporation (PGC)
Filing Type: Form 8-K (Current Report)
Date of Report: March 2, 2026
Event: Notice of intent to redeem subordinated notes.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, or operating margins. The primary financial metric disclosed relates to debt reduction:
- Debt Instrument: 3.50% Fixed-to-Floating Rate Subordinated Notes due December 22, 2030.
- Principal Amount: $100,000,000.
- Redemption Price: 100% of principal plus accrued and unpaid interest to the date of redemption.
- Liquidity/Capitalization: Management states the Company will remain well capitalized following the redemption.
Material Changes
The Company has notified UMB Bank, as trustee, of its intent to redeem the entire $100,000,000 aggregate principal amount of the Notes. The redemption is expected to occur on or about March 2, 2026. This action represents a material reduction in the Company's long-term debt obligations.
Guidance, Outlook, and Risks
Management Commentary: The Company asserts that it will remain well capitalized after the transaction.
Risks and Contingencies: The filing does not disclose specific new risks or contingencies associated with the redemption, other than the standard obligation to pay accrued interest up to the redemption date.
Investor Verification Checklist
- Confirm the exact date of redemption and the final calculation of accrued interest to be paid.
- Verify the source of funds used for the $100,000,000 principal repayment in the Company's most recent quarterly or annual report.
- Review the Company's updated capital ratios post-redemption to validate the "well capitalized" assertion.
- Check for any prepayment penalties or call provisions that may have affected the total cost of redemption.