By: NewMediaWire
April 22, 2026

Peapack-Gladstone Financial Corporation Reports First Quarter Financial Results

BEDMINSTER, NJ - April 22, 2026 (NEWMEDIAWIRE) - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its first quarter 2026 financial results.

This earnings release should be read in conjunction with the Company’s Q1 2026 Investor Update, a copy of which is available on our website at www.peapackprivate.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

The Company’s results reflect continued execution of its private banking strategy and strategic expansion throughout the Metropolitan New York region. Investments in talent, geographic expansion, and client relationships continue to strengthen the Company’s deposit franchise, enhance its balance sheet, and support durable long-term earnings growth.

Douglas L. Kennedy, President and CEO, stated, “Our first quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. Core earnings increased for a sixth consecutive quarter, with net income reaching $14.2 million, up 16% over the previous quarter and 86% over the first quarter of 2025.”

For the quarter ended March 31, 2026, the Company reported net income of $14.2 million, or $0.80 per diluted share, compared to $12.2 million, or $0.69 per diluted share, for the quarter ended December 31, 2025.

Mr. Kennedy added, “This performance continues to be driven by steady growth in both loans and deposits. Total loans increased by 12% over the last twelve months to $6.4 billion, while deposits grew 9% to $6.8 billion during the same period reflecting the strength of our client-focused approach and consistent execution across business lines."

During the first quarter the Company also announced a commitment by Strategic Value Bank Partners to purchase up to $50 million of preferred stock. Strategic Value Bank Partners is a well-known, long-term investor primarily focused on the banking sector. The commitment included an initial $30 million private placement of the preferred stock which closed during March 2026 with the ability to issue an additional $20 million through the end of 2027.

Mr. Kennedy noted, “We are very pleased to partner with Strategic Value Bank Partners whose long-term orientation aligns well with our current strategic initiatives. This capital raise provides the flexibility needed to continue to execute on our growth and expansion plan while maintaining capital levels consistent with our long-standing targets. More importantly, it reflects our disciplined approach to capital management with the ultimate goal of delivering top tier returns and value to our entire shareholder base.”

First Quarter Highlights:

Net Income: $14.2 million, or $0.80 per diluted share
Net Interest Income: $59.9 million, representing the eighth consecutive quarter of growth
Net Interest Margin: 3.26%, an increase of 18 basis points compared to the previous quarter and 58 basis points year-over-year
Loan Growth: $6.4 billion in total loans, an increase of $686 million year-over-year
Deposits: $6.8 billion at March 31, 2026, an increase of $540 million year-over-year
Wealth Management: $13.1 billion in assets under management and administration
Wealth Management Fee Income: $16.5 million or 20% of total revenue
Shareholders' Equity: $699 million at March 31, 2026, an increase of $77 million year-over-year
Shareholder Value: Tangible book value per share increased 14% year-over-year to $37.02. See Non-GAAP financial measures reconciliation included in these table. Book value per share increased 13% year-over-year to $39.48

Key Financial Metrics

Q1 2026

Q4 2025

Q1 2025

Net income ($ millions)

14.2

12.2

7.6

Diluted EPS

0.80

0.69

0.43

Net interest income ($ millions)

59.9

56.5

45.5

Net interest margin

3.26%

3.08%

2.68%

Total revenue ($ millions)

82.5

78.2

64.3

Operating expenses ($ millions)

55.4

53.5

49.4

Pre-provision net revenue ($ millions)

27.1

24.7

14.9

Return on average assets (annualized)

0.74%

0.65%

0.43%

Return on average equity (annualized)

8.51%

7.51%

4.98%

Earnings and Operating Leverage

The Company had strong revenue growth of 28% year-over-year, with total revenue of $82.5 million for the first quarter of 2026, compared to $78.2 million for the fourth quarter of 2025 and $64.3 million for the first quarter of 2025. Revenue growth has been primarily attributable to the consistent improvement in net interest income over the last twelve months. The increase in revenue growth translated into higher earnings driving positive operating leverage and improved profitability.

Operating expenses increased at a more moderate pace increasing to $55.4 million for the first quarter of 2026, compared to $53.5 million for the fourth quarter of 2025 and $49.4 million for the first quarter of 2025. The increase during the first quarter was primarily driven by increased health insurance costs and annual merit increases.

Net Interest Income and Margin

Net interest income totaled $59.9 million for the first quarter of 2026, an increase of $3.4 million, or 6%, from the fourth quarter of 2025 and an increase of $14.4 million, or 32%, from the first quarter of 2025. Net interest margin expanded to 3.26% compared to 3.08% in the prior quarter and 2.68% in the prior-year period continuing the upward trend over the past several quarters. This improvement in net interest income and net interest margin was driven primarily by an increase in interest-earning assets coupled with lower costs on average interest-bearing liabilities and continued growth in core deposit relationships. This momentum reflects discipline in our loan pricing and continued improvement in our funding mix.

Loans / Commercial Banking

Total loans increased $184.1 million, or 12% annualized, to $6.4 billion at March 31, 2026, compared to $6.3 billion at December 31, 2025, primarily driven by commercial mortgage and commercial and industrial loan originations during the quarter. Commercial mortgage activity was bolstered by sponsor demand for stabilized assets and refinancing activity. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at March 31, 2026 were $2.8 billion, or 43% of the total loan portfolio.

Mr. Kennedy noted, “Loan growth during the quarter was driven by our core C&I franchise, including equipment finance, where we continue to see strong demand from well-capitalized middle-market clients. We are scaling our C&I platform while maintaining disciplined underwriting standards and reducing reliance on higher-risk segments, which we believe positions the loan portfolio for durable, risk-adjusted growth. Our Commercial Real Estate lending team also contributed to the growth in the period focusing on clients that bring a complete relationship to Peapack Private.”

Wealth Management

John Babcock, President of the Bank’s Wealth Management Division, stated, “Our Wealth Management business delivered another quarter of solid performance, with wealth management fee income totaling $16.5 million for the first quarter of 2026, compared to $16.1 million for the fourth quarter of 2025 and $15.4 million for the first quarter of 2025 driven by continued client inflows of $227 million, along with disciplined cost management and operating efficiency. We ended the quarter with assets under management and administration remaining stable at $13.1 billion as of March 31, 2026, compared to prior quarter end, despite the market volatility late in the quarter."

Funding / Liquidity / Interest Rate Risk Management

Total deposits increased $237.8 million, or 14% annualized, to $6.8 billion at March 31, 2026, from $6.6 billion at December 31, 2025. Noninterest-bearing deposits increased by $115.8 million, which represented 49% of the deposit growth during the quarter and a meaningful portion of total funding, supporting both margin expansion and balance sheet stability.

The Company’s liquidity profile remains strong with a loan-to-deposit ratio of 94%. At March 31, 2026, the Company’s balance sheet liquidity totaled $991 million, or 13% of total assets. The Company maintains additional liquidity resources of approximately $4.0 billion through secured available borrowing facilities with the Federal Home Loan Bank and the Federal Reserve Discount Window. The available funding from the Federal Home Loan Bank and the Federal Reserve are secured by the Company’s loan and investment portfolios. The Company's total on and off-balance sheet liquidity totaled $5.0 billion at March 31, 2026, which amounted to 240% of the total uninsured/uncollateralized deposits currently on the Company’s balance sheet. The Company continues to maintain a well-balanced funding base with a high level of operating deposits and no reliance on brokered funding.

In the first quarter of 2026, the Company used its strong liquidity to reposition a portion of the securities portfolio, exiting lower-yielding, longer-duration assets without impacting earnings, and redeploying them into higher-yielding bonds with better structure.

Asset Quality / Provision for Credit Losses

Asset quality continued to improve with nonperforming assets declining for the third consecutive quarter. In the first quarter of 2026, nonperforming assets decreased to $59.3 million, or 0.77% of total assets, compared to $68.2 million, or 0.91% of total assets, at December 31, 2025. The decrease in nonperforming assets during the first quarter of 2026 was largely driven by the liquidation of one commercial loan with a balance of $9.6 million. Loans past due 30 to 89 days and still accruing increased to $47.1 million, or 0.73% of total loans, at March 31, 2026 compared to $26.6 million, or 0.42% of total loans, at December 31, 2025. The increase in past due loans at March 31, 2026 was primarily due to one multifamily relationship with an outstanding balance of $36.2 million.

Mr. Kennedy noted, “Overall credit trends remain favorable and we continue to manage the portfolio proactively and conservatively. We have committed to work through asset quality issues in a deliberate manner with an ultimate goal of preserving capital and maintaining appropriate reserve coverage."

The provision for credit losses totaled $7.3 million for the first quarter of 2026, compared to $7.7 million for the fourth quarter of 2025 and $4.5 million for the March 31, 2025 quarter. The first quarter provision was attributable to loan growth of $184.1 million resulting in a provision of $1.3 million, in addition to changes in specific reserves which required a provision of $6.0 million.

At March 31, 2026, the allowance for credit losses ("ACL") was $67.0 million (1.04% of total loans), compared to $71.0 million (1.14% of total loans) at December 31, 2025. Charge-offs of $11.3 million during the period were associated with the sale of one multifamily loan with a balance totaling $8.3 million and the liquidation of one commercial loan with a balance of $9.6 million. Specific reserves of $5.8 million, related to these charge-offs, had been established in prior periods.

Capital

The Company’s capital position was strengthened during the first quarter of 2026. The Company redeemed $100.0 million of subordinated debt in the first quarter of 2026, which had become less efficient from a capital standpoint, and replaced a portion of it with the issuance of preferred equity. The Company successfully completed a private placement of $30.0 million of 6.00% Series B Non-Cumulative Convertible Preferred Stock in March. The preferred equity enhances the quality of our capital base while maintaining an attractive overall cost and improving financial flexibility.

Tangible book value per share increased 14% to $37.02 per share at March 31, 2026 from $32.56 at March 31, 2025. See Non-GAAP financial measures reconciliation included in these tables. Book value per share increased 13% to $39.48 per share at March 31, 2026 compared to $35.08 at March 31, 2025.

The Company’s and Bank’s regulatory capital ratios as of March 31, 2026 remain strong. The Tier 1 Leverage Ratio at March 31, 2026 was 9.02% for the Bank and 9.24% for the Company, while the Common Equity Tier 1 Ratio was 10.77% for the Bank and 10.55% for the Company. Where applicable, such ratios remain well above regulatory well capitalized standards.

On March 26, 2026, the Company declared a cash dividend of $0.05 per share payable on May 21, 2026 to shareholders of record on May 7, 2026.

Investor Conference Call

Peapack-Gladstone Financial Corporation's CEO Douglas Kennedy will host a conference call with investors and the financial community on April 23, 2026 at 11:00 a.m. (ET) to review first quarter 2026 financial results. The live audio webcast and presentation slides will be available using the following link: https://events.q4inc.com/attendee/461093557. Investor presentation materials will be made available prior to the conference call by going to the Investor Relations page on our Company website at www.peapackprivate.com. A replay will be available under the Events & Presentation section on our Investor Relations website.

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.7 billion and assets under management and/or administration of $13.1 billion as of March 31, 2026. Founded in 1921, Peapack Private Bank & Trust, a subsidiary of Peapack-Gladstone Financial Corporation, is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit www.peapackprivate.com for more information.

FORWARD-LOOKING STATEMENTS

The foregoing may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “may” or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to:

our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan;
the impact of anticipated higher operating expenses in 2026 and beyond;
our ability to successfully integrate wealth management firm and team acquisitions;
our ability to successfully integrate our expanded employee base;
an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions;
declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;
declines in the value of our investment portfolio;
impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels;
higher than expected increases in our allowance for credit losses;
changes in the methodology and assumptions used to calculate the allowance for credit losses;
higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans or charge-offs;
inflation and changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and lead to higher operating costs;
decline in real estate values within our market areas;
legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;
the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;
the impact of any federal government shutdown;
the failure to maintain current technologies and/or to successfully implement future information technology enhancements;
successful cyberattacks against our IT infrastructure and that of our IT and third-party providers;
higher than expected FDIC insurance premiums;
adverse weather conditions;
the current or anticipated impact of military conflict, terrorism or other geopolitical events;
our inability to successfully generate new business in new geographic markets, including our expansion into New York City and Long Island;
a reduction in our lower-cost funding sources;
changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio;
our inability to adapt to technological changes;
claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;
our inability to retain key employees;
demand for loans and deposits in our market areas;
adverse changes in securities markets;
changes in New York City rent regulation law;
changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary and fiscal policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
changes in accounting policies and practices; and/or
other unexpected material adverse changes in our financial condition, operations or earnings.

A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025. Except as may be required by the applicable law or regulation, we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Contact:
Frank A. Cavallaro, SEVP and CFO
Peapack-Gladstone Financial Corporation
T: 908-306-8933

(Tables to follow)

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, except per share data)
(Unaudited)

For the Three Months Ended

March 31,
2026

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Income Statement Data:

Interest income

95,049

93,984

92,545

89,651

86,345

Interest expense

35,153

37,442

41,972

41,361

40,840

Net interest income

59,896

56,542

50,573

48,290

45,505

Wealth management fee income

16,503

16,064

15,798

15,943

15,435

Service charges and fees

1,359

1,317

1,184

1,194

1,112

Capital markets revenue

544

873

901

799

455

Other income

4,191

3,405

2,238

3,515

1,852

Total other income

22,597

21,659

20,121

21,451

18,854

Total revenue

82,493

78,201

70,694

69,741

64,359

Compensation expense

29,782

28,399

28,613

28,232

26,315

Benefits expense

9,583

8,397

8,143

7,829

9,564

Premises and equipment

6,858

7,142

6,676

6,641

6,154

FDIC insurance expense

1,388

1,565

1,345

1,045

855

Professional and legal fees

1,554

1,868

1,972

1,645

1,190

Trust department expense

1,180

1,139

1,111

1,092

1,043

Loan expense

556

905

475

939

433

Advertising

267

329

651

919

154

Other expenses

4,272

3,794

3,311

3,551

3,732

Total operating expenses

55,440

53,538

52,297

51,893

49,440

Pretax income before provision for credit losses

27,053

24,663

18,397

17,848

14,919

Provision for credit losses

7,327

7,671

4,790

6,586

4,471

Income before income taxes

19,726

16,992

13,607

11,262

10,448

Income tax expense

5,573

4,833

3,976

3,321

2,853

Net Income

14,153

12,159

9,631

7,941

7,595

Dividends on preferred stock

Net income available to common shareholders

14,153

12,159

9,631

7,941

7,595

Per Common Share Data:

Earnings per share (basic)

0.80

0.69

0.55

0.45

0.43

Earnings per share (diluted)

0.80

0.69

0.54

0.45

0.43

Weighted average number of common
shares outstanding:

Basic

17,585,846

17,558,019

17,576,899

17,704,110

17,610,917

Diluted

17,760,678

17,705,355

17,686,979

17,773,237

17,812,222

Performance Ratios:

Return on average assets annualized (ROAA)

0.74%

0.65%

0.53%

0.45%

0.43%

Return on average equity annualized (ROAE)

8.51%

7.51%

6.12%

5.11%

4.98%

Return on average tangible equity annualized (ROATCE) (A)

9.10%

8.06%

6.59%

5.50%

5.37%

Net interest margin (tax-equivalent basis)

3.26

3.08

2.81

2.77

2.68

GAAP efficiency ratio (B)

67.21

68.46

73.98

74.41

76.82

Operating expenses / average assets annualized

2.92

2.88

2.87

2.92

2.82

(A) Return on average tangible equity is calculated by dividing tangible equity by annualized net income. See non-GAAP financial measures reconciliation included in these tables.

(B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in Thousands)
(Unaudited)

As of

March 31,
2026

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

ASSETS

Cash and due from banks

9,220

8,712

8,514

7,524

7,885

Interest-earning deposits

244,194

179,108

338,672

308,078

224,032

Total cash and cash equivalents

253,414

187,820

347,186

315,602

231,917

Securities available for sale

710,046

774,203

756,578

767,533

832,030

Securities held to maturity

79,478

95,862

97,414

98,623

100,285

CRA equity security, at fair value

13,375

13,459

13,403

13,278

13,236

FHLB and FRB stock, at cost (A)

14,170

14,605

11,387

11,467

12,311

Residential mortgage

662,949

648,216

649,523

649,703

630,245

Multifamily mortgage

1,824,882

1,862,592

1,796,533

1,794,854

1,775,132

Commercial mortgage

887,712

774,428

689,166

643,520

633,957

Commercial and industrial loans

2,797,352

2,726,379

2,662,661

2,543,092

2,528,235

Consumer loans

210,731

187,360

171,811

140,668

140,443

Home equity lines of credit

58,194

59,306

57,166

52,434

48,301

Other loans

860

342

405

261

359

Total loans

6,442,680

6,258,623

6,027,265

5,824,532

5,756,672

Less: Allowance for credit losses

67,026

71,039

68,642

81,770

75,150

Net loans

6,375,654

6,187,584

5,958,623

5,742,762

5,681,522

Premises and equipment

39,322

39,164

37,756

36,626

31,639

Accrued interest receivable

33,115

31,971

34,120

33,209

31,968

Bank owned life insurance

47,896

47,761

48,381

48,239

48,110

Goodwill and other intangible assets

43,595

43,839

44,111

44,383

44,655

Finance lease right-of-use assets

809

844

879

914

950

Operating lease right-of-use assets

38,079

39,886

37,692

38,291

39,456

Other assets

50,012

49,411

52,112

49,746

52,573

TOTAL ASSETS

7,698,965

7,526,409

7,439,642

7,200,673

7,120,652

LIABILITIES

Deposits:

Noninterest-bearing demand deposits

1,544,515

1,428,745

1,323,492

1,237,864

1,184,860

Interest-bearing demand deposits

3,533,203

3,448,497

3,509,403

3,483,295

3,450,014

Savings

114,955

105,123

104,524

103,846

107,581

Money market accounts

1,222,405

1,197,995

1,226,506

1,095,665

1,087,959

Certificates of deposit – Retail

411,688

408,219

397,338

440,612

442,369

Certificates of deposit – Listing Service

400

899

1,841

3,773

Subtotal “customer” deposits

6,826,766

6,588,979

6,562,162

6,363,123

6,276,556

IB Demand – Brokered

10,000

Total deposits

6,826,766

6,588,979

6,562,162

6,363,123

6,286,556

Short-term borrowings

63,830

73,267

Finance lease liability

1,145

1,186

1,227

1,268

1,308

Operating lease liability

41,458

43,294

41,139

41,806

42,948

Subordinated debt, net

99,030

98,981

98,933

98,884

Due to brokers

25,125

Other liabilities

66,562

62,447

68,458

65,766

69,083

TOTAL LIABILITIES

6,999,761

6,868,203

6,797,092

6,570,896

6,498,779

Shareholders’ equity

699,204

658,206

642,550

629,777

621,873

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

7,698,965

7,526,409

7,439,642

7,200,673

7,120,652

Assets under management and / or administration at
Peapack Private Bank & Trust's Wealth Management
Division (market value, not included above-dollars in billions)

13.1

12.9

12.3

11.8

(A) FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)

As of

March 31,
2026

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Asset Quality:

Loans past due over 90 days and still accruing

Nonaccrual loans

59,321

68,243

84,142

114,958

97,170

Other real estate owned

Total nonperforming assets

59,321

68,243

84,142

114,958

97,170

Nonperforming loans to total loans

0.92

1.09

1.40

1.97

1.69

Nonperforming assets to total assets

0.77

0.91

1.13

1.60

1.36

Performing modifications (A)(B)

85,835

95,266

101,501

111,962

63,259

Loans past due 30 through 89 days and still accruing

47,053

26,555

28,817

15,522

28,323

Loans subject to special mention

75,935

51,027

56,534

86,907

75,248

Classified loans

90,583

118,912

134,982

145,783

142,273

Individually evaluated loans

59,321

68,243

84,142

114,958

97,170

Allowance for credit losses ("ACL"):

Beginning of quarter

71,039

68,642

81,770

75,150

72,992

Provision for credit losses (C)

7,322

7,659

4,871

6,577

4,494

(Charge-offs)/recoveries, net (D)

(11,335)

(5,262)

(17,999)

(2,336)

End of quarter

67,026

71,039

68,642

81,770

75,150

ACL to nonperforming loans

112.99%

104.10%

81.58%

71.13%

77.34%

ACL to total loans

1.04%

1.14%

1.40%

1.31%

Collectively evaluated ACL to total loans (E)

0.94%

0.95%

1.06%

1.09%

(A) Amounts reflect modifications that are paying according to modified terms.

(B) Excludes modifications included in nonaccrual loans of $19.6 million at March 31, 2026, $36.0 million at December 31, 2025, $37.6 million at September 30, 2025, $38.1 million at June 30, 2025 and $3.9 million at March 31, 2025.

(C) Excludes provision of $5,000 at March 31, 2026, provision of $12,000 at December 31, 2025, a credit of $81,000 at September 30, 2025, provision of $9,000 at June 30, 2025, and a credit of $23,000 at March 31, 2025 related to off-balance sheet commitments.

(D) Includes charge-offs of $7.8 million related to two commercial and industrial loans and $3.5 million to one multifamily loan for the quarter ended March 31, 2026. Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. Includes charge-offs of $6.7 million related to three multifamily loans and $11.3 million related to one equipment financing relationship for the quarter ended September 30, 2025.

(E) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)

As of

March 31,
2026

Dec 31,
2025

March 31,
2025

Capital Adequacy

Equity to total assets (A)

9.08%

8.75%

8.73%

Tangible equity to tangible assets (B)

8.56%

8.21%

8.16%

Book value per share (C)

39.48

37.49

35.08

Tangible book value per share (D)

37.02

34.99

32.56

(A) Equity to total assets is calculated as total shareholders’ equity as a percentage of total assets at quarter end.

(B) Tangible equity and tangible assets are calculated by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. Tangible equity as a percentage of tangible assets at quarter end is calculated by dividing tangible equity by tangible assets at quarter end. See Non-GAAP financial measures reconciliation included in these tables.

(D) Tangible book value per share excludes intangible assets. Tangible book value per share is calculated by dividing tangible equity by quarter end common shares outstanding. See Non-GAAP financial measures reconciliation tables.

As of

March 31,
2026

Dec 31,
2025

March 31,
2025

Regulatory Capital - Holding Company

Tier I leverage

704,063

9.24%

660,696

8.87%

633,456

8.98%

Tier I capital to risk-weighted assets

704,063

11.02

660,696

10.33

633,456

11.19

Common equity tier I capital ratio
to risk-weighted assets

674,004

10.55

660,637

10.33

633,450

11.19

Tier I & II capital to risk-weighted assets

771,704

12.08

811,375

12.68

803,173

14.19

Regulatory Capital - Bank

Tier I leverage (E)

687,120

9.02%

735,931

9.89%

708,276

10.05%

Tier I capital to risk-weighted assets (F)

687,120

10.77

735,931

11.52

708,276

12.52

Common equity tier I capital ratio
to risk-weighted assets (G)

687,061

10.77

735,872

11.52

708,270

12.52

Tier I & II capital to risk-weighted assets (H)

754,761

11.83

807,580

12.64

779,068

13.77

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($305 million)

(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($542 million)

(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($446 million)

(H) Regulatory well-capitalized standard (including capital conservation buffer) = 10.50% ($670 million)

PEAPACK-GLADSTONE FINANCIAL CORPORATION
LOANS CLOSED
(Dollars in Thousands)
(Unaudited)

For the Quarters Ended

March 31,
2026

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Residential loans retained

29,376

18,993

18,323

34,990

25,157

Residential loans sold

4,680

2,544

445

1,712

4,074

Total residential loans

34,056

21,537

18,768

36,702

29,231

Commercial real estate

138,570

130,790

78,825

24,086

47,280

Multifamily

31,825

100,611

47,991

73,350

6,800

Commercial (C&I) loans (A) (B)

274,269

358,468

453,554

200,671

257,282

SBA

11,445

2,666

6,821

7,090

5,928

Wealth lines of credit (A)

5,225

3,925

2,700

2,400

9,900

Total commercial loans

461,334

596,460

589,891

307,597

327,190

Installment loans

30,171

40,428

47,115

8,164

76,941

Home equity lines of credit (A)

6,638

3,929

11,755

5,154

4,805

Total loans closed

532,199

662,354

667,529

357,617

438,167

(A) Includes loans and lines of credit that closed in the period but not necessarily funded.

(B) Includes equipment finance.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
(Tax-Equivalent Basis, Dollars in Thousands)
(Unaudited)

For the Three Months Ended

March 31, 2026

March 31, 2025

Average
Balance

Income/
Expense

Annualized
Yield

Average
Balance

Income/
Expense

Annualized
Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

934,080

7,126

3.05%

1,032,257

8,213

3.18%

Loans (B) (C):

Mortgages

656,719

7,958

4.85

617,185

6,670

4.32

Commercial mortgages

2,678,193

31,551

4.71

2,384,542

26,179

4.39

Commercial

2,773,733

43,359

6.25

2,432,862

40,104

6.59

Commercial construction

576

6.25

Installment

199,070

2,994

6.02

107,506

1,793

6.67

Home equity

55,816

936

6.71

45,949

845

7.36

Other

627

3.19

304

6.81

Total loans

6,364,734

86,812

5.46

5,588,348

75,596

5.41

Federal funds sold

Interest-earning deposits

188,404

1,325

2.81

290,702

2,776

3.82

Total interest-earning assets

7,487,218

95,263

5.09%

6,911,307

86,585

5.01%

Noninterest-earning assets:

Cash and due from banks

8,692

8,380

Allowance for credit losses

(71,767)

(74,413)

Premises and equipment

39,336

29,954

Other assets

139,139

128,754

Total noninterest-earning assets

115,400

92,675

Total assets

7,602,618

7,003,982

LIABILITIES:

Interest-bearing deposits:

Checking

3,713,856

23,842

2.57%

3,445,903

28,078

3.26%

Money markets

1,070,606

6,368

2.38

982,245

6,717

2.74

Savings

111,872

193

0.69

106,073

118

0.44

Certificates of deposit – retail

411,628

3,099

3.01

468,176

4,363

3.73

Subtotal interest-bearing deposits

5,307,962

33,502

2.52

5,002,397

39,276

3.14

Interest-bearing demand – brokered

10,000

100

4.00

Certificates of deposit – brokered

Total interest-bearing deposits

5,307,962

33,502

2.52

5,012,397

39,376

3.14

Borrowings

45,262

432

3.82

1,001.00

11.00

4.54

Capital lease obligation

1,159

4.14

1,322

4.20

Subordinated debt

66,026

1,207

7.31

126,641

1,439

4.55

Total interest-bearing liabilities

5,420,409

35,153

2.59%

5,141,361

40,840

3.18%

Noninterest-bearing liabilities:

Demand deposits

1,405,577

1,122,191

Accrued expenses and other liabilities

111,095

129,857

Total noninterest-bearing liabilities

1,516,672

1,252,048

Shareholders’ equity

665,537

610,573

Total liabilities and shareholders’ equity

7,602,618

7,003,982

Net interest income

60,110

45,745

Net interest spread

2.50%

1.83%

Net interest margin (D)

3.26%

2.68%

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
(Tax-Equivalent Basis, Dollars in Thousands)
(Unaudited)

For the Three Months Ended

March 31, 2026

Dec 31, 2025

Average
Balance

Income/
Expense

Annualized
Yield

Average
Balance

Income/
Expense

Annualized
Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

934,080

7,126

3.05%

958,470

7,426

3.10%

Loans (B) (C):

Mortgages

656,719

7,958

4.85

646,533

7,469

4.62

Commercial mortgages

2,678,193

31,551

4.71

2,521,899

29,727

4.72

Commercial

2,773,733

43,359

6.25

2,674,515

43,089

6.44

Commercial construction

576

6.25

252

7.94

Installment

199,070

2,994

6.02

181,182

3,122

6.89

Home equity

55,816

936

6.71

57,781

1,040

7.20

Other

627

3.19

487

4.28

Total loans

6,364,734

86,812

5.46

6,082,649

84,457

5.55

Federal funds sold

Interest-earning deposits

188,404

1,325

2.81

272,711

2,330

3.42

Total interest-earning assets

7,487,218

95,263

5.09%

7,313,830

94,213

5.15%

Noninterest-earning assets:

Cash and due from banks

8,692

8,412

Allowance for credit losses

(71,767)

(68,024)

Premises and equipment

39,336

38,252

Other assets

139,139

135,915

Total noninterest-earning assets

115,400

114,555

Total assets

7,602,618

7,428,385

LIABILITIES:

Interest-bearing deposits:

Checking

3,713,856

23,842

2.57%

3,647,796

26,375

2.89%

Money markets

1,070,606

6,368

2.38

1,059,749

6,983

2.64

Savings

111,872

193

0.69

104,033

173

0.67

Certificates of deposit – retail

411,628

3,099

3.01

390,446

2,948

3.02

Subtotal interest-bearing deposits

5,307,962

33,502

2.52

5,202,024

36,479

2.80

Interest-bearing demand – brokered

Certificates of deposit – brokered

Total interest-bearing deposits

5,307,962

33,502

2.52

5,202,024

36,479

2.80

Borrowings

45,262

432

3.82

2,727

3.96

Capital lease obligation

1,159

4.14

1,201

4.33

Subordinated debt

66,026

1,207

7.31

99,004

923

3.73

Total interest-bearing liabilities

5,420,409

35,153

2.59%

5,304,956

37,442

2.82%

Noninterest-bearing liabilities:

Demand deposits

1,405,577

1,359,724

Accrued expenses and other liabilities

111,095

116,060

Total noninterest-bearing liabilities

1,516,672

1,475,784

Shareholders’ equity

665,537

647,645

Total liabilities and shareholders’ equity

7,602,618

7,428,385

Net interest income

60,110

56,771

Net interest spread

2.50%

2.33%

Net interest margin (D)

3.26%

3.08%

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
NON-GAAP FINANCIAL MEASURES RECONCILIATION

Tangible book value per share and tangible equity as a percentage of tangible assets at period end are non-GAAP financial measures derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. We calculate tangible book value per share by dividing tangible equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing shareholders’ equity by common shares outstanding at period end. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios.

The efficiency ratio is a non-GAAP measure of expense control relative to recurring revenue. We calculate the efficiency ratio by dividing total noninterest expenses, excluding other real estate owned provision, as determined under GAAP, by net interest income and total noninterest income as determined under GAAP, but excluding net gains/(losses) on loans held for sale at lower of cost or fair value and excluding net gains on securities from this calculation, which we refer to below as recurring revenue. We believe that this provides a reasonable measure of core expenses relative to core revenue.

We believe these non-GAAP financial measures provide information that is important to investors and useful in understanding our financial position, results and ratios because our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible common equity, tangible book value per share and efficiency ratio to the underlying GAAP numbers is set forth below.

Three Months Ended

Tangible Book Value Per Share

March 31,
2026

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Shareholders’ equity

699,204

658,206

642,550

629,777

621,873

Less: Intangible assets, net

43,595

43,839

44,111

44,383

44,655

Tangible equity

655,609

614,367

598,439

585,394

577,218

Period end shares outstanding

17,708,327

17,558,019

17,548,471

17,636,264

17,726,251

Tangible book value per share

37.02

34.99

34.10

33.19

32.56

Book value per share

39.48

37.49

36.62

35.71

35.08

Tangible Equity to Tangible Assets

Total assets

7,698,965

7,526,409

7,439,642

7,200,673

7,120,652

Less: Intangible assets, net

43,595

43,839

44,111

44,383

44,655

Tangible assets

7,655,370

7,482,570

7,395,531

7,156,290

7,075,997

Tangible equity to tangible assets

8.56%

8.21%

8.09%

8.18%

8.16%

Equity to assets

9.08%

8.75%

8.64%

8.75%

8.73%

(Dollars in thousands, except per share data)

Three Months Ended

Return on Average Tangible Equity

March 31,
2026

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Net income

14,153

12,159

9,631

7,941

7,595

Average shareholders’ equity

665,537

647,645

629,091

621,900

610,573

Less: Average intangible assets, net

43,741

43,982

44,266

44,538

44,815

Average tangible equity

621,796

603,663

584,825

577,362

565,758

Return on average tangible common equity

9.10%

8.06%

6.59%

5.50%

5.37%

(Dollars in thousands)

Three Months Ended

Efficiency Ratio

March 31,
2026

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Net interest income

59,896

56,542

50,573

48,290

45,505

Total other income

22,597

21,659

20,121

21,451

18,854

Add:

Fair value adjustment for CRA equity security

(56)

(125)

(42)

(195)

Less:

Loss on loans held for sale at lower of cost or fair value

364

Income from life insurance proceeds

(161)

Loss/(gain) on securities sale, net

(7)

Gain on sale of property

(318)

Gain on lease termination

(875)

Total recurring revenue

82,658

77,666

70,933

68,817

64,164

Operating expenses

55,440

53,538

52,297

51,893

49,440

Total operating expense

55,440

53,538

52,297

51,893

49,440

Efficiency ratio

67.07%

68.93%

73.73%

75.41%

77.05%

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