BEDMINSTER, NJ - January 29, 2026 (NEWMEDIAWIRE) - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its fourth quarter 2025 financial results.

This earnings release should be read in conjunction with the Company’s Q4 2025 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 recorded net income of $12.2 million and diluted earnings per share (“EPS”) of $0.69 for the quarter ended December 31, 2025, which is an increase of 26%, compared to net income of $9.6 million and diluted EPS of $0.54 for the quarter ended September 30, 2025.

Net income for the twelve-month period ended December 31, 2025 grew by 13% to $37.3 million, or $2.10 per share, compared to $33.0 million, or $1.85 per share for the twelve months ended December 31, 2024.

Total deposits grew by a net amount of $460 million, or 8%, over the last twelve months to $6.6 billion at December 31, 2025. Core relationship deposits increased $828 million for the year, as the Company continues to replace higher-cost deposit balances with new relationships at a lower funding cost. Noninterest-bearing deposit growth was strong throughout the year increasing by $316 million, or 28%, during 2025. Total loans grew by $738 million, or 13%, to $6.3 billion during the twelve-month period ended December 31, 2025. Loans were originated at a weighted average coupon of 6.60% during the year, resulting in an incremental spread of more than 400 basis points on new business when compared to funding sources in 2025.

Net interest income increased $6.0 million, or 12%, on a linked quarter basis to $56.5 million for the fourth quarter of 2025 compared to $50.6 million for the third quarter of 2025. The growth in net interest income was driven by improvement in the cost on average interest-bearing liabilities, as well as continued improvement in the net interest margin. The net interest margin ("NIM") increased to 3.08% for the quarter ended December 31, 2025 compared to 2.81% for the quarter ended September 30, 2025 and 2.46% for the quarter ended December 31, 2024.

Douglas L. Kennedy, President and CEO stated, “Our fourth quarter results demonstrate our ability to digest significant investments over a short period of time while delivering earnings growth, improved operating leverage, and meaningful shareholder value. Strong core deposit growth, disciplined pricing, and consistent execution have driven eight consecutive quarters of net interest income growth and continued expansion in our net interest margin. The transformation of our deposit base is a key differentiator for Peapack Private.”

Mr. Kennedy added, “Anchored by a $13 billion wealth management franchise, our private banking model continues to deliver stable fee income, deeper client relationships, and long-term growth opportunities. We believe Peapack Private Bank & Trust is the premier boutique alternative to the mega banks in metro New York, and the success of our expansion efforts continue to exceed expectations affirming this belief."

The following are select highlights for the period ended December 31, 2025:

Commercial Banking and Balance Sheet Management:

• Total loans increased $738 million to $6.3 billion at December 31, 2025 from $5.5 billion at December 31, 2024.
• Commercial and industrial lending (“C&I”) accounted for 55% of new business originations during the fourth quarter. C&I balances represented 44% of the total loan portfolio at December 31, 2025.
• Total deposits increased by $460 million, to $6.6 billion at December 31, 2025 compared to $6.1 billion at December 31, 2024. Noninterest-bearing demand deposits grew $105 million during the fourth quarter ($316 million year-to-date).
• Fee income on unused commercial lines of credit totaled $908,000 for Q4 2025.
• The NIM expanded to 3.08% for Q4 2025, an increase of 27 basis points compared to 2.81% for Q3 2025.

Wealth Management:

• AUM/AUA in our Wealth Management Division grew by $1.2 billion to $13.1 billion at December 31, 2025 compared to $11.9 billion at December 31, 2024.
• New business inflows totaled $291 million in Q4 2025 and $1.0 billion for the full year 2025.
• Wealth Management fee income was $16.1 million in Q4 2025, which amounted to 21% of total revenue for the quarter.

Capital Management:

• Tangible book value per share increased 10% to $34.99 per share at December 31, 2025 compared to $31.89 at December 31, 2024. Book value per share increased 9% to $37.49 per share at December 31, 2025 compared to $34.45 at December 31, 2024.
• At December 31, 2025, the Tier 1 Leverage Ratio was 9.89% for Peapack Private Bank & Trust (the "Bank") and 8.87% for the Company. The Common Equity Tier 1 Ratio was 11.52% for the Bank and 10.33% for the Company at December 31, 2025. These ratios remain significantly above well capitalized standards, as capital continues to benefit from net income generation.

SUMMARY INCOME STATEMENT DETAILS:

The following tables summarize specified financial details for the periods shown.

December 2025 Compared to Prior Year

(Dollars in millions, except per share data) (unaudited)

Year Ended
Dec 31,
2025

Year Ended
Dec 31,
2024

Increase/
(Decrease)

Net interest income

$

200.9

$

149.0

$

51.9

35%

Wealth management fee income

63.2

61.5

1.8

3

Capital markets activity

3.0

2.4

0.6

26

Other income

15.8

15.3

0.6

4

Total other income

82.1

79.1

3.0

4

Total Revenue

283.0

228.1

54.9

24%

Operating expenses

207.2

175.7

31.5

18

Pretax income before provision for credit losses

75.8

52.5

23.4

45

Provision for credit losses

23.5

7.5

16.0

214

Pretax income

52.3

45.0

7.4

16

Income tax expense

15.0

12.0

3.0

25

Net income

$

37.3

$

33.0

4.3

13%

Diluted EPS

$

2.10

$

1.85

$

0.25

14%

Return on average assets

0.52%

0.50%

0.02

Return on average equity

5.95%

5.61%

0.34

December 2025 Quarter Compared to Prior Year Quarter

(Dollars in millions, except per share data) (unaudited)

Three Months
Ended
Dec 31,
2025

Three Months
Ended
Dec 31,
2024

Increase/
(Decrease)

Net interest income

$

56.5

$

41.9

$

14.6

35%

Wealth management fee income

16.1

15.5

0.6

4

Capital markets activity

0.9

0.1

0.8

691

Other income

4.7

4.3

0.4

9

Total other income

21.7

19.9

1.7

9

Total Revenue

78.2

61.8

16.4

26%

Operating expenses

53.5

47.9

5.7

12

Pretax income before provision for credit losses

24.7

14.0

10.7

76

Provision for credit losses

7.7

1.7

5.9

341

Pretax income

17.0

12.2

4.8

39

Income tax expense

4.8

3.0

1.8

61

Net income

$

12.2

$

9.2

$

2.9

32%

Diluted EPS

$

0.69

$

0.52

$

0.17

33%

Return on average assets annualized

0.65%

0.54%

0.11

Return on average equity annualized

7.51%

6.15%

1.36

December 2025 Quarter Compared to Linked Quarter

(Dollars in millions, except per share data) (unaudited)

Three Months Ended
Dec 31,
2025

Three Months Ended
Sept 30,
2025

Increase/
(Decrease)

Net interest income

$

56.5

$

50.6

$

6.0

12%

Wealth management fee income

16.1

15.8

0.3

2

Capital markets activity

0.9

0.9

(0.0)

(3)

Other income

4.7

3.4

1.3

38

Total other income

21.7

20.1

1.5

8

Total Revenue

78.2

70.7

7.5

11%

Operating expenses

53.5

52.3

1.2

2

Pretax income before provision for credit losses

24.7

18.4

6.3

34

Provision for credit losses

7.7

4.8

2.9

60

Pretax income

17.0

13.6

3.4

25

Income tax expense

4.8

4.0

0.9

22

Net income

$

12.2

$

9.6

$

2.5

26%

Diluted EPS

$

0.69

$

0.54

$

0.15

28%

Return on average assets annualized

0.65%

0.53%

0.12

Return on average equity annualized

7.51%

6.12%

1.39

SUPPLEMENTAL QUARTERLY DETAILS:

Wealth Management

AUM/AUA in the Bank’s Wealth Management Division increased to $13.1 billion at December 31, 2025 compared to $11.9 billion at December 31, 2024. For the December 2025 quarter, the Wealth Management Team generated $16.1 million in fee income, compared to $15.8 million for the September 30, 2025 quarter and $15.5 million for the December 2024 quarter.

John Babcock, President of the Bank's Wealth Management Division, noted, “Our Wealth Management business delivered another strong quarter, driven by continued client inflows and the depth of our advisory relationships. We ended the year with a record $13.1 billion in assets under management and administration, reflecting both organic growth and market appreciation. Our integrated wealth platform, combined with our high-touch service model, continues to resonate with high-net-worth clients across our market."

Loans / Commercial Banking

Total loans increased $738 million, or 13%, to $6.3 billion at December 30, 2025, compared to $5.5 billion at December 31, 2024, primarily driven by commercial and industrial loan originations during the year. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at December 31, 2025 were $2.7 billion or 44% 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.”

Net Interest Income (NII)/Net Interest Margin (NIM)

The Company’s NII of $56.5 million and NIM of 3.08% for Q4 2025 increased $6.0 million and 27 basis points from NII of $50.6 million and NIM of 2.81% for the linked quarter (Q3 2025) and increased $14.6 million and 62 basis points from NII of $41.9 million and NIM of 2.46% compared to the prior year period (Q4 2024). Our single point of contact private banking strategy and metro New York City expansion continues to deliver lower-cost core deposit relationships resulting in consistent improvement in our cost of funds and net interest margin.

Funding / Liquidity / Interest Rate Risk Management

Total deposits increased $460 million to $6.6 billion at December 31, 2025 from $6.1 billion at December 31, 2024. The growth in deposits strengthened balance sheet liquidity and significantly reduced reliance on outside borrowings and other non-core funding sources. Outstanding overnight borrowings totaled $73.3 million at December 31, 2025.

At December 31, 2025, the Company’s balance sheet liquidity totaled $990 million, or 13% of total assets. The Company maintains additional liquidity resources of approximately $3.6 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 $4.6 billion at December 31, 2025, which amounted to 244% of the total uninsured/uncollateralized deposits currently on the Company’s balance sheet.

Income from Capital Markets Activities

Noninterest income from Capital Markets activities (detailed below) totaled $873,000 for the December 2025 quarter compared to $901,000 for the September 2025 quarter and $114,000 for the December 2024 quarter. The third quarter of 2025 included revenue from a corporate advisory transaction in the amount of $639,000.

(Dollars in thousands, except per share data) (unaudited)

Three Months Ended
Dec 31,
2025

Three Months Ended
Sept 30,
2025

Three Months Ended
Dec 31,
2024

Gain on loans held for sale at fair value (Mortgage banking)

$

36

$

6

$

58

Fee income related to loan level, back-to-back swaps

271

-

-

Gain on sale of SBA loans

558

203

-

Corporate advisory fee income

8

692

56

Total capital markets activity

$

873

$

901

$

114

Other Noninterest Income (other than Wealth Management Fee Income and Income from Capital Markets Activities)

Other noninterest income was $4.7 million for Q4 2025 compared to $3.4 million for Q3 2025 and $4.3 million for Q4 2024. Q4 2025 included income of $357,000 recorded by the Equipment Finance Division related to equipment transfers to lessees upon the termination of leases compared to income of $398,000 for Q3 2025 and $646,000 for Q4 2024. Additionally, Q4 2025 included $908,000 of unused line fees compared to $825,000 for Q3 2025 and $880,000 for Q4 2024. Other income also included a gain on sale of property of $318,000 in the fourth quarter of 2025.

Operating Expenses

Total operating expenses were $53.5 million for the fourth quarter of 2025, compared to $52.3 million for the third quarter of 2025 and $47.9 million for the quarter ended December 31, 2024. The increase during the fourth quarter was primarily driven by expenses associated with the Company’s ongoing expansion into New York City and Long Island, including higher premises and equipment expenses. Premises and equipment expense increased by $465,000 in the fourth quarter of 2025 compared to the linked third quarter, primarily due to the opening of two new Long Island offices and related computer and software equipment investments. Loan expense increased $434,000, largely due to expenses related to the workout of several equipment finance problem loans of $305,000 for the quarter ended December 31, 2025.

The addition of new members to our equipment financing team in the third quarter of 2025 also contributed to higher operating expenses. FDIC assessment expense increased for the three months ended December 31, 2025 due primarily to higher assessment rates implemented by the FDIC and an increase in the Bank's average total assets subject to assessment.

Mr. Kennedy noted, “While we continue to make targeted investments to support our expansion in Metro New York and enhance the client experience, we are seeing the pace of operating expense growth moderate as these initiatives mature. We remain focused on maintaining strong expense discipline while investing in areas that support long-term growth and profitability."

Income Taxes

The effective tax rate for the three months ended December 31, 2025 was 28.4%, as compared to 29.2% for the September 2025 quarter and 24.5% for the quarter ended December 31, 2024. The December 2024 quarter included the impact of discrete, favorable federal return to provision adjustments primarily related to the Company’s state tax apportionment rate.

Asset Quality / Provision for Credit Losses

Nonperforming assets decreased to $68.2 million, or 0.91% of total assets, at December 31, 2025, compared to $84.1 million, or 1.13% of total assets, at September 30, 2025. The decrease in nonperforming assets during the fourth quarter was largely driven by the sale of two multifamily loans with balances totaling $12.5 million and one commercial loan with a balance of $2.7 million. Loans past due 30 to 89 days and still accruing decreased to $26.6 million, or 0.42% of total loans, at December 31, 2025 compared to $28.8 million, or 0.48% of total loans, at September 30, 2025. Criticized and classified loans decreased during the fourth quarter by $21.6 million to $169.9 million at December 31, 2025 compared to $191.5 million at September 30, 2025. The decline in criticized and classified loan balances was primarily driven by the reduction in nonperforming assets mentioned above. The Company currently has no loans or leases on deferral and still accruing.

For the quarter ended December 31, 2025, the provision for credit losses was $7.7 million compared to $4.8 million for the September 2025 quarter and $1.7 million for the December 2024 quarter. The increased provision for credit losses in the fourth quarter of 2025 was driven by an increase in specific reserves of approximately $5.8 million related to two multifamily loans and one C&I loan, as the Company continues to aggressively work to reduce nonperforming asset balances. Loan growth during the quarter drove the remaining balance of the provision.

At December 31, 2025, the allowance for credit losses ("ACL") was $71.0 million (1.14% of total loans), compared to $68.6 million (1.14% of total loans) at September 30, 2025, and $73.0 million (1.32% of total loans) at December 31, 2024. Charge-offs of $6.3 million during the period were associated with two multifamily loans that were sold in the fourth quarter. Specific reserves of $5.7 million, related to these charge-offs, had been established in prior periods.

Mr. Kennedy noted, “During the fourth quarter, we continued to proactively address problem credits, resulting in a meaningful reduction in nonperforming assets. 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."

Capital

The Company’s capital position increased during the fourth quarter of 2025 due to net income of $12.2 million and positive movement in accumulated other comprehensive income of $2.9 million related to the fair value of the Company’s investment securities portfolio driven by the interest rate environment.

Tangible book value per share increased 10% to $34.99 per share at December 31, 2025 from $31.89 at December 31, 2024. Book value per share increased 9% to $37.49 per share at December 31, 2025 compared to $34.45 at December 31, 2024. The Company’s and Bank’s regulatory capital ratios as of December 31, 2025 remain strong. Where applicable, such ratios remain well above regulatory well capitalized standards.

The Company employs quarterly capital stress testing modeling of an adverse case and severely adverse case. In the most recently completed stress test (as of September 30, 2025), the Bank remains well capitalized over a two-year stress period.

On December 18, 2025, the Company declared a cash dividend of $0.05 per share payable on February 26, 2026 to shareholders of record on February 12, 2026.

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.5 billion and assets under management and/or administration of $13.1 billion as of December 31, 2025. 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 in 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;
• demands 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

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Dec 31,
2024

Income Statement Data:

Interest income

$

93,984

$

92,545

$

89,651

$

86,345

$

86,166

Interest expense

37,442

41,972

41,361

40,840

44,258

Net interest income

56,542

50,573

48,290

45,505

41,908

Wealth management fee income

16,064

15,798

15,943

15,435

15,482

Service charges and fees

1,317

1,184

1,194

1,112

1,323

Capital markets revenue

873

901

799

455

114

Other income

3,405

2,238

3,515

1,852

3,009

Total other income

21,659

20,121

21,451

18,854

19,928

Total revenue

78,201

70,694

69,741

64,359

61,836

Compensation expense

28,399

28,613

28,232

26,315

25,208

Benefits expense

8,397

8,143

7,829

9,564

7,707

Premises and equipment

7,142

6,676

6,641

6,154

5,995

FDIC insurance expense

1,565

1,345

1,045

855

825

Professional and legal fees

1,868

1,972

1,645

1,190

2,240

Trust department expense

1,139

1,111

1,092

1,043

1,075

Loan expense

899

464

909

425

281

Advertising

329

651

919

154

802

Other expenses

3,800

3,322

3,581

3,740

3,727

Total operating expenses

53,538

52,297

51,893

49,440

47,860

Pretax income before provision for credit losses

24,663

18,397

17,848

14,919

13,976

Provision for credit losses

7,671

4,790

6,586

4,471

1,738

Income before income taxes

16,992

13,607

11,262

10,448

12,238

Income tax expense

4,833

3,976

3,321

2,853

2,998

Net income

$

12,159

$

9,631

$

7,941

$

7,595

$

9,240

Per Common Share Data:

Earnings per share (basic)

$

0.69

$

0.55

$

0.45

$

0.43

$

0.53

Earnings per share (diluted)

0.69

0.54

0.45

0.43

0.52

Weighted average number of common
shares outstanding:

Basic

17,558,019

17,576,899

17,704,110

17,610,917

17,585,213

Diluted

17,705,355

17,686,979

17,773,237

17,812,222

17,770,717

Performance Ratios:

Return on average assets annualized (ROAA)

0.65%

0.53%

0.45%

0.43%

0.54%

Return on average equity annualized (ROAE)

7.51%

6.12%

5.11%

4.98%

6.15%

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

8.06%

6.59%

5.50%

5.37%

6.65%

Net interest margin (tax-equivalent basis)

3.08%

2.81%

2.77%

2.68%

2.46%

GAAP efficiency ratio (B)

68.46%

73.98%

74.41%

76.82%

77.40%

Operating expenses / average assets annualized

2.88%

2.87%

2.92%

2.82%

2.77%

(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
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, except per share data)
(Unaudited)

For the Twelve Months Ended

December 31,

Change

2025

2024

$

%

Income Statement Data:

Interest income

$

362,525

$

327,801

$

34,724

11%

Interest expense

161,615

178,795

(17,180)

-10%

Net interest income

200,910

149,006

51,904

35%

Wealth management fee income

63,240

61,458

1,782

3%

Service charges and fees

4,807

5,317

(510)

-10%

Capital markets revenue

3,028

2,409

619

26%

Other income

11,010

9,938

1,072

11%

Total other income

82,085

79,122

2,963

4%

Total revenue

282,995

228,128

54,867

24%

Compensation expense

111,559

93,408

18,151

19%

Benefits expense

33,933

28,917

5,016

17%

Premises and equipment

26,613

22,485

4,128

18%

FDIC insurance expense

4,810

3,510

1,300

37%

Professional and legal fees

6,675

7,309

(634)

-9%

Trust department expense

4,385

4,014

371

9%

Loan expense

2,697

1,295

1,402

108%

Advertising

2,053

2,111

(58)

-3%

Other expenses

14,443

12,627

1,816

14%

Total operating expenses

207,168

175,676

31,492

18%

Pretax income before provision for credit losses

75,827

52,452

23,375

45%

Provision for credit losses

23,518

7,500

16,018

214%

Income before income taxes

52,309

44,952

7,357

16%

Income tax expense

14,983

11,964

3,019

25%

Net income

$

37,326

$

32,988

$

4,338

13%

Per Common Share Data:

Earnings per share (basic)

$

2.12

$

1.87

$

0.25

13%

Earnings per share (diluted)

2.10

1.85

0.25

14%

Weighted average number of common shares outstanding:

Basic

17,612,244

17,664,640

(52,396)

0%

Diluted

17,749,879

17,839,761

(89,882)

-1%

Performance Ratios:

Return on average assets (ROAA)

0.52%

0.50%

0.02%

4%

Return on average equity (ROAE)

5.95%

5.61%

0.34%

6%

Return on average tangible equity (ROATCE) (A)

6.40%

6.08%

0.32%

5%

Net interest margin (tax-equivalent basis)

2.84%

2.32%

0.52%

22%

GAAP efficiency ratio (B)

73.21%

77.01%

(3.80)%

-5%

Operating expenses / average assets

2.87%

2.68%

0.19%

7%

(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

Dec 31,

2025

Sept 30,

2025

June 30,

2025

March 31,

2025

Dec 31,

2024

ASSETS

Cash and due from banks

$

8,712

$

8,514

$

7,524

$

7,885

$

8,492

Interest-earning deposits

179,108

338,672

308,078

224,032

382,875

Total cash and cash equivalents

187,820

347,186

315,602

231,917

391,367

Securities available for sale

774,203

756,578

767,533

832,030

784,544

Securities held to maturity

95,862

97,414

98,623

100,285

101,635

CRA equity security, at fair value

13,459

13,403

13,278

13,236

13,041

FHLB and FRB stock, at cost (A)

14,605

11,387

11,467

12,311

12,373

Residential mortgage

648,216

649,523

649,703

630,245

614,840

Multifamily mortgage

1,862,592

1,796,533

1,794,854

1,775,132

1,799,754

Commercial mortgage

774,428

689,166

643,520

633,957

588,104

Commercial and industrial loans

2,726,379

2,662,661

2,543,092

2,528,235

2,397,699

Consumer loans

187,360

171,811

140,668

140,443

77,785

Home equity lines of credit

59,306

57,166

52,434

48,301

42,327

Other loans

342

405

261

359

411

Total loans

6,258,623

6,027,265

5,824,532

5,756,672

5,520,920

Less: Allowance for credit losses

71,039

68,642

81,770

75,150

72,992

Net loans

6,187,584

5,958,623

5,742,762

5,681,522

5,447,928

Premises and equipment

39,164

37,756

36,626

31,639

28,888

Accrued interest receivable

31,971

34,120

33,209

31,968

29,898

Bank owned life insurance

47,761

48,381

48,239

48,110

47,981

Goodwill and other intangible assets

43,839

44,111

44,383

44,655

44,926

Finance lease right-of-use assets

844

879

914

950

985

Operating lease right-of-use assets

39,886

37,692

38,291

39,456

40,289

Other assets

49,411

52,112

49,746

52,573

67,383

TOTAL ASSETS

$

7,526,409

$

7,439,642

$

7,200,673

$

7,120,652

$

7,011,238

LIABILITIES

Deposits:

Noninterest-bearing demand deposits

$

1,428,745

$

1,323,492

$

1,237,864

$

1,184,860

$

1,112,734

Interest-bearing demand deposits

3,448,497

3,509,403

3,483,295

3,450,014

3,334,269

Savings

105,123

104,524

103,846

107,581

103,136

Money market accounts

1,197,995

1,226,506

1,095,665

1,087,959

1,078,024

Certificates of deposit – Retail

408,219

397,338

440,612

442,369

483,998

Certificates of deposit – Listing Service

400

899

1,841

3,773

6,861

Subtotal “customer” deposits

6,588,979

6,562,162

6,363,123

6,276,556

6,119,022

IB Demand - Brokered

-

-

-

10,000

10,000

Certificates of deposit - Brokered

-

-

-

-

-

Total deposits

6,588,979

6,562,162

6,363,123

6,286,556

6,129,022

Short-term borrowings

73,267

-

-

-

-

Finance lease liability

1,186

1,227

1,268

1,308

1,348

Operating lease liability

43,294

41,139

41,806

42,948

43,569

Subordinated debt, net

99,030

98,981

98,933

98,884

133,561

Due to brokers

-

25,125

-

-

18,514

Other liabilities

62,447

68,458

65,766

69,083

79,375

TOTAL LIABILITIES

6,868,203

6,797,092

6,570,896

6,498,779

6,405,389

Shareholders’ equity

658,206

642,550

629,777

621,873

605,849

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

$

7,526,409

$

7,439,642

$

7,200,673

$

7,120,652

$

7,011,238

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

$

11.9

(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

Dec 31,

2025

Sept 30,

2025

June 30,

2025

March 31,

2025

Dec 31,

2024

Asset Quality:

Loans past due over 90 days and still accruing

$

-

$

-

$

-

$

-

$

-

Nonaccrual loans

68,243

84,142

114,958

97,170

100,168

Other real estate owned

-

-

-

-

-

Total nonperforming assets

$

68,243

$

84,142

$

114,958

$

97,170

$

100,168

Nonperforming loans to total loans

1.09%

1.40%

1.97%

1.69%

1.81%

Nonperforming assets to total assets

0.91%

1.13%

1.60%

1.36%

1.43%

Performing modifications (A)(B)

$

95,266

$

101,501

$

111,962

$

63,259

$

45,846

Loans past due 30 through 89 days and still accruing

$

26,555

$

28,817

$

15,522

$

28,323

$

4,870

Loans subject to special mention

$

51,027

$

56,534

$

86,907

$

75,248

$

46,518

Classified loans

$

118,912

$

134,982

$

145,783

$

142,273

$

145,394

Individually evaluated loans

$

68,243

$

84,142

$

114,958

$

97,170

$

99,775

Allowance for credit losses ("ACL"):

Beginning of quarter

$

68,642

$

81,770

$

75,150

$

72,992

$

71,283

Provision for credit losses (C)

7,659

4,871

6,577

4,494

1,753

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

(5,262)

(17,999)

43

(2,336)

(44)

End of quarter

$

71,039

$

68,642

$

81,770

$

75,150

$

72,992

ACL to nonperforming loans

104.10%

81.58%

71.13%

77.34%

72.87%

ACL to total loans

1.14%

1.14%

1.40%

1.31%

1.32%

Collectively evaluated ACL to total loans (E)

0.94%

0.95%

1.06%

1.09%

1.09%

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

(B) Excludes modifications included in nonaccrual loans of $36.0 million at December 31, 2025, $37.6 million at September 30, 2025, $38.1 million at June 30, 2025, $3.9 million at March 31, 2025 and $3.6 million at December 31, 2024.

(C) Excludes 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, a credit of $23,000 at March 31, 2025 and a credit of $15,000 at December 31, 2024 related to off-balance sheet commitments.

(D) 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

Dec 31,
2025

Sept 30,
2025

Dec 31,
2024

Capital Adequacy

Equity to total assets (A)

8.75%

8.64%

8.64%

Tangible equity to tangible assets (B)

8.21%

8.09%

8.05%

Book value per share (C)

$

37.49

$

36.62

$

34.45

Tangible book value per share (D)

$

34.99

$

34.10

$

31.89

(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.

(C) Book value per common share is calculated by dividing shareholders’ equity by quarter end common shares outstanding.

(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

Dec 31,
2025

Sept 30,
2025

Dec 31,
2024

Regulatory Capital – Holding Company

Tier I leverage

$

660,696

8.87%

$

647,549

8.86%

$

625,830

9.01%

Tier I capital to risk-weighted assets

660,696

10.33

647,549

10.47

625,830

11.51

Common equity tier I capital ratio
to risk-weighted assets

660,637

10.33

647,543

10.47

625,824

11.51

Tier I & II capital to risk-weighted assets

811,375

12.68

815,770

13.20

806,404

14.84

Regulatory Capital - Bank

Tier I leverage (E)

$

735,931

9.89%

$

722,684

9.89%

$

733,389

10.57%

Tier I capital to risk-weighted assets (F)

735,931

11.52

722,684

11.70

733,389

13.50

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

735,872

11.52

722,678

11.70

733,383

13.50

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

807,580

12.64

791,924

12.82

801,365

14.75

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($298 million)

(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($543 million)

(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($447 million)

(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($671 million)

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

For the Quarters Ended

Dec 31,
2025

Sept 30,
2025

June 30,
2025

March 31,
2025

Dec 31,
2024

Residential loans retained

$

18,993

$

18,323

$

34,990

$

25,157

$

39,279

Residential loans sold

2,544

445

1,712

4,074

4,220

Total residential loans

21,537

18,768

36,702

29,231

43,499

Commercial real estate

130,790

78,825

24,086

47,280

15,800

Multifamily

100,611

47,991

73,350

6,800

12,550

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

358,468

453,554

200,671

257,282

432,115

SBA

2,666

6,821

7,090

5,928

5,964

Wealth lines of credit (A)

3,925

2,700

2,400

9,900

550

Total commercial loans

596,460

589,891

307,597

327,190

466,979

Installment loans

40,428

47,115

8,164

76,941

7,182

Home equity lines of credit (A)

3,929

11,755

5,154

4,805

10,236

Total loans closed

$

662,354

$

667,529

$

357,617

$

438,167

$

527,896

For the Twelve Months Ended

Dec 31,
2025

Dec 31,
2024

Residential loans retained

$

97,463

$

93,982

Residential loans sold

8,775

12,459

Total residential loans

106,238

106,441

Commercial real estate

280,981

34,200

Multifamily

228,752

30,075

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

1,269,975

923,812

SBA

22,505

26,060

Wealth lines of credit (A)

18,925

27,025

Total commercial loans

1,821,138

1,041,172

Installment loans

172,648

23,851

Home equity lines of credit (A)

25,643

27,547

Total loans closed

$

2,125,667

$

1,199,011

(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

Dec 31, 2025

Dec 31, 2024

Average
Balance

Income/
Expense

Annualized
Yield

Average
Balance

Income/
Expense

Annualized
Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

$

958,470

$

7,426

3.10%

$

937,314

$

6,992

2.98%

Tax-exempt (A) (B)

-

-

-

-

-

-

Loans (B) (C):

Mortgages

646,533

7,469

4.62

593,454

6,181

4.17

Commercial mortgages

2,521,899

29,727

4.72

2,364,893

25,876

4.38

Commercial

2,674,515

43,089

6.44

2,274,408

39,394

6.93

Commercial construction

252

5

7.94

11,698

146

4.99

Installment

181,182

3,122

6.89

77,547

1,290

6.65

Home equity

57,781

1,040

7.20

41,496

815

7.86

Other

487

5

4.28

329

5

6.08

Total loans

6,082,649

84,457

5.55

5,363,825

73,707

5.50

Federal funds sold

-

-

-

-

-

-

Interest-earning deposits

272,711

2,330

3.42

513,010

5,722

4.46

Total interest-earning assets

7,313,830

94,213

5.15%

6,814,149

86,421

5.07%

Noninterest-earning assets:

Cash and due from banks

8,412

8,913

Allowance for credit losses

(68,024)

(72,455)

Premises and equipment

38,252

28,051

Other assets

135,915

123,283

Total noninterest-earning assets

114,555

87,792

Total assets

$

7,428,385

$

6,901,941

LIABILITIES:

Interest-bearing deposits:

Checking

$

3,647,796

$

26,375

2.89%

$

3,332,212

$

30,304

3.64%

Money markets

1,059,749

6,983

2.64

986,483

6,892

2.79

Savings

104,033

173

0.67

102,820

108

0.42

Certificates of deposit – retail

390,446

2,948

3.02

508,257

5,222

4.11

Subtotal interest-bearing deposits

5,202,024

36,479

2.80

4,929,772

42,526

3.45

Interest-bearing demand – brokered

-

-

-

10,000

129

5.16

Certificates of deposit – brokered

-

-

-

-

-

-

Total interest-bearing deposits

5,202,024

36,479

2.80

4,939,772

42,655

3.45

Borrowings

2,727

27

3.96

-

-

-

Capital lease obligation

1,201

13

4.33

1,362

14

4.11

Subordinated debt

99,004

923

3.73

133,521

1,589

4.76

Total interest-bearing liabilities

5,304,956

37,442

2.82%

5,074,655

44,258

3.49%

Noninterest-bearing liabilities:

Demand deposits

1,359,724

1,114,427

Accrued expenses and other liabilities

116,060

112,051

Total noninterest-bearing liabilities

1,475,784

1,226,478

Shareholders’ equity

647,645

600,808

Total liabilities and shareholders’ equity

$

7,428,385

$

6,901,941

Net interest income

$

56,771

$

42,163

Net interest spread

2.33%

1.58%

Net interest margin (D)

3.08%

2.46%

(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.

(C) Loans are stated net of unearned income and include nonaccrual loans.

(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

Dec 31, 2025

Sept 30, 2025

Average
Balance

Income/
Expense

Annualized
Yield

Average
Balance

Income/
Expense

Annualized
Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

$

958,470

$

7,426

3.10

%

$

963,706

$

7,504

3.11

%

Tax-exempt (A) (B)

-

-

-

-

-

-

Loans (B) (C):

Mortgages

646,533

7,469

4.62

650,299

7,337

4.51

Commercial mortgages

2,521,899

29,727

4.72

2,458,008

28,447

4.63

Commercial

2,674,515

43,089

6.44

2,586,780

42,790

6.62

Commercial construction

252

5

7.94

-

-

-

Installment

181,182

3,122

6.89

156,471

2,718

6.95

Home equity

57,781

1,040

7.20

53,781

1,020

7.59

Other

487

5

4.28

363

5

5.43

Total loans

6,082,649

84,457

5.55

5,905,702

82,317

5.58

Federal funds sold

-

-

-

-

-

-

Interest-earning deposits

272,711

2,330

3.42

304,681

2,960

3.89

Total interest-earning assets

7,313,830

94,213

5.15%

7,174,089

92,781

5.17%

Noninterest-earning assets:

Cash and due from banks

8,412

12,279

Allowance for credit losses

(68,024)

(82,803)

Premises and equipment

38,252

37,608

Other assets

135,915

136,238

Total noninterest-earning assets

114,555

103,322

Total assets

$

7,428,385

$

7,277,411

LIABILITIES:

Interest-bearing deposits:

Checking

$

3,647,796

$

26,375

2.89%

$

3,640,088

$

29,975

3.29%

Money markets

1,059,749

6,983

2.64

1,005,633

7,225

2.87

Savings

104,033

173

0.67

104,777

178

0.68

Certificates of deposit – retail

390,446

2,948

3.02

429,389

3,657

3.41

Subtotal interest-bearing deposits

5,202,024

36,479

2.80

5,179,887

41,035

3.17

Interest-bearing demand – brokered

-

-

-

-

-

-

Certificates of deposit – brokered

-

-

-

-

-

-

Total interest-bearing deposits

5,202,024

36,479

2.80

5,179,887

41,035

3.17

Borrowings

2,727

27

3.96

-

-

-

Capital lease obligation

1,201

13

4.33

1,242

13

4.19

Subordinated debt

99,004

923

3.73

98,954

924

3.74

Total interest-bearing liabilities

5,304,956

37,442

2.82%

5,280,083

41,972

3.18%

Noninterest-bearing liabilities:

Demand deposits

1,359,724

1,261,607

Accrued expenses and other liabilities

116,060

106,630

Total noninterest-bearing liabilities

1,475,784

1,368,237

Shareholders’ equity

647,645

629,091

Total liabilities and shareholders’ equity

$

7,428,385

$

7,277,411

Net interest income

$

56,771

$

50,809

Net interest spread

2.33%

1.99%

Net interest margin (D)

3.08%

2.81%

(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.

(C) Loans are stated net of unearned income and include nonaccrual loans.

(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 Twelve Months Ended

Dec 31, 2025

Dec 31, 2024

Average
Balance

Income/
Expense

Yield

Average
Balance

Income/
Expense

Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

$

997,712

$

31,513

3.16%

$

849,933

$

23,402

2.75%

Tax-exempt (A) (B)

-

-

-

-

-

-

Loans (B) (C):

Mortgages

638,855

28,615

4.48

582,024

23,017

3.95

Commercial mortgages

2,448,097

111,744

4.56

2,406,726

107,659

4.47

Commercial

2,559,260

167,998

6.56

2,216,401

151,610

6.84

Commercial construction

63

5

7.94

18,647

1,570

8.42

Installment

146,553

10,036

6.85

70,852

4,814

6.79

Home equity

52,068

3,851

7.40

38,321

3,113

8.12

Other

376

20

5.40

246

25

10.16

Total loans

5,845,272

322,269

5.51

5,333,217

291,808

5.47

Federal funds sold

-

-

-

-

-

-

Interest-earning deposits

262,985

9,684

3.68

297,448

13,644

4.59

Total interest-earning assets

7,105,969

363,466

5.11%

6,480,598

328,854

5.07%

Noninterest-earning assets: