BEDMINSTER, NJ - October 22, 2025 (NEWMEDIAWIRE) - Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its third quarter 2025 financial results.

This earnings release should be read in conjunction with the Company’s Q3 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 $9.6 million and diluted earnings per share (“EPS”) of $0.54 for the quarter ended September 30, 2025, which is an increase of 21%, compared to net income of $7.9 million and diluted EPS of $0.45 for the quarter ended June 30, 2025.

Through the first nine months of the year, deposits grew $433 million, or 7%, to $6.6 billion as of September 30, 2025. Core relationship deposits increased $708 million during the nine months ended September 30, 2025 with noninterest-bearing deposits increasing by $211 million, or 19%, during this period. The deposit growth funded $506 million of loan growth at a weighted average coupon of 6.75%, resulting in an incremental spread of more than 400 basis points through the first nine months of 2025.

Net interest income increased $2.3 million, or 5%, on a linked quarter basis to $50.6 million for the third quarter of 2025 compared to $48.3 million for the second quarter of 2025. The growth in net interest income was driven by improvement in the yield on average interest earning assets, as well as continued improvement in the net interest margin. The net interest margin ("NIM") increased to 2.81% for the quarter ended September 30, 2025 compared to 2.77% for the quarter ended June 30, 2025 and 2.34% for the quarter ended September 30, 2024.

“We continue to make significant progress with our Metro New York expansion,” said Douglas L. Kennedy, President and CEO. “Over the past two years, our newly hired teams have onboarded more than 850 new client relationships, adding over $1.75 billion in core relationship deposits and more than $900 million in new loans. This momentum has enabled us to deliver a fourth consecutive quarter of positive operating leverage, grow core earnings by 54% over the last twelve months, drive improvement in earnings per share and tangible book value per share, all while absorbing significant investments in our expansion efforts.”

“We continued to add talented professionals in the third quarter as we expanded our equipment finance group by adding an experienced team in Long Island. We also hired three New York-based wealth advisors to take advantage of our growing presence in that market. Our transformation into Peapack Private Bank & Trust reflects our evolution toward becoming the premier boutique private bank serving Metro New York," stated Mr. Kennedy.

Mr. Kennedy also noted, “With strong earnings momentum, we aggressively addressed problem credits as nonperforming assets declined by $31 million in the quarter. Going forward, we will continue to actively manage other problem assets with a focus on capital preservation.”

The following are select highlights for the period ended September 30, 2025:

Wealth Management:

• AUM/AUA in our Wealth Management Division grew by $1.0 billion to $12.9 billion at September 30, 2025 compared to $11.9 billion at December 31, 2024.
• New business inflows for Q3 2025 totaled $214 million.
• Wealth Management fee income was $15.8 million in Q3 2025, which amounted to 22% of total revenue for the quarter.

Commercial Banking and Balance Sheet Management:

• Total loans increased $506 million to $6.0 billion at September 30, 2025 from $5.5 billion at December 31, 2024.
• Commercial and industrial lending (“C&I”) accounted for 69% of the new business originations during the third quarter. C&I balances represented 44% of the total loan portfolio at September 30, 2025.
• Total deposits increased by $433 million, to $6.6 billion at September 30, 2025 compared to $6.1 billion at December 31, 2024. Noninterest-bearing demand deposits grew $86 million during the third quarter, and represented 20% of total deposits as of September 30, 2025.
• Fee income on unused commercial lines of credit totaled $825,000 for Q3 2025.
• The NIM expanded to 2.81% for Q3 2025, an increase of 4 basis points compared to 2.77% for Q2 2025.

Capital Management:

• Tangible book value per share increased 7% to $34.10 per share at September 30, 2025 compared to $31.89 at December 31, 2024. Book value per share increased 6% to $36.62 per share at September 30, 2025 compared to $34.45 at December 31, 2024. Tangible book value per share is a non-GAAP financial measure. See the reconciliation tables included in this release for further detail.
• At September 30, 2025, the Tier 1 Leverage Ratio was 9.89% for Peapack Private Bank & Trust (the "Bank") and 8.86% for the Company. The Common Equity Tier 1 Ratio was 11.70% for the Bank and 10.47% for the Company at September 30, 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.

September 2025 Quarter Compared to Prior Year

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

Nine Months Ended
September 30,
2025

Nine Months Ended
September 30,
2024

Increase/
(Decrease)

Net interest income

$

144.37

$

107.10

$

37.27

35%

Wealth management fee income

47.18

45.98

1.20

3

Capital markets activity

2.16

2.30

(0.14)

(6)

Other income

11.09

10.91

0.18

2

Total other income

60.43

59.19

1.24

2

Total Revenue

204.80

166.29

38.51

23%

Operating expenses

153.63

127.82

25.81

20

Pretax income before provision for credit losses

51.17

38.47

12.70

33

Provision for credit losses

15.85

5.76

10.09

175

Pretax income

35.32

32.71

2.61

8

Income tax expense

10.15

8.96

1.19

13

Net income

$

25.17

$

23.75

$

1.42

6%

Diluted EPS

$

1.42

$

1.34

$

0.08

6%

Return on average assets

0.47%

0.49%

(0.02)

Return on average equity

5.41%

5.42%

(0.01)

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

Three Months Ended
September 30,
2025

Three Months Ended
September 30,
2024

Increase/
(Decrease)

Net interest income

$

50.57

$

37.68

$

12.89

34%

Wealth management fee income

15.80

15.15

0.65

4

Capital markets activity

0.90

0.44

0.46

105

Other income

3.42

3.35

0.07

2

Total other income

20.12

18.94

1.18

6

Total Revenue

70.69

56.62

14.07

25%

Operating expenses

52.30

44.65

7.65

17

Pretax income before provision for credit losses

18.39

11.97

6.42

54

Provision for credit losses

4.79

1.22

3.57

293

Pretax income

13.60

10.75

2.85

27

Income tax expense

3.97

3.16

0.81

26

Net income

$

9.63

$

7.59

$

2.04

27%

Diluted EPS

$

0.54

$

0.43

$

0.11

26%

Return on average assets annualized

0.53%

0.46%

0.07

Return on average equity annualized

6.12%

5.12%

1.00

September 2025 Quarter Compared to Linked Quarter

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

Three Months Ended
September 30,
2025

Three Months Ended
June 30,
2025

Increase/
(Decrease)

Net interest income

$

50.57

$

48.29

$

2.28

5%

Wealth management fee income

15.80

15.94

(0.14)

(1)

Capital markets activity

0.90

0.80

0.10

13

Other income

3.42

4.71

(1.29)

(27)

Total other income

20.12

21.45

(1.33)

(6)

Total Revenue

70.69

69.74

0.95

1%

Operating expenses

52.30

51.89

0.41

1

Pretax income before provision for credit losses

18.39

17.85

0.54

3

Provision for credit losses

4.79

6.59

(1.80)

(27)

Pretax income

13.60

11.26

2.34

21

Income tax expense

3.97

3.32

0.65

20

Net income

$

9.63

$

7.94

$

1.69

21%

Diluted EPS

$

0.54

$

0.45

$

0.09

20%

Return on average assets annualized

0.53%

0.45%

0.08

Return on average equity annualized

6.12%

5.11%

1.01

SUPPLEMENTAL QUARTERLY DETAILS:

Wealth Management

AUM/AUA in the Bank’s Wealth Management Division increased to $12.9 billion at September 30, 2025 compared to $11.9 billion at December 31, 2024. For the September 2025 quarter, the Wealth Management Team generated $15.8 million in fee income, compared to $15.9 million for the June 30, 2025 quarter and $15.2 million for the September 2024 quarter.

John Babcock, President of the Bank's Wealth Management Division, noted, “Q3 2025 saw continued strong client inflows driven by new accounts and client additions of $214 million. Our new business pipeline is healthy, and we continue to remain focused on delivering excellent service and advice to our clients. Our highly skilled wealth management professionals, our fiduciary powers and expertise, and our financial planning capabilities combined with our high-touch client service model distinguishes us in our market and continues to drive our growth and success.”

Loans / Commercial Banking

Total loans increased $506 million, or 9%, to $6.0 billion at September 30, 2025, compared to $5.5 billion at December 31, 2024, primarily driven by commercial and industrial loan originations during the quarter. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at September 30, 2025 were $2.7 billion or 44% of the total loan portfolio.

Mr. Kennedy noted, “We are proud to have built a leading middle-market commercial banking franchise, as evidenced by our C&I loan portfolio and complimented by Treasury Management services, Corporate Advisory and SBA businesses. These business lines fit perfectly with our private banking business model and will continue to generate solid production going forward. During the current year, we have originated loans that carried an average spread of more than 425 basis points above our current cost of funds.”

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

The Company’s NII of $50.6 million and NIM of 2.81% for Q3 2025 increased $2.3 million and four basis points from NII of $48.3 million and NIM of 2.77% for the linked quarter (Q2 2025) and increased $12.9 million and 47 basis points from NII of $37.7 million and NIM of 2.34% compared to the prior year period (Q3 2024). Our single point of contact private banking strategy and New York City expansion continues to deliver lower-cost core deposit relationships resulting in consistent improvement in our net interest margin.

Funding / Liquidity / Interest Rate Risk Management

Total deposits increased $433 million to $6.6 billion at September 30, 2025 from $6.1 billion at December 31, 2024. The growth in deposits strengthened balance sheet liquidity and reduced reliance on outside borrowings and other non-core funding sources. There were no outstanding overnight borrowings at September 30, 2025.

At September 30, 2025, the Company’s balance sheet liquidity (investments available for sale, interest-earning deposits and cash) totaled $1.1 billion, or 15% of total assets. The Company maintains additional liquidity resources of approximately $3.8 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 $4.9 billion at September 30, 2025, which amounts to 267% 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 $901,000 for the September 2025 quarter compared to $799,000 for the June 2025 quarter and $435,000 for the September 2024 quarter. The third quarter of 2025 benefitted from one corporate advisory transaction for $639,000.

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

Three Months Ended
September 30,
2025

Three Months Ended
June 30,
2025

Three Months Ended
September 30,
2024

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

$

6

$

27

$

15

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

--

221

--

Gain on sale of SBA loans

203

521

365

Corporate advisory fee income

692

30

55

Total capital markets activity

$

901

$

799

$

435

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

Other noninterest income was $3.4 million for Q3 2025 compared to $4.7 million for Q2 2025 and $3.4 million for Q3 2024. Q3 2025 included income of $398,000 recorded by the Equipment Finance Division related to equipment transfers to lessees upon the termination of leases compared to income of $482,000 for Q2 2025 and $225,000 for Q3 2024. Additionally, Q3 2025 included $825,000 of unused line fees compared to $869,000 for Q2 2025 and $845,000 for Q3 2024. Other income also included a gain of $875,000 in the second quarter of 2025 for the termination of a lease agreement for a branch location that was no longer in use.

Operating Expenses

Total operating expenses were $52.3 million for the third quarter of 2025, compared to $51.9 million for the second quarter of 2025 and $44.6 million for the quarter ended September 30, 2024. The increase during the third quarter was primarily driven by expenses associated with the Company’s ongoing expansion into New York City and Long Island, increased health insurance costs, and annual merit increases. The addition of production teams in Long Island and the new equipment financing team also contributed to the growth in operating expenses.

Mr. Kennedy noted, “We continue to make investments related to our strategic decision to expand into Metro New York City and are confident that these investments will position us for future growth and profitability, which will ultimately translate to increased shareholder value. We continue to look for opportunities to create efficiencies and manage expenses throughout the Company while investing in enhancements to the client experience."

Income Taxes

The effective tax rate for the three months ended September 30, 2025 was 29.2%, as compared to 29.5% for the June 2025 quarter and 29.4% for the quarter ended September 30, 2024.

Asset Quality / Provision for Credit Losses

Nonperforming assets decreased to $84.1 million, or 1.13% of total assets, at September 30, 2025, as compared to $115.0 million, or 1.60% of total assets, at June 30, 2025. The decrease in nonperforming assets during the third quarter was driven by the resolution of an equipment financing relationship with a loan balance of $20.1 million and three multifamily loans with balances totaling $11.8 million. Loans past due 30 to 89 days and still accruing increased to $28.8 million, or 0.48% of total loans, at September 30, 2025 compared to $15.5 million, or 0.27% of total loans, at June 30, 2025. The increase in loans past due is principally due to $4.2 million of multifamily loans and $8.8 million of C&I loans . Criticized and classified loans decreased during the third quarter by $41.2 million to $191.5 million at September 30, 2025 compared to $232.7 million at June 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 September 30, 2025, the provision for credit losses was $4.8 million compared to $6.6 million for the June 2025 quarter and $1.2 million for the September 2024 quarter. The provision for credit losses in the third quarter of 2025 was driven by an increase in specific reserves totaling $4.3 million related to two multifamily loans, in addition to an increase driven by loan growth of $203 million.

At September 30, 2025, the allowance for credit losses ("ACL") was $68.6 million (1.14% of total loans), compared to $81.8 million (1.40% of total loans) at June 30, 2025, and $71.3 million (1.34% of total loans) at September 30, 2024. The decrease in the ACL during the third quarter was mainly driven by charge-offs of $18.0 million during the period. A charge-off of $11.3 million was related to one equipment financing relationship and charge-offs of $6.7 million were associated with three multifamily loans that were liquidated in the third quarter. Each of the charge-offs in the current period were tied to specific provisions that were recorded in previous periods.

Mr. Kennedy noted, “We continue to closely monitor asset quality metrics and work through each problem credit individually, while carrying appropriate reserve coverage."

Capital

The Company’s capital position increased during the third quarter of 2025 due to net income of $9.6 million and positive movement in accumulated other comprehensive income of $5.1 million related to the fair value of the Company’s investment securities portfolio driven by the interest rate environment. Those increases were partially offset by the repurchase of 100,000 shares through the Company's repurchase program at a total cost of $2.7 million.

Tangible book value per share increased 7% to $34.10 per share at September 30, 2025 from $31.89 at December 31, 2024. (Tangible book value per share is a non-GAAP financial measure. See the reconciliation tables included in this release for further detail.) Book value per share increased 6% to $36.62 per share at September 30, 2025 compared to $34.45 at December 31, 2024. The Company’s and Bank’s regulatory capital ratios as of September 30, 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 June 30, 2025), the Bank remains well capitalized over a two-year stress period.

On September 29, 2025, the Company declared a cash dividend of $0.05 per share payable on November 28, 2025 to shareholders of record on November 6, 2025.

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.4 billion and assets under management and/or administration of $12.9 billion as of September 30, 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 2025 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;
• 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 the current 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 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, 2024. 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

Sept 30,
2025

June 30,
2025

March 31,
2025

Dec 31
2024

Sept 30,
2024

Income Statement Data:

Interest income

$

92,545

$

89,651

$

86,345

$

86,166

$

83,203

Interest expense

41,972

41,361

40,840

44,258

45,522

Net interest income

50,573

48,290

45,505

41,908

37,681

Wealth management fee income

15,798

15,943

15,435

15,482

15,150

Service charges and fees

1,184

1,194

1,112

1,323

1,327

Bank owned life insurance

383

370

371

335

390

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

6

27

63

58

15

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

(364

)

--

--

--

--

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

--

221

--

--

--

Gain on sale of SBA loans

203

521

302

--

365

Corporate advisory fee income

692

30

90

56

55

Other income

2,094

3,096

1,286

2,125

1,162

Securities gains, net

--

7

--

--

--

Fair value adjustment for CRA equity security

125

42

195

549

474

Total other income

20,121

21,451

18,854

19,928

18,938

Total revenue

70,694

69,741

64,359

61,836

56,619

Compensation and employee benefits

36,756

36,061

35,879

32,915

31,050

Premises and equipment

6,676

6,641

6,154

5,995

5,633

FDIC insurance expense

1,345

1,045

855

825

870

Other expenses

7,520

8,146

6,552

8,125

7,096

Total operating expenses

52,297

51,893

49,440

47,860

44,649

Pretax income before provision for credit losses

18,397

17,848

14,919

13,976

11,970

Provision for credit losses

4,790

6,586

4,471

1,738

1,224

Income before income taxes

13,607

11,262

10,448

12,238

10,746

Income tax expense

3,976

3,321

2,853

2,998

3,159

Net income

$

9,631

$

7,941

$

7,595

$

9,240

$

7,587

Per Common Share Data:

Earnings per share (basic)

$

0.55

$

0.45

$

0.43

$

0.53

$

0.43

Earnings per share (diluted)

0.54

0.45

0.43

0.52

0.43

Weighted average number of common
shares outstanding:

Basic

17,576,899

17,704,110

17,610,917

17,585,213

17,616,046

Diluted

17,686,979

17,773,237

17,812,222

17,770,717

17,700,042

Performance Ratios:

Return on average assets annualized (ROAA)

0.53%

0.45%

0.43%

0.54%

0.46%

Return on average equity annualized (ROAE)

6.12%

5.11%

4.98%

6.15%

5.12%

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

6.59%

5.50%

5.37%

6.65%

5.54%

Net interest margin (tax-equivalent basis)

2.81%

2.77%

2.68%

2.46%

2.34%

GAAP efficiency ratio (B)

73.98%

74.41%

76.82%

77.40%

78.86%

Operating expenses / average assets annualized

2.87%

2.92%

2.82%

2.77%

2.73%

(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 Nine Months Ended
September 30,

Change

2025

2024

$

%

Income Statement Data:

Interest income

$

268,541

$

241,635

$

26,906

11%

Interest expense

124,173

134,537

(10,364)

-8%

Net interest income

144,368

107,098

37,270

35%

Wealth management fee income

47,176

45,976

1,200

3%

Service charges and fees

3,490

3,994

(504)

-13%

Bank owned life insurance

1,124

1,221

(97)

-8%

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

96

105

(9)

-9%

Loss/(gain) on loans held for sale at lower of cost or fair value

(364)

23

(387)

-1683%

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

221

--

221

N/A

Gain on sale of SBA loans

1,026

1,214

(188)

-15%

Corporate advisory fee income

812

976

(164)

-17%

Other income

6,476

5,406

1,070

20%

Securities gains, net

7

--

7

N/A

Fair value adjustment for CRA equity security

362

279

83

30%

Total other income

60,426

59,194

1,232

2%

Total revenue

204,794

166,292

38,502

23%

Compensation and employee benefits

108,696

89,410

19,286

22%

Premises and equipment

19,471

16,490

2,981

18%

FDIC insurance expense

3,245

2,685

560

21%

Other expenses

22,218

19,231

2,987

16%

Total operating expenses

153,630

127,816

25,814

20%

Pretax income before provision for credit losses

51,164

38,476

12,688

33%

Provision for credit losses

15,847

5,762

10,085

175%

Income before income taxes

35,317

32,714

2,603

8%

Income tax expense

10,150

8,966

1,184

13%

Net income

$

25,167

$

23,748

$

1,419

6%

Per Common Share Data:

Earnings per share (basic)

$

1.43

$

1.34

$

0.09

7%

Earnings per share (diluted)

1.42

1.34

0.08

6%

Weighted average number of common shares outstanding:

Basic

17,630,517

17,691,309

(60,792)

0%

Diluted

17,763,871

17,746,560

17,311

0%

Performance Ratios:

Return on average assets (ROAA)

0.47%

0.49%

(0.02)%

-4%

Return on average equity (ROAE)

5.41%

5.42%

(0.01)%

0%

Return on average tangible equity (ROATCE) (A)

5.83%

5.88%

(0.05)%

-1%

Net interest margin (tax-equivalent basis)

2.76%

2.26%

0.50%

22%

GAAP efficiency ratio (B)

75.02%

76.86%

(1.84)%

-2%

Operating expenses / average assets

2.87%

2.65%

0.22%

8%

(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

Sept 30,
2025

June 30,
2025

March 31,
2025

Dec 31,
2024

Sept 30,
2024

ASSETS

Cash and due from banks

$

8,514

$

7,524

$

7,885

$

8,492

$

8,129

Federal funds sold

--

--

--

--

--

Interest-earning deposits

338,672

308,078

224,032

382,875

484,529

Total cash and cash equivalents

347,186

315,602

231,917

391,367

492,658

Securities available for sale

756,578

767,533

832,030

784,544

682,713

Securities held to maturity

97,414

98,623

100,285

101,635

103,158

CRA equity security, at fair value

13,403

13,278

13,236

13,041

13,445

FHLB and FRB stock, at cost (A)

11,387

11,467

12,311

12,373

12,459

Residential mortgage

649,523

649,703

630,245

614,840

591,374

Multifamily mortgage

1,796,533

1,794,854

1,775,132

1,799,754

1,784,861

Commercial mortgage

689,166

643,520

633,957

588,104

578,559

Commercial and industrial loans

2,662,661

2,543,092

2,528,235

2,397,699

2,247,853

Consumer loans

171,811

140,668

140,443

77,785

78,160

Home equity lines of credit

57,166

52,434

48,301

42,327

38,971

Other loans

405

261

359

411

389

Total loans

6,027,265

5,824,532

5,756,672

5,520,920

5,320,167

Less: Allowance for credit losses

68,642

81,770

75,150

72,992

71,283

Net loans

5,958,623

5,742,762

5,681,522

5,447,928

5,248,884

Premises and equipment

37,756

36,626

31,639

28,888

25,716

Accrued interest receivable

34,120

33,209

31,968

29,898

31,973

Bank owned life insurance

48,381

48,239

48,110

47,981

47,837

Goodwill and other intangible assets

44,111

44,383

44,655

44,926

45,198

Finance lease right-of-use assets

879

914

950

985

1,020

Operating lease right-of-use assets

37,692

38,291

39,456

40,289

41,650

Due from brokers

--

--

--

--

Other assets

52,112

49,746

52,573

67,383

47,081

TOTAL ASSETS

$

7,439,642

$

7,200,673

$

7,120,652

$

7,011,238

$

6,793,792

LIABILITIES

Deposits:

Noninterest-bearing demand deposits

$

1,323,492

$

1,237,864

$

1,184,860

$

1,112,734

$

1,079,877

Interest-bearing demand deposits

3,509,403

3,483,295

3,450,014

3,334,269

3,316,217

Savings

104,524

103,846

107,581

103,136

103,979

Money market accounts

1,226,506

1,095,665

1,087,959

1,078,024

902,562

Certificates of deposit - Retail

397,338

440,612

442,369

483,998

515,297

Certificates of deposit - Listing Service

899

1,841

3,773

6,861

7,454

Subtotal “customer” deposits

6,562,162

6,363,123

6,276,556

6,119,022

5,925,386

IB Demand - Brokered

--

--

10,000

10,000

10,000

Certificates of deposit - Brokered

--

--

--

--

Total deposits

6,562,162

6,363,123

6,286,556

6,129,022

5,935,386

Short-term borrowings

--

--

--

--

Finance lease liability

1,227

1,268

1,308

1,348

1,388

Operating lease liability

41,139

41,806

42,948

43,569

44,775

Subordinated debt, net

98,981

98,933

98,884

133,561

133,489

Due to brokers

25,125

--

--

18,514

--

Other liabilities

68,458

65,766

69,083

79,375

71,140

TOTAL LIABILITIES

6,797,092

6,570,896

6,498,779

6,405,389

6,186,178

Shareholders’ equity

642,550

629,777

621,873

605,849

607,614

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

$

7,439,642

$

7,200,673

$

7,120,652

$

7,011,238

$

6,793,792

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

$

12.9

$

12.3

$

11.8

$

11.9

$

12.1

(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

Sept 30,
2025

June 30,
2025

March 31,
2025

Dec 31,
2024

Sept 30,
2024

Asset Quality:

Loans past due over 90 days and still accruing

$

--

$

--

$

--

$

--

$

--

Nonaccrual loans

84,142

114,958

97,170

100,168

80,453

Other real estate owned

--

--

--

--

--

Total nonperforming assets

$

84,142

$

114,958

$

97,170

$

100,168

$

80,453

Nonperforming loans to total loans

1.40%

1.97%

1.69%

1.81%

1.51%

Nonperforming assets to total assets

1.13%

1.60%

1.36%

1.43%

1.18%

Performing modifications (A)(B)

$

101,501

$

111,962

$

63,259

$

45,846

$

51,796

Loans past due 30 through 89 days and still accruing

$

28,817

$

15,522

$

28,323

$

4,870

$

31,446

Loans subject to special mention

$

56,534

$

86,907

$

75,248

$

46,518

$

113,655

Classified loans

$

134,982

$

145,783

$

142,273

$

145,394

$

147,422

Individually evaluated loans

$

84,142

$

114,958

$

97,170

$

99,775

$

79,972

Allowance for credit losses ("ACL"):

Beginning of quarter

$

81,770

$

75,150

$

72,992

$

71,283

$

67,984

Provision for credit losses (C)

4,871

6,577

4,494

1,753

1,227

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

(17,999)

43

(2,336)

(44)

2,072

End of quarter

$

68,642

$

81,770

$

75,150

$

72,992

$

71,283

ACL to nonperforming loans

81.58%

71.13%

77.34%

72.87%

88.60%

ACL to total loans

1.14%

1.40%

1.31%

1.32%

1.34%

Collectively evaluated ACL to total loans (E)

0.95%

1.06%

1.09%

1.09%

1.16%

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

(B) Excludes modifications included in nonaccrual loans of $37.6 million at September 30, 2025, $38.1 million at June 30, 2025, $3.9 million at March 31, 2025, $3.6 million at December 31, 2024 and $3.7 million at September 30, 2024.

(C) Excludes 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, a credit of $15,000 at December 31, 2024 and a credit of $3,000 at September 30, 2024 related to off-balance sheet commitments.

(D) Includes charge-offs of $6.7 million related to three commercial mortgage 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

September 30,
2025

December 31,
2024

September 30,
2024

Capital Adequacy

Equity to total assets (A)

8.64%

8.64

8.94%

Tangible equity to tangible assets (B)

8.09%

8.05%

8.33%

Book value per share (C)

$

36.62

$

34.45

$

34.57

Tangible book value per share (D)

$

34.10

$

31.89

$

32.00

(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

September 30,
2025

December 31,
2024

September 30,
2024

Regulatory Capital – Holding Company

Tier I leverage

$

647,549

8.86%

$

625,830

9.01%

$

615,486

9.33%

Tier I capital to risk-weighted assets

647,549

10.47

625,830

11.51

615,486

11.67

Common equity tier I capital ratio
to risk-weighted assets

647,543

10.47

625,824

11.51

615,474

11.67

Tier I & II capital to risk-weighted assets

815,770

13.20

806,404

14.84

800,961

15.19

Regulatory Capital - Bank

Tier I leverage (E)

$

722,684

9.89%

$

733,389

10.57%

$

724,038

10.99%

Tier I capital to risk-weighted assets (F)

722,684

11.70

733,389

13.50

724,038

13.75

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

722,678

11.70

733,383

13.50

724,026

13.75

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

791,924

12.82

801,365

14.75

789,954

15.00

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($292 million)

(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($525 million)

(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($433 million)

(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($649 million)

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

For the Quarters Ended

Sept 30,
2025

June 30,
2025

March 31,
2025

Dec 31,
2024

Sept 30,
2024

Residential loans retained

$

18,323

$

34,990

$

25,157

$

39,279

$

26,955

Residential loans sold

445

1,712

4,074

4,220

1,853

Total residential loans

18,768

36,702

29,231

43,499

28,808

Commercial real estate

78,825

24,086

47,280

15,800

4,300

Multifamily

47,991

73,350

6,800

12,550

11,295

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

453,554

200,671

257,282

432,115

242,829

SBA

6,821

7,090

5,928

5,964

9,106

Wealth lines of credit (A)

2,700

2,400

9,900

550

11,675

Total commercial loans

589,891

307,597

327,190

466,979

279,205

Installment loans

47,115

8,164

76,941

7,182

8,137

Home equity lines of credit (A)

11,755

5,154

4,805

10,236

10,421

Total loans closed

$

667,529

$

357,617

$

438,167

$

527,896

$

326,571

For the Nine Months Ended

Sept 30,
2025

Sept 30,
2024

Residential loans retained

$

78,470

$

54,703

Residential loans sold

6,231

8,239

Total residential loans

84,701

62,942

Commercial real estate

150,191

18,400

Multifamily

128,141

17,525

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

911,507

491,697

SBA

19,839

20,096

Wealth lines of credit (A)

15,000

26,475

Total commercial loans

1,224,678

574,193

Installment loans

132,220

16,669

Home equity lines of credit (A)

21,714

17,311

Total loans closed

$

1,463,313

$

671,115

(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

September 30, 2025

September 30, 2024

Average
Balance

Income/
Expense

Annualized
Yield

Average
Balance

Income/
Expense

Annualized
Yield

ASSETS:
Interest-earning assets:

Investments:

Taxable (A)

$

963,706

$

7,504

3.11%

$

865,892

$

6,107

2.82%

Tax-exempt (A) (B)

--

--

--

--

--

--

Loans (B) (C):

Mortgages

650,299

7,337

4.51

579,949

5,834

4.02

Commercial mortgages

2,458,008

28,447

4.63

2,381,771

27,362

4.60

Commercial

2,586,780

42,790

6.62

2,159,648

37,588

6.96

Commercial construction

--

--

--

22,371

507

9.07

Installment

156,471

2,718

6.95

73,440

1,267

6.90

Home equity

53,781

1,020

7.59

38,768

814

8.40

Other

363

5

5.43

239

6

10.04

Total loans

5,905,702

82,317

5.58

5,256,186

73,378

5.58

Federal funds sold

--

--

--

--

--

--

Interest-earning deposits

304,681

2,960

3.89

326,707

3,982

4.88

Total interest-earning assets

7,174,089

92,781

5.17%

6,448,785

83,467

5.18%

Noninterest-earning assets:

Cash and due from banks

12,279

7,521

Allowance for credit losses

(82,803)

(70,317)

Premises and equipment

37,608

25,530

Other assets

136,238

139,042

Total noninterest-earning assets

103,322

101,776

Total assets

$

7,277,411

$

6,550,561

LIABILITIES:

Interest-bearing deposits:

Checking

$

3,640,088

$

29,975

3.29%

$

3,214,186

$

31,506

3.92%

Money markets

1,005,633

7,225

2.87

833,325

6,419

3.08

Savings

104,777

178

0.68

104,293

117

0.45

Certificates of deposit – retail

429,389

3,657

3.41

512,794

5,540

4.32

Subtotal interest-bearing deposits

5,179,887

41,035

3.17

4,664,598

43,582

3.74

Interest-bearing demand – brokered

--

--

--

10,000

134

5.36

Certificates of deposit – brokered

--

--

--

7,913

106

5.36

Total interest-bearing deposits

5,179,887

41,035

3.17

4,682,511

43,822

3.74

Borrowings

--

--

--

--

--

--

Capital lease obligation

1,242

13

4.19

1,401

15

4.28

Subordinated debt

98,954

924

3.74

133,449

1,685

5.05

Total interest-bearing liabilities

5,280,083

41,972

3.18%

4,817,361

45,522

3.78%

Noninterest-bearing liabilities:

Demand deposits

1,261,607

1,016,014

Accrued expenses and other liabilities

106,630

124,399

Total noninterest-bearing liabilities

1,368,237

1,140,413

Shareholders’ equity

629,091

592,787

Total liabilities and shareholders’ equity

$

7,277,411

$

6,550,561

Net interest income

$

50,809

$

37,945

Net interest spread

1.99%

1.40%

Net interest margin (D)

2.81%

2.34%

(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

September 30, 2025

June 30, 2025

Average
Balance

Income/
Expense

Annualized
Yield

Average
Balance

Income/
Expense

Annualized
Yield

ASSETS:
Interest-earning assets:

Investments:

Taxable (A)

$

963,706

$

7,504

3.11

%

$

1,037,598

$

8,370

3.23%

Tax-exempt (A) (B)

--

--

--

--

--

--

Loans (B) (C):

Mortgages

650,299

7,337

4.51

640,955

7,138

4.45

Commercial mortgages

2,458,008

28,447

4.63

2,426,318

27,392

4.52

Commercial

2,586,780

42,790

6.62

2,539,929

42,015

6.62

Commercial construction

--

--

--

--

--

--

Installment

156,471

2,718

6.95

140,133

2,403

6.86

Home equity

53,781

1,020

7.59

50,613

946

7.48

Other

363

5

5.43

348

5

5.75

Total loans

5,905,702

82,317

5.58

5,798,296

79,899

5.51

Federal funds sold

--

--

--

--

--

--

Interest-earning deposits

304,681

2,960

3.89

183,584

1,618

3.53

Total interest-earning assets

7,174,089

92,781

5.17%

7,019,478

89,887

5.12%

Noninterest-earning assets:

Cash and due from banks

12,279

8,237

Allowance for credit losses

(82,803)

(76,811)

Premises and equipment

37,608

35,501

Other assets

136,238

130,550

Total noninterest-earning assets

103,322

97,477

Total assets

$

7,277,411

$

7,116,955

LIABILITIES:

Interest-bearing deposits:

Checking

$

3,640,088

$

29,975

3.29%

$

3,558,108

$

29,116

3.27%

Money markets

1,005,633

7,225

2.87

950,891

6,544

2.75

Savings

104,777

178

0.68

104,114

147

0.56

Certificates of deposit – retail

429,389

3,657

3.41

447,422

4,002

3.58

Subtotal interest-bearing deposits

5,179,887

41,035

3.17

5,060,535

39,809

3.15

Interest-bearing demand – brokered

--

--

--

9,121

110

4.82

Certificates of deposit – brokered

--

--

--

--

--

Total interest-bearing deposits

5,179,887

41,035

3.17

5,069,656

39,919

3.15

Borrowings

--

--

--

44,656

505

4.52

Capital lease obligation

1,242

13

4.19

1,283

13

4.05

Subordinated debt

98,954

924

3.74

98,905

924

3.74

Total interest-bearing liabilities

5,280,083

41,972

3.18%

5,214,500

41,361

3.17%

Noninterest-bearing liabilities:

Demand deposits

1,261,607

1,172,535

Accrued expenses and other liabilities

106,630

108,020

Total noninterest-bearing liabilities

1,368,237

1,280,555

Shareholders’ equity

629,091

621,900

Total liabilities and shareholders’ equity

$

7,277,411

$

7,116,955

Net interest income

$

50,809

$

48,526

Net interest spread

1.99%

1.95%

Net interest margin (D)

2.81%

2.77%

(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 Nine Months Ended

September 30, 2025

September 30, 2024

Average
Balance

Income/
Expense

Yield

Average
Balance

Income/
Expense

Yield

ASSETS:
Interest-earning assets:

Investments:

Taxable (A)

$

1,010,936

$

24,087

3.18%

$

820,594

$

16,411

2.67%

Tax-exempt (A) (B)

--

--

--

--

--

--

Loans (B) (C):

Mortgages

636,268

21,146

4.43

578,187

16,836

3.88

Commercial mortgages