Peapack-Gladstone Financial Corporation Reports Second Quarter Financial Results

Rhea-AI Summary

Peapack-Gladstone Financial Corporation (NASDAQ: PGC) reported Q2 2026 net income to common shareholders of $15.8 million, or $0.85 diluted EPS, up from $14.2 million ($0.80) in Q1 2026 and $7.9 million ($0.45) in Q2 2025. Total revenue rose to $86.1 million, the ninth consecutive quarterly increase, 23% year-over-year, while operating expenses grew 7% to $55.7 million, driving pre-provision net revenue to $30.4 million (about 70% growth year-over-year) and a GAAP efficiency ratio near 65%.

Net interest income increased 32% year-over-year to $63.9 million with net interest margin at 3.32% (up 55 bps year-over-year). Loans reached $6.7 billion (15% growth), deposits $7.1 billion (up $694 million year-over-year), and wealth management AUM/A increased to $13.9 billion, with related fees of $17.2 million (20% of revenue). Tangible book value per share grew 9% year-over-year to $36.26 and book value per share 8% to $38.70.

The Company completed issuance of the remaining $20 million under its previously committed $50 million 6% non-cumulative perpetual convertible preferred stock with Strategic Value Bank Partners to support relationship-based balance sheet growth. Asset quality showed higher nonperforming assets at $72.2 million (0.91% of assets), driven largely by one multifamily relationship migration and a $6.1 million charge-off on a multifamily loan, while the allowance for credit losses stood at $69.2 million (1.04% of loans). Liquidity totaled $5.0 billion on and off balance sheet (204% of uninsured/unsecured deposits), and regulatory capital ratios, including a Common Equity Tier 1 Ratio of about 10.4% at the Company, remained well above well-capitalized standards.

Positive

• Net income to common $15.8M; diluted EPS $0.85, up 89% YoY
• Total revenue $86.1M, up 23% YoY and ninth straight quarterly increase
• Net interest income $63.9M, +32% YoY; NIM 3.32%, +55 bps YoY
• Loan portfolio $6.7B and deposits $7.1B, both about 15% YoY growth
• Wealth AUM/A $13.9B, up 13% YoY; wealth fees $17.2M (20% of revenue)
• Capital and liquidity bolstered by full $50M 6% convertible preferred issuance and $5.0B total liquidity
• Tangible book value per share up 9% YoY to $36.26; book value per share up 8%

Negative

• Nonperforming assets increased to $72.2M (0.91% of assets) from $59.3M (0.77%)
• Provision for credit losses rose to $8.1M from $7.3M in Q1 2026 and $6.6M YoY
• Net charge-offs $5.9M in Q2 2026, including $6.1M charge-off on a single multifamily loan
• Operating expenses increased to $55.7M versus $51.9M in Q2 2025, reflecting higher compensation and benefits

News Explained

The release describes PGC as electing on July 24, 2026 to issue the remaining $20 million of convertible preferred stock under a $50 million commitment, rather than reporting that this tranche closed; if conversion produces additional shares, existing holders’ percentage ownership would decline absent offsets.

News Market Reaction – PGC

+1.45%

2 alerts

+1.45% Session close to close

$781.60M Market Cap

0.0x Rel. Volume

In the Jul 28 session, PGC gained 1.45%, reflecting a mild positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The platform recorded FFWM at 0.34% and BHB at 0.25%. That peer context supplies a regional-bank com...

Analysis

The platform recorded FFWM at 0.34% and BHB at 0.25%. That peer context supplies a regional-bank comparison for PGC’s earnings report; recent insider activity was Net Selling, and credit metrics warrant attention.

Key Figures

Total revenue: $86.1 million Revenue growth: 23% Operating expense growth: 7% +5 more

8 metrics

Total revenue $86.1 million Q2 2026

Revenue growth 23% Year-over-year in Q2 2026

Operating expense growth 7% Year-over-year in Q2 2026

Pre-provision net revenue growth 70% Year-over-year in Q2 2026

Net income available to common shareholders $15.8 million Q2 2026

Diluted EPS $0.85 Q2 2026, compared with $0.45 in Q2 2025

Preferred stock issuance $20 million at 6% Non-cumulative perpetual convertible preferred stock issued July 2026

Nonperforming assets $72.2 million, or 0.91% of total assets At June 30, 2026

Previous Earnings Reports

1 past event · Latest: Oct 22 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Oct 22	Earnings results	Positive	+7.7%	Reported quarterly results with stronger deposits, loans, earnings and net interest income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The tag-specific record contained one earnings event, aligned with a 7.7% positive 24-hour reaction.

Key Terms

pre-provision net revenue, net interest margin, loan-to-deposit ratio, nonaccrual status, +2 more

6 terms

pre-provision net revenue financial

"producing approximately 70% growth in pre-provision net revenue year-over-year"

Pre-provision net revenue is a bank’s income from core operations — interest earned minus interest paid plus fees and other operating income, after operating costs — measured before setting aside funds for potential loan losses. Investors use it to gauge how well a bank’s everyday business generates money independent of one-time loss reserves, like judging a store’s sales and operating profit before accounting for an expected number of returned items.

net interest margin financial

"Net interest margin: 3.32%, an increase of 6 basis points"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

loan-to-deposit ratio financial

"The Company’s liquidity profile remains strong with a loan-to-deposit ratio of 95%"

Loan-to-deposit ratio measures how much a bank has lent out compared with the money customers have deposited, expressed as a percentage. Think of it like the share of a household’s savings that has been loaned to others: a higher ratio can boost earnings but reduce cash on hand and increase risk, while a lower ratio means more liquidity but potentially lower returns—key for investors assessing a bank’s balance of profit and safety.

nonaccrual status financial

"relationship to nonaccrual status"

Nonaccrual status is when a lender stops recording interest income on a loan because payments are late or the borrower’s ability to pay is in serious doubt. For investors this is a red flag: it signals deteriorating loan quality, can reduce reported earnings and may require the lender to set aside more reserves, much like marking a damaged product off the books until its value is clear.

allowance for credit losses financial

"the allowance for credit losses ("ACL") was $69.2 million"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

common equity tier 1 ratio regulatory

"the Common Equity Tier 1 Ratio was 10.60% for the Bank"

The common equity tier 1 ratio is a measure of a bank's financial strength, showing how much high-quality core capital it has compared to its total risk-weighted assets. Think of it as a safety buffer or cushion that helps ensure the bank can withstand economic shocks. For investors, a higher ratio indicates a stronger, more resilient bank, making it a key indicator of its financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BEDMINSTER, N.J., July 27, 2026 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its second quarter 2026 financial results.

This earnings release should be read in conjunction with the Company’s Q2 2026 Investor Update, a copy of which is available on our website at www.peapackprivate.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

The Company reported second quarter 2026 financial results that reflect continued execution of its private banking strategy and demonstrate accelerating earnings momentum. Revenue increased for the ninth consecutive quarter while expense growth continued to normalize, producing another quarter of meaningful positive operating leverage. These results reflect the maturation of the Company's strategic investments across the Metropolitan New York market and reinforce management's confidence in the long-term earnings power of the franchise.

Douglas L. Kennedy, President and CEO stated, “During the industry disruption of 2023, we invested significantly to expand our presence in Metropolitan New York. Since then, we have added 20 experienced banking teams and nearly 200 professionals, opened our flagship financial center on Park Avenue, and rebranded the Company as Peapack Private Bank & Trust. These investments temporarily affected earnings, but they created the platform that is now producing sustained growth and improving profitability. "

Mr. Kennedy added, "These actions capture our unique brand that seamlessly combines traditional banking with wealth management delivered through a single point of contact. The quality of growth is very strong as our bankers continue to onboard longstanding relationships, introducing clients to a broader range of banking, treasury, and wealth solutions. This integrated approach is deepening relationships and allowing us to compete effectively with much larger institutions.”

Our second quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. Revenue grew by 23% year-over-year, while operating expenses increased by only 7%, producing approximately 70% growth in pre-provision net revenue year-over-year. This positive operating leverage led to net income available to common shareholders of $15.8 million, or $0.85 per diluted share for the second quarter, compared to $14.2 million, or $0.80 per diluted share, for the linked quarter and $7.9 million, or $0.45 per diluted share for the June 30, 2025 quarter. This led to an increase of 11% of net income on a linked quarter basis and earnings per diluted share increased 89% year-over-year.

During the first quarter the Company also announced a commitment by Strategic Value Bank Partners to purchase up to $50 million of convertible preferred stock. Strategic Value Bank Partners is a well-known, long-term investor primarily focused on the banking sector.  The commitment included an initial $30 million private placement of the preferred stock which closed during March 2026 with the ability to issue an additional $20 million through the end of 2027. Based on this quarter’s results and our continued momentum and projected growth, we elected to issue the remaining $20 million of our 6% non-cumulative perpetual convertible preferred stock on July 24, 2026. Mr. Kennedy added, “We remain focused on maintaining the capital necessary to support growth prudently. The additional preferred equity enhances our financial flexibility as earnings continue to strengthen and move the Company toward greater organic capital generation.”

Second Quarter Highlights:

• Net income available to common shareholders of $15.8 million, or $0.85 per diluted share
• Total revenue of $86.1 million, representing the ninth consecutive quarter of revenue growth
• Net interest income: $63.9 million, up 7% on a linked quarter and 32% year-over-year
• Net interest margin: 3.32%, an increase of 6 basis points compared to the previous quarter and 55 basis points year-over-year
• Loan growth: $6.7 billion in total loans, an increase of $854 million year-over-year
• Deposits: $7.1 billion at June 30, 2026, an increase of $694 million year-over-year
• Wealth management: $13.9 billion in assets under management and administration, up 13% year-over-year
• Wealth management fee income: $17.2 million or 20% of total revenue
• Shareholders' equity: $715.8 million at June 30, 2026, an increase of $86 million year-over-year
• Shareholder value: Tangible book value per share increased 9% year-over-year to $36.26. Book value per share increased 8% year-over-year to $38.70

Key Financial Metrics	Q2 2026				Q1 2026				Q2 2025
Net income available to common shareholders ($ millions)	$	15.8			$	14.2			$	7.9
Diluted EPS	$	0.85			$	0.80			$	0.45
Net interest income ($ millions)	$	63.9			$	59.9			$	48.3
Net interest margin		3.32	%			3.26	%			2.77	%
Total revenue ($ millions)	$	86.1			$	82.5			$	69.7
Operating expenses ($ millions)	$	55.7			$	55.4			$	51.9
Pre-provision net revenue ($ millions)	$	30.4			$	27.1			$	17.8
Return on average assets (annualized)		0.80	%			0.74	%			0.45	%
Return on average equity (annualized)		8.94	%			8.51	%			5.11	%

Earnings and Operating Leverage

The Company had strong revenue growth of 23% year-over-year, with total revenue of $86.1 million for the second quarter of 2026, compared to $82.5 million for the first quarter of 2026 and $69.7 million for the second quarter of 2025. Revenue growth has been primarily attributable to the consistent improvement in net interest income over the last twelve months. The increase in revenue growth translated into higher earnings driving positive operating leverage and improved profitability.

Operating expenses continued to normalize this quarter, increasing at a more moderate pace to $55.7 million for the second quarter of 2026, compared to $55.4 million for the first quarter of 2026 and $51.9 million for the second quarter of 2025. The GAAP efficiency ratio improved for a seventh consecutive quarter to approximately 65%.

Net Interest Income and Margin

Net interest income totaled $63.9 million for the second quarter of 2026, an increase of $4.0 million, or 7%, from the first quarter of 2026 and an increase of $15.6 million, or 32%, from the second quarter of 2025. Net interest margin expanded to 3.32% compared to 3.26% in the prior quarter and 2.77% in the second quarter of 2025, continuing the upward trend over the past several quarters. This improvement in net interest income and net interest margin was primarily supported by balance sheet repositioning, disciplined pricing and improved earning-asset yields.

Loans / Commercial Banking

Total loans increased $235.9 million, or 15% annualized, to $6.7 billion at June 30, 2026, compared to $6.4 billion at March 31, 2026. Loans increased year-over-year $854.1 million, or 15%. Growth remained concentrated in our core areas of strength, particularly C&I and commercial real estate. Commercial mortgage activity was bolstered by sponsor demand for stabilized assets and refinancing activity. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at June 30, 2026 were $2.9 billion, or 44% of the total loan portfolio.

Mr. Kennedy noted, “The quality of our loan growth remains as important as the pace of growth. Our bankers are onboarding core relationships and connecting commercial banking, personal banking, treasury management and wealth management through a single point of contact. This model allows us to deepen the connection with our customers and compete effectively against much larger institutions."

Wealth Management

John Babcock, President of the Bank’s Wealth Management Division, stated, “Wealth Management delivered another strong quarter, supported by $205 million of gross client inflows and favorable market performance. Our integrated model continues to create opportunities to introduce investment management, trust, tax, financial planning and other advisory services to banking relationships, while also delivering banking and credit solutions to wealth clients.”

Funding / Liquidity / Interest Rate Risk Management

Total deposits increased $230.8 million, or 14% annualized, to $7.1 billion at June 30, 2026, from $6.8 billion at March 31, 2026. Relationship-based deposits have created solid franchise value for our Company. Noninterest-bearing deposits increased by $79.7 million during the quarter, which represented 56% of the deposit growth over the last twelve months and a meaningful portion of total funding, supporting both margin expansion and balance sheet stability.

The Company’s liquidity profile remains strong with a loan-to-deposit ratio of 95%. At June 30, 2026, the Company’s balance sheet liquidity totaled $1.0 billion, or 13% of total assets. The Company maintains additional liquidity resources of approximately $4.0 billion through secured available borrowing facilities with the Federal Home Loan Bank and the Federal Reserve Discount Window.  The available funding from the Federal Home Loan Bank and the Federal Reserve are secured by the Company’s loan and investment portfolios. The Company's total on and off-balance sheet liquidity totaled $5.0 billion at June 30, 2026, which amounted to 204% of the total uninsured/uncollateralized deposits currently on the Company’s balance sheet. The Company continues to maintain a well-diversified funding base with a high level of operating deposits and no reliance on brokered funding.

Asset Quality / Provision for Credit Losses

Nonperforming assets increased to $72.2 million, or 0.91% of total assets compared to $59.3 million, or 0.77% of total assets, at March 31, 2026. The increase in nonperforming assets during the second quarter of 2026 was largely driven by the migration of a previously disclosed larger well secured multifamily relationship to nonaccrual status. Loans past due 30 through 89 days and still accruing increased slightly to $48.1 million, or 0.72% of total loans at June 30, 2026, compared to $47.1 million, or 0.73% of total loans, at March 31, 2026. Loans subject to special mention and performing modifications have declined in the second quarter of 2026.

Mr. Kennedy noted, “We continue to manage credit issues proactively and conservatively. While isolated relationships have affected certain credit metrics, criticized and classified loan trends have improved over time, reserve coverage remains appropriate and we continue to see no evidence of broad-based deterioration across the portfolio."

The provision for credit losses totaled $8.1 million for the second quarter of 2026, compared to $7.3 million for the first quarter of 2026 and $6.6 million for the June 30, 2025 quarter. The second quarter provision was primarily attributable to loan growth of $235.9 million resulting in a provision of $2.9 million, in addition to changes in specific reserves which required a provision of $3.9 million.

At June 30, 2026, the allowance for credit losses ("ACL") was $69.2 million (1.04% of total loans), compared to $67.0 million (1.04% of total loans) at March 31, 2026.  The increase in the ACL was due to the provision for credit losses of $8.1 million partially offset by net charge-offs of $5.9 million. Charge-offs consisted of $6.1 million during the period associated with the sale of one multifamily loan with a balance totaling $7.2 million. Specific reserves of $2.4 million, related to this charge-off, had been established in prior periods. This charge-off was partially offset by recoveries of $231,000 during the second quarter of 2026.

Capital

The Company’s capital position remained solid during the second quarter of 2026 and continued to benefit from earnings generation.  Based on this quarter’s results and our continued momentum, we elected in July to issue the remaining $20 million of our 6% non-cumulative perpetual convertible preferred stock available under the $50 million commitment announced in the first quarter. Based on current results, projected growth and capital needs, management determined that completing the remaining issuance was appropriate to support continued relationship-based balance sheet growth, while maintaining prudent capital levels.

Tangible book value per share increased 9% to $36.26 per share at June 30, 2026 from $33.19 at June 30, 2025. See Non-GAAP financial measures reconciliation included in these tables. Book value per share increased 8% to $38.70 per share at June 30, 2026 compared to $35.71 at June 30, 2025.

The Company’s and Bank’s regulatory capital ratios as of June 30, 2026 remain strong. The Tier 1 Leverage Ratio at June 30, 2026 was 8.96% for the Bank and 9.13% for the Company, while the Common Equity Tier 1 Ratio was 10.60% for the Bank and 10.38% for the Company. Where applicable, such ratios remain well above regulatory well capitalized standards.

Investor Conference Call

Peapack-Gladstone Financial Corporation's CEO Douglas Kennedy will host a conference call with investors and the financial community on July 28, 2026 at 11:00 a.m. (ET) to review second quarter 2026 financial results. The live audio webcast and presentation slides will be available using the following link: https://events.q4inc.com/attendee/134224446. Investor presentation materials will be made available prior to the conference call by going to the Investor Relations page on our Company website at www.peapackprivate.com. A replay will be available under the Events & Presentation section on our Investor Relations website.

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $8.0 billion and assets under management and/or administration of $13.9 billion as of June 30, 2026. Founded in 1921, Peapack Private Bank & Trust, a subsidiary of Peapack-Gladstone Financial Corporation, is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit www.peapackprivate.com for more information.

FORWARD-LOOKING STATEMENTS

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

• our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan;
• the impact of anticipated higher operating expenses in 2026 and beyond;
• our ability to successfully integrate wealth management firm and team acquisitions;
• our ability to successfully integrate our expanded employee base;
• an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions;
• declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;
• declines in the value of our investment portfolio;
• impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels;
• higher than expected increases in our allowance for credit losses;
• changes in the methodology and assumptions used to calculate the allowance for credit losses;
• higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans or charge-offs;
• inflation and changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and lead to higher operating costs;
• decline in real estate values within our market areas;
• legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;
• the imposition of tariffs or other domestic or international governmental policies, trade restrictions and retaliatory measures impacting our borrowers and the broader economy;
• the impact of any federal government shutdown, debt ceiling impasses or fiscal uncertainty;
• the failure to maintain current technologies and/or to successfully implement future information technology enhancements and the operational risks associated with the adoption of artificial intelligence and other emerging technologies;
• risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors;
• 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 attract and retain key employees;
• demand for loans and deposits in our market areas;
• adverse changes in securities markets;
• changes in New York City rent regulation law;
• changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary and fiscal policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
• changes in accounting policies and practices; and/or
• other unexpected material adverse changes in our financial condition, operations or earnings.
  

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

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

(Tables to follow)

PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in Thousands, except per share data) (Unaudited)
	For the Three Months Ended
	June 30,				March 31,				Dec 31,				Sept 30,				June 30,
	2026				2026				2025				2025				2025
Income Statement Data:
Interest income	$	100,210			$	95,049			$	93,984			$	92,545			$	89,651
Interest expense		36,289				35,153				37,442				41,972				41,361
Net interest income		63,921				59,896				56,542				50,573				48,290
Wealth management fee income		17,220				16,503				16,064				15,798				15,943
Service charges and fees		1,390				1,359				1,317				1,184				1,194
Capital markets revenue		925				544				873				901				799
Other income		2,596				4,191				3,405				2,238				3,515
Total other income		22,131				22,597				21,659				20,121				21,451
Total revenue		86,052				82,493				78,201				70,694				69,741
Compensation expense		29,352				29,782				28,399				28,613				28,232
Benefits expense		10,250				9,583				8,397				8,143				7,829
Premises and equipment		7,009				6,858				7,142				6,676				6,641
FDIC insurance expense		1,495				1,388				1,565				1,345				1,045
Professional and legal fees		1,532				1,554				1,868				1,972				1,645
Trust department expense		1,189				1,180				1,139				1,111				1,092
Loan expense		687				556				905				475				939
Advertising		468				267				329				651				919
Other expenses		3,685				4,272				3,794				3,311				3,551
Total operating expenses		55,667				55,440				53,538				52,297				51,893
Pretax income before provision for credit losses		30,385				27,053				24,663				18,397				17,848
Provision for credit losses		8,088				7,327				7,671				4,790				6,586
Income before income taxes		22,297				19,726				16,992				13,607				11,262
Income tax expense		6,325				5,573				4,833				3,976				3,321
Net Income		15,972				14,153				12,159				9,631				7,941
Dividends on preferred stock		195				—				—				—				—
Net income available to common shareholders	$	15,777			$	14,153			$	12,159			$	9,631			$	7,941
Per Common Share Data:
Earnings per share (basic)	$	0.89			$	0.80			$	0.69			$	0.55			$	0.45
Earnings per share (diluted)		0.85				0.80				0.69				0.54				0.45
Weighted average number of common shares outstanding:
Basic		17,717,883				17,585,846				17,558,019				17,576,899				17,704,110
Diluted		18,625,408				17,760,678				17,705,355				17,686,979				17,773,237
Performance Ratios:
Return on average assets annualized (ROAA)		0.80	%			0.74	%			0.65	%			0.53	%			0.45	%
Return on average equity annualized (ROAE)		8.94	%			8.51	%			7.51	%			6.12	%			5.11	%
Return on average tangible common equity annualized (ROATCE) (A)		9.98	%			9.13	%			8.06	%			6.59	%			5.50	%
Net interest margin (tax-equivalent basis)		3.32	%			3.26	%			3.08	%			2.81	%			2.77	%
GAAP efficiency ratio (B)		64.69	%			67.21	%			68.46	%			73.98	%			74.41	%
Operating expenses / average assets annualized		2.83	%			2.92	%			2.88	%			2.87	%			2.92	%

(A) Return on average tangible common equity is calculated by dividing tangible common equity by annualized net income available to common shareholders. 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 Six Months Ended
	June 30,								Change
	2026				2025				$				%
Income Statement Data:
Interest income	$	195,259			$	175,996			$	19,263				11	%
Interest expense		71,442				82,201				(10,759	)			-13	%
Net interest income		123,817				93,795				30,022				32	%
Wealth management fee income		33,723				31,378				2,345				7	%
Service charges and fees		2,749				2,306				443				19	%
Capital markets revenue		1,469				1,254				215				17	%
Other income		6,787				5,367				1,420				26	%
Total other income		44,728				40,305				4,423				11	%
Total revenue		168,545				134,100				34,445				26	%
Compensation expense		59,134				54,547				4,587				8	%
Benefits expense		19,833				17,393				2,440				14	%
Premises and equipment		13,867				12,795				1,072				8	%
FDIC insurance expense		2,883				1,900				983				52	%
Professional and legal fees		3,086				2,835				251				9	%
Trust department expense		2,369				2,135				234				11	%
Loan expense		1,243				1,372				(129	)			-9	%
Advertising		735				1,073				(338	)			-32	%
Other expenses		7,957				7,283				674				9	%
Total operating expenses		111,107				101,333				9,774				10	%
Pretax income before provision for credit losses		57,438				32,767				24,671				75	%
Provision for credit losses		15,415				11,057				4,358				39	%
Income before income taxes		42,023				21,710				20,313				94	%
Income tax expense		11,898				6,174				5,724				93	%
Net Income		30,125				15,536				14,589				94	%
Dividends on preferred stock		195				—				195			N/A
Net income available to common shareholders	$	29,930			$	15,536			$	14,394				93	%
Per Common Share Data:
Earnings per share (basic)	$	1.70			$	0.88			$	0.82				93	%
Earnings per share (diluted)		1.64				0.87				0.77				89	%
Weighted average number of common shares outstanding:
Basic		17,652,229				17,657,771				(5,542	)			0	%
Diluted		18,213,905				17,799,095				414,810				2	%
Performance Ratios:
Return on average assets (ROAA)		0.77	%			0.44	%			0.33	%			76	%
Return on average equity (ROAE)		8.73	%			5.04	%			3.69	%			73	%
Return on average tangible common equity (ROATCE) (A)		9.56	%			5.44	%			4.12	%			76	%
Net interest margin (tax-equivalent basis)		3.29	%			2.73	%			0.56	%			21	%
GAAP efficiency ratio (B)		65.92	%			75.57	%			(9.65	)%			-13	%
Operating expenses / average assets		2.87	%			2.87	%			0.00	%			0	%

(A) Return on average tangible common equity is calculated by dividing tangible common equity by annualized net income available to common shareholders. 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
	June 30,				March 31,				Dec 31,				Sept 30,				June 30,
	2026				2026				2025				2025				2025
ASSETS
Cash and due from banks	$	8,388			$	9,220			$	8,712			$	8,514			$	7,524
Interest-earning deposits		245,506				244,194				179,108				338,672				308,078
Total cash and cash equivalents		253,894				253,414				187,820				347,186				315,602
Securities available for sale		752,440				710,046				774,203				756,578				767,533
Securities held to maturity		78,560				79,478				95,862				97,414				98,623
CRA equity security, at fair value		13,320				13,375				13,459				13,403				13,278
FHLB and FRB stock, at cost (A)		12,931				14,170				14,605				11,387				11,467
Residential mortgage		679,234				662,949				648,216				649,523				649,703
Multifamily mortgage		1,804,380				1,824,882				1,862,592				1,796,533				1,794,854
Commercial mortgage		981,896				887,712				774,428				689,166				643,520
Commercial and industrial loans		2,935,914				2,797,352				2,726,379				2,662,661				2,543,092
Consumer loans		220,961				210,731				187,360				171,811				140,668
Home equity lines of credit		55,136				58,194				59,306				57,166				52,434
Other loans		1,108				860				342				405				261
Total loans		6,678,629				6,442,680				6,258,623				6,027,265				5,824,532
Less: Allowance for credit losses		69,167				67,026				71,039				68,642				81,770
Net loans		6,609,462				6,375,654				6,187,584				5,958,623				5,742,762
Premises and equipment		40,830				39,322				39,164				37,756				36,626
Other real estate owned		908				—				—				—				—
Accrued interest receivable		34,060				33,115				31,971				34,120				33,209
Bank owned life insurance		48,071				47,896				47,761				48,381				48,239
Goodwill and other intangible assets		43,352				43,595				43,839				44,111				44,383
Finance lease right-of-use assets		774				809				844				879				914
Operating lease right-of-use assets		38,098				38,079				39,886				37,692				38,291
Other assets		43,593				50,012				49,411				52,112				49,746
TOTAL ASSETS	$	7,970,293			$	7,698,965			$	7,526,409			$	7,439,642			$	7,200,673
LIABILITIES
Deposits:
Noninterest-bearing demand deposits	$	1,624,244			$	1,544,515			$	1,428,745			$	1,323,492			$	1,237,864
Interest-bearing demand deposits		3,497,096				3,533,203				3,448,497				3,509,403				3,483,295
Savings		111,710				114,955				105,123				104,524				103,846
Money market accounts		1,448,916				1,222,405				1,197,995				1,226,506				1,095,665
Certificates of deposit – Retail		375,633				411,688				408,219				397,338				440,612
Certificates of deposit – Listing Service		—				—				400				899				1,841
Total deposits		7,057,599				6,826,766				6,588,979				6,562,162				6,363,123
Short-term borrowings		74,854				63,830				73,267				—				—
Finance lease liability		1,103				1,145				1,186				1,227				1,268
Operating lease liability		41,493				41,458				43,294				41,139				41,806
Subordinated debt, net		—				—				99,030				98,981				98,933
Due to brokers		9,642				—				—				25,125				—
Other liabilities		69,817				66,562				62,447				68,458				65,766
TOTAL LIABILITIES		7,254,508				6,999,761				6,868,203				6,797,092				6,570,896
Shareholders’ equity		715,785				699,204				658,206				642,550				629,777
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,970,293			$	7,698,965			$	7,526,409			$	7,439,642			$	7,200,673
Assets under management and / or administration at Peapack Private Bank & Trust's Wealth Management Division (market value, not included above-dollars in billions)	$	13.9			$	13.1			$	13.1			$	12.9			$	12.3

(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
	June 30,				March 31,				Dec 31,				Sept 30,				June 30,
	2026				2026				2025				2025				2025
Asset Quality:
Loans past due over 90 days and still accruing (A)	$	3,300			$	—			$	—			$	—			$	—
Nonaccrual loans		68,034				59,321				68,243				84,142				114,958
Other real estate owned		908				—				—				—				—
Total nonperforming assets	$	72,242			$	59,321			$	68,243			$	84,142			$	114,958
Nonperforming loans to total loans		1.07	%			0.92	%			1.09	%			1.40	%			1.97	%
Nonperforming assets to total assets		0.91	%			0.77	%			0.91	%			1.13	%			1.60	%
Performing modifications (B)(C)	$	27,268			$	85,835			$	95,266			$	101,501			$	111,962
Loans past due 30 through 89 days and still accruing (D)	$	48,080			$	47,053			$	26,555			$	28,817			$	15,522
Loans subject to special mention	$	59,832			$	75,935			$	51,027			$	56,534			$	86,907
Classified loans	$	97,713			$	90,583			$	118,912			$	134,982			$	145,783
Individually evaluated loans	$	68,034			$	59,321			$	68,243			$	84,142			$	114,958
Allowance for credit losses ("ACL"):
Beginning of quarter	$	67,026			$	71,039			$	68,642			$	81,770			$	75,150
Provision for credit losses (E)		8,012				7,322				7,659				4,871				6,577
(Charge-offs)/recoveries, net (F)		(5,871	)			(11,335	)			(5,262	)			(17,999	)			43
End of quarter	$	69,167			$	67,026			$	71,039			$	68,642			$	81,770
ACL to nonperforming loans		96.96	%			112.99	%			104.10	%			81.58	%			71.13	%
ACL to total loans		1.04	%			1.04	%			1.14	%			1.14	%			1.40	%
Collectively evaluated ACL to total loans (G)		0.97	%			0.94	%			0.94	%			0.95	%			1.06	%

(A) Related to one matured, well secured multifamily loan. Closing is pending resolution of certain legal matters.
(B) Amounts reflect modifications that are paying according to modified terms.
(C) Excludes modifications included in nonaccrual loans of $21.6 million at June 30, 2026, $19.6 million at March 31, 2026, $36.0 million at December 31, 2025, $37.6 million at September 30, 2025, and $38.1 million at June 30, 2025.
(D) Includes one equipment financing relationship of $10.3 million that was in the process of restructuring at June 30, 2026.
(E) Excludes provision of $76,000 at June 30, 2026, provision of $5,000 at March 31, 2026, provision of $12,000 at December 31, 2025, a credit of $81,000 at September 30, 2025, and provision of $9,000 at June 30, 2025.
(F) Includes charge-offs of $4.8 million related to one multifamily loan and $995,000 related to one commercial mortgage for the quarter ended June 30, 2026. Includes charge-offs of $7.8 million related to two commercial and industrial loans and $3.5 million to one multifamily loan for the quarter ended March 31, 2026. Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. Includes charge-offs of $6.7 million related to three multifamily loans and $11.3 million related to one equipment financing relationship for the quarter ended September 30, 2025.
(G) 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
	June 30,				Dec 31,				June 30,
	2026				2025				2025
Capital Adequacy
Common equity to total assets (A)		8.60	%			8.75	%			8.75	%
Tangible common equity to tangible assets (B)		8.10	%			8.21	%			8.18	%
Book value per share (C)	$	38.70			$	37.49			$	35.71
Tangible book value per share (D)	$	36.26			$	34.99			$	33.19

(A) Common equity to total assets is calculated as total shareholders’ equity, less preferred stock, as a percentage of total assets at quarter end.
(B) Tangible common equity is calculated by subtracting goodwill, other intangible assets and preferred stock from shareholders' equity. Tangible assets is calculated by subtracting the balance of goodwill and other intangible assets from total assets. Tangible common equity as a percentage of tangible assets at quarter end is calculated by dividing tangible common 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, less preferred stock, by quarter end common shares outstanding.
(D) Tangible book value per share excludes goodwill and other intangible assets. Tangible book value per share is calculated by dividing tangible common equity by quarter end common shares outstanding. See Non-GAAP financial measures reconciliation tables.

	As of
	June 30,							Dec 31,							June 30,
	2026							2025							2025
Regulatory Capital – Holding Company
Tier I leverage	$	721,057			9.13	%		$	660,696			8.87	%		$	639,537			8.94	%
Tier I capital to risk-weighted assets		721,057			10.83				660,696			10.33				639,537			10.99
Common equity tier I capital ratio to risk-weighted assets		690,998			10.38				660,637			10.33				639,531			10.99
Tier I & II capital to risk-weighted assets		790,916			11.88				811,375			12.68				811,322			13.94
Regulatory Capital – Bank
Tier I leverage (E)	$	705,511			8.96	%		$	735,931			9.89	%		$	714,365			9.99	%
Tier I capital to risk-weighted assets (F)		705,511			10.60				735,931			11.52				714,365			12.29
Common equity tier I capital ratio to risk-weighted assets (G)		705,452			10.60				735,872			11.52				714,359			12.29
Tier I & II capital to risk-weighted assets (H)		775,370			11.65				807,580			12.64				787,170			13.54

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($315 million)
(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($566 million)
(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($466 million)
(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($699 million)

PEAPACK-GLADSTONE FINANCIAL CORPORATION LOANS CLOSED (Dollars in Thousands) (Unaudited)
	For the Quarters Ended
	June 30,				March 31,				Dec 31,				Sept 30,				June 30,
	2026				2026				2025				2025				2025
Residential loans retained	$	52,253			$	29,376			$	18,993			$	18,323			$	34,990
Residential loans sold		4,792				4,680				2,544				445				1,712
Total residential loans		57,045				34,056				21,537				18,768				36,702
Commercial real estate		136,077				138,570				130,790				78,825				24,086
Multifamily		46,500				31,825				100,611				47,991				73,350
Commercial (C&I) loans (A) (B)		383,129				274,269				358,468				453,554				200,671
SBA		—				11,445				2,666				6,821				7,090
Wealth lines of credit (A)		23,255				5,225				3,925				2,700				2,400
Total commercial loans		588,961				461,334				596,460				589,891				307,597
Installment loans		26,844				30,171				40,428				47,115				8,164
Home equity lines of credit (A)		4,369				6,638				3,929				11,755				5,154
Total loans closed	$	677,219			$	532,199			$	662,354			$	667,529			$	357,617

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

	For the Six Months Ended
	June 30,				June 30,
	2026				2025
Residential loans retained	$	81,629			$	60,147
Residential loans sold		9,472				5,786
Total residential loans		91,101				65,933
Commercial real estate		274,647				71,366
Multifamily		78,325				80,150
Commercial (C&I) loans (A) (B)		657,398				457,953
SBA		11,445				13,018
Wealth lines of credit (A)		28,480				12,300
Total commercial loans		1,050,295				634,787
Installment loans		57,015				85,105
Home equity lines of credit (A)		11,007				9,959
Total loans closed	$	1,209,418			$	795,784

(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
	June 30, 2026												June 30, 2025
	Average				Income/				Annualized				Average				Income/				Annualized
	Balance				Expense				Yield				Balance				Expense				Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)	$	902,433			$	6,947				3.08	%		$	1,037,598			$	8,370				3.23	%
Loans (B) (C):
Mortgages		674,171				8,121				4.82				640,955				7,138				4.45
Commercial mortgages		2,728,178				33,116				4.87				2,426,318				27,392				4.52
Commercial		2,854,290				45,245				6.34				2,539,929				42,015				6.62
Commercial construction		746				12				6.45				—				—				—
Installment		219,354				3,457				6.32				140,133				2,403				6.86
Home equity		57,084				973				6.84				50,613				946				7.48
Other		1,079				4				1.49				348				5				5.75
Total loans		6,534,902				90,928				5.58				5,798,296				79,899				5.51
Interest-earning deposits		321,314				2,550				3.18				183,584				1,618				3.53
Total interest-earning assets		7,758,649				100,425				5.19	%			7,019,478				89,887				5.12	%
Noninterest-earning assets:
Cash and due from banks		7,865												8,237
Allowance for credit losses		(66,991	)											(76,811	)
Premises and equipment		40,188												35,501
Other assets		131,214												130,550
Total noninterest-earning assets		112,276												97,477
Total assets	$	7,870,925											$	7,116,955
LIABILITIES:
Interest-bearing deposits:
Checking	$	3,810,661			$	25,306				2.66	%		$	3,558,108			$	29,116				3.27	%
Money markets		1,194,874				7,665				2.57				950,891				6,544				2.75
Savings		112,263				205				0.73				104,114				147				0.56
Certificates of deposit – retail		396,342				2,947				2.98				447,422				4,002				3.58
Subtotal interest-bearing deposits		5,514,140				36,123				2.63				5,060,535				39,809				3.15
Interest-bearing demand – brokered		—				—				—				9,121				110				4.82
Total interest-bearing deposits		5,514,140				36,123				2.63				5,069,656				39,919				3.15
Borrowings		15,087				154				4.09				44,656				505				4.52
Capital lease obligation		1,118				12				4.31				1,283				13				4.05
Subordinated debt		-				-				-				98,905				924				3.74
Total interest-bearing liabilities		5,530,345				36,289				2.63	%			5,214,500				41,361				3.17	%
Noninterest-bearing liabilities:
Demand deposits		1,528,479												1,172,535
Accrued expenses and other liabilities		106,295												108,020
Total noninterest-bearing liabilities		1,634,774												1,280,555
Shareholders’ equity		705,806												621,900
Total liabilities and shareholders’ equity	$	7,870,925											$	7,116,955
Net interest income					$	64,136											$	48,526
Net interest spread										2.56	%											1.95	%
Net interest margin (D)										3.32	%											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 Three Months Ended
	June 30, 2026												March 31, 2026
	Average				Income/				Annualized				Average				Income/				Annualized
	Balance				Expense				Yield				Balance				Expense				Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)	$	902,433			$	6,947				3.08	%		$	934,080			$	7,126				3.05	%
Loans (B) (C):
Mortgages		674,171				8,121				4.82				656,719				7,958				4.85
Commercial mortgages		2,728,178				33,116				4.87				2,678,193				31,551				4.71
Commercial		2,854,290				45,245				6.34				2,773,733				43,359				6.25
Commercial construction		746				12				6.45				576				9				6.25
Installment		219,354				3,457				6.32				199,070				2,994				6.02
Home equity		57,084				973				6.84				55,816				936				6.71
Other		1,079				4				1.49				627				5				3.19
Total loans		6,534,902				90,928				5.58				6,364,734				86,812				5.46
Interest-earning deposits		321,314				2,550				3.18				188,404				1,325				2.81
Total interest-earning assets		7,758,649				100,425				5.19	%			7,487,218				95,263				5.09	%
Noninterest-earning assets:
Cash and due from banks		7,865												8,692
Allowance for credit losses		(66,991	)											(71,767	)
Premises and equipment		40,188												39,336
Other assets		131,214												139,139
Total noninterest-earning assets		112,276												115,400
Total assets	$	7,870,925											$	7,602,618
LIABILITIES:
Interest-bearing deposits:
Checking	$	3,810,661			$	25,306				2.66	%		$	3,713,856			$	23,842				2.57	%
Money markets		1,194,874				7,665				2.57				1,070,606				6,368				2.38
Savings		112,263				205				0.73				111,872				193				0.69
Certificates of deposit – retail		396,342				2,947				2.98				411,628				3,099				3.01
Total interest-bearing deposits		5,514,140				36,123				2.63				5,307,962				33,502				2.52
Borrowings		15,087				154				4.09				45,262				432				3.82
Capital lease obligation		1,118				12				4.31				1,159				12				4.14
Subordinated debt		-				-				-				66,026				1,207				7.31
Total interest-bearing liabilities		5,530,345				36,289				2.63	%			5,420,409				35,153				2.59	%
Noninterest-bearing liabilities:
Demand deposits		1,528,479												1,405,577
Accrued expenses and other liabilities		106,295												111,095
Total noninterest-bearing liabilities		1,634,774												1,516,672
Shareholders’ equity		705,806												665,537
Total liabilities and shareholders’ equity	$	7,870,925											$	7,602,618
Net interest income					$	64,136											$	60,110
Net interest spread										2.56	%											2.50	%
Net interest margin (D)										3.32	%											3.26	%

(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 Six Months Ended
	June 30, 2026												June 30, 2025
	Average				Income/								Average				Income/
	Balance				Expense				Yield				Balance				Expense				Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)	$	918,169			$	14,073				3.07	%		$	1,034,942			$	16,583				3.20	%
Loans (B) (C):
Mortgages		665,493				16,079				4.83				629,136				13,808				4.39
Commercial mortgages		2,703,324				64,667				4.82				2,405,546				53,571				4.45
Commercial		2,814,233				88,603				6.30				2,486,690				82,119				6.60
Commercial construction		662				21				6.40				—				—				—
Installment		209,268				6,451				6.22				123,910				4,196				6.77
Home equity		56,453				1,909				6.82				48,294				1,791				7.42
Other		854				9				2.13				326				10				6.13
Total loans		6,450,287				177,739				5.56				5,693,902				155,495				5.46
Interest-earning deposits		255,226				3,875				3.06				236,847				4,394				3.71
Total interest-earning assets		7,623,682				195,687				5.18	%			6,965,691				176,472				5.07	%
Noninterest-earning assets:
Cash and due from banks		8,277												8,308
Allowance for credit losses		(69,366	)											(75,618	)
Premises and equipment		39,764												32,743
Other assets		135,128												128,959
Total noninterest-earning assets		113,803												94,392
Total assets	$	7,737,485											$	7,060,083
LIABILITIES:
Interest-bearing deposits:
Checking	$	3,762,526			$	49,148				2.63	%		$	3,502,315			$	57,194				3.27	%
Money markets		1,133,083				14,033				2.50				966,481				13,261				2.74
Savings		112,069				398				0.72				105,088				265				0.50
Certificates of deposit – retail		403,943				6,046				3.02				457,742				8,365				3.65
Subtotal interest-bearing deposits		5,411,621				69,625				2.59				5,031,626				79,085				3.14
Interest-bearing demand – brokered		—				—				—				9,558				210				4.39
Total interest-bearing deposits		5,411,621				69,625				2.59				5,041,184				79,295				3.15
Borrowings		30,091				586				3.93				22,949				516				4.50
Capital lease obligation		1,138				24				4.25				1,303				27				4.14
Subordinated debt		32,831				1,207				7.41				112,697				2,363				4.19
Total interest-bearing liabilities		5,475,681				71,442				2.63	%			5,178,133				82,201				3.17	%
Noninterest-bearing liabilities:
Demand deposits		1,467,367												1,147,502
Accrued expenses and other liabilities		108,654												118,181
Total noninterest-bearing liabilities		1,576,021												1,265,683
Shareholders’ equity		685,783												616,267
Total liabilities and shareholders’ equity	$	7,737,485											$	7,060,083
Net interest income					$	124,245											$	94,271
Net interest spread										2.55	%											1.90	%
Net interest margin (D)										3.29	%											2.73	%

(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
NON-GAAP FINANCIAL MEASURES RECONCILIATION

Tangible book value per share and tangible common equity as a percentage of tangible assets at period end are non-GAAP financial measures derived from GAAP-based amounts.  We calculate tangible common equity by subtracting goodwill, other intangible assets and preferred stock from total shareholders’ equity.  Tangible assets are calculated by subtracting goodwill, and other intangible assets from total assets.  We calculate tangible book value per share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing total common equity by common shares outstanding at period end.  We calculate tangible common equity as a percentage of tangible assets at period end by dividing tangible common equity by tangible assets at period end.  Management believes these non-GAAP measures are useful to investors in assessing the amount of capital attributable to common shareholders and facilitate comparisons with other banking organizations that use similar measures.

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

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

	Three Months Ended
	June 30,				March 31,				Dec 31,				Sept 30,				June 30,
Tangible Book Value Per Share	2026				2026				2025				2025				2025
Shareholders’ equity	$	715,785			$	699,204			$	658,206			$	642,550			$	629,777
Less: preferred stock		30,000				30,000				—				—				—
Total common equity		685,785				669,204				658,206				642,550				629,777
Less: intangible assets, net		43,352				43,595				43,839				44,111				44,383
Tangible common equity	$	642,433			$	625,609			$	614,367			$	598,439			$	585,394
Period end shares outstanding		17,718,733				17,708,327				17,558,019				17,548,471				17,636,264
Tangible book value per share	$	36.26			$	35.33			$	34.99			$	34.10			$	33.19
Book value per share		38.70				37.79				37.49				36.62				35.71
Tangible Equity to Tangible Assets
Total assets	$	7,970,293			$	7,698,965			$	7,526,409			$	7,439,642			$	7,200,673
Less: intangible assets, net		43,352				43,595				43,839				44,111				44,383
Tangible assets	$	7,926,941			$	7,655,370			$	7,482,570			$	7,395,531			$	7,156,290
Tangible common equity to tangible assets		8.10	%			8.17	%			8.21	%			8.09	%			8.18	%
Common equity to assets		8.60	%			8.69	%			8.75	%			8.64	%			8.75	%

(Dollars in thousands, except per share data)

	Three Months Ended
	June 30,				March 31,				Dec 31,				Sept 30,				June 30,
Return on Average Tangible Equity	2026				2026				2025				2025				2025
Net income available to common shareholders	$	15,777			$	14,153			$	12,159			$	9,631			$	7,941
Average shareholders’ equity	$	705,806			$	665,537			$	647,645			$	629,091			$	621,900
Less: average preferred stock		30,000				2,000				—				—				—
Total average common equity		675,806				663,537				647,645				629,091				621,900
Less: average intangible assets, net		43,487				43,741				43,982				44,266				44,538
Total average tangible common equity	$	632,319			$	619,796			$	603,663			$	584,825			$	577,362
Return on average tangible common equity		9.98	%			9.13	%			8.06	%			6.59	%			5.50	%

	For the Six Months Ended
	June 30,				June 30,
Return on Average Tangible Equity	2026				2025
Net income available to common shareholders	$	29,930			$	15,536
Average shareholders’ equity	$	685,783			$	616,267
Less: average preferred stock		16,077				—
Total average common equity		669,706				616,267
Less: average intangible assets, net		43,614				44,676
Total average tangible common equity	$	626,092			$	571,591
Return on average tangible common equity		9.56	%			5.44	%

(Dollars in thousands)

	Three Months Ended
	June 30,				March 31,				Dec 31,				Sept 30,				June 30,
Efficiency Ratio	2026				2026				2025				2025				2025
Net interest income	$	63,921			$	59,896			$	56,542			$	50,573			$	48,290
Total other income		22,131				22,597				21,659				20,121				21,451
Add:
Fair value adjustment for CRA equity security		55				84				(56	)			(125	)			(42	)
Less:
Loss on loans held for sale at lower of cost or fair value		—				—				—				364				—
Income from life insurance proceeds		—				—				(161	)			—
Loss/(gain) on securities sale, net		—				81				—				—				(7	)
Gain on sale of property		—				—				(318	)			—				—
Gain on lease termination		—				—				—				—				(875	)
Total recurring revenue		86,107				82,658				77,666				70,933				68,817
Operating expenses		55,667				55,440				53,538				52,297				51,893
Total operating expense		55,667				55,440				53,538				52,297				51,893
Efficiency ratio		64.65	%			67.07	%			68.93	%			73.73	%			75.41	%

	For the Six Months Ended
	June 30,				June 30,
Efficiency Ratio	2026				2025
Net interest income	$	123,817			$	93,795
Total other income		44,728				40,305
Add:
Fair value adjustment for CRA equity security		139				(237	)
Less:
Loss/(gain) on loans held for sale at lower of cost or fair value		—				—
Income from life insurance proceeds		—				—
Gain on securities sale, net		81				(7	)
Gain on sale of property		—				—
Gain on lease termination		—				(875	)
Total recurring revenue		168,765				132,981
Operating expenses		111,107				101,333
Total operating expense		111,107				101,333
Efficiency ratio		65.84	%			76.20	%

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

FAQ

How did Peapack-Gladstone (PGC) perform financially in Q2 2026?

Peapack-Gladstone reported Q2 2026 net income to common shareholders of $15.8 million, or $0.85 diluted EPS. According to the company, this compares with $14.2 million ($0.80) in Q1 2026 and $7.9 million ($0.45) in Q2 2025, reflecting stronger earnings momentum.

What were Peapack-Gladstone (PGC) revenue and margin trends in Q2 2026?

Peapack-Gladstone generated $86.1 million in total revenue and a 3.32% net interest margin in Q2 2026. According to the company, revenue rose 23% year-over-year and net interest income increased 32%, supported by balance sheet repositioning, pricing discipline and higher earning-asset yields.

How did loans, deposits, and wealth management assets grow for PGC in Q2 2026?

Peapack-Gladstone reported $6.7 billion in loans, $7.1 billion in deposits, and $13.9 billion in wealth management AUM/A at June 30, 2026. According to the company, loans rose 15% year-over-year, deposits increased $694 million, and AUM/A grew 13%, with wealth fees at $17.2 million.

What capital actions did Peapack-Gladstone (PGC) take with Strategic Value Bank Partners?

Peapack-Gladstone completed issuance of the remaining $20 million of its 6% non-cumulative perpetual convertible preferred stock commitment in July 2026. According to the company, this brings the total preferred issuance with Strategic Value Bank Partners to $50 million, supporting prudent growth and capital flexibility.

How strong are Peapack-Gladstone (PGC) capital and liquidity metrics after Q2 2026?

Peapack-Gladstone reported Company Common Equity Tier 1 of about 10.38% and strong liquidity totaling $5.0 billion. According to the company, this represents 204% of uninsured or uncollateralized deposits, supplemented by secured borrowing capacity at the Federal Home Loan Bank and Federal Reserve.

What happened to asset quality at Peapack-Gladstone (PGC) in Q2 2026?

Nonperforming assets at Peapack-Gladstone increased to $72.2 million (0.91% of assets) in Q2 2026. According to the company, this was largely due to one previously disclosed multifamily relationship and a $6.1 million charge-off, while the allowance for credit losses remained at 1.04% of loans.

How did Q2 2026 results affect Peapack-Gladstone (PGC) tangible book value per share?

Peapack-Gladstone’s tangible book value per share reached $36.26 at June 30, 2026, up 9% year-over-year. According to the company, book value per share increased to $38.70, reflecting retained earnings growth alongside balance sheet expansion and capital management actions.