[10-Q] Peapack-Gladstone Financial Corp Quarterly Earnings Report

Rhea-AI Filing Summary

Peapack-Gladstone Financial Corp. (PGC) delivered modest year-over-year improvements for Q2 2025. Net income rose 5.5% to $7.9 MM ($0.45 diluted EPS) as stronger net interest income more than offset higher provisioning and expenses. Total interest income climbed 13% to $89.7 MM, while interest expense fell 6% to $41.4 MM, driving a 38% jump in pre-provision net interest income to $48.3 MM. The provision for credit losses increased to $6.6 MM (vs. $3.9 MM), lifting the allowance to $81.8 MM (1.41% of loans).

Loans expanded 5.6% since year-end to $5.82 B, with net loans at $5.74 B. Deposits grew 3.8% to $6.36 B, supported by a $125 MM gain in non-interest demand balances. Subordinated debt decreased $34.6 MM after a repayment, contributing to lower interest expense. Asset quality remained stable; nonaccrual details were not disclosed, but elevated provisioning signals caution.

Operating expenses rose 20% to $51.9 MM, largely from compensation (+21%). Wealth-management fee income, the bank’s key non-interest revenue stream, slipped 2.9% to $15.9 MM but remains 74% of other income. Tangible book value improved to $35.7/share as shareholders’ equity increased 4% to $629.8 MM and accumulated OCI losses narrowed by $10.8 MM.

Liquidity stayed solid: cash & equivalents were $315.6 MM and securities $866.2 MM. Cash dividends totaled $0.05/share for the quarter; 100k shares were repurchased. Shares outstanding were 17.65 MM at 8/1/25.

Insights

Senior Bank Analyst

TL;DR: Stable quarter; stronger NII and capital, offset by rising credit costs and expenses—overall neutral impact.

Earnings quality: Core spread revenue improved as deposit repricing slowed. The 38% surge in pre-provision NII reflects loan growth and lower funding costs, a positive for future margins.
Credit: ACL coverage of 1.41% (vs. 1.32% YE-24) and higher provisioning indicate proactive reserve building amid macro uncertainty. Loan mix tilts toward C&I and CRE; watch for credit migration.
Capital & liquidity: Repayment of $35 MM subordinated debt and shrinking AOCI drag reduced leverage, yet equity rose; tangible book accretion is investor-friendly. Liquidity metrics remain comfortable.
Non-interest business: Wealth management fees softened but remain resilient, supporting fee diversification.
Risks: Expense inflation (comp +21%) pressures efficiency; further credit deterioration in CRE would be a headwind.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-16197

PEAPACK-GLADSTONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey	22-3537895
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

500 Hills Drive, Suite 300

Bedminster, New Jersey 07921-0700

(Address of principal executive offices, including zip code)

(908) 234-0700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, no par value		PGC		The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐			Accelerated filer	☒
Non-accelerated filer	☐			Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of Common Stock outstanding as of August 1, 2025: 17,648,471

PEAPACK-GLADSTONE FINANCIAL CORPORATION

PART I FINANCIAL INFORMATION

Item 1		Financial Statements (Unaudited)	3
		Consolidated Statements of Condition at June 30, 2025 and December 31, 2024	3
		Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024	4
		Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024	5
		Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2025 and 2024	6
		Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	8
		Notes to Consolidated Financial Statements	9
Item 2		Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3		Quantitative and Qualitative Disclosures About Market Risk	69
Item 4		Controls and Procedures	71

PART II OTHER INFORMATION

Item 1		Legal Proceedings		71
Item 1A		Risk Factors		71
Item 2		Unregistered Sales of Equity Securities and Use of Proceeds		72
Item 3		Defaults Upon Senior Securities		72
Item 4		Mine Safety Disclosures		72
Item 5		Other Information		72
Item 6		Exhibits		73

2

Item 1. Financial Statements

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands, except per share data)

		(unaudited)				(audited)
		June 30,				December 31,
		2025				2024
ASSETS
Cash and due from banks		$	7,524			$	8,492
Federal funds sold			—				—
Interest-earning deposits			308,078				382,875
Total cash and cash equivalents			315,602				391,367
Securities available for sale			767,533				784,544
Securities held to maturity (fair value $88,079 at June 30, 2025 and $88,650 at December 31, 2024)			98,623				101,635
CRA equity security, at fair value			13,278				13,041
FHLB and FRB stock, at cost (A)			11,467				12,373
Loans held for sale, at lower of cost or fair value			5,495				8,594
Loans			5,819,037				5,512,326
Less: allowance for credit losses			81,770				72,992
Net loans			5,737,267				5,439,334
Premises and equipment			36,626				28,888
Accrued interest receivable			33,209				29,898
Bank owned life insurance			48,239				47,981
Goodwill			36,212				36,212
Other intangible assets			8,171				8,714
Finance lease right-of-use assets			914				985
Operating lease right-of-use assets			38,291				40,289
Deferred tax assets, net			14,150				16,381
Other assets			35,596				51,002
TOTAL ASSETS		$	7,200,673			$	7,011,238
LIABILITIES
Deposits:
Noninterest-bearing demand deposits		$	1,237,864			$	1,112,734
Interest-bearing deposits:
Checking			3,483,295				3,334,269
Savings			103,846				103,136
Money market accounts			1,095,665				1,078,024
Certificates of deposit - retail			440,612				483,998
Certificates of deposit - listing service			1,841				6,861
Subtotal deposits			6,363,123				6,119,022
Interest-bearing demand - brokered			—				10,000
Total deposits			6,363,123				6,129,022
Finance lease liabilities			1,268				1,348
Operating lease liabilities			41,806				43,569
Subordinated debt, net			98,933				133,561
Due to brokers			—				18,514
Accrued expenses and other liabilities			65,766				79,375
TOTAL LIABILITIES			6,570,896				6,405,389
SHAREHOLDERS’ EQUITY
Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)			—				—
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued    shares, 21,685,504 at June 30, 2025 and 21,535,856 at December 31, 2024; outstanding    shares, 17,636,264 at June 30, 2025 and 17,586,616 at December 31, 2024)			18,078				17,953
Surplus			350,246				348,264
Treasury stock at cost (4,049,240 shares at June 30, 2025 and 3,949,240 shares at    December 31, 2024)			(120,287	)			(117,509	)
Retained earnings			437,321				423,552
Accumulated other comprehensive loss, net of income tax			(55,581	)			(66,411	)
TOTAL SHAREHOLDERS’ EQUITY			629,777				605,849
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY		$	7,200,673			$	7,011,238

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

See accompanying notes to consolidated financial statements.

3

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
INTEREST INCOME
Interest and fees on loans		$	79,657			$	71,645			$	155,004			$	144,176
Interest on investments:
Taxable			8,370				5,168				16,583				10,304
Interest on loans held for sale			6				7				15				12
Interest on interest-earning deposits			1,618				2,418				4,394				3,940
Total interest income			89,651				79,238				175,996				158,432
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts			35,807				35,364				70,720				68,411
Interest on certificates of deposit			4,002				5,367				8,365				10,222
Interest on borrowed funds			505				381				516				3,848
Interest on finance lease liability			13				22				27				60
Interest on subordinated debt			924				1,686				2,363				3,370
Subtotal - interest expense			41,251				42,820				81,991				85,911
Interest on interest-bearing demand - brokered			110				134				210				260
Interest on certificates of deposits - brokered			—				1,242				—				2,844
Total interest expense			41,361				44,196				82,201				89,015
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES			48,290				35,042				93,795				69,417
Provision for credit losses			6,586				3,911				11,057				4,538
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			41,704				31,131				82,738				64,879
OTHER INCOME
Wealth management fee income			15,943				16,419				31,378				30,826
Service charges and fees			1,194				1,345				2,306				2,667
Bank owned life insurance			370				328				741				831
Gain on loans held for sale at fair value (mortgage banking)			27				34				90				90
Gain on loans held for sale at lower of cost or fair value			—				23				—				23
Fee income related to loan level, back-to-back swaps			221				—				221				—
Gain on sale of SBA loans			521				449				823				849
Corporate advisory fee income			30				103				120				921
Other income			3,096				2,938				4,382				4,244
Securities gains			7				—				7				—
Fair value adjustment for CRA equity security			42				(84	)			237				(195	)
Total other income			21,451				21,555				40,305				40,256
OPERATING EXPENSES
Compensation and employee benefits			36,061				29,884				71,940				58,360
Premises and equipment			6,641				5,776				12,795				10,857
FDIC insurance expense			1,045				870				1,900				1,815
Other operating expense			8,146				6,596				14,698				12,135
Total operating expenses			51,893				43,126				101,333				83,167
INCOME BEFORE INCOME TAX EXPENSE			11,262				9,560				21,710				21,968
Income tax expense			3,321				2,030				6,174				5,807
NET INCOME		$	7,941			$	7,530			$	15,536			$	16,161
EARNINGS PER SHARE
Basic		$	0.45			$	0.42			$	0.88			$	0.91
Diluted		$	0.45			$	0.42			$	0.87			$	0.91
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic			17,704,110				17,747,070				17,657,771				17,729,355
Diluted			17,773,237				17,792,296				17,799,095				17,811,895

See accompanying notes to consolidated financial statements.

4

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2025				2024				2025				2024
Net income		$	7,941			$	7,530			$	15,536			$	16,161
Comprehensive income:
Unrealized gains/(losses) on available for sale securities:
Unrealized holding gains/(losses) arising during the period			4,533				(572	)			19,944				(7,337	)
Reclassification adjustment for amounts included in net income			(7	)			—				(7	)			—
			4,526				(572	)			19,937				(7,337	)
Tax effect			(1,208	)			153				(5,996	)			1,958
Net of tax			3,318				(419	)			13,941				(5,379	)
Unrealized gains/(losses) on cash flow hedges:
Unrealized holding gains/(losses) arising during the period			(1,633	)			(225	)			(4,186	)			2,647
			(1,633	)			(225	)			(4,186	)			2,647
Tax effect			451				62				1,075				(732	)
Net of tax			(1,182	)			(163	)			(3,111	)			1,915
Total other comprehensive income/(loss)			2,136				(582	)			10,830				(3,464	)
Total comprehensive income		$	10,077			$	6,948			$	26,366			$	12,697

See accompanying notes to consolidated financial statements.

5

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended June 30, 2025 and June 30, 2024

																						Accumulated
																						Other				Total
(In thousands, except share and		Preferred				Common								Treasury				Retained				Comprehensive				Shareholders'
per share data)		Stock				Stock				Surplus				Stock				Earnings				Loss				Equity
Balance at April 1, 2025 17,726,251    common shares outstanding		$	—			$	18,070			$	348,762			$	(117,509	)		$	430,267			$	(57,717	)		$	621,873
Net income			—				—				—				—				7,941				—				7,941
Other comprehensive income			—				—				—				—				—				2,136				2,136
Restricted stock units issued, 605 shares			—				1				(1	)			—				—				—				—
Restricted stock units repurchased on    vesting to pay taxes, (285) shares			—				(1	)			(7	)			—				—				—				(8	)
Amortization of restricted stock units			—				—				1,215				—				—				—				1,215
Cash dividends declared on common stock    ($0.05 per share)			—				—				—				—				(887	)			—				(887	)
Share repurchase, (100,000) shares			—				—				—				(2,778	)			—				—				(2,778	)
Issuance of shares for Employee Stock    Purchase Plan, 9,693 shares			—				8				277				—				—				—				285
Balance at June 30, 2025 17,636,264    common shares outstanding		$	—			$	18,078			$	350,246			$	(120,287	)		$	437,321			$	(55,581	)		$	629,777
																						Accumulated
																						Other				Total
(In thousands, except share and		Preferred				Common								Treasury				Retained				Comprehensive				Shareholders'
per share data)		Stock				Stock				Surplus				Stock				Earnings				Loss				Equity
Balance at April 1, 2024 17,761,538     common shares outstanding		$	—			$	17,932			$	343,111			$	(112,742	)		$	401,838			$	(67,760	)		$	582,379
Net income			—				—				—				—				7,530				—				7,530
Other comprehensive loss			—				—				—				—				—				(582	)			(582	)
Restricted stock units issued, 605 shares			—				1				(1	)			—				—				—				—
Restricted stock units repurchased    on vesting to pay taxes, (267) shares			—				(1	)			(6	)			—				—				—				(7	)
Amortization of restricted stock units			—				—				1,289				—				—				—				1,289
Modification of restricted stock units    distributed in cash			—				—				662				—				—				—				662
Cash dividends declared on common stock    ($0.05 per share)			—				—				—				—				(887	)			—				(887	)
Share repurchase, (100,000) shares			—				—				—				(2,175	)			—				—				(2,175	)
Issuance of shares for Employee Stock    Purchase Plan, 4,614 shares			—				4				109				—				—				—				113
Balance at June 30, 2024 17,666,490    common shares outstanding		$	—			$	17,936			$	345,164			$	(114,917	)		$	408,481			$	(68,342	)		$	588,322

Six Months Ended June 30, 2025 and June 30, 2024

6

																						Accumulated
																						Other
(In thousands, except share and		Preferred				Common								Treasury				Retained				Comprehensive
per share data)		Stock				Stock				Surplus				Stock				Earnings				Loss				Total
Balance at January 1, 2025 17,586,616    common shares outstanding		$	—			$	17,953			$	348,264			$	(117,509	)		$	423,552			$	(66,411	)		$	605,849
Net income			—				—				—				—				15,536				—				15,536
Other comprehensive income			—				—				—				—				—				10,830				10,830
Restricted stock units issued, 175,124 shares			—				147				(147	)			—				—				—				—
Restricted stock units repurchased on    vesting to pay taxes, (42,284) shares			—				(36	)			(1,213	)			—				—				—				(1,249	)
Amortization of restricted stock units			—				—				2,846				—				—				—				2,846
Cash dividends declared on common stock    ($0.10 per share)			—				—				—				—				(1,767	)			—				(1,767	)
Share repurchase, (100,000) shares			—				—				—				(2,778	)			—				—				(2,778	)
Issuance of shares for Employee Stock    Purchase Plan, 16,808 shares			—				14				496				—				—				—				510
Balance at June 30, 2025 17,636,264    common shares outstanding		$	—			$	18,078			$	350,246			$	(120,287	)		$	437,321			$	(55,581	)		$	629,777
																						Accumulated
																						Other
(In thousands, except share and		Preferred				Common								Treasury				Retained				Comprehensive
per share data)		Stock				Stock				Surplus				Stock				Earnings				Loss				Total
Balance at January 1, 2024 17,739,677     common shares outstanding		$	—			$	17,831			$	346,954			$	(110,320	)		$	394,094			$	(64,878	)		$	583,681
Net income			—				—				—				—				16,161				—				16,161
Other comprehensive loss			—				—				—				—				—				(3,464	)			(3,464	)
Restricted stock units issued, 147,679 shares			—				123				(123	)			—				—				—				—
Restricted stock units repurchased on    vesting to pay taxes, (36,625) shares			—				(31	)			(846	)			—				—				—				(877	)
Amortization of restricted stock units			—				—				3,138				—				—				—				3,138
Modification of restricted stock units    distributed in cash			—				—				(4,336	)			—				—				—				(4,336	)
Cash dividends declared on common stock    ($0.10 per share)			—				—				—				—				(1,774	)			—				(1,774	)
Share repurchase, (200,000) shares			—				—				—				(4,597	)			—				—				(4,597	)
Issuance of shares for Employee Stock    Purchase Plan, 15,759 shares			—				13				377				—				—				—				390
Balance at June 30, 2024 17,666,490    common shares outstanding		$	—			$	17,936			$	345,164			$	(114,917	)		$	408,481			$	(68,342	)		$	588,322

See accompanying notes to consolidated financial statements.

7

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

		Six Months Ended June 30,
		2025				2024
OPERATING ACTIVITIES:
Net income		$	15,536			$	16,161
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			1,921				1,855
Amortization of premium and accretion of discount on securities, net			(59	)			174
Amortization of restricted stock			2,846				3,138
Amortization of intangible assets			543				544
Amortization of subordinated debt costs			372				143
Provision for credit losses			11,057				4,538
Deferred tax benefit			(2,691	)			(7,723	)
Stock-based compensation and employee stock purchase plan expense			95				75
Fair value adjustment for equity security			(237	)			195
Gain on securities available for sale			(7	)			—
Loans originated for sale (A)			(13,423	)			(13,660	)
Proceeds from sales of loans held for sale (A)			17,435				18,128
Gain on loans held for sale (A)			(913	)			(939	)
Gain on loans held for sale at lower of cost or fair value			—				(23	)
Loss on disposal of fixed assets			6				4
Increase in cash surrender value of life insurance, net			(258	)			(135	)
Increase in accrued interest receivable			(3,311	)			(2,858	)
Decrease/(increase) in other assets			3,117				(31,520	)
(Decrease)/increase in accrued expenses and other liabilities			(23,959	)			31,864
NET CASH PROVIDED BY OPERATING ACTIVITIES			8,070				19,961
INVESTING ACTIVITIES:
Principal repayments, maturities and calls of securities available for sale			348,176				312,459
Principal repayments, maturities and calls of securities held to maturity			2,971				2,701
Redemptions of FHLB and FRB stock			22,212				59,579
Proceeds from sales of securities available for sale			53,182				—
Purchase of securities available for sale			(364,303	)			(351,215	)
Purchase of FHLB and FRB stock			(21,306	)			(41,013	)
Proceeds from sales of loans held for sale at lower of cost or fair value			—				23
Net (increase)/decrease in loans, net of participations sold			(308,990	)			160,853
Purchase of premises and equipment			(9,610	)			(2,390	)
Disposal of premises and equipment			16				16
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES			(277,652	)			141,013
FINANCING ACTIVITIES:
Net increase in deposits			234,101				382,092
Net decrease in short-term borrowings			—				(403,814	)
Dividends paid on common stock			(1,767	)			(1,774	)
Restricted stock repurchased on vesting to pay taxes			(1,249	)			(877	)
Repayment of subordinated debt			(35,000	)			—
Modification of restricted stock units distributed in cash			—				(4,336	)
Issuance of shares for employee stock purchase plan			510				390
Shares repurchased			(2,778	)			(4,597	)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES			193,817				(32,916	)
Net (decrease)/increase in cash and cash equivalents			(75,765	)			128,058
Cash and cash equivalents at beginning of period			391,367				187,671
Cash and cash equivalents at end of period		$	315,602			$	315,729
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest		$	83,295			$	80,605
Income tax, net			8,412				1,251
Security purchases due from broker			—				9,981
Right-of-use asset obtained in exchange for operating lease liabilities			365				28,321

(A)Includes mortgage loans originated with the intent to sell, which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans, which are carried at the lower of cost or fair value.

See accompanying notes to consolidated financial statements.

8

PEAPACK-GLADSTONE FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Certain information and footnote disclosures normally included in the audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2024 for Peapack-Gladstone Financial Corporation (the “Corporation” or the “Company”). In the opinion of Management of the Corporation, the accompanying unaudited consolidated interim financial statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of June 30, 2025, and the results of operations, comprehensive income and changes in shareholders’ equity for the three and six months ended June 30, 2025 and 2024. The cash flow statements are presented for the six months ended June 30, 2025 and 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year or for any future period.

Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack Private Bank & Trust (the “Bank”). The consolidated financial statements also include the Bank’s wholly-owned subsidiaries:

•Peapack Capital Corporation (“PCC”)

•Peapack-Gladstone Mortgage Group, Inc., which owns 99 percent of Peapack Ventures, LLC and 79 percent of Peapack-Gladstone Realty, Inc., a New Jersey real estate investment company

•PGB Trust & Investments of Delaware, which owns one percent of Peapack Ventures, LLC

•Peapack Ventures, LLC, which owns the remaining 21 percent of Peapack-Gladstone Realty, Inc.

•Peapack-Gladstone Realty, Inc.

•PGB Securities, Inc.

While the following notes to the consolidated financial statements include the consolidated results of the Company, the Bank and their subsidiaries, these notes primarily reflect the Bank’s and its subsidiaries’ activities. All significant intercompany balances and transactions have been eliminated from the accompanying consolidated financial statements.

Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in accordance with GAAP. In preparing the financial statements, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statement of condition and revenues and expenses for the periods presented. Actual results could differ from those estimates.

Segment Information: The Company's reportable segments are determined by the Chief Financial Officer, who is the designated Chief Operating Decision Maker ("CODM"), based upon information provided about the Company's products and services offered, primarily distinguished between banking and wealth management services provided by the Bank's Wealth Management Division. The Company's business segments are also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business. The CODM evaluates the financial performance of the Company's business segments such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the performance of the Company's segments and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance of each segment to evaluate compensation of certain employees. Segment pretax profit or loss is used to assess the performance of the banking segment by monitoring the spread between interest income and interest expense. Segment pretax profit or loss is used to assess the performance of the Wealth Management Division by monitoring wealth management fee income and assets under management and/or administration ("AUM"). Loans, investments and deposits primarily provide the revenues in the banking operation and wealth management fee income provides the revenues for the Wealth Management Division. Interest expense, provision for credit losses, payroll and premises and equipment provide the significant expenses in the banking segment, while payroll, occupancy and trust expenses are the significant expenses in the Wealth Management Division. All operations are domestic.

9

The Banking segment includes: commercial (including commercial and industrial (“C&I”) and equipment financing), commercial real estate, multifamily, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services; and customer support sales.

The Wealth Management Division includes: investment management services for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware. The majority of wealth management fees are collected on a monthly or quarterly basis and are calculated on either a fixed or tiered fee schedule, based upon the market value of AUMs. Other non AUM-based revenues such as personal or fiduciary tax return preparation fees, executor fees, trust termination fees and/or financial planning and advisory fees are charged as services are rendered.

Cash and Cash Equivalents: For purposes of the statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits and federal funds sold. Generally, federal funds are sold for one-day periods. Cash equivalents are of original maturities of 90 days or less. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less.

Interest-Earning Deposits in Other Financial Institutions: Interest-earning deposits in other financial institutions mature within one year and are carried at cost.

Securities: Under Accounting Standards Update ("ASU") 2016-13, debt securities available-for-sale are measured at fair value and subject to impairment testing. When an available for sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value change. If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation reserve would be reduced, but not more than the amount of the current existing reserve for that security.

Debt securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Under ASU 2016-13, held-to-maturity securities in a loss position are evaluated to determine if the decline in fair value has resulted from a credit-related loss or other factors, and then recognize a charge to earnings for the decline in fair value. The Company also has an investment in a Community Reinvestment Act (“CRA”) investment fund, which is classified as an equity security.

Interest income includes amortization of purchase premiums and discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated, and premiums on callable debt securities, which are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.

Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock, based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Cash and stock dividends are reported as income.

The Bank is also a member of the Federal Reserve Bank of New York and required to own a certain amount of FRB stock. FRB stock is carried at cost and classified as a restricted security. Cash and stock dividends are reported as income.

Loans Held for Sale: Mortgage loans originated with the intent to sell in the secondary market are carried at fair value, as determined by outstanding commitments from investors.

Mortgage loans held for sale are generally sold with servicing rights released; therefore, no servicing rights are recorded. Gains and losses on sales of mortgage loans, shown as gain on loans held for sale at fair value (mortgage loans) on the Statement of Income, are based on the difference between the selling price and the carrying value of the related loan sold.

SBA loans originated with the intent to sell in the secondary market are carried at the lower of cost or fair value. SBA loans are generally sold with the servicing rights retained. Gains and losses on the sale of SBA loans are based on the difference between the selling price and the carrying value of the related loan sold. Total SBA loans serviced totaled $140.8 million and $139.4 million as of June 30, 2025 and December 31, 2024, respectively. SBA loans held for sale totaled $5.9 million and $9.3 million at June 30, 2025 and December 31, 2024, respectively. The servicing asset recorded was not material.

Loans originated with the intent to hold and subsequently transferred to loans held for sale are carried at the lower of cost or fair value. These are loans that the Company no longer has the intent to hold for the foreseeable future.

10

Loans: Loans that Management has the intent and ability to hold for the foreseeable future or until maturity are stated at the principal amount outstanding. Interest on loans is recognized based upon the principal amount outstanding. Loans are stated at face value, less purchased premium and discounts and net deferred fees. Loan origination fees and certain direct loan origination costs are deferred and recognized on a level-yield method over the life of the loan as an adjustment to the loan’s yield. The definition of recorded investment in loans includes accrued interest receivable and deferred fees/costs, however, for the Company’s loan disclosures, accrued interest and deferred fees/costs were excluded as the impact was not material.

Loans are considered past due when they are not paid within 30 days in accordance with contractual terms. The accrual of income on loans, including individually evaluated loans, is discontinued if, in the opinion of Management, principal or interest is not likely to be paid in accordance with the terms of the loan agreement, or when principal or interest is past due 90 days unless the asset is both well secured and in the process of collection. All interest accrued but not received for loans placed on nonaccrual status are reversed against interest income. Payments received on nonaccrual loans are recorded as principal payments. A nonaccrual loan is returned to accrual status only when interest and principal payments are brought current and future payments are reasonably assured, generally when the Bank receives contractual payments for a minimum of six consecutive months. Commercial loans are generally charged off, in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days. Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company’s loans are secured by real estate in New Jersey, metropolitan New York and, to a lesser extent, Pennsylvania.

Allowance for Credit Losses: Current expected credit losses ("CECL") methodology for determining the allowance for credit losses ("ACL") requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable economic forecasts.

The ACL on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The ACL is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss for unfunded commitments incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments.

ACL in accordance with CECL methodology

With respect to pools of similar loans that are collectively evaluated, an appropriate level of general allowance is determined by portfolio segment using a non-linear discounted cash flow (“DCF”) model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including, but not limited to unemployment rates and national consumer price and confidence indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include: levels of and trends in delinquencies and impaired loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant staffing and experience; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. The ACL results in two forms of allocations, specific and general. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio.

When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the ACL based on the fair value of collateral. The ACL is calculated on an individual loan basis based on the shortfall between the fair value of the loan's

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collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required.

The CECL methodology requires a significant amount of management judgment in determining the appropriate ACL. Several of the steps in the methodology are subjective, including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and may change from period to period. Although the ACL is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses.

In determining an appropriate amount for the allowance, the Bank segments and aggregates the loan portfolio based on common characteristics. The following segments have been identified:

Primary Residential Mortgages. The Bank originates one to four family residential mortgage loans in the Tri-State area (which is comprised of New York, New Jersey and Connecticut), Pennsylvania and Florida. Loans are secured by first liens on the primary residence or investment property. Primary risk characteristics associated with residential mortgage loans typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, residential mortgage loans that have adjustable rates could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank.

Junior Lien Loan on Residence (which include home equity lines of credit). The Bank provides junior lien loans (“JLL”) and revolving home equity lines of credit secured by one to four family properties in the Tri-State area. These loans are subordinate to a first mortgage, which may be from another lending institution. Primary risk characteristics associated with JLLs and home equity lines of credit typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, home equity lines of credit typically are made with variable or floating interest rates, which could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank.

Multifamily. The Bank provides mortgage loans for multifamily properties (i.e., buildings which have five or more residential units). Multifamily loans are expected to be repaid from the cash flows of the underlying property so the collective amount of rents must be sufficient to cover all operating expenses, property management and maintenance, taxes and debt service. Increases in vacancy rates, interest rates, other changes in general economic conditions or changes in rent regulation can have an impact on the borrower and its ability to repay the loan.

Owner-Occupied Commercial Real Estate Loans. The Bank provides mortgage loans for owner-occupied commercial real estate properties in the Tri-State area and Pennsylvania. Commercial real estate properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are mixed use as they are a combination of building types, such as a building with retail space on the ground floor and either residential apartments or office suites on the upper floors. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions.

Investment Commercial Real Estate Loans. The Bank provides mortgage loans for properties managed as an investment property (non-owner-occupied) in the Tri-State area and Pennsylvania. Non-owner-occupied properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are considered mixed use. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions.

Commercial and Industrial Loans. The Bank provides lines of credit and term loans to operating companies for business purposes. The loans are generally secured by business assets such as accounts receivable, inventory, business vehicles and equipment as well as the stock of a company, if privately held. Commercial and industrial loans are typically repaid first by the cash flows generated by the borrower’s business operations. The primary risk

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characteristics are specific to the underlying business and its ability to generate sustainable profitability and resulting positive cash flows. Factors that may influence a business’ profitability include, but are not limited to, demand for its products or services, quality and depth of management, degree of competition, regulatory changes, and general economic conditions. To mitigate the risk characteristics of commercial and industrial loans, these loans often include commercial real estate as collateral and the Bank will often require more frequent reporting requirements from the borrower in order to better monitor its business performance. However, the ability of the Bank to foreclose and realize sufficient value from the assets is often highly uncertain.

Leasing Finance. PCC offers a range of finance solutions nationally. PCC provides term loans and leases secured by assets financed for U.S. based mid-size and large companies. Facilities tend to be fully drawn under fixed-rate terms. PCC serves a broad range of industries including transportation, manufacturing, heavy construction and utilities.

Asset risk in PCC’s portfolio is generally recognized through changes to loan income, or through changes to lease-related income streams due to fluctuations in lease rates. Changes to lease income can occur when the existing lease contract expires, the asset comes off lease or the business seeks to enter a new lease agreement. Asset risk may also change through depreciation, resulting from changes in the residual value of the operating lease asset or through impairment of the asset carrying value, which can occur at any time during the life of the asset.

Credit risk in PCC’s portfolio generally results from the potential default of borrowers or lessees, which may be driven by customer specific or broader industry-related conditions. Credit losses can impact multiple parts of the income statement including loss of interest/lease/rental income and/or higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets.

Construction. The Bank provides commercial construction loans for properties located in the Tri-state area. Risks common to commercial construction loans are cost overruns, inaccurate estimates of the period of construction, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates.

Consumer and Other. These are loans to individuals for household, family and other personal expenditures as well as obligations of states and political subdivisions in the U.S. This also represents all other loans that cannot be categorized in any of the previous mentioned loan segments. Consumer loans generally have higher interest rates and shorter terms than residential loans but tend to have higher credit risk due to the type of collateral securing the loan or in some cases the absence of collateral.

Loan Modifications: The Company will provide modifications, which may include other than insignificant delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. Loan modifications are disclosed in accordance with ASU 2022-02, "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures".

Leases: At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding right-of-use (“ROU”) asset and operating lease liability are recorded as separate line items on the statement of condition. An ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made.

If the rate implicit in the lease is not readily determinable, the incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s statement of condition, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. The Company maintains certain property and equipment under direct financing and operating leases. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office space and are classified as operating leases.

The ROU asset is measured at the amount of the lease liability adjusted for lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment

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of the ROU asset. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the ROU asset.

There are no terms or conditions related to residual value guarantees and no restrictions or covenants that would impact the Company’s ability to pay dividends or to incur additional financial obligations.

Derivatives: At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the statement of condition, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings.

Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flows statement the same as the cash flows of the items being hedged.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the statement of condition or to specific firm commitments or forecasted transactions. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings.

The Company also offers facility specific / loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The Company is exposed to losses if a customer counterparty fails to make its payments under a contract in which the Company is in a net receiving position. At this time, the Company anticipates that its counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly. Further, the Company has netting agreements with the dealers with which it does business.

Stock-Based Compensation: The Company’s 2025 Long-Term Stock Incentive Plan allows the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries. There are no shares remaining for issuance with respect to the Company's 2021 Long-Term Stock Incentive Plan.

Options granted are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises.

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Upon adoption of ASU 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” the Company elected to account for forfeitures as they occur, rather than estimate expected forfeitures.

There were no stock options granted during the three or six months ended June 30, 2025.

As of June 30, 2025, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company's stock incentive plans.

The Company issued performance-based and service-based restricted stock units in 2025 and 2024. Service-based units vest ratably over a three- or five-year period. There were 88,101 service-based restricted stock units granted under the 2021 Long-Term Stock Incentive Plan during the first six months of 2025.

The performance-based awards are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance period, which is generally three years. There were 66,252 performance-based restricted stock units granted under the 2021 Long-Term Stock Incentive Plan in the first six months of 2025, all of which were granted in the first three months of 2025.

Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2025 were as follows:

						Weighted
						Average
		Number of				Grant Date
		Shares				Fair Value
Balance, January 1, 2025			135,477			$	33.35
Granted during 2025			66,252				29.55
Vested during 2025			(65,515	)			36.80
Forfeited during 2025			(2,278	)			30.96
Balance, June 30, 2025			133,936			$	30.37

Changes in service-based restricted stock awards/units for the six months ended June 30, 2025 were as follows:

						Weighted
						Average
		Number of				Grant Date
		Shares				Fair Value
Balance, January 1, 2025			247,905			$	33.00
Granted during 2025			88,101				29.55
Vested during 2025			(109,609	)			33.51
Forfeited during 2025			(8,665	)			32.51
Balance, June 30, 2025			217,732			$	31.36

As of June 30, 2025, there was $7.1 million of total unrecognized compensation cost related to service-based and performance-based restricted stock units. That cost is expected to be recognized over a weighted average period of 1.96 years. Stock compensation expense recorded for the second quarters of 2025 and 2024 totaled $2.4 million and $3.2 million, respectively. Stock compensation expense recorded for the six months ended June 30, 2025 and 2024 totaled $5.8 million and $5.9 million, respectively.

Phantom Plan: During the first quarter of 2024, the Company adopted the Peapack-Gladstone Financial Corporation 2024 Phantom Stock Plan (the "Phantom Plan"). The Phantom Plan allows the Company to issue performance-based and service-based awards which will be settled in cash. The award of a phantom unit entitles the participant to a cash payment equal to the value of the unit on the vesting date, which is the fair market value of a common share of the Company's stock on such vesting date.

The Company did not issue performance-based phantom units in the first six months of 2025. The Company issued service-based phantom units in the first six months of 2025. Service-based phantom units vest ratably over a three-year period. There were 146,039 service-based phantom units granted under the Phantom Plan during the first six months of 2025.

Phantom units are recorded in compensation and employee benefits expense based on the fair value of the units on the balance sheet date. The fair value of these awards is updated at each balance sheet date and changes in the fair value of the vested portions of the awards are recorded as increases or decreases to compensation expense within compensation and employee benefits in the

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Consolidated Statements of Income. All of the outstanding phantom units at June 30, 2025 met the criteria to be treated under liability classification in accordance with ASC 718, given that these awards will settle in cash on the vesting date.

Compensation expense for the phantom units is based on the fair value of the units as of the balance sheet date as further discussed above, and such costs are recognized ratably over the service period of the awards. As the fair value of liability awards is required to be re-measured each period end, stock compensation expense amounts recognized in future periods for these awards will vary. The estimated future cash payments of these awards are presented as liabilities within "Accrued expenses and other liabilities" in the Consolidated Statement of Condition. As of June 30, 2025, there was $9.4 million of unrecognized compensation costs related to non-vested phantom units. That cost is expected to be recognized over a weighted average period of 2.10 years.

Employee Stock Purchase Plan (“ESPP”): The 2014 ESPP expired in April 2024 and was replaced by the 2024 ESPP, which was approved by shareholders on April 30, 2024 and allowed for the issuance of 150,000 shares.

The ESPP allows for the purchase of shares during four three-month Offering Periods of each calendar year. The Offering Periods end on March 31, June 30, September 30 and December 31 of each calendar year.

Each participant in the Offering Period is granted an option to purchase a number of shares and may contribute between one percent and 15 percent of their compensation. At the end of each Offering Period, the number of shares to be purchased by the employee is determined by dividing the employee’s contributions accumulated during the Offering Period by the applicable purchase price. The purchase price is an amount equal to 85 percent of the closing market price of a share of common stock on the purchase date. Participation in the ESPP is voluntary and employees can cancel their purchases at any time during the period without penalty. The fair value of each share purchase right is determined using the Black-Scholes option pricing model.

The Company recorded $56,000 and $43,000 in compensation and employee benefits expense for the three months ended June 30, 2025 and 2024, respectively, related to the ESPP. Total shares issued under the ESPP during the first quarter ended June 30, 2025 and 2024 were 9,693 and 4,614, respectively.

For the six months ended June 30, 2025 and 2024, the Company recorded $95,000 and $75,000 in compensation and employee benefits expense, respectively, related to the ESPP. Total shares issued under the ESPP during the first six months ended June 30, 2025 and 2024 were 16,808 and 15,759, respectively.

Earnings per share – Basic and Diluted: The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period.

	Three Months Ended								Six Months Ended
	June 30,								June 30,
(Dollars in thousands, except per share data)	2025				2024				2025				2024
Net income available to common shareholders	$	7,941			$	7,530			$	15,536			$	16,161
Basic weighted average shares outstanding		17,704,110				17,747,070				17,657,771				17,729,355
Plus: common stock equivalents		69,127				45,226				141,324				82,540
Diluted weighted average shares outstanding		17,773,237				17,792,296				17,799,095				17,811,895
Net income per share
Basic	$	0.45			$	0.42			$	0.88			$	0.91
Diluted		0.45				0.42				0.87				0.91

For the three months ended June 30, 2025 and 2024, restricted stock units totaling 186,691 and 250,510, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2025 and 2024, restricted stock units totaling 71,791 and 277,945, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the average market value for the periods presented.

Income Taxes: The Company files a consolidated Federal income tax return. Separate state income tax returns are filed for each subsidiary based on current laws and regulations.

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The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on the enacted tax rates. Such tax assets and liabilities are adjusted for the effect of a change in tax rates in the period of enactment.

The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

The Company is no longer subject to examination by the U.S. Federal tax authorities for years prior to 2021 or by New Jersey tax authorities for years prior to 2019.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense.

Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the financial statements.

Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank of New York was required to meet regulatory reserve and clearing requirements.

Comprehensive Income: Comprehensive income consists of net income and the change during the period in the Company’s net unrealized gains or losses on securities available for sale and unrealized gains and losses on cash flow hedge, net of tax, less adjustments for realized gains and losses.

Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Goodwill and Other Intangible Assets: Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree (if any), over the fair value of any net assets acquired and liabilities assumed as of the date of acquisition in a purchase business combination. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Goodwill was primarily attributable to the Bank’s wealth management acquisitions. Management monitors the impact of changes in the financial markets and includes these assessments in our impairment process.

The Company has selected December 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill, which includes assembled workforce has an indefinite life on our statement of financial condition.

Other intangible assets, which primarily consist of customer relationship intangible assets arising from acquisitions, are amortized on an accelerated basis over their estimated useful lives, which range from 5 to 15 years.

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2. INVESTMENT SECURITIES

A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of June 30, 2025 and December 31, 2024 follows:

		June 30, 2025
						Gross				Gross				Allowance
		Amortized				Unrealized				Unrealized				for				Fair
(In thousands)		Cost				Gains				Losses				Credit Losses				Value
Securities Available for Sale:
U.S government-sponsored agencies		$	244,823			$	—			$	(39,420	)		$	—			$	205,403
Mortgage-backed securities–residential			565,416				3,716				(40,409	)			—				528,723
SBA pool securities			21,187				—				(2,524	)			—				18,663
Corporate bond			15,500				141				(897	)			—				14,744
Total securities available for sale		$	846,926			$	3,857			$	(83,250	)		$	—			$	767,533
Securities Held to Maturity:
U.S. government-sponsored agencies		$	40,000			$	—			$	(1,738	)		$	—			$	38,262
Mortgage-backed securities–residential			58,623				—				(8,806	)			—				49,817
Total securities held to maturity		$	98,623			$	—			$	(10,544	)		$	—			$	88,079

		December 31, 2024
						Gross				Gross				Allowance
		Amortized				Unrealized				Unrealized				for				Fair
(In thousands)		Cost				Gains				Losses				Credit Losses				Value
Securities Available for Sale:
U.S government-sponsored agencies		$	244,813			$	—			$	(47,899	)		$	—			$	196,914
Mortgage-backed securities–residential			595,789				1,086				(48,263	)			—				548,612
SBA pool securities			27,772				—				(3,290	)			—				24,482
Corporate bond			15,500				105				(1,069	)			—				14,536
Total securities available for sale		$	883,874			$	1,191			$	(100,521	)		$	—			$	784,544
Securities Held to Maturity:
U.S. government-sponsored agencies		$	40,000			$	—			$	(2,666	)		$	—			$	37,334
Mortgage-backed securities–residential			61,635				—				(10,319	)			—				51,316
Total securities held to maturity		$	101,635			$	—			$	(12,985	)		$	—			$	88,650

The following table presents a summary of the gross gains, gross losses and net tax expense related to proceeds on sales of securities available for sale for the three and six months ended June 30, 2025. There were no sales of securities for the three and six months ended June 30, 2024.

(In thousands)		June 30, 2025
Proceeds from sales		$	53,182
Gross gains			7
Net tax expense			(2	)

18

The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of June 30, 2025 and December 31, 2024.

		June 30, 2025
		Duration of Unrealized Loss
		Less Than 12 Months								12 Months or Longer								Total
		Approximate								Approximate								Approximate
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In thousands)		Value				Losses				Value				Losses				Value				Losses
Securities Available for Sale:
U.S. government-sponsored agencies		$	—			$	—			$	205,403			$	(39,420	)		$	205,403			$	(39,420	)
Mortgage-backed securities residential			18,288				(206	)			206,109				(40,203	)			224,397				(40,409	)
SBA pool securities			313				(1	)			18,350				(2,523	)			18,663				(2,524	)
Corporate bond			—				—				9,103				(897	)			9,103				(897	)
Total securities available for sale		$	18,601			$	(207	)		$	438,965			$	(83,043	)		$	457,566			$	(83,250	)
Securities Held to Maturity:
U.S. government-sponsored agencies		$	—			$	—			$	38,262			$	(1,738	)		$	38,262			$	(1,738	)
Mortgage-backed securities residential			—				—				49,817				(8,806	)			49,817				(8,806	)
Total securities held to maturity		$	—			$	—			$	88,079			$	(10,544	)		$	88,079			$	(10,544	)
Total securities		$	18,601			$	(207	)		$	527,044			$	(93,587	)		$	545,645			$	(93,794	)

		December 31, 2024
		Duration of Unrealized Loss
		Less Than 12 Months								12 Months or Longer								Total
		Approximate								Approximate								Approximate
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In thousands)		Value				Losses				Value				Losses				Value				Losses
Securities Available for Sale:
U.S. government-sponsored agencies		$	—			$	—			$	196,914			$	(47,899	)		$	196,914			$	(47,899	)
Mortgage-backed securities residential			171,531				(2,063	)			216,735				(46,200	)			388,266				(48,263	)
SBA pool securities			4,861				(11	)			19,621				(3,279	)			24,482				(3,290	)
Corporate bond			—				—				8,931				(1,069	)			8,931				(1,069	)
Total securities available for sale		$	176,392			$	(2,074	)		$	442,201			$	(98,447	)		$	618,593			$	(100,521	)
Securities Held to Maturity:
U.S. government-sponsored agencies		$	—			$	—			$	37,334			$	(2,666	)		$	37,334			$	(2,666	)
Mortgage-backed securities residential			—				—				51,316				(10,319	)			51,316				(10,319	)
Total securities held to maturity		$	—			$	—			$	88,650			$	(12,985	)		$	88,650			$	(12,985	)
Total securities		$	176,392			$	(2,074	)		$	530,851			$	(111,432	)		$	707,243			$	(113,506	)

Available for sale and held to maturity securities with a carrying value of $573.1 million and $96.6 million as of June 30, 2025, respectively, were pledged to secure public funds and for other purposes required or permitted by law.

Available for sale and held to maturity securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statements of Income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of securities currently in a continuous loss position continue to make timely principal and interest payments and none of these securities were past due or were placed on nonaccrual status at June 30, 2025. Primarily all of the investment securities are backed by loans guaranteed by either U.S. government agencies or U.S government-sponsored entities, and management believes that default is highly unlikely given the lack of historical credit losses and governmental backing. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded for the three or six months ended June 30, 2025 or 2024, respectively.

The Company has an investment in a CRA investment fund with a fair value of $13.3 million at June 30, 2025. This investment is classified as an equity security on our Consolidated Statements of Condition. This security had a gain of $42,000 and $237,000 for the three and six months ended June 30, 2025. This amount was included in the fair value adjustment for CRA equity security on the Consolidated Statements of Income.

19

3. LOANS AND LEASES

Loans outstanding, excluding those held for sale, by general ledger classification, as of June 30, 2025 and December 31, 2024, consisted of the following:

						% of								% of
		June 30,				Totals				December 31,				Total
(Dollars in thousands)		2025				Loans				2024				Loans
Residential mortgage		$	649,703				11.16	%		$	614,840				11.15	%
Multifamily mortgage			1,794,854				30.84				1,799,754				32.65
Commercial mortgage			643,520				11.06				588,104				10.67
Commercial loans (including equipment financing)			2,537,597				43.61				2,389,105				43.34
Commercial construction			—				—				—				—
Home equity lines of credit			52,434				0.90				42,327				0.77
Consumer loans, including fixed rate home equity loans			140,668				2.42				77,785				1.41
Other loans			261				0.01				411				0.01
Total loans		$	5,819,037				100.00	%		$	5,512,326				100.00	%

In determining an appropriate amount for the allowance, the Bank segments and aggregated the loan portfolio based on common characteristics. The following pool segments identified as of June 30, 2025 and December 31, 2024 are based on the CECL methodology:

						% of								% of
		June 30,				Totals				December 31,				Total
(Dollars in thousands)		2025				Loans				2024				Loans
Primary residential mortgage		$	636,253				10.94	%		$	609,038				11.05	%
Junior lien loan on residence			55,050				0.95				45,307				0.82
Multifamily property			1,794,854				30.86				1,799,754				32.66
Owner-occupied commercial real estate			264,095				4.54				275,089				4.99
Investment commercial real estate			1,001,995				17.22				978,436				17.75
Commercial and industrial			1,630,826				28.04				1,489,466				27.03
Lease financing			273,030				4.69				222,497				4.04
Construction			17,928				0.31				11,204				0.20
Consumer and other			142,730				2.45				80,165				1.46
Total loans			5,816,761				100.00	%			5,510,956				100.00	%
Net deferred costs			2,276								1,370
Total loans including net deferred costs		$	5,819,037							$	5,512,326

The following tables present the recorded investment in nonaccrual and loans past due 90 days or over still on accrual by class of loans as of June 30, 2025 and December 31, 2024:

						June 30, 2025
		Nonaccrual								Loans Past Due
		With No								90 Days or Over
		Allowance								And Still
(In thousands)		for Credit Loss				Nonaccrual				Accruing Interest
Primary residential mortgage		$	3,295			$	3,295			$	—
Junior lien loan on residence			111				111				—
Multifamily property			19,341				55,978				—
Investment commercial real estate			9,691				11,621				—
Commercial and industrial			17,731				42,909				—
Lease financing			244				1,044				—
Total		$	50,413			$	114,958			$	—

20

						December 31, 2024
		Nonaccrual								Loans Past Due
		With No								90 Days or Over
		Allowance								And Still
(In thousands)		for Credit Loss				Nonaccrual				Accruing Interest
Primary residential mortgage		$	3,168			$	3,168			$	—
Junior lien loan on residence			92				92				—
Multifamily property			15,294				53,105				—
Investment commercial real estate			9,754				11,684				—
Commercial and industrial			5,394				30,881				—
Lease financing			434				1,234				—
Consumer and other			4				4				—
Total		$	34,140			$	100,168			$	—

The following tables present the aging of the recorded investment in past due loans as of June 30, 2025 and December 31, 2024 by class of loans, excluding nonaccrual loans:

		June 30, 2025
		30-59				60-89				90 Days or
		Days				Days				Greater				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	287			$	842			$	—			$	1,129
Multifamily property			3,623				8,303				—				11,926
Investment commercial real estate			284				—				—				284
Commercial and industrial			317				1,866				—				2,183
Total		$	4,511			$	11,011			$	—			$	15,522

		December 31, 2024
		30-59				60-89				90 Days or
		Days				Days				Greater				Total
(In thousands)		Past Due				Past Due				Past Due				Past Due
Primary residential mortgage		$	1,143			$	199			$	—			$	1,342
Junior lien on residence			—				23				—				23
Commercial and industrial			1,696				1,809				—				3,505
Total		$	2,839			$	2,031			$	—			$	4,870

Credit Quality Indicators:

The Company places all commercial loans into various credit risk rating categories based on an assessment of the expected ability of the borrowers to properly service their debt. The assessment considers numerous factors including, but not limited to, current financial information on the borrower, historical payment experience, strength of any guarantor, nature of and value of any collateral, acceptability of the loan structure and documentation, relevant public information and current economic trends. This credit risk rating analysis is performed when the loan is initially underwritten and then annually based on set criteria in the loan policy.

In addition, the Bank has engaged an independent loan review firm to validate risk ratings and to ensure compliance with our policies and procedures. This review of the following types of loans is performed quarterly:

•A large sample of relationships or new lending to existing relationships greater than $1,000,000 booked since the prior review;

•All criticized and classified rated borrowers with relationship exposure of more than $500,000;

•A large sample of Pass-rated (including Pass Watch) borrowers with total relationships in excess of $1,000,000 and a small sample of Pass related relationships less than $1,000,000;

•All leveraged loans of $1,000,000 or greater;

•At least two borrowing relationships managed by each commercial banker;

•Any new Federal Reserve Board Regulation O loan commitments over $1,000,000; and

21

•Any other credits requested by Bank senior management or a member of the Board of Directors and any borrower for which the reviewer determines a review is warranted based upon knowledge of the portfolio, local events, industry stresses, etc.

The review excludes borrowers with commitments of less than $500,000.

The Company uses the following regulatory definitions for criticized and classified risk ratings:

Special Mention: These loans have a potential weakness that deserves Management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loans or of the institution’s credit position at some future date.

Substandard: These loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful: These loans have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, based on currently existing facts, conditions and values.

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass-rated loans.

With the adoption of CECL, loans that are in the process of or expected to be in foreclosure are deemed to be collateral dependent with respect to measuring potential loss and allowance adequacy and are individually evaluated by Management. Loans that do not share common risk characteristics are also evaluated on an individual basis. All other loans are evaluated using a non-linear discounted cash flow methodology for measuring potential loss and allowance adequacy.

22

The following is a summary of the credit risk profile of loans by internally assigned grade as of June 30, 2025 and December 31, 2024 based on originations for the periods indicated; the years represent the year of origination for non-revolving loans:

23

		Grade as of June 30, 2025 for Loans Originated During
																						2020								Revolving-
(In thousands)		2025				2024				2023				2022				2021				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	55,733			$	72,875			$	86,490			$	106,144			$	69,733			$	235,685			$	—			$	5,630			$	632,290
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				1,366				92				—				2,505				—				—				3,963
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			55,733				72,875				87,856				106,236				69,733				238,190				—				5,630				636,253
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Junior lien loan on residence:
Pass			—				—				669				1,039				72				836				46,346				5,976				54,938
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				111				1				112
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			—				—				669				1,039				72				836				46,457				5,977				55,050
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Multifamily property:
Pass			80,125				25,487				51,309				410,982				589,893				495,747				735				44,752				1,699,030
Special mention			—				—				—				12,029				11,926				8,997				—				—				32,952
Substandard			—				—				—				11,794				12,008				39,070				—				—				62,872
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			80,125				25,487				51,309				434,805				613,827				543,814				735				44,752				1,794,854
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Owner-occupied commercial real estate:
Pass			26,012				32,268				4,125				21,312				43,711				107,943				16,760				10,150				262,281
Special mention			—				—				—				—				—				—				500				—				500
Substandard			—				—				—				—				—				1,314				—				—				1,314
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			26,012				32,268				4,125				21,312				43,711				109,257				17,260				10,150				264,095
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Investment commercial real estate:
Pass			67,721				43,211				117,098				144,780				92,257				429,405				22,310				38,935				955,717
Special mention			—				—				—				22,316				—				12,341				—				—				34,657
Substandard			—				—				—				9,691				—				1,930				—				—				11,621
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			67,721				43,211				117,098				176,787				92,257				443,676				22,310				38,935				1,001,995
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Commercial and industrial:
Pass			172,894				369,914				100,761				120,075				112,731				21,416				630,059				19,322				1,547,172
Special mention			—				—				1,284				—				8,281				1,043				4,936				3,254				18,798
Substandard			—				10,271				1,886				19,039				52				6,368				18,488				8,752				64,856
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial and industrial			172,894				380,185				103,931				139,114				121,064				28,827				653,483				31,328				1,630,826
Current period gross charge-offs			—				—				1,858				446				—				45				—				—				2,349
Lease financing:
Pass			80,020				42,818				40,307				34,388				42,706				31,746				—				—				271,985
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				801				—				—				244				—				—				1,045
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			80,020				42,818				41,108				34,388				42,706				31,990				—				—				273,030

24

		Grade as of June 30, 2025 for Loans Originated During
																						2020								Revolving-
(In thousands)		2025				2024				2023				2022				2021				and Prior				Revolving				Term				Total
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Construction:
Pass			—				—				—				—				—				—				17,928				—				17,928
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				—				—				—				17,928				—				17,928
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Consumer and other loans:
Pass			77,924				13,117				—				—				179				2,863				45,915				2,732				142,730
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			77,924				13,117				—				—				179				2,863				45,915				2,732				142,730
Current period gross charge-offs			—				—				—				—				—				4				—				27				31
Total:
Pass			560,429				599,690				400,759				838,720				951,282				1,325,641				780,053				127,497				5,584,071
Special mention			—				—				1,284				34,345				20,207				22,381				5,436				3,254				86,907
Substandard			—				10,271				4,053				40,616				12,060				51,431				18,599				8,753				145,783
Doubtful			—				—				—				—				—				—				—				—				—
Total Loans		$	560,429			$	609,961			$	406,096			$	913,681			$	983,549			$	1,399,453			$	804,088			$	139,504			$	5,816,761
Total Current Period Gross Charge-offs		$	—			$	—			$	1,858			$	446			$	—			$	49			$	—			$	27			$	2,380

25

		Grade as of December 31, 2024 for Loans Originated During
																						2019								Revolving-
(In thousands)		2024				2023				2022				2021				2020				and Prior				Revolving				Term				Total
Primary residential mortgage:
Pass		$	73,532			$	90,214			$	109,903			$	73,777			$	53,434			$	198,266			$	405			$	5,663			$	605,194
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				1,075				93				—				442				2,234				—				—				3,844
Doubtful			—				—				—				—				—				—				—				—				—
Total primary residential mortgages			73,532				91,289				109,996				73,777				53,876				200,500				405				5,663				609,038
Current period gross charge-offs			—				43				—				—				—				—				—				—				43
Junior lien loan on residence:
Pass			1,357				2,468				1,874				419				55				2,409				30,792				5,841				45,215
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				91				1				92
Doubtful			—				—				—				—				—				—				—				—				—
Total junior lien loan on residence			1,357				2,468				1,874				419				55				2,409				30,883				5,842				45,307
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Multifamily property:
Pass			29,275				51,583				456,162				602,288				117,288				414,192				1,950				43,488				1,716,226
Special mention			—				—				—				11,961				—				7,719				—				—				19,680
Substandard			—				—				13,366				7,195				—				43,287				—				—				63,848
Doubtful			—				—				—				—				—				—				—				—				—
Total multifamily property			29,275				51,583				469,528				621,444				117,288				465,198				1,950				43,488				1,799,754
Current period gross charge-offs			—				—				—				2,088				—				3,291				—				—				5,379
Owner-occupied commercial real estate:
Pass			32,693				7,662				24,802				43,469				18,970				126,666				14,647				3,707				272,616
Special mention			—				—				—				1,148				—				—				—				—				1,148
Substandard			—				—				—				—				—				1,325				—				—				1,325
Doubtful			—				—				—				—				—				—				—				—				—
Total owner-occupied commercial real estate			32,693				7,662				24,802				44,617				18,970				127,991				14,647				3,707				275,089
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Investment commercial real estate:
Pass			39,906				123,864				169,645				136,994				55,551				371,046				18,473				38,620				954,099
Special mention			—				—				—				—				—				12,653				—				—				12,653
Substandard			—				—				9,754				—				—				1,930				—				—				11,684
Doubtful			—				—				—				—				—				—				—				—				—
Total investment commercial real estate			39,906				123,864				179,399				136,994				55,551				385,629				18,473				38,620				978,436
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Commercial and industrial:
Pass			425,315				127,304				133,067				132,237				10,760				33,985				537,844				12,554				1,413,066
Special mention			—				210				—				12,205				—				187				—				435				13,037
Substandard			10,307				4,352				19,252				52				2,040				4,417				12,484				10,448				63,352
Doubtful			—				—				—				—				—				—				—				11				11
Total commercial and industrial			435,622				131,866				152,319				144,494				12,800				38,589				550,328				23,448				1,489,466
Current period gross charge-offs			93				—				—				—				241				—				—				11				345
Lease financing:
Pass			46,585				43,887				38,297				47,659				23,711				21,124				—				—				221,263
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				800				—				—				—				434				—				—				1,234
Doubtful			—				—				—				—				—				—				—				—				—
Total lease financing			46,585				44,687				38,297				47,659				23,711				21,558				—				—				222,497

26

		Grade as of December 31, 2024 for Loans Originated During
																						2019								Revolving-
(In thousands)		2024				2023				2022				2021				2020				and Prior				Revolving				Term				Total
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Construction:
Pass			—				—				—				—				—				—				11,204				—				11,204
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Total commercial construction loans			—				—				—				—				—				—				11,204				—				11,204
Current period gross charge-offs			—				—				—				—				—				—				—				—				—
Consumer and other loans:
Pass			31,687				100				4,943				3,265				120				4,009				33,194				2,843				80,161
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				4				—				4
Doubtful			—				—				—				—				—				—				—				—				—
Total consumer and other loans			31,687				100				4,943				3,265				120				4,009				33,198				2,843				80,165
Current period gross charge-offs			—				—				—				—				—				3				—				36				39
Total:
Pass			680,350				447,082				938,693				1,040,108				279,889				1,171,697				648,509				112,716				5,319,044
Special mention			—				210				—				25,314				—				20,559				—				435				46,518
Substandard			10,307				6,227				42,465				7,247				2,482				53,627				12,579				10,449				145,383
Doubtful			—				—				—				—				—				—				—				11				11
Total Loans		$	690,657			$	453,519			$	981,158			$	1,072,669			$	282,371			$	1,245,883			$	661,088			$	123,611			$	5,510,956
Total Current Period Gross Charge-offs		$	93			$	43			$	—			$	2,088			$	241			$	3,294			$	—			$	47			$	5,806

At June 30, 2025, $115.0 million of substandard loans were individually evaluated, compared to $99.8 million at December 31, 2024. The increase in individually evaluated substandard loans was primarily due to two commercial and industrial relationships totaling $14.5 million and one multifamily loan totaling $4.8 million during the first six months of 2025. The increase in special mention loans was primarily due to increases of $21.0 million in multifamily, $22.3 million in investment commercial real estate and $6.9 million in C&I loans during the first six months of 2025.

Loan Modifications:

The Company will provide modifications, which may include other than insignificant delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. All accruing modified loans were paying in accordance with their modified terms as of June 30, 2025. The Company has not committed to lend additional amounts as of June 30, 2025 to customers with outstanding loans that are classified as modified loans.

There were loan modifications made during the first six months of 2025, which included twenty multifamily loans, one primary residential mortgage, and commercial and industrial loans to five different borrowers of $100.5 million, $289,000 and $11.3 million, respectively.

27

The following tables provide information related to the modifications completed during the three months ended June 30, 2025 by pool segment and type of concession granted:

		Significant Payment Delay
		Three Months Ended June 30, 2025
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Multifamily property		$	38,563				2.15	%
Total		$	38,563				2.15	%

		Combination Int Rate Reduction
		and Significant Payment Delay
		Three Months Ended June 30, 2025
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Multifamily property		$	41,432				2.31	%
Commercial and industrial			92				0.01	%
Total		$	41,524				2.32	%

		Combination Interest Rate Reduction
		Significant Payment Delay & Term Extension
		Three Months Ended June 30, 2025
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Multifamily property		$	2,889				0.16	%
Total		$	2,889				0.16	%

The following tables provide information related to the modifications completed during the six months ended June 30, 2025 by pool segment and type of concession granted:

		Significant Payment Delay
		Six Months Ended June 30, 2025
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Primary residential mortgage		$	289				0.05	%
Multifamily property			46,866				2.61	%
Commercial and industrial			10,774				0.66	%
Total		$	57,929				3.32	%

		Combination Int Rate Reduction
		and Significant Payment Delay
		Six Months Ended June 30, 2025
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Multifamily property		$	50,739				2.83	%
Commercial and industrial			92				0.01	%
Total		$	50,831				2.84	%

28

		Combination Significant Payment
		Delay and Term Extension
		Six Months Ended June 30, 2025
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	416				0.03	%
Total		$	416				0.03	%

		Combination Interest Rate Reduction
		Significant Payment Delay & Term Extension
		Six Months Ended June 30, 2025
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Multifamily property		$	2,889				0.16	%
Total		$	2,889				0.16	%

The following table provides information related to the modifications during the three months ended June 30, 2024 by pool segment and type of concession granted:

		Significant Payment Delay
		Three Months Ended June 30, 2024
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Primary residential mortgage		$	119				0.02	%
Commercial and industrial			14,539				1.17	%
Total		$	14,658				1.19	%

The following table provides information related to the modifications during the six months ended June 30, 2024 by pool segment and type of concession granted:

		Interest Rate Reduction and
		Term Extension
		Six Months Ended June 30, 2024
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Commercial and industrial		$	12,250				0.98	%
Total		$	12,250				0.98	%

		Significant Payment Delay
		Six Months Ended June 30, 2024
						% of Total
		Amortized				Class of
		Cost Basis				Financing
(Dollars in thousands)		at Period End				Receivable
Primary residential mortgage		$	119				0.02	%
Investment commercial real estate			14,539				1.17	%
Total		$	14,658				1.19	%

29

The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties as of June 30, 2025:

		Payment Status at June 30, 2025
						30-89 Days				90+ Days
(Dollars in thousands)		Current				Past Due				Past Due
Primary residential mortgage		$	804			$	112			$	—
Multifamily property			92,190				8,303				—
Investment commercial real estate			17,753				—				—
Commercial and industrial			13,466				9,545				7,919
Total		$	124,213			$	17,960			$	7,919

The following table depicts the payment status of the loans that were modified to a borrower experiencing financial difficulties as of June 30, 2024:

		Payment Status at June 30, 2024
						30-89 Days				90+ Days
(Dollars in thousands)		Current				Past Due				Past Due
Primary residential mortgage		$	119			$	—			$	—
Commercial and industrial			26,788				2,863				248
Total		$	26,907			$	2,863			$	248

The following table presents loans by class modified that failed to comply with the modified terms in the twelve months following modification and resulted in a payment default at June 30, 2025:

		Amortized Cost Basis of Modified Loans
		That Subsequently Defaulted
		Six Months Ended June 30, 2025
						Interest Rate Reduction &				Significant Pay Delay
(Dollars in thousands)		Significant Pay Delay				Significant Pay Delay				and Term Extension
Primary residential mortgage		$	804			$	—			$	—
Multifamily property			8,303				9,307				—
Investment commercial real estate			—				—				17,753
Commercial and industrial			9,545				—				6,742
Total		$	18,652			$