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

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

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

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

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

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

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

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

First Quarter Highlights:

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

Earnings and Operating Leverage

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

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

Net Interest Income and Margin

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

Loans / Commercial Banking

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

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

Wealth Management

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

Funding / Liquidity / Interest Rate Risk Management

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

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

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

Asset Quality / Provision for Credit Losses

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

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

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

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

Capital

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

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

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

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

Investor Conference Call

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

ABOUT THE COMPANY

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

FORWARD-LOOKING STATEMENTS

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

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

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

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

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

 (Tables to follow)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(B) Includes equipment finance.

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