Peapack-Gladstone第二季淨利潤飆89% 每股盈利0.85美元

EX-99.1
2
pgc-ex99_1.htm
EX-99.1

 
 EX-99.1
 
 
 

 Exhibit 99.1
Contact:
Frank A. Cavallaro, SEVP and CFO
Peapack-Gladstone Financial Corporation
T: 908-306-8933
PEAPACK-GLADSTONE FINANCIAL CORPORATION 
REPORTS SECOND QUARTER FINANCIAL RESULTS 
 
Bedminster, N.J. – July 27, 2026 – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its second quarter 2026 financial results. 
This earnings release should be read in conjunction with the Company’s Q2 2026 Investor Update, a copy of which is available on our website at www.peapackprivate.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov. 
 
The Company reported second quarter 2026 financial results that reflect continued execution of its private banking strategy and demonstrate accelerating earnings momentum. Revenue increased for the ninth consecutive quarter while expense growth continued to normalize, producing another quarter of meaningful positive operating leverage. These results reflect the maturation of the Company's strategic investments across the Metropolitan New York market and reinforce management's confidence in the long-term earnings power of the franchise.
 
Douglas L. Kennedy, President and CEO stated, “During the industry disruption of 2023, we invested significantly to expand our presence in Metropolitan New York. Since then, we have added 20 experienced banking teams and nearly 200 professionals, opened our flagship financial center on Park Avenue, and rebranded the Company as Peapack Private Bank & Trust. These investments temporarily affected earnings, but they created the platform that is now producing sustained growth and improving profitability. "
Mr. Kennedy added, "These actions capture our unique brand that seamlessly combines traditional banking with wealth management delivered through a single point of contact. The quality of growth is very strong as our bankers continue to onboard longstanding relationships, introducing clients to a broader range of banking, treasury, and wealth solutions. This integrated approach is deepening relationships and allowing us to compete effectively with much larger institutions.”
Our second quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. Revenue grew by 23% year-over-year, while operating expenses increased by only 7%, producing approximately 70% growth in pre-provision net revenue year-over-year. This positive operating leverage led to net income available to common shareholders of $15.8 million, or $0.85 per diluted share for the second quarter, compared to $14.2 million, or $0.80 per diluted share, for the linked quarter and $7.9 million, or $0.45 per diluted share for the June 30, 2025 quarter. This led to an increase of 11% of net income on a linked quarter basis and earnings per diluted share increased 89% year-over-year.
During the first quarter the Company also announced a commitment by Strategic Value Bank Partners to purchase up to $50 million of convertible preferred stock. Strategic Value Bank Partners is a well-known, long-term investor primarily focused on the banking sector. The commitment included an initial $30 million private placement of the preferred stock which closed during March 2026 with the ability to issue an additional $20 million through the end of 2027. Based on this quarter’s results and our continued momentum and projected growth, we elected to issue the remaining $20 million of our 6% non-cumulative perpetual convertible preferred stock on July 24, 2026. Mr. Kennedy added, “We remain focused on maintaining the capital necessary to support growth prudently. The additional preferred equity enhances our financial flexibility as earnings continue to strengthen and move the Company toward greater organic capital generation.”
 

 1

 
 

 Second Quarter Highlights:
•Net income available to common shareholders of $15.8 million, or $0.85 per diluted share

•Total revenue of $86.1 million, representing the ninth consecutive quarter of revenue growth

•Net interest income: $63.9 million, up 7% on a linked quarter and 32% year-over-year

•Net interest margin: 3.32%, an increase of 6 basis points compared to the previous quarter and 55 basis points year-over-year

•Loan growth: $6.7 billion in total loans, an increase of $854 million year-over-year

•Deposits: $7.1 billion at June 30, 2026, an increase of $694 million year-over-year

•Wealth management: $13.9 billion in assets under management and administration, up 13% year-over-year

•Wealth management fee income: $17.2 million or 20% of total revenue

•Shareholders' equity: $715.8 million at June 30, 2026, an increase of $86 million year-over-year

•Shareholder value: Tangible book value per share increased 9% year-over-year to $36.26. Book value per share increased 8% year-over-year to $38.70

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 Key Financial Metrics

  

 Q2 2026

  

  

 Q1 2026

  

  

 Q2 2025

  

 

 
 Net income available to common shareholders ($ millions)

  

 $

 15.8

  

  

 $

 14.2

  

  

 $

 7.9

  

 

 
 Diluted EPS

  

 $

 0.85

  

  

 $

 0.80

  

  

 $

 0.45

  

 

 
 Net interest income ($ millions)

  

 $

 63.9

  

  

 $

 59.9

  

  

 $

 48.3

  

 

 
 Net interest margin

  

  

 3.32

 %

  

  

 3.26

 %

  

  

 2.77

 %

 

 
 Total revenue ($ millions)

  

 $

 86.1

  

  

 $

 82.5

  

  

 $

 69.7

  

 

 
 Operating expenses ($ millions)

  

 $

 55.7

  

  

 $

 55.4

  

  

 $

 51.9

  

 

 
 Pre-provision net revenue ($ millions)

  

 $

 30.4

  

  

 $

 27.1

  

  

 $

 17.8

  

 

 
 Return on average assets (annualized)

  

  

 0.80

 %

  

  

 0.74

 %

  

  

 0.45

 %

 

 
 Return on average equity (annualized)

  

  

 8.94

 %

  

  

 8.51

 %

  

  

 5.11

 %

 

  
Earnings and Operating Leverage
 
The Company had strong revenue growth of 23% year-over-year, with total revenue of $86.1 million for the second quarter of 2026, compared to $82.5 million for the first quarter of 2026 and $69.7 million for the second quarter of 2025. Revenue growth has been primarily attributable to the consistent improvement in net interest income over the last twelve months. The increase in revenue growth translated into higher earnings driving positive operating leverage and improved profitability.
Operating expenses continued to normalize this quarter, increasing at a more moderate pace to $55.7 million for the second quarter of 2026, compared to $55.4 million for the first quarter of 2026 and $51.9 million for the second quarter of 2025. The GAAP efficiency ratio improved for a seventh consecutive quarter to approximately 65%.
 
Net Interest Income and Margin
 
Net interest income totaled $63.9 million for the second quarter of 2026, an increase of $4.0 million, or 7%, from the first quarter of 2026 and an increase of $15.6 million, or 32%, from the second quarter of 2025. Net interest margin expanded to 3.32% compared to 3.26% in the prior quarter and 2.77% in the second quarter of 2025, continuing the upward trend over the past several quarters. This improvement in net interest income and net interest margin was primarily supported by balance sheet repositioning, disciplined pricing and improved earning-asset yields.
 
Loans / Commercial Banking 
Total loans increased $235.9 million, or 15% annualized, to $6.7 billion at June 30, 2026, compared to $6.4 billion at March 31, 2026. Loans increased year-over-year $854.1 million, or 15%. Growth remained concentrated in our core areas of strength, particularly C&I and commercial real estate. Commercial mortgage activity was bolstered 

 2

 
 

 by sponsor demand for stabilized assets and refinancing activity. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at June 30, 2026 were $2.9 billion, or 44% of the total loan portfolio.
Mr. Kennedy noted, “The quality of our loan growth remains as important as the pace of growth. Our bankers are onboarding core relationships and connecting commercial banking, personal banking, treasury management and wealth management through a single point of contact. This model allows us to deepen the connection with our customers and compete effectively against much larger institutions."
 
Wealth Management
 
 John Babcock, President of the Bank’s Wealth Management Division, stated, “Wealth Management delivered another strong quarter, supported by $205 million of gross client inflows and favorable market performance. Our integrated model continues to create opportunities to introduce investment management, trust, tax, financial planning and other advisory services to banking relationships, while also delivering banking and credit solutions to wealth clients.”
 
Funding / Liquidity / Interest Rate Risk Management
 
Total deposits increased $230.8 million, or 14% annualized, to $7.1 billion at June 30, 2026, from $6.8 billion at March 31, 2026. Relationship-based deposits have created solid franchise value for our Company. Noninterest-bearing deposits increased by $79.7 million during the quarter, which represented 56% of the deposit growth over the last twelve months and a meaningful portion of total funding, supporting both margin expansion and balance sheet stability.
 
The Company’s liquidity profile remains strong with a loan-to-deposit ratio of 95%. At June 30, 2026, the Company’s balance sheet liquidity totaled $1.0 billion, or 13% of total assets. The Company maintains additional liquidity resources of approximately $4.0 billion through secured available borrowing facilities with the Federal Home Loan Bank and the Federal Reserve Discount Window. The available funding from the Federal Home Loan Bank and the Federal Reserve are secured by the Company’s loan and investment portfolios. The Company's total on and off-balance sheet liquidity totaled $5.0 billion at June 30, 2026, which amounted to 204% of the total uninsured/uncollateralized deposits currently on the Company’s balance sheet. The Company continues to maintain a well-diversified funding base with a high level of operating deposits and no reliance on brokered funding.
 
Asset Quality / Provision for Credit Losses
Nonperforming assets increased to $72.2 million, or 0.91% of total assets compared to $59.3 million, or 0.77% of total assets, at March 31, 2026. The increase in nonperforming assets during the second quarter of 2026 was largely driven by the migration of a previously disclosed larger well secured multifamily relationship to nonaccrual status. Loans past due 30 through 89 days and still accruing increased slightly to $48.1 million, or 0.72% of total loans at June 30, 2026, compared to $47.1 million, or 0.73% of total loans, at March 31, 2026. Loans subject to special mention and performing modifications have declined in the second quarter of 2026.
 
 Mr. Kennedy noted, “We continue to manage credit issues proactively and conservatively. While isolated relationships have affected certain credit metrics, criticized and classified loan trends have improved over time, reserve coverage remains appropriate and we continue to see no evidence of broad-based deterioration across the portfolio."
The provision for credit losses totaled $8.1 million for the second quarter of 2026, compared to $7.3 million for the first quarter of 2026 and $6.6 million for the June 30, 2025 quarter. The second quarter provision was primarily attributable to loan growth of $235.9 million resulting in a provision of $2.9 million, in addition to changes in specific reserves which required a provision of $3.9 million.
At June 30, 2026, the allowance for credit losses ("ACL") was $69.2 million (1.04% of total loans), compared to $67.0 million (1.04% of total loans) at March 31, 2026. The increase in the ACL was due to the provision for credit losses of $8.1 million partially offset by net charge-offs of $5.9 million. Charge-offs consisted of $6.1 million during the period associated with the sale of one multifamily loan with a balance totaling $7.2 million. Specific reserves of $2.4 million, related to this charge-off, had been established in prior periods. This charge-off was partially offset by recoveries of $231,000 during the second quarter of 2026.

 3

 
 

 Capital
The Company’s capital position remained solid during the second quarter of 2026 and continued to benefit from earnings generation. Based on this quarter’s results and our continued momentum, we elected in July to issue the remaining $20 million of our 6% non-cumulative perpetual convertible preferred stock available under the $50 million commitment announced in the first quarter. Based on current results, projected growth and capital needs, management determined that completing the remaining issuance was appropriate to support continued relationship-based balance sheet growth, while maintaining prudent capital levels.
Tangible book value per share increased 9% to $36.26 per share at June 30, 2026 from $33.19 at June 30, 2025. See Non-GAAP financial measures reconciliation included in these tables. Book value per share increased 8% to $38.70 per share at June 30, 2026 compared to $35.71 at June 30, 2025. 
The Company’s and Bank’s regulatory capital ratios as of June 30, 2026 remain strong. The Tier 1 Leverage Ratio at June 30, 2026 was 8.96% for the Bank and 9.13% for the Company, while the Common Equity Tier 1 Ratio was 10.60% for the Bank and 10.38% for the Company. Where applicable, such ratios remain well above regulatory well capitalized standards. 
Investor Conference Call
Peapack-Gladstone Financial Corporation's CEO Douglas Kennedy will host a conference call with investors and the financial community on July 28, 2026 at 11:00 a.m. (ET) to review second quarter 2026 financial results. The live audio webcast and presentation slides will be available using the following link: https://events.q4inc.com/attendee/134224446. Investor presentation materials will be made available prior to the conference call by going to the Investor Relations page on our Company website at www.peapackprivate.com. A replay will be available under the Events & Presentation section on our Investor Relations website.
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $8.0 billion and assets under management and/or administration of $13.9 billion as of June 30, 2026. Founded in 1921, Peapack Private Bank & Trust, a subsidiary of Peapack-Gladstone Financial Corporation, is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit www.peapackprivate.com for more information.

 4

 
 

 FORWARD-LOOKING STATEMENTS
The foregoing may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “may” or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to:
•our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan;

•the impact of anticipated higher operating expenses in 2026 and beyond;

•our ability to successfully integrate wealth management firm and team acquisitions;

•our ability to successfully integrate our expanded employee base;

•an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions;

•declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;

•declines in the value of our investment portfolio;

•impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels;

•higher than expected increases in our allowance for credit losses;

•changes in the methodology and assumptions used to calculate the allowance for credit losses;

•higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans or charge-offs;

•inflation and changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and lead to higher operating costs;

•decline in real estate values within our market areas;

•legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;

•the imposition of tariffs or other domestic or international governmental policies, trade restrictions and retaliatory measures impacting our borrowers and the broader economy;

•the impact of any federal government shutdown, debt ceiling impasses or fiscal uncertainty;

•the failure to maintain current technologies and/or to successfully implement future information technology enhancements and the operational risks associated with the adoption of artificial intelligence and other emerging technologies;

•risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors;

•higher than expected FDIC insurance premiums;

•adverse weather conditions;

•the current or anticipated impact of military conflict, terrorism or other geopolitical events;

•our inability to successfully generate new business in new geographic markets, including our expansion into New York City and Long Island;

•a reduction in our lower-cost funding sources;

•changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio;

•our inability to adapt to technological changes; 

•claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;

•our inability to attract and retain key employees;

•demand for loans and deposits in our market areas;

•adverse changes in securities markets;

•changes in New York City rent regulation law;

•changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary and fiscal policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;

 5

 
 

 •changes in accounting policies and practices; and/or

•other unexpected material adverse changes in our financial condition, operations or earnings.

A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025. Except as may be required by the applicable law or regulation, we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
 (Tables to follow)
 

 6

 
 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Three Months Ended

  

 

 
  

  

 June 30,

  

  

 March 31,

  

  

 Dec 31,

  

  

 Sept 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2026

  

  

 2025

  

  

 2025

  

  

 2025

  

 

 
 Income Statement Data:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest income

  

 $

 100,210

  

  

 $

 95,049

  

  

 $

 93,984

  

  

 $

 92,545

  

  

 $

 89,651

  

 

 
 Interest expense

  

  

 36,289

  

  

  

 35,153

  

  

  

 37,442

  

  

  

 41,972

  

  

  

 41,361

  

 

 
 Net interest income

  

  

 63,921

  

  

  

 59,896

  

  

  

 56,542

  

  

  

 50,573

  

  

  

 48,290

  

 

 
 Wealth management fee income

  

  

 17,220

  

  

  

 16,503

  

  

  

 16,064

  

  

  

 15,798

  

  

  

 15,943

  

 

 
 Service charges and fees

  

  

 1,390

  

  

  

 1,359

  

  

  

 1,317

  

  

  

 1,184

  

  

  

 1,194

  

 

 
 Capital markets revenue

  

  

 925

  

  

  

 544

  

  

  

 873

  

  

  

 901

  

  

  

 799

  

 

 
 Other income

  

  

 2,596

  

  

  

 4,191

  

  

  

 3,405

  

  

  

 2,238

  

  

  

 3,515

  

 

 
 Total other income

  

  

 22,131

  

  

  

 22,597

  

  

  

 21,659

  

  

  

 20,121

  

  

  

 21,451

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Total revenue

  

  

 86,052

  

  

  

 82,493

  

  

  

 78,201

  

  

  

 70,694

  

  

  

 69,741

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Compensation expense

  

  

 29,352

  

  

  

 29,782

  

  

  

 28,399

  

  

  

 28,613

  

  

  

 28,232

  

 

 
 Benefits expense

  

  

 10,250

  

  

  

 9,583

  

  

  

 8,397

  

  

  

 8,143

  

  

  

 7,829

  

 

 
 Premises and equipment

  

  

 7,009

  

  

  

 6,858

  

  

  

 7,142

  

  

  

 6,676

  

  

  

 6,641

  

 

 
 FDIC insurance expense

  

  

 1,495

  

  

  

 1,388

  

  

  

 1,565

  

  

  

 1,345

  

  

  

 1,045

  

 

 
 Professional and legal fees

  

  

 1,532

  

  

  

 1,554

  

  

  

 1,868

  

  

  

 1,972

  

  

  

 1,645

  

 

 
 Trust department expense

  

  

 1,189

  

  

  

 1,180

  

  

  

 1,139

  

  

  

 1,111

  

  

  

 1,092

  

 

 
 Loan expense

  

  

 687

  

  

  

 556

  

  

  

 905

  

  

  

 475

  

  

  

 939

  

 

 
 Advertising

  

  

 468

  

  

  

 267

  

  

  

 329

  

  

  

 651

  

  

  

 919

  

 

 
 Other expenses

  

  

 3,685

  

  

  

 4,272

  

  

  

 3,794

  

  

  

 3,311

  

  

  

 3,551

  

 

 
 Total operating expenses

  

  

 55,667

  

  

  

 55,440

  

  

  

 53,538

  

  

  

 52,297

  

  

  

 51,893

  

 

 
 Pretax income before provision for credit losses

  

  

 30,385

  

  

  

 27,053

  

  

  

 24,663

  

  

  

 18,397

  

  

  

 17,848

  

 

 
 Provision for credit losses

  

  

 8,088

  

  

  

 7,327

  

  

  

 7,671

  

  

  

 4,790

  

  

  

 6,586

  

 

 
 Income before income taxes

  

  

 22,297

  

  

  

 19,726

  

  

  

 16,992

  

  

  

 13,607

  

  

  

 11,262

  

 

 
 Income tax expense

  

  

 6,325

  

  

  

 5,573

  

  

  

 4,833

  

  

  

 3,976

  

  

  

 3,321

  

 

 
     Net Income

  

  

 15,972

  

  

  

 14,153

  

  

  

 12,159

  

  

  

 9,631

  

  

  

 7,941

  

 

 
 Dividends on preferred stock

  

  

 195

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Net income available to common shareholders

  

 $

 15,777

  

  

 $

 14,153

  

  

 $

 12,159

  

  

 $

 9,631

  

  

 $

 7,941

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Per Common Share Data:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Earnings per share (basic)

  

 $

 0.89

  

  

 $

 0.80

  

  

 $

 0.69

  

  

 $

 0.55

  

  

 $

 0.45

  

 

 
 Earnings per share (diluted)

  

  

 0.85

  

  

  

 0.80

  

  

  

 0.69

  

  

  

 0.54

  

  

  

 0.45

  

 

 
 Weighted average number of common   shares outstanding:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

  

 17,717,883

  

  

  

 17,585,846

  

  

  

 17,558,019

  

  

  

 17,576,899

  

  

  

 17,704,110

  

 

 
 Diluted

  

  

 18,625,408

  

  

  

 17,760,678

  

  

  

 17,705,355

  

  

  

 17,686,979

  

  

  

 17,773,237

  

 

 
 Performance Ratios:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Return on average assets annualized (ROAA)

  

  

 0.80

 %

  

  

 0.74

 %

  

  

 0.65

 %

  

  

 0.53

 %

  

  

 0.45

 %

 

 
 Return on average equity annualized (ROAE)

  

  

 8.94

 %

  

  

 8.51

 %

  

  

 7.51

 %

  

  

 6.12

 %

  

  

 5.11

 %

 

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

  

  

 9.98

 %

  

  

 9.13

 %

  

  

 8.06

 %

  

  

 6.59

 %

  

  

 5.50

 %

 

 
 Net interest margin (tax-equivalent basis)

  

  

 3.32

 %

  

  

 3.26

 %

  

  

 3.08

 %

  

  

 2.81

 %

  

  

 2.77

 %

 

 
 GAAP efficiency ratio (B)

  

  

 64.69

 %

  

  

 67.21

 %

  

  

 68.46

 %

  

  

 73.98

 %

  

  

 74.41

 %

 

 
 Operating expenses / average assets annualized

  

  

 2.83

 %

  

  

 2.92

 %

  

  

 2.88

 %

  

  

 2.87

 %

  

  

 2.92

 %

 

  
(A) Return on average tangible common equity is calculated by dividing tangible common equity by annualized net income available to common shareholders. See non-GAAP financial measures reconciliation included in these tables.
(B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables.

 7

 
 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Six Months Ended

  

  

  

  

  

  

  

 

 
  

  

 June 30,

  

  

 Change

  

 

 
  

  

 2026

  

  

 2025

  

  

 $

  

  

 %

  

 

 
 Income Statement Data:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest income

  

 $

 195,259

  

  

 $

 175,996

  

  

 $

 19,263

  

  

  

 11

 %

 

 
 Interest expense

  

  

 71,442

  

  

  

 82,201

  

  

  

 (10,759

 )

  

  

 -13

 %

 

 
 Net interest income

  

  

 123,817

  

  

  

 93,795

  

  

  

 30,022

  

  

  

 32

 %

 

 
 Wealth management fee income

  

  

 33,723

  

  

  

 31,378

  

  

  

 2,345

  

  

  

 7

 %

 

 
 Service charges and fees

  

  

 2,749

  

  

  

 2,306

  

  

  

 443

  

  

  

 19

 %

 

 
 Capital markets revenue

  

  

 1,469

  

  

  

 1,254

  

  

  

 215

  

  

  

 17

 %

 

 
 Other income

  

  

 6,787

  

  

  

 5,367

  

  

  

 1,420

  

  

  

 26

 %

 

 
 Total other income

  

  

 44,728

  

  

  

 40,305

  

  

  

 4,423

  

  

  

 11

 %

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Total revenue

  

  

 168,545

  

  

  

 134,100

  

  

  

 34,445

  

  

  

 26

 %

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Compensation expense

  

  

 59,134

  

  

  

 54,547

  

  

  

 4,587

  

  

  

 8

 %

 

 
 Benefits expense

  

  

 19,833

  

  

  

 17,393

  

  

  

 2,440

  

  

  

 14

 %

 

 
 Premises and equipment

  

  

 13,867

  

  

  

 12,795

  

  

  

 1,072

  

  

  

 8

 %

 

 
 FDIC insurance expense

  

  

 2,883

  

  

  

 1,900

  

  

  

 983

  

  

  

 52

 %

 

 
 Professional and legal fees

  

  

 3,086

  

  

  

 2,835

  

  

  

 251

  

  

  

 9

 %

 

 
 Trust department expense

  

  

 2,369

  

  

  

 2,135

  

  

  

 234

  

  

  

 11

 %

 

 
 Loan expense

  

  

 1,243

  

  

  

 1,372

  

  

  

 (129

 )

  

  

 -9

 %

 

 
 Advertising

  

  

 735

  

  

  

 1,073

  

  

  

 (338

 )

  

  

 -32

 %

 

 
 Other expenses

  

  

 7,957

  

  

  

 7,283

  

  

  

 674

  

  

  

 9

 %

 

 
 Total operating expenses

  

  

 111,107

  

  

  

 101,333

  

  

  

 9,774

  

  

  

 10

 %

 

 
 Pretax income before provision for credit losses

  

  

 57,438

  

  

  

 32,767

  

  

  

 24,671

  

  

  

 75

 %

 

 
 Provision for credit losses

  

  

 15,415

  

  

  

 11,057

  

  

  

 4,358

  

  

  

 39

 %

 

 
 Income before income taxes

  

  

 42,023

  

  

  

 21,710

  

  

  

 20,313

  

  

  

 94

 %

 

 
 Income tax expense

  

  

 11,898

  

  

  

 6,174

  

  

  

 5,724

  

  

  

 93

 %

 

 
     Net Income

  

  

 30,125

  

  

  

 15,536

  

  

  

 14,589

  

  

  

 94

 %

 

 
 Dividends on preferred stock

  

  

 195

  

  

  

 —

  

  

  

 195

  

  

 N/A

  

 

 
 Net income available to common shareholders

  

 $

 29,930

  

  

 $

 15,536

  

  

 $

 14,394

  

  

  

 93

 %

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Per Common Share Data:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Earnings per share (basic)

  

 $

 1.70

  

  

 $

 0.88

  

  

 $

 0.82

  

  

  

 93

 %

 

 
 Earnings per share (diluted)

  

  

 1.64

  

  

  

 0.87

  

  

  

 0.77

  

  

  

 89

 %

 

 
 Weighted average number of common shares outstanding:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

  

 17,652,229

  

  

  

 17,657,771

  

  

  

 (5,542

 )

  

  

 0

 %

 

 
 Diluted

  

  

 18,213,905

  

  

  

 17,799,095

  

  

  

 414,810

  

  

  

 2

 %

 

 
 Performance Ratios:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Return on average assets (ROAA)

  

  

 0.77

 %

  

  

 0.44

 %

  

  

 0.33

 %

  

  

 76

 %

 

 
 Return on average equity (ROAE)

  

  

 8.73

 %

  

  

 5.04

 %

  

  

 3.69

 %

  

  

 73

 %

 

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

  

  

 9.56

 %

  

  

 5.44

 %

  

  

 4.12

 %

  

  

 76

 %

 

 
 Net interest margin (tax-equivalent basis)

  

  

 3.29

 %

  

  

 2.73

 %

  

  

 0.56

 %

  

  

 21

 %

 

 
 GAAP efficiency ratio (B)

  

  

 65.92

 %

  

  

 75.57

 %

  

  

 (9.65

 )%

  

  

 -13

 %

 

 
 Operating expenses / average assets

  

  

 2.87

 %

  

  

 2.87

 %

  

  

 0.00

 %

  

  

 0

 %

 

  
(A) Return on average tangible common equity is calculated by dividing tangible common equity by annualized net income available to common shareholders. See non-GAAP financial measures reconciliation included in these tables.
(B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables.

 8

 
 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 As of

  

 

 
  

  

 June 30,

  

  

 March 31,

  

  

 Dec 31,

  

  

 Sept 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2026

  

  

 2025

  

  

 2025

  

  

 2025

  

 

 
 ASSETS

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Cash and due from banks

  

 $

 8,388

  

  

 $

 9,220

  

  

 $

 8,712

  

  

 $

 8,514

  

  

 $

 7,524

  

 

 
 Interest-earning deposits

  

  

 245,506

  

  

  

 244,194

  

  

  

 179,108

  

  

  

 338,672

  

  

  

 308,078

  

 

 
 Total cash and cash equivalents

  

  

 253,894

  

  

  

 253,414

  

  

  

 187,820

  

  

  

 347,186

  

  

  

 315,602

  

 

 
 Securities available for sale

  

  

 752,440

  

  

  

 710,046

  

  

  

 774,203

  

  

  

 756,578

  

  

  

 767,533

  

 

 
 Securities held to maturity

  

  

 78,560

  

  

  

 79,478

  

  

  

 95,862

  

  

  

 97,414

  

  

  

 98,623

  

 

 
 CRA equity security, at fair value

  

  

 13,320

  

  

  

 13,375

  

  

  

 13,459

  

  

  

 13,403

  

  

  

 13,278

  

 

 
 FHLB and FRB stock, at cost (A)

  

  

 12,931

  

  

  

 14,170

  

  

  

 14,605

  

  

  

 11,387

  

  

  

 11,467

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Residential mortgage

  

  

 679,234

  

  

  

 662,949

  

  

  

 648,216

  

  

  

 649,523

  

  

  

 649,703

  

 

 
 Multifamily mortgage

  

  

 1,804,380

  

  

  

 1,824,882

  

  

  

 1,862,592

  

  

  

 1,796,533

  

  

  

 1,794,854

  

 

 
 Commercial mortgage

  

  

 981,896

  

  

  

 887,712

  

  

  

 774,428

  

  

  

 689,166

  

  

  

 643,520

  

 

 
 Commercial and industrial loans

  

  

 2,935,914

  

  

  

 2,797,352

  

  

  

 2,726,379

  

  

  

 2,662,661

  

  

  

 2,543,092

  

 

 
 Consumer loans

  

  

 220,961

  

  

  

 210,731

  

  

  

 187,360

  

  

  

 171,811

  

  

  

 140,668

  

 

 
 Home equity lines of credit

  

  

 55,136

  

  

  

 58,194

  

  

  

 59,306

  

  

  

 57,166

  

  

  

 52,434

  

 

 
 Other loans

  

  

 1,108

  

  

  

 860

  

  

  

 342

  

  

  

 405

  

  

  

 261

  

 

 
 Total loans

  

  

 6,678,629

  

  

  

 6,442,680

  

  

  

 6,258,623

  

  

  

 6,027,265

  

  

  

 5,824,532

  

 

 
 Less: Allowance for credit losses

  

  

 69,167

  

  

  

 67,026

  

  

  

 71,039

  

  

  

 68,642

  

  

  

 81,770

  

 

 
 Net loans

  

  

 6,609,462

  

  

  

 6,375,654

  

  

  

 6,187,584

  

  

  

 5,958,623

  

  

  

 5,742,762

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Premises and equipment

  

  

 40,830

  

  

  

 39,322

  

  

  

 39,164

  

  

  

 37,756

  

  

  

 36,626

  

 

 
 Other real estate owned

  

  

 908

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Accrued interest receivable

  

  

 34,060

  

  

  

 33,115

  

  

  

 31,971

  

  

  

 34,120

  

  

  

 33,209

  

 

 
 Bank owned life insurance

  

  

 48,071

  

  

  

 47,896

  

  

  

 47,761

  

  

  

 48,381

  

  

  

 48,239

  

 

 
 Goodwill and other intangible assets

  

  

 43,352

  

  

  

 43,595

  

  

  

 43,839

  

  

  

 44,111

  

  

  

 44,383

  

 

 
 Finance lease right-of-use assets

  

  

 774

  

  

  

 809

  

  

  

 844

  

  

  

 879

  

  

  

 914

  

 

 
 Operating lease right-of-use assets

  

  

 38,098

  

  

  

 38,079

  

  

  

 39,886

  

  

  

 37,692

  

  

  

 38,291

  

 

 
 Other assets

  

  

 43,593

  

  

  

 50,012

  

  

  

 49,411

  

  

  

 52,112

  

  

  

 49,746

  

 

 
 TOTAL ASSETS

  

 $

 7,970,293

  

  

 $

 7,698,965

  

  

 $

 7,526,409

  

  

 $

 7,439,642

  

  

 $

 7,200,673

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 LIABILITIES

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Deposits:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Noninterest-bearing demand deposits

  

 $

 1,624,244

  

  

 $

 1,544,515

  

  

 $

 1,428,745

  

  

 $

 1,323,492

  

  

 $

 1,237,864

  

 

 
 Interest-bearing demand deposits

  

  

 3,497,096

  

  

  

 3,533,203

  

  

  

 3,448,497

  

  

  

 3,509,403

  

  

  

 3,483,295

  

 

 
 Savings

  

  

 111,710

  

  

  

 114,955

  

  

  

 105,123

  

  

  

 104,524

  

  

  

 103,846

  

 

 
 Money market accounts

  

  

 1,448,916

  

  

  

 1,222,405

  

  

  

 1,197,995

  

  

  

 1,226,506

  

  

  

 1,095,665

  

 

 
 Certificates of deposit – Retail

  

  

 375,633

  

  

  

 411,688

  

  

  

 408,219

  

  

  

 397,338

  

  

  

 440,612

  

 

 
 Certificates of deposit – Listing Service

  

  

 —

  

  

  

 —

  

  

  

 400

  

  

  

 899

  

  

  

 1,841

  

 

 
 Total deposits

  

  

 7,057,599

  

  

  

 6,826,766

  

  

  

 6,588,979

  

  

  

 6,562,162

  

  

  

 6,363,123

  

 

 
 Short-term borrowings

  

  

 74,854

  

  

  

 63,830

  

  

  

 73,267

  

  

  

 —

  

  

  

 —

  

 

 
 Finance lease liability

  

  

 1,103

  

  

  

 1,145

  

  

  

 1,186

  

  

  

 1,227

  

  

  

 1,268

  

 

 
 Operating lease liability

  

  

 41,493

  

  

  

 41,458

  

  

  

 43,294

  

  

  

 41,139

  

  

  

 41,806

  

 

 
 Subordinated debt, net

  

  

 —

  

  

  

 —

  

  

  

 99,030

  

  

  

 98,981

  

  

  

 98,933

  

 

 
 Due to brokers

  

  

 9,642

  

  

  

 —

  

  

  

 —

  

  

  

 25,125

  

  

  

 —

  

 

 
 Other liabilities

  

  

 69,817

  

  

  

 66,562

  

  

  

 62,447

  

  

  

 68,458

  

  

  

 65,766

  

 

 
 TOTAL LIABILITIES

  

  

 7,254,508

  

  

  

 6,999,761

  

  

  

 6,868,203

  

  

  

 6,797,092

  

  

  

 6,570,896

  

 

 
 Shareholders’ equity

  

  

 715,785

  

  

  

 699,204

  

  

  

 658,206

  

  

  

 642,550

  

  

  

 629,777

  

 

 
 TOTAL LIABILITIES AND

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 SHAREHOLDERS’ EQUITY

  

 $

 7,970,293

  

  

 $

 7,698,965

  

  

 $

 7,526,409

  

  

 $

 7,439,642

  

  

 $

 7,200,673

  

 

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

  

 $

 13.9

  

  

 $

 13.1

  

  

 $

 13.1

  

  

 $

 12.9

  

  

 $

 12.3

  

 

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

 9

 
 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 As of

  

 

 
  

  

 June 30,

  

  

 March 31,

  

  

 Dec 31,

  

  

 Sept 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2026

  

  

 2025

  

  

 2025

  

  

 2025

  

 

 
 Asset Quality:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans past due over 90 days and still accruing (A)

  

 $

 3,300

  

  

 $

 —

  

  

 $

 —

  

  

 $

 —

  

  

 $

 —

  

 

 
 Nonaccrual loans

  

  

 68,034

  

  

  

 59,321

  

  

  

 68,243

  

  

  

 84,142

  

  

  

 114,958

  

 

 
 Other real estate owned

  

  

 908

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Total nonperforming assets

  

 $

 72,242

  

  

 $

 59,321

  

  

 $

 68,243

  

  

 $

 84,142

  

  

 $

 114,958

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Nonperforming loans to total loans

  

  

 1.07

 %

  

  

 0.92

 %

  

  

 1.09

 %

  

  

 1.40

 %

  

  

 1.97

 %

 

 
 Nonperforming assets to total assets

  

  

 0.91

 %

  

  

 0.77

 %

  

  

 0.91

 %

  

  

 1.13

 %

  

  

 1.60

 %

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Performing modifications (B)(C)

  

 $

 27,268

  

  

 $

 85,835

  

  

 $

 95,266

  

  

 $

 101,501

  

  

 $

 111,962

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans past due 30 through 89 days and still accruing (D)

  

 $

 48,080

  

  

 $

 47,053

  

  

 $

 26,555

  

  

 $

 28,817

  

  

 $

 15,522

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans subject to special mention

  

 $

 59,832

  

  

 $

 75,935

  

  

 $

 51,027

  

  

 $

 56,534

  

  

 $

 86,907

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Classified loans

  

 $

 97,713

  

  

 $

 90,583

  

  

 $

 118,912

  

  

 $

 134,982

  

  

 $

 145,783

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Individually evaluated loans

  

 $

 68,034

  

  

 $

 59,321

  

  

 $

 68,243

  

  

 $

 84,142

  

  

 $

 114,958

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Allowance for credit losses ("ACL"):

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Beginning of quarter

  

 $

 67,026

  

  

 $

 71,039

  

  

 $

 68,642

  

  

 $

 81,770

  

  

 $

 75,150

  

 

 
 Provision for credit losses (E)

  

  

 8,012

  

  

  

 7,322

  

  

  

 7,659

  

  

  

 4,871

  

  

  

 6,577

  

 

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

  

  

 (5,871

 )

  

  

 (11,335

 )

  

  

 (5,262

 )

  

  

 (17,999

 )

  

  

 43

  

 

 
 End of quarter

  

 $

 69,167

  

  

 $

 67,026

  

  

 $

 71,039

  

  

 $

 68,642

  

  

 $

 81,770

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 ACL to nonperforming loans

  

  

 96.96

 %

  

  

 112.99

 %

  

  

 104.10

 %

  

  

 81.58

 %

  

  

 71.13

 %

 

 
 ACL to total loans

  

  

 1.04

 %

  

  

 1.04

 %

  

  

 1.14

 %

  

  

 1.14

 %

  

  

 1.40

 %

 

 
 Collectively evaluated ACL to total loans (G)

  

  

 0.97

 %

  

  

 0.94

 %

  

  

 0.94

 %

  

  

 0.95

 %

  

  

 1.06

 %

 

  
(A) Related to one matured, well secured multifamily loan. Closing is pending resolution of certain legal matters.
(B) Amounts reflect modifications that are paying according to modified terms.
(C) Excludes modifications included in nonaccrual loans of $21.6 million at June 30, 2026, $19.6 million at March 31, 2026, $36.0 million at December 31, 2025, $37.6 million at September 30, 2025, and $38.1 million at June 30, 2025.
(D) Includes one equipment financing relationship of $10.3 million that was in the process of restructuring at June 30, 2026.
(E) Excludes provision of $76,000 at June 30, 2026, provision of $5,000 at March 31, 2026, provision of $12,000 at December 31, 2025, a credit of $81,000 at September 30, 2025, and provision of $9,000 at June 30, 2025.
(F) Includes charge-offs of $4.8 million related to one multifamily loan and $995,000 related to one commercial mortgage for the quarter ended June 30, 2026. Includes charge-offs of $7.8 million related to two commercial and industrial loans and $3.5 million to one multifamily loan for the quarter ended March 31, 2026. Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. Includes charge-offs of $6.7 million related to three multifamily loans and $11.3 million related to one equipment financing relationship for the quarter ended September 30, 2025.
(G) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.
 

 10

 
 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 As of

  

 

 
  

  

 June 30,

  

  

 Dec 31,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2025

  

 

 
 Capital Adequacy

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Common equity to total assets (A)

  

  

  

  

 8.60

 %

  

  

  

  

 8.75

 %

  

  

  

  

 8.75

 %

 

 
 Tangible common equity to tangible assets (B)

  

  

  

  

 8.10

 %

  

  

  

  

 8.21

 %

  

  

  

  

 8.18

 %

 

 
 Book value per share (C)

  

  

  

 $

 38.70

  

  

  

  

 $

 37.49

  

  

  

  

 $

 35.71

  

 

 
 Tangible book value per share (D)

  

  

  

 $

 36.26

  

  

  

  

 $

 34.99

  

  

  

  

 $

 33.19

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 As of

 

 
  

  

 June 30,

  

 Dec 31,

  

 June 30,

 

 
  

  

 2026

  

 2025

  

 2025

 

 
 Regulatory Capital – Holding Company

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Tier I leverage

  

 $

 721,057

  

  

 9.13%

  

 $

 660,696

  

  

 8.87%

  

 $

 639,537

  

  

 8.94%

 

 
 Tier I capital to risk-weighted assets

  

  

 721,057

  

  

 10.83

  

  

 660,696

  

  

 10.33

  

  

 639,537

  

  

 10.99

 

 
 Common equity tier I capital ratio   to risk-weighted assets

  

  

 690,998

  

  

 10.38

  

  

 660,637

  

  

 10.33

  

  

 639,531

  

  

 10.99

 

 
 Tier I & II capital to risk-weighted assets

  

  

 790,916

  

  

 11.88

  

  

 811,375

  

  

 12.68

  

  

 811,322

  

  

 13.94

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Regulatory Capital – Bank

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Tier I leverage (E)

  

 $

 705,511

  

  

 8.96%

  

 $

 735,931

  

  

 9.89%

  

 $

 714,365

  

  

 9.99%

 

 
 Tier I capital to risk-weighted assets (F)

  

  

 705,511

  

  

 10.60

  

  

 735,931

  

  

 11.52

  

  

 714,365

  

  

 12.29

 

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

  

  

 705,452

  

  

 10.60

  

  

 735,872

  

  

 11.52

  

  

 714,359

  

  

 12.29

 

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

  

  

 775,370

  

  

 11.65

  

  

 807,580

  

  

 12.64

  

  

 787,170

  

  

 13.54

 

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

 11

 
 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Quarters Ended

  

 

 
  

  

 June 30,

  

  

 March 31,

  

  

 Dec 31,

  

  

 Sept 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2026

  

  

 2025

  

  

 2025

  

  

 2025

  

 

 
 Residential loans retained

  

 $

 52,253

  

  

 $

 29,376

  

  

 $

 18,993

  

  

 $

 18,323

  

  

 $

 34,990

  

 

 
 Residential loans sold

  

  

 4,792

  

  

  

 4,680

  

  

  

 2,544

  

  

  

 445

  

  

  

 1,712

  

 

 
 Total residential loans

  

  

 57,045

  

  

  

 34,056

  

  

  

 21,537

  

  

  

 18,768

  

  

  

 36,702

  

 

 
 Commercial real estate

  

  

 136,077

  

  

  

 138,570

  

  

  

 130,790

  

  

  

 78,825

  

  

  

 24,086

  

 

 
 Multifamily

  

  

 46,500

  

  

  

 31,825

  

  

  

 100,611

  

  

  

 47,991

  

  

  

 73,350

  

 

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

  

  

 383,129

  

  

  

 274,269

  

  

  

 358,468

  

  

  

 453,554

  

  

  

 200,671

  

 

 
 SBA

  

  

 —

  

  

  

 11,445

  

  

  

 2,666

  

  

  

 6,821

  

  

  

 7,090

  

 

 
 Wealth lines of credit (A)

  

  

 23,255

  

  

  

 5,225

  

  

  

 3,925

  

  

  

 2,700

  

  

  

 2,400

  

 

 
 Total commercial loans

  

  

 588,961

  

  

  

 461,334

  

  

  

 596,460

  

  

  

 589,891

  

  

  

 307,597

  

 

 
 Installment loans

  

  

 26,844

  

  

  

 30,171

  

  

  

 40,428

  

  

  

 47,115

  

  

  

 8,164

  

 

 
 Home equity lines of credit (A)

  

  

 4,369

  

  

  

 6,638

  

  

  

 3,929

  

  

  

 11,755

  

  

  

 5,154

  

 

 
 Total loans closed

  

 $

 677,219

  

  

 $

 532,199