Peapack-Gladstone Financial Corporation Reports Third Quarter Financial Results

(MENAFN- GlobeNewsWire - Nasdaq) BEDMINSTER, N.J., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation ( NASDAQ Global Select Market: PGC ) (the "Company") announced its third quarter 2026 financial results.

This earnings release should be read in conjunction with the Company's Q3 2026 Investor Update, a copy of which is available on our website at and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at .

The Company reported third quarter 2026 financial results that reflect continued execution of its private banking strategy and earnings momentum. Total revenue increased 24% year-over-year to $87.5 million, representing the Company's tenth consecutive quarter of revenue growth, as net interest income increased 33% to $67.5 million and net interest margin expanded to 3.34%. Wealth management fee income of $17.3 million represented 20% of total revenue. At the same time, operating expenses increased only 5% year-over-year and declined on a linked-quarter basis, 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. The Company continued to generate relationship-based balance sheet growth, with total loans reaching $7.1 billion and deposits reaching $7.4 billion at September 30, 2026.

Douglas L. Kennedy, President and CEO stated,“Our investments in experienced teams across New York City, Westchester and Long Island are translating into deeper client relationships and strong loan and deposit growth. We have built the capabilities and geographic presence to serve more of our clients' financial needs, and the earnings contribution from that platform continues to grow."

Mr. Kennedy added, "We enter the fourth quarter with strong pipelines and confidence in our teams. Our focus is on increasing productivity across the platform we have built, maintaining pricing and expense discipline, and translating continued relationship growth into higher returns. Credit and capital discipline remain central to that execution.”

Our third quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. The continued growth in net interest income and expansion in net interest margin, together with disciplined expense management, led to net income available to common shareholders of $18.5 million, or $0.99 per diluted share for the third quarter, compared to $15.8 million, or $0.86 per diluted share, for the linked quarter and $9.6 million, or $0.54 per diluted share for the quarter ended September 30, 2025. Net income available to common shareholders increased 17% on a linked-quarter basis, and diluted earnings per share increased 83% year-over-year. Operating expenses declined 1% sequentially to $55.1 million; the GAAP efficiency ratio improved 166 basis points to 63.03%. Asset quality also improved, with nonperforming assets declining 20% sequentially to $55.8 million, or 0.68% of total assets. Tangible book value per share increased 6% year-over-year to $36.24 at September 30, 2026.

During the first quarter the Company 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 projected growth rates, we elected to issue the remaining $20 million of our 6% non-cumulative perpetual convertible preferred stock on July 24, 2026.

Third Quarter Highlights:

• Net income available to common shareholders of $18.5 million, or $0.99 per diluted share
• Total revenue of $87.5 million, representing the tenth consecutive quarter of revenue growth
• Net interest income: $67.5 million, up 6% compared to the linked quarter and 33% year-over-year
• Net interest margin: 3.34%, an increase of two basis points compared to the linked quarter and 53 basis points year-over-year
• Loan growth: $7.1 billion in total loans, an increase of $1.1 billion year-over-year
• Deposits: $7.4 billion at September 30, 2026, an increase of $796 million year-over-year
• Wealth management: $13.6 billion in assets under management and administration, up 6% year-over-year
• Wealth management fee income: $17.3 million or 20% of total revenue
• Shareholders' equity: $735.6 million at September 30, 2026, an increase of $93 million year-over-year
• Tangible book value per share increased 6% year-over-year to $36.24. Book value per share increased 6% year-over-year to $38.67
  

Key Financial Metrics		Q3 2026			Q2 2026			Q3 2025
Net income available to common shareholders ($ millions)		$	18.5			$	15.8			$	9.6
Diluted EPS		$	0.99			$	0.86			$	0.54
Net interest income ($ millions)		$	67.5			$	63.9			$	50.6
Net interest margin			3.34	%			3.32	%			2.81	%
Total revenue ($ millions)		$	87.5			$	86.1			$	70.7
Operating expenses ($ millions)		$	55.1			$	55.7			$	52.3
Pre-provision net revenue ($ millions)		$	32.3			$	30.4			$	18.4
Return on average assets (annualized)			0.93	%			0.81	%			0.53	%
Return on average common equity (annualized)			10.70	%			9.34	%			6.12	%

Earnings and Operating Leverage

The Company generated strong revenue growth of 24% year-over-year, with total revenue of $87.5 million for the third quarter of 2026, compared to $86.1 million for the second quarter of 2026 and $70.7 million for the third quarter of 2025. Revenue growth was primarily attributable to the consistent improvement in net interest income over the last twelve months. The increase in revenue and continued expense discipline translated into higher earnings driving positive operating leverage and improved profitability.

Operating expenses decreased to $55.1 million for the third quarter of 2026, compared to $55.7 million for the second quarter of 2026. Operating expenses were $52.3 million for the third quarter of 2025. The GAAP efficiency ratio improved for an eighth consecutive quarter to approximately 63%.

Net Interest Income and Margin

Net interest income totaled $67.5 million for the third quarter of 2026, an increase of $3.6 million, or 6%, from the second quarter of 2026 and an increase of $16.9 million, or 33%, from the third quarter of 2025. Net interest margin expanded to 3.34% compared to 3.32% in the prior quarter and 2.81% in the third quarter of 2025, continuing the upward trend over the past several quarters. This improvement in net interest income and net interest margin was primarily driven by balance sheet repositioning, disciplined pricing and improved earning-asset yields.

Loans / Commercial Banking

Total loans increased $403 million, or 24% on an annualized basis, to $7.1 billion at September 30, 2026, compared to $6.7 billion at June 30, 2026. Loans have grown $1.1 billion year-over-year. Growth remained concentrated in our core areas of strength, particularly C&I and commercial real estate. Commercial mortgage activity was bolstered by sponsor demand for stabilized assets and refinancing activity. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at September 30, 2026 were $3.1 billion, or 43% of the total loan portfolio.

Mr. Kennedy noted,“The strength of our loan growth is measured not only by its pace, but also by its quality. Our bankers continue to onboard core relationships, delivering a coordinated approach that integrates commercial banking, personal banking, treasury management and wealth management through a single point of contact. This relationship model deepens client engagement and enables us to compete effectively with much larger institutions."

Wealth Management

John Babcock, President of the Bank's Wealth Management Division, stated,“Wealth Management generated $346 million of gross client inflows during the quarter, reflecting the strength of our client relationships and the breadth of our advisory platform. We continue to deepen those relationships by bringing investment management, trust, tax, financial planning and other specialized services together with the Bank's lending and liquidity capabilities to serve clients and their families over time.”

Funding / Liquidity / Interest Rate Risk Management

Total deposits increased $301 million, or 17% annualized, to $7.4 billion at September 30, 2026, from $7.1 billion at June 30, 2026. Relationship-based deposits have created solid franchise value for our Company. Noninterest-bearing deposits increased $232 million year-over-year, representing 29% of total deposit growth over the last twelve months and a meaningful component of total funding, supporting both margin expansion and balance sheet stability. In addition, short-term borrowings increased $206 million during the third quarter of 2026 to supplement deposit funding and support continued loan growth, while maintaining appropriate liquidity levels.

The Company's liquidity profile remains strong with a loan-to-deposit ratio of 96%. At September 30, 2026, the Company's balance sheet liquidity totaled $1.1 billion, or 13% of total assets. The Company maintains additional liquidity resources of approximately $4.2 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 $5.3 billion at September 30, 2026, which amounted to 214% 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.

Income Taxes

The effective tax rate was 20.5% for the September 2026 quarter, compared to 28.4% for the June 2026 quarter and 29.2% for the quarter ended September 30, 2025. The effective tax rate for the third quarter of 2026 included a discrete income tax benefit of approximately $1.8 million related to the purchase of transferable production tax credits.

Asset Quality / Provision for Credit Losses

Nonperforming assets decreased to $57.8 million, or 0.68% of total assets compared to $72.2 million, or 0.91% of total assets, at June 30, 2026. The decrease in nonperforming assets during the third quarter of 2026 reflects the Company's concentrated effort to resolve problem loans. Loans past due 30 through 89 days and still accruing decreased to $39.4 million, or 0.56% of total loans at September 30, 2026, compared to $48.1 million, or 0.72% of total loans, at June 30, 2026.

Mr. Kennedy noted,“During the quarter, we made progress in reducing nonperforming assets and delinquent loan balances, while loans subject to special mention and classified also declined. These trends reflect our active management of individual credit situations and the progress we are making in resolving them. We remain focused on disciplined underwriting, proactive portfolio oversight and maintaining reserve coverage that is appropriate for the risk profile of the portfolio."

The provision for credit losses totaled $8.5 million for the third quarter of 2026, compared to $8.1 million for the second quarter of 2026 and $4.8 million for the September 30, 2025 quarter. During the third quarter of 2026, approximately $5.0 million of the provision was attributable to loan growth of $403 million while $4.6 million related to increases in specific reserves, partially offset by improved economic factors.

At September 30, 2026, the allowance for credit losses ("ACL") was $73.0 million (1.03% of total loans), compared to $69.2 million (1.04% of total loans) at June 30, 2026. The increase in the ACL was due to the provision for credit losses of $8.5 million, partially offset by net charge-offs of $4.7 million. Charge-offs consisted of $1.7 million during the period related to two multifamily properties and $2.8 million related to seven commercial and industrial loans. These charge-offs were partially offset by recoveries of $25,000 during the third quarter of 2026.

Capital

The Company's capital position remained solid during the third quarter of 2026 and continued to benefit from earnings generation. Based on our continued growth, 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.

To further support capital, the Company has reinstated the feature in our Dividend Reinvestment Plan which will allow participants to purchase shares of our common stock through the Plan at a 3% discount to the current market price. This enhancement will become effective beginning with the Company's next dividend payment in November 2026.

Tangible book value per share increased 6% to $36.24 per share at September 30, 2026 from $34.10 at September 30, 2025. Book value per share increased 6% to $38.67 per share at September 30, 2026 compared to $36.62 at September 30, 2025.

As of September 30, 2026, the Company and the Bank maintained strong regulatory capital ratios. The Tier 1 Leverage Ratio at September 30, 2026 was 9.13% for the Bank and 9.29% for the Company, while the Common Equity Tier 1 Ratio was 10.59% for the Bank and 10.06% 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 October 28, 2026 at 11:00 a.m. (ET) to review third quarter 2026 financial results. The live audio webcast and presentation slides will be available using the following link: or join the toll-free teleconference by dialing 1-833-461-5787 and entering access code 855 592 172. Investor presentation materials will be made available prior to the conference call by going to the Investor Relations page on our Company website at . 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 $8.5 billion and assets under management and/or administration of $13.6 billion as of September 30, 2026. Founded in 1921, Peapack Private Bank & Trust is a boutique private bank serving successful individuals, families, business owners, family offices, and their trusted advisors through personalized relationships and bespoke banking, lending, wealth management, investment banking, and trust solutions. Distinguished by a relationship-first approach, every client is supported by a dedicated relationship manager who provides thoughtful guidance, seamless coordination, and access to the Bank's full breadth of expertise. The Bank's Wealth Management division delivers sophisticated investment management, fiduciary, tax, estate, and financial planning strategies designed to help clients preserve, grow, and transfer wealth across generations. Defined by discretion, exceptional service, and enduring relationships, Peapack Private is committed to helping clients achieve their financial goals while protecting the legacy they have built. For more information, visit .

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, the shape of the yield curve 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;
• a reduction in our lower-cost funding sources;
• changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio;
• our inability to adapt to technological changes;
• claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;
• our inability to attract and retain key employees;
• demand for loans and deposits in our market areas;
• adverse changes in securities markets;
• changes in New York City rent regulation law;
• changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary and fiscal policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
• changes in accounting policies and practices; and/or
• other unexpected material adverse changes in our financial condition, operations or earnings.
  

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

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

(Tables to follow)

PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in Thousands, except per share data) (Unaudited)
		For the Three Months Ended
		Sept 30,			June 30,			March 31,			Dec 31,			Sept 30,
		2026			2026			2026			2025			2025
Income Statement Data:
Interest income		$	106,871			$	100,210			$	95,049			$	93,984			$	92,545
Interest expense			39,379				36,289				35,153				37,442				41,972
Net interest income			67,492				63,921				59,896				56,542				50,573
Wealth management fee income			17,279				17,220				16,503				16,064				15,798
Service charges and fees			1,443				1,390				1,359				1,317				1,184
Capital markets revenue			131				925				544				873				901
Other income			1,143				2,596				4,191				3,405				2,238
Total other income			19,996				22,131				22,597				21,659				20,121
Total revenue			87,488				86,052				82,493				78,201				70,694
Compensation expense			29,879				29,352				29,782				28,399				28,613
Benefits expense			9,427				10,250				9,583				8,397				8,143
Premises and equipment			7,190				7,009				6,858				7,142				6,676
FDIC insurance expense			1,557				1,495				1,388				1,565				1,345
Professional and legal fees			1,509				1,532				1,554				1,868				1,972
Trust department expense			1,186				1,189				1,180				1,139				1,111
Loan expense			430				687				556				905				475
Advertising			377				468				267				329				651
Other expenses			3,593				3,685				4,272				3,794				3,311
Total operating expenses			55,148				55,667				55,440				53,538				52,297
Pretax income before provision for credit losses			32,340				30,385				27,053				24,663				18,397
Provision for credit losses			8,499				8,088				7,327				7,671				4,790
Income before income taxes			23,841				22,297				19,726				16,992				13,607
Income tax expense			4,895				6,325				5,573				4,833				3,976
Net Income			18,946				15,972				14,153				12,159				9,631
Dividends on preferred stock			495				195				-				-				-
Net income available to common shareholders		$	18,451			$	15,777			$	14,153			$	12,159			$	9,631
Per Common Share Data:
Earnings per share (basic)		$	1.04			$	0.89			$	0.80			$	0.69			$	0.55
Earnings per share (diluted)			0.99				0.86				0.80				0.69				0.54
Weighted average number of common shares outstanding:
Basic			17,727,852				17,717,883				17,585,846				17,558,019				17,576,899
Diluted			19,069,474				18,625,408				17,760,678				17,705,355				17,686,979
Performance Ratios:
Return on average assets annualized (ROAA)			0.93	%			0.81	%			0.74	%			0.65	%			0.53	%
Return on average common equity annualized (ROACE)			10.70	%			9.34	%			8.53	%			7.51	%			6.12	%
Return on average tangible common equity annualized (ROATCE) (A)			11.41	%			9.98	%			9.13	%			8.06	%			6.59	%
Net interest margin (tax-equivalent basis)			3.34	%			3.32	%			3.26	%			3.08	%			2.81	%
GAAP efficiency ratio (B)			63.03	%			64.69	%			67.21	%			68.46	%			73.98	%
Operating expenses / average assets annualized			2.70	%			2.83	%			2.92	%			2.88	%			2.87	%

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA (Dollars in Thousands, except per share data) (Unaudited)
		For the Nine Months Ended
		September 30,			Change
		2026			2025			$			%
Income Statement Data:
Interest income		$	302,130			$	268,541			$	33,589				13	%
Interest expense			110,821				124,173				(13,352	)			-11	%
Net interest income			191,309				144,368				46,941				33	%
Wealth management fee income			51,002				47,176				3,826				8	%
Service charges and fees			4,192				3,490				702				20	%
Capital markets revenue			1,600				2,155				(555	)			-26	%
Other income			7,930				7,605				325				4	%
Total other income			64,724				60,426				4,298				7	%
Total revenue			256,033				204,794				51,239				25	%
Compensation expense			89,013				83,160				5,853				7	%
Benefits expense			29,260				25,536				3,724				15	%
Premises and equipment			21,057				19,471				1,586				8	%
FDIC insurance expense			4,440				3,245				1,195				37	%
Professional and legal fees			4,595				4,807				(212	)			-4	%
Trust department expense			3,555				3,246				309				10	%
Loan expense			1,673				1,847				(174	)			-9	%
Advertising			1,112				1,724				(612	)			-35	%
Other expenses			11,550				10,594				956				9	%
Total operating expenses			166,255				153,630				12,625				8	%
Pretax income before provision for credit losses			89,778				51,164				38,614				75	%
Provision for credit losses			23,914				15,847				8,067				51	%
Income before income taxes			65,864				35,317				30,547				86	%
Income tax expense			16,793				10,150				6,643				65	%
Net Income			49,071				25,167				23,904				95	%
Dividends on preferred stock			690				-				690			N/A
Net income available to common shareholders		$	48,381			$	25,167			$	23,214				92	%
Per Common Share Data:
Earnings per share (basic)		$	2.74			$	1.43			$	1.31				92	%
Earnings per share (diluted)			2.65				1.42				1.23				87	%
Weighted average number of common shares outstanding:
Basic			17,677,714				17,630,517				47,197				0	%
Diluted			18,500,371				17,763,871				736,500				4	%
Performance Ratios:
Return on average assets (ROAA)			0.83	%			0.47	%			0.36	%			77	%
Return on average common equity (ROAE)			9.54	%			5.41	%			4.13	%			76	%
Return on average tangible common equity (ROATCE) (A)			10.19	%			5.83	%			4.36	%			75	%
Net interest margin (tax-equivalent basis)			3.30	%			2.76	%			0.54	%			20	%
GAAP efficiency ratio (B)			64.93	%			75.02	%			(10.09	)%			-13	%
Operating expenses / average assets			2.81	%			2.87	%			(0.06	)%			-2	%

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CONDITION (Dollars in Thousands) (Unaudited)
		As of
		Sept 30,			June 30,			March 31,			Dec 31,			Sept 30,
		2026			2026			2026			2025			2025
ASSETS
Cash and due from banks		$	9,039			$	8,388			$	9,220			$	8,712			$	8,514
Interest-earning deposits			259,843				245,506				244,194				179,108				338,672
Total cash and cash equivalents			268,882				253,894				253,414				187,820				347,186
Securities available for sale			811,994				752,440				710,046				774,203				756,578
Securities held to maturity			77,350				78,560				79,478				95,862				97,414
CRA equity security, at fair value			12,818				13,320				13,375				13,459				13,403
FHLB and FRB stock, at cost (A)			22,199				12,931				14,170				14,605				11,387
Residential mortgage			670,985				679,234				662,949				648,216				649,523
Multifamily mortgage			1,832,595				1,804,380				1,824,882				1,862,592				1,796,533
Commercial mortgage			1,137,877				981,896				887,712				774,428				689,166
Commercial and industrial loans			3,071,232				2,935,914				2,797,352				2,726,379				2,662,661
Consumer loans			311,167				220,961				210,731				187,360				171,811
Home equity lines of credit			56,702				55,136				58,194				59,306				57,166
Other loans			1,128				1,108				860				342				405
Total loans			7,081,686				6,678,629				6,442,680				6,258,623				6,027,265
Less: Allowance for credit losses			72,951				69,167				67,026				71,039				68,642
Net loans			7,008,735				6,609,462				6,375,654				6,187,584				5,958,623
Premises and equipment			41,983				40,830				39,322				39,164				37,756
Other real estate owned			96				908				-				-				-
Accrued interest receivable			35,297				34,060				33,115				31,971				34,120
Bank owned life insurance			48,266				48,071				47,896				47,761				48,381
Goodwill and other intangible assets			43,116				43,352				43,595				43,839				44,111
Finance lease right-of-use assets			739				774				809				844				879
Operating lease right-of-use assets			43,399				38,098				38,079				39,886				37,692
Other assets			82,672				43,593				50,012				49,411				52,112
TOTAL ASSETS		$	8,497,546			$	7,970,293			$	7,698,965			$	7,526,409			$	7,439,642
LIABILITIES
Deposits:
Noninterest-bearing demand deposits		$	1,555,544			$	1,624,244			$	1,544,515			$	1,428,745			$	1,323,492
Interest-bearing demand deposits			3,658,620				3,497,096				3,533,203				3,448,497				3,509,403
Savings			103,933				111,710				114,955				105,123				104,524
Money market accounts			1,670,251				1,448,916				1,222,405				1,197,995				1,226,506
Certificates of deposit – Retail			370,034				375,633				411,688				408,219				397,338
Certificates of deposit – Listing Service			-				-				-				400				899
Total deposits			7,358,382				7,057,599				6,826,766				6,588,979				6,562,162
Short-term borrowings			281,119				74,854				63,830				73,267				-
Finance lease liability			1,060				1,103				1,145				1,186				1,227
Operating lease liability			46,804				41,493				41,458				43,294				41,139
Subordinated debt, net			-				-				-				99,030				98,981
Due to brokers			-				9,642				-				-				25,125
Other liabilities			74,555				69,817				66,562				62,447				68,458
TOTAL LIABILITIES			7,761,920				7,254,508				6,999,761				6,868,203				6,797,092
Shareholders' equity			735,626				715,785				699,204				658,206				642,550
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY		$	8,497,546			$	7,970,293			$	7,698,965			$	7,526,409			$	7,439,642
Assets under management and / or administration at Peapack Private Bank & Trust's Wealth Management Division (market value, not included above-dollars in billions)		$	13.6			$	13.9			$	13.1			$	13.1			$	12.9

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED BALANCE SHEET DATA (Dollars in Thousands) (Unaudited)
		As of
		Sept 30,			June 30,			March 31,			Dec 31,			Sept 30,
		2026			2026			2026			2025			2025
Asset Quality:
Loans past due over 90 days and still accruing (A)		$	200			$	3,300			$	-			$	-			$	-
Nonaccrual loans			57,535				68,034				59,321				68,243				84,142
Other real estate owned			96				908				-				-				-
Total nonperforming assets		$	57,831			$	72,242			$	59,321			$	68,243			$	84,142
Nonperforming loans to total loans			0.82	%			1.07	%			0.92	%			1.09	%			1.40	%
Nonperforming assets to total assets			0.68	%			0.91	%			0.77	%			0.91	%			1.13	%
Performing modifications (B)(C)		$	38,388			$	27,268			$	85,835			$	95,266			$	101,501
Loans past due 30 through 89 days and still accruing (D)		$	39,379			$	48,080			$	47,053			$	26,555			$	28,817
Loans subject to special mention		$	56,380			$	59,832			$	75,935			$	51,027			$	56,534
Classified loans		$	89,498			$	97,713			$	90,583			$	118,912			$	134,982
Individually evaluated loans		$	57,535			$	68,034			$	59,321			$	68,243			$	84,142
Allowance for credit losses ("ACL"):
Beginning of quarter		$	69,167			$	67,026			$	71,039			$	68,642			$	81,770
Provision for credit losses (E)			8,436				8,012				7,322				7,659				4,871
(Charge-offs)/recoveries, net (F)			(4,652	)			(5,871	)			(11,335	)			(5,262	)			(17,999	)
End of quarter		$	72,951			$	69,167			$	67,026			$	71,039			$	68,642
ACL to nonperforming loans			126.35	%			96.96	%			112.99	%			104.10	%			81.58	%
ACL to total loans			1.03	%			1.04	%			1.04	%			1.14	%			1.14	%
Collectively evaluated ACL to total loans (G)			0.97	%			0.97	%			0.94	%			0.94	%			0.95	%

(A) Related to one matured, well secured multifamily loan. Closing is pending resolution of certain legal matters at June 30, 2026.
(B) Amounts reflect modifications that are paying according to modified terms.
(C) Excludes modifications included in nonaccrual loans of $24.7 million at September 30, 2026, $21.6 million at June 30, 2026, $19.6 million at March 31, 2026, $36.0 million at December 31, 2025 and $37.6 million at September 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 $63,000 at September 30, 2026, provision of $76,000 at June 30, 2026, provision of $5,000 at March 31, 2026, provision of $12,000 at December 31, 2025 and a credit of $81,000 at September 30, 2025.
(F) Includes charge-offs of $1.7 million related to two multifamily loans and $2.8 million related to seven commercial and industrial loans for the quarter ended September 30, 2026. Includes charge-offs of $4.8 million related to one multifamily loan and $995,000 related to one commercial mortgage for the quarter ended June 30, 2026. Includes charge-offs of $7.8 million related to two commercial and industrial loans and $3.5 million to one multifamily loan for the quarter ended March 31, 2026. Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. Includes charge-offs of $6.7 million related to three multifamily loans and $11.3 million related to one equipment financing relationship for the quarter ended September 30, 2025.
(G) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.

PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED BALANCE SHEET DATA (Dollars in Thousands) (Unaudited)
		As of
		September 30,			December 31,			September 30,
		2026			2025			2025
Capital Adequacy
Common equity to total assets (A)			8.07	%			8.75	%			8.64	%
Tangible common equity to tangible assets (B)			7.60	%			8.21	%			8.09	%
Book value per share (C)		$	38.67			$	37.49			$	36.62
Tangible book value per share (D)		$	36.24			$	34.99			$	34.10

(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
		September 30,		December 31,		September 30,
		2026		2025		2025
Regulatory Capital – Holding Company
Tier I leverage		$	760,887			9.29	%		$	660,696			8.87	%		$	647,549			8.86	%
Tier I capital to risk-weighted assets			760,887			10.77				660,696			10.33				647,549			10.47
Common equity tier I capital ratio to risk-weighted assets			710,828			10.06				660,637			10.33				647,543			10.47
Tier I & II capital to risk-weighted assets			834,593			11.81				811,375			12.68				815,770			13.20
Regulatory Capital – Bank
Tier I leverage (E)		$	747,076			9.13	%		$	735,931			9.89	%		$	722,684			9.89	%
Tier I capital to risk-weighted assets (F)			747,076			10.59				735,931			11.52				722,684			11.70
Common equity tier I capital ratio to risk-weighted assets (G)			747,017			10.59				735,872			11.52				722,678			11.70
Tier I & II capital to risk-weighted assets (H)			820,782			11.63				807,580			12.64				791,924			12.82

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($327 million)
(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($600 million)
(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($494 million)
(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($741 million)

PEAPACK-GLADSTONE FINANCIAL CORPORATION LOANS CLOSED (Dollars in Thousands) (Unaudited)
		For the Quarters Ended
		Sept 30,			June 30,			March 31,			Dec 31,			Sept 30,
		2026			2026			2026			2025			2025
Residential loans retained		$	25,698			$	52,253			$	29,376			$	18,993			$	18,323
Residential loans sold			2,077				4,792				4,680				2,544				445
Total residential loans			27,775				57,045				34,056				21,537				18,768
Commercial real estate			183,231				136,077				138,570				130,790				78,825
Multifamily			58,895				46,500				31,825				100,611				47,991
Commercial (C&I) loans (A) (B)			514,517				383,129				274,269				358,468				453,554
SBA			-				-				11,445				2,666				6,821
Wealth lines of credit (A)			12,450				23,255				5,225				3,925				2,700
Total commercial loans			769,093				588,961				461,334				596,460				589,891
Installment loans			123,422				26,844				30,171				40,428				47,115
Home equity lines of credit (A)			10,394				4,369				6,638				3,929				11,755
Total loans closed		$	930,684			$	677,219			$	532,199			$	662,354			$	667,529

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

		For the Nine Months Ended
		Sept 30,			Sept 30,
		2026			2025
Residential loans retained		$	107,327			$	78,470
Residential loans sold			11,549				6,231
Total residential loans			118,876				84,701
Commercial real estate			457,878				150,191
Multifamily			137,220				128,141
Commercial (C&I) loans (A) (B)			1,171,915				911,507
SBA			11,445				19,839
Wealth lines of credit (A)			40,930				15,000
Total commercial loans			1,819,388				1,224,678
Installment loans			180,437				132,220
Home equity lines of credit (A)			21,401				21,714
Total loans closed		$	2,140,102			$	1,463,313

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET (Tax-Equivalent Basis, Dollars in Thousands) (Unaudited)
		For the Three Months Ended
		September 30, 2026			September 30, 2025
		Average			Income/			Annualized			Average			Income/			Annualized
		Balance			Expense			Yield			Balance			Expense			Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)		$	939,090			$	7,430				3.16	%		$	963,706			$	7,504				3.11	%
Loans (B) (C):
Mortgages			668,213				7,909				4.73				650,299				7,337				4.51
Commercial mortgages			2,839,401				36,229				5.06				2,458,008				28,447				4.63
Commercial			3,008,999				48,106				6.39				2,586,780				42,790				6.62
Commercial construction			807				13				6.39				-				-				-
Installment			307,122				4,753				6.14				156,471				2,718				6.95
Home equity			55,640				962				6.86				53,781				1,020				7.59
Other			1,033				4				1.54				363				5				5.43
Total loans			6,881,215				97,976				5.65				5,905,702				82,317				5.58
Interest-earning deposits			226,092				1,679				2.95				304,681				2,960				3.89
Total interest-earning assets			8,046,397				107,085				5.28	%			7,174,089				92,781				5.17	%
Noninterest-earning assets:
Cash and due from banks			8,293										12,279
Allowance for credit losses			(71,902	)									(82,803	)
Premises and equipment			41,471										37,608
Other assets			132,562										136,238
Total noninterest-earning assets			110,424										103,322
Total assets		$	8,156,821									$	7,277,411
LIABILITIES:
Interest-bearing deposits:
Checking		$	3,811,998			$	26,454				2.75	%		$	3,640,088			$	29,975				3.29	%
Money markets			1,315,270				8,848				2.67				1,005,633				7,225				2.87
Savings			106,103				197				0.74				104,777				178				0.68
Certificates of deposit – retail			376,680				2,736				2.88				429,389				3,657				3.41
Subtotal interest-bearing deposits			5,610,051				38,235				2.70				5,179,887				41,035				3.17
Interest-bearing demand – brokered			-				-				-				-				-				-
Total interest-bearing deposits			5,610,051				38,235				2.70				5,179,887				41,035				3.17
Borrowings			111,630				1,133				4.03				-				-				-
Capital lease obligation			1,075				11				4.06				1,242				13				4.19
Subordinated debt			-				-				-				98,954				924				3.74
Total interest-bearing liabilities			5,722,756				39,379				2.73	%			5,280,083				41,972				3.18	%
Noninterest-bearing liabilities:
Demand deposits			1,583,319										1,261,607
Accrued expenses and other liabilities			115,929										106,630
Total noninterest-bearing liabilities			1,699,248										1,368,237
Shareholders' equity			734,817										629,091
Total liabilities and shareholders' equity		$	8,156,821									$	7,277,411
Net interest income					$	67,706									$	50,809
Net interest spread									2.55	%									1.99	%
Net interest margin (D)									3.34	%									2.81	%

(A) Average balances for available for sale securities are based on amortized cost.
(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.
(C) Loans are stated net of unearned income and include nonaccrual loans.
(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET (Tax-Equivalent Basis, Dollars in Thousands) (Unaudited)
		For the Three Months Ended
		September 30, 2026			June 30, 2026
		Average			Income/			Annualized			Average			Income/			Annualized
		Balance			Expense			Yield			Balance			Expense			Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)		$	939,090			$	7,430				3.16	%		$	902,433			$	6,947				3.08	%
Loans (B) (C):
Mortgages			668,213				7,909				4.73				674,171				8,121				4.82
Commercial mortgages			2,839,401				36,229				5.06				2,728,178				33,116				4.87
Commercial			3,008,999				48,106				6.39				2,854,290				45,245				6.34
Commercial construction			807				13				6.39				746				12				6.45
Installment			307,122				4,753				6.14				219,354				3,457				6.32
Home equity			55,640				962				6.86				57,084				973				6.84
Other			1,033				4				1.54				1,079				4				1.49
Total loans			6,881,215				97,976				5.65				6,534,902				90,928				5.58
Interest-earning deposits			226,092				1,679				2.95				321,314				2,550				3.18
Total interest-earning assets			8,046,397				107,085				5.28	%			7,758,649				100,425				5.19	%
Noninterest-earning assets:
Cash and due from banks			8,293										7,865
Allowance for credit losses			(71,902	)									(66,991	)
Premises and equipment			41,471										40,188
Other assets			132,562										131,214
Total noninterest-earning assets			110,424										112,276
Total assets		$	8,156,821									$	7,870,925
LIABILITIES:
Interest-bearing deposits:
Checking		$	3,811,998			$	26,454				2.75	%		$	3,810,661			$	25,306				2.66	%
Money markets			1,315,270				8,848				2.67				1,194,874				7,665				2.57
Savings			106,103				197				0.74				112,263				205				0.73
Certificates of deposit – retail			376,680				2,736				2.88				396,342				2,947				2.98
Total interest-bearing deposits			5,610,051				38,235				2.70				5,514,140				36,123				2.63
Borrowings			111,630				1,133				4.03				15,087				154				4.09
Capital lease obligation			1,075				11				4.06				1,118				12				4.31
Subordinated debt			-				-				-				-				-				-
Total interest-bearing liabilities			5,722,756				39,379				2.73	%			5,530,345				36,289				2.63	%
Noninterest-bearing liabilities:
Demand deposits			1,583,319										1,528,479
Accrued expenses and other liabilities			115,929										106,295
Total noninterest-bearing liabilities			1,699,248										1,634,774
Shareholders' equity			734,817										705,806
Total liabilities and shareholders' equity		$	8,156,821									$	7,870,925
Net interest income					$	67,706									$	64,136
Net interest spread									2.55	%									2.56	%
Net interest margin (D)									3.34	%									3.32	%

(A) Average balances for available for sale securities are based on amortized cost.
(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.
(C) Loans are stated net of unearned income and include nonaccrual loans.
(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET (Tax-Equivalent Basis, Dollars in Thousands) (Unaudited)
		For the Nine Months Ended
		September 30, 2026			September 30, 2025
		Average			Income/						Average			Income/
		Balance			Expense			Yield			Balance			Expense			Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)		$	925,220			$	21,503				3.10	%		$	1,010,936			$	24,087				3.18	%
Loans (B) (C):
Mortgages			666,410				23,988				4.80				636,268				21,146				4.43
Commercial mortgages			2,749,181				100,896				4.91				2,423,225				82,017				4.51
Commercial			2,879,869				136,708				6.33				2,520,420				124,909				6.61
Commercial construction			711				35				6.58				-				-				-
Installment			242,244				11,205				6.18				134,883				6,914				6.83
Home equity			56,179				2,871				6.83				50,143				2,811				7.47
Other			914				13				1.90				339				15				5.95
Total loans			6,595,508				275,716				5.59				5,765,278				237,812				5.50
Interest-earning deposits			245,408				5,554				3.03				259,707				7,354				3.78
Total interest-earning assets			7,766,136				302,773				5.21	%			7,035,921				269,253				5.10	%
Noninterest-earning assets:
Cash and due from banks			8,282										9,646
Allowance for credit losses			(70,221	)									(78,040	)
Premises and equipment			40,339										34,382
Other assets			134,264										130,645
Total noninterest-earning assets			112,664										96,633
Total assets		$	7,878,800									$	7,132,554
LIABILITIES:
Interest-bearing deposits:
Checking		$	3,779,199			$	75,602				2.67	%		$	3,548,745			$	87,168				3.28	%
Money markets			1,194,479				22,881				2.56				979,675				20,487				2.79
Savings			110,058				595				0.72				104,983				443				0.56
Certificates of deposit – retail			394,755				8,782				2.97				448,187				12,022				3.58
Subtotal interest-bearing deposits			5,478,491				107,860				2.63				5,081,590				120,120				3.15
Interest-bearing demand – brokered			-				-				-				6,337				210				4.42
Total interest-bearing deposits			5,478,491				107,860				2.63				5,087,927				120,330				3.15
Borrowings			57,569				1,719				3.99				15,215				516				4.53
Capital lease obligation			1,117				35				4.19				1,282				40				4.16
Subordinated debt			21,767				1,207				7.41				108,065				3,287				4.06
Total interest-bearing liabilities			5,558,944				110,821				2.67	%			5,212,489				124,173				3.18	%
Noninterest-bearing liabilities:
Demand deposits			1,506,443										1,185,955
Accrued expenses and other liabilities			111,106										113,521
Total noninterest-bearing liabilities			1,617,549										1,299,476
Shareholders' equity			702,307										620,589
Total liabilities and shareholders' equity		$	7,878,800									$	7,132,554
Net interest income					$	191,952									$	145,080
Net interest spread									2.54	%									1.92	%
Net interest margin (D)									3.30	%									2.76	%

(A) Average balances for available for sale securities are based on amortized cost.
(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.
(C) Loans are stated net of unearned income and include nonaccrual loans.
(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION NON-GAAP FINANCIAL MEASURES RECONCILIATION

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

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

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

		Three Months Ended
		Sept 30,			June 30,			March 31,			Dec 31,			Sept 30,
Tangible Book Value Per Share		2026			2026			2026			2025			2025
Shareholders' equity		$	735,626			$	715,785			$	699,204			$	658,206			$	642,550
Less: preferred stock			50,000				30,000				30,000				-				-
Total common equity			685,626				685,785				669,204				658,206				642,550
Less: intangible assets, net			43,116				43,352				43,595				43,839				44,111
Tangible common equity		$	642,510			$	642,433			$	625,609			$	614,367			$	598,439
Period end shares outstanding			17,727,952				17,718,733				17,708,327				17,558,019				17,548,471
Tangible book value per share		$	36.24			$	36.26			$	35.33			$	34.99			$	34.10
Book value per share			38.67				38.70				37.79				37.49				36.62
Tangible Equity to Tangible Assets
Total assets		$	8,497,546			$	7,970,293			$	7,698,965			$	7,526,409			$	7,439,642
Less: intangible assets, net			43,116				43,352				43,595				43,839				44,111
Tangible assets		$	8,454,430			$	7,926,941			$	7,655,370			$	7,482,570			$	7,395,531
Tangible common equity to tangible assets			7.60	%			8.10	%			8.17	%			8.21	%			8.09	%
Common equity to assets			8.07	%			8.60	%			8.69	%			8.75	%			8.64	%

(Dollars in thousands, except per share data)

		Three Months Ended
		Sept 30,			June 30,			March 31,			Dec 31,			Sept 30,
Return on Average Tangible Common Equity		2026			2026			2026			2025			2025
Net income available to common shareholders		$	18,451			$	15,777			$	14,153			$	12,159			$	9,631
Average shareholders' equity		$	734,817			$	705,806			$	665,537			$	647,645			$	629,091
Less: average preferred stock			45,000				30,000				2,000				-				-
Total average common equity			689,817				675,806				663,537				647,645				629,091
Less: average intangible assets, net			43,246				43,487				43,741				43,982				44,266
Total average tangible common equity		$	646,571			$	632,319			$	619,796			$	603,663			$	584,825
Return on average tangible common equity			11.41	%			9.98	%			9.13	%			8.06	%			6.59	%

		For the Nine Months Ended
		Sept 30,			Sept 30,
Return on Average Tangible Common Equity		2026			2025
Net income available to common shareholders		$	48,381			$	25,167
Average shareholders' equity		$	702,307			$	620,589
Less: average preferred stock			25,824				-
Total average common equity			676,483				620,589
Less: average intangible assets, net			43,490				44,676
Total average tangible common equity		$	632,993			$	575,913
Return on average tangible common equity			10.19	%			5.83	%

(Dollars in thousands)

		Three Months Ended
		Sept 30,			June 30,			March 31,			Dec 31,			Sept 30,
Efficiency Ratio		2026			2026			2026			2025			2025
Net interest income		$	67,492			$	63,921			$	59,896			$	56,542			$	50,573
Total other income			19,996				22,131				22,597				21,659				20,121
Add:
Fair value adjustment for CRA equity security			502				55				84				(56	)			(125	)
Less:
Loss on loans held for sale at lower of cost or fair value			-				-				-				-				364
Income from life insurance proceeds			-				-				-				(161	)
Loss on securities sale, net			-				-				81				-				-
Gain on sale of property			-				-				-				(318	)			-
Loss on sale of OREO property			510				-				-				-				-
Total recurring revenue			88,500				86,107				82,658				77,666				70,933
Operating expenses			55,148				55,667				55,440				53,538				52,297
Total operating expense			55,148				55,667				55,440				53,538				52,297
Efficiency ratio			62.31	%			64.65	%			67.07	%			68.93	%			73.73	%

		For the Nine Months Ended
		September 30,			September 30,
Efficiency Ratio		2026			2025
Net interest income		$	191,309			$	144,368
Total other income			64,724				60,426
Add:
Fair value adjustment for CRA equity security			641				(362	)
Less:
Loss/(gain) on loans held for sale at lower of cost or fair value			-				364
Income from life insurance proceeds			-				-
Loss/(gain) on securities sale, net			81				(7	)
Gain on sale of property			-				-
Loss on sale of OREO property			510				-
Gain on lease termination			-				(875	)
Total recurring revenue			257,265				203,914
Operating expenses			166,255				153,630
Total operating expense			166,255				153,630
Efficiency ratio			64.62	%			75.34	%

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

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