Form 8-K

8-K — PEAPACK GLADSTONE FINANCIAL CORP

Accession: 0001193125-26-318213

Filed: 2026-07-27

Period: 2026-07-27

CIK: 0001050743

SIC: 6029 (COMMERCIAL BANKS, NEC)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — pgc-20260727.htm (Primary)

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8-K

8-K (Primary)

Filename: pgc-20260727.htm · Sequence: 1

8-K

0001050743false00010507432026-07-272026-07-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)

July 27, 2026

PEAPACK-GLADSTONE FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

New Jersey

001-16197

22-3537895

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation)

File Number)

Identification No.)

500 Hills Drive, Suite 300, Bedminster, New Jersey

07921

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code

(908) 234-0700

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

PGC

The NASDAQ Stock Market, LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).

Emerging growth company ☐

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

INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.02 Results of Operations and Financial Condition.

On July 27, 2026, Peapack-Gladstone Financial Corporation (the "Company") issued a press release reporting earnings and other financial results for the three and six months ended June 30, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference in its entirety.

The information disclosed under this Item 2.02, including Exhibit 99.1, shall be considered “furnished” but not “filed” for purposes of the Securities Exchange Act of 1934, as amended.

Item 7.01 Regulation FD Disclosure.

The Company is furnishing presentation materials included as Exhibit 99.2 to this report. The Company is not undertaking to update this presentation. The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information herein (including Exhibit 99.2).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Title

99.1

Press Release dated July 27, 2026.

99.2

Investor Presentation used by the Company for the second quarter of 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

Dated: July 27, 2026

By:

/s/ Frank A. Cavallaro

Frank A. Cavallaro

Senior Executive Vice President and Chief Financial Officer

EX-99.1

Filename: pgc-ex99_1.htm · Sequence: 2

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.”

Second Quarter Highlights:

•

Net income available to common shareholders of $15.8 million, or $0.85 per diluted share

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

Key Financial Metrics

Q2 2026

Q1 2026

Q2 2025

Net income available to common shareholders ($ millions)

15.8

14.2

7.9

Diluted EPS

0.85

0.80

0.45

Net interest income ($ millions)

63.9

59.9

48.3

Net interest margin

3.32

3.26

2.77

Total revenue ($ millions)

86.1

82.5

69.7

Operating expenses ($ millions)

55.7

55.4

51.9

Pre-provision net revenue ($ millions)

30.4

27.1

17.8

Return on average assets (annualized)

0.80

0.74

0.45

Return on average equity (annualized)

8.94

8.51

5.11

Earnings and Operating Leverage

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

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

Net Interest Income and Margin

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

Loans / Commercial Banking

Total loans increased $235.9 million, or 15% annualized, to $6.7 billion at June 30, 2026, compared to $6.4 billion at March 31, 2026. Loans increased year-over-year $854.1 million, or 15%. Growth remained concentrated in our core areas of strength, particularly C&I and commercial real estate. Commercial mortgage activity was bolstered

by sponsor demand for stabilized assets and refinancing activity. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at June 30, 2026 were $2.9 billion, or 44% of the total loan portfolio.

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

Wealth Management

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

Funding / Liquidity / Interest Rate Risk Management

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

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

Asset Quality / Provision for Credit Losses

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

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

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

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

Capital

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

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

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

Investor Conference Call

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

ABOUT THE COMPANY

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

FORWARD-LOOKING STATEMENTS

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

•

our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan;

•

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

•

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

•

our ability to successfully integrate our expanded employee base;

•

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

•

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

•

declines in the value of our investment portfolio;

•

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

•

higher than expected increases in our allowance for credit losses;

•

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

•

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

•

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

•

decline in real estate values within our market areas;

•

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

•

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

•

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

•

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

•

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

•

higher than expected FDIC insurance premiums;

•

adverse weather conditions;

•

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

•

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

•

a reduction in our lower-cost funding sources;

•

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

•

our inability to adapt to technological changes;

•

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

•

our inability to attract and retain key employees;

•

demand for loans and deposits in our market areas;

•

adverse changes in securities markets;

•

changes in New York City rent regulation law;

•

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

•

changes in accounting policies and practices; and/or

•

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

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

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

(Tables to follow)

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in Thousands, except per share data)

(Unaudited)

For the Three Months Ended

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

2026

2025

Income Statement Data:

Interest income

100,210

95,049

93,984

92,545

89,651

Interest expense

36,289

35,153

37,442

41,972

41,361

Net interest income

63,921

59,896

56,542

50,573

48,290

Wealth management fee income

17,220

16,503

16,064

15,798

15,943

Service charges and fees

1,390

1,359

1,317

1,184

1,194

Capital markets revenue

925

544

873

901

799

Other income

2,596

4,191

3,405

2,238

3,515

Total other income

22,131

22,597

21,659

20,121

21,451

Total revenue

86,052

82,493

78,201

70,694

69,741

Compensation expense

29,352

29,782

28,399

28,613

28,232

Benefits expense

10,250

9,583

8,397

8,143

7,829

Premises and equipment

7,009

6,858

7,142

6,676

6,641

FDIC insurance expense

1,495

1,388

1,565

1,345

1,045

Professional and legal fees

1,532

1,554

1,868

1,972

1,645

Trust department expense

1,189

1,180

1,139

1,111

1,092

Loan expense

687

556

905

475

939

Advertising

468

267

329

651

919

Other expenses

3,685

4,272

3,794

3,311

3,551

Total operating expenses

55,667

55,440

53,538

52,297

51,893

Pretax income before provision for credit losses

30,385

27,053

24,663

18,397

17,848

Provision for credit losses

8,088

7,327

7,671

4,790

6,586

Income before income taxes

22,297

19,726

16,992

13,607

11,262

Income tax expense

6,325

5,573

4,833

3,976

3,321

Net Income

15,972

14,153

12,159

9,631

7,941

Dividends on preferred stock

195

—

Net income available to common shareholders

15,777

14,153

12,159

9,631

7,941

Per Common Share Data:

Earnings per share (basic)

0.89

0.80

0.69

0.55

0.45

Earnings per share (diluted)

0.85

0.80

0.69

0.54

0.45

Weighted average number of common

shares outstanding:

Basic

17,717,883

17,585,846

17,558,019

17,576,899

17,704,110

Diluted

18,625,408

17,760,678

17,705,355

17,686,979

17,773,237

Performance Ratios:

Return on average assets annualized (ROAA)

0.80

0.74

0.65

0.53

0.45

Return on average equity annualized (ROAE)

8.94

8.51

7.51

6.12

5.11

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

9.98

9.13

8.06

6.59

5.50

Net interest margin (tax-equivalent basis)

3.32

3.26

3.08

2.81

2.77

GAAP efficiency ratio (B)

64.69

67.21

68.46

73.98

74.41

Operating expenses / average assets annualized

2.83

2.92

2.88

2.87

2.92

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

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in Thousands, except per share data)

(Unaudited)

For the Six Months Ended

June 30,

Change

2026

2025

Income Statement Data:

Interest income

195,259

175,996

19,263

Interest expense

71,442

82,201

(10,759

)

-13

Net interest income

123,817

93,795

30,022

Wealth management fee income

33,723

31,378

2,345

Service charges and fees

2,749

2,306

443

Capital markets revenue

1,469

1,254

215

Other income

6,787

5,367

1,420

Total other income

44,728

40,305

4,423

Total revenue

168,545

134,100

34,445

Compensation expense

59,134

54,547

4,587

Benefits expense

19,833

17,393

2,440

Premises and equipment

13,867

12,795

1,072

FDIC insurance expense

2,883

1,900

983

Professional and legal fees

3,086

2,835

251

Trust department expense

2,369

2,135

234

Loan expense

1,243

1,372

(129

)

-9

Advertising

735

1,073

(338

)

-32

Other expenses

7,957

7,283

674

Total operating expenses

111,107

101,333

9,774

Pretax income before provision for credit losses

57,438

32,767

24,671

Provision for credit losses

15,415

11,057

4,358

Income before income taxes

42,023

21,710

20,313

Income tax expense

11,898

6,174

5,724

Net Income

30,125

15,536

14,589

Dividends on preferred stock

195

—

195

N/A

Net income available to common shareholders

29,930

15,536

14,394

Per Common Share Data:

Earnings per share (basic)

1.70

0.88

0.82

Earnings per share (diluted)

1.64

0.87

0.77

Weighted average number of common shares outstanding:

Basic

17,652,229

17,657,771

(5,542

)

Diluted

18,213,905

17,799,095

414,810

Performance Ratios:

Return on average assets (ROAA)

0.77

0.44

0.33

Return on average equity (ROAE)

8.73

5.04

3.69

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

9.56

5.44

4.12

Net interest margin (tax-equivalent basis)

3.29

2.73

0.56

GAAP efficiency ratio (B)

65.92

75.57

(9.65

-13

Operating expenses / average assets

2.87

0.00

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in Thousands)

(Unaudited)

As of

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

2026

2025

ASSETS

Cash and due from banks

8,388

9,220

8,712

8,514

7,524

Interest-earning deposits

245,506

244,194

179,108

338,672

308,078

Total cash and cash equivalents

253,894

253,414

187,820

347,186

315,602

Securities available for sale

752,440

710,046

774,203

756,578

767,533

Securities held to maturity

78,560

79,478

95,862

97,414

98,623

CRA equity security, at fair value

13,320

13,375

13,459

13,403

13,278

FHLB and FRB stock, at cost (A)

12,931

14,170

14,605

11,387

11,467

Residential mortgage

679,234

662,949

648,216

649,523

649,703

Multifamily mortgage

1,804,380

1,824,882

1,862,592

1,796,533

1,794,854

Commercial mortgage

981,896

887,712

774,428

689,166

643,520

Commercial and industrial loans

2,935,914

2,797,352

2,726,379

2,662,661

2,543,092

Consumer loans

220,961

210,731

187,360

171,811

140,668

Home equity lines of credit

55,136

58,194

59,306

57,166

52,434

Other loans

1,108

860

342

405

261

Total loans

6,678,629

6,442,680

6,258,623

6,027,265

5,824,532

Less: Allowance for credit losses

69,167

67,026

71,039

68,642

81,770

Net loans

6,609,462

6,375,654

6,187,584

5,958,623

5,742,762

Premises and equipment

40,830

39,322

39,164

37,756

36,626

Other real estate owned

908

—

Accrued interest receivable

34,060

33,115

31,971

34,120

33,209

Bank owned life insurance

48,071

47,896

47,761

48,381

48,239

Goodwill and other intangible assets

43,352

43,595

43,839

44,111

44,383

Finance lease right-of-use assets

774

809

844

879

914

Operating lease right-of-use assets

38,098

38,079

39,886

37,692

38,291

Other assets

43,593

50,012

49,411

52,112

49,746

TOTAL ASSETS

7,970,293

7,698,965

7,526,409

7,439,642

7,200,673

LIABILITIES

Deposits:

Noninterest-bearing demand deposits

1,624,244

1,544,515

1,428,745

1,323,492

1,237,864

Interest-bearing demand deposits

3,497,096

3,533,203

3,448,497

3,509,403

3,483,295

Savings

111,710

114,955

105,123

104,524

103,846

Money market accounts

1,448,916

1,222,405

1,197,995

1,226,506

1,095,665

Certificates of deposit – Retail

375,633

411,688

408,219

397,338

440,612

Certificates of deposit – Listing Service

—

400

899

1,841

Total deposits

7,057,599

6,826,766

6,588,979

6,562,162

6,363,123

Short-term borrowings

74,854

63,830

73,267

—

Finance lease liability

1,103

1,145

1,186

1,227

1,268

Operating lease liability

41,493

41,458

43,294

41,139

41,806

Subordinated debt, net

—

99,030

98,981

98,933

Due to brokers

9,642

—

25,125

—

Other liabilities

69,817

66,562

62,447

68,458

65,766

TOTAL LIABILITIES

7,254,508

6,999,761

6,868,203

6,797,092

6,570,896

Shareholders’ equity

715,785

699,204

658,206

642,550

629,777

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY

7,970,293

7,698,965

7,526,409

7,439,642

7,200,673

Assets under management and / or administration at

Peapack Private Bank & Trust's Wealth Management

Division (market value, not included above-dollars in billions)

13.9

13.1

12.9

12.3

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED BALANCE SHEET DATA

(Dollars in Thousands)

(Unaudited)

As of

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

2026

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

)

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

1.14

1.40

Collectively evaluated ACL to total loans (G)

0.97

0.94

0.95

1.06

(A) Related to one matured, well secured multifamily loan. Closing is pending resolution of certain legal matters.

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

(C) Excludes modifications included in nonaccrual loans of $21.6 million at June 30, 2026, $19.6 million at March 31, 2026, $36.0 million at December 31, 2025, $37.6 million at September 30, 2025, and $38.1 million at June 30, 2025.

(D) Includes one equipment financing relationship of $10.3 million that was in the process of restructuring at June 30, 2026.

(E) Excludes provision of $76,000 at June 30, 2026, provision of $5,000 at March 31, 2026, provision of $12,000 at December 31, 2025, a credit of $81,000 at September 30, 2025, and provision of $9,000 at June 30, 2025.

(F) Includes charge-offs of $4.8 million related to one multifamily loan and $995,000 related to one commercial mortgage for the quarter ended June 30, 2026. Includes charge-offs of $7.8 million related to two commercial and industrial loans and $3.5 million to one multifamily loan for the quarter ended March 31, 2026. Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. Includes charge-offs of $6.7 million related to three multifamily loans and $11.3 million related to one equipment financing relationship for the quarter ended September 30, 2025.

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

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED BALANCE SHEET DATA

(Dollars in Thousands)

(Unaudited)

As of

June 30,

Dec 31,

June 30,

2026

2025

Capital Adequacy

Common equity to total assets (A)

8.60

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

Regulatory Capital – Holding Company

Tier I leverage

721,057

9.13%

660,696

8.87%

639,537

8.94%

Tier I capital to risk-weighted assets

721,057

10.83

660,696

10.33

639,537

10.99

Common equity tier I capital ratio

to risk-weighted assets

690,998

10.38

660,637

10.33

639,531

10.99

Tier I & II capital to risk-weighted assets

790,916

11.88

811,375

12.68

811,322

13.94

Regulatory Capital – Bank

Tier I leverage (E)

705,511

8.96%

735,931

9.89%

714,365

9.99%

Tier I capital to risk-weighted assets (F)

705,511

10.60

735,931

11.52

714,365

12.29

Common equity tier I capital ratio

to risk-weighted assets (G)

705,452

10.60

735,872

11.52

714,359

12.29

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

775,370

11.65

807,580

12.64

787,170

13.54

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($315 million)

(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($566 million)

(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($466 million)

(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($699 million)

PEAPACK-GLADSTONE FINANCIAL CORPORATION

LOANS CLOSED

(Dollars in Thousands)

(Unaudited)

For the Quarters Ended

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

2026

2025

Residential loans retained

52,253

29,376

18,993

18,323

34,990

Residential loans sold

4,792

4,680

2,544

445

1,712

Total residential loans

57,045

34,056

21,537

18,768

36,702

Commercial real estate

136,077

138,570

130,790

78,825

24,086

Multifamily

46,500

31,825

100,611

47,991

73,350

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

383,129

274,269

358,468

453,554

200,671

SBA

—

11,445

2,666

6,821

7,090

Wealth lines of credit (A)

23,255

5,225

3,925

2,700

2,400

Total commercial loans

588,961

461,334

596,460

589,891

307,597

Installment loans

26,844

30,171

40,428

47,115

8,164

Home equity lines of credit (A)

4,369

6,638

3,929

11,755

5,154

Total loans closed

677,219

532,199

662,354

667,529

357,617

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

(B) Includes equipment finance.

For the Six Months Ended

June 30,

2026

2025

Residential loans retained

81,629

60,147

Residential loans sold

9,472

5,786

Total residential loans

91,101

65,933

Commercial real estate

274,647

71,366

Multifamily

78,325

80,150

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

657,398

457,953

SBA

11,445

13,018

Wealth lines of credit (A)

28,480

12,300

Total commercial loans

1,050,295

634,787

Installment loans

57,015

85,105

Home equity lines of credit (A)

11,007

9,959

Total loans closed

1,209,418

795,784

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

(B) Includes equipment finance.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

AVERAGE BALANCE SHEET

(Tax-Equivalent Basis, Dollars in Thousands)

(Unaudited)

For the Three Months Ended

June 30, 2026

June 30, 2025

Average

Income/

Annualized

Average

Income/

Annualized

Balance

Expense

Yield

Balance

Expense

Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

902,433

6,947

3.08

1,037,598

8,370

3.23

Loans (B) (C):

Mortgages

674,171

8,121

4.82

640,955

7,138

4.45

Commercial mortgages

2,728,178

33,116

4.87

2,426,318

27,392

4.52

Commercial

2,854,290

45,245

6.34

2,539,929

42,015

6.62

Commercial construction

746

6.45

—

Installment

219,354

3,457

6.32

140,133

2,403

6.86

Home equity

57,084

973

6.84

50,613

946

7.48

Other

1,079

1.49

348

5.75

Total loans

6,534,902

90,928

5.58

5,798,296

79,899

5.51

Interest-earning deposits

321,314

2,550

3.18

183,584

1,618

3.53

Total interest-earning assets

7,758,649

100,425

5.19

7,019,478

89,887

5.12

Noninterest-earning assets:

Cash and due from banks

7,865

8,237

Allowance for credit losses

(66,991

)

(76,811

)

Premises and equipment

40,188

35,501

Other assets

131,214

130,550

Total noninterest-earning assets

112,276

97,477

Total assets

7,870,925

7,116,955

LIABILITIES:

Interest-bearing deposits:

Checking

3,810,661

25,306

2.66

3,558,108

29,116

3.27

Money markets

1,194,874

7,665

2.57

950,891

6,544

2.75

Savings

112,263

205

0.73

104,114

147

0.56

Certificates of deposit – retail

396,342

2,947

2.98

447,422

4,002

3.58

Subtotal interest-bearing deposits

5,514,140

36,123

2.63

5,060,535

39,809

3.15

Interest-bearing demand – brokered

—

9,121

110

4.82

Total interest-bearing deposits

5,514,140

36,123

2.63

5,069,656

39,919

3.15

Borrowings

15,087

154

4.09

44,656

505

4.52

Capital lease obligation

1,118

4.31

1,283

4.05

Subordinated debt

—

98,905

924

3.74

Total interest-bearing liabilities

5,530,345

36,289

2.63

5,214,500

41,361

3.17

Noninterest-bearing liabilities:

Demand deposits

1,528,479

1,172,535

Accrued expenses and other liabilities

106,295

108,020

Total noninterest-bearing liabilities

1,634,774

1,280,555

Shareholders’ equity

705,806

621,900

Total liabilities and shareholders’ equity

7,870,925

7,116,955

Net interest income

64,136

48,526

Net interest spread

2.56

1.95

Net interest margin (D)

3.32

2.77

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

AVERAGE BALANCE SHEET

(Tax-Equivalent Basis, Dollars in Thousands)

(Unaudited)

For the Three Months Ended

June 30, 2026

March 31, 2026

Average

Income/

Annualized

Average

Income/

Annualized

Balance

Expense

Yield

Balance

Expense

Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

902,433

6,947

3.08

934,080

7,126

3.05

Loans (B) (C):

Mortgages

674,171

8,121

4.82

656,719

7,958

4.85

Commercial mortgages

2,728,178

33,116

4.87

2,678,193

31,551

4.71

Commercial

2,854,290

45,245

6.34

2,773,733

43,359

6.25

Commercial construction

746

6.45

576

6.25

Installment

219,354

3,457

6.32

199,070

2,994

6.02

Home equity

57,084

973

6.84

55,816

936

6.71

Other

1,079

1.49

627

3.19

Total loans

6,534,902

90,928

5.58

6,364,734

86,812

5.46

Interest-earning deposits

321,314

2,550

3.18

188,404

1,325

2.81

Total interest-earning assets

7,758,649

100,425

5.19

7,487,218

95,263

5.09

Noninterest-earning assets:

Cash and due from banks

7,865

8,692

Allowance for credit losses

(66,991

)

(71,767

)

Premises and equipment

40,188

39,336

Other assets

131,214

139,139

Total noninterest-earning assets

112,276

115,400

Total assets

7,870,925

7,602,618

LIABILITIES:

Interest-bearing deposits:

Checking

3,810,661

25,306

2.66

3,713,856

23,842

2.57

Money markets

1,194,874

7,665

2.57

1,070,606

6,368

2.38

Savings

112,263

205

0.73

111,872

193

0.69

Certificates of deposit – retail

396,342

2,947

2.98

411,628

3,099

3.01

Total interest-bearing deposits

5,514,140

36,123

2.63

5,307,962

33,502

2.52

Borrowings

15,087

154

4.09

45,262

432

3.82

Capital lease obligation

1,118

4.31

1,159

4.14

Subordinated debt

—

66,026

1,207

7.31

Total interest-bearing liabilities

5,530,345

36,289

2.63

5,420,409

35,153

2.59

Noninterest-bearing liabilities:

Demand deposits

1,528,479

1,405,577

Accrued expenses and other liabilities

106,295

111,095

Total noninterest-bearing liabilities

1,634,774

1,516,672

Shareholders’ equity

705,806

665,537

Total liabilities and shareholders’ equity

7,870,925

7,602,618

Net interest income

64,136

60,110

Net interest spread

2.56

2.50

Net interest margin (D)

3.32

3.26

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

AVERAGE BALANCE SHEET

(Tax-Equivalent Basis, Dollars in Thousands)

(Unaudited)

For the Six Months Ended

June 30, 2026

June 30, 2025

Average

Income/

Average

Income/

Balance

Expense

Yield

Balance

Expense

Yield

ASSETS:

Interest-earning assets:

Investments:

Taxable (A)

918,169

14,073

3.07

1,034,942

16,583

3.20

Loans (B) (C):

Mortgages

665,493

16,079

4.83

629,136

13,808

4.39

Commercial mortgages

2,703,324

64,667

4.82

2,405,546

53,571

4.45

Commercial

2,814,233

88,603

6.30

2,486,690

82,119

6.60

Commercial construction

662

6.40

—

Installment

209,268

6,451

6.22

123,910

4,196

6.77

Home equity

56,453

1,909

6.82

48,294

1,791

7.42

Other

854

2.13

326

6.13

Total loans

6,450,287

177,739

5.56

5,693,902

155,495

5.46

Interest-earning deposits

255,226

3,875

3.06

236,847

4,394

3.71

Total interest-earning assets

7,623,682

195,687

5.18

6,965,691

176,472

5.07

Noninterest-earning assets:

Cash and due from banks

8,277

8,308

Allowance for credit losses

(69,366

)

(75,618

)

Premises and equipment

39,764

32,743

Other assets

135,128

128,959

Total noninterest-earning assets

113,803

94,392

Total assets

7,737,485

7,060,083

LIABILITIES:

Interest-bearing deposits:

Checking

3,762,526

49,148

2.63

3,502,315

57,194

3.27

Money markets

1,133,083

14,033

2.50

966,481

13,261

2.74

Savings

112,069

398

0.72

105,088

265

0.50

Certificates of deposit – retail

403,943

6,046

3.02

457,742

8,365

3.65

Subtotal interest-bearing deposits

5,411,621

69,625

2.59

5,031,626

79,085

3.14

Interest-bearing demand – brokered

—

9,558

210

4.39

Total interest-bearing deposits

5,411,621

69,625

2.59

5,041,184

79,295

3.15

Borrowings

30,091

586

3.93

22,949

516

4.50

Capital lease obligation

1,138

4.25

1,303

4.14

Subordinated debt

32,831

1,207

7.41

112,697

2,363

4.19

Total interest-bearing liabilities

5,475,681

71,442

2.63

5,178,133

82,201

3.17

Noninterest-bearing liabilities:

Demand deposits

1,467,367

1,147,502

Accrued expenses and other liabilities

108,654

118,181

Total noninterest-bearing liabilities

1,576,021

1,265,683

Shareholders’ equity

685,783

616,267

Total liabilities and shareholders’ equity

7,737,485

7,060,083

Net interest income

124,245

94,271

Net interest spread

2.55

1.90

Net interest margin (D)

3.29

2.73

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES RECONCILIATION

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

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

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

Three Months Ended

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

Tangible Book Value Per Share

2026

2025

Shareholders’ equity

715,785

699,204

658,206

642,550

629,777

Less: preferred stock

30,000

—

Total common equity

685,785

669,204

658,206

642,550

629,777

Less: intangible assets, net

43,352

43,595

43,839

44,111

44,383

Tangible common equity

642,433

625,609

614,367

598,439

585,394

Period end shares outstanding

17,718,733

17,708,327

17,558,019

17,548,471

17,636,264

Tangible book value per share

36.26

35.33

34.99

34.10

33.19

Book value per share

38.70

37.79

37.49

36.62

35.71

Tangible Equity to Tangible Assets

Total assets

7,970,293

7,698,965

7,526,409

7,439,642

7,200,673

Less: intangible assets, net

43,352

43,595

43,839

44,111

44,383

Tangible assets

7,926,941

7,655,370

7,482,570

7,395,531

7,156,290

Tangible common equity to tangible assets

8.10

8.17

8.21

8.09

8.18

Common equity to assets

8.60

8.69

8.75

8.64

8.75

(Dollars in thousands, except per share data)

Three Months Ended

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

Return on Average Tangible Equity

2026

2025

Net income available to common shareholders

15,777

14,153

12,159

9,631

7,941

Average shareholders’ equity

705,806

665,537

647,645

629,091

621,900

Less: average preferred stock

30,000

2,000

—

Total average common equity

675,806

663,537

647,645

629,091

621,900

Less: average intangible assets, net

43,487

43,741

43,982

44,266

44,538

Total average tangible common equity

632,319

619,796

603,663

584,825

577,362

Return on average tangible common equity

9.98

9.13

8.06

6.59

5.50

For the Six Months Ended

June 30,

Return on Average Tangible Equity

2026

2025

Net income available to common shareholders

29,930

15,536

Average shareholders’ equity

685,783

616,267

Less: average preferred stock

16,077

—

Total average common equity

669,706

616,267

Less: average intangible assets, net

43,614

44,676

Total average tangible common equity

626,092

571,591

Return on average tangible common equity

9.56

5.44

(Dollars in thousands)

Three Months Ended

June 30,

March 31,

Dec 31,

Sept 30,

June 30,

Efficiency Ratio

2026

2025

Net interest income

63,921

59,896

56,542

50,573

48,290

Total other income

22,131

22,597

21,659

20,121

21,451

Add:

Fair value adjustment for CRA equity security

(56

)

(125

)

(42

)

Less:

Loss on loans held for sale at lower of cost or fair value

—

364

—

Income from life insurance proceeds

—

(161

)

—

Loss/(gain) on securities sale, net

—

)

Gain on sale of property

—

(318

)

—

Gain on lease termination

—

(875

)

Total recurring revenue

86,107

82,658

77,666

70,933

68,817

Operating expenses

55,667

55,440

53,538

52,297

51,893

Total operating expense

55,667

55,440

53,538

52,297

51,893

Efficiency ratio

64.65

67.07

68.93

73.73

75.41

For the Six Months Ended

June 30,

Efficiency Ratio

2026

2025

Net interest income

123,817

93,795

Total other income

44,728

40,305

Add:

Fair value adjustment for CRA equity security

139

(237

)

Less:

Loss/(gain) on loans held for sale at lower of cost or fair value

—

Income from life insurance proceeds

—

Gain on securities sale, net

)

Gain on sale of property

—

Gain on lease termination

—

(875

)

Total recurring revenue

168,765

132,981

Operating expenses

111,107

101,333

Total operating expense

111,107

101,333

Efficiency ratio

65.84

76.20

EX-99.2

Filename: pgc-ex99_2.htm · Sequence: 3

The Q2 2026 Investor Update should be read in conjunction with the Q2 2026 Earnings Release issued on July 27, 2026. Investor Update Q2 2026 Exhibit 99.2

Strategic Execution Driving Stronger EarningsDelivering significant momentum through positive operating leverage See page 20 for notes and important information. Earnings Performance (YoY1) Banking & Wealth Momentum (YoY) Relationship-based growth in deposits, wealth, and loans is increasing franchise value EPS increased for a fifth consecutive quarter; core earnings2 growth for a seventh consecutive quarter + 23% Revenue Growth 9 consecutive quarters of growth + 7% OpEx Growth Normalization continues + 70% PPNR2 Growth 7 consecutive quarters of growth + 89% EPS 5 consecutive quarters of growth + 13% AUM/AUA Growth Consistent Growth from Wealth Anchor + 31% NIB DDA3 Growth Value Creation + 15% Loan Growth Consistent production NY Metro investments are maturing as expense growth normalizes, creating positive operating leverage Efficiency ratio improved for a seventh consecutive quarter to 65% Balance sheet repositioning, improved funding mix, and disciplined lending are supporting margin expansion Margin increased 51 bps over the past 3 quarters and 112 bps from its low in Q1 2024 Integrated banking and wealth capabilities are deepening relationship and increasing share of wallet Wealth Management new business inflows totaled $937 million over the last year, up $205 million in Q2

Second Quarter HighlightsContinuing to deliver shareholder value ($ in millions, except per share data) See page 20 for notes and important information. Strong Operating Leverage Revenue Growth outpaced Operating Expense Growth 10-to-1, resulting in core earnings1 growth of 12% QoQ Value Creation +6% QoQ in Earnings Per Share +3% QoQ in Tangible Book Value Per Share Momentum Across Franchise Wealth, Deposits, and Loans have grown more than 10% YoY

Strategic Repositioning Delivering Strong ResultsInvestments in talent, infrastructure, and brand continue to drive value Annualized PPNR ($ millions) March 2023 – July 2023: Three large bank failures and rapid increase in Fed Funds bring industry-wide volatility April 2024: Hired 13 teams and leadership for NYC May 2023: Hired a team of seasoned bankers in NYC April 2024 – Present: Execution & Inflection April 2025: NYC financial center Flagship opened The strategic investments made during industry stress has translated into: Earnings inflection following NYC launch Summer 2025: Hired new Head of CRE, Head of Equipment Finance, Senior Wealth Advisors, and 6 Long Island Teams January 2025: Rebranded as Peapack Private Bank & Trust Enhanced funding profile Balance sheet remix Disciplined lending Margin expansion Expense normalization Positive operating leverage

Core Deposit Growth Driving ValueNIB DDA represents 56% of deposit growth over LTM $6.8 $7.1 $6.4 31% NIB Growth over LTM ($ in billions) $6.6 $6.6 618 Average # of NIB DDA accounts opened over the last 5 quarters 683 658 515 636 598 35% of total QoQ growth was in NIB DDA Q2 2026 Improved Funding Mix YoY Q2 2025

Loan TrendsConsistent growth focused on our strengths in C&I and CRE Diversified Across 386 NAICS Codes Gross Loans1 $6.7 billion $6.3 $6.4 $6.7 $5.8 $6.0 ($ in billions) 15% C&I Growth YoY +15% YoY Loan Growth See page 20 for notes and important information.

Net Interest IncomeConsistently delivering positive operating leverage & NII growth Net Interest Income (millions) Net Interest Margin (%)

Margin ExpansionImproving asset yields while preserving funding cost Total Liabilities & Cost of Funds Interest-Earnings Assets & Yields Interest-Earning Assets (billions) Annualized Yield (%) Average Liabilities (billions) Annualized Cost (%)

Wealth ManagementAUM/AUA remained stable despite volatile market conditions Sustained Long-Term Growth Track record of sustained long-term growth, achieving a 10% CAGR over the past three years. Gross inflows of $205 million in Q2; $432 million YTD. Strength and Scalability Market leader with $13.9 billion in assets under management and administration at quarter end. High Value Client Relationships Average client relationship size of $4.8 million highlights Peapack Private’s focus on high net worth and ultra high net worth individuals and families. Strong Profitability and Operating Leverage Delivered a 41% EBITDA margin in FY 2025, illustrating disciplined cost management and operating efficiency. Comprehensive and Integrated Wealth Offering Peapack Private provides a holistic suite of services, including financial planning, investment management, trust and fiduciary services, and estate and tax planning — all grounded in personalized advice. Performance Insights $33.7 YTD Revenue +10% AUM/AUA Growth

Credit QualityProblem loans remain well-controlled 30-89 Days Past Due / Gross Loans Nonperforming Assets / Total Assets Disciplined credit management and workout activity continue to drive improvement in total criticized and classified assets Previously disclosed large multifamily relationship partially migrated to nonperforming this quarter, driving the nonperforming loan ratios higher and special mention loans lower. Relative to the ratios in the charts above, this relationship has a 54-basis point impact on criticized and classified, 29-basis point impact on 30 to 89 days past due, and 21-basis point impact on non-performing assets. Early-stage delinquencies decreased modestly in the quarter, showing improvement in the NY rent-regulated portfolio with a 19-basis point decline Problem loan trends remain contained with no evidence of broad-based credit deterioration Criticized & Classified Loans / Gross Loans Key Observations 1 1 1 See page 20 for notes and important information.

Positioned for Long-Term Growth & Compelling Returns Our long-term financial objectives include a 1.25%+ ROA and 14.00%+ ROE. Private bank style alternative to large banks in the Metro New York region; named a 2026 Top Private Bank and Wealth Management Firm1. Anchored by a scarce and valuable $13.9 billion wealth management franchise. Expansion strategy has transformed our liquidity profile and creates a scalable foundation for future growth. Wealth management and spread income creates a platform for earnings durability and capital creation. Commercial & Industrial growth is strengthening relationship depth across lending, deposits and wealth. Continued expansion of our $2.9 billion commercial lending business, complementary treasury management platform, and sell-side advisory services supports deeper client engagement and revenue growth. Investments in technology and artificial intelligence are enhancing operating efficiency, driving innovation and supporting the delivery of white glove client experience, with a focus on governance. We remain laser-focused on cultivating a strong client-centric culture, independently affirmed by industry recognition: AB Best Banks To Work For eight years in a row. Crain’s New York Business 2024 and 2025 Best Places to Work in NYC. See page 20 for notes and important information.

Statement Regarding Forward-Looking Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and may include expressions about Management’s strategies and Management’s expectations about financial condition and operating results, 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 actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: 1) 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; 2) the impact of anticipated higher operating expenses in 2026 and beyond; 3) our ability to successfully integrate wealth management firm and team acquisitions; 4) our ability to successfully integrate our expanded employee base; 5) an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions; 6) declines in our net interest margin caused by the interest rate environment and/or our highly competitive market; 7) adverse changes in securities markets; 8) impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels; 9) higher than expected increases in our allowance for credit losses; 10) changes in the methodology and assumptions used to calculate the allowance for credit losses; 11) higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans or charge-offs; 12) 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; 13) decline in real estate values within our market areas; 14) 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; 15) the imposition of tariffs, trade policies and other measures impacting our borrowers and/or the broader economy; 16) the impact of any federal government shutdown, debt ceiling impasses or fiscal uncertainty; 17) 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; 18) higher than expected FDIC insurance premiums; 19) adverse weather conditions; 20) the current or anticipated impact of military conflict, terrorism or other geopolitical events; 21) our inability to successfully generate new business in new geographic markets, including our expansion into New York City and Long Island; 22) a reduction in our lower-cost funding sources; 23) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; 24) our inability to adapt to technological changes; 25) claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters; 26) our inability to retain key employees; 27) demand for loans and deposits in our market areas; 28) changes in New York City rent regulation law; 29) 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; 30) changes in accounting policies and practices; and/or 31) other unexpected material adverse changes in our financial condition, operations or earnings. The Company undertakes 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, the Company cannot guarantee future results, levels of activity, performance or achievements.

Appendix A: Supplemental Information & Franchise Overview

Bedminster New York City Melville NEW YORK NEW JERSEY CONNECTICUT PENNSYLVANIA Greenville Rye Brook Princeton Morristown Summit Red Bank Lakewood Teaneck DE Peapack Private Bank & Trust Financial Centers Garden City Peapack PrivateThe Premier Alternative to the Mega Banks in Metropolitan New York $13.9B Wealth AUM 14% CAGR Since 2012 $7.1B Deposits 12% CAGR Since 2012 $6.7B Loans 14% CAGR Since 2012 Founded in 1921, Peapack Private is the boutique alternative to large banks in the Metropolitan New York region, delivering white glove service through a single point of contact model. Grounded in an established wealth franchise, Peapack Private has demonstrated the ability to scale and compete for over the past decade. Strategic expansion throughout Metropolitan New York has created shareholder value and performance continues to exceed expectations.

Investment Banking Broadens the firm’s capabilities with strategic advisory and capital markets expertise. Creates deeper connections for business-owner and middle-market relationships. Trust & Fiduciary Services Provides durable, relationship-based revenue through trust and estate services. Helps retain and transition wealth across generations. Financial & Retirement Planning Deepens client relationships through comprehensive, advice-led financial planning. Supports long-term asset retention and multigenerational client engagement. Personal Banking & Bespoke Credit Solutions Expands relationships with high net worth clients through tailored banking and credit solutions. Creates opportunities to meet client’s financial needs. Investment & Wealth Management Provides customized fiduciary approach to investment management. Supports growth in assets under management and strengthens long-term client retention. Peapack PrivateThe Premier Alternative to the Mega Banks in Metropolitan New York Commercial Banking Serves as a core driver of relationship growth across middle-market and commercial clients. Creates cross-selling opportunities across deposits, treasury management, wealth, and advisory services. Private Banker

Bespoke Credit SolutionsAddition of Peapack Marine Bespoke Credit Solutions Fine Arts and Collectibles Jumbo Residential Mortgage & HELOC Investment Credit Line Life Insurance Premium Finance Complex Credit Facilities Peapack Marine (Yacht Financing)

The Peapack Private Client Experience Net Promoter ScoreClient satisfaction substantially exceeds the U.S. Banking Industry Benchmark Elevated boutique banking experience Distinct alternative to large banks with a refined, client-first service philosophy Personalized, relationship-driven service modelDedicated Relationship Manager delivering tailored solutions Trusted advisor approach built on integrity Transparent, professional interactions that foster long-term client relationships High-touch, responsive client experience and ease of doing business Clear communication, efficient processes, and seamless client interactions Net Promoter Score Momentum 41 57 65 NPS up 24 Points Since 2023 Banking Industry Benchmark1 Based on Real Client Feedback See page 20 for notes and important information.

Rent-Regulated Multifamily Continues to remain resilient with no evidence of systemic deterioration $1.8 billion Multifamily Portfolio Portfolio continues to run off with limited new originations focused on fully-banked relationships Isolated credit migration with recent increases in early-stage delinquencies and special mention loans driven by a single relationship; underlying collateral performance is generally stable Overall exposure remains manageable and represents a relatively small portion of the balance sheet Core portfolio anchored by experienced operators with significant ownership basis, supporting underlying credit quality New York Rent Regulated Multifamily Key Observations

Appendix B: Notes & Financial Tables

Notes Strategic Execution Driving Stronger Earnings slide Year-over-year. See Non-GAAP Financial Measurement Reconciliation included in these appendices. Noninterest-bearing demand deposit account. Second Quarter Highlights slide See Non-GAAP Financial Measurement Reconciliation included in these appendices. See Non-GAAP Financial Measurement Reconciliation included in these appendices. Loan Trends slide 1) Gross loans include loans held for sale. Credit Quality slide 1) New York Rent Regulated Multifamily. Positioned for Long-Term Growth & Compelling Returns slide Named a Top Private Banking and Wealth Management Firm 2026 by the Editorial Board of the Financial Services Review. Net Promoter Score slide 1) U.S. Banking Industry benchmark data source is Qualtrics, an international leader in client surveys and net promoter score.

Balance Sheet & AUM/AUA Summary

Asset Quality 1) Related to one matured, well secured multifamily loan. Closing is pending resolution of certain legal matters. 2) Amounts reflect modifications that are paying according to modified terms. 3) Excludes modifications included in nonaccrual loans of $38.1 million at Juned 30, 2025, $36.0 million at December 31, 2025 and $21.6 million at June 30, 2026. 4) Includes one equipment financing relationship of $10.3 million that was in the process of restructuring at June 30, 2026. 5) Excludes provision of $9,000 at June 30, 2025, provision of $12,000 at December 31, 2025 and provision of $76,000 at June 30, 2026. 6) Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. 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. 7) Total ACL less reserves to individually evaluated equals collectively evaluated ACL.

Capital Summary 1) 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. 2) 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.

Quarterly Income Statement 1) 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 table.

Non-GAAP Financial Measurement Reconciliation We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial position, results and ratios. 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. Pre-Provision Net Revenue (“PPNR”) is a non-GAAP financial measure used by the Company to assess the earnings available to absorb credit losses and support capital from its core banking operations. PPNR is defined as: Net interest income (GAAP) + Noninterest income (GAAP) − Noninterest expense (GAAP). It excludes the provision for credit losses and income tax expense. PPNR is not a substitute for net income as reported under GAAP, and the calculation may differ from similarly-named measures at other institutions.

Douglas L. Kennedy President & Chief Executive Officer (908) 719-6554 dkennedy@peapackprivate.com Frank A. Cavallaro Senior EVP & Chief Financial Officer (908) 306-8933 fcavallaro@peapackprivate.com CONTACTS John P. Babcock Senior EVP & President of Peapack Private Wealth Management (908) 719-3301 jbabcock@peapackprivate.com Matthew P. Remo SVP | Managing Principal – Treasurer & Head of Corporate Finance (908) 872-9899 mremo@peapackprivate.com CORPORATE HEADQUARTERS 500 Hills Drive, Suite 300 P.O. Box 700 Bedminster, New Jersey 07921 (908) 234-0700 peapackprivate.com

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Jul. 27, 2026

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500 Hills Drive

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Suite 300

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Cover page.

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No definition available.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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No definition available.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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