Form 8-K
8-K — PEAPACK GLADSTONE FINANCIAL CORP
Accession: 0001193125-26-170627
Filed: 2026-04-22
Period: 2026-04-22
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-20260422.htm (Primary)
EX-99.1 (pgc-ex99_1.htm)
EX-99.2 (pgc-ex99_2.htm)
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8-K
8-K (Primary)
Filename: pgc-20260422.htm · Sequence: 1
8-K
false000105074300010507432026-04-222026-04-22
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)
April 22, 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 April 22, 2026, Peapack-Gladstone Financial Corporation (the "Company") issued a press release reporting earnings and other financial results for the three months ended March 31, 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 April 22, 2026.
99.2
Investor Presentation used by the Company for the first 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: April 22, 2026
By:
/s/ Frank A. Cavallaro
Frank A. Cavallaro
Senior Executive Vice President and Chief Financial Officer
EX-99.1
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 FIRST QUARTER FINANCIAL RESULTS
Bedminster, N.J. – April 22, 2026 – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its first quarter 2026 financial results.
This earnings release should be read in conjunction with the Company’s Q1 2026 Investor Update, a copy of which is available on our website at www.peapackprivate.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.
The Company’s results reflect continued execution of its private banking strategy and strategic expansion throughout the Metropolitan New York region. Investments in talent, geographic expansion, and client relationships continue to strengthen the Company’s deposit franchise, enhance its balance sheet, and support durable long-term earnings growth.
Douglas L. Kennedy, President and CEO stated, “Our first quarter results reflect continued momentum and sustainability in delivering enhanced shareholder value. Core earnings increased for a sixth consecutive quarter, with net income reaching $14.2 million, up 16% over the previous quarter and 86% over the first quarter of 2025.”
For the quarter ended March 31, 2026, the Company reported net income of $14.2 million, or $0.80 per diluted share, compared to $12.2 million, or $0.69 per diluted share, for the quarter ended December 31, 2025.
Mr. Kennedy added, “This performance continues to be driven by steady growth in both loans and deposits. Total loans increased by 12% over the last twelve months to $6.4 billion, while deposits grew 9% to $6.8 billion during the same period reflecting the strength of our client-focused approach and consistent execution across business lines."
During the first quarter the Company also announced a commitment by Strategic Value Bank Partners to purchase up to $50 million of preferred stock. Strategic Value Bank Partners is a well-known, long-term investor primarily focused on the banking sector. The commitment included an initial $30 million private placement of the preferred stock which closed during March 2026 with the ability to issue an additional $20 million through the end of 2027.
Mr. Kennedy noted, “We are very pleased to partner with Strategic Value Bank Partners whose long-term orientation aligns well with our current strategic initiatives. This capital raise provides the flexibility needed to continue to execute on our growth and expansion plan while maintaining capital levels consistent with our long-standing targets. More importantly, it reflects our disciplined approach to capital management with the ultimate goal of delivering top tier returns and value to our entire shareholder base.”
1
First Quarter Highlights:
•
Net Income: $14.2 million, or $0.80 per diluted share
•
Net Interest Income: $59.9 million, representing the eighth consecutive quarter of growth
•
Net Interest Margin: 3.26%, an increase of 18 basis points compared to the previous quarter and 58 basis points year-over-year
•
Loan Growth: $6.4 billion in total loans, an increase of $686 million year-over-year
•
Deposits: $6.8 billion at March 31, 2026, an increase of $540 million year-over-year
•
Wealth Management: $13.1 billion in assets under management and administration
•
Wealth Management Fee Income: $16.5 million or 20% of total revenue
•
Shareholders' Equity: $699 million at March 31, 2026, an increase of $77 million year-over-year
•
Shareholder Value: Tangible book value per share increased 14% year-over-year to $37.02. See Non-GAAP financial measures reconciliation included in these table. Book value per share increased 13% year-over-year to $39.48
Key Financial Metrics
Q1 2026
Q4 2025
Q1 2025
Net income ($ millions)
$
14.2
$
12.2
$
7.6
Diluted EPS
$
0.80
$
0.69
$
0.43
Net interest income ($ millions)
$
59.9
$
56.5
$
45.5
Net interest margin
3.26
%
3.08
%
2.68
%
Total revenue ($ millions)
$
82.5
$
78.2
$
64.3
Operating expenses ($ millions)
$
55.4
$
53.5
$
49.4
Pre-provision net revenue ($ millions)
$
27.1
$
24.7
$
14.9
Return on average assets (annualized)
0.74
%
0.65
%
0.43
%
Return on average equity (annualized)
8.51
%
7.51
%
4.98
%
Earnings and Operating Leverage
The Company had strong revenue growth of 28% year-over-year, with total revenue of $82.5 million for the first quarter of 2026, compared to $78.2 million for the fourth quarter of 2025 and $64.3 million for the first quarter of 2025. Revenue growth has been primarily attributable to the consistent improvement in net interest income over the last twelve months. The increase in revenue growth translated into higher earnings driving positive operating leverage and improved profitability.
Operating expenses increased at a more moderate pace increasing to $55.4 million for the first quarter of 2026, compared to $53.5 million for the fourth quarter of 2025 and $49.4 million for the first quarter of 2025. The increase during the first quarter was primarily driven by increased health insurance costs and annual merit increases.
Net Interest Income and Margin
Net interest income totaled $59.9 million for the first quarter of 2026, an increase of $3.4 million, or 6%, from the fourth quarter of 2025 and an increase of $14.4 million, or 32%, from the first quarter of 2025. Net interest margin expanded to 3.26% compared to 3.08% in the prior quarter and 2.68% in the prior-year period continuing the upward trend over the past several quarters. This improvement in net interest income and net interest margin was driven primarily by an increase in interest-earning assets coupled with lower costs on average interest-bearing liabilities and continued growth in core deposit relationships. This momentum reflects discipline in our loan pricing and continued improvement in our funding mix.
Loans / Commercial Banking
Total loans increased $184.1 million, or 12% annualized, to $6.4 billion at March 31, 2026, compared to $6.3 billion at December 31, 2025, primarily driven by commercial mortgage and commercial and industrial loan originations during the quarter. Commercial mortgage activity was bolstered by sponsor demand for stabilized assets
2
and refinancing activity. C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at March 31, 2026 were $2.8 billion, or 43% of the total loan portfolio.
Mr. Kennedy noted, “Loan growth during the quarter was driven by our core C&I franchise, including equipment finance, where we continue to see strong demand from well-capitalized middle-market clients. We are scaling our C&I platform while maintaining disciplined underwriting standards and reducing reliance on higher-risk segments, which we believe positions the loan portfolio for durable, risk-adjusted growth. Our Commercial Real Estate lending team also contributed to the growth in the period focusing on clients that bring a complete relationship to Peapack Private.”
Wealth Management
John Babcock, President of the Bank’s Wealth Management Division, stated, “Our Wealth Management business delivered another quarter of solid performance, with wealth management fee income totaling $16.5 million for the first quarter of 2026, compared to $16.1 million for the fourth quarter of 2025 and $15.4 million for the first quarter of 2025 driven by continued client inflows of $227 million, along with disciplined cost management and operating efficiency. We ended the quarter with assets under management and administration remaining stable at $13.1 billion as of March 31, 2026, compared to prior quarter end, despite the market volatility late in the quarter."
Funding / Liquidity / Interest Rate Risk Management
Total deposits increased $237.8 million, or 14% annualized, to $6.8 billion at March 31, 2026, from $6.6 billion at December 31, 2025. Noninterest-bearing deposits increased by $115.8 million, which represented 49% of the deposit growth during the quarter and a meaningful portion of total funding, supporting both margin expansion and balance sheet stability.
The Company’s liquidity profile remains strong with a loan-to-deposit ratio of 94%. At March 31, 2026, the Company’s balance sheet liquidity totaled $991 million, or 13% of total assets. The Company maintains additional liquidity resources of approximately $4.0 billion through secured available borrowing facilities with the Federal Home Loan Bank and the Federal Reserve Discount Window. The available funding from the Federal Home Loan Bank and the Federal Reserve are secured by the Company’s loan and investment portfolios. The Company's total on and off-balance sheet liquidity totaled $5.0 billion at March 31, 2026, which amounted to 240% of the total uninsured/uncollateralized deposits currently on the Company’s balance sheet. The Company continues to maintain a well-balanced funding base with a high level of operating deposits and no reliance on brokered funding.
In the first quarter of 2026, the Company used its strong liquidity to reposition a portion of the securities portfolio, exiting lower-yielding, longer-duration assets without impacting earnings, and redeploying them into higher-yielding bonds with better structure.
Asset Quality / Provision for Credit Losses
Asset quality continued to improve with nonperforming assets declining for the third consecutive quarter. In the first quarter of 2026, nonperforming assets decreased to $59.3 million, or 0.77% of total assets, compared to $68.2 million, or 0.91% of total assets, at December 31, 2025. The decrease in nonperforming assets during the first quarter of 2026 was largely driven by the liquidation of one commercial loan with a balance of $9.6 million. Loans past due 30 to 89 days and still accruing increased to $47.1 million, or 0.73% of total loans, at March 31, 2026 compared to $26.6 million, or 0.42% of total loans, at December 31, 2025. The increase in past due loans at March 31, 2026 was primarily due to one multifamily relationship with an outstanding balance of $36.2 million.
Mr. Kennedy noted, “Overall credit trends remain favorable and we continue to manage the portfolio proactively and conservatively. We have committed to work through asset quality issues in a deliberate manner with an ultimate goal of preserving capital and maintaining appropriate reserve coverage."
The provision for credit losses totaled $7.3 million for the first quarter of 2026, compared to $7.7 million for the fourth quarter of 2025 and $4.5 million for the March 31, 2025 quarter. The first quarter provision was attributable to loan growth of $184.1 million resulting in a provision of $1.3 million, in addition to changes in specific reserves which required a provision of $6.0 million.
3
At March 31, 2026, the allowance for credit losses ("ACL") was $67.0 million (1.04% of total loans), compared to $71.0 million (1.14% of total loans) at December 31, 2025. Charge-offs of $11.3 million during the period were associated with the sale of one multifamily loan with a balance totaling $8.3 million and the liquidation of one commercial loan with a balance of $9.6 million. Specific reserves of $5.8 million, related to these charge-offs, had been established in prior periods.
Capital
The Company’s capital position was strengthened during the first quarter of 2026. The Company redeemed $100.0 million of subordinated debt in the first quarter of 2026, which had become less efficient from a capital standpoint, and replaced a portion of it with the issuance of preferred equity. The Company successfully completed a private placement of $30.0 million of 6.00% Series B Non-Cumulative Convertible Preferred Stock in March. The preferred equity enhances the quality of our capital base while maintaining an attractive overall cost and improving financial flexibility.
Tangible book value per share increased 14% to $37.02 per share at March 31, 2026 from $32.56 at March 31, 2025. See Non-GAAP financial measures reconciliation included in these tables. Book value per share increased 13% to $39.48 per share at March 31, 2026 compared to $35.08 at March 31, 2025.
The Company’s and Bank’s regulatory capital ratios as of March 31, 2026 remain strong. The Tier 1 Leverage Ratio at March 31, 2026 was 9.02% for the Bank and 9.24% for the Company, while the Common Equity Tier 1 Ratio was 10.77% for the Bank and 10.55% for the Company. Where applicable, such ratios remain well above regulatory well capitalized standards.
On March 26, 2026, the Company declared a cash dividend of $0.05 per share payable on May 21, 2026 to shareholders of record on May 7, 2026.
Investor Conference Call
Peapack-Gladstone Financial Corporation's CEO Douglas Kennedy will host a conference call with investors and the financial community on April 23, 2026 at 11:00 a.m. (ET) to review first quarter 2026 financial results. The live audio webcast and presentation slides will be available using the following link: https://events.q4inc.com/attendee/461093557. Investor presentation materials will be made available prior to the conference call by going to the Investor Relations page on our Company website at www.peapackprivate.com. A replay will be available under the Events & Presentation section on our Investor Relations website.
ABOUT THE COMPANY
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.7 billion and assets under management and/or administration of $13.1 billion as of March 31, 2026. Founded in 1921, Peapack Private Bank & Trust, a subsidiary of Peapack-Gladstone Financial Corporation, is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit www.peapackprivate.com for more information.
4
FORWARD-LOOKING STATEMENTS
The foregoing may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “may” or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to:
•
our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan;
•
the impact of anticipated higher operating expenses in 2026 and beyond;
•
our ability to successfully integrate wealth management firm and team acquisitions;
•
our ability to successfully integrate our expanded employee base;
•
an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions;
•
declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;
•
declines in the value of our investment portfolio;
•
impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels;
•
higher than expected increases in our allowance for credit losses;
•
changes in the methodology and assumptions used to calculate the allowance for credit losses;
•
higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans or charge-offs;
•
inflation and changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and lead to higher operating costs;
•
decline in real estate values within our market areas;
•
legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;
•
the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;
•
the impact of any federal government shutdown;
•
the failure to maintain current technologies and/or to successfully implement future information technology enhancements;
•
successful cyberattacks against our IT infrastructure and that of our IT and third-party providers;
•
higher than expected FDIC insurance premiums;
•
adverse weather conditions;
•
the current or anticipated impact of military conflict, terrorism or other geopolitical events;
•
our inability to successfully generate new business in new geographic markets, including our expansion into New York City and Long Island;
•
a reduction in our lower-cost funding sources;
•
changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio;
•
our inability to adapt to technological changes;
•
claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;
•
our inability to retain key employees;
•
demand for loans and deposits in our market areas;
•
adverse changes in securities markets;
•
changes in New York City rent regulation law;
•
changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary and fiscal policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
•
changes in accounting policies and practices; and/or
•
other unexpected material adverse changes in our financial condition, operations or earnings.
5
A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025. Except as may be required by the applicable law or regulation, we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
(Tables to follow)
6
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands, except per share data)
(Unaudited)
For the Three Months Ended
March 31,
Dec 31,
Sept 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Income Statement Data:
Interest income
$
95,049
$
93,984
$
92,545
$
89,651
$
86,345
Interest expense
35,153
37,442
41,972
41,361
40,840
Net interest income
59,896
56,542
50,573
48,290
45,505
Wealth management fee income
16,503
16,064
15,798
15,943
15,435
Service charges and fees
1,359
1,317
1,184
1,194
1,112
Capital markets revenue
544
873
901
799
455
Other income
4,191
3,405
2,238
3,515
1,852
Total other income
22,597
21,659
20,121
21,451
18,854
Total revenue
82,493
78,201
70,694
69,741
64,359
Compensation expense
29,782
28,399
28,613
28,232
26,315
Benefits expense
9,583
8,397
8,143
7,829
9,564
Premises and equipment
6,858
7,142
6,676
6,641
6,154
FDIC insurance expense
1,388
1,565
1,345
1,045
855
Professional and legal fees
1,554
1,868
1,972
1,645
1,190
Trust department expense
1,180
1,139
1,111
1,092
1,043
Loan expense
556
905
475
939
433
Advertising
267
329
651
919
154
Other expenses
4,272
3,794
3,311
3,551
3,732
Total operating expenses
55,440
53,538
52,297
51,893
49,440
Pretax income before provision for credit losses
27,053
24,663
18,397
17,848
14,919
Provision for credit losses
7,327
7,671
4,790
6,586
4,471
Income before income taxes
19,726
16,992
13,607
11,262
10,448
Income tax expense
5,573
4,833
3,976
3,321
2,853
Net Income
14,153
12,159
9,631
7,941
7,595
Dividends on preferred stock
—
—
—
—
—
Net income available to common shareholders
$
14,153
$
12,159
$
9,631
$
7,941
$
7,595
Per Common Share Data:
Earnings per share (basic)
$
0.80
$
0.69
$
0.55
$
0.45
$
0.43
Earnings per share (diluted)
0.80
0.69
0.54
0.45
0.43
Weighted average number of common
shares outstanding:
Basic
17,585,846
17,558,019
17,576,899
17,704,110
17,610,917
Diluted
17,760,678
17,705,355
17,686,979
17,773,237
17,812,222
Performance Ratios:
Return on average assets annualized (ROAA)
0.74
%
0.65
%
0.53
%
0.45
%
0.43
%
Return on average equity annualized (ROAE)
8.51
%
7.51
%
6.12
%
5.11
%
4.98
%
Return on average tangible equity annualized (ROATCE) (A)
9.10
%
8.06
%
6.59
%
5.50
%
5.37
%
Net interest margin (tax-equivalent basis)
3.26
%
3.08
%
2.81
%
2.77
%
2.68
%
GAAP efficiency ratio (B)
67.21
%
68.46
%
73.98
%
74.41
%
76.82
%
Operating expenses / average assets annualized
2.92
%
2.88
%
2.87
%
2.92
%
2.82
%
(A) Return on average tangible equity is calculated by dividing tangible equity by annualized net income. See non-GAAP financial measures reconciliation included in these tables.
(B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables.
7
PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in Thousands)
(Unaudited)
As of
March 31,
Dec 31,
Sept 30,
June 30,
March 31,
2026
2025
2025
2025
2025
ASSETS
Cash and due from banks
$
9,220
$
8,712
$
8,514
$
7,524
$
7,885
Interest-earning deposits
244,194
179,108
338,672
308,078
224,032
Total cash and cash equivalents
253,414
187,820
347,186
315,602
231,917
Securities available for sale
710,046
774,203
756,578
767,533
832,030
Securities held to maturity
79,478
95,862
97,414
98,623
100,285
CRA equity security, at fair value
13,375
13,459
13,403
13,278
13,236
FHLB and FRB stock, at cost (A)
14,170
14,605
11,387
11,467
12,311
Residential mortgage
662,949
648,216
649,523
649,703
630,245
Multifamily mortgage
1,824,882
1,862,592
1,796,533
1,794,854
1,775,132
Commercial mortgage
887,712
774,428
689,166
643,520
633,957
Commercial and industrial loans
2,797,352
2,726,379
2,662,661
2,543,092
2,528,235
Consumer loans
210,731
187,360
171,811
140,668
140,443
Home equity lines of credit
58,194
59,306
57,166
52,434
48,301
Other loans
860
342
405
261
359
Total loans
6,442,680
6,258,623
6,027,265
5,824,532
5,756,672
Less: Allowance for credit losses
67,026
71,039
68,642
81,770
75,150
Net loans
6,375,654
6,187,584
5,958,623
5,742,762
5,681,522
Premises and equipment
39,322
39,164
37,756
36,626
31,639
Accrued interest receivable
33,115
31,971
34,120
33,209
31,968
Bank owned life insurance
47,896
47,761
48,381
48,239
48,110
Goodwill and other intangible assets
43,595
43,839
44,111
44,383
44,655
Finance lease right-of-use assets
809
844
879
914
950
Operating lease right-of-use assets
38,079
39,886
37,692
38,291
39,456
Other assets
50,012
49,411
52,112
49,746
52,573
TOTAL ASSETS
$
7,698,965
$
7,526,409
$
7,439,642
$
7,200,673
$
7,120,652
LIABILITIES
Deposits:
Noninterest-bearing demand deposits
$
1,544,515
$
1,428,745
$
1,323,492
$
1,237,864
$
1,184,860
Interest-bearing demand deposits
3,533,203
3,448,497
3,509,403
3,483,295
3,450,014
Savings
114,955
105,123
104,524
103,846
107,581
Money market accounts
1,222,405
1,197,995
1,226,506
1,095,665
1,087,959
Certificates of deposit – Retail
411,688
408,219
397,338
440,612
442,369
Certificates of deposit – Listing Service
—
400
899
1,841
3,773
Subtotal “customer” deposits
6,826,766
6,588,979
6,562,162
6,363,123
6,276,556
IB Demand – Brokered
—
—
—
—
10,000
Total deposits
6,826,766
6,588,979
6,562,162
6,363,123
6,286,556
Short-term borrowings
63,830
73,267
—
—
—
Finance lease liability
1,145
1,186
1,227
1,268
1,308
Operating lease liability
41,458
43,294
41,139
41,806
42,948
Subordinated debt, net
—
99,030
98,981
98,933
98,884
Due to brokers
—
—
25,125
—
—
Other liabilities
66,562
62,447
68,458
65,766
69,083
TOTAL LIABILITIES
6,999,761
6,868,203
6,797,092
6,570,896
6,498,779
Shareholders’ equity
699,204
658,206
642,550
629,777
621,873
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY
$
7,698,965
$
7,526,409
$
7,439,642
$
7,200,673
$
7,120,652
Assets under management and / or administration at
Peapack Private Bank & Trust's Wealth Management
Division (market value, not included above-dollars in billions)
$
13.1
$
13.1
$
12.9
$
12.3
$
11.8
(A) FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."
8
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)
As of
March 31,
Dec 31,
Sept 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Asset Quality:
Loans past due over 90 days and still accruing
$
—
$
—
$
—
$
—
$
—
Nonaccrual loans
59,321
68,243
84,142
114,958
97,170
Other real estate owned
—
—
—
—
—
Total nonperforming assets
$
59,321
$
68,243
$
84,142
$
114,958
$
97,170
Nonperforming loans to total loans
0.92
%
1.09
%
1.40
%
1.97
%
1.69
%
Nonperforming assets to total assets
0.77
%
0.91
%
1.13
%
1.60
%
1.36
%
Performing modifications (A)(B)
$
85,835
$
95,266
$
101,501
$
111,962
$
63,259
Loans past due 30 through 89 days and still accruing
$
47,053
$
26,555
$
28,817
$
15,522
$
28,323
Loans subject to special mention
$
75,935
$
51,027
$
56,534
$
86,907
$
75,248
Classified loans
$
90,583
$
118,912
$
134,982
$
145,783
$
142,273
Individually evaluated loans
$
59,321
$
68,243
$
84,142
$
114,958
$
97,170
Allowance for credit losses ("ACL"):
Beginning of quarter
$
71,039
$
68,642
$
81,770
$
75,150
$
72,992
Provision for credit losses (C)
7,322
7,659
4,871
6,577
4,494
(Charge-offs)/recoveries, net (D)
(11,335
)
(5,262
)
(17,999
)
43
(2,336
)
End of quarter
$
67,026
$
71,039
$
68,642
$
81,770
$
75,150
ACL to nonperforming loans
112.99
%
104.10
%
81.58
%
71.13
%
77.34
%
ACL to total loans
1.04
%
1.14
%
1.14
%
1.40
%
1.31
%
Collectively evaluated ACL to total loans (E)
0.94
%
0.94
%
0.95
%
1.06
%
1.09
%
(A) Amounts reflect modifications that are paying according to modified terms.
(B) Excludes modifications included in nonaccrual loans of $19.6 million at March 31, 2026, $36.0 million at December 31, 2025, $37.6 million at September 30, 2025, $38.1 million at June 30, 2025 and $3.9 million at March 31, 2025.
(C) Excludes provision of $5,000 at March 31, 2026, provision of $12,000 at December 31, 2025, a credit of $81,000 at September 30, 2025, provision of $9,000 at June 30, 2025, and a credit of $23,000 at March 31, 2025 related to off-balance sheet commitments.
(D) Includes charge-offs of $7.8 million related to two commercial and industrial loans and $3.5 million to one multifamily loan for the quarter ended March 31, 2026. Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. Includes charge-offs of $6.7 million related to three multifamily loans and $11.3 million related to one equipment financing relationship for the quarter ended September 30, 2025.
(E) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.
9
PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in Thousands)
(Unaudited)
As of
March 31,
Dec 31,
March 31,
2026
2025
2025
Capital Adequacy
Equity to total assets (A)
9.08
%
8.75
%
8.73
%
Tangible equity to tangible assets (B)
8.56
%
8.21
%
8.16
%
Book value per share (C)
$
39.48
$
37.49
$
35.08
Tangible book value per share (D)
$
37.02
$
34.99
$
32.56
(A) Equity to total assets is calculated as total shareholders’ equity as a percentage of total assets at quarter end.
(B) Tangible equity and tangible assets are calculated by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. Tangible equity as a percentage of tangible assets at quarter end is calculated by dividing tangible equity by tangible assets at quarter end. See Non-GAAP financial measures reconciliation included in these tables.
(C) Book value per common share is calculated by dividing shareholders’ equity by quarter end common shares outstanding.
(D) Tangible book value per share excludes intangible assets. Tangible book value per share is calculated by dividing tangible equity by quarter end common shares outstanding. See Non-GAAP financial measures reconciliation tables.
As of
March 31,
Dec 31,
March 31,
2026
2025
2025
Regulatory Capital – Holding Company
Tier I leverage
$
704,063
9.24%
$
660,696
8.87%
$
633,456
8.98%
Tier I capital to risk-weighted assets
704,063
11.02
660,696
10.33
633,456
11.19
Common equity tier I capital ratio
to risk-weighted assets
674,004
10.55
660,637
10.33
633,450
11.19
Tier I & II capital to risk-weighted assets
771,704
12.08
811,375
12.68
803,173
14.19
Regulatory Capital – Bank
Tier I leverage (E)
$
687,120
9.02%
$
735,931
9.89%
$
708,276
10.05%
Tier I capital to risk-weighted assets (F)
687,120
10.77
735,931
11.52
708,276
12.52
Common equity tier I capital ratio
to risk-weighted assets (G)
687,061
10.77
735,872
11.52
708,270
12.52
Tier I & II capital to risk-weighted assets (H)
754,761
11.83
807,580
12.64
779,068
13.77
(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($305 million)
(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($542 million)
(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($446 million)
(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($670 million)
10
PEAPACK-GLADSTONE FINANCIAL CORPORATION
LOANS CLOSED
(Dollars in Thousands)
(Unaudited)
For the Quarters Ended
March 31,
Dec 31,
Sept 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Residential loans retained
$
29,376
$
18,993
$
18,323
$
34,990
$
25,157
Residential loans sold
4,680
2,544
445
1,712
4,074
Total residential loans
34,056
21,537
18,768
36,702
29,231
Commercial real estate
138,570
130,790
78,825
24,086
47,280
Multifamily
31,825
100,611
47,991
73,350
6,800
Commercial (C&I) loans (A) (B)
274,269
358,468
453,554
200,671
257,282
SBA
11,445
2,666
6,821
7,090
5,928
Wealth lines of credit (A)
5,225
3,925
2,700
2,400
9,900
Total commercial loans
461,334
596,460
589,891
307,597
327,190
Installment loans
30,171
40,428
47,115
8,164
76,941
Home equity lines of credit (A)
6,638
3,929
11,755
5,154
4,805
Total loans closed
$
532,199
$
662,354
$
667,529
$
357,617
$
438,167
(A) Includes loans and lines of credit that closed in the period but not necessarily funded.
(B) Includes equipment finance.
11
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
(Tax-Equivalent Basis, Dollars in Thousands)
(Unaudited)
For the Three Months Ended
March 31, 2026
March 31, 2025
Average
Income/
Annualized
Average
Income/
Annualized
Balance
Expense
Yield
Balance
Expense
Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)
$
934,080
$
7,126
3.05
%
$
1,032,257
$
8,213
3.18
%
Loans (B) (C):
Mortgages
656,719
7,958
4.85
617,185
6,670
4.32
Commercial mortgages
2,678,193
31,551
4.71
2,384,542
26,179
4.39
Commercial
2,773,733
43,359
6.25
2,432,862
40,104
6.59
Commercial construction
576
9
6.25
—
—
—
Installment
199,070
2,994
6.02
107,506
1,793
6.67
Home equity
55,816
936
6.71
45,949
845
7.36
Other
627
5
3.19
304
5
6.81
Total loans
6,364,734
86,812
5.46
5,588,348
75,596
5.41
Federal funds sold
—
—
—
—
—
—
Interest-earning deposits
188,404
1,325
2.81
290,702
2,776
3.82
Total interest-earning assets
7,487,218
95,263
5.09
%
6,911,307
86,585
5.01
%
Noninterest-earning assets:
Cash and due from banks
8,692
8,380
Allowance for credit losses
(71,767
)
(74,413
)
Premises and equipment
39,336
29,954
Other assets
139,139
128,754
Total noninterest-earning assets
115,400
92,675
Total assets
$
7,602,618
$
7,003,982
LIABILITIES:
Interest-bearing deposits:
Checking
$
3,713,856
$
23,842
2.57
%
$
3,445,903
$
28,078
3.26
%
Money markets
1,070,606
6,368
2.38
982,245
6,717
2.74
Savings
111,872
193
0.69
106,073
118
0.44
Certificates of deposit – retail
411,628
3,099
3.01
468,176
4,363
3.73
Subtotal interest-bearing deposits
5,307,962
33,502
2.52
5,002,397
39,276
3.14
Interest-bearing demand – brokered
—
—
—
10,000
100
4.00
Certificates of deposit – brokered
—
—
—
—
—
—
Total interest-bearing deposits
5,307,962
33,502
2.52
5,012,397
39,376
3.14
Borrowings
45,262
432
3.82
1,001.00
11.00
4.54
Capital lease obligation
1,159
12
4.14
1,322
14
4.20
Subordinated debt
66,026
1,207
7.31
126,641
1,439
4.55
Total interest-bearing liabilities
5,420,409
35,153
2.59
%
5,141,361
40,840
3.18
%
Noninterest-bearing liabilities:
Demand deposits
1,405,577
1,122,191
Accrued expenses and other liabilities
111,095
129,857
Total noninterest-bearing liabilities
1,516,672
1,252,048
Shareholders’ equity
665,537
610,573
Total liabilities and shareholders’ equity
$
7,602,618
$
7,003,982
Net interest income
$
60,110
$
45,745
Net interest spread
2.50
%
1.83
%
Net interest margin (D)
3.26
%
2.68
%
(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.
12
PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
(Tax-Equivalent Basis, Dollars in Thousands)
(Unaudited)
For the Three Months Ended
March 31, 2026
Dec 31, 2025
Average
Income/
Annualized
Average
Income/
Annualized
Balance
Expense
Yield
Balance
Expense
Yield
ASSETS:
Interest-earning assets:
Investments:
Taxable (A)
$
934,080
$
7,126
3.05
%
$
958,470
$
7,426
3.10
%
Loans (B) (C):
Mortgages
656,719
7,958
4.85
646,533
7,469
4.62
Commercial mortgages
2,678,193
31,551
4.71
2,521,899
29,727
4.72
Commercial
2,773,733
43,359
6.25
2,674,515
43,089
6.44
Commercial construction
576
9
6.25
252
5
7.94
Installment
199,070
2,994
6.02
181,182
3,122
6.89
Home equity
55,816
936
6.71
57,781
1,040
7.20
Other
627
5
3.19
487
5
4.28
Total loans
6,364,734
86,812
5.46
6,082,649
84,457
5.55
Federal funds sold
—
—
—
—
—
—
Interest-earning deposits
188,404
1,325
2.81
272,711
2,330
3.42
Total interest-earning assets
7,487,218
95,263
5.09
%
7,313,830
94,213
5.15
%
Noninterest-earning assets:
Cash and due from banks
8,692
8,412
Allowance for credit losses
(71,767
)
(68,024
)
Premises and equipment
39,336
38,252
Other assets
139,139
135,915
Total noninterest-earning assets
115,400
114,555
Total assets
$
7,602,618
$
7,428,385
LIABILITIES:
Interest-bearing deposits:
Checking
$
3,713,856
$
23,842
2.57
%
$
3,647,796
$
26,375
2.89
%
Money markets
1,070,606
6,368
2.38
1,059,749
6,983
2.64
Savings
111,872
193
0.69
104,033
173
0.67
Certificates of deposit – retail
411,628
3,099
3.01
390,446
2,948
3.02
Subtotal interest-bearing deposits
5,307,962
33,502
2.52
5,202,024
36,479
2.80
Interest-bearing demand – brokered
—
—
—
—
—
—
Certificates of deposit – brokered
—
—
—
—
—
—
Total interest-bearing deposits
5,307,962
33,502
2.52
5,202,024
36,479
2.80
Borrowings
45,262
432
3.82
2,727
27
3.96
Capital lease obligation
1,159
12
4.14
1,201
13
4.33
Subordinated debt
66,026
1,207
7.31
99,004
923
3.73
Total interest-bearing liabilities
5,420,409
35,153
2.59
%
5,304,956
37,442
2.82
%
Noninterest-bearing liabilities:
Demand deposits
1,405,577
1,359,724
Accrued expenses and other liabilities
111,095
116,060
Total noninterest-bearing liabilities
1,516,672
1,475,784
Shareholders’ equity
665,537
647,645
Total liabilities and shareholders’ equity
$
7,602,618
$
7,428,385
Net interest income
$
60,110
$
56,771
Net interest spread
2.50
%
2.33
%
Net interest margin (D)
3.26
%
3.08
%
(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.
13
PEAPACK-GLADSTONE FINANCIAL CORPORATION
NON-GAAP FINANCIAL MEASURES RECONCILIATION
Tangible book value per share and tangible equity as a percentage of tangible assets at period end are non-GAAP financial measures derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. We calculate tangible book value per share by dividing tangible equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing shareholders’ equity by common shares outstanding at period end. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios.
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
March 31,
Dec 31,
Sept 30,
June 30,
March 31,
Tangible Book Value Per Share
2026
2025
2025
2025
2025
Shareholders’ equity
$
699,204
$
658,206
$
642,550
$
629,777
$
621,873
Less: Intangible assets, net
43,595
43,839
44,111
44,383
44,655
Tangible equity
$
655,609
$
614,367
$
598,439
$
585,394
$
577,218
Period end shares outstanding
17,708,327
17,558,019
17,548,471
17,636,264
17,726,251
Tangible book value per share
$
37.02
$
34.99
$
34.10
$
33.19
$
32.56
Book value per share
39.48
37.49
36.62
35.71
35.08
Tangible Equity to Tangible Assets
Total assets
$
7,698,965
$
7,526,409
$
7,439,642
$
7,200,673
$
7,120,652
Less: Intangible assets, net
43,595
43,839
44,111
44,383
44,655
Tangible assets
$
7,655,370
$
7,482,570
$
7,395,531
$
7,156,290
$
7,075,997
Tangible equity to tangible assets
8.56
%
8.21
%
8.09
%
8.18
%
8.16
%
Equity to assets
9.08
%
8.75
%
8.64
%
8.75
%
8.73
%
14
(Dollars in thousands, except per share data)
Three Months Ended
March 31,
Dec 31,
Sept 30,
June 30,
March 31,
Return on Average Tangible Equity
2026
2025
2025
2025
2025
Net income
$
14,153
$
12,159
$
9,631
$
7,941
$
7,595
Average shareholders’ equity
$
665,537
$
647,645
$
629,091
$
621,900
$
610,573
Less: Average intangible assets, net
43,741
43,982
44,266
44,538
44,815
Average tangible equity
$
621,796
$
603,663
$
584,825
$
577,362
$
565,758
Return on average tangible common equity
9.10
%
8.06
%
6.59
%
5.50
%
5.37
%
(Dollars in thousands)
Three Months Ended
March 31,
Dec 31,
Sept 30,
June 30,
March 31,
Efficiency Ratio
2026
2025
2025
2025
2025
Net interest income
$
59,896
$
56,542
$
50,573
$
48,290
$
45,505
Total other income
22,597
21,659
20,121
21,451
18,854
Add:
Fair value adjustment for CRA equity security
84
(56
)
(125
)
(42
)
(195
)
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
81
—
—
(7
)
—
Gain on sale of property
—
(318
)
—
—
—
Gain on lease termination
—
—
—
(875
)
—
Total recurring revenue
82,658
77,666
70,933
68,817
64,164
Operating expenses
55,440
53,538
52,297
51,893
49,440
Total operating expense
55,440
53,538
52,297
51,893
49,440
Efficiency ratio
67.07
%
68.93
%
73.73
%
75.41
%
77.05
%
15
EX-99.2
EX-99.2
Filename: pgc-ex99_2.htm · Sequence: 3
The Q1 2026 Investor Update should be read in conjunction with the Q1 2026 Earnings Release issued on April 22, 2026. Investor Update Q1 2026 Exhibit 99.2
First Quarter 2026 HighlightsDelivering positive momentum See page 19 for notes and important information. Earnings Performance Banking & Wealth Momentum Sustained earnings momentum with EPS of $0.80 up 16% QoQ and 86% YoY Sixth consecutive quarter of core earnings1 growth, up 10% QoQ and 81% YoY, driven by continued NII growth and moderate expense growth Margin expansion continues in a meaningful way, with NIM expanding 18 bps QoQ to 3.26%, up 45 bps over the past 6 months and 106 bps from its recent low in Q1 2024 Sustained positive operating leverage with efficiency ratio improving for a sixth consecutive quarter to 67% Consistent balance sheet growth and execution driven by strong relationship-focused activity 683 NIB DDA accounts opened and funded in Q1; growth of $116 million represented 49% of the $238 million in total deposit growth Asset quality continues to improve with nonperforming assets declining for a third consecutive quarter to 0.77% Strong wealth momentum continues with $227 million of new business inflows Proactive capital actions enhance flexibility and support continued growth: preferred equity issuance, subordinated debt redemption, and bond optimization $0.80 + 86% YoY EPS 4 consecutive quarters of growth + 81% YoY PPNR1 Growth 6 consecutive quarters of growth + 32% YoY NII Growth 8 consecutive quarters of growth 3.26% + 58 bps YoY Net Interest Margin + 45 bps over the last six months - 39% YoY Nonperforming Assets 3 consecutive quarters of improvement + 32% Q1 Annualized NIB DDA Growth Up 30% YoY + 12% Q1 Annualized Loan Growth Consistent production
Quarterly Earnings Momentum Continuing to deliver shareholder value Sustained earnings momentum, with EPS of $0.80, up 16% QoQ and 86% YoY Sixth consecutive quarter of core earnings1 growth, up 10% QoQ and 81% YoY Operating leverage sustained, with efficiency ratio improving for a sixth consecutive quarter to 67% Margin expansion continues, with NIM increasing 18 bps QoQ to 3.26% and up 45 bps over the last six months and 58 bps YoY Credit costs remain manageable, with provision reflecting loan growth and specific reserves on a limited number of loans Results have led to TBVPS growth of 14% YoY ($ in millions, except per share data) See page 19 for notes and important information. Key Observations +81% YoY +86% YoY +58 bps YoY +14% YoY
Metro New York Expansion TimelineStrategic investments made during industry stress is creating long-term 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 decision to expand in New York City 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
Proactive Capital Actions to Support GrowthTBVPS growth creates shareholder value $30 million convertible preferred issuance executed in Q1, with the flexibility to call up to an additional $20 million Minimal execution costs and immediate capital benefit, with strong alignment to long-term strategy providing up to $20 million of additional growth capital Common Equity Tier 1 improved meaningfully QoQ through organic capital generation and RWA management Tier 1 grew above 11.0% following the preferred equity issuance, enhancing capital flexibility and capacity for growth Subordinated debt replaced with higher-quality Tier 1 capital, improving overall capital efficiency Positions the balance sheet to support continued loan growth at attractive spreads Optimization & Flexibility Pro Forma Impact of additional $20MM Impact of preferred issuance 14% TBVPS Growth over LTM See page 19 for notes and important information.
Deposit TrendsNIB DDA represents 67% of deposit growth over LTM Continued deposit momentum, with core relationship deposits1 increasing $238 million and total deposits eclipsing $6.8 billion 49% of deposit growth in Q1 was NIB, demonstrating successful relationship-focused growth and continued improvement in funding quality Granular and consistent client acquisition, with 683 NIB DDA accounts opened and funded in the quarter, above recent quarterly averages Funding mix continues to improve with NIB deposits now representing 23% of total deposits, up from 17% 24 months ago Disciplined and growing deposit franchise, supporting strong betas and continued margin expansion $6.8 $6.3 $6.4 30% NIB Growth over LTM ($ in billions) $6.6 See page 19 for notes and important information. $6.6 ~600 Average # of NIB DDA Accounts opened per quarter Key Trends & Impacts
Loan TrendsConsistent growth focused on our strengths in C&I and CRE Consistent loan growth, with total loans increasing $184 million QoQ, reaching $6.4 billion Disciplined relationship driven approach, supporting growth at attractive risk-adjusted spreads Our core competency in C&I continues to be a growth engine, up 11% over the last twelve months and comprises 43% of loans Mix shift toward C&I reduces reliance on non-relationship Multifamily and improves diversification Diversification across 386 distinct industries provides portfolio resilience Diversified Across 386 NAICS Codes Gross Loans1 $6.4 billion $6.3 $6.4 $5.7 $5.8 $6.0 ($ in billions) 11% C&I Growth YoY +12% YoY Loan Growth See page 19 for notes and important information. Loan Growth & Mix
Net Interest IncomeConsistently delivering positive operating leverage & NII growth See page 19 for notes and important information. Key Observations NII growth continued in Q1 driven by balance sheet expansion and improved funding mix NIM of 3.26%, up 18 bps QoQ, reflects disciplined pricing and deposit mix benefits Deposit growth continues to drive the funding remix, with 49% of deposit growth in the quarter in NIB DDA Incremental spread for the quarter was 3.75%1 NIM is up 106 bps since its recent trough in Q1 2024 Loan production at attractive spreads support revenue growth and operating leverage Strong deposit franchise support ongoing stability
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. Strength and Scalability Market leader with $13.1 billion in assets under management and administration at quarter end, despite market volatility in Q1. High Value Client Relationships Average client relationship size of $4.6 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 $16.5 YTD Revenue +10% AUM/AUA Growth
Balance Sheet Strength 94% loan-to-deposit ratio and over $5.0 billion of available liquidity (~65% of total assets) reflect a strong and flexible position Core relationship deposits1 now fund 99% of loans, a meaningful shift in the balance sheet over the past several quarters Funding mix continues to improve through steady growth in operating and NIB deposits During the quarter, liquidity was strategically deployed into loan growth within core lending businesses at attractive spreads No reliance on brokered deposits, and minimal use of short-term borrowings See page 19 for notes and important information. By the Numbers +29%3 + 56%3 + 44%3
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 classified and nonaccrual loans Nonperforming assets declined for a third consecutive quarter to 0.77% of total assets, down $9 million in Q1 and down $56 million over the last three quarters Early-stage delinquencies increased modestly in the quarter, largely driven by one relationship, and remain at manageable levels relative to total loans Problem loan trends remain contained with no evidence of broad-based credit deterioration ACL coverage of total loans remains stable at 1.04%, providing solid protection against residual credit risk Special Mention Loans / Gross Loans Key Observations 1 1 1 See page 19 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
Positioned for Long-Term Growth & Compelling Returns Boutique alternative to large banks in the Metro New York region. Anchored by a scarce and valuable $13.1 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. Commercial & Industrial relationships are delivering disciplined loan growth and core deposits. Continued expansion of our $2.8 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: ABA Best Banks To Work For eight years in a row. Crain’s 2024 and 2025 Best Places to Work in NYC.
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 or other domestic or international governmental policies and retaliatory responses; 16) the impact of any federal government shutdown; 17) the failure to maintain current technologies and/or to successfully implement future information technology enhancements; 18) successful cyberattacks against our IT infrastructure and that of our IT and third-party providers; 19) higher than expected FDIC insurance premiums; 20) adverse weather conditions; 21) the current or anticipated impact of military conflict, terrorism or other geopolitical events; 22) our inability to successfully generate new business in new geographic markets, including our expansion into New York City and Long Island; 23) a reduction in our lower-cost funding sources; 24) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; 25) our inability to adapt to technological changes; 26) claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters; 27) our inability to retain key employees; 28) demand for loans and deposits in our market areas; 29) changes in New York City rent regulation law; 30) 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; 31) changes in accounting policies and practices; and/or 32) 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 $13.1B Wealth AUM $6.8B Deposits $6.4B Loans 14% ▲ 12% ▲ 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 underway throughout Metropolitan NY began in 2023; headcount has increased by more than 30% over that time and performance continues to exceed expectations.
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 19 for notes and important information.
Appendix B: Notes & Financial Tables
Notes First Quarter 2026 Highlights slide See Non-GAAP Financial Measurement Reconciliation included in these appendices. Quarterly Earnings Momentum slide See Non-GAAP Financial Measurement Reconciliation included in these appendices. See Non-GAAP Financial Measurement Reconciliation included in these appendices. Proactive Capital Actions to Support Growth slide See Non-GAAP Financial Measurement Reconciliation included in these appendices. Deposit Trends slide Core relationship deposits defined as deposit relationships that are not custodial, brokered, or listing service. Loan Trends slide 1) Gross loans include loans held for sale. Net Interest Income slide 1) Incremental spread is defined as the weighted average loan coupon of loans originated in the period less the average cost of newly funded deposit accounts for the same period. Balance Sheet Strength slide Core relationship deposits defined as deposit relationships that are not custodial, brokered, or listing service. Total available liquidity defined as cash plus cash equivalents plus available-for-sale securities plus borrowing capacity less borrowings, letters of credit, and pledged securities plus customer deposits held off balance sheet. Growth rates are calculated from 12/31/2023 through 3/31/2026. Credit Quality slide 1) New York Rent Regulated Multifamily. 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) Amounts reflect modifications that are paying according to modified terms. 2) Excludes modifications included in nonaccrual loans of $3.9 million at March 31, 2025, $36.0 million at December 31, 2025 and $19.6 million at March 31, 2026. 3) Excludes a credit of $23,000 at March 31, 2025, provision of $12,000 at December 31, 2025 and provision of $5,000 at March 31, 2026 related to off-balance sheet commitments. 4) Includes charge-offs of $6.3 million related to two multifamily loans for the quarter ended December 31, 2025. 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. 5) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.
Capital Summary 1) Tangible equity and tangible assets are calculated by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. Tangible equity as a percentage of tangible assets at quarter end is calculated by dividing tangible equity by tangible assets at quarter end. See Non-GAAP financial measures reconciliation included in these tables. 2) Tangible book value per share excludes intangible assets. Tangible book value per share is calculated by dividing tangible equity by quarter end common shares outstanding. See Non-GAAP financial measures reconciliation tables.
Quarterly Income Statement 1) Return on average tangible common equity is calculated by dividing tangible common equity by annualized net income. 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.
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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Document and Entity Information
Apr. 22, 2026
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X
- Definition
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.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- 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.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- 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 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
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
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- 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.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
duration