Core Viewpoint - Plato Gold Corp. has successfully closed a loan financing agreement to support its drilling program and general corporate purposes, with a total loan amount of up to US$1,050,000 [2][3]. Group 1: Loan Financing Details - The loan consists of two parts: US$50,000 from one lender and US$1,000,000 from 1338823 Alberta Inc., which is controlled by Anthony Cohen, a director of Plato [2][3]. - The loan proceeds will be allocated to finance the drill program at the Lolita Project in Santa Cruz, Argentina, as well as for working capital and general corporate purposes [2]. - The loans are unsecured, carry an interest rate of 7% per annum, and are due on June 10, 2026, unless repaid earlier [2]. Group 2: Related Party Transaction - The loan from 1338823 Alberta Inc. is classified as a "related party transaction" under Multilateral Instrument 61-101, and the company is relying on exemptions from formal valuation and minority shareholder approval requirements [3]. - The fair market value of the loan is stated to be not more than US$2.5 million, which allows the company to bypass certain regulatory requirements [3]. Group 3: Company Overview - Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange, OTC Markets, and Frankfurt Exchange, with projects located in Timmins, Ontario, and Santa Cruz, Argentina [5]. - The company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares in Argentina, with potential for gold and silver [6]. - The company also has projects focused on niobium and platinum group metals in Ontario [6][7].

Financial Results - Plato Gold Corp. reported no income for the three months ended March 31, 2025, compared to an income of $513 million for the same period in 2024 [1] - The net loss for the three months ended March 31, 2025, was $29,969, while the net loss for the same period in 2024 was $52,664 [1] - The loss per common share remained at $0.00 for both periods, with a weighted average number of common shares outstanding increasing from 228,632,750 in 2024 to 230,665,717 in 2025 [1] Company Overview - Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange, OTC Markets, and Frankfurt Exchange, with projects located in Timmins, Ontario, and Santa Cruz, Argentina [3] - The Timmins project includes four properties: Guibord, Harker, Holloway, and Marriott, focusing on gold exploration [3] - In Argentina, the company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares with potential for gold and silver [4] Additional Projects - The Good Hope Niobium Project covers approximately 6,035 hectares in the Killala Lake Area and Cairngorm Lake Area Townships, targeting niobium [4] - The Pic River Platinum Group Metals (PGM) Project consists of 2,352 hectares near Marathon, Ontario, with claims contiguous to Generation Mining's Marathon PGM project [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-16197 PEAPACK-GLADSTONE FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. ...

Core Points - Plato Gold Corp. is advancing preparations for its first drill program at the Lolita Project in Santa Cruz, Argentina, marking a significant step in its exploration efforts [1][2] - The company has received approval from the Secretariat of Mining of Santa Cruz for an updated environmental impact assessment, allowing it to conduct a diamond drilling campaign [2] - The province of Santa Cruz is the largest producer of precious metals in Argentina, with exports valued at USD 1.789 billion in 2024 [2] Financing and Contracts - Plato has entered into loan agreements totaling US$1,050,000 to finance the drill program, with an interest rate of 7% per annum [4] - The loans are unsecured and may be convertible into common shares at a minimum price of $0.05 per share [4] - A related party transaction involves a loan of US$1,000,000 from Anthony Cohen, President of Plato, with exemptions from formal valuation and minority shareholder approval [6] Drilling Plans - Drilling is set to commence in May 2025, targeting approximately ten diamond drill holes at the Panza, Espalda, and Corazon targets, with depths of 200 to 400 meters [7] - The targets are characterized by low-sulphidation, epithermal vein systems with pathfinder anomalies of arsenic, antimony, and mercury [7] - The Lolita Project has not been previously drill-tested or explored for precious metals, but nearby projects indicate potential for significant resources [8] Company Overview - Plato Gold Corp. is a Canadian exploration company with projects in Ontario and Argentina, focusing on gold and silver exploration [11][12] - The company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares in Argentina [12]

Financial Results - Plato Gold Corp. reported total income of $1.573 million for the year ended December 31, 2024, a decrease from $2.052 million in 2023 [1] - The net loss for the year ended December 31, 2024, was $215.021 million, compared to a net loss of $347.405 million in 2023 [1] - For the three months ended December 31, 2024, the company recorded a net loss of $83.845 million, an improvement from a loss of $183.650 million in the same period of 2023 [1] Company Overview - Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange, OTC Markets, and Frankfurt Exchange, with projects located in Timmins, Ontario, Marathon, Ontario, and Santa Cruz, Argentina [3] - The Timmins project includes four properties: Guibord, Harker, Holloway, and Marriott, focusing on gold exploration [3] - In Argentina, the company holds a 95% interest in Winnipeg Minerals S.A., which has mineral rights totaling 9,672 hectares with potential for gold and silver [4] Additional Projects - The Good Hope Niobium Project covers approximately 6,035 hectares in the Killala Lake Area and Cairngorm Lake Area Townships, targeting niobium [4] - The Pic River Platinum Group Metals (PGM) Project consists of 2,352 hectares near Marathon, with claims contiguous to Generation Mining's Marathon PGM project [5]

Core Insights - Peapack-Gladstone (PGC) reported revenue of $64.36 million for Q1 2025, a year-over-year increase of 21.3% [1] - The EPS for the same period was $0.43, down from $0.48 a year ago, indicating a decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $63.49 million by 1.37%, while the EPS fell short of the consensus estimate of $0.51 by 15.69% [1] Financial Performance Metrics - The net interest margin was reported at 2.7%, surpassing the estimated 2.5% by analysts [4] - The efficiency ratio was 76.8%, slightly higher than the estimated 76.4% [4] - Total non-interest income was $18.85 million, below the average estimate of $19.40 million [4] Stock Performance - Peapack-Gladstone shares have returned -12.6% over the past month, compared to the Zacks S&P 500 composite's -8.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Company Performance - Peapack-Gladstone (PGC) reported quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.51 per share, and down from $0.48 per share a year ago, representing an earnings surprise of -15.69% [1] - The company posted revenues of $64.36 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.37%, and up from $53.08 million year-over-year [2] - Over the last four quarters, Peapack-Gladstone has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Peapack-Gladstone shares have declined approximately 19.4% since the beginning of the year, compared to a decline of -12.3% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $67.05 million, and for the current fiscal year, it is $2.61 on revenues of $272.47 million [7] Industry Outlook - The Zacks Industry Rank for Banks - Northeast, to which Peapack-Gladstone belongs, is currently in the top 25% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can significantly impact stock performance [5][8]

Financial Performance - Net income for Q1 2025 was $7.6 million, with diluted EPS of $0.43, compared to $9.2 million and $0.52 in Q4 2024[4]. - Net income for Q1 2025 was $7.6 million, a decrease from $9.2 million in Q4 2024[40]. - Net interest income rose to $45,505,000, compared to $41,908,000 in the previous quarter, reflecting a growth of 3.8%[69]. - Total recurring revenue increased to $64,164,000 from $61,287,000 in the previous quarter, marking a growth of 4.8%[69]. - Noninterest income from Capital Markets activities totaled $455,000, significantly up from $114,000 in Q4 2024[23]. - Total operating expenses increased to $49.4 million in Q1 2025, up from $47.9 million in Q4 2024 and $40.0 million in Q1 2024, driven by expansion into New York City and increased health insurance costs[26]. - Operating expenses were $49,440,000, up from $47,860,000 in the previous quarter, indicating a rise of 3.3%[69]. - The effective tax rate for Q1 2025 was 27.3%, compared to 24.5% in Q4 2024 and 30.4% in Q1 2024[27]. Loan and Deposit Growth - Total loans increased by $236 million to $5.8 billion, representing an annualized growth rate of 17%[3]. - Total loans reached $5,756,672,000, an increase of 4.27% from $5,520,920,000 as of December 31, 2024[43]. - Core relationship deposit balances increased by $177 million, contributing to total deposits of $6.3 billion, a $158 million increase from Q4 2024[3][10]. - Total deposits rose to $6,286,556,000, a 2.57% increase from $6,129,022,000 at December 31, 2024[43]. - Total loans closed for the quarter ended March 31, 2025, amounted to $438.17 million, a decrease from $527.90 million in the previous quarter[55]. Asset Management - Wealth Management AUM/AUA totaled $11.8 billion, with new business inflows of $341 million in Q1 2025[8][17]. - Assets under management at Peapack Private Bank & Trust's Wealth Management Division totaled $11.8 billion as of March 31, 2025, down slightly from $11.9 billion at December 31, 2024[43]. Credit Quality - Provision for credit losses increased to $4.47 million, a 610% rise compared to $0.63 million in Q1 2024[12]. - The provision for credit losses was $4.5 million in Q1 2025, significantly higher than $1.8 million in Q4 2024 and $615,000 in Q1 2024, due to loan growth and increased charge-offs[29]. - Nonperforming assets decreased to $97.2 million (1.36% of total assets) at March 31, 2025, down from $100.2 million (1.43% of total assets) at December 31, 2024[28]. - Nonperforming loans to total loans ratio improved to 1.69% as of March 31, 2025, compared to 1.81% at December 31, 2024[45]. - The allowance for credit losses was $75.2 million (1.31% of total loans) at March 31, 2025, compared to $73.0 million (1.32% of total loans) at December 31, 2024[30]. Capital Ratios - The Tier 1 Leverage Ratio was 10.05% for the Bank, and the Common Equity Tier 1 Ratio was 12.52% at March 31, 2025[10]. - The Tier I capital to risk-weighted assets ratio was 11.19% as of March 31, 2025, down from 11.51% on December 31, 2024[53]. - The common equity tier I capital ratio to risk-weighted assets was 11.19% as of March 31, 2025, compared to 11.51% in the previous quarter[53]. - As of March 31, 2025, the equity to total assets ratio increased to 8.73% from 8.64% in December 31, 2024[50]. Shareholder Value - Tangible book value per share increased by 2% to $32.56 at March 31, 2025, compared to $31.89 at December 31, 2024[10]. - The tangible book value per share rose to $35.08 as of March 31, 2025, compared to $34.45 on December 31, 2024[50]. - The company declared a cash dividend of $0.05 per share, payable on May 22, 2025[33]. - Shareholders' equity rose to $621,873,000 as of March 31, 2025, compared to $605,849,000 at December 31, 2024, reflecting a growth of 2.00%[43]. - Average shareholders' equity increased to $610,573,000 from $600,808,000 in the prior quarter[69]. Operational Developments - The Company opened a new branch at 300 Park Avenue in New York City, enhancing its presence in the Metro New York market[6]. - The company continues to seek efficiencies while investing in client experience enhancements amid its strategic expansion into New York City[27].

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Peapack-Gladstone (PGC) due to higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2] Earnings Expectations - The consensus EPS estimate for Peapack-Gladstone is $0.51 per share, reflecting a +6.3% change year-over-year, while revenues are expected to reach $63.49 million, up 19.6% from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised down by 0.81% over the last 30 days, indicating a reassessment by analysts regarding the company's earnings prospects [4][10] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates a negative Earnings ESP of -6.93% for Peapack-Gladstone, suggesting analysts have become bearish on the company's earnings outlook [11][10] Historical Performance - In the last reported quarter, Peapack-Gladstone exceeded the expected EPS of $0.47 by delivering $0.52, resulting in a surprise of +10.64%. Over the last four quarters, the company has beaten consensus EPS estimates twice [12][13] Investment Considerations - Despite the negative Earnings ESP, the stock holds a Zacks Rank of 3, making it challenging to predict an earnings beat conclusively. Investors should consider other factors beyond earnings results when making investment decisions [11][16]

Company Overview - Peapack-Gladstone (PGC) shares increased by 6% to $26.52 in the last trading session, following a significant volume of trading, contrasting with an 11.8% loss over the past four weeks [1][2] - The stock's recent rally was influenced by a broader market surge, particularly due to President Donald Trump's announcement of a 90-day tariff pause for non-retaliating nations, which positively impacted investor sentiment [2] Earnings and Revenue Expectations - Peapack-Gladstone is projected to report quarterly earnings of $0.54 per share, reflecting a year-over-year increase of 12.5% [2] - Expected revenues for the upcoming quarter are $63.4 million, representing a 19.4% increase compared to the same quarter last year [2] Stock Performance and Trends - The consensus EPS estimate for Peapack-Gladstone has remained stable over the last 30 days, indicating no recent revisions in earnings estimates, which typically correlates with stock price movements [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Context - Peapack-Gladstone operates within the Zacks Banks - Northeast industry, where Midland States Bancorp (MSBI) also resides, having closed 4.8% higher at $16.46, but with a -13.8% return over the past month [4] - Midland States Bancorp's consensus EPS estimate has remained unchanged at $0.52, indicating a -1.9% change compared to the previous year, and it currently holds a Zacks Rank of 5 (Strong Sell) [5]