PART I FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements, including condition, income, comprehensive income, equity, cash flows, and detailed notes [Consolidated Statements of Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Condition) Total assets increased to $7.20 billion from $7.01 billion, driven by growth in net loans and noninterest-bearing demand deposits Consolidated Statements of Condition (Dollars in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------- | :-------------- | :---------------- | :----- | | Total Assets | $7,200,673 | $7,011,238 | +$189,435 | | Net Loans | $5,737,267 | $5,439,334 | +$297,933 | | Total Deposits | $6,363,123 | $6,129,022 | +$234,101 | | Noninterest-bearing demand deposits | $1,237,864 | $1,112,734 | +$125,130 | | Total Liabilities | $6,570,896 | $6,405,389 | +$165,507 | | Total Shareholders' Equity | $629,777 | $605,849 | +$23,928 | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net interest income significantly increased, while net income saw a slight increase for the three-month period and a decrease for the six-month period, impacted by higher operating expenses and provision for credit losses Consolidated Statements of Income (Dollars in thousands, except per share data) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :--------------------------------- | :--------------------------- | :--------------------------- | :----------- | :--------------------------- | :--------------------------- | :----------- | | Total Interest Income | $89,651 | $79,238 | +$10,413 | $175,996 | $158,432 | +$17,564 | | Total Interest Expense | $41,361 | $44,196 | -$2,835 | $82,201 | $89,015 | -$6,814 | | Net Interest Income | $48,290 | $35,042 | +$13,248 | $93,795 | $69,417 | +$24,378 | | Provision for Credit Losses | $6,586 | $3,911 | +$2,675 | $11,057 | $4,538 | +$6,519 | | Total Other Income | $21,451 | $21,555 | -$104 | $40,305 | $40,256 | +$49 | | Total Operating Expenses | $51,893 | $43,126 | +$8,767 | $101,333 | $83,167 | +$18,166 | | Net Income | $7,941 | $7,530 | +$411 | $15,536 | $16,161 | -$625 | | Diluted EPS | $0.45 | $0.42 | +$0.03 | $0.87 | $0.91 | -$0.04 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income increased significantly for both the three and six months ended June 30, 2025, primarily due to unrealized gains on available-for-sale securities, net of tax, which offset net income Consolidated Statements of Comprehensive Income (Dollars in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :----------------------------------------- | :--------------------------- | :--------------------------- | :----------- | :--------------------------- | :--------------------------- | :----------- | | Net Income | $7,941 | $7,530 | +$411 | $15,536 | $16,161 | -$625 | | Unrealized gains/(losses) on AFS securities, net of tax | $3,318 | -$419 | +$3,737 | $13,941 | -$5,379 | +$19,320 | | Unrealized gains/(losses) on cash flow hedges, net of tax | -$1,182 | -$163 | -$1,019 | -$3,111 | +$1,915 | -$5,026 | | Total Other Comprehensive Income/(Loss) | $2,136 | -$582 | +$2,718 | $10,830 | -$3,464 | +$14,294 | | Total Comprehensive Income | $10,077 | $6,948 | +$3,129 | $26,366 | $12,697 | +$13,669 | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased for both the three and six months ended June 30, 2025, primarily driven by net income and other comprehensive income, partially offset by share repurchases and cash dividends Consolidated Statements of Changes in Shareholders' Equity (Dollars in thousands) | Metric | Balance at April 1, 2025 | Balance at June 30, 2025 | Change | Balance at January 1, 2025 | Balance at June 30, 2025 | Change | | :--------------------------------- | :----------------------- | :----------------------- | :----- | :----------------------- | :----------------------- | :----- | | Total Shareholders' Equity (3M) | $621,873 | $629,777 | +$7,904 | N/A | N/A | N/A | | Total Shareholders' Equity (6M) | N/A | N/A | N/A | $605,849 | $629,777 | +$23,928 | | Net Income (3M) | N/A | $7,941 | N/A | N/A | N/A | N/A | | Net Income (6M) | N/A | N/A | N/A | N/A | $15,536 | N/A | | Other Comprehensive Income (3M) | N/A | $2,136 | N/A | N/A | N/A | N/A | | Other Comprehensive Income (6M) | N/A | N/A | N/A | N/A | $10,830 | N/A | | Share Repurchase (3M) | N/A | -$2,778 | N/A | N/A | N/A | N/A | | Share Repurchase (6M) | N/A | N/A | N/A | N/A | -$2,778 | N/A | | Cash Dividends Declared (3M) | N/A | -$887 | N/A | N/A | N/A | N/A | | Cash Dividends Declared (6M) | N/A | N/A | N/A | N/A | -$1,767 | N/A | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities decreased, while investing activities shifted from providing to using cash, and financing activities significantly increased cash provided, primarily due to a net increase in deposits and repayment of subordinated debt Consolidated Statements of Cash Flows (Dollars in thousands) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :----------------------------------------- | :--------------------------- | :--------------------------- | :----------- | | Net Cash Provided by Operating Activities | $8,070 | $19,961 | -$11,891 | | Net Cash (Used in)/Provided by Investing Activities | -$277,652 | $141,013 | -$418,665 | | Net Cash Provided by/(Used in) Financing Activities | $193,817 | -$32,916 | +$226,733 | | Net (Decrease)/Increase in Cash and Cash Equivalents | -$75,765 | $128,058 | -$203,823 | | Cash and Cash Equivalents at End of Period | $315,602 | $315,729 | -$127 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures and explanations for the consolidated financial statements, covering significant accounting policies, specific financial instrument details, segment reporting, fair value measurements, revenue recognition, operating expenses, and recent accounting pronouncements [1. Summary of Significant Accounting Policies](index=11&type=section&id=1.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section outlines the key accounting principles and policies used in preparing the unaudited consolidated financial statements, including principles of consolidation, basis of presentation, segment information, and specific accounting treatments for various

Core Insights - Peapack-Gladstone (PGC) reported a revenue of $69.74 million for the quarter ended June 2025, reflecting a year-over-year increase of 23.2% [1] - The earnings per share (EPS) for the quarter was $0.45, up from $0.42 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $69.43 million by 0.46%, while the EPS fell short of the consensus estimate of $0.61 by 26.23% [1] Financial Performance Metrics - The net interest margin was reported at 2.8%, matching the average estimate from two analysts [4] - The efficiency ratio stood at 74.4%, which is higher than the average estimate of 72.5% from two analysts [4] - Total non-interest income was $21.45 million, surpassing the average estimate of $20 million from two analysts [4] Stock Performance - Peapack-Gladstone shares have returned +12.1% over the past month, outperforming the Zacks S&P 500 composite's +5.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1: Earnings Performance - Peapack-Gladstone (PGC) reported quarterly earnings of $0.45 per share, missing the Zacks Consensus Estimate of $0.61 per share, but showing an increase from $0.42 per share a year ago, resulting in an earnings surprise of -26.23% [1] - The company posted revenues of $69.74 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.46%, and compared to year-ago revenues of $56.6 million [2] - Over the last four quarters, Peapack-Gladstone has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Peapack-Gladstone shares have lost about 7.1% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.70 on revenues of $71.97 million, and for the current fiscal year, it is $2.50 on revenues of $280.63 million [7] Group 3: Industry Context - The Zacks Industry Rank for Banks - Northeast, to which Peapack-Gladstone belongs, is currently in the top 30% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

[Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) [Q2 2025 Key Results](index=1&type=section&id=Q2%202025%20Key%20Results) The company reported sequential growth in net income and deposits, alongside an improved net interest margin Q2 2025 vs Q1 2025 Financial Results | Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | Net Income | $7.9 million | $7.6 million | | Diluted EPS | $0.45 | $0.43 | Deposit Growth as of June 30, 2025 | Metric | Value | Note | | :--- | :--- | :--- | | Total Deposits | $6.4 billion | +12% over last twelve months | | Noninterest-Bearing Deposits | - | +30% over last year; +$53 million in Q2 | | Newly Funded Accounts (Q2) | $282 million | Average weighted cost of 1.88% | Net Interest Income (NII) and Net Interest Margin (NIM) | Period | Net Interest Income | Net Interest Margin | | :--- | :--- | :--- | | Q2 2025 | $48.3 million | 2.77% | | Q1 2025 | $45.5 million | 2.68% | | Q2 2024 | - | 2.25% | [Strategic Initiatives & CEO Remarks](index=1&type=section&id=Strategic%20Initiatives%20%26%20CEO%20Remarks) Strategic expansion into Metro New York drove significant growth, prompting further team additions and a corporate rebranding - The Metro New York expansion has driven significant growth, onboarding over 700 new relationships with more than **$1.3 billion in new core deposit balances** and **$464 million in loan balances**[6](index=6&type=chunk) - The company expanded its footprint by adding **five new production teams** in Long Island during the second quarter[6](index=6&type=chunk) - The company re-branded to **Peapack Private Bank & Trust** to reflect its evolution into a premier boutique private bank in Metro New York[6](index=6&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Detailed%20Financial%20Analysis) [Income Statement Analysis](index=3&type=section&id=Income%20Statement%20Analysis) Quarterly revenue and net income grew year-over-year, though higher credit loss provisions impacted six-month net income Q2 2025 vs. Q2 2024 Income Statement | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $69.7M | $56.6M | +23% | | Net Interest Income | $48.3M | $35.0M | +38% | | Provision for Credit Losses | $6.6M | $3.9M | +69% | | Net Income | $7.9M | $7.5M | +5% | | Diluted EPS | $0.45 | $0.42 | +7% | Q2 2025 vs. Q1 2025 Income Statement | Metric | Q2 2025 | Q1 2025 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $69.7M | $64.4M | +8% | | Net Interest Income | $48.3M | $45.5M | +6% | | Net Income | $7.9M | $7.6M | +4% | | Diluted EPS | $0.45 | $0.43 | +5% | Six Months Ended June 30, 2025 vs. 2024 | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $93.8M | $69.4M | +35% | | Provision for Credit Losses | $11.1M | $4.5M | +144% | | Net Income | $15.6M | $16.2M | -4% | [Business Segment & Key Metrics Analysis](index=4&type=section&id=Business%20Segment%20%26%20Key%20Metrics%20Analysis) The company saw growth in wealth management and commercial loans, though rising expenses and deteriorating asset quality present challenges [Wealth Management](index=4&type=section&id=Wealth%20Management) The Wealth Management division grew its AUM/AUA to $12.3 billion, supported by strong new business inflows Wealth Management Metrics | Metric | As of/For Q2 2025 | As of Dec 31, 2024 | | :--- | :--- | :--- | | AUM/AUA | $12.3 billion | $11.9 billion | | Q2 Fee Income | $15.9 million | - | | Q2 New Business Inflows | $193 million | - | [Loans / Commercial Banking](index=4&type=section&id=Loans%20%2F%20Commercial%20Banking) The loan portfolio expanded to $5.8 billion, driven by C&I lending with attractive new loan spreads - Total loans grew to **$5.8 billion** at June 30, 2025, a **5% increase** from $5.5 billion at December 31, 2024[7](index=7&type=chunk)[20](index=20&type=chunk) - Commercial and industrial (C&I) loans grew to **$2.5 billion**, representing **44% of the total loan portfolio** at June 30, 2025[10](index=10&type=chunk)[20](index=20&type=chunk) - New loans originated in 2025 carried an average spread of **more than 450 basis points** above the company's current cost of funds[21](index=21&type=chunk) [Net Interest Income (NII)/Net Interest Margin (NIM)](index=5&type=section&id=Net%20Interest%20Income%20(NII)%2FNet%20Interest%20Margin%20(NIM)) Net interest margin continued its upward trend, reaching 2.77% due to the successful private banking strategy NII and NIM Trends | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net Interest Income | $48.3M | $45.5M | $35.0M | | Net Interest Margin | 2.77% | 2.68% | 2.25% | [Funding / Liquidity / Interest Rate Risk Management](index=5&type=section&id=Funding%20%2F%20Liquidity%20%2F%20Interest%20Rate%20Risk%20Management) Deposit growth enhanced balance sheet liquidity, providing robust coverage for uninsured deposits - Total deposits increased to **$6.4 billion** at June 30, 2025, up $234 million from December 31, 2024[23](index=23&type=chunk) - Total on and off-balance sheet liquidity was **$4.6 billion**, which amounts to **277% of total uninsured/uncollateralized deposits**[24](index=24&type=chunk) [Noninterest Income](index=5&type=section&id=Noninterest%20Income) Noninterest income was boosted by strong Capital Markets activity and a one-time gain from a lease termination Capital Markets Activity (in thousands) | Category | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Gain on sale of SBA loans | $521 | $302 | $449 | | Fee income on swaps | $221 | $— | $— | | **Total Capital Markets** | **$799** | **$455** | **$586** | - Other noninterest income of $4.7 million in Q2 2025 included a gain of **$875,000 related to an early lease termination**[27](index=27&type=chunk) [Operating Expenses](index=5&type=section&id=Operating%20Expenses) Operating expenses increased due to strategic investments in expansion, new teams, and rising employee-related costs - Q2 2025 operating expenses were **$51.9 million**, an increase from $49.4 million in Q1 2025 and $43.1 million in Q2 2024[28](index=28&type=chunk) - Expense growth was driven by ongoing expansion into New York City, new Long Island teams, increased health insurance costs, and annual merit increases[28](index=28&type=chunk)[29](index=29&type=chunk) [Asset Quality / Provision for Credit Losses](index=6&type=section&id=Asset%20Quality%20%2F%20Provision%20for%20Credit%20Losses) Asset quality deteriorated with a rise in nonperforming assets, leading to an increased provision for credit losses - Nonperforming assets increased to **$115.0 million (1.60% of total assets)** at June 30, 2025, up from $97.2 million at March 31, 2025[31](index=31&type=chunk) - The provision for credit losses was **$6.6 million** for Q2 2025, driven by deterioration in economic model drivers and a **$5.8 million specific reserve** for one equipment financing relationship[32](index=32&type=chunk) Allowance for Credit Losses (ACL) to Total Loans | Date | ACL % of Total Loans | | :--- | :--- | | June 30, 2025 | 1.40% | | March 31, 2025 | 1.31% | | June 30, 2024 | 1.29% | [Capital](index=6&type=section&id=Capital) The company maintained a strong capital position while executing share repurchases and paying dividends Key Capital Ratios as of June 30, 2025 | Ratio | Company | Bank | | :--- | :--- | :--- | | Tier 1 Leverage | 8.94% | 9.99% | | Common Equity Tier 1 | 10.99% | 12.29% | - Tangible book value per share increased 4% to **$33.19** at June 30, 2025 from $31.89 at December 31, 2024[35](index=35&type=chunk) - In Q2 2025, the company repurchased **100,000 shares for $2.8 million** and declared a cash dividend of **$0.05 per share**[34](index=34&type=chunk)[36](index=36&type=chunk) [Supplementary Information](index=6&type=section&id=Supplementary%20Information) [About the Company](index=6&type=section&id=About%20the%20Company) The company is a New Jersey-based bank holding firm with significant assets and a focus on private banking - As of June 30, 2025, the company has total assets of **$7.2 billion** and assets under management and/or administration of **$12.3 billion**[37](index=37&type=chunk) [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) This section outlines risks and uncertainties that could cause actual results to differ from stated expectations - The report contains forward-looking statements subject to numerous risks and uncertainties, such as economic declines, interest rate volatility, and the ability to implement its strategic plan[39](index=39&type=chunk) - The company states it undertakes no duty to update any forward-looking statements to conform to actual results, except as required by law[40](index=40&type=chunk) [Detailed Financial Tables](index=9&type=section&id=Detailed%20Financial%20Tables) The appendix includes comprehensive unaudited financial tables covering performance, condition, and asset quality - The appendix contains detailed financial tables, including Selected Consolidated Financial Data (Income Statement), Consolidated Statements of Condition (Balance Sheet), Asset Quality data, Capital Adequacy ratios, Loans Closed, and Average Balance Sheets[42](index=42&type=chunk)[43](index=43&type=chunk)[50](index=50&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=21&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section defines and reconciles non-GAAP metrics like tangible book value and the efficiency ratio to GAAP standards - The report provides reconciliations for non-GAAP measures to their nearest GAAP equivalents, explaining that intangible assets are excluded to calculate tangible equity and tangible assets[77](index=77&type=chunk)[78](index=78&type=chunk) - The non-GAAP efficiency ratio is calculated by dividing core operating expenses by recurring revenue (net interest income plus noninterest income, excluding certain gains/losses)[79](index=79&type=chunk)

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]

Financial Performance - Net income for the first quarter of 2025 was $7,595 thousand, down from $8,631 thousand in Q1 2024, a decrease of 12.00%[14] - Earnings per share (EPS) decreased to $0.43 for Q1 2025 from $0.49 in Q1 2024, a decline of 12.24%[14] - Comprehensive income for the three months ended March 31, 2025, was $16,289 thousand, significantly higher than $5,749 thousand in the same period of 2024[17] - Net income for Q1 2025 was $7,595,000, a decrease of 12.0% compared to $8,631,000 in Q1 2024[23] - Total interest income for the three months ended March 31, 2025, was $86,345 thousand, a 8.63% increase from $79,194 thousand in the same period of 2024[14] - Net interest income after provision for credit losses was $41,034 thousand, compared to $33,748 thousand, reflecting a growth of 21.43%[14] - Operating expenses rose to $49,440 thousand, compared to $40,041 thousand in the prior year, an increase of 23.5%[14] Asset and Loan Growth - Total assets increased to $7,120,652 thousand as of March 31, 2025, compared to $7,011,238 thousand at December 31, 2024, representing a growth of 1.56%[11] - Net loans rose to $5,672,836 thousand, up from $5,439,334 thousand, marking an increase of 4.27% year-over-year[11] - Total loans outstanding as of March 31, 2025, amounted to $5,747,986 thousand, an increase from $5,512,326 thousand as of December 31, 2024, representing a growth of approximately 4.27%[105] - Total deposits increased to $6,286,556 thousand, up from $6,129,022 thousand, indicating a growth of 2.57%[11] - Cash and cash equivalents at the end of Q1 2025 were $231,917,000, compared to $194,838,000 at the end of Q1 2024[23] Credit Loss Provisions - Provision for credit losses increased to $4,471 thousand from $627 thousand, reflecting a substantial rise in credit loss provisions[14] - The allowance for credit losses (ACL) was $75.2 million, an increase from $73.0 million at December 31, 2024, driven by loan growth and economic deterioration[128] - The ACL as a percentage of loans was 1.31% at March 31, 2025, compared to 1.32% at December 31, 2024[128] - Total loans modified due to significant payment delay amounted to $19,287 thousand, representing 1.18% of the total amortized cost basis at period end[123] Wealth Management Division - The Wealth Management Division provides investment management services, personal trust services, and financial planning, with fees primarily based on assets under management (AUM) collected monthly or quarterly[32] - Wealth management fee income grew to $15,435 thousand, up from $14,407 thousand, representing a 7.12% increase[13] - The Wealth Management Division generated noninterest income of $15,584,000 for the three months ended March 31, 2025[148] Securities and Investments - Total securities available for sale amounted to $915,949,000 as of March 31, 2025, with unrealized losses of $87,323,000[99] - The fair value of securities held to maturity was $88,687,000, with unrealized losses of $11,598,000 as of March 31, 2025[99] - The company’s investment securities with a carrying value of $620.4 million were pledged to secure public funds and for other legal purposes as of March 31, 2025[102] Operating Activities - Total cash provided by operating activities was negative at $(7,874,000) for Q1 2025, compared to positive cash flow of $19,109,000 in Q1 2024[23] - Total cash used in investing activities was $(272,214,000) in Q1 2025, compared to cash provided of $78,684,000 in Q1 2024[23] - The Company fully redeemed $35,000,000 in subordinated notes on March 15, 2025, along with $627,000 in unpaid interest[189] Stock and Compensation - The Company recorded a total of $9.0 million in unrecognized compensation cost related to service-based and performance-based restricted stock units, expected to be recognized over a weighted average period of 2.24 years[79] - Stock compensation expense for the first quarters of 2025 and 2024 totaled $3.3 million and $2.7 million, respectively, indicating a year-over-year increase of approximately 22.2%[79] - The Company issued 88,101 service-based restricted stock units during the first three months of 2025, with a grant date fair value of $29.55[77] Risk Management - The Company utilizes a credit risk rating system to assess the expected ability of borrowers to service their debt, which is reviewed annually[107] - An independent loan review firm is engaged quarterly to validate risk ratings and ensure compliance with policies, focusing on loans greater than $1,000,000[108] - The adoption of CECL requires loans in foreclosure to be individually evaluated for potential loss and allowance adequacy[113]

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]