The market expects Peapack-Gladstone (PGC) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, ...

BEDMINSTER, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce that Michael Anthony Guarino, Esq. has joined the Bank as a Senior Vice President, Attorney. Working out of the Bank's Headquarters in Bedminster, New Jersey and its new location at 300 Park Avenue, New York City, Mr. Guarino is primarily responsible for responding to all legal issues arising out of the Company's New York office, in a ...

Core Viewpoint - Peapack-Gladstone Financial Corporation has received confirmation of its investment grade ratings from Moody's Investors Service, indicating a stable outlook for both the Company and its banking subsidiary, Peapack-Gladstone Bank [1][2]. Group 1: Ratings Confirmation - Moody's confirmed the Baa3 long-term local currency issuer rating for Peapack-Gladstone Financial Corporation and the baa2 baseline credit assessment for Peapack-Gladstone Bank [1]. - The outlooks on the long-term issuer rating of the Company and the long-term deposits and issuer ratings of the Bank have been changed to "stable" from ratings under review, concluding a review for possible downgrade initiated in June 2024 [2]. Group 2: Financial Strength - Moody's noted that the Company's solid capital position and recent improvements in its funding and liquidity profile serve as adequate mitigants against the Bank's risk profile [3]. - The Company has successfully strengthened its funding and liquidity profile over the past year, with its deposit base demonstrating resilience during the 2023 regional banking crisis [3]. Group 3: Company Overview - Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024 [4]. - The Company offers a client-centric approach to banking, providing high-quality products along with customized wealth management, investment banking, commercial, and retail solutions [4].

BEDMINSTER, NJ, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private, a division of Peapack-Gladstone Bank, are proud to announce that Vanessa Tortorice has joined Peapack Private's New York City location as Senior Managing Director. Vanessa joins a team of highly-skilled commercial bankers at Peapack Private, where she will contribute to the growth of commercial and industrial business in the New York market. She is dedicated to p ...

BEDMINSTER, NJ, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) announces the elevation of MJ Sully, Esq. to Senior Managing Director, Chief Fiduciary Officer at Peapack Private, a division of Peapack-Gladstone Bank, and names her President of PGB Trust & Investments of Delaware, a bank subsidiary. She is a member of the Peapack Private senior leadership team and manages the trust and estate professionals and support personnel in both New Jersey a ...

For the quarter ended June 2024, Peapack-Gladstone (PGC) reported revenue of $56.6 million, down 1.6% over the same period last year. EPS came in at $0.42, compared to $0.81 in the year-ago quarter. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Shares of Peapack-Gladstone have ...

Peapack-Gladstone (PGC) came out with quarterly earnings of $0.42 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items. Peapack-Gladstone, which belongs to the Zacks Banks - Northeast industry, posted revenues of $56.6 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.36%. This compares to year-ago revenues of $57.5 million. The company has topped consensus revenue es ...

Exhibit 99.1 Contact: Frank A. Cavallaro, SEVP and CFO Peapack-Gladstone Financial Corporation T: 908-306-8933 PEAPACK-GLADSTONE FINANCIAL CORPORATION REPORTS SECOND QUARTER RESULTS Bedminster, N.J. – July 23, 2024 – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its second quarter 2024 financial results. This earnings release should be read in conjunction with the Company's Q2 2024 Investor Update, a copy of which is available on our website at www.pgba ...

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. Income from Capital Markets Activities Other noninterest income was $4.6 million for Q2 2024 compared to $3.0 million for Q1 2024 and $3.5 million for Q2 2023. Q2 2024 included $1.6 million of income recorded by the Equipment Finance Division related to equipment transfers to lessees upon the termination of leases, while Q1 2024 i ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the unaudited financial statements and management's discussion of the company's financial condition and market risks [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2024 financial statements show decreased assets, net income, and compressed net interest income due to higher interest expense [Consolidated Statements of Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Condition) Total assets decreased to $6.41 billion, driven by lower net loans, while deposits increased and borrowings decreased Consolidated Balance Sheet Highlights (unaudited) | Account | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | **$6,408,553** | **$6,476,857** | | Net Loans | $5,290,134 | $5,363,437 | | Total Deposits | $5,476,712 | $5,274,114 | | Short-term borrowings | $119,490 | $403,814 | | **Total Liabilities** | **$5,826,174** | **$5,893,176** | | **Total Shareholders' Equity** | **$582,379** | **$583,681** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q1 2024 significantly decreased to $8.6 million due to a sharp rise in interest expense Consolidated Income Statement Summary (unaudited) | Metric | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :--- | :--- | :--- | | Total Interest Income | $79,194 | $70,491 | | Total Interest Expense | $44,819 | $26,513 | | **Net Interest Income** | **$34,375** | **$43,978** | | Provision for credit losses | $627 | $1,513 | | Total Other Income | $18,701 | $18,059 | | Total Operating Expenses | $40,041 | $35,574 | | **Net Income** | **$8,631** | **$18,355** | Earnings Per Share (unaudited) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Basic EPS | $0.49 | $1.03 | | Diluted EPS | $0.48 | $1.01 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q1 2024 significantly decreased to $5.7 million due to lower net income and an other comprehensive loss Comprehensive Income Summary (unaudited) | Metric | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :--- | :--- | :--- | | Net Income | $8,631 | $18,355 | | Total Other Comprehensive Income/(Loss) | $(2,882) | $6,766 | | **Total Comprehensive Income** | **$5,749** | **$25,121** | [Consolidated Statement of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity slightly decreased in Q1 2024 due to comprehensive loss, dividends, and share repurchases, partially offset by net income - Key activities impacting shareholders' equity in Q1 2024 included net income of **$8.6 million**, a comprehensive loss of **$2.9 million**, cash dividends of **$0.05 per share** totaling **$887,000**, and the repurchase of **100,000 shares** for **$2.4 million**[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $7.2 million in Q1 2024, driven by operating and investing activities, offset by financing outflows Cash Flow Summary (unaudited) | Activity | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $19,109 | $38,997 | | Net Cash Provided by/(Used in) Investing Activities | $78,684 | $(74,918) | | Net Cash (Used in)/Provided by Financing Activities | $(90,626) | $97,139 | | **Net Increase in Cash and Cash Equivalents** | **$7,167** | **$61,218** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies, loan portfolio, investment securities, credit quality, and fair value measurements [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2024 net income decline to net interest margin compression and increased operating expenses from strategic expansion Q1 2024 vs Q1 2023 Performance Summary | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $8.6M | $18.4M | ($9.7M) | | Diluted EPS | $0.48 | $1.01 | ($0.53) | | ROAA (annualized) | 0.54% | 1.16% | (0.62)% | | ROAE (annualized) | 5.94% | 13.50% | (7.56)% | - The decrease in net income was principally driven by decreased net interest income due to margin contraction from higher deposit and borrowing rates[220](index=220&type=chunk) - Operating expenses increased by **$4.5 million**, primarily due to the company's strategic expansion into New York City, along with increased health insurance costs and normal merit increases[220](index=220&type=chunk) [Net Interest Income and Margin](index=46&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income and margin compressed significantly in Q1 2024 due to higher interest-bearing liability costs outpacing asset yield growth Net Interest Margin Analysis | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net Interest Income (tax-equivalent) | $34,644 thousand | $44,379 thousand | | Net Interest Spread | 1.29% | 2.18% | | Net Interest Margin | 2.20% | 2.88% | - The cost of interest-bearing liabilities increased by **137 basis points** to **3.73%** in Q1 2024, while the yield on interest-earning assets increased by only **48 basis points** to **5.02%**, leading to margin compression[225](index=225&type=chunk)[231](index=231&type=chunk)[239](index=239&type=chunk) - As of March 31, 2024, **35%** of the company's loans are scheduled to reprice within three months, and **48%** within one year, indicating interest rate sensitivity[233](index=233&type=chunk) [Other Income](index=50&type=section&id=Other%20Income) Total other income remained flat in Q1 2024, with increased corporate advisory fees offset by lower SBA loan sale gains Other Income Components (excluding wealth management) | Component | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | Service charges and fees | $1,322 | $1,258 | | Gain on sale of SBA loans | $400 | $865 | | Corporate advisory fee income | $818 | $80 | | Fair value adjustment for CRA equity security | $(111) | $209 | | **Total Other Income** | **$4,294** | **$4,297** | [Operating Expenses](index=52&type=section&id=Operating%20Expenses) Operating expenses increased by 13% in Q1 2024, primarily due to higher compensation and premises costs from New York City expansion Operating Expense Components | Component | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | Compensation and employee benefits | $28,476 | $24,586 | | Premises and equipment | $5,081 | $4,374 | | FDIC assessment | $945 | $711 | | **Total operating expenses** | **$40,041** | **$35,574** | [Peapack Private](index=52&type=section&id=Peapack%20Private) The Peapack Private wealth management division saw AUM/AUA grow 11% to $11.5 billion, with a 5% increase in fee income - Assets under management and/or administration (AUM/AUA) increased to **$11.5 billion** at March 31, 2024, up **11%** from **$10.4 billion** a year prior, driven by market appreciation and gross business inflows of **$236 million**[256](index=256&type=chunk) - The division generated **$14.4 million** in fee income in Q1 2024, a **5%** increase from **$13.8 million** in Q1 2023[257](index=257&type=chunk) [Nonperforming Assets](index=52&type=section&id=Nonperforming%20Assets) Nonperforming assets increased to $69.8 million, or 1.09% of total assets, driven by higher nonaccrual loans in multifamily and C&I portfolios Nonperforming Assets Trend | Metric | March 31, 2024 ($ thousands) | March 31, 2023 ($ thousands) | | :--- | :--- | :--- | | Nonaccrual loans | $69,811 | $28,659 | | **Total nonperforming assets** | **$69,846** | **$28,775** | | Nonperforming assets as a % of total assets | 1.09% | 0.44% | - The increase in nonperforming assets compared to Q1 2023 was primarily driven by a **$15.6 million** increase in multifamily nonperforming loans and a **$26.3 million** increase in C&I nonperforming loans[261](index=261&type=chunk) [Provision for Credit Losses](index=53&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses decreased in Q1 2024 due to lower total loans, while ACL as a percentage of total loans slightly increased Allowance for Credit Losses (ACL) Summary | Metric | March 31, 2024 | Dec 31, 2023 | March 31, 2023 | | :--- | :--- | :--- | :--- | | Provision for Credit Losses | $627 thousand | $5.1 million | $1.5 million | | ACL as a % of total loans | 1.24% | 1.21% | 1.16% | [Capital Resources](index=54&type=section&id=Capital%20Resources) The company maintains strong capital ratios exceeding regulatory requirements, despite share repurchases and comprehensive loss in Q1 2024 - The company repurchased **100,000 shares** at an average price of **$24.23** for a total cost of **$2.4 million** during Q1 2024[273](index=273&type=chunk) Bank Regulatory Capital Ratios | Ratio | March 31, 2024 | Well Capitalized Minimum | | :--- | :--- | :--- | | Total capital (to risk-weighted assets) | 15.11% | 10.00% | | Tier I capital (to risk-weighted assets) | 13.86% | 8.00% | | Common equity tier I (to risk-weighted assets) | 13.86% | 6.50% | | Tier I capital (to average assets) | 11.02% | 5.00% | [Liquidity](index=57&type=section&id=Liquidity) The company maintains sufficient liquidity with substantial cash, available-for-sale securities, and external borrowing capacity - As of March 31, 2024, the company had approximately **$2.9 billion** of external borrowing capacity, providing **303%** coverage of its uninsured/unprotected deposits[288](index=288&type=chunk) - The company increased its total brokered certificates of deposits by **$25.0 million** to **$145.5 million** during Q1 2024 to enhance short-term liquidity[290](index=290&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk through ALCO, using strategies like swaps, and is projected to be liability-sensitive in rate changes - The company's interest rate sensitivity models indicate it is liability sensitive, with a **100 basis point increase** in rates projected to decrease net interest income by approximately **1.8%** in year one[298](index=298&type=chunk) - The company utilizes interest rate swaps to manage risk, with **$310.0 million** in notional value of cash flow hedges and **$520.2 million** in notional value of loan level/back-to-back swaps as of March 31, 2024[295](index=295&type=chunk)[296](index=296&type=chunk) [Item 4. Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the Corporation's disclosure controls and procedures are effective as of the end of the period covered by this report[307](index=307&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, these controls[309](index=309&type=chunk) [PART II OTHER INFORMATION](index=61&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits [Item 1. Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no pending or threatened legal proceedings that would have a material adverse effect on its operations - There are no currently pending or threatened litigation or proceedings against the Company or its subsidiaries which would have a material adverse effect on the Company[310](index=310&type=chunk) [Item 1A. Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for 2023 have occurred - No material changes in risk factors have occurred since those disclosed in the Form 10-K for the year ended December 31, 2023[311](index=311&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 100,000 shares in Q1 2024 under its program, with 377,673 shares remaining available for repurchase Share Repurchase Activity (Q1 2024) | Month | Shares Purchased (Program) | Average Price Paid | | :--- | :--- | :--- | | January 2024 | 0 | N/A | | February 2024 | 100,000 | $23.99 | | March 2024 | 0 | N/A | | **Total** | **100,000** | **$23.99** | - The share repurchase plan, approved in January 2023, authorizes the repurchase of up to **890,000 shares** through December 31, 2024, with **377,673 shares** remaining available[313](index=313&type=chunk)[314](index=314&type=chunk) [Item 5. Other Information](index=62&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during Q1 2024 - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the three months ended March 31, 2024[317](index=317&type=chunk) [Item 6. Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL documents