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

[Q1 2024 Financial Performance Summary](index=1&type=section&id=PEAPACK-GLADSTONE%20FINANCIAL%20CORPORATION%20REPORTS%20FIRST%20QUARTER%20RESULTS) Peapack-Gladstone Financial Corporation reported a significant year-over-year decline in profitability for the first quarter of 2024 [Q1 2024 Key Highlights](index=1&type=section&id=Q1%202024%20Key%20Highlights) Q1 2024 saw significant profit decline due to lower revenue and compressed net interest margin, despite deposit growth Q1 2024 Financial Performance vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $53.1 million | $62.0 million | -14.4% | | Net Income | $8.6 million | $18.4 million | -53.3% | | Diluted EPS | $0.48 | $1.01 | -52.5% | | Return on Average Assets | 0.54% | 1.16% | -0.62 p.p. | | Return on Average Equity | 5.94% | 13.50% | -7.56 p.p. | - The Net Interest Margin (NIM) declined to **2.20%** in Q1 2024, down from 2.29% in Q4 2023 and 2.88% in Q1 2023[4](index=4&type=chunk) - In Q1 2024, deposits grew by **$202.6 million** to **$5.48 billion**, while loans decreased by **$73.7 million**, allowing for a **$284.3 million** reduction in overnight borrowings[5](index=5&type=chunk) - The company's liquidity position remains stable, with on-balance sheet liquidity increasing to **12.1%** of total assets, and total liquidity providing **303%** coverage of uninsured deposits[5](index=5&type=chunk) [CEO's Remarks and Strategic Outlook](index=1&type=section&id=CEO%27s%20Remarks%20and%20Strategic%20Outlook) CEO noted margin and credit concerns, while advancing New York City expansion for long-term profitability - The CEO identified margin compression and credit quality as the primary areas of concern for the organization[6](index=6&type=chunk) - Fee revenue from Wealth Management and other noninterest income constituted a significant **35%** of total revenue in Q1 2024, providing a consistent income stream in a difficult rate environment[6](index=6&type=chunk) - The company is advancing its strategic expansion into New York City, recently hiring over 10 new commercial private banking teams to be led by Andrew Corrado[6](index=6&type=chunk) [Segment and Balance Sheet Performance](index=1&type=section&id=Segment%20and%20Balance%20Sheet%20Performance) This section details the performance of key business segments and the company's balance sheet management strategies [Wealth Management](index=1&type=section&id=Wealth%20Management) Wealth Management grew AUM/AUA by 6% to $11.5 billion, contributing $14.4 million in fee income and new business Wealth Management Performance | Metric | Q1 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | AUM/AUA | $11.5 billion | $10.9 billion | +6% | | Fee Income | $14.4 million | $13.8 million | +4.3% | - Gross new business inflows for Q1 2024 totaled **$236 million**, of which **$138 million** was managed[8](index=8&type=chunk) - Wealth Management fee income represented **27%** of the company's total revenue for Q1 2024[8](index=8&type=chunk) [Commercial Banking and Balance Sheet Management](index=2&type=section&id=Commercial%20Banking%20and%20Balance%20Sheet%20Management) Q1 2024 balance sheet management increased deposits, reduced borrowings, and compressed net interest margin Balance Sheet Changes (Q1 2024 vs Q4 2023) | Item | Q1 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Total Deposits | $5.48 billion | $5.27 billion | +$202.6 million | | Total Loans | $5.36 billion | $5.44 billion | -$73.7 million | | Borrowings | $119.5 million | $403.8 million | -$284.3 million | - Commercial and industrial (C&I) loans and leases constituted **42%** of the total loan portfolio at March 31, 2024[11](index=11&type=chunk)[19](index=19&type=chunk) - Core deposits, including demand, savings, and money market accounts, represented **88%** of total deposits[11](index=11&type=chunk) - The company has tightened underwriting guidelines and experienced slower loan originations due to economic uncertainty and the interest rate environment[20](index=20&type=chunk) [Capital Management](index=2&type=section&id=Capital%20Management) The company maintains strong capital, exceeding regulatory standards, with stable tangible book value and share repurchases - Tangible book value per share was **$30.21** at March 31, 2024, a slight decrease from **$30.31** at December 31, 2023[11](index=11&type=chunk)[34](index=34&type=chunk) - The company repurchased **100,000 shares** of its stock at a cost of **$2.4 million** during the first quarter of 2024[11](index=11&type=chunk)[33](index=33&type=chunk) Regulatory Capital Ratios (Company) - March 31, 2024 | Ratio | Value | | :--- | :--- | | Tier 1 Leverage Ratio | 9.36% | | Common Equity Tier 1 Ratio | 11.76% | - A cash dividend of **$0.05 per share** was declared on March 28, 2024[35](index=35&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=SUMMARY%20INCOME%20STATEMENT%20DETAILS%3A) This section provides an in-depth analysis of the company's income statement, net interest income, noninterest income, operating expenses, and asset quality [Income Statement Analysis](index=3&type=section&id=Income%20Statement%20Analysis) Income statement shows significant year-over-year pressure with net income down 53%, while sequential results remained flat [Comparison vs. Prior Year Quarter (Q1 2023)](index=3&type=section&id=March%202024%20Quarter%20Compared%20to%20Prior%20Year%20Quarter) Q1 2023 comparison: total revenue down 14%, net interest income down 22%, leading to a 53% net income drop Income Statement YoY Comparison (Q1 2024 vs. Q1 2023) | (in millions) | Q1 2024 | Q1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $34.38 | $43.98 | (22)% | | Total Other Income | $18.70 | $18.06 | 4% | | Total Revenue | $53.08 | $62.04 | (14)% | | Operating Expenses | $40.04 | $35.57 | 13% | | Provision for Credit Losses | $0.63 | $1.51 | (58)% | | Net Income | $8.63 | $18.36 | (53)% | | Diluted EPS | $0.48 | $1.01 | (52)% | [Comparison vs. Linked Quarter (Q4 2023)](index=4&type=section&id=March%202024%20Quarter%20Compared%20to%20Linked%20Quarter) Sequentially, net income and diluted EPS remained flat, as reduced credit loss provision offset lower net interest income Income Statement QoQ Comparison (Q1 2024 vs. Q4 2023) | (in millions) | Q1 2024 | Q4 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $34.38 | $36.68 | (6)% | | Total Other Income | $18.70 | $17.59 | 6% | | Total Revenue | $53.08 | $54.27 | (2)% | | Operating Expenses | $40.04 | $37.62 | 6% | | Provision for Credit Losses | $0.63 | $5.03 | (87)% | | Net Income | $8.63 | $8.60 | 0% | | Diluted EPS | $0.48 | $0.48 | 0% | [Net Interest Income (NII) and Net Interest Margin (NIM)](index=5&type=section&id=Net%20Interest%20Income%20%28NII%29%2FNet%20Interest%20Margin%20%28NIM%29) Q1 2024 NII and NIM declined due to increased interest expense from higher deposit rates and customer migration - NII decreased by **$2.3 million** and NIM by **9 basis points** compared to Q4 2023[21](index=21&type=chunk) - NII decreased by **$9.6 million** and NIM by **68 basis points** compared to Q1 2023[21](index=21&type=chunk) - The primary drivers for the NII/NIM decline were higher deposit rates, intense competition for deposits, and customer migration out of noninterest-bearing products, with a cycle-to-date deposit beta of approximately **52%**[21](index=21&type=chunk) [Noninterest Income Analysis](index=5&type=section&id=Noninterest%20Income%20Analysis) Total noninterest income reached $18.7 million in Q1 2024, driven by Wealth Management fees and Capital Markets activities Capital Markets Activities (in thousands) | Activity | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Gain on sale of SBA loans | $400 | $239 | $865 | | Corporate advisory fee income | $818 | $39 | $80 | | **Total Capital Markets Activity** | **$1,274** | **$296** | **$966** | - Other noninterest income was **$3.0 million** in Q1 2024, which included **$827,000** of unused line fees[26](index=26&type=chunk) [Operating Expenses](index=5&type=section&id=Operating%20Expenses) Operating expenses rose to $40.0 million in Q1 2024, reflecting strategic investments for New York City expansion and new hires - Total operating expenses increased to **$40.0 million** in Q1 2024, up from **$37.6 million** in Q4 2023 and **$35.6 million** in Q1 2023[27](index=27&type=chunk) - The increase in expenses is linked to investments for the New York City expansion, including significant hiring in Q1 2024[27](index=27&type=chunk)[28](index=28&type=chunk) [Asset Quality and Provision for Credit Losses](index=6&type=section&id=Asset%20Quality%20%2F%20Provision%20for%20Credit%20Losses) Asset quality deteriorated in Q1 2024, with nonperforming assets and past due loans increasing, leading to a $615,000 provision Asset Quality Metrics | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Nonperforming Assets | $69.8M (1.09% of assets) | $61.3M (0.95% of assets) | | Loans Past Due 30-89 Days | $73.7M (1.37% of loans) | $34.6M (0.64% of loans) | | Criticized & Classified Loans | $177.3M | Increased from Q4 2023 | | Allowance for Credit Losses (ACL) | $66.3M (1.24% of loans) | $65.9M (1.21% of loans) | - The provision for credit losses was **$615,000** for Q1 2024, a sharp decrease from **$5.0 million** in Q4 2023 and **$1.5 million** in Q1 2023[31](index=31&type=chunk) - The increase in loans past due 30-89 days included significant balances related to governmental entities (**$25.2 million**), a single equipment finance customer (**$15.0 million**), and two multifamily sponsors (**$28.9 million**)[29](index=29&type=chunk) [Consolidated Financial Statements and Other Data](index=9&type=section&id=Consolidated%20Financial%20Statements) This section provides comprehensive consolidated financial statements and supplementary data for detailed analysis [Selected Consolidated Financial Data](index=9&type=section&id=PEAPACK-GLADSTONE%20FINANCIAL%20CORPORATION%20SELECTED%20CONSOLIDATED%20FINANCIAL%20DATA) This section provides detailed five-quarter consolidated financial data, including income statements and balance sheets - Detailed five-quarter income statement data is available, showing trends in interest income/expense, noninterest income/expense, and profitability ratios[43](index=43&type=chunk) - Consolidated balance sheets for the last five quarters are provided, detailing assets, liabilities, and shareholders' equity[46](index=46&type=chunk)[48](index=48&type=chunk) [Selected Balance Sheet Data (Asset Quality & Capital)](index=13&type=section&id=PEAPACK-GLADSTONE%20FINANCIAL%20CORPORATION%20SELECTED%20BALANCE%20SHEET%20DATA) This section details asset quality and capital adequacy, presenting five-quarter trends and regulatory capital ratios - Provides a five-quarter breakdown of asset quality metrics, including nonperforming loans, classified loans, and the allowance for credit losses (ACL) roll-forward[50](index=50&type=chunk) - Detailed regulatory capital ratios for the Holding Company and the Bank are presented, showing levels well above the 'well capitalized' standards[59](index=59&type=chunk) [Loans Closed](index=15&type=section&id=PEAPACK-GLADSTONE%20FINANCIAL%20CORPORATION%20LOANS%20CLOSED) This section provides a five-quarter breakdown of loan originations, with Q1 2024 total loans closed at $190.5 million Total Loans Closed (in millions) | Period | Total Loans Closed | | :--- | :--- | | Q1 2024 | $190.5 | | Q4 2023 | $194.6 | | Q1 2023 | $336.9 | [Average Balance Sheet and Net Interest Margin Analysis](index=16&type=section&id=PEAPACK-GLADSTONE%20FINANCIAL%20CORPORATION%20AVERAGE%20BALANCE%20SHEET) This section presents detailed average balance sheets and net interest margin analysis, breaking down net interest income components - Provides a detailed analysis of the average balances, yields, and costs for assets and liabilities, which are used to calculate the net interest spread and net interest margin[65](index=65&type=chunk)[68](index=68&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=18&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures [Non-GAAP Reconciliations](index=18&type=section&id=Non-GAAP%20Reconciliations) This section reconciles non-GAAP financial measures to GAAP, offering management's view on core performance - The company provides reconciliations for key non-GAAP measures including tangible book value per share, tangible equity to tangible assets, return on average tangible equity, and the efficiency ratio[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Management uses these non-GAAP measures to internally assess performance, believing they offer a clearer view of core operations by excluding items like intangible assets or certain non-recurring revenues and expenses[73](index=73&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. 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) New Jersey 22-3537895 (State or ot ...

Financial Performance - Net income for the three months ended September 30, 2023, was $8,755 thousand, down 56.5% from $20,126 thousand in the prior year[13]. - Net income for the nine months ended September 30, 2023, was $40,255,000, a decrease of 25% compared to $53,667,000 for the same period in 2022[24]. - The company reported a comprehensive loss of $4,901 thousand for the three months ended September 30, 2023, compared to a comprehensive income of $3,870 thousand in the same period of 2022[16]. - The company reported a comprehensive loss of $13,656,000 for the quarter, which is a significant improvement from the previous year's comprehensive loss of $16,256,000, indicating a positive trend in financial performance[19]. - Net income for the three months ended September 30, 2023, was $8,755,000, down from $20,126,000 in the same period of 2022, a decrease of 56.5%[147]. - Total income was $55,869,000, a decrease of 9.8% from $61,908,000 in the same period of 2022[147]. - Total operating expenses for the nine months ended September 30, 2023, were $119,744,000, compared to $104,811,000 in the same period of 2022, an increase of 14.2%[148]. - Operating expenses for Q3 2023 were $37.413 million, an increase of $3.853 million compared to $33.560 million in Q3 2022[207]. Asset and Loan Growth - Total assets increased to $6,521,581 thousand as of September 30, 2023, up from $6,353,593 thousand at December 31, 2022, representing a growth of 2.65%[11]. - Net loans rose to $5,418,129 thousand, an increase of 3.73% from $5,224,417 thousand at the end of 2022[11]. - Total loans outstanding as of September 30, 2023, amounted to $5,486,721 thousand, an increase from $5,285,246 thousand as of December 31, 2022, representing a growth of approximately 3.8%[107]. - The total recorded investment in nonaccrual loans as of September 30, 2023, was $70,809 thousand, with no loans past due 90 days or over still accruing interest[107]. - The company reported a total of $5.129 billion in subtotal deposits as of September 30, 2023, which is 97.54% of total deposits[140]. Credit Losses and Provisions - The provision for credit losses increased to $5,856 thousand for the three months ended September 30, 2023, compared to $599 thousand for the same period in 2022[13]. - The company reported a provision for credit losses of $9,065,000, significantly higher than the $4,423,000 recorded in the same period last year[24]. - The allowance for credit losses (ACL) increased to $68.6 million as of September 30, 2023, up from $60.8 million at December 31, 2022, representing a growth of approximately 12.9%[130]. - The ACL as a percentage of loans was 1.25% at September 30, 2023, compared to 1.15% at December 31, 2022[130]. - The company reported no allowance for credit losses as of September 30, 2023, due to the belief that unrealized losses were primarily a result of market interest rate changes rather than credit quality deterioration[105]. Deposits and Borrowings - Total deposits increased to $5,259,359 thousand, up from $5,205,164 thousand at the end of 2022, reflecting a growth of 1.04%[11]. - Noninterest-bearing demand deposits decreased to $947.405 million (18.01%) as of September 30, 2023, from $1,246.066 million (23.94%) at December 31, 2022[140]. - The company had overnight borrowings with the Federal Home Loan Bank (FHLB) of $470.6 million at a rate of 5.58% as of September 30, 2023, up from $379.5 million at a rate of 4.61% at December 31, 2022[142]. - The company’s unused short-term overnight borrowing capacity available through the FHLB, correspondent banks, and the Federal Reserve Bank of New York totaled $3.3 billion as of September 30, 2023[142]. Earnings Per Share - Earnings per share (EPS) for the three months ended September 30, 2023, was $0.49, a decrease of 56.0% from $1.11 in the same period last year[13]. - The weighted average number of shares outstanding for diluted EPS was 18,010,127 for the three months ended September 30, 2023, compared to 18,420,661 for the same period in 2022[13]. Noninterest Income - Noninterest income for the three months ended September 30, 2023, was $19,354,000, compared to $16,383,000 in the same period of 2022, reflecting an increase of 18.0%[147]. - Total noninterest income for the nine months ended September 30, 2023, was $55,988, up from $49,605 in the same period of 2022, reflecting an increase of 12.4%[165]. Stock and Shareholder Information - The company declared cash dividends of $0.05 per share, totaling $893,000 for the quarter ended September 30, 2023, consistent with the previous year's dividend declaration[19]. - The number of common shares outstanding decreased from 17,920,571 as of September 30, 2022, to 17,816,922 as of September 30, 2023, representing a reduction of approximately 0.6%[19]. - The company repurchased 100,000 shares during the quarter, resulting in a total cost of $2,815,000[19]. Fair Value Measurements - The company’s fair value measurements as of September 30, 2023, included total assets of $588,416,000, with $575,835,000 classified as Level 2 inputs[157]. - The fair value of securities available for sale as of September 30, 2023, was $521,005 thousand, with no Level 1 inputs reported[161]. - The total liabilities related to derivatives as of September 30, 2023, were $38,265 thousand, all classified under Level 2 inputs[161]. Other Operating Expenses - Total other operating expenses for Q3 2023 were $6,194, compared to $5,860 in Q3 2022, marking an increase of 5.7%[173]. - Professional and legal fees rose to $1,619 in Q3 2023 from $1,180 in Q3 2022, a significant increase of 37%[173].

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 June 30, 2023 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. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-Q (MARK ONE) For the Quarter Ended March 31, 2023 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. ...