[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. ...

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, 2022. 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 ...

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 September 30, 2022 OR For the transition period from to ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-16197 PEAPACK-GLADSTONE FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I. ...

Financial Performance - Net income for the second quarter of 2022 was $20,100 thousand, an increase of 39.0% from $14,418 thousand in the same quarter of 2021[14]. - Earnings per share (EPS) for the second quarter of 2022 was $1.10, compared to $0.76 in the same quarter of 2021, reflecting a growth of 44.7%[14]. - Net income for the three months ended June 30, 2022, was $20,100 thousand, compared to $14,418 thousand for the same period in 2021, representing a year-over-year increase of 39%[18]. - Net income for the six months ended June 30, 2022, was $33,541,000, an increase of 21.5% compared to $27,596,000 in 2021[23]. - Total comprehensive income for the second quarter of 2022 was $2,311 thousand, compared to $22,767 thousand in the same quarter of 2021, showing a significant decline[17]. Asset and Loan Growth - Total assets increased to $6,151,167 thousand as of June 30, 2022, compared to $6,077,993 thousand at December 31, 2021, reflecting a growth of 1.2%[11]. - Net loans rose to $5,094,851 thousand, up from $4,745,024 thousand, marking an increase of 7.4% year-over-year[11]. - Total loans outstanding as of June 30, 2022, reached $5,153.9 million, an increase from $4,806.7 million as of December 31, 2021, representing a growth of approximately 7.2%[115]. - The balance of retained earnings as of June 30, 2022, was $309,899 thousand, compared to $247,136 thousand as of June 30, 2021, reflecting an increase of approximately 25.4%[21]. Deposits and Funding - Total deposits increased to $5,403,868 thousand as of June 30, 2022, up from $5,266,149 thousand at December 31, 2021, indicating a growth of 2.6%[11]. - Net increase in deposits was $137,719,000, compared to $77,291,000 in the previous year, representing a growth of 78.2%[23]. - Noninterest-bearing demand deposits increased to $1.04 billion (19.30% of total deposits) from $956.5 million (18.16%) year-over-year[148]. Income and Expenses - Net interest income after provision for credit losses reached $41,444 thousand for the three months ended June 30, 2022, compared to $32,945 thousand for the same period in 2021, representing a growth of 25.5%[14]. - Operating expenses for the second quarter of 2022 totaled $32,659 thousand, up from $30,684 thousand in the same quarter of 2021, reflecting a rise of 6.4%[14]. - Total noninterest income for Q2 2022 was $18,508,000, an increase of 4.7% from $17,678,000 in Q2 2021[172]. - Wealth management fees for Q2 2022 reached $13,891,000, up 6.6% from $13,034,000 in Q2 2021[172]. Credit Losses and Allowances - The allowance for credit losses was $59,022 thousand as of June 30, 2022, down from $61,697 thousand at December 31, 2021, indicating a decrease of 4.4%[11]. - The provision for credit losses rose significantly to $3,824,000 from $1,125,000, indicating a substantial increase in expected credit losses[23]. - The Company reported a total allowance for credit losses (ACL) of $59.022 million as of June 30, 2022, based on the CECL methodology[138]. Securities and Investments - Total securities available for sale as of June 30, 2022, had a fair value of $556.8 million, with unrealized losses of $77.7 million[110]. - The total fair value of securities available for sale was $556,791,000 as of June 30, 2022, a decrease from $796,753,000 at December 31, 2021[170]. - The company reported unrealized losses on total securities of $87.1 million as of June 30, 2022, compared to $17.2 million as of December 31, 2021, reflecting a significant increase in market volatility[112]. Stock and Shareholder Activities - Cash dividends declared on common stock for the three months ended June 30, 2022, were $919 thousand, consistent with the previous year’s dividend of $952 thousand[18]. - The company repurchased 200,000 shares during the three months ended June 30, 2022, at a cost of $6,447 thousand, compared to 234,722 shares repurchased for $7,605 thousand in the same period of 2021[18]. - The Company issued 18,923 restricted stock units during the three months ended June 30, 2022, compared to 21,200 units issued in the same period of 2021[18]. Risk Management and Credit Quality - The Company segments its loan portfolio based on common characteristics, including primary residential mortgages, junior lien loans, multifamily properties, and commercial real estate loans[59][60][62][63][64]. - The Company has engaged an independent loan review firm to validate risk ratings and ensure compliance with policies[121]. - The credit risk profile indicates that $4,635.6 million of loans are classified as Pass, with $116.5 million as Special Mention and $50.7 million as Substandard[128]. Lease and Derivative Activities - The Company’s total present value of lease payments as of June 30, 2022, was $14.756 million[204]. - The total notional amount of standalone derivatives was $642.1 million as of June 30, 2022, down from $702.2 million as of December 31, 2021[196]. - The net interest expense recorded on swap transactions for the three months ended June 30, 2022, totaled $679,000, compared to $1.1 million for the same period in 2021[192].

Financial Performance - Net interest income after provision for credit losses was $37,247 thousand for the three months ended March 31, 2022, compared to $31,568 thousand for the same period in 2021, reflecting a year-over-year increase of 17.93%[15] - Wealth management fee income grew to $14,834 thousand, up 22.29% from $12,131 thousand in the prior year[15] - The company reported a net income of $13,441 thousand for Q1 2022, slightly up from $13,178 thousand in Q1 2021, reflecting a growth of 1.99%[15] - Total income for the three months ended March 31, 2022, was $54,336,000, up 9.3% from $49,613,000 in the prior year[148] - The company reported total operating expenses of $36,544,000 for the three months ended March 31, 2022, an increase from $31,819,000 in the same period of 2021, marking a rise of 14.8%[148] Asset and Loan Growth - Total assets increased to $6,255,664 thousand as of March 31, 2022, up from $6,077,993 thousand at December 31, 2021, representing a growth of 2.93%[12] - Net loans rose to $5,063,816 thousand, an increase of 6.71% from $4,745,024 thousand at the end of 2021[12] - Total deposits increased to $5,387,416 thousand, up 2.30% from $5,266,149 thousand at December 31, 2021[12] - As of March 31, 2022, total loans outstanding reached $5,122,202 thousand, an increase from $4,806,721 thousand as of December 31, 2021, representing a growth of approximately 6.56%[112] Credit Loss Provisions - The provision for credit losses increased to $2,375 thousand in Q1 2022, compared to $225 thousand in Q1 2021, indicating a significant rise in expected credit losses[15] - The allowance for credit losses (ACL) totaled $58.386 million as of March 31, 2022, based on the CECL methodology[133] - The provision for credit losses for the three months ended March 31, 2022, was $2,375,000, compared to $225,000 for the same period in 2021, indicating a significant increase in credit loss provisions[148] Shareholder Equity and Dividends - Total shareholders' equity decreased to $523,426,000 as of March 31, 2022, down from $546,388,000 at the end of Q1 2021, reflecting a decline of 4.17%[19] - Cash dividends declared on common stock were $920,000, consistent with the previous year's $949,000, indicating a stable dividend policy[21] Securities and Investments - The company reported a total of $654,287 thousand in securities available for sale as of March 31, 2022, with unrealized losses of $53,507 thousand[108] - The fair value of the company's investment in a CRA investment fund was $14,000 thousand as of March 31, 2022, with a loss of $682 thousand for the three months ended March 31, 2022[111] - The fair value of U.S. government-sponsored agencies as of March 31, 2022, was $218,263,000, while mortgage-backed securities-residential were valued at $340,513,000[157] Loan Modifications and TDRs - The company approved total loan modifications under the CARES Act amounting to $947.0 million, with $12.7 million remaining outstanding as of March 31, 2022[72] - The Company allocated $2.5 million of specific reserves on Troubled Debt Restructurings (TDRs) as of March 31, 2022[126] - The Bank modified 542 loans with a balance of $947.0 million, resulting in the deferral of principal and/or interest[125] Risk Management and Credit Quality - The company employs a credit risk rating system that categorizes commercial loans based on borrowers' ability to service their debt, with annual assessments conducted[116] - Loans classified as "Substandard" are characterized by a well-defined weakness that jeopardizes debt liquidation, indicating potential losses[119] - The adoption of CECL requires loans in foreclosure to be individually evaluated for potential loss and allowance adequacy, enhancing risk management practices[121] Economic and Market Conditions - The company faces risks related to the ongoing COVID-19 pandemic, which may adversely affect its business operations and financial condition[202] - The allowance for credit losses is subject to significant judgment and may require adjustments based on economic conditions, particularly in the New Jersey and New York markets[208] Changes in Accounting Standards - The Company adopted ASU 2016-13 on January 1, 2022, which replaced the incurred loss methodology with CECL for estimating expected credit losses[207] - The company expects that the amendments in ASU 2022-02 will not have a material effect on its consolidated financial statements[199]

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, 2021. 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 ...