Peapack-Gladstone Financial Corporation and Peapack-Gladstone Bank's Investment Grade Ratings Confirmed by Moody's Investors Service

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].