EX-99.1 2 pgc-ex99_1.htm EX-99.1

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 FINANCIAL RESULTS

Bedminster, N.J. – July 21, 2025 – Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) (the "Company") announces its second quarter 2025 financial results.

This earnings release should be read in conjunction with the Company’s Q2 2025 Investor Update, a copy of which is available on our website at www.peapackprivate.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Deposits grew to $6.4 billion as of June 30, 2025, which represents an increase of $707 million, or 12%, over the last twelve months. During the second quarter of 2025, there were newly funded accounts of $282 million at an average weighted cost of 1.88%. Noninterest-bearing deposits increased by $53 million during the current period and have grown by 30% over the last year.

The Company recorded net income of $7.9 million and diluted earnings per share (“EPS”) of $0.45 for the quarter ended June 30, 2025 compared to net income of $7.6 million and diluted EPS of $0.43 for the quarter ended March 31, 2025.

Net interest income increased $2.8 million, or 6%, on a linked quarter basis to $48.3 million for the second quarter of 2025 compared to $45.5 million for the first quarter of 2025. The growth in net interest income was driven by improvement in the yield on average interest earning assets, as well as continued improvement in the net interest margin. The net interest margin increased to 2.77% for the quarter ended June 30, 2025 compared to 2.68% for the quarter ended March 31, 2025 and 2.25% for the quarter ended June 30, 2024.

Douglas L. Kennedy, President and CEO said, “Our Metro New York expansion continues to deliver strong results. We’ve had great success driving deposit growth at a favorable mix. In less than the two years since the initial hiring of experienced private banking teams in New York City, we have successfully on-boarded over 700 new relationships with more than $1.3 billion in new core relationship deposit balances and $464 million in loan balances. This expansion initiative has resulted in an increase of over 30% in our employee headcount. However, we have managed to deliver a third consecutive quarter of positive operating leverage.”

Mr. Kennedy also noted, “In line with our expansion strategy, we have added five production teams in Long Island during the second quarter. The addition of these new teams combined with our re-branding to Peapack Private Bank & Trust earlier this year demonstrates the evolution of our Company to become the premier boutique private bank in Metro New York.”

The following are select highlights for the period ended June 30, 2025:

Wealth Management:

•
AUM/AUA in our Wealth Management Division totaled $12.3 billion at June 30, 2025 compared to $11.9 billion at December 31, 2024.
•
New business inflows for Q2 2025 totaled $193 million.
•
Wealth Management fee income was $15.9 million in Q2 2025, which amounted to 23% of total revenue for the quarter.

Commercial Banking and Balance Sheet Management:

•
Total loans increased $304 million to $5.8 billion at June 30, 2025 from $5.5 billion at December 31, 2024.

1

•
Commercial and industrial lending (“C&I”) accounted for 58% of the new business originations during the second quarter. C&I balances grew to 44% of the total loan portfolio at June 30, 2025.
•
Total deposits increased by $234 million, to $6.4 billion at June 30, 2025 compared to $6.1 billion at December 31, 2024. Noninterest-bearing demand deposits grew $53 million during the second quarter, and represented 19% of total deposits as of June 30, 2025.
•
Fee income on unused commercial lines of credit totaled $869,000 for Q2 2025.
•
The net interest margin ("NIM") was 2.77% for Q2 2025, an increase of 9 basis points compared to 2.68% for Q1 2025.

Capital Management:

•
Tangible book value per share increased 4% to $33.19 per share at June 30, 2025 compared to $31.89 at December 31, 2024. Book value per share increased 4% to $35.71 per share at June 30, 2025 compared to $34.45 at December 31, 2024. Tangible book value per share is a non-GAAP financial measure. See the reconciliation tables included in this release for further detail.
•
At June 30, 2025, the Tier 1 Leverage Ratio stood at 9.99% for Peapack Private Bank & Trust (the "Bank") and 8.94% for the Company. The Common Equity Tier 1 Ratio was 12.29% for the Bank and 10.99% for the Company at June 30, 2025. These ratios remain significantly above well capitalized standards, as capital continues to benefit from net income generation.

2

SUMMARY INCOME STATEMENT DETAILS:

The following tables summarize specified financial details for the periods shown.

June 2025 Quarter Compared to Prior Year

|  | Six Months Ended |  |  | Six Months Ended |  |  |  |  |  |  |  |
|  | June 30, |  |  | June 30, |  |  |  | Increase/ |
(Dollars in millions, except per share data) (unaudited) |  | 2025 |  |  | 2024 |  |  |  | (Decrease) |
Net interest income |  | $ | 93.80 |  |  | $ | 69.42 |  |  |  | $ | 24.38 |  |  |  | 35 | %
Wealth management fee income |  |  | 31.38 |  |  |  | 30.83 |  |  |  |  | 0.55 |  |  |  | 2 |
Capital markets activity |  |  | 1.25 |  |  |  | 1.86 |  |  |  |  | (0.61 | ) |  |  | (33 | )
Other income |  |  | 7.68 |  |  |  | 7.57 |  |  |  |  | 0.11 |  |  |  | 1 |
Total other income |  |  | 40.31 |  |  |  | 40.26 |  |  |  |  | 0.05 |  |  |  | 0 |
Total Revenue |  |  | 134.11 |  |  |  | 109.68 |  |  |  |  | 24.43 |  |  |  | 22 | %
Operating expenses |  |  | 101.33 |  |  |  | 83.17 |  |  |  |  | 18.16 |  |  |  | 22 |
Pretax income before provision for credit losses |  |  | 32.78 |  |  |  | 26.51 |  |  |  |  | 6.27 |  |  |  | 24 |
Provision for credit losses |  |  | 11.06 |  |  |  | 4.54 |  |  |  |  | 6.52 |  |  |  | 144 |
Pretax income |  |  | 21.72 |  |  |  | 21.97 |  |  |  |  | (0.25 | ) |  |  | (1 | )
Income tax expense |  |  | 6.17 |  |  |  | 5.81 |  |  |  |  | 0.36 |  |  |  | 6 |
Net income |  | $ | 15.55 |  |  | $ | 16.16 |  |  |  | $ | (0.61 | ) |  |  | (4 | )%
Diluted EPS |  | $ | 0.87 |  |  | $ | 0.91 |  |  |  | $ | (0.04 | ) |  |  | (4 | )%
Return on average assets |  |  | 0.44 | % |  |  | 0.51 | % |  |  |  | (0.07 | ) |  |  |
Return on average equity |  |  | 5.04 | % |  |  | 5.58 | % |  |  |  | (0.54 | ) |  |  |

June 2025 Quarter Compared to Prior Year Quarter

|  | Three Months Ended |  |  |  | Three Months Ended |  |  |  |  |  |  |
|  | June 30, |  |  |  | June 30, |  |  | Increase/ |
(Dollars in millions, except per share data) (unaudited) |  | 2025 |  |  |  | 2024 |  |  | (Decrease) |
Net interest income |  | $ | 48.29 |  |  |  | $ | 35.04 |  |  | $ | 13.25 |  |  |  | 38 | %
Wealth management fee income |  |  | 15.94 |  |  |  |  | 16.42 |  |  |  | (0.48 | ) |  |  | (3 | )
Capital markets activity |  |  | 0.80 |  |  |  |  | 0.59 |  |  |  | 0.21 |  |  |  | 36 |
Other income |  |  | 4.71 |  |  |  |  | 4.55 |  |  |  | 0.16 |  |  |  | 4 |
Total other income |  |  | 21.45 |  |  |  |  | 21.56 |  |  |  | (0.11 | ) |  |  | (1 | )
Total Revenue |  |  | 69.74 |  |  |  |  | 56.60 |  |  |  | 13.14 |  |  |  | 23 | %
Operating expenses |  |  | 51.89 |  |  |  |  | 43.13 |  |  |  | 8.76 |  |  |  | 20 |
Pretax income before provision for credit losses |  |  | 17.85 |  |  |  |  | 13.47 |  |  |  | 4.38 |  |  |  | 33 |
Provision for credit losses |  |  | 6.59 |  |  |  |  | 3.91 |  |  |  | 2.68 |  |  |  | 69 |
Pretax income |  |  | 11.26 |  |  |  |  | 9.56 |  |  |  | 1.70 |  |  |  | 18 |
Income tax expense |  |  | 3.32 |  |  |  |  | 2.03 |  |  |  | 1.29 |  |  |  | 64 |
Net income |  | $ | 7.94 |  |  |  | $ | 7.53 |  |  | $ | 0.41 |  |  |  | 5 | %
Diluted EPS |  | $ | 0.45 |  |  |  | $ | 0.42 |  |  | $ | 0.03 |  |  |  | 7 | %
Return on average assets annualized |  |  | 0.45 | % |  |  |  | 0.47 | % |  |  | (0.02 | ) |  |  |
Return on average equity annualized |  |  | 5.11 | % |  |  |  | 5.22 | % |  |  | (0.11 | ) |  |  |

3

June 2025 Quarter Compared to Linked Quarter

|  | Three Months Ended |  |  | Three Months Ended |  |  |  |  |  |  |  |
|  | June 30, |  |  | March 31, |  |  |  | Increase/ |
(Dollars in millions, except per share data) (unaudited) |  | 2025 |  |  | 2025 |  |  |  | (Decrease) |
Net interest income |  | $ | 48.29 |  |  | $ | 45.51 |  |  |  | $ | 2.78 |  |  |  | 6 | %
Wealth management fee income |  |  | 15.94 |  |  |  | 15.44 |  |  |  |  | 0.50 |  |  |  | 3 |
Capital markets activity |  |  | 0.80 |  |  |  | 0.46 |  |  |  |  | 0.34 |  |  |  | 74 |
Other income |  |  | 4.71 |  |  |  | 2.95 |  |  |  |  | 1.76 |  |  |  | 60 |
Total other income |  |  | 21.45 |  |  |  | 18.85 |  |  |  |  | 2.60 |  |  |  | 14 |
Total Revenue |  |  | 69.74 |  |  |  | 64.36 |  |  |  |  | 5.38 |  |  |  | 8 | %
Operating expenses |  |  | 51.89 |  |  |  | 49.44 |  |  |  |  | 2.45 |  |  |  | 5 |
Pretax income before provision for credit losses |  |  | 17.85 |  |  |  | 14.92 |  |  |  |  | 2.93 |  |  |  | 20 |
Provision for credit losses |  |  | 6.59 |  |  |  | 4.47 |  |  |  |  | 2.12 |  |  |  | 47 |
Pretax income |  |  | 11.26 |  |  |  | 10.45 |  |  |  |  | 0.81 |  |  |  | 8 |
Income tax expense |  |  | 3.32 |  |  |  | 2.85 |  |  |  |  | 0.47 |  |  |  | 16 |
Net income |  | $ | 7.94 |  |  | $ | 7.60 |  |  |  | $ | 0.34 |  |  |  | 4 | %
Diluted EPS |  | $ | 0.45 |  |  | $ | 0.43 |  |  |  | $ | 0.02 |  |  |  | 5 | %
Return on average assets annualized |  |  | 0.45 | % |  |  | 0.43 | % |  |  |  | 0.02 |  |  |  |
Return on average equity annualized |  |  | 5.11 | % |  |  | 4.98 | % |  |  |  | 0.13 |  |  |  |

SUPPLEMENTAL QUARTERLY DETAILS:

Wealth Management

AUM/AUA in the Bank’s Wealth Management Division increased to $12.3 billion at June 30, 2025 compared to $11.9 billion at December 31, 2024. For the June 2025 quarter, the Wealth Management Team generated $15.9 million in fee income, compared to $15.4 million for the March 31, 2025 quarter and $16.4 million for the June 2024 quarter.

John Babcock, President of the Bank's Wealth Management Division, noted, “Q2 2025 saw continued strong client inflows driven by new accounts and client additions of $193 million. Our new business pipeline is healthy, and we continue to remain focused on delivering excellent service and advice to our clients. Our highly skilled wealth management professionals, our fiduciary powers and expertise, and our financial planning capabilities combined with our high-touch client service model distinguishes us in our market and continues to drive our growth and success.”

Loans / Commercial Banking

Total loans increased $304 million, or 5%, to $5.8 billion at June 30, 2025, compared to $5.5 billion at December 31, 2024, primarily driven by multifamily and commercial and industrial loan originations during the quarter. The increase in multifamily lending was supported by stronger demand as rates have become more attractive, while C&I growth was driven by business expansion and capital investment. Total C&I loans and leases at June 30, 2025 were $2.5 billion or 44% of the total loan portfolio.

Mr. Kennedy noted, “We are proud to have built a leading middle-market commercial banking franchise, as evidenced by our C&I loan portfolio and complimented by Treasury Management services, Corporate Advisory and SBA businesses. These business lines fit perfectly with our private banking business model and will continue to generate solid production going forward. During the current year, we have originated loans that carried an average spread of more than 450 basis points above our current cost of funds.”

4

Net Interest Income (NII)/Net Interest Margin (NIM)

The Company’s NII of $48.3 million and NIM of 2.77% for Q2 2025 increased $2.8 million and 9 basis points from NII of $45.5 million and NIM of 2.68% for the linked quarter (Q1 2025) and increased $13.2 million and 52 basis points from NII of $35.0 million and NIM of 2.25% compared to the prior year period (Q2 2024). Our single point of contact private banking strategy and New York City expansion continues to deliver lower-cost core deposit relationships resulting in consistent improvement in our net interest margin.

Funding / Liquidity / Interest Rate Risk Management

Total deposits increased $234 million to $6.4 billion at June 30, 2025 from $6.1 billion at December 31, 2024. The overall growth in deposits has strengthened balance sheet liquidity and reduced reliance on outside borrowings and other non-core funding sources. There were no outstanding overnight borrowings at June 30, 2025.

At June 30, 2025, the Company’s balance sheet liquidity (investments available for sale, interest-earning deposits and cash) totaled $1.1 billion, or 15% of total assets. The Company maintains additional liquidity resources of approximately $3.5 billion through secured available borrowing facilities with the Federal Home Loan Bank 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. The Company's total on and off-balance sheet liquidity totaled $4.6 billion at June 30, 2025, which amounts to 277% of the total uninsured/uncollateralized deposits currently on the Company’s balance sheet.

Income from Capital Markets Activities

Noninterest income from Capital Markets activities (detailed below) totaled $799,000 for the June 2025 quarter compared to $455,000 for the March 2025 quarter and $586,000 for the June 2024 quarter.

|  | Three Months Ended |  |  | Three Months Ended |  |  | Three Months Ended |
|  | June 30, |  |  | March 31, |  |  | June 30, |
(Dollars in thousands, except per share data) (unaudited) |  | 2025 |  |  | 2025 |  |  | 2024 |
Gain on loans held for sale at fair value (Mortgage banking) |  | $ | 27 |  |  | $ | 63 |  |  | $ | 34 |
Fee income related to loan level, back-to-back swaps |  |  | 221 |  |  |  | — |  |  |  | — |
Gain on sale of SBA loans |  |  | 521 |  |  |  | 302 |  |  |  | 449 |
Corporate advisory fee income |  |  | 30 |  |  |  | 90 |  |  |  | 103 |
Total capital markets activity |  | $ | 799 |  |  | $ | 455 |  |  | $ | 586 |

Other Noninterest Income (other than Wealth Management Fee Income and Income from Capital Markets Activities)

Other noninterest income was $4.7 million for Q2 2025 compared to $3.0 million for Q1 2025 and $4.6 million for Q2 2024. Q2 2025 included a gain of $875,000 related to an early lease termination for a branch location. Prior quarters included a loss of $415,000 in Q1 2025 and income of $1.6 million in Q2 2024 recorded by the Equipment Finance Division related to equipment transfers to lessees upon the termination of leases. Additionally, Q2 2025 included $869,000 of unused line fees compared to $932,000 for Q1 2025 and $786,000 for Q2 2024.

Operating Expenses

Total operating expenses were $51.9 million for the second quarter of 2025, compared to $49.4 million for the first quarter of 2025 and $43.1 million for the quarter ended June 30, 2024. The increase during the second quarter was primarily driven by expenses associated with the Company’s ongoing expansion into New York City, increased health insurance costs, and annual merit increases. The addition of production teams in Long Island also contributed to the growth in operating expenses.

Mr. Kennedy noted, “We continue to make investments related to our strategic decision to expand into Metro New York City and are confident that these investments will position us for future growth and profitability, which will ultimately translate to increased shareholder value. We continue to look for opportunities to create efficiencies and manage expenses throughout the Company while investing in enhancements to the client experience."

5

Income Taxes

The effective tax rate for the three months ended June 30, 2025 was 29.5%, as compared to 27.3% for the March 2025 quarter and 21.2% for the quarter ended June 30, 2024. The June 2024 quarter included a benefit related to the Company's deferred tax assets associated with a surtax imposed by the State of New Jersey in June 2024. Excluding such a benefit, the effective tax rate for the June 2024 quarter would have been approximately 29.0%.

Asset Quality / Provision for Credit Losses

Nonperforming assets increased to $115.0 million, or 1.60% of total assets, at June 30, 2025, as compared to $97.2 million, or 1.36% of total assets, at March 31, 2025. The increase in nonperforming assets during the second quarter was driven by the addition of two commercial and industrial relationships totaling $14.5 million and one multifamily loan totaling $4.8 million. Multifamily loans represent approximately 49% of nonperforming assets as of June 30, 2025. Loans past due 30 to 89 days and still accruing decreased to $15.5 million, or 0.27% of total loans, at June 30, 2025 compared to $28.3 million, or 0.49% of total loans, at March 31, 2025. Criticized and classified loans increased to $232.7 million at June 30, 2025, reflecting an increase of $15.2 million as compared to $217.5 million at March 31, 2025. The Company currently has no loans or leases on deferral and still accruing.

For the quarter ended June 30, 2025, the provision for credit losses was $6.6 million compared to $4.5 million for the March 2025 quarter and $3.9 for the June 2024 quarter. The provision for credit losses in the second quarter of 2025 was driven by deterioration in key economic model drivers and an increase in specific reserves for one equipment financing relationship of $5.8 million.

At June 30, 2025, the allowance for credit losses was $81.8 million (1.40% of total loans), compared to $75.2 million (1.31% of total loans) at March 31, 2025, and $68.0 million (1.29% of total loans) at June 30, 2024.

Mr. Kennedy noted, “We continue to closely monitor asset quality metrics. We believe that most of our credit issues in the multifamily loan portfolio are isolated to a small number of specific borrowers and sponsors. We continue to work through each credit individually, while building appropriate reserve coverage. All of the multifamily loans that repriced in 2024 have continued to make their scheduled payments despite the higher rate environment."

Capital

The Company’s capital position increased during the second quarter of 2025 due to net income of $7.9 million and positive movement in accumulated other comprehensive income of $2.1 million related to the fair value of the Company’s investment securities portfolio due to the interest rate environment, which was partially offset by the repurchase of 100,000 shares through the Company's repurchase program at a total cost of $2.8 million.

Tangible book value per share increased 4% to $33.19 per share at June 30, 2025 from $31.89 at December 31, 2024. (Tangible book value per share is a non-GAAP financial measure. See the reconciliation tables included in this release for further detail.) Book value per share increased 4% to $35.71 per share at June 30, 2025 compared to $34.45 at December 31, 2024. The Company’s and Bank’s regulatory capital ratios as of June 30, 2025 remain strong. Where applicable, such ratios remain well above regulatory well capitalized standards.

The Company employs quarterly capital stress testing modeling of an adverse case and severely adverse case. In the most recently completed stress test (as of March 31, 2025), the Bank remains well capitalized over a two-year stress period.

On June 26, 2025, the Company declared a cash dividend of $0.05 per share payable on August 21, 2025 to shareholders of record on August 7, 2025.

ABOUT THE COMPANY

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $7.2 billion and assets under management and/or administration of $12.3 billion as of June 30, 2025. Founded in 1921, Peapack Private Bank & Trust, a subsidiary of Peapack-Gladstone Financial Corporation, is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions. The Bank's wealth management division offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately

6

held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Peapack Private Bank & Trust offers an unparalleled commitment to client service. Visit www.peapackprivate.com for more information.

FORWARD-LOOKING STATEMENTS

The foregoing may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, investments, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “may” or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to:

•
our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan;
•
the impact of anticipated higher operating expenses in 2025 and beyond;
•
our ability to successfully integrate wealth management firm and team acquisitions;
•
our ability to successfully integrate our expanded employee base;
•
an unexpected decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions;
•
declines in our net interest margin caused by the interest rate environment and/or our highly competitive market;
•
declines in the value in our investment portfolio;
•
impact from a pandemic event on our business, operations, customers, allowance for credit losses and capital levels;
•
higher than expected increases in our allowance for credit losses;
•
higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans or charge-offs;
•
inflation and changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and lead to higher operating costs;
•
decline in real estate values within our market areas;
•
legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs;
•
the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;
•
the failure to maintain current technologies and/or to successfully implement future information technology enhancements;
•
successful cyberattacks against our IT infrastructure and that of our IT and third-party providers;
•
higher than expected FDIC insurance premiums;
•
adverse weather conditions;
•
the current or anticipated impact of military conflict, terrorism or other geopolitical events;
•
our inability to successfully generate new business in new geographic markets, including our expansion into New York City;
•
a reduction in our lower-cost funding sources;
•
changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio;
•
our inability to adapt to technological changes;
•
claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;
•
our inability to retain key employees;
•
demands for loans and deposits in our market areas;
•
adverse changes in securities markets;
•
changes in New York City rent regulation law;
•
changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
•
changes in accounting policies and practices; and/or

7

•
other unexpected material adverse changes in our financial condition, operations or earnings.

A discussion of these and other factors that could affect our results is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2024. Except as may be required by the applicable law or regulation, we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

(Tables to follow)

8

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in Thousands, except per share data)

(Unaudited)

|  | For the Three Months Ended |
|  | June 30, |  |  | March 31, |  |  | Dec 31, |  |  | Sept 30, |  |  | June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |  | 2024 |
Income Statement Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 89,651 |  |  | $ | 86,345 |  |  | $ | 86,166 |  |  | $ | 83,203 |  |  | $ | 79,238 |
Interest expense |  |  | 41,361 |  |  |  | 40,840 |  |  |  | 44,258 |  |  |  | 45,522 |  |  |  | 44,196 |
Net interest income |  |  | 48,290 |  |  |  | 45,505 |  |  |  | 41,908 |  |  |  | 37,681 |  |  |  | 35,042 |
Wealth management fee income |  |  | 15,943 |  |  |  | 15,435 |  |  |  | 15,482 |  |  |  | 15,150 |  |  |  | 16,419 |
Service charges and fees |  |  | 1,194 |  |  |  | 1,112 |  |  |  | 1,323 |  |  |  | 1,327 |  |  |  | 1,345 |
Bank owned life insurance |  |  | 370 |  |  |  | 371 |  |  |  | 335 |  |  |  | 390 |  |  |  | 328 |
Gain on loans held for sale at fair value (Mortgage banking) |  |  | 27 |  |  |  | 63 |  |  |  | 58 |  |  |  | 15 |  |  |  | 34 |
Gain on loans held for sale at lower of cost or fair value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23 |
Fee income related to loan level, back-to-back swaps |  |  | 221 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gain on sale of SBA loans |  |  | 521 |  |  |  | 302 |  |  |  | — |  |  |  | 365 |  |  |  | 449 |
Corporate advisory fee income |  |  | 30 |  |  |  | 90 |  |  |  | 56 |  |  |  | 55 |  |  |  | 103 |
Other income |  |  | 3,096 |  |  |  | 1,286 |  |  |  | 2,125 |  |  |  | 1,162 |  |  |  | 2,938 |
Securities gains, net |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value adjustment for CRA equity security |  |  | 42 |  |  |  | 195 |  |  |  | 549 |  |  |  | 474 |  |  |  | (84 | )
Total other income |  |  | 21,451 |  |  |  | 18,854 |  |  |  | 19,928 |  |  |  | 18,938 |  |  |  | 21,555 |
Total revenue |  |  | 69,741 |  |  |  | 64,359 |  |  |  | 61,836 |  |  |  | 56,619 |  |  |  | 56,597 |
Compensation and employee benefits |  |  | 36,061 |  |  |  | 35,879 |  |  |  | 32,915 |  |  |  | 31,050 |  |  |  | 29,884 |
Premises and equipment |  |  | 6,641 |  |  |  | 6,154 |  |  |  | 5,995 |  |  |  | 5,633 |  |  |  | 5,776 |
FDIC insurance expense |  |  | 1,045 |  |  |  | 855 |  |  |  | 825 |  |  |  | 870 |  |  |  | 870 |
Other expenses |  |  | 8,146 |  |  |  | 6,552 |  |  |  | 8,125 |  |  |  | 7,096 |  |  |  | 6,596 |
Total operating expenses |  |  | 51,893 |  |  |  | 49,440 |  |  |  | 47,860 |  |  |  | 44,649 |  |  |  | 43,126 |
Pretax income before provision for credit losses |  |  | 17,848 |  |  |  | 14,919 |  |  |  | 13,976 |  |  |  | 11,970 |  |  |  | 13,471 |
Provision for credit losses |  |  | 6,586 |  |  |  | 4,471 |  |  |  | 1,738 |  |  |  | 1,224 |  |  |  | 3,911 |
Income before income taxes |  |  | 11,262 |  |  |  | 10,448 |  |  |  | 12,238 |  |  |  | 10,746 |  |  |  | 9,560 |
Income tax expense |  |  | 3,321 |  |  |  | 2,853 |  |  |  | 2,998 |  |  |  | 3,159 |  |  |  | 2,030 |
Net income |  | $ | 7,941 |  |  | $ | 7,595 |  |  | $ | 9,240 |  |  | $ | 7,587 |  |  | $ | 7,530 |
Per Common Share Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share (basic) |  | $ | 0.45 |  |  | $ | 0.43 |  |  | $ | 0.53 |  |  | $ | 0.43 |  |  | $ | 0.42 |
Earnings per share (diluted) |  |  | 0.45 |  |  |  | 0.43 |  |  |  | 0.52 |  |  |  | 0.43 |  |  |  | 0.42 |
Weighted average number of common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 17,704,110 |  |  |  | 17,610,917 |  |  |  | 17,585,213 |  |  |  | 17,616,046 |  |  |  | 17,747,070 |
Diluted |  |  | 17,773,237 |  |  |  | 17,812,222 |  |  |  | 17,770,717 |  |  |  | 17,700,042 |  |  |  | 17,792,296 |
Performance Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets annualized (ROAA) |  |  | 0.45 | % |  |  | 0.43 | % |  |  | 0.54 | % |  |  | 0.46 | % |  |  | 0.47 | %
Return on average equity annualized (ROAE) |  |  | 5.11 | % |  |  | 4.98 | % |  |  | 6.15 | % |  |  | 5.12 | % |  |  | 5.22 | %
Return on average tangible equity annualized (ROATCE) (A) |  |  | 5.50 | % |  |  | 5.37 | % |  |  | 6.65 | % |  |  | 5.54 | % |  |  | 5.67 | %
Net interest margin (tax-equivalent basis) |  |  | 2.77 | % |  |  | 2.68 | % |  |  | 2.46 | % |  |  | 2.34 | % |  |  | 2.25 | %
GAAP efficiency ratio (B) |  |  | 74.41 | % |  |  | 76.82 | % |  |  | 77.40 | % |  |  | 78.86 | % |  |  | 76.20 | %
Operating expenses / average assets annualized |  |  | 2.92 | % |  |  | 2.82 | % |  |  | 2.77 | % |  |  | 2.73 | % |  |  | 2.70 | %

(A) Return on average tangible equity is calculated by dividing tangible equity by annualized net income. See non-GAAP financial measures reconciliation included in these tables.

(B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables.

9

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in Thousands, except per share data)

(Unaudited)

|  | For the Six Months Ended |  |  |  |  |  |  |
|  | June 30, |  |  | Change |
|  | 2025 |  |  | 2024 |  |  | $ |  |  | % |
Income Statement Data: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 175,996 |  |  | $ | 158,432 |  |  | $ | 17,564 |  |  |  | 11 | %
Interest expense |  |  | 82,201 |  |  |  | 89,015 |  |  |  | (6,814 | ) |  |  | -8 | %
Net interest income |  |  | 93,795 |  |  |  | 69,417 |  |  |  | 24,378 |  |  |  | 35 | %
Wealth management fee income |  |  | 31,378 |  |  |  | 30,826 |  |  |  | 552 |  |  |  | 2 | %
Service charges and fees |  |  | 2,306 |  |  |  | 2,667 |  |  |  | (361 | ) |  |  | -14 | %
Bank owned life insurance |  |  | 741 |  |  |  | 831 |  |  |  | (90 | ) |  |  | -11 | %
Gain on loans held for sale at fair value (Mortgage banking) |  |  | 90 |  |  |  | 90 |  |  |  | — |  |  |  | 0 | %
Gain on loans held for sale at lower of cost or fair value |  |  | — |  |  |  | 23 |  |  |  | (23 | ) |  |  | -100 | %
Fee income related to loan level, back-to-back swaps |  |  | 221 |  |  |  | — |  |  |  | 221 |  |  | N/A |
Gain on sale of SBA loans |  |  | 823 |  |  |  | 849 |  |  |  | (26 | ) |  |  | -3 | %
Corporate advisory fee income |  |  | 120 |  |  |  | 921 |  |  |  | (801 | ) |  |  | -87 | %
Other income |  |  | 4,382 |  |  |  | 4,244 |  |  |  | 138 |  |  |  | 3 | %
Securities gains, net |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  | N/A |
Fair value adjustment for CRA equity security |  |  | 237 |  |  |  | (195 | ) |  |  | 432 |  |  |  | -222 | %
Total other income |  |  | 40,305 |  |  |  | 40,256 |  |  |  | 49 |  |  |  | 0 | %
Total revenue |  |  | 134,100 |  |  |  | 109,673 |  |  |  | 24,427 |  |  |  | 22 | %
Compensation and employee benefits |  |  | 71,940 |  |  |  | 58,360 |  |  |  | 13,580 |  |  |  | 23 | %
Premises and equipment |  |  | 12,795 |  |  |  | 10,857 |  |  |  | 1,938 |  |  |  | 18 | %
FDIC insurance expense |  |  | 1,900 |  |  |  | 1,815 |  |  |  | 85 |  |  |  | 5 | %
Other expenses |  |  | 14,698 |  |  |  | 12,135 |  |  |  | 2,563 |  |  |  | 21 | %
Total operating expenses |  |  | 101,333 |  |  |  | 83,167 |  |  |  | 18,166 |  |  |  | 22 | %
Pretax income before provision for credit losses |  |  | 32,767 |  |  |  | 26,506 |  |  |  | 6,261 |  |  |  | 24 | %
Provision for credit losses |  |  | 11,057 |  |  |  | 4,538 |  |  |  | 6,519 |  |  |  | 144 | %
Income before income taxes |  |  | 21,710 |  |  |  | 21,968 |  |  |  | (258 | ) |  |  | -1 | %
Income tax expense |  |  | 6,174 |  |  |  | 5,807 |  |  |  | 367 |  |  |  | 6 | %
Net income |  | $ | 15,536 |  |  | $ | 16,161 |  |  | $ | (625 | ) |  |  | -4 | %
Per Common Share Data: |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share (basic) |  | $ | 0.88 |  |  | $ | 0.91 |  |  | $ | (0.03 | ) |  |  | -3 | %
Earnings per share (diluted) |  |  | 0.87 |  |  |  | 0.91 |  |  |  | (0.04 | ) |  |  | -4 | %
Weighted average number of common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 17,657,771 |  |  |  | 17,729,355 |  |  |  | (71,584 | ) |  |  | 0 | %
Diluted |  |  | 17,799,095 |  |  |  | 17,811,895 |  |  |  | (12,800 | ) |  |  | 0 | %
Performance Ratios: |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets (ROAA) |  |  | 0.44 | % |  |  | 0.51 | % |  |  | (0.07 | )% |  |  | -14 | %
Return on average equity (ROAE) |  |  | 5.04 | % |  |  | 5.58 | % |  |  | (0.54 | )% |  |  | -10 | %
Return on average tangible equity (ROATCE) (A) |  |  | 5.44 | % |  |  | 6.06 | % |  |  | (0.62 | )% |  |  | -10 | %
Net interest margin (tax-equivalent basis) |  |  | 2.73 | % |  |  | 2.22 | % |  |  | 0.51 | % |  |  | 23 | %
GAAP efficiency ratio (B) |  |  | 75.57 | % |  |  | 75.83 | % |  |  | (0.26 | )% |  |  | 0 | %
Operating expenses / average assets |  |  | 2.87 | % |  |  | 2.60 | % |  |  | 0.27 | % |  |  | 10 | %

(A) Return on average tangible equity is calculated by dividing tangible equity by annualized net income. See non-GAAP financial measures reconciliation included in these tables.

(B) Calculated as total operating expenses as a percentage of total revenue. For non-GAAP efficiency ratio, see the non-GAAP financial measures reconciliation included in these tables.

10

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in Thousands)

(Unaudited)

|  | As of |
|  | June 30, |  |  | March 31, |  |  | Dec 31, |  |  | Sept 30, |  |  | June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |  | 2024 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 7,524 |  |  | $ | 7,885 |  |  | $ | 8,492 |  |  | $ | 8,129 |  |  | $ | 5,586 |
Federal funds sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest-earning deposits |  |  | 308,078 |  |  |  | 224,032 |  |  |  | 382,875 |  |  |  | 484,529 |  |  |  | 310,143 |
Total cash and cash equivalents |  |  | 315,602 |  |  |  | 231,917 |  |  |  | 391,367 |  |  |  | 492,658 |  |  |  | 315,729 |
Securities available for sale |  |  | 767,533 |  |  |  | 832,030 |  |  |  | 784,544 |  |  |  | 682,713 |  |  |  | 591,884 |
Securities held to maturity |  |  | 98,623 |  |  |  | 100,285 |  |  |  | 101,635 |  |  |  | 103,158 |  |  |  | 105,013 |
CRA equity security, at fair value |  |  | 13,278 |  |  |  | 13,236 |  |  |  | 13,041 |  |  |  | 13,445 |  |  |  | 12,971 |
FHLB and FRB stock, at cost (A) |  |  | 11,467 |  |  |  | 12,311 |  |  |  | 12,373 |  |  |  | 12,459 |  |  |  | 12,478 |
Residential mortgage |  |  | 649,703 |  |  |  | 630,245 |  |  |  | 614,840 |  |  |  | 591,374 |  |  |  | 579,057 |
Multifamily mortgage |  |  | 1,794,854 |  |  |  | 1,775,132 |  |  |  | 1,799,754 |  |  |  | 1,784,861 |  |  |  | 1,796,687 |
Commercial mortgage |  |  | 643,520 |  |  |  | 633,957 |  |  |  | 588,104 |  |  |  | 578,559 |  |  |  | 600,859 |
Commercial and industrial loans |  |  | 2,543,092 |  |  |  | 2,528,235 |  |  |  | 2,397,699 |  |  |  | 2,247,853 |  |  |  | 2,185,827 |
Consumer loans |  |  | 140,668 |  |  |  | 140,443 |  |  |  | 77,785 |  |  |  | 78,160 |  |  |  | 69,579 |
Home equity lines of credit |  |  | 52,434 |  |  |  | 48,301 |  |  |  | 42,327 |  |  |  | 38,971 |  |  |  | 37,117 |
Other loans |  |  | 261 |  |  |  | 359 |  |  |  | 411 |  |  |  | 389 |  |  |  | 172 |
Total loans |  |  | 5,824,532 |  |  |  | 5,756,672 |  |  |  | 5,520,920 |  |  |  | 5,320,167 |  |  |  | 5,269,298 |
Less: Allowance for credit losses |  |  | 81,770 |  |  |  | 75,150 |  |  |  | 72,992 |  |  |  | 71,283 |  |  |  | 67,984 |
Net loans |  |  | 5,742,762 |  |  |  | 5,681,522 |  |  |  | 5,447,928 |  |  |  | 5,248,884 |  |  |  | 5,201,314 |
Premises and equipment |  |  | 36,626 |  |  |  | 31,639 |  |  |  | 28,888 |  |  |  | 25,716 |  |  |  | 24,932 |
Accrued interest receivable |  |  | 33,209 |  |  |  | 31,968 |  |  |  | 29,898 |  |  |  | 31,973 |  |  |  | 33,534 |
Bank owned life insurance |  |  | 48,239 |  |  |  | 48,110 |  |  |  | 47,981 |  |  |  | 47,837 |  |  |  | 47,716 |
Goodwill and other intangible assets |  |  | 44,383 |  |  |  | 44,655 |  |  |  | 44,926 |  |  |  | 45,198 |  |  |  | 45,470 |
Finance lease right-of-use assets |  |  | 914 |  |  |  | 950 |  |  |  | 985 |  |  |  | 1,020 |  |  |  | 1,055 |
Operating lease right-of-use assets |  |  | 38,291 |  |  |  | 39,456 |  |  |  | 40,289 |  |  |  | 41,650 |  |  |  | 38,683 |
Due from brokers |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,184 |
Other assets |  |  | 49,746 |  |  |  | 52,573 |  |  |  | 67,383 |  |  |  | 47,081 |  |  |  | 71,387 |
TOTAL ASSETS |  | $ | 7,200,673 |  |  | $ | 7,120,652 |  |  | $ | 7,011,238 |  |  | $ | 6,793,792 |  |  | $ | 6,505,350 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing demand deposits |  | $ | 1,237,864 |  |  | $ | 1,184,860 |  |  | $ | 1,112,734 |  |  | $ | 1,079,877 |  |  | $ | 950,368 |
Interest-bearing demand deposits |  |  | 3,483,295 |  |  |  | 3,450,014 |  |  |  | 3,334,269 |  |  |  | 3,316,217 |  |  |  | 3,229,814 |
Savings |  |  | 103,846 |  |  |  | 107,581 |  |  |  | 103,136 |  |  |  | 103,979 |  |  |  | 105,602 |
Money market accounts |  |  | 1,095,665 |  |  |  | 1,087,959 |  |  |  | 1,078,024 |  |  |  | 902,562 |  |  |  | 824,158 |
Certificates of deposit – Retail |  |  | 440,612 |  |  |  | 442,369 |  |  |  | 483,998 |  |  |  | 515,297 |  |  |  | 502,810 |
Certificates of deposit – Listing Service |  |  | 1,841 |  |  |  | 3,773 |  |  |  | 6,861 |  |  |  | 7,454 |  |  |  | 7,454 |
Subtotal “customer” deposits |  |  | 6,363,123 |  |  |  | 6,276,556 |  |  |  | 6,119,022 |  |  |  | 5,925,386 |  |  |  | 5,620,206 |
IB Demand – Brokered |  |  | — |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 10,000 |
Certificates of deposit – Brokered |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,000 |
Total deposits |  |  | 6,363,123 |  |  |  | 6,286,556 |  |  |  | 6,129,022 |  |  |  | 5,935,386 |  |  |  | 5,656,206 |
Short-term borrowings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Finance lease liability |  |  | 1,268 |  |  |  | 1,308 |  |  |  | 1,348 |  |  |  | 1,388 |  |  |  | 1,427 |
Operating lease liability |  |  | 41,806 |  |  |  | 42,948 |  |  |  | 43,569 |  |  |  | 44,775 |  |  |  | 41,347 |
Subordinated debt, net |  |  | 98,933 |  |  |  | 98,884 |  |  |  | 133,561 |  |  |  | 133,489 |  |  |  | 133,417 |
Due to brokers |  |  | — |  |  |  | — |  |  |  | 18,514 |  |  |  | — |  |  |  | 9,981 |
Other liabilities |  |  | 65,766 |  |  |  | 69,083 |  |  |  | 79,375 |  |  |  | 71,140 |  |  |  | 74,650 |
TOTAL LIABILITIES |  |  | 6,570,896 |  |  |  | 6,498,779 |  |  |  | 6,405,389 |  |  |  | 6,186,178 |  |  |  | 5,917,028 |
Shareholders’ equity |  |  | 629,777 |  |  |  | 621,873 |  |  |  | 605,849 |  |  |  | 607,614 |  |  |  | 588,322 |
TOTAL LIABILITIES AND |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SHAREHOLDERS’ EQUITY |  | $ | 7,200,673 |  |  | $ | 7,120,652 |  |  | $ | 7,011,238 |  |  | $ | 6,793,792 |  |  | $ | 6,505,350 |
Assets under management and / or administration at Peapack Private Bank & Trust's Wealth Management Division (market value, not included above-dollars in billions) |  | $ | 12.3 |  |  | $ | 11.8 |  |  | $ | 11.9 |  |  | $ | 12.1 |  |  | $ | 11.5 |

(A) FHLB means "Federal Home Loan Bank" and FRB means "Federal Reserve Bank."

11

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED BALANCE SHEET DATA

(Dollars in Thousands)

(Unaudited)

|  | As of |
|  | June 30, |  |  | March 31, |  |  | Dec 31, |  |  | Sept 30, |  |  | June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |  | 2024 |
Asset Quality: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans past due over 90 days and still accruing |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Nonaccrual loans |  |  | 114,958 |  |  |  | 97,170 |  |  |  | 100,168 |  |  |  | 80,453 |  |  |  | 82,075 |
Other real estate owned |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total nonperforming assets |  | $ | 114,958 |  |  | $ | 97,170 |  |  | $ | 100,168 |  |  | $ | 80,453 |  |  | $ | 82,075 |
Nonperforming loans to total loans |  |  | 1.97 | % |  |  | 1.69 | % |  |  | 1.81 | % |  |  | 1.51 | % |  |  | 1.56 | %
Nonperforming assets to total assets |  |  | 1.60 | % |  |  | 1.36 | % |  |  | 1.43 | % |  |  | 1.18 | % |  |  | 1.26 | %
Performing modifications (A)(B) |  | $ | 111,962 |  |  | $ | 63,259 |  |  | $ | 45,846 |  |  | $ | 51,796 |  |  | $ | 26,788 |
Loans past due 30 through 89 days and still accruing |  | $ | 15,522 |  |  | $ | 28,323 |  |  | $ | 4,870 |  |  | $ | 31,446 |  |  | $ | 34,714 |
Loans subject to special mention |  | $ | 86,907 |  |  | $ | 75,248 |  |  | $ | 46,518 |  |  | $ | 113,655 |  |  | $ | 140,791 |
Classified loans |  | $ | 145,783 |  |  | $ | 142,273 |  |  | $ | 145,394 |  |  | $ | 147,422 |  |  | $ | 128,311 |
Individually evaluated loans |  | $ | 114,958 |  |  | $ | 97,170 |  |  | $ | 99,775 |  |  | $ | 79,972 |  |  | $ | 81,802 |
Allowance for credit losses ("ACL"): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of quarter |  | $ | 75,150 |  |  | $ | 72,992 |  |  | $ | 71,283 |  |  | $ | 67,984 |  |  | $ | 66,251 |
Provision for credit losses (C) |  |  | 6,577 |  |  |  | 4,494 |  |  |  | 1,753 |  |  |  | 1,227 |  |  |  | 3,901 |
(Charge-offs)/recoveries, net |  |  | 43 |  |  |  | (2,336 | ) |  |  | (44 | ) |  |  | 2,072 |  |  |  | (2,168 | )
End of quarter |  | $ | 81,770 |  |  | $ | 75,150 |  |  | $ | 72,992 |  |  | $ | 71,283 |  |  | $ | 67,984 |
ACL to nonperforming loans |  |  | 71.13 | % |  |  | 77.34 | % |  |  | 72.87 | % |  |  | 88.60 | % |  |  | 82.83 | %
ACL to total loans |  |  | 1.40 | % |  |  | 1.31 | % |  |  | 1.32 | % |  |  | 1.34 | % |  |  | 1.29 | %
Collectively evaluated ACL to total loans (D) |  |  | 1.06 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.16 | % |  |  | 1.14 | %

(A) Amounts reflect modifications that are paying according to modified terms.

(B) Excludes modifications included in nonaccrual loans of $38.1 million at June 30, 2025, $3.9 million at March 31, 2025, $3.6 million at December 31, 2024, $3.7 million at September 30, 2024 and $3.2 million at June 30, 2024.

(C) Excludes a provision of $9,000 at June 30, 2025, a credit of $23,000 at March 31, 2025, a credit of $15,000 at December 31, 2024, a credit of $3,000 at September 30, 2024 and a provision of $10,000 at June 30, 2024 related to off-balance sheet commitments.

(D) Total ACL less reserves to loans individually evaluated equals collectively evaluated ACL.

12

PEAPACK-GLADSTONE FINANCIAL CORPORATION

SELECTED BALANCE SHEET DATA

(Dollars in Thousands)

(Unaudited)

|  | As of |
|  | June 30, |  |  | December 31, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2024 |
Capital Adequacy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity to total assets (A) |  |  |  |  | 8.75 | % |  |  |  |  | 8.64 | % |  |  |  |  | 9.04 | %
Tangible equity to tangible assets (B) |  |  |  |  | 8.18 | % |  |  |  |  | 8.05 | % |  |  |  |  | 8.40 | %
Book value per share (C) |  |  |  | $ | 35.71 |  |  |  |  | $ | 34.45 |  |  |  |  | $ | 33.30 |
Tangible book value per share (D) |  |  |  | $ | 33.19 |  |  |  |  | $ | 31.89 |  |  |  |  | $ | 30.73 |
Tangible equity to tangible assets excluding other comprehensive loss* |  |  |  |  | 8.89 | % |  |  |  |  | 8.92 | % |  |  |  |  | 9.36 | %
Tangible book value per share excluding other comprehensive loss* |  |  |  | $ | 36.34 |  |  |  |  | $ | 35.67 |  |  |  |  | $ | 34.60 |

*Excludes other comprehensive loss of $55.6 million for the quarter ended June 30, 2025, $66.4 million for the quarter ended December 31, 2024, and $68.3 million for the quarter ended June 30, 2024. See Non-GAAP financial measures reconciliation included in these tables.

(A) Equity to total assets is calculated as total shareholders’ equity as a percentage of total assets at quarter end.

(B) Tangible equity and tangible assets are calculated by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. Tangible equity as a percentage of tangible assets at quarter end is calculated by dividing tangible equity by tangible assets at quarter end. See Non-GAAP financial measures reconciliation included in these tables.

(C) Book value per common share is calculated by dividing shareholders’ equity by quarter end common shares outstanding.

(D) Tangible book value per share excludes intangible assets. Tangible book value per share is calculated by dividing tangible equity by quarter end common shares outstanding. See Non-GAAP financial measures reconciliation tables.

|  | As of
|  | June 30, |  | December 31, |  | June 30,
|  | 2025 |  | 2024 |  | 2024
Regulatory Capital – Holding Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tier I leverage |  | $ | 639,537 |  |  | 8.94% |  | $ | 625,830 |  |  | 9.01% |  | $ | 609,299 |  |  | 9.45%
Tier I capital to risk-weighted assets |  |  | 639,537 |  |  | 10.99 |  |  | 625,830 |  |  | 11.51 |  |  | 609,299 |  |  | 11.92
Common equity tier I capital ratio to risk-weighted assets |  |  | 639,531 |  |  | 10.99 |  |  | 625,824 |  |  | 11.51 |  |  | 609,287 |  |  | 11.92
Tier I & II capital to risk-weighted assets |  |  | 811,322 |  |  | 13.94 |  |  | 806,404 |  |  | 14.84 |  |  | 792,684 |  |  | 15.50
Regulatory Capital – Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tier I leverage (E) |  | $ | 714,365 |  |  | 9.99% |  | $ | 733,389 |  |  | 10.57% |  | $ | 717,557 |  |  | 11.14%
Tier I capital to risk-weighted assets (F) |  |  | 714,365 |  |  | 12.29 |  |  | 733,389 |  |  | 13.50 |  |  | 717,557 |  |  | 14.05
Common equity tier I capital ratio to risk-weighted assets (G) |  |  | 714,359 |  |  | 12.29 |  |  | 733,383 |  |  | 13.50 |  |  | 717,545 |  |  | 14.05
Tier I & II capital to risk-weighted assets (H) |  |  | 787,170 |  |  | 13.54 |  |  | 801,365 |  |  | 14.75 |  |  | 781,448 |  |  | 15.30

(E) Regulatory well capitalized standard (including capital conservation buffer) = 4.00% ($286 million)

(F) Regulatory well capitalized standard (including capital conservation buffer) = 8.50% ($494 million)

(G) Regulatory well capitalized standard (including capital conservation buffer) = 7.00% ($407 million)

(H) Regulatory well capitalized standard (including capital conservation buffer) = 10.50% ($611 million)

13

PEAPACK-GLADSTONE FINANCIAL CORPORATION

LOANS CLOSED

(Dollars in Thousands)

(Unaudited)

|  | For the Quarters Ended |
|  | June 30, |  |  | March 31, |  |  | Dec 31, |  |  | Sept 30, |  |  | June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |  | 2024 |
Residential loans retained |  | $ | 34,990 |  |  | $ | 25,157 |  |  | $ | 39,279 |  |  | $ | 26,955 |  |  | $ | 16,087 |
Residential loans sold |  |  | 1,712 |  |  |  | 4,074 |  |  |  | 4,220 |  |  |  | 1,853 |  |  |  | 2,361 |
Total residential loans |  |  | 36,702 |  |  |  | 29,231 |  |  |  | 43,499 |  |  |  | 28,808 |  |  |  | 18,448 |
Commercial real estate |  |  | 24,086 |  |  |  | 47,280 |  |  |  | 15,800 |  |  |  | 4,300 |  |  |  | 2,600 |
Multifamily |  |  | 73,350 |  |  |  | 6,800 |  |  |  | 12,550 |  |  |  | 11,295 |  |  |  | 4,330 |
Commercial (C&I) loans (A) (B) |  |  | 200,671 |  |  |  | 257,282 |  |  |  | 432,115 |  |  |  | 242,829 |  |  |  | 103,065 |
SBA |  |  | 7,090 |  |  |  | 5,928 |  |  |  | 5,964 |  |  |  | 9,106 |  |  |  | 8,200 |
Wealth lines of credit (A) |  |  | 2,400 |  |  |  | 9,900 |  |  |  | 550 |  |  |  | 11,675 |  |  |  | 10,950 |
Total commercial loans |  |  | 307,597 |  |  |  | 327,190 |  |  |  | 466,979 |  |  |  | 279,205 |  |  |  | 129,145 |
Installment loans |  |  | 8,164 |  |  |  | 76,941 |  |  |  | 7,182 |  |  |  | 8,137 |  |  |  | 1,664 |
Home equity lines of credit (A) |  |  | 5,154 |  |  |  | 4,805 |  |  |  | 10,236 |  |  |  | 10,421 |  |  |  | 4,787 |
Total loans closed |  | $ | 357,617 |  |  | $ | 438,167 |  |  | $ | 527,896 |  |  | $ | 326,571 |  |  | $ | 154,044 |

|  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |
Residential loans retained |  | $ | 60,147 |  |  | $ | 27,748 |
Residential loans sold |  |  | 5,786 |  |  |  | 6,386 |
Total residential loans |  |  | 65,933 |  |  |  | 34,134 |
Commercial real estate |  |  | 71,366 |  |  |  | 14,100 |
Multifamily |  |  | 80,150 |  |  |  | 6,230 |
Commercial (C&I) loans (A) (B) |  |  | 457,953 |  |  |  | 248,868 |
SBA |  |  | 13,018 |  |  |  | 10,990 |
Wealth lines of credit (A) |  |  | 12,300 |  |  |  | 14,800 |
Total commercial loans |  |  | 634,787 |  |  |  | 294,988 |
Installment loans |  |  | 85,105 |  |  |  | 8,532 |
Home equity lines of credit (A) |  |  | 9,959 |  |  |  | 6,890 |
Total loans closed |  | $ | 795,784 |  |  | $ | 344,544 |

(A) Includes loans and lines of credit that closed in the period but not necessarily funded.

(B) Includes equipment finance.

14

PEAPACK-GLADSTONE FINANCIAL CORPORATION

AVERAGE BALANCE SHEET

(Tax-Equivalent Basis, Dollars in Thousands)

(Unaudited)

|  | For the Three Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |
|  | Average |  |  | Income/ |  |  | Annualized |  |  | Average |  |  | Income/ |  |  | Annualized |
|  | Balance |  |  | Expense |  |  | Yield |  |  | Balance |  |  | Expense |  |  | Yield |
ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable (A) |  | $ | 1,037,598 |  |  | $ | 8,370 |  |  |  | 3.23 | % |  | $ | 801,715 |  |  | $ | 5,168 |  |  |  | 2.58 | %
Tax-exempt (A) (B) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans (B) (C): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgages |  |  | 640,955 |  |  |  | 7,138 |  |  |  | 4.45 |  |  |  | 576,944 |  |  |  | 5,582 |  |  |  | 3.87 |
Commercial mortgages |  |  | 2,426,318 |  |  |  | 27,392 |  |  |  | 4.52 |  |  |  | 2,420,570 |  |  |  | 26,881 |  |  |  | 4.44 |
Commercial |  |  | 2,539,929 |  |  |  | 42,015 |  |  |  | 6.62 |  |  |  | 2,191,370 |  |  |  | 37,067 |  |  |  | 6.77 |
Commercial construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,628 |  |  |  | 489 |  |  |  | 9.04 |
Installment |  |  | 140,133 |  |  |  | 2,403 |  |  |  | 6.86 |  |  |  | 67,034 |  |  |  | 1,143 |  |  |  | 6.82 |
Home equity |  |  | 50,613 |  |  |  | 946 |  |  |  | 7.48 |  |  |  | 36,576 |  |  |  | 748 |  |  |  | 8.18 |
Other |  |  | 348 |  |  |  | 5 |  |  |  | 5.75 |  |  |  | 200 |  |  |  | 6 |  |  |  | 12.00 |
Total loans |  |  | 5,798,296 |  |  |  | 79,899 |  |  |  | 5.51 |  |  |  | 5,314,322 |  |  |  | 71,916 |  |  |  | 5.41 |
Federal funds sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest-earning deposits |  |  | 183,584 |  |  |  | 1,618 |  |  |  | 3.53 |  |  |  | 207,287 |  |  |  | 2,418 |  |  |  | 4.67 |
Total interest-earning assets |  |  | 7,019,478 |  |  |  | 89,887 |  |  |  | 5.12 | % |  |  | 6,323,324 |  |  |  | 79,502 |  |  |  | 5.03 | %
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | 8,237 |  |  |  |  |  |  |  |  |  | 7,537 |  |  |  |  |  |  |
Allowance for credit losses |  |  | (76,811 | ) |  |  |  |  |  |  |  |  | (67,568 | ) |  |  |  |  |  |
Premises and equipment |  |  | 35,501 |  |  |  |  |  |  |  |  |  | 24,820 |  |  |  |  |  |  |
Other assets |  |  | 130,550 |  |  |  |  |  |  |  |  |  | 99,838 |  |  |  |  |  |  |
Total noninterest-earning assets |  |  | 97,477 |  |  |  |  |  |  |  |  |  | 64,627 |  |  |  |  |  |  |
Total assets |  | $ | 7,116,955 |  |  |  |  |  |  |  |  | $ | 6,387,951 |  |  |  |  |  |  |
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Checking |  | $ | 3,558,108 |  |  | $ | 29,116 |  |  |  | 3.27 | % |  | $ | 3,094,386 |  |  | $ | 29,252 |  |  |  | 3.78 | %
Money markets |  |  | 950,891 |  |  |  | 6,544 |  |  |  | 2.75 |  |  |  | 791,385 |  |  |  | 6,016 |  |  |  | 3.04 |
Savings |  |  | 104,114 |  |  |  | 147 |  |  |  | 0.56 |  |  |  | 105,825 |  |  |  | 96 |  |  |  | 0.36 |
Certificates of deposit – retail |  |  | 447,422 |  |  |  | 4,002 |  |  |  | 3.58 |  |  |  | 504,313 |  |  |  | 5,367 |  |  |  | 4.26 |
Subtotal interest-bearing deposits |  |  | 5,060,535 |  |  |  | 39,809 |  |  |  | 3.15 |  |  |  | 4,495,909 |  |  |  | 40,731 |  |  |  | 3.62 |
Interest-bearing demand – brokered |  |  | 9,121 |  |  |  | 110 |  |  |  | 4.82 |  |  |  | 10,000 |  |  |  | 134 |  |  |  | 5.36 |
Certificates of deposit – brokered |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 98,642 |  |  |  | 1,242 |  |  |  | 5.04 |
Total interest-bearing deposits |  |  | 5,069,656 |  |  |  | 39,919 |  |  |  | 3.15 |  |  |  | 4,604,551 |  |  |  | 42,107 |  |  |  | 3.66 |
Borrowings |  |  | 44,656 |  |  |  | 505 |  |  |  | 4.52 |  |  |  | 27,247 |  |  |  | 381 |  |  |  | 5.59 |
Capital lease obligation |  |  | 1,283 |  |  |  | 13 |  |  |  | 4.05 |  |  |  | 2,869 |  |  |  | 22 |  |  |  | 3.07 |
Subordinated debt |  |  | 98,905 |  |  |  | 924 |  |  |  | 3.74 |  |  |  | 133,377 |  |  |  | 1,686 |  |  |  | 5.06 |
Total interest-bearing liabilities |  |  | 5,214,500 |  |  |  | 41,361 |  |  |  | 3.17 | % |  |  | 4,768,044 |  |  |  | 44,196 |  |  |  | 3.71 | %
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  |  | 1,172,535 |  |  |  |  |  |  |  |  |  | 945,231 |  |  |  |  |  |  |
Accrued expenses and other liabilities |  |  | 108,020 |  |  |  |  |  |  |  |  |  | 97,470 |  |  |  |  |  |  |
Total noninterest-bearing liabilities |  |  | 1,280,555 |  |  |  |  |  |  |  |  |  | 1,042,701 |  |  |  |  |  |  |
Shareholders’ equity |  |  | 621,900 |  |  |  |  |  |  |  |  |  | 577,206 |  |  |  |  |  |  |
Total liabilities and shareholders’ equity |  | $ | 7,116,955 |  |  |  |  |  |  |  |  | $ | 6,387,951 |  |  |  |  |  |  |
Net interest income |  |  |  |  | $ | 48,526 |  |  |  |  |  |  |  |  | $ | 35,306 |  |  |  |
Net interest spread |  |  |  |  |  |  |  |  | 1.95 | % |  |  |  |  |  |  |  |  | 1.32 | %
Net interest margin (D) |  |  |  |  |  |  |  |  | 2.77 | % |  |  |  |  |  |  |  |  | 2.25 | %

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(C) Loans are stated net of unearned income and include nonaccrual loans.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

15

PEAPACK-GLADSTONE FINANCIAL CORPORATION

AVERAGE BALANCE SHEET

(Tax-Equivalent Basis, Dollars in Thousands)

(Unaudited)

|  | For the Three Months Ended |
|  | June 30, 2025 |  |  | March 31, 2025 |
|  | Average |  |  | Income/ |  |  | Annualized |  |  | Average |  |  | Income/ |  |  | Annualized |
|  | Balance |  |  | Expense |  |  | Yield |  |  | Balance |  |  | Expense |  |  | Yield |
ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable (A) |  | $ | 1,037,598 |  |  | $ | 8,370 |  |  |  | 3.23 | % |  | $ | 1,032,257 |  |  | $ | 8,213 |  |  |  | 3.18 | %
Tax-exempt (A) (B) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans (B) (C): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgages |  |  | 640,955 |  |  |  | 7,138 |  |  |  | 4.45 |  |  |  | 617,185 |  |  |  | 6,670 |  |  |  | 4.32 |
Commercial mortgages |  |  | 2,426,318 |  |  |  | 27,392 |  |  |  | 4.52 |  |  |  | 2,384,542 |  |  |  | 26,179 |  |  |  | 4.39 |
Commercial |  |  | 2,539,929 |  |  |  | 42,015 |  |  |  | 6.62 |  |  |  | 2,432,862 |  |  |  | 40,104 |  |  |  | 6.59 |
Commercial construction |  |  | — |  |  |  | — |  |  |  | 0.00 |  |  |  | — |  |  |  | — |  |  |  | — |
Installment |  |  | 140,133 |  |  |  | 2,403 |  |  |  | 6.86 |  |  |  | 107,506 |  |  |  | 1,793 |  |  |  | 6.67 |
Home equity |  |  | 50,613 |  |  |  | 946 |  |  |  | 7.48 |  |  |  | 45,949 |  |  |  | 845 |  |  |  | 7.36 |
Other |  |  | 348 |  |  |  | 5 |  |  |  | 5.75 |  |  |  | 304 |  |  |  | 5 |  |  |  | 6.58 |
Total loans |  |  | 5,798,296 |  |  |  | 79,899 |  |  |  | 5.51 |  |  |  | 5,588,348 |  |  |  | 75,596 |  |  |  | 5.41 |
Federal funds sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest-earning deposits |  |  | 183,584 |  |  |  | 1,618 |  |  |  | 3.53 |  |  |  | 290,702 |  |  |  | 2,776 |  |  |  | 3.82 |
Total interest-earning assets |  |  | 7,019,478 |  |  |  | 89,887 |  |  |  | 5.12 | % |  |  | 6,911,307 |  |  |  | 86,585 |  |  |  | 5.01 | %
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | 8,237 |  |  |  |  |  |  |  |  |  | 8,380 |  |  |  |  |  |  |
Allowance for credit losses |  |  | (76,811 | ) |  |  |  |  |  |  |  |  | (74,413 | ) |  |  |  |  |  |
Premises and equipment |  |  | 35,501 |  |  |  |  |  |  |  |  |  | 29,954 |  |  |  |  |  |  |
Other assets |  |  | 130,550 |  |  |  |  |  |  |  |  |  | 128,754 |  |  |  |  |  |  |
Total noninterest-earning assets |  |  | 97,477 |  |  |  |  |  |  |  |  |  | 92,675 |  |  |  |  |  |  |
Total assets |  | $ | 7,116,955 |  |  |  |  |  |  |  |  | $ | 7,003,982 |  |  |  |  |  |  |
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Checking |  | $ | 3,558,108 |  |  | $ | 29,116 |  |  |  | 3.27 | % |  | $ | 3,445,903 |  |  | $ | 28,078 |  |  |  | 3.26 | %
Money markets |  |  | 950,891 |  |  |  | 6,544 |  |  |  | 2.75 |  |  |  | 982,245 |  |  |  | 6,717 |  |  |  | 2.74 |
Savings |  |  | 104,114 |  |  |  | 147 |  |  |  | 0.56 |  |  |  | 106,073 |  |  |  | 118 |  |  |  | 0.44 |
Certificates of deposit – retail |  |  | 447,422 |  |  |  | 4,002 |  |  |  | 3.58 |  |  |  | 468,176 |  |  |  | 4,363 |  |  |  | 3.73 |
Subtotal interest-bearing deposits |  |  | 5,060,535 |  |  |  | 39,809 |  |  |  | 3.15 |  |  |  | 5,002,397 |  |  |  | 39,276 |  |  |  | 3.14 |
Interest-bearing demand – brokered |  |  | 9,121 |  |  |  | 110 |  |  |  | 4.82 |  |  |  | 10,000 |  |  |  | 100 |  |  |  | 4.00 |
Certificates of deposit – brokered |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total interest-bearing deposits |  |  | 5,069,656 |  |  |  | 39,919 |  |  |  | 3.15 |  |  |  | 5,012,397 |  |  |  | 39,376 |  |  |  | 3.14 |
Borrowings |  |  | 44,656 |  |  |  | 505 |  |  |  | 4.52 |  |  |  | 1,001 |  |  |  | 11 |  |  |  | 4.54 |
Capital lease obligation |  |  | 1,283 |  |  |  | 13 |  |  |  | 4.05 |  |  |  | 1,322 |  |  |  | 14 |  |  |  | 4.20 |
Subordinated debt |  |  | 98,905 |  |  |  | 924 |  |  |  | 3.74 |  |  |  | 126,641 |  |  |  | 1,439 |  |  |  | 4.55 |
Total interest-bearing liabilities |  |  | 5,214,500 |  |  |  | 41,361 |  |  |  | 3.17 | % |  |  | 5,141,361 |  |  |  | 40,840 |  |  |  | 3.18 | %
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  |  | 1,172,535 |  |  |  |  |  |  |  |  |  | 1,122,191 |  |  |  |  |  |  |
Accrued expenses and other liabilities |  |  | 108,020 |  |  |  |  |  |  |  |  |  | 129,857 |  |  |  |  |  |  |
Total noninterest-bearing liabilities |  |  | 1,280,555 |  |  |  |  |  |  |  |  |  | 1,252,048 |  |  |  |  |  |  |
Shareholders’ equity |  |  | 621,900 |  |  |  |  |  |  |  |  |  | 610,573 |  |  |  |  |  |  |
Total liabilities and shareholders’ equity |  | $ | 7,116,955 |  |  |  |  |  |  |  |  | $ | 7,003,982 |  |  |  |  |  |  |
Net interest income |  |  |  |  | $ | 48,526 |  |  |  |  |  |  |  |  | $ | 45,745 |  |  |  |
Net interest spread |  |  |  |  |  |  |  |  | 1.95 | % |  |  |  |  |  |  |  |  | 1.83 | %
Net interest margin (D) |  |  |  |  |  |  |  |  | 2.77 | % |  |  |  |  |  |  |  |  | 2.68 | %

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(C) Loans are stated net of unearned income and include nonaccrual loans.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

AVERAGE BALANCE SHEET

16

(Tax-Equivalent Basis, Dollars in Thousands)

(Unaudited)

|  | For the Six Months Ended |
|  | June 30, 2025 |  |  | June 30, 2024 |
|  | Average |  |  | Income/ |  |  |  |  |  | Average |  |  | Income/ |  |  |  |
|  | Balance |  |  | Expense |  |  | Yield |  |  | Balance |  |  | Expense |  |  | Yield |
ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable (A) |  | $ | 1,034,942 |  |  | $ | 16,583 |  |  |  | 3.20 | % |  | $ | 797,695 |  |  | $ | 10,304 |  |  |  | 2.58 | %
Tax-exempt (A) (B) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans (B) (C): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgages |  |  | 629,136 |  |  |  | 13,808 |  |  |  | 4.39 |  |  |  | 577,296 |  |  |  | 11,001 |  |  |  | 3.81 |
Commercial mortgages |  |  | 2,405,546 |  |  |  | 53,571 |  |  |  | 4.45 |  |  |  | 2,440,487 |  |  |  | 54,422 |  |  |  | 4.46 |
Commercial |  |  | 2,486,690 |  |  |  | 82,119 |  |  |  | 6.60 |  |  |  | 2,215,762 |  |  |  | 74,626 |  |  |  | 6.74 |
Commercial construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,278 |  |  |  | 917 |  |  |  | 9.04 |
Installment |  |  | 123,910 |  |  |  | 4,196 |  |  |  | 6.77 |  |  |  | 66,161 |  |  |  | 2,257 |  |  |  | 6.82 |
Home equity |  |  | 48,294 |  |  |  | 1,791 |  |  |  | 7.42 |  |  |  | 36,491 |  |  |  | 1,485 |  |  |  | 8.14 |
Other |  |  | 326 |  |  |  | 10 |  |  |  | 6.13 |  |  |  | 207 |  |  |  | 13 |  |  |  | 12.56 |
Total loans |  |  | 5,693,902 |  |  |  | 155,495 |  |  |  | 5.46 |  |  |  | 5,356,682 |  |  |  | 144,721 |  |  |  | 5.40 |
Federal funds sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest-earning deposits |  |  | 236,847 |  |  |  | 4,394 |  |  |  | 3.71 |  |  |  | 173,692 |  |  |  | 3,940 |  |  |  | 4.54 |
Total interest-earning assets |  |  | 6,965,691 |  |  |  | 176,472 |  |  |  | 5.07 | % |  |  | 6,328,069 |  |  |  | 158,965 |  |  |  | 5.02 | %
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | 8,308 |  |  |  |  |  |  |  |  |  | 8,821 |  |  |  |  |  |  |
Allowance for credit losses |  |  | (75,618 | ) |  |  |  |  |  |  |  |  | (67,336 | ) |  |  |  |  |  |
Premises and equipment |  |  | 32,743 |  |  |  |  |  |  |  |  |  | 24,607 |  |  |  |  |  |  |
Other assets |  |  | 128,959 |  |  |  |  |  |  |  |  |  | 94,044 |  |  |  |  |  |  |
Total noninterest-earning assets |  |  | 94,392 |  |  |  |  |  |  |  |  |  | 60,136 |  |  |  |  |  |  |
Total assets |  | $ | 7,060,083 |  |  |  |  |  |  |  |  | $ | 6,388,205 |  |  |  |  |  |  |
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Checking |  | $ | 3,502,315 |  |  | $ | 57,194 |  |  |  | 3.27 | % |  | $ | 3,024,541 |  |  | $ | 56,686 |  |  |  | 3.75 | %
Money markets |  |  | 966,481 |  |  |  | 13,261 |  |  |  | 2.74 |  |  |  | 774,569 |  |  |  | 11,540 |  |  |  | 2.98 |
Savings |  |  | 105,088 |  |  |  | 265 |  |  |  | 0.50 |  |  |  | 107,164 |  |  |  | 185 |  |  |  | 0.35 |
Certificates of deposit – retail |  |  | 457,742 |  |  |  | 8,365 |  |  |  | 3.65 |  |  |  | 491,053 |  |  |  | 10,222 |  |  |  | 4.16 |
Subtotal interest-bearing deposits |  |  | 5,031,626 |  |  |  | 79,085 |  |  |  | 3.14 |  |  |  | 4,397,327 |  |  |  | 78,633 |  |  |  | 3.58 |
Interest-bearing demand – brokered |  |  | 9,558 |  |  |  | 210 |  |  |  | 4.39 |  |  |  | 10,000 |  |  |  | 260 |  |  |  | 5.20 |
Certificates of deposit – brokered |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 113,492 |  |  |  | 2,844 |  |  |  | 5.01 |
Total interest-bearing deposits |  |  | 5,041,184 |  |  |  | 79,295 |  |  |  | 3.15 |  |  |  | 4,520,819 |  |  |  | 81,737 |  |  |  | 3.62 |
Borrowings |  |  | 22,949 |  |  |  | 516 |  |  |  | 4.50 |  |  |  | 131,315 |  |  |  | 3,848 |  |  |  | 5.86 |
Capital lease obligation |  |  | 1,303 |  |  |  | 27 |  |  |  | 4.14 |  |  |  | 3,042 |  |  |  | 60 |  |  |  | 3.94 |
Subordinated debt |  |  | 112,697 |  |  |  | 2,363 |  |  |  | 4.19 |  |  |  | 133,340 |  |  |  | 3,370 |  |  |  | 5.05 |
Total interest-bearing liabilities |  |  | 5,178,133 |  |  |  | 82,201 |  |  |  | 3.17 | % |  |  | 4,788,516 |  |  |  | 89,015 |  |  |  | 3.72 | %
Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  |  | 1,147,502 |  |  |  |  |  |  |  |  |  | 931,040 |  |  |  |  |  |  |
Accrued expenses and other liabilities |  |  | 118,181 |  |  |  |  |  |  |  |  |  | 89,545 |  |  |  |  |  |  |
Total noninterest-bearing liabilities |  |  | 1,265,683 |  |  |  |  |  |  |  |  |  | 1,020,585 |  |  |  |  |  |  |
Shareholders’ equity |  |  | 616,267 |  |  |  |  |  |  |  |  |  | 579,104 |  |  |  |  |  |  |
Total liabilities and shareholders’ equity |  | $ | 7,060,083 |  |  |  |  |  |  |  |  | $ | 6,388,205 |  |  |  |  |  |  |
Net interest income |  |  |  |  | $ | 94,271 |  |  |  |  |  |  |  |  | $ | 69,950 |  |  |  |
Net interest spread |  |  |  |  |  |  |  |  | 1.90 | % |  |  |  |  |  |  |  |  | 1.30 | %
Net interest margin (D) |  |  |  |  |  |  |  |  | 2.73 | % |  |  |  |  |  |  |  |  | 2.22 | %

(A) Average balances for available for sale securities are based on amortized cost.

(B) Interest income is presented on a tax-equivalent basis using a 21% federal tax rate.

(C) Loans are stated net of unearned income and include nonaccrual loans.

(D) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

17

PEAPACK-GLADSTONE FINANCIAL CORPORATION

NON-GAAP FINANCIAL MEASURES RECONCILIATION

Tangible book value per share and tangible equity as a percentage of tangible assets at period end are non-GAAP financial measures derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. We calculate tangible book value per share by dividing tangible equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing shareholders’ equity by common shares outstanding at period end. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios.

The efficiency ratio is a non-GAAP measure of expense control relative to recurring revenue. We calculate the efficiency ratio by dividing total noninterest expenses, excluding other real estate owned provision, as determined under GAAP, by net interest income and total noninterest income as determined under GAAP, but excluding net gains/(losses) on loans held for sale at lower of cost or fair value and excluding net gains on securities from this calculation, which we refer to below as recurring revenue. We believe that this provides a reasonable measure of core expenses relative to core revenue.

We believe these non-GAAP financial measures provide information that is important to investors and useful in understanding our financial position, results and ratios because our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titles measures reported by other companies. A reconciliation of the non-GAAP measures of tangible common equity, tangible book value per share and efficiency ratio to the underlying GAAP numbers is set forth below.

(Dollars in thousands, except per share data)

|  | Three Months Ended |
|  | June 30, |  |  | March 31, |  |  | Dec 31, |  |  | Sept 30, |  |  | June 30, |
Tangible Book Value Per Share |  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |  | 2024 |
Shareholders’ equity |  | $ | 629,777 |  |  | $ | 621,873 |  |  | $ | 605,849 |  |  | $ | 607,614 |  |  | $ | 588,322 |
Less: Intangible assets, net |  |  | 44,383 |  |  |  | 44,655 |  |  |  | 44,926 |  |  |  | 45,198 |  |  |  | 45,470 |
Tangible equity |  | $ | 585,394 |  |  | $ | 577,218 |  |  | $ | 560,923 |  |  | $ | 562,416 |  |  | $ | 542,852 |
Less: other comprehensive loss |  |  | (55,581 | ) |  |  | (57,717 | ) |  |  | (66,411 | ) |  |  | (54,820 | ) |  |  | (68,342 | )
Tangible equity excluding other comprehensive loss |  | $ | 640,975 |  |  | $ | 634,935 |  |  | $ | 627,334 |  |  | $ | 617,236 |  |  | $ | 611,194 |
Period end shares outstanding |  |  | 17,636,264 |  |  |  | 17,726,251 |  |  |  | 17,586,616 |  |  |  | 17,577,747 |  |  |  | 17,666,490 |
Tangible book value per share |  | $ | 33.19 |  |  | $ | 32.56 |  |  | $ | 31.89 |  |  | $ | 32.00 |  |  | $ | 30.73 |
Tangible book value per share excluding other comprehensive loss |  | $ | 36.34 |  |  | $ | 35.82 |  |  | $ | 35.67 |  |  | $ | 35.11 |  |  | $ | 34.60 |
Book value per share |  |  | 35.71 |  |  |  | 35.08 |  |  |  | 34.45 |  |  |  | 34.57 |  |  |  | 33.30 |
Tangible Equity to Tangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 7,200,673 |  |  | $ | 7,120,652 |  |  | $ | 7,011,238 |  |  | $ | 6,793,792 |  |  | $ | 6,505,350 |
Less: Intangible assets, net |  |  | 44,383 |  |  |  | 44,655 |  |  |  | 44,926 |  |  |  | 45,198 |  |  |  | 45,470 |
Tangible assets |  | $ | 7,156,290 |  |  | $ | 7,075,997 |  |  | $ | 6,966,312 |  |  | $ | 6,748,594 |  |  | $ | 6,459,880 |
Less: other comprehensive loss |  |  | (55,581 | ) |  |  | (57,717 | ) |  |  | (66,411 | ) |  |  | (54,820 | ) |  |  | (68,342 | )
Tangible assets excluding other comprehensive loss |  | $ | 7,211,871 |  |  | $ | 7,133,714 |  |  | $ | 7,032,723 |  |  | $ | 6,803,414 |  |  | $ | 6,528,222 |
Tangible equity to tangible assets |  |  | 8.18 | % |  |  | 8.16 | % |  |  | 8.05 | % |  |  | 8.33 | % |  |  | 8.40 | %
Tangible equity to tangible assets excluding other comprehensive loss |  |  | 8.89 | % |  |  | 8.90 | % |  |  | 8.92 | % |  |  | 9.07 | % |  |  | 9.36 | %
Equity to assets |  |  | 8.75 | % |  |  | 8.73 | % |  |  | 8.64 | % |  |  | 8.94 | % |  |  | 9.04 | %

18

(Dollars in thousands)

|  | Three Months Ended |
|  | June 30, |  |  | March 31, |  |  | Dec 31, |  |  | Sept 30, |  |  | June 30, |
Return on Average Tangible Equity |  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |  | 2024 |
Net income |  | $ | 7,941 |  |  | $ | 7,595 |  |  | $ | 9,240 |  |  | $ | 7,587 |  |  | $ | 7,530 |
Average shareholders’ equity |  | $ | 621,900 |  |  | $ | 610,573 |  |  | $ | 600,808 |  |  | $ | 592,787 |  |  | $ | 577,206 |
Less: Average intangible assets, net |  |  | 44,538 |  |  |  | 44,815 |  |  |  | 45,079 |  |  |  | 45,350 |  |  |  | 45,624 |
Average tangible equity |  | $ | 577,362 |  |  | $ | 565,758 |  |  | $ | 555,729 |  |  | $ | 547,437 |  |  | $ | 531,582 |
Return on average tangible common equity |  |  | 5.50 | % |  |  | 5.37 | % |  |  | 6.65 | % |  |  | 5.54 | % |  |  | 5.67 | %

|  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
Return on Average Tangible Equity |  | 2025 |  |  | 2024 |
Net income |  | $ | 15,536 |  |  | $ | 16,161 |
Average shareholders’ equity |  | $ | 616,267 |  |  | $ | 579,104 |
Less: Average intangible assets, net |  |  | 44,676 |  |  |  | 45,764 |
Average tangible equity |  |  | 571,591 |  |  |  | 533,340 |
Return on average tangible common equity |  |  | 5.44 | % |  |  | 6.06 | %

(Dollars in thousands)

|  | Three Months Ended |
|  | June 30, |  |  | March 31, |  |  | Dec 31, |  |  | Sept 30, |  |  | June 30, |
Efficiency Ratio |  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |  |  | 2024 |
Net interest income |  | $ | 48,290 |  |  | $ | 45,505 |  |  | $ | 41,908 |  |  | $ | 37,681 |  |  | $ | 35,042 |
Total other income |  |  | 21,451 |  |  |  | 18,854 |  |  |  | 19,928 |  |  |  | 18,938 |  |  |  | 21,555 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustment for CRA equity security |  |  | (42 | ) |  |  | (195 | ) |  |  | (549 | ) |  |  | (474 | ) |  |  | 84 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on loans held for sale at lower of cost or fair value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (23 | )
Income from life insurance proceeds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (55 | ) |  |  | — |
Gain on securities sale, net |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gain on lease termination |  |  | (875 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total recurring revenue |  |  | 68,817 |  |  |  | 64,164 |  |  |  | 61,287 |  |  |  | 56,090 |  |  |  | 56,658 |
Operating expenses |  |  | 51,893 |  |  |  | 49,440 |  |  |  | 47,860 |  |  |  | 44,649 |  |  |  | 43,126 |
Total operating expense |  |  | 51,893 |  |  |  | 49,440 |  |  |  | 47,860 |  |  |  | 44,649 |  |  |  | 43,126 |
Efficiency ratio |  |  | 75.41 | % |  |  | 77.05 | % |  |  | 78.09 | % |  |  | 79.60 | % |  |  | 76.12 | %

19

|  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
Efficiency Ratio |  | 2025 |  |  | 2024 |
Net interest income |  | $ | 93,795 |  |  | $ | 69,417 |
Total other income |  |  | 40,305 |  |  |  | 40,256 |
Add: |  |  |  |  |  |
Fair value adjustment for CRA equity security |  |  | (237 | ) |  |  | 195 |
Less: |  |  |  |  |  |
Gain on loans held for sale at lower of cost or fair value |  |  | — |  |  |  | (23 | )
Income from life insurance proceeds |  |  | — |  |  |  | (181 | )
Gain on securities sale, net |  |  | (7 | ) |  |  | — |
Gain on lease termination |  |  | (875 | ) |  |  | — |
Total recurring revenue |  |  | 132,981 |  |  |  | 109,664 |
Operating expenses |  |  | 101,333 |  |  |  | 83,167 |
Total operating expense |  |  | 101,333 |  |  |  | 83,167 |
Efficiency ratio |  |  | 76.20 | % |  |  | 75.84 | %

20