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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 March 31, 2026

☐ 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 other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

500 Hills Drive, Suite 300

Bedminster, New Jersey 07921-0700

(Address of principal executive offices, including zip code)

(908) 234-0700

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	PGC	The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of Common Stock outstanding as of May 1, 2026: 17,718,378

PEAPACK-GLADSTONE FINANCIAL CORPORATION

PART I FINANCIAL INFORMATION


Item 1	Financial Statements (Unaudited)	3
	Consolidated Statements of Condition at March 31, 2026 and December 31, 2025	3
	Consolidated Statements of Income for the three months ended March 31, 2026 and 2025	4
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025	5
	Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2026 and 2025	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	7
	Notes to Consolidated Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4	Controls and Procedures	63

PART II OTHER INFORMATION


Item 1	Legal Proceedings	63
Item 1A	Risk Factors	63
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3	Defaults Upon Senior Securities	64
Item 4	Mine Safety Disclosures	64
Item 5	Other Information	64
Item 6	Exhibits	65

Item 1. Financial Statements

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands, except per share data)


	(unaudited)			(audited)
	March 31,			Dec 31,
	2026			2025
ASSETS
Cash and due from banks	$	9,220		$	8,712
Interest-earning deposits		244,194			179,108
Total cash and cash equivalents		253,414			187,820
Securities available for sale		710,046			774,203
Securities held to maturity (fair value $70,837 at March 31, 2026 and $87,491 at December 31, 2025)		79,478			95,862
CRA equity security, at fair value		13,375			13,459
FHLB and FRB stock, at cost (A)		14,170			14,605
Loans held for sale, at fair value		—			450
Loans held for sale, at lower of cost or fair value		8,311			4,437
Loans		6,434,369			6,253,736
Less: allowance for credit losses		67,026			71,039
Net loans		6,367,343			6,182,697
Premises and equipment		39,322			39,164
Accrued interest receivable		33,115			31,971
Bank owned life insurance		47,896			47,761
Goodwill		36,212			36,212
Other intangible assets		7,383			7,627
Finance lease right-of-use assets		809			844
Operating lease right-of-use assets		38,079			39,886
Deferred tax assets, net		—			772
Other assets		50,012			48,639
TOTAL ASSETS	$	7,698,965		$	7,526,409
LIABILITIES
Deposits:
Noninterest-bearing demand deposits	$	1,544,515		$	1,428,745
Interest-bearing deposits:
Checking		3,533,203			3,448,497
Savings		114,955			105,123
Money market accounts		1,222,405			1,197,995
Certificates of deposit - retail		411,688			408,219
Certificates of deposit - listing service		—			400
Total deposits		6,826,766			6,588,979
Short-term borrowings		63,830			73,267
Finance lease liabilities		1,145			1,186
Operating lease liabilities		41,458			43,294
Subordinated debt, net		—			99,030
Deferred tax liabilities, net		6,091			—
Accrued expenses and other liabilities		60,471			62,447
TOTAL LIABILITIES		6,999,761			6,868,203
SHAREHOLDERS’ EQUITY
Preferred stock (no par value; authorized 500,000 shares; issued 30,000 shares; liquidation preference of $1,000 per share)		30,000			—
Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued shares, 21,857,567 at March 31, 2026 and 21,707,259 at December 31, 2025; outstanding shares, 17,708,327 at March 31, 2026 and 17,558,019 at December 31, 2025)		18,221			18,096
Surplus		352,934			353,267
Treasury stock at cost (4,149,240 shares at March 31, 2026 and 4,149,240 shares at December 31, 2025)		(122,953	)		(122,953	)
Retained earnings		470,631			457,357
Accumulated other comprehensive loss, net of income tax		(49,629	)		(47,561	)
TOTAL SHAREHOLDERS’ EQUITY		699,204			658,206
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY	$	7,698,965		$	7,526,409

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

See accompanying notes to consolidated financial statements.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
INTEREST INCOME
Interest and fees on loans	$	86,590		$	75,347
Interest on investments:
Taxable		7,126			8,213
Interest on loans held for sale		8			9
Interest on interest-earning deposits		1,325			2,776
Total interest income		95,049			86,345
INTEREST EXPENSE
Interest on savings and interest-bearing deposit accounts		30,403			34,913
Interest on certificates of deposit		3,099			4,363
Interest on borrowed funds		432			11
Interest on finance lease liability		12			14
Interest on subordinated debt		1,207			1,439
Subtotal - interest expense		35,153			40,740
Interest on interest-bearing demand - brokered		—			100
Total interest expense		35,153			40,840
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES		59,896			45,505
Provision for credit losses		7,327			4,471
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		52,569			41,034
OTHER INCOME
Wealth management fee income		16,503			15,435
Service charges and fees		1,359			1,112
Bank owned life insurance		345			371
Gain on loans held for sale at fair value (mortgage banking)		72			63
Gain on sale of SBA loans		403			302
Corporate advisory fee income		69			90
Other income		4,011			1,286
Securities losses		(81	)		—
Fair value adjustment for CRA equity security		(84	)		195
Total other income		22,597			18,854
OPERATING EXPENSES
Compensation expense		29,782			26,315
Benefits expense		9,583			9,564
Premises and equipment		6,858			6,154
FDIC insurance expense		1,388			855
Professional and legal fees		1,554			1,190
Trust department expense		1,180			1,043
Loan expense		556			433
Advertising		267			154
Other expenses		4,272			3,732
Total operating expenses		55,440			49,440
INCOME BEFORE INCOME TAX EXPENSE		19,726			10,448
Income tax expense		5,573			2,853
NET INCOME		14,153			7,595
Dividends on preferred stock		—			—
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	14,153		$	7,595

EARNINGS PER SHARE
Basic	$	0.80		$	0.43
Diluted	$	0.80		$	0.43
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic		17,585,846			17,610,917
Diluted		17,760,678			17,812,222

See accompanying notes to consolidated financial statements.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
Net income	$	14,153		$	7,595
Comprehensive income/(loss):
Unrealized gains/(losses) on available for sale securities:
Unrealized holding gains/(losses) arising during the period		(3,528	)		15,411
Reclassification adjustment for amounts included in net income		81			—
		(3,447	)		15,411

Tax effect		920			(4,788	)
Net of tax		(2,527	)		10,623

Unrealized gains/(losses) on cash flow hedges:
Unrealized holding gains/(losses) arising during the period		634			(2,553	)
		634			(2,553	)

Tax effect		(175	)		624
Net of tax		459			(1,929	)


Total other comprehensive income/(loss)		(2,068	)		8,694

Total comprehensive income/(loss)	$	12,085		$	16,289

See accompanying notes to consolidated financial statements.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended March 31, 2026 and March 31, 2025


															Accumulated
															Other
(In thousands, except share and	Preferred		Common						Treasury			Retained			Comprehensive
per share data)	Stock		Stock			Surplus			Stock			Earnings			Loss			Total
Balance at January 1, 2026 17,558,019 common shares outstanding	$	—	$	18,096		$	353,267		$	(122,953	)	$	457,357		$	(47,561	)	$	658,206
Net income		—		—			—			—			14,153			—			14,153
Other comprehensive income		—		—			—			—			—			(2,068	)		(2,068	)
Restricted stock units issued, 171,663 shares		—		143			(143	)		—			—			—			—
Restricted stock units repurchased on vesting to pay taxes, (32,368) shares		—		(27	)		(1,047	)		—			—			—			(1,074	)
Amortization of restricted stock units		—		—			555			—			—			—			555
Cash dividends declared on common stock ($0.05 per share)		—		—			—			—			(879	)		—			(879	)
Preferred stock issuance (30,000 shares at $1,000 per share)		30,000		—			—			—			—			—			30,000
Issuance of shares for Employee Stock Purchase Plan, 11,013 shares		—		9			302			—			—			—			311
Balance at March 31, 2026 17,708,327 common shares outstanding	$	30,000	$	18,221		$	352,934		$	(122,953	)	$	470,631		$	(49,629	)	$	699,204

															Accumulated
															Other
(In thousands, except share and	Preferred		Common						Treasury			Retained			Comprehensive
per share data)	Stock		Stock			Surplus			Stock			Earnings			Loss			Total
Balance at January 1, 2025 17,586,616 common shares outstanding	$	—	$	17,953		$	348,264		$	(117,509	)	$	423,552		$	(66,411	)	$	605,849
Net income		—		—			—			—			7,595			—			7,595
Other comprehensive income		—		—			—			—			—			8,694			8,694
Restricted stock units issued, 174,519 shares		—		146			(146	)		—			—			—			—
Restricted stock units repurchased on vesting to pay taxes, (41,999) shares		—		(35	)		(1,206	)		—			—			—			(1,241	)
Amortization of restricted stock units		—		—			1,631			—			—			—			1,631
Cash dividends declared on common stock ($0.05 per share)		—		—			—			—			(880	)		—			(880	)
Issuance of shares for Employee Stock Purchase Plan, 7,115 shares		—		6			219			—			—			—			225
Balance at March 31, 2025 17,726,251 common shares outstanding	$	—	$	18,070		$	348,762		$	(117,509	)	$	430,267		$	(57,717	)	$	621,873

See accompanying notes to consolidated financial statements.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026			2025
OPERATING ACTIVITIES:
Net income	$	14,153		$	7,595
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,170			886
Amortization of premium and accretion of discount on securities, net		(49	)		(24	)
Amortization of restricted stock		555			1,631
Amortization of intangible assets		244			272
Write-off of subordinated debt costs		938			259
Amortization of subordinated debt costs		32			64
Provision for credit losses		7,327			4,471
Deferred tax expense		7,608			1,925
Stock-based compensation and employee stock purchase plan expense		56			39
Fair value adjustment for equity security		84			(195	)
Loss on securities available for sale		81			—
Loans originated for sale (A)		(12,596	)		(7,316	)
Proceeds from sales of loans held for sale (A)		9,647			7,589
Gain on loans held for sale (A)		(475	)		(365	)
Decrease in cash surrender value of life insurance, net		(135	)		(129	)
Increase in accrued interest receivable		(1,144	)		(2,070	)
Decrease in other assets		505			1,154
Decrease in accrued expenses and other liabilities		(3,406	)		(23,660	)
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES		24,595			(7,874	)
INVESTING ACTIVITIES:
Principal repayments, maturities and calls of securities available for sale		178,179			166,933
Principal repayments, maturities and calls of securities held to maturity		16,364			1,331
Redemptions of FHLB and FRB stock		29,310			1,412
Proceeds from sales of securities available for sale		97,019			—
Purchase of securities available for sale		(214,500	)		(198,965	)
Purchase of FHLB and FRB stock		(28,875	)		(1,350	)
Net increase in loans, net of participations sold		(191,973	)		(237,973	)
Purchase of premises and equipment		(1,294	)		(3,602	)
Disposal of premises and equipment		61			—
NET CASH USED IN INVESTING ACTIVITIES		(115,709	)		(272,214	)
FINANCING ACTIVITIES:
Net increase in deposits		237,787			157,534
Net decrease in short-term borrowings		(9,437	)		—
Dividends paid on common stock		(879	)		(880	)
Restricted stock repurchased on vesting to pay taxes		(1,074	)		(1,241	)
Repayment of subordinated debt		(100,000	)		(35,000	)
Proceeds from issuance of Preferred Stock		30,000			—
Issuance of shares for employee stock purchase plan		311			225
NET CASH PROVIDED BY FINANCING ACTIVITIES		156,708			120,638
Net increase/(decrease) in cash and cash equivalents		65,594			(159,450	)
Cash and cash equivalents at beginning of period		187,820			391,367
Cash and cash equivalents at end of period	$	253,414		$	231,917
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest	$	35,409		$	40,543
Income tax, net		2,138			698
Right-of-use asset obtained in exchange for operating lease liabilities		—			365

(A) Includes mortgage loans originated with the intent to sell, which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans, which are carried at the lower of cost or fair value.

See accompanying notes to consolidated financial statements.

PEAPACK-GLADSTONE FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Certain information and footnote disclosure included in the audited consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025 for Peapack-Gladstone Financial Corporation (the “Corporation” or the “Company”). In the opinion of Management of the Corporation, the accompanying unaudited consolidated interim financial statements contain all adjustments (consisting solely of normal and recurring accruals) necessary to present fairly the financial position as of March 31, 2026, and the results of operations, comprehensive income, changes in shareholders’ equity and cash flow statements for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the full year or for any future period.

Principles of Consolidation and Organization: The consolidated financial statements of the Company are prepared on the accrual basis and include the accounts of the Company and its wholly-owned subsidiary, Peapack Private Bank & Trust (the “Bank”). The consolidated financial statements also include the Bank’s wholly-owned subsidiaries:

•

Peapack Capital Corporation (“PCC”)

•

Peapack-Gladstone Mortgage Group, Inc., which owns 99 percent of Peapack Ventures, LLC and 79 percent of Peapack-Gladstone Realty, Inc., a New Jersey real estate investment company

•

PGB Trust & Investments of Delaware, which owns one percent of Peapack Ventures, LLC

•

Peapack Ventures, LLC, which owns 21 percent of Peapack-Gladstone Realty, Inc.

•

Peapack-Gladstone Realty, Inc.

•

PGB Securities, Inc.

While the following notes to the consolidated financial statements include the consolidated results of the Company, the Bank and their subsidiaries, these notes primarily reflect the Bank’s and its subsidiaries’ activities. All significant intercompany balances and transactions have been eliminated from the accompanying consolidated financial statements.

Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in accordance with GAAP. In preparing the financial statements, Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statement of condition and revenues and expenses for the periods presented. Actual results could differ from those estimates.

Segment Information: The Company has two reportable segments as determined by the Chief Financial Officer, who is the designated Chief Operating Decision Maker (the "CODM"), based upon information provided about the Company's products and services offered, primarily distinguished between banking and wealth management services provided by the Bank's Wealth Management Division. They are also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business. The CODM evaluates the financial performance of the Company's business segments such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the performance of the Company's segments and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance of each segment to evaluate compensation of certain employees. Segment pretax profit or loss is used to assess the performance of the banking segment, which includes monitoring the spread between interest income and interest expense. Segment pretax profit or loss is used to assess the performance of the Wealth Management Division, which includes monitoring wealth management fee income and assets under management and/or administration ("AUM"). Loans and investments primarily provide the revenues in the banking operation and wealth management fee income provides the revenues for the Wealth Management Division. Interest expense, provision for credit losses, payroll and premises and equipment provide the significant expenses in the banking segment, while payroll, occupancy and trust expenses are the significant expenses in the Wealth Management Division. All operations are domestic.

The Banking segment includes: commercial (including commercial and industrial (“C&I”) and equipment financing), commercial real estate, multifamily, residential and consumer lending activities; treasury management services; C&I advisory services; escrow management; deposit generation; operation of ATMs; telephone and internet banking services; merchant credit card services; and customer support sales.

The Wealth Management Division includes: investment management services for individuals and institutions; personal trust services, including services as executor, trustee, administrator, custodian; and other financial planning and advisory services. This segment also includes the activity from the Delaware subsidiary, PGB Trust & Investments of Delaware. The majority of wealth management fees are collected on a monthly or quarterly basis and are calculated on a tiered fee schedule, based upon the market value of AUMs. Other non AUM-based revenues such as personal or fiduciary tax return preparation fees, executor fees, trust termination fees and/or financial planning and advisory fees are charged as services are rendered.

Cash and Cash Equivalents: For purposes of the statements of cash flows, cash and cash equivalents include cash and due from banks, interest-earning deposits and federal funds sold. Generally, federal funds are sold for one-day periods. Cash equivalents are of original maturities of 90 days or less. Net cash flows are reported for customer loan and deposit transactions and short-term borrowings with original maturities of 90 days or less.

Interest-Earning Deposits in Other Financial Institutions: Interest-earning deposits in other financial institutions mature within one year and are carried at cost.

Securities: Debt securities available-for-sale are measured at fair value and subject to impairment testing. When an available for sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses ("ACL") by a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value change. If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation reserve would be reduced, but not more than the amount of the current existing reserve for that security.

Debt securities are classified as held to maturity and carried at amortized cost when Management has the positive intent and ability to hold them to maturity. Under ASU 2016-13, held to maturity securities in a loss position are evaluated to determine if the decline in fair value has resulted from a credit-related loss or other factors, and then recognize a provision to the ACL through a charge to earnings for the decline in fair value. The Company also has an investment in a Community Reinvestment Act (“CRA”) investment fund, which is classified as an equity security.

Interest income includes amortization of purchase premiums and discounts. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated, and premiums on callable debt securities, which are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.

Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock, based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Cash and stock dividends are reported as income.

The Bank is also a member of the Federal Reserve Bank of New York and required to own a certain amount of FRB stock. FRB stock is carried at cost and classified as a restricted security. Cash and stock dividends are reported as income.

Loans Held for Sale: Mortgage loans originated with the intent to sell in the secondary market are carried at fair value, as determined by outstanding commitments from investors.

Mortgage loans held for sale are generally sold with servicing rights released; therefore, no servicing rights are recorded. Gains and losses on sales of mortgage loans, shown as gain on loans held for sale at fair value (mortgage loans) on the Statement of Income, are based on the difference between the selling price and the carrying value of the related loan sold.

SBA loans originated with the intent to sell in the secondary market are carried at the lower of cost or fair value. SBA loans are generally sold with the servicing rights retained. Gains and losses on the sale of SBA loans are based on the difference between the selling price and the carrying value of the related loan sold. Total SBA loans serviced totaled $130.4 million and $132.5 million as of March 31, 2026 and December 31, 2025, respectively. SBA loans held for sale totaled $9.2 million and $4.8 million at March 31, 2026 and December 31, 2025, respectively. The servicing asset recorded was not material.

Loans originated with the intent to hold and subsequently transferred to loans held for sale are carried at the lower of cost or fair value. These are loans that the Company no longer has the intent to hold for the foreseeable future.

Loans: Loans that Management has the intent and ability to hold for the foreseeable future or until maturity are stated at the principal amount outstanding. Interest on loans is recognized based upon the principal amount outstanding. Loans are stated at face value, less purchased premium and discounts and net deferred fees. Loan origination fees and certain direct loan origination costs are deferred and recognized on a level-yield method over the life of the loan as an adjustment to the loan’s yield. The definition of recorded investment in loans includes accrued interest receivable and deferred fees/costs, however, for the Company’s loan disclosures, accrued interest and deferred fees/costs were excluded as the impact was not material.

Loans are considered past due when they are not paid within 30 days in accordance with contractual terms. The accrual of income on loans, including individually evaluated loans, is discontinued if, in the opinion of Management, principal or interest is not likely to be paid in accordance with the terms of the loan agreement, or when principal or interest is past due 90 days unless the asset is both well secured and in the process of collection. All interest accrued but not received for loans placed on nonaccrual status are reversed against interest income. Payments received on nonaccrual loans are recorded as principal payments. A nonaccrual loan is returned to accrual status only when interest and principal payments are brought current and future payments are reasonably assured, generally when the Bank receives contractual payments for a minimum of six consecutive months. Commercial loans are generally charged off, in whole or in part, after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Consumer closed-end loans are generally charged off after they become 120 days past due and open-end loans after 180 days. Subsequent payments are credited to income only if collection of principal is not in doubt. If principal and interest payments are brought contractually current and future collectability is reasonably assured, loans may be returned to accrual status. Nonaccrual mortgage loans are generally charged off to the extent that the value of the underlying collateral does not cover the outstanding principal balance. The majority of the Company’s loans are secured by real estate in New Jersey, metropolitan New York and, to a lesser extent, Pennsylvania.

Allowance for Credit Losses: Current expected credit losses ("CECL") requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable economic forecasts.

The ACL on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The ACL is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Statements of Condition. The estimate of credit loss for unfunded commitments incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable economic forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Statements of Condition. The "Provision for credit losses" on the Consolidated Statements of Income is a combination of the provision for credit losses and the provision for unfunded loan commitments.

ACL in accordance with CECL methodology

With respect to pools of similar loans that are collectively evaluated, an appropriate level of general allowance is determined by portfolio segment using a non-linear discounted cash flow (“DCF”) model. The DCF model captures losses over the historical charge-off and prepayment cycle and applies those losses at a loan level over the remaining maturity of the loan. The model then calculates a historical loss rate using the average losses over the reporting period, which is then applied to each segment utilizing a standard reversion rate. This loss rate is then supplemented with adjustments for reasonable and supportable forecasts of relevant economic indicators, including, but not limited to unemployment rates and national consumer price and confidence indices. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. Also included in the ACL are qualitative factors based on the risks present for each portfolio segment. These qualitative factors include: levels of and trends in delinquencies and impaired loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant staffing and experience; industry conditions; and effects of changes in credit concentrations. It is also possible that these factors could include social, political, economic, and terrorist events or activities. All of these factors are susceptible to change, which may be significant. The ACL includes two forms of allocations, specific and general. These two components represent the total ACL deemed adequate to cover current expected credit losses in the loan portfolio.

When management identifies loans that do not share common risk characteristics (i.e., are not similar to other loans within a pool) they are evaluated on an individual basis. These loans are not included in the collective evaluation. For loans identified as having a likelihood of foreclosure or that the borrower is experiencing financial difficulty, a collateral dependent approach is used. These are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient method to measure the ACL based on the fair value of collateral. The ACL is calculated on an individual loan basis based on the shortfall between the fair value of the loan's

collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required.

The CECL methodology requires a significant amount of management judgment in determining the appropriate ACL. Several of the steps in the methodology are subjective, including, among other things: segmenting the loan portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts, which are inherently imprecise and may change from period to period. Although the ACL is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses.

In determining an appropriate amount for the allowance, the Bank segments and aggregates the loan portfolio based on common characteristics. The following segments have been identified:

Primary Residential Mortgages. The Bank originates one-to four-family residential mortgage loans in the Tri-State area (New York, New Jersey and Connecticut), Pennsylvania and Florida. Loans are secured by first liens on the primary residence or investment property. Primary risk characteristics associated with residential mortgage loans typically involve: major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, residential mortgage loans that have adjustable rates could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank.

Junior Lien Loan on Residence (which include home equity lines of credit). The Bank provides junior lien loans (“JLL”) and revolving home equity lines of credit ("HELOC") secured by one-to four-family properties in the Tri-State area. These loans are subordinate to a first mortgage, which may be from another lending institution. Primary risk characteristics associated with JLLs and HELOCs typically involve major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as for major medical issues or catastrophic events; and divorce or death. In addition, HELOCs typically are made with variable or floating interest rates, which could expose the borrower to higher debt service requirements in a rising interest rate environment. Further, real estate values could drop significantly and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank.

Multifamily. The Bank provides mortgage loans for multifamily properties (i.e., buildings which have five or more residential units). Multifamily loans are expected to be repaid from the cash flows of the underlying property so the collective amount of rents must be sufficient to cover all operating expenses, property management and maintenance, taxes and debt service. Increases in vacancy rates, interest rates, other changes in general economic conditions or changes in rent regulation can have an impact on the borrower and its ability to repay the loan.

Owner-Occupied Commercial Real Estate Loans. The Bank provides mortgage loans for owner-occupied commercial real estate properties in the Tri-State area and Pennsylvania. Commercial real estate properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are mixed use as they are a combination of building types, such as a building with retail space on the ground floor and either residential apartments or office suites on the upper floors. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions.

Investment Commercial Real Estate Loans. The Bank provides mortgage loans for properties managed as an investment property (non-owner-occupied) in the Tri-State area and Pennsylvania. Non-owner-occupied properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Some properties are considered mixed use. Commercial real estate loans are generally considered to have a higher degree of credit risk as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions.

Commercial and Industrial Loans. The Bank provides lines of credit and term loans to operating companies for business purposes. The loans are generally secured by business assets such as accounts receivable, inventory, business vehicles and equipment as well as the stock of a company, if privately held. Commercial and industrial loans are typically repaid first by the cash flows generated by the borrower’s business operations. The primary risk

characteristics are specific to the underlying business and its ability to generate sustainable profitability and resulting positive cash flows. Factors that may influence a business’ profitability include, but are not limited to, demand for its products or services, quality and depth of management, competition, regulatory changes, and general economic conditions. To mitigate the risk characteristics of commercial and industrial loans, these loans often include commercial real estate as collateral and the Bank will often require more frequent reporting requirements from the borrower in order to better monitor its business performance. The ability of the Bank to foreclose and realize sufficient value from the assets is often highly uncertain.

Equipment Finance and Leasing. PCC offers a wide range of equipment finance solutions nationally and goes to market through capital markets, intermediary, vendor and direct platforms. PCC provides term loans and leases secured by assets financed for U.S. based companies and governments. Payment terms are typically payable in monthly or quarterly installments under fixed-rate terms. Lease transactions may contain renewal or purchase options that allow the lessee options at the end of the lease term. PCC estimates the expected residual value of the leased property at lease inception by considering both internal and third party valuations and may obtain partial or full residual value guarantees to reduce its residual asset risk. PCC serves a broad range of industries including transportation, manufacturing, medical, construction and utilities.

Credit risk in PCC’s portfolio generally results from the potential default of borrowers or lessees, which may be driven by customer specific or broader industry-related conditions. Credit losses can impact multiple parts of the income statement including loss of interest/lease/rental income and/or higher costs and expenses related to the repossession, refurbishment, re-marketing and or re-leasing of assets.

PCC's ongoing risk management strategy for residual assets includes regular reviews of estimated residual value, which may result in an impairment of the asset carrying value at any time during the life of the asset.

Construction. The Bank provides commercial construction loans for properties located in the Tri-state area. Risks common to commercial construction loans are cost overruns, inaccurate estimates of the period of construction, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Changes in market demand for property could lead to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates.

Consumer and Other. These are loans to individuals for household, family and other personal expenditures as well as obligations of states and political subdivisions in the U.S. This also represents all other loans that cannot be categorized in any of the previous mentioned loan segments. Consumer loans generally have higher interest rates and shorter terms than residential loans but tend to have higher credit risk due to the type of collateral securing the loan or in some cases the absence of collateral.

Loan Modifications: The Company will provide loan modifications, at its discretion, to assist borrowers that may be experiencing financial difficulty. Examples of changes provided in a loan modification may include payment deferrals that are more than insignificant, an extension of the note term, or a reduction in the interest on a note. In certain instances, the Company may grant more than one type of modification. Loan modifications are disclosed in accordance with ASU 2022-02, "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures".

Leases: At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding right-of-use (“ROU”) asset and operating lease liability are recorded as separate line items on the Statement of Condition. An ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made.

If the rate implicit in the lease is not readily determinable, the incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s statement of condition, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. The Company maintains certain property and equipment under direct financing and operating leases. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, wealth management offices and office space and are classified as operating leases.

The ROU asset is measured at the amount of the lease liability adjusted for lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the ROU asset. Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the ROU asset.

There are no terms or conditions related to residual value guarantees and no restrictions or covenants that would impact the Company’s ability to pay dividends or to incur additional financial obligations.

Derivatives: At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation. For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the statement of condition, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings.

Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flows statement the same as the cash flows of the items being hedged.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the statement of condition or to specific firm commitments or forecasted transactions. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminated, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings.

The Company also offers facility specific / loan level swaps to its customers and offsets its exposure from such contracts by entering into mirror image swaps with a financial institution / swap counterparty (loan level / back-to-back swap program). The customer accommodations and any offsetting swaps are treated as non-hedging derivative instruments which do not qualify for hedge accounting (“standalone derivatives”). The notional amount of the swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual contracts. The fair value of the swaps is recorded as both an asset and a liability, in other assets and other liabilities, respectively, in equal amounts for these transactions. The Company is exposed to losses if a customer counterparty fails to make its payments under a contract in which the Company is in a net receiving position. At this time, the Company anticipates that its counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly. Further, the Company has netting agreements with the dealers with which it does business.

Stock-Based Compensation: The Company’s 2025 Long-Term Stock Incentive Plan allows the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries.

Options granted are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises.

Upon adoption of ASU 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” the Company elected to account for forfeitures as they occur, rather than estimate expected forfeitures.

There were no stock options granted during the three months ended March 31, 2026.

As of March 31, 2026, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company's stock incentive plans.

The Company issued performance-based and service-based restricted stock units in 2026 and 2025. Service-based units vest ratably over a three- or five-year period. There were 93,714 service-based restricted stock units granted under the 2025 Long-Term Stock Incentive Plan during the first three months of 2026.

The performance-based awards are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance period, which is generally three years. Additionally, the Company entered into Special Executive Retention Performance Restricted Stock Unit (the “Market Based RSUs”) Award Agreements (the "Agreements") with our President and Chief Executive Officer and the Senior Executive Vice President of the Company and President of Private Wealth Management, to incentivize the executives to remain in the employ of the Company for the continuous period through December 31, 2028, to reward them for achieving certain Company performance goals specified in the Agreements. The number of Market Based RSUs issued upon vesting will range from 0% to 250% of the shares granted based on the 30-day average stock price of the Company measured at the end of each performance period. The fair value of Market Based RSUs granted is estimated using a Monte Carlo simulation. Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation dates. There were 133,354 performance-based restricted stock units granted under the 2025 Long-Term Stock Incentive Plan during the first three months of 2026, of which 66,000 units were Market Based RSUs.

Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2026 were as follows:


				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2026		133,936		$	30.37
Granted during 2026		133,354			41.78
Vested during 2026		(53,729	)		30.96
Forfeited during 2026		—			—
Balance, March 31, 2026		213,561		$	38.57

Changes in service-based restricted stock awards/units for the three months ended March 31, 2026 were as follows:


				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2026		214,089		$	31.37
Granted during 2026		93,714			33.18
Vested during 2026		(117,934	)		31.28
Forfeited during 2026		(2,905	)		30.96
Balance, March 31, 2026		186,964		$	32.34

As of March 31, 2026, there was $13.1 million of total unrecognized compensation cost related to service-based and performance-based restricted stock units. This cost is expected to be recognized over a weighted average period of 2.52 years. Stock compensation expense recorded for the first quarters of 2026 and 2025 totaled $555,000 and $1.6 million, respectively.

Phantom Plan: During the first quarter of 2024, the Company adopted the Peapack-Gladstone Financial Corporation 2024 Phantom Stock Plan (the "Phantom Plan"). The Phantom Plan allows the Company to issue performance-based and service-based awards which will be settled in cash. The award of a phantom unit entitles the participant to a cash payment equal to the value of the unit on the vesting date, which is the fair market value of a common share of the Company's stock on such vesting date.

The Company did not issue performance-based phantom units in the first three months of 2026. The Company issued 98,316 service-based phantom units in the first three months of 2026. Service-based phantom units vest ratably over a three-year period.

Phantom units are recorded in compensation and employee benefits expense based on the fair value of the units on the balance sheet date. The fair value of these awards is updated at each balance sheet date and changes in the fair value of the vested portions of the awards are recorded as increases or decreases to compensation expense within compensation and employee benefits in the Consolidated Statements of Income. All of the outstanding phantom units at March 31, 2026 met the criteria to be treated under liability classification in accordance with ASC 718, given that these awards will settle in cash on the vesting date.

Compensation expense for the phantom units is based on the fair value of the units as of the balance sheet date as further discussed above, and such costs are recognized ratably over the service period of the awards. As the fair value of liability awards is required to be re-measured each period end, stock compensation expense amounts recognized in future periods for these awards will vary. The estimated future cash payments of these awards are presented as liabilities within "Accrued expenses and other liabilities" in the Consolidated Statement of Condition. As of March 31, 2026, there was $11.9 million of unrecognized compensation costs related to non-vested phantom units. That cost is expected to be recognized over a weighted average period of 2.05 years. Stock compensation expense recorded for the first quarters of 2026 and 2025 totaled $2.8 million and $1.7 million, respectively.

Employee Stock Purchase Plan (“ESPP”): The 2014 ESPP expired in April 2024 and was replaced by the 2024 ESPP, which was approved by shareholders on April 30, 2024 and allowed for the issuance of 150,000 shares.

The ESPP allows for the purchase of shares during four three-month Offering Periods of each calendar year. The Offering Periods end on March 31, June 30, September 30 and December 31 of each calendar year.

Each participant in the Offering Period is granted an option to purchase a number of shares and may contribute between one percent and 15 percent of their compensation. At the end of each Offering Period, the number of shares to be purchased by the employee is determined by dividing the employee’s contributions accumulated during the Offering Period by the applicable purchase price. The purchase price is an amount equal to 85 percent of the closing market price of a share of common stock on the purchase date. Participation in the ESPP is voluntary and employees can cancel their purchases at any time during the period without penalty. The fair value of each share purchase right is determined using the Black-Scholes option pricing model.

The Company recorded $56,000 in compensation and employee benefits expense for the three months ended March 31, 2026 related to ESPP, compared to $39,000 for the three months ended March 31, 2025. Total shares issued under the ESPP during the first quarter ended March 31, 2026 and 2025 were 11,013 and 7,115, respectively.

Earnings per share – Basic and Diluted: The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to common shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period.


	Three Months Ended
	March 31,
(Dollars in thousands, except per share data)	2026		2025
Net income	$	14,153	$	7,595
Less: Dividends on preferred stock		—		—
Net income available to common shareholders	$	14,153	$	7,595

Basic weighted average shares outstanding		17,585,846		17,610,917
Plus: common stock equivalents		174,832		201,305
Diluted weighted average shares outstanding		17,760,678		17,812,222
Net income per share
Basic	$	0.80	$	0.43
Diluted		0.80		0.43

For the three months ended March 31, 2026 and 2025, restricted stock units totaling 76,496 and 20,885, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the average market value for the periods presented.

Income Taxes: The Company files a consolidated Federal income tax return. Separate state income tax returns are filed for each subsidiary based on current laws and regulations.

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on the enacted tax rates. Such tax assets and liabilities are adjusted for the effect of a change in tax rates in the period of enactment.

The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

The Company is no longer subject to examination by the U.S. Federal tax authorities for years prior to 2022 or by New Jersey tax authorities for years prior to 2020.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense.

Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the financial statements.

Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank of New York was required to meet regulatory reserve and clearing requirements.

Comprehensive Income: Comprehensive income consists of net income and the change during the period in the Company’s net unrealized gains or losses on securities available for sale and unrealized gains and losses on cash flow hedge, net of tax, less adjustments for realized gains and losses.

Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Goodwill and Other Intangible Assets: Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree (if any), over the fair value of any net assets acquired and liabilities assumed as of the date of acquisition in a purchase business combination. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Goodwill was primarily attributable to the Bank’s wealth management acquisitions. Management monitors the impact of changes in the financial markets and includes these assessments in our impairment process.

The Company has selected December 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill, which includes assembled workforce has an indefinite life on our statement of financial condition.

Other intangible assets, which primarily consist of customer relationship intangible assets arising from acquisitions, are amortized on an accelerated basis over their estimated useful lives, which range from 5 to 15 years.

2. INVESTMENT SECURITIES

A summary of amortized cost and approximate fair value of investment securities available for sale and held to maturity included in the Consolidated Statements of Condition as of March 31, 2026 and December 31, 2025 follows:


	March 31, 2026
			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for		Fair
(In thousands)	Cost		Gains		Losses			Credit Losses		Value
Securities Available for Sale:
U.S government-sponsored agencies	$	219,838	$	—	$	(33,257	)	$	—	$	186,581
Mortgage-backed securities–residential		526,784		1,055		(36,071	)		—		491,768
SBA pool securities		18,640		—		(2,220	)		—		16,420
Corporate bond		15,500		178		(401	)		—		15,277
Total securities available for sale	$	780,762	$	1,233	$	(71,949	)	$	—	$	710,046
Securities Held to Maturity:
U.S. government-sponsored agencies	$	25,000	$	—	$	(1,104	)	$	—	$	23,896
Mortgage-backed securities–residential		54,478		—		(7,537	)		—		46,941
Total securities held to maturity	$	79,478	$	—	$	(8,641	)	$	—	$	70,837


	December 31, 2025
			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for		Fair
(In thousands)	Cost		Gains		Losses			Credit Losses		Value
Securities Available for Sale:
U.S government-sponsored agencies	$	244,833	$	—	$	(33,610	)	$	—	$	211,223
Mortgage-backed securities–residential		561,794		3,551		(34,980	)		—		530,365
SBA pool securities		19,345		—		(2,133	)		—		17,212
Corporate bond		15,500		250		(347	)		—		15,403
Total securities available for sale	$	841,472	$	3,801	$	(71,070	)	$	—	$	774,203
Securities Held to Maturity:
U.S. government-sponsored agencies	$	40,000	$	—	$	(1,125	)	$	—	$	38,875
Mortgage-backed securities–residential		55,862		23		(7,269	)		—		48,616
Total securities held to maturity	$	95,862	$	23	$	(8,394	)	$	—	$	87,491

The following table presents a summary of the gross gains, gross losses and net tax expense related to proceeds on sales of securities available for sale for the three months ended March 31, 2026. There were no sales of securities for the three months ended March 31, 2025.


	Three Months Ended
(In thousands)	March 31, 2026
Proceeds from sales	$	97,019
Gross losses		(81	)
Net tax expense		22

The following tables present the Company’s available for sale and held to maturity securities with continuous unrealized losses and the approximate fair value of these investments as of March 31, 2026 and December 31, 2025.


	March 31, 2026
	Duration of Unrealized Loss
	Less Than 12 Months					12 Months or Longer					Total
	Approximate					Approximate					Approximate
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In thousands)	Value		Losses			Value		Losses			Value		Losses
Securities Available for Sale:
U.S. government-sponsored agencies	$	—	$	—		$	186,581	$	(33,257	)	$	186,581	$	(33,257	)
Mortgage-backed securities residential		96,065		(995	)		189,965		(35,076	)		286,030		(36,071	)
SBA pool securities		—		—			16,420		(2,220	)		16,420		(2,220	)
Corporate bond		—		—			9,599		(401	)		9,599		(401	)
Total securities available for sale	$	96,065	$	(995	)	$	402,565	$	(70,954	)	$	498,630	$	(71,949	)
Securities Held to Maturity:
U.S. government-sponsored agencies	$	—	$	—		$	23,896	$	(1,104	)	$	23,896	$	(1,104	)
Mortgage-backed securities residential		4,334		(25	)		42,607		(7,512	)		46,941		(7,537	)
Total securities held to maturity	$	4,334	$	(25	)	$	66,503	$	(8,616	)	$	70,837	$	(8,641	)
Total securities	$	100,399	$	(1,020	)	$	469,068

PEAPACK GLADSTONE FINANCIAL CORP 10-Q