Peapack-Gladstone Financial Corporation Reports First Quarter Results Of Operations

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)

PEAPACK-GLADSTONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
As of
		March 31,				December 31,				September 30,				June 30,				March 31,
		2011				2010				2010				2010				2010
ASSETS
Cash and due from banks	$	7,348			$	6,490			$	9,935			$	10,735			$	8,999
Federal funds sold		100				100				100				201				201
Interest-earning deposits		42,234				56,097				84,566				59,356				33,915
Total cash and cash equivalents		49,682				62,687				94,601				70,292				43,115
Securities held to maturity		151,993				140,277				102,032				101,603				105,258
Securities available for sale		271,687				275,076				246,334				252,646				278,052
FHLB and FRB Stock, at cost		4,619				4,624				4,623				4,807				5,305
Loans held for sale, at fair value		1,168				-				-				-				-
Residential mortgage		432,413				419,653				425,315				430,021				443,085
Commercial mortgage		300,659				288,183				280,486				280,513				281,323
Commercial loans		133,614				131,408				128,220				133,881				133,288
Construction loans		17,693				25,367				39,989				46,286				48,044
Consumer loans		19,278				20,622				22,410				23,811				24,936
Home equity lines of credit		45,512				45,775				45,345				41,956				39,487
Other loans		1,130				1,489				2,626				2,788				902
Total loans		950,299				932,497				944,391				959,256				971,065
Less: Allowance for loan losses		14,386				14,282				14,025				13,856				13,720
Net loans		935,913				918,215				930,366				945,400				957,345
Premises and equipment		33,386				33,820				33,901				34,626				27,942
Other real estate owned		3,000				4,000				1,000				210				40
Accrued interest receivable		4,587				4,231				4,594				4,533				5,112
Bank owned life insurance		27,301				27,074				26,877				26,672				26,473
Deferred tax assets, net		26,039				26,083				23,903				23,438				23,999
Other assets		11,343				9,338				12,030				13,036				10,670
TOTAL ASSETS	$	1,520,718			$	1,505,425			$	1,480,261			$	1,477,263			$	1,483,311
LIABILITIES
Deposits:
Noninterest bearing
demand deposits	$	235,977			$	228,764			$	219,700			$	216,314			$	223,184
Interest-bearing deposits
Checking		302,589				290,322				255,665				249,472				241,887
Savings		85,741				80,799				78,819				76,937				77,064
Money market accounts		526,355				524,449				525,264				503,829				502,548
CD’s $100,000 and over		73,966				79,311				85,703				101,034				109,347
CD’s less than $100,000		139,022				147,901				155,268				163,769				173,219
Total deposits		1,363,650				1,351,546				1,320,419				1,311,355				1,327,249
Borrowings		24,016				24,126				24,234				28,342				36,140
Capital lease obligation		6,383				6,304				6,226				6,148				-
Other liabilities		14,585				5,733				11,903				15,435				5,998
TOTAL LIABILITIES		1,408,634				1,387,709				1,362,782				1,361,280				1,369,387
Shareholders’ Equity		112,084				117,716				117,479				115,983				113,924
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY	$	1,520,718			$	1,505,425			$	1,480,261			$	1,477,263			$	1,483,311
Trust division assets under
administration (market value,
not included above)	$	1,997,214			$	1,940,404			$	1,929,565			$	1,830,944			$	1,894,971

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED BALANCE SHEET DATA
(Dollars in thousands)
(Unaudited)
As of
				March 31,					December 31,					September 30,					June 30,					March 31,
				2011					2010					2010					2010					2010
Asset Quality:
Loans past due over 90 days
and still accruing			$	323				$	666				$	442				$	736				$	638
Nonaccrual loans (A)				19,173					18,114					17,535					20,361					12,200
Other real estate owned				3,000					4,000					1,000					210					40
Total nonperforming assets			$	22,496				$	22,780				$	18,977				$	21,307				$	12,878
Nonperforming loans to
total loans				2.05	%				2.01	%				1.90	%				2.20	%				1.32	%
Nonperforming assets to
total assets				1.48	%				1.51	%				1.28	%				1.44	%				0.87	%
Troubled debt restructured loans (A)			$	5,639				$	7,157				$	10,639				$	10,613				$	11,817
Loans past due 30 through 89
days and still accruing			$	5,419				$	5,475				$	9,487				$	9,444				$	10,056
Substandard Loans (B)			$	51,186				$	41,979				$	36,521				$	48,722				$	49,256
Impaired Loans (B)			$	26,056				$	28,397				$	36,521				$	48,722				$	49,256
Allowance for loan losses:
Beginning of period			$	14,282				$	14,025				$	13,856				$	13,720				$	13,192
Provision for loan losses				2,000					2,850					2,000					2,750					2,400
Charge-offs, net				(1,896	)				(2,593	)				(1,831	)				(2,614	)				(1,872	)
End of period			$	14,386				$	14,282				$	14,025				$	13,856				$	13,720
ALLL to nonperforming loans				73.79	%				76.05	%				78.02	%				65.68	%				106.87	%
ALLL to total loans				1.51	%				1.53	%				1.49	%				1.44	%				1.41	%
Capital Adequacy:
Tier I leverage
(5% minimum to be considered
well capitalized)				7.59	%				7.96	%				8.00	%				7.85	%				7.80	%
Tier I capital to risk-weighted assets
(6% minimum to be considered
well capitalized)				12.25	%				12.91	%				12.62	%				12.28	%				12.01	%
Tier I & II capital to
risk-weighted assets
(10% minimum to be considered
well capitalized)				13.51	%				14.16	%				13.88	%				13.53	%				13.27	%
Common equity to
Total assets				6.46	%				6.44	%				6.54	%				6.45	%				6.29	%
Book value per
Common share			$	11.13				$	11.03				$	11.01				$	10.85				$	10.70

(A) Any troubled debt restructure loans that are on nonaccrual status are only reported in nonaccrual loans and not also in troubled debt restructure loans.

(B) At March 31, 2011, $26.1 million and at December 31, 2010 $28.4 million of the loans classified substandard were also considered impaired. In periods prior to December 31, 2010, all loans classified substandard were also considered impaired.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
For The Three Months Ended
				March 31,				December 31,				September 30,				June 30,				March 31,
				2011				2010				2010				2010				2010
Income Statement Data:
Interest income			$	14,257			$	14,707			$	14,974			$	15,450			$	15,791
Interest expense				2,036				2,214				2,612				2,963				3,243
Net interest income				12,221				12,493				12,362				12,487				12,548
Provision for loan losses				2,000				2,850				2,000				2,750				2,400
Net interest income after
provision for loan losses				10,221				9,643				10,362				9,737				10,148
Trust fees				2,718				2,598				2,254				2,686				2,364
Other income				1,255				1,621				1,203				1,098				1,108
Securities gains/(losses), net				196				(4)				126				2				-
Other-than-temporary impairment
charge, equity securities				-				(581)				(360)				-				-
Salaries and employee benefits				5,973				5,469				5,647				5,704				5,709
Premises and equipment				2,322				2,248				2,416				2,588				2,372
FDIC insurance expense				604				598				586				552				586
Other expenses				2,344				2,374				2,237				2,161				1,863
Income before income taxes				3,147				2,588				2,699				2,518				3,090
Income tax expense				1,006				711				793				762				965
Net income				2,141				1,877				1,906				1,756				2,125
Dividends and accretion
on preferred stock (A)				570				326				326				324				710
Net income available to
Common shareholders			$	1,571			$	1,551			$	1,580			$	1,432			$	1,415
Per Common Share Data:
Earnings per share (basic)			$	0.18			$	0.18			$	0.18			$	0.16			$	0.16
Earnings per share (diluted)				0.18				0.18				0.18				0.16				0.16
Performance Ratios:
Return on Average Assets				0.57%				0.50%				0.52%				0.47%				0.58%
Return on Average Common
Equity				6.44%				6.34%				6.55%				6.06%				6.10%
Net Interest Margin
(Taxable Equivalent Basis)				3.54%				3.62%				3.64%				3.64%				3.67%

(A) The March 2011, $7.2 million partial redemption of the Treasury’s Capital Purchase Plan investment resulted in a non-cash charge related to the acceleration of preferred stock amortization of $244 thousand, or 3 cents per diluted share for the quarter ended March 31, 2011.

The January 2010, $7.2 million partial redemption of the Treasury’s Capital Purchase Plan investment resulted in a non-cash charge related to the acceleration of preferred stock amortization of $330 thousand, or 4 cents per diluted share for the quarter ended March 31, 2010.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
(Unaudited)
					For The
					Three Months Ended
					March 31,
						2011				2010
Income Statement Data:
Interest income					$	14,257			$	15,791
Interest expense						2,036				3,243
Net interest income						12,221				12,548
Provision for loan losses						2,000				2,400
Net interest income after
provision for loan losses						10,221				10,148
Trust fees						2,718				2,364
Other income						1,255				1,108
Securities gains, net						196				-
Salaries and employee benefits						5,973				5,709
Premises and equipment						2,322				2,372
FDIC insurance expense						604				586
Other expenses						2,344				1,863
Income before income taxes						3,147				3,090
Income tax expense						1,006				965
Net income						2,141				2,125
Dividends and accretion
on preferred stock (A)						570				710
Net income available to
Common shareholders					$	1,571			$	1,415
Per Common Share Data:
Earnings per share (basic)					$	0.18			$	0.16
Earnings per share (diluted)						0.18				0.16
Performance Ratios:
Return on Average Assets						0.57%				0.58%
Return on Average Common
Equity						6.44%				6.10%
Net Interest Margin
(Taxable Equivalent Basis)						3.54%				3.67%

(A) The March 2011, $7.2 million partial redemption of the Treasury’s Capital Purchase Plan investment resulted in a non-cash charge related to the acceleration of preferred stock amortization of $244 thousand, or 3 cents per diluted share for the quarter ended March 31, 2011.

The January 2010, $7.2 million partial redemption of the Treasury’s Capital Purchase Plan investment resulted in a non-cash charge related to the acceleration of preferred stock amortization of $330 thousand, or 4 cents per diluted share for the quarter ended March 31, 2010.

PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
March 31, 2011											March 31, 2010
			Average			Income/						Average			Income/
			Balance			Expense			Yield			Balance			Expense			Yield
ASSETS:
Interest-Earning Assets:
Investments:
Taxable (1)		$	384,083		$	2,269			2.36%		$	325,379		$	2,511			3.09%
Tax-Exempt (1) (2)			35,587			345			3.88			37,800			450			4.76
Loans Held for Sale			733			16			8.65			N/A			N/A			N/A
Loans (2) (3)			937,073			11,747			5.01			978,470			12,994			5.31
Federal Funds Sold			100			-			0.28			201			-			0.20
Interest-Earning Deposits			41,927			28			0.27			44,591			24			0.21
Total Interest-Earning
Assets			1,399,503		$	14,405			4.12%			1,386,441		$	15,979			4.61%
Noninterest-Earning Assets:
Cash and Due from Banks			7,877									8,334
Allowance for Loan
Losses			(14,934)									(13,773)
Premises and Equipment			33,640									27,992
Other Assets			71,404									68,845
Total Noninterest-Earning
Assets			97,987									91,398
Total Assets		$	1,497,490								$	1,477,839
LIABILITIES:
Interest-Bearing Deposits
Checking		$	298,003		$	303			0.41%		$	238,285		$	407			0.68%
Money Markets			522,473			623			0.48			494,670			1,118			0.90
Savings			82,168			53			0.26			75,186			77			0.41
Certificates of Deposit			219,359			775			1.41			305,654			1,317			1.72
Total Interest-Bearing
Deposits			1,122,003			1,754			0.63			1,113,795			2,919			1.05
Borrowings			24,639			203			3.30			36,290			324			3.57
Capital Lease Obligation			6,334			79			4.98			-			-			-
Total Interest-Bearing
Liabilities			1,152,976			2,036			0.71			1,150,085			3,243			1.13
Noninterest Bearing
Liabilities
Demand Deposits			222,415									208,044
Accrued Expenses and
Other Liabilities			6,065									6,087
Total Noninterest-Bearing
Liabilities			228,480									214,131
Shareholders’ Equity			116,034									113,623
Total Liabilities and
Shareholders’ Equity		$	1,497,490								$	1,477,839
Net Interest Income					$	12,369								$	12,736
Net Interest Spread									3.41%									3.48%
Net Interest Margin (4)									3.54%									3.67%

PEAPACK-GLADSTONE FINANCIAL CORPORATION
AVERAGE BALANCE SHEET
UNAUDITED
THREE MONTHS ENDED
(Tax-Equivalent Basis, Dollars in Thousands)
March 31, 2011																December 31, 2010
						Average				Income/							Average				Income/
						Balance				Expense			Yield				Balance				Expense			Yield
ASSETS:
Interest-Earning Assets:
Investments:
Taxable (1)					$	384,083			$	2,269			2.36%			$	356,763			$	2,170			2.43%
Tax-Exempt (1) (2)						35,587				345			3.88				34,547				354			4.10
Loans Held for Sale						733				16			8.65				N/A				N/A			N/A
Loans (2) (3)						937,073				11,747			5.01				942,542				12,287			5.21
Federal Funds Sold						100				-			0.28				100				1			0.35
Interest-Earning Deposits						41,927				28			0.27				64,020				47			0.29
Total Interest-Earning
Assets						1,399,503			$	14,405			4.12%				1,397,972			$	14,859			4.25%
Noninterest-Earning Assets:
Cash and Due from Banks						7,877											9,138
Allowance for Loan
Losses						(14,934)											(14,245)
Premises and Equipment						33,640											33,952
Other Assets						71,404											70,506
Total Noninterest-Earning
Assets						97,987											99,351
Total Assets					$	1,497,490										$	1,497,323
LIABILITIES:
Interest-Bearing Deposits
Checking					$	298,003			$	303			0.41%			$	283,355			$	352			0.50%
Money Markets						522,473				623			0.48				519,991				642			0.49
Savings						82,168				53			0.26				78,706				54			0.27
Certificates of Deposit						219,359				775			1.41				234,079				880			1.50
Total Interest-Bearing
Deposits						1,122,003				1,754			0.63				1,116,131				1,928			0.69
Borrowings						24,639				203			3.30				24,162				208			3.44
Capital Lease Obligation						6,334				79			4.98				6,255				78			4.98
Total Interest-Bearing
Liabilities						1,152,976				2,036			0.71				1,146,548				2,214			0.77
Noninterest Bearing
Liabilities
Demand Deposits						222,415											225,228
Accrued Expenses and
Other Liabilities						6,065											6,944
Total Noninterest-Bearing
Liabilities						228,480											232,172
Shareholders’ Equity						116,034											118,603
Total Liabilities and
Shareholders’ Equity					$	1,497,490										$	1,497,323
Net Interest Income									$	12,369										$	12,645
Net Interest Spread													3.41%											3.48%
Net Interest Margin (4)													3.54%											3.62%

(1)		Average balances for available-for sale securities are based on amortized cost.
(2)		Interest income is presented on a tax-equivalent basis using a 35 percent federal tax rate.
(3)		Loans are stated net of unearned income and include nonaccrual loans.
(4)		Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets.

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