At March 31, 2010, the Corporation’s leverage ratio, tier 1 and total risk based capital ratios were 7.80 percent, 12.01 percent and 13.27 percent, respectively. All ratios are above the levels necessary to be considered well capitalized under applicable regulatory guidelines, despite the $7.2 million reduction in regulatory capital due to the partial redemption of the preferred shares previously issued under the CPP. Additionally, the Corporation’s common equity ratio (common equity to total assets) at March 31, 2010 stands at 6.29 percent.

As previously announced, on April 15, 2010 the Board of Directors declared a regular cash dividend of $0.05 per share payable on May 13, 2010 to shareholders of record on April 29, 2010.


Peapack-Gladstone Financial Corporation is a bank holding company with total assets of $1.48 billion as of March 31, 2010. Peapack-Gladstone Bank, its wholly owned community bank, was established in 1921, and has 24 branches in Somerset, Hunterdon, Morris, Middlesex and Union Counties. Its Trust Division, PGB Trust and Investments, operates at the Bank’s main office located at 190 Main Street in Gladstone and at four other locations in Clinton, Morristown and Summit, New Jersey and Bethlehem, Pennsylvania. To learn more about Peapack-Gladstone Financial Corporation and its services please visit our web site at or call 908-234-0700.

The foregoing contains 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
  • a continued or unexpected decline in the economy, in particular in our New Jersey market area;
  • declines in value in our investment portfolio;
  • higher than expected increases in our allowance for loan losses;
  • increases in loan losses or in the level of nonperforming loans;
  • unexpected changes in interest rates;
  • we may be unable to successfully grow our business;
  • we may be unable to manage our growth;
  • a continued or unexpected decline in real estate values within our market areas;
  • increased or unexpected competition from our competitors;
  • significant regulatory oversight which may adversely affect our business;
  • higher than expected FDIC insurance premiums;
  • lack of liquidity to fund our various cash obligations;
  • repurchase of our preferred shares issued under the Treasury’s Capital Purchase Program which will impact net income available to our common shareholders and our earnings per share;
  • further offerings of our equity securities may result in dilution of our common stock;
  • reduction in our lower-cost funding sources;
  • changes in accounting policies or accounting standards;
  • we may be unable to adapt to technological changes;
  • our internal controls and procedures may not be adequate;
  • claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters;
  • future earnings volatility caused by economic or other factors; and
  • other unexpected material adverse changes in our 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, 2009. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Corporation’s expectations.