Peapack-Gladstone Financial Corporation Receives Moody's Investment Grade Rating Confirmation

Peapack-Gladstone Financial Corporation and its banking subsidiary, Peapack-Gladstone Bank, have received confirmation of their investment grade ratings from Moody's Investors Service following a comprehensive review initiated in June. Moody's affirmed the Baa3 long-term local currency issuer rating for Peapack-Gladstone Financial Corporation and the baa2 baseline credit assessment for Peapack-Gladstone Bank, while changing the outlook on the long-term issuer rating of the company and the long-term deposits and issuer ratings of the bank to 'stable' from 'ratings under review'. This confirmation is significant as it reflects the financial strength and stability of both entities based on Moody's extensive review of business fundamentals and financial conditions.

Moody's highlighted several key factors contributing to the rating confirmation, noting that Peapack-Gladstone Financial Corporation has maintained a sustained solid capital position serving as a crucial buffer against potential risks. The agency also recognized recent improvements in the company's funding and liquidity profile as adequate to mitigate the bank's risk profile. Particularly noteworthy was Moody's emphasis on Peapack-Gladstone's successful efforts to strengthen its funding and liquidity profile over the past year, with the overall funding structure remaining a credit strength. The deposit base demonstrated resilience during the regional banking crisis of 2023, underscoring the bank's ability to maintain stability in challenging market conditions.

Douglas L. Kennedy, President and CEO of Peapack-Gladstone Financial Corporation, expressed satisfaction with the rating confirmation, stating it reflects the strength of the company's current strategy and business model. This confirmation holds particular importance in the current economic climate where investors and depositors increasingly scrutinize the financial health of banking institutions, providing assurance to stakeholders about the company's creditworthiness and financial stability. The rating confirmation follows Peapack-Gladstone Financial Corporation's existing investment grade credit rating from Kroll Bond Rating Agency, which affirmed ratings for both the company and the bank in May 2024, creating dual recognition from prominent rating agencies that strengthens the company's financial credibility.

As of June 30, 2024, Peapack-Gladstone Financial Corporation reported total assets of $6.51 billion and assets under management and/or administration of $11.5 billion. The company operates through its commercial bank, Peapack-Gladstone Bank, and its wealth management division, Peapack Private, offering customized wealth management, investment banking, and commercial and retail solutions. Additional information about Peapack-Gladstone Financial Corporation and its services is available on the company's websites at https://www.pgbank.com and https://www.peapackprivate.com, while the full Moody's report can be viewed at https://moodys.com for those seeking additional details on the rating confirmation.