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Contact : Jeffrey J. Carfora , SEVP and CFO Peapack - Gladstone Financial Corporation T : 908-719-4308 Exhibit 99.1 PEAPACK - GLADSTONE FINANCIAL CORPORATION REPORTS STRONG FIRST QUARTER RESULTS , DRIVEN BY NONINTEREST INCOME TOTALING 36 % OF TOTAL REVENUE Bedminster , N.J. – April 29 , 2021 – Peapack - Gladstone Financial Corporation ( NASDAQ Global Select Market : PGC ) ( the " Company " ) announces its first quarter 2021 results . This earnings release should be read in conjunction with the Company's Q1 2021 Investor Update ( and Supplemental Financial Information ) , a copy of which is available on our website at www.pgbank.com and via a current report on Form 8 - K on the website of the Securities and Exchange Commission at www.sec.gov . The Company recorded total revenue of $ 49.61 million , net income of $ 13.18 million and diluted earnings per share ( " EPS ” ) of $ 0.67 for the quarter ended March 31 , 2021 , compared to $ 46.27 million , $ 1.37 million and $ 0.07 , respectively , for the same three month period ended March 31 , 2020 . The 2021 quarter included increased noninterest income , principally wealth management income and income from capital markets activities ( which includes mortgage banking income , loan level back - to - back swap income , SBA loan income , and corporate advisory fee income ) . The 2021 quarter also included a significantly reduced provision for loan losses when compared to the same quarter last year . The 2021 quarter included a $ 225,000 provision while the 2020 quarter included a $ 20.0 million provision , which was due to the environment at that time created by the COVID - 19 pandemic , which led to increased qualitative loss factors when calculating the allowance for loan losses . The 2021 three - month period also included $ 1.5 million of severance expense related to certain staff reorganizations within several areas of the Bank . The 2020 three - month period included a tax benefit of $ 3.2 million caused by the changes in the treatment of tax net operating losses ( " NOL " ) under the provisions of the Coronavirus Aid , Relief , and Economic Security ( " CARES ” ) Act . As previously disclosed , on January 28 , 2021 , the Company authorized the repurchase of up to 948,735 shares , or approximately 5 % of its outstanding shares . During the first quarter of 2021 the Company purchased 158,033 shares at an average price of $ 27.71 for a total cost of $ 4.4 million under this program . Douglas L. Kennedy , President and CEO , said , “ Our capital is strong and we believe that purchasing the Company's stock is an opportunity for us to effectively manage our excess capital , while taking advantage of the Company's discounted valuation relative to peers . " Mr. Kennedy also said , “ During the first quarter of 2021 the Company participated in the 2021 round of the Paycheck Protection Program ( “ PPP ” ) which created much needed funding to qualifying small businesses and organizations . We are proud to say that during the quarter we assisted with over $ 142 million of PPP loans $ 47 million processed , closed and funded by the Bank , and another $ 95 million referred directly to a third party for processing and funding . The Company plans to sell the $ 46 million of loans in the second quarter to the same third party , who is extremely proficient in the servicing and forgiveness processes for PPP loans . - 1