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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 SECOND QUARTER RESULTS , DRIVEN BY INCREASED WEALTH MANAGEMENT FEE INCOME , STRONG LOAN GROWTH AND MARGIN EXPANSION Bedminster , N.J. – July 28 , 2021 - Peapack - Gladstone Financial Corporation ( NASDAQ Global Select Market : PGC ) ( the “ Company ” ) announces its second quarter 2021 results . This earnings release should be read in conjunction with the Company's Q2 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 . For the six months ended June 30 , 2021 , the Company recorded total revenue of $ 101.14 million , net income of $ 27.60 million and diluted earnings per share ( " EPS " ) of $ 1.42 compared to $ 90.87 million , $ 9.62 million and $ 0.51 , respectively , for the same six - month period ended June 30 , 2020 . For the quarter ended June 30 , 2021 , the Company recorded total revenue of $ 51.52 million , net income of $ 14.42 million and diluted earnings per share ( " EPS " ) of $ 0.74 , compared to $ 44.59 million , $ 8.24 million and $ 0.43 , respectively , for the same three - month period ended June 30 , 2020 . The quarter ended June 30 , 2021 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 ) when compared to the same quarter in 2020. The 2021 quarter also included a significantly reduced provision for loan losses when compared to the same quarter last year . The decreased provision in the June 2021 quarter was due to the environment in 2020 created by the COVID - 19 pandemic , which led to increased qualitative loss factors when calculating the allowance for loan losses . The June 2021 quarter included a $ 1.13 million gain on the sale of Paycheck Protection Program ( “ PPP ” ) loans ; fee income of $ 722,000 relating to PPP loan referrals to a third party ; and $ 153,000 of additional BOLI income related to receipt of life insurance proceeds . These positives were substantially offset by a $ 842,000 cost ( included as a negative to noninterest income ) related to the termination of two interest rate swaps , and $ 648,000 of accelerated expense related to the prepayment of $ 50.0 million of subordinated notes . Both actions will have a positive impact on earnings going forward . 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 second quarter of 2021 the Company purchased 234,722 shares at an average price of $ 32.40 for a total cost of $ 7.60 million under this program . Since announced , the Company has purchased 392,755 shares at an average price of $ 30.51 for a total cost of $ 11.98 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 valuation relative to peers . " 1