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CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) | 22. CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) STATEMENTS OF CONDITION
|  | December 31, |
(In thousands) |  | 2018 |  |  | 2017 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 12,971 |  |  | $ | 14,563 |
Interest-earning deposits |  |  | 517 |  |  |  | 515 |
Total cash and cash equivalents |  |  | 13,488 |  |  |  | 15,078 |
Investment in subsidiary |  |  | 535,277 |  |  |  | 469,622 |
Other assets |  |  | 3,734 |  |  |  | 2,551 |
Total assets |  | $ | 552,499 |  |  | $ | 487,251 |
Liabilities |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 83,193 |  |  | $ | 83,024 |
Other liabilities |  |  | 293 |  |  |  | 549 |
Total liabilities |  |  | 83,486 |  |  |  | 83,573 |
Shareholders’ equity |  |  |  |  |  |  |  |
Common stock |  |  | 16,459 |  |  |  | 15,858 |
Surplus |  |  | 309,088 |  |  |  | 283,552 |
Treasury stock |  |  | (8,988 | ) |  |  | (8,988 | )
Retained earnings |  |  | 154,799 |  |  |  | 114,468 |
Accumulated other comprehensive loss |  |  | (2,345 | ) |  |  | (1,212 | )
Total shareholders’ equity |  |  | 469,013 |  |  |  | 403,678 |
Total liabilities and shareholders’ equity |  | $ | 552,499 |  |  | $ | 487,251 |
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | Years Ended December 31, |
(In thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Dividend from Bank |  | $ | — |  |  | $ | — |  |  | $ | — |
Other income |  |  | 4 |  |  |  | 2 |  |  |  | 1 |
Total income |  |  | 4 |  |  |  | 2 |  |  |  | 1 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expenses |  |  | 4,887 |  |  |  | 3,206 |  |  |  | 1,696 |
Other expenses |  |  | 480 |  |  |  | 554 |  |  |  | 699 |
Total expenses |  |  | 5,367 |  |  |  | 3,760 |  |  |  | 2,395 |
Loss before income tax benefit and equity in undistributed earnings of Bank |  |  | (5,363 | ) |  |  | (3,758 | ) |  |  | (2,394 | )
Income tax benefit |  |  | (1,123 | ) |  |  | (1,313 | ) |  |  | (835 | )
Net loss before equity in undistributed earnings of Bank |  |  | (4,240 | ) |  |  | (2,445 | ) |  |  | (1,559 | )
Equity in undistributed earnings of Bank/(dividends in excess of earnings) |  |  | 48,410 |  |  |  | 38,942 |  |  |  | 28,036 |
Net income |  | $ | 44,170 |  |  | $ | 36,497 |  |  | $ | 26,477 |
Other comprehensive (loss)/income |  |  | (1,260 | ) |  |  | 534 |  |  |  | (1,152 | )
Comprehensive income |  | $ | 42,910 |  |  | $ | 37,031 |  |  | $ | 25,325 |
STATEMENTS OF CASH FLOWS
|  | Years Ended December 31, |
(In thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 44,170 |  |  | $ | 36,497 |  |  | $ | 26,477 |
Undistributed earnings of Bank |  |  | (48,410 | ) |  |  | (38,942 | ) |  |  | (28,036 | )
Amortization of subordinated debt costs |  |  | 171 |  |  |  | 135 |  |  |  | 71 |
Increase in other assets |  |  | (1,183 | ) |  |  | (1,248 | ) |  |  | (889 | )
Increase in other liabilities |  |  | (256 | ) |  |  | 113 |  |  |  | 114 |
Net cash used in operating activities |  |  | (5,508 | ) |  |  | (3,445 | ) |  |  | (2,263 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital contribution to subsidiary |  |  | (9,322 | ) |  |  | (60,177 | ) |  |  | (57,823 | )
Net cash used in investing activities |  |  | (9,322 | ) |  |  | (60,177 | ) |  |  | (57,823 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on common stock |  |  | (3,712 | ) |  |  | (3,548 | ) |  |  | (3,296 | )
Exercise of stock options, net of stock swaps |  |  | 275 |  |  |  | 690 |  |  |  | 1,069 |
Proceeds from issuance of subordinated debt |  |  | — |  |  |  | 34,125 |  |  |  | 48,693 |
Issuance of common shares (DRIP program) |  |  | 16,677 |  |  |  | 36,588 |  |  |  | 22,461 |
Net cash provided by financing activities |  |  | 13,240 |  |  |  | 67,855 |  |  |  | 68,927 |
Net (decrease)/increase in cash and cash equivalents |  |  | (1,590 | ) |  |  | 4,233 |  |  |  | 8,841 |
Cash and cash equivalents at beginning of period |  |  | 15,078 |  |  |  | 10,845 |  |  |  | 2,004 |
Cash and cash equivalents at end of period |  | $ | 13,488 |  |  | $ | 15,078 |  |  | $ | 10,845 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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