XML 61 R49.htm IDEA: XBRL DOCUMENT
v3.22.0.1

CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Schedule of Condensed Statements of Condition | STATEMENTS OF CONDITION
|  | December 31, |
(In thousands) |  | 2021 |  |  | 2020 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 27,530 |  |  | $ | 117,670 |
Interest-earning deposits |  |  | 522 |  |  |  | 523 |
Total cash and cash equivalents |  |  | 28,052 |  |  |  | 118,193 |
Investment in subsidiary |  |  | 650,918 |  |  |  | 593,162 |
Other assets |  |  | 680 |  |  |  | 6 |
Total assets |  | $ | 679,650 |  |  | $ | 711,361 |
Liabilities |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 132,701 |  |  | $ | 181,794 |
Other liabilities |  |  | 561 |  |  |  | 2,445 |
Total liabilities |  |  | 133,262 |  |  |  | 184,239 |
Shareholders’ equity |  |  |  |  |  |  |  |
Common stock |  |  | 17,220 |  |  |  | 16,958 |
Surplus |  |  | 332,358 |  |  |  | 326,592 |
Treasury stock |  |  | (65,104 | ) |  |  | (36,477 | )
Retained earnings |  |  | 274,288 |  |  |  | 221,441 |
Accumulated other comprehensive loss |  |  | (12,374 | ) |  |  | (1,392 | )
Total shareholders’ equity |  |  | 546,388 |  |  |  | 527,122 |
Total liabilities and shareholders’ equity |  | $ | 679,650 |  |  | $ | 711,361 |
Schedule of Condensed Statements of Income | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | Years Ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Dividend from Bank |  | $ | — |  |  | $ | 13,000 |  |  | $ | 31,000 |
Other income |  |  | — |  |  |  | 2 |  |  |  | 6 |
Total income |  |  | — |  |  |  | 13,002 |  |  |  | 31,006 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 7,013 |  |  |  | 4,992 |  |  |  | 4,895 |
Other expenses |  |  | 1,602 |  |  |  | 948 |  |  |  | 721 |
Total expenses |  |  | 8,615 |  |  |  | 5,940 |  |  |  | 5,616 |
(Loss)/income before income tax benefit and equity in undistributed earnings of Bank |  |  | (8,615 | ) |  |  | 7,062 |  |  |  | 25,390 |
Income tax benefit |  |  | (2,340 | ) |  |  | (1,247 | ) |  |  | (1,178 | )
Net (loss)/income before equity in undistributed earnings of Bank |  |  | (6,275 | ) |  |  | 8,309 |  |  |  | 26,568 |
Equity in undistributed earnings of Bank/(dividends in excess of earnings) |  |  | 62,897 |  |  |  | 17,883 |  |  |  | 20,866 |
Net income |  | $ | 56,622 |  |  | $ | 26,192 |  |  | $ | 47,434 |
Other comprehensive (loss)/income |  |  | (10,982 | ) |  |  | 103 |  |  |  | 850 |
Comprehensive income |  | $ | 45,640 |  |  | $ | 26,295 |  |  | $ | 48,284 |
Schedule of Condensed Statements of Cash Flows | STATEMENTS OF CASH FLOWS
|  | Years Ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 56,622 |  |  | $ | 26,192 |  |  | $ | 47,434 |
Undistributed earnings of Bank |  |  | (62,897 | ) |  |  | (17,883 | ) |  |  | (20,866 | )
Amortization of subordinated debt costs |  |  | 1,002 |  |  |  | 234 |  |  |  | 224 |
(Increase)/decrease in other assets |  |  | (674 | ) |  |  | 4,914 |  |  |  | (1,186 | )
(Decrease)/increase in other liabilities |  |  | (1,979 | ) |  |  | 2,176 |  |  |  | (24 | )
Net cash (used in)/provided by operating activities |  |  | (7,926 | ) |  |  | 15,633 |  |  |  | 25,582 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital contribution to subsidiary |  |  | — |  |  |  | — |  |  |  | — |
Net cash used in investing activities |  |  | — |  |  |  | — |  |  |  | — |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on common stock |  |  | (3,775 | ) |  |  | (3,780 | ) |  |  | (3,865 | )
Exercise of stock options, net of stock swaps |  |  | 187 |  |  |  | 230 |  |  |  | 251 |
Proceeds from issuance of subordinated debt |  |  | — |  |  |  | 98,143 |  |  |  | — |
Repayments of subordinated debt |  |  | (50,000 | ) |  |  | — |  |  |  | — |
Shares repurchase |  |  | (28,627 | ) |  |  | (6,487 | ) |  |  | (21,002 | )
Net cash (used in)/provided by financing activities |  |  | (82,215 | ) |  |  | 88,106 |  |  |  | (24,616 | )
Net (decrease)/increase in cash and cash equivalents |  |  | (90,141 | ) |  |  | 103,739 |  |  |  | 966 |
Cash and cash equivalents at beginning of period |  |  | 118,193 |  |  |  | 14,454 |  |  |  | 13,488 |
Cash and cash equivalents at end of period |  | $ | 28,052 |  |  | $ | 118,193 |  |  | $ | 14,454 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration