CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Dec. 31, 2021

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

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

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