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CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Statements of Condition | STATEMENTS OF CONDITION
|  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |
Cash |  | $ | 7,967 |  |  | $ | 27,530 |
Interest-earning deposits |  |  | 523 |  |  |  | 522 |
Total cash and cash equivalents |  |  | 8,490 |  |  |  | 28,052 |
Investment in subsidiary |  |  | 655,490 |  |  |  | 650,918 |
Other assets |  |  | 2,356 |  |  |  | 680 |
Total assets |  | $ | 666,336 |  |  | $ | 679,650 |
Liabilities |  |  |  |  |  |
Subordinated debt |  | $ | 132,987 |  |  | $ | 132,701 |
Other liabilities |  |  | 369 |  |  |  | 561 |
Total liabilities |  |  | 133,356 |  |  |  | 133,262 |
Shareholders’ equity |  |  |  |  |  |
Common stock |  |  | 17,513 |  |  |  | 17,220 |
Surplus |  |  | 338,706 |  |  |  | 332,358 |
Treasury stock |  |  | (97,826 | ) |  |  | (65,104 | )
Retained earnings |  |  | 348,798 |  |  |  | 274,288 |
Accumulated other comprehensive loss |  |  | (74,211 | ) |  |  | (12,374 | )
Total shareholders’ equity |  |  | 532,980 |  |  |  | 546,388 |
Total liabilities and shareholders’ equity |  | $ | 666,336 |  |  | $ | 679,650 |
Schedule of Condensed Statements of Income | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | Years Ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Income |  |  |  |  |  |  |  |  |
Dividend from Bank |  | $ | 23,000 |  |  | $ | — |  |  | $ | 13,000 |
Other income |  |  | 2 |  |  |  | — |  |  |  | 2 |
Total income |  |  | 23,002 |  |  |  | — |  |  |  | 13,002 |
Expenses |  |  |  |  |  |  |  |  |
Interest expense |  |  | 5,453 |  |  |  | 7,013 |  |  |  | 4,992 |
Other expenses |  |  | 1,130 |  |  |  | 1,602 |  |  |  | 948 |
Total expenses |  |  | 6,583 |  |  |  | 8,615 |  |  |  | 5,940 |
Income/(loss) before income tax benefit and equity in undistributed earnings of Bank |  |  | 16,419 |  |  |  | (8,615 | ) |  |  | 7,062 |
Income tax benefit |  |  | (1,676 | ) |  |  | (2,340 | ) |  |  | (1,247 | )
Net income/(loss) before equity in undistributed earnings of Bank |  |  | 18,095 |  |  |  | (6,275 | ) |  |  | 8,309 |
Equity in undistributed earnings of Bank/(dividends in excess of earnings) |  |  | 56,151 |  |  |  | 62,897 |  |  |  | 17,883 |
Net income |  | $ | 74,246 |  |  | $ | 56,622 |  |  | $ | 26,192 |
Other comprehensive (loss)/income |  |  | (61,837 | ) |  |  | (10,982 | ) |  |  | 103 |
Comprehensive income |  | $ | 12,409 |  |  | $ | 45,640 |  |  | $ | 26,295 |
Schedule of Condensed Statements of Cash Flows | STATEMENTS OF CASH FLOWS
|  | Years Ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 74,246 |  |  | $ | 56,622 |  |  | $ | 26,192 |
Undistributed earnings of Bank |  |  | (56,151 | ) |  |  | (62,897 | ) |  |  | (17,883 | )
Amortization of subordinated debt costs |  |  | 286 |  |  |  | 1,002 |  |  |  | 234 |
(Increase)/decrease in other assets |  |  | (1,676 | ) |  |  | (674 | ) |  |  | 4,914 |
(Decrease)/increase in other liabilities |  |  | (192 | ) |  |  | (1,979 | ) |  |  | 2,176 |
Net cash provided by/(used in) operating activities |  |  | 16,513 |  |  |  | (7,926 | ) |  |  | 15,633 |
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 |  |  | (3,645 | ) |  |  | (3,775 | ) |  |  | (3,780 | )
Exercise of stock options, net of stock swaps |  |  | 292 |  |  |  | 187 |  |  |  | 230 |
Proceeds from issuance of subordinated debt |  |  | — |  |  |  | — |  |  |  | 98,143 |
Repayments of subordinated debt |  |  | — |  |  |  | (50,000 | ) |  |  | — |
Purchase of treasury shares |  |  | (32,722 | ) |  |  | (28,627 | ) |  |  | (6,487 | )
Net cash (used in)/provided by financing activities |  |  | (36,075 | ) |  |  | (82,215 | ) |  |  | 88,106 |
Net (decrease)/increase in cash and cash equivalents |  |  | (19,562 | ) |  |  | (90,141 | ) |  |  | 103,739 |
Cash and cash equivalents at beginning of period |  |  | 28,052 |  |  |  | 118,193 |  |  |  | 14,454 |
Cash and cash equivalents at end of period |  | $ | 8,490 |  |  | $ | 28,052 |  |  | $ | 118,193 |

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