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CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) | 23. CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) STATEMENTS OF CONDITION
|  | December 31, |
(In thousands) |  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |
Cash |  | $ | 22,061 |  |  | $ | 7,967 |
Interest-earning deposits |  |  | 532 |  |  |  | 523 |
Total cash and cash equivalents |  |  | 22,593 |  |  |  | 8,490 |
Investment in subsidiary |  |  | 690,683 |  |  |  | 655,490 |
Other assets |  |  | 4,498 |  |  |  | 2,356 |
Total assets |  | $ | 717,774 |  |  | $ | 666,336 |
Liabilities |  |  |  |  |  |
Subordinated debt |  | $ | 133,274 |  |  | $ | 132,987 |
Other liabilities |  |  | 819 |  |  |  | 369 |
Total liabilities |  |  | 134,093 |  |  |  | 133,356 |
Shareholders’ equity |  |  |  |  |  |
Common stock |  |  | 17,831 |  |  |  | 17,513 |
Surplus |  |  | 346,954 |  |  |  | 338,706 |
Treasury stock |  |  | (110,320 | ) |  |  | (97,826 | )
Retained earnings |  |  | 394,094 |  |  |  | 348,798 |
Accumulated other comprehensive loss |  |  | (64,878 | ) |  |  | (74,211 | )
Total shareholders’ equity |  |  | 583,681 |  |  |  | 532,980 |
Total liabilities and shareholders’ equity |  | $ | 717,774 |  |  | $ | 666,336 |
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | Years Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Income |  |  |  |  |  |  |  |  |
Dividend from Bank |  | $ | 37,415 |  |  | $ | 23,000 |  |  | $ | — |
Other income |  |  | 10 |  |  |  | 2 |  |  |  | — |
Total income |  |  | 37,425 |  |  |  | 23,002 |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |
Interest expense |  |  | 6,651 |  |  |  | 5,453 |  |  |  | 7,013 |
Other expenses |  |  | 1,481 |  |  |  | 1,130 |  |  |  | 1,602 |
Total expenses |  |  | 8,132 |  |  |  | 6,583 |  |  |  | 8,615 |
Income/(loss) before income tax benefit and equity in undistributed earnings of Bank |  |  | 29,293 |  |  |  | 16,419 |  |  |  | (8,615 | )
Income tax benefit |  |  | (2,224 | ) |  |  | (1,676 | ) |  |  | (2,340 | )
Net income/(loss) before equity in undistributed earnings of Bank |  |  | 31,517 |  |  |  | 18,095 |  |  |  | (6,275 | )
Equity in undistributed earnings of Bank/(dividends in excess of earnings) |  |  | 17,337 |  |  |  | 56,151 |  |  |  | 62,897 |
Net income |  | $ | 48,854 |  |  | $ | 74,246 |  |  | $ | 56,622 |
Other comprehensive income/(loss) |  |  | 9,333 |  |  |  | (61,837 | ) |  |  | (10,982 | )
Comprehensive income |  | $ | 58,187 |  |  | $ | 12,409 |  |  | $ | 45,640 |
STATEMENTS OF CASH FLOWS
|  | Years Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 48,854 |  |  | $ | 74,246 |  |  | $ | 56,622 |
Undistributed earnings of Bank |  |  | (17,337 | ) |  |  | (56,151 | ) |  |  | (62,897 | )
Amortization of subordinated debt costs |  |  | 287 |  |  |  | 286 |  |  |  | 1,002 |
Increase in other assets |  |  | (2,142 | ) |  |  | (1,676 | ) |  |  | (674 | )
Increase/(decrease) in other liabilities |  |  | 451 |  |  |  | (192 | ) |  |  | (1,979 | )
Net cash provided by/(used in) operating activities |  |  | 30,113 |  |  |  | 16,513 |  |  |  | (7,926 | )
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 |  |  | (3,558 | ) |  |  | (3,645 | ) |  |  | (3,775 | )
Exercise of stock options, net of stock swaps |  |  | 42 |  |  |  | 292 |  |  |  | 187 |
Repayments of subordinated debt |  |  | — |  |  |  | — |  |  |  | (50,000 | )
Purchase of treasury shares |  |  | (12,494 | ) |  |  | (32,722 | ) |  |  | (28,627 | )
Net cash used in financing activities |  |  | (16,010 | ) |  |  | (36,075 | ) |  |  | (82,215 | )
Net increase/(decrease) in cash and cash equivalents |  |  | 14,103 |  |  |  | (19,562 | ) |  |  | (90,141 | )
Cash and cash equivalents at beginning of period |  |  | 8,490 |  |  |  | 28,052 |  |  |  | 118,193 |
Cash and cash equivalents at end of period |  | $ | 22,593 |  |  | $ | 8,490 |  |  | $ | 28,052 |

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