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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, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Statements of Condition | STATEMENTS OF CONDITION
|  | December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |
Cash |  | $ | 19,901 |  |  | $ | 22,061 |
Interest-earning deposits |  |  | 240 |  |  |  | 532 |
Total cash and cash equivalents |  |  | 20,141 |  |  |  | 22,593 |
Investment in subsidiary |  |  | 713,408 |  |  |  | 690,683 |
Other assets |  |  | 6,696 |  |  |  | 4,498 |
Total assets |  | $ | 740,245 |  |  | $ | 717,774 |
Liabilities |  |  |  |  |  |
Subordinated debt |  | $ | 133,561 |  |  | $ | 133,274 |
Other liabilities |  |  | 835 |  |  |  | 819 |
Total liabilities |  |  | 134,396 |  |  |  | 134,093 |
Shareholders’ equity |  |  |  |  |  |
Common stock |  |  | 17,953 |  |  |  | 17,831 |
Surplus |  |  | 348,264 |  |  |  | 346,954 |
Treasury stock |  |  | (117,509 | ) |  |  | (110,320 | )
Retained earnings |  |  | 423,552 |  |  |  | 394,094 |
Accumulated other comprehensive loss |  |  | (66,411 | ) |  |  | (64,878 | )
Total shareholders’ equity |  |  | 605,849 |  |  |  | 583,681 |
Total liabilities and shareholders’ equity |  | $ | 740,245 |  |  | $ | 717,774 |
Schedule of Condensed Statements of Income | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Income |  |  |  |  |  |  |  |  |
Dividend from Bank |  | $ | 16,000 |  |  | $ | 37,415 |  |  | $ | 23,000 |
Other income |  |  | 47 |  |  |  | 10 |  |  |  | 2 |
Total income |  |  | 16,047 |  |  |  | 37,425 |  |  |  | 23,002 |
Expenses |  |  |  |  |  |  |  |  |
Interest expense |  |  | 6,644 |  |  |  | 6,651 |  |  |  | 5,453 |
Other expenses |  |  | 1,314 |  |  |  | 1,481 |  |  |  | 1,130 |
Total expenses |  |  | 7,958 |  |  |  | 8,132 |  |  |  | 6,583 |
Income before income tax benefit and equity in undistributed earnings of Bank |  |  | 8,089 |  |  |  | 29,293 |  |  |  | 16,419 |
Income tax benefit |  |  | (2,035 | ) |  |  | (2,224 | ) |  |  | (1,676 | )
Net income before equity in undistributed earnings of Bank |  |  | 10,124 |  |  |  | 31,517 |  |  |  | 18,095 |
Equity in undistributed earnings of Bank/(dividends in excess of earnings) |  |  | 22,864 |  |  |  | 17,337 |  |  |  | 56,151 |
Net income |  | $ | 32,988 |  |  | $ | 48,854 |  |  | $ | 74,246 |
Other comprehensive (loss)/income |  |  | (1,533 | ) |  |  | 9,333 |  |  |  | (61,837 | )
Comprehensive income |  | $ | 31,455 |  |  | $ | 58,187 |  |  | $ | 12,409 |
Schedule of Condensed Statements of Cash Flows | STATEMENTS OF CASH FLOWS
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 32,988 |  |  | $ | 48,854 |  |  | $ | 74,246 |
Undistributed earnings of Bank |  |  | (22,864 | ) |  |  | (17,337 | ) |  |  | (56,151 | )
Amortization of subordinated debt costs |  |  | 287 |  |  |  | 287 |  |  |  | 286 |
Increase in other assets |  |  | (2,198 | ) |  |  | (2,142 | ) |  |  | (1,676 | )
Increase/(decrease) in other liabilities |  |  | 54 |  |  |  | 451 |  |  |  | (192 | )
Net cash provided by operating activities |  |  | 8,267 |  |  |  | 30,113 |  |  |  | 16,513 |
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 |  |  | (3,530 | ) |  |  | (3,558 | ) |  |  | (3,645 | )
Exercise of stock options, net of stock swaps |  |  | — |  |  |  | 42 |  |  |  | 292 |
Purchase of treasury shares |  |  | (7,189 | ) |  |  | (12,494 | ) |  |  | (32,722 | )
Net cash used in financing activities |  |  | (10,719 | ) |  |  | (16,010 | ) |  |  | (36,075 | )
Net (decrease)/increase in cash and cash equivalents |  |  | (2,452 | ) |  |  | 14,103 |  |  |  | (19,562 | )
Cash and cash equivalents at beginning of period |  |  | 22,593 |  |  |  | 8,490 |  |  |  | 28,052 |
Cash and cash equivalents at end of period |  | $ | 20,141 |  |  | $ | 22,593 |  |  | $ | 8,490 |

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