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CONDENSED FINANCIAL STATEMENTS OF PEAPACK-GLADSTONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) | 12 Months Ended
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Dec. 31, 2024
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) |  | 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 |
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 |
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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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