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

12 Months Ended

Dec. 31, 2024

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