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

12 Months Ended

Dec. 31, 2013

Condensed Financial Statements Of Peapack-Gladstone Financial Corporation Parent Company Only Tables

Schedule of Condensed Statements of Condition

STATEMENTS OF CONDITION

	December 31,
(In thousands)	2013			2012
Assets
Cash	$	44,424		$	602
Interest-earning deposits		516			297
Total cash and cash equivalents		44,940			899
Securities available for sale		—			211
Investment in subsidiary		165,874			120,461
Other assets		647			610
Total assets	$	211,461		$	122,181
Liabilities
Note payable		40,500			—
Other liabilities	$	304		$	124
Total liabilities		40,804			124
Shareholders’ equity
Common stock		10,148			7,755
Surplus		140,699			97,675
Treasury stock		(8,988	)		(8,988	)
Retained earnings		28,775			21,316
Accumulated other comprehensive income,
net of income tax benefit		23			4,299
Total shareholders’ equity		170,657			122,057
Total liabilities and shareholders’ equity	$	211,461		$	122,181

Schedule of Condensed Statments of Income

STATEMENTS OF INCOME

	Years Ended December 31,
(In thousands)	2013			2012			2011
Income
Dividend from Bank	$	1,350		$	14,950		$	6,120
Other income		9			28			76
Securities gains/(losses), net		2			3			20
Total income		1,361			14,981			6,216
Expenses
Other expenses		429			352			68
Total expenses		429			352			68
Income before income tax expense and
equity in undistributed earnings of Bank		932			14,629			6,148
Income tax (benefit)/expense		(50	)		(116	)		16
Net income before equity in undistributed earnings of Bank		982			14,745			6,132
(Dividends in excess of earnings)/ equity in
undistributed earnings of Bank		8,279			(5,049	)		6,036
Net income	$	9,261		$	9,696		$	12,168
Dividends on preferred stock and accretion		—			474			1,228
Net income available to common shareholders	$	9,261		$	9,222		$	10,940

Schedule of Condensed Statements of Cash Flows

STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(In thousands)	2013			2012			2011
Cash flows from operating activities:
Net income	$	9,261		$	9,696		$	12,168
Undistributed loss/(earnings) of Bank		(8,279	)		5,049			(6,036	)
(Gain)/loss on securities available for sale		(2	)		(3	)		(20	)
(Increase)/decrease in other assets		(37	)		(101	)		78
Increase/(decrease) in other liabilities		179			107			(44	)
Net cash provided by operating activities		1,122			14,748			6,146
Cash flows from investing activities:
Proceeds from sales and calls of securities
available for sale		213			386			1,108
Net cash provided by investing activities		213			386			1,108
Cash flows from financing activities:
Redemption of preferred stock		—			(14,341	)		(7,172	)
Repurchase of warrants		—			(109	)		—
Cash dividends paid on preferred stock		—			(112	)		(823	)
Cash dividends paid on common stock		(1,802	)		(1,774	)		(1,765	)
Exercise of stock options		30			21			—
Net proceeds, rights offering		41,100			—			—
Issuance of common shares (DRIP program)		3,248			625			152
Purchase of shares for Profit Sharing Plan		130			—			—
Net cash provided by/(used in) financing activities		42,706			(15,690	)		(9,608	)
Net (decrease)/increase in cash and cash equivalents		44,041			(556	)		(2,354	)
Cash and cash equivalents at beginning of period		899			1,455			3,809
Cash and cash equivalents at end of period	$	44,940		$	899		$	1,455