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

12 Months Ended

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