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

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

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

STATEMENTS OF CONDITION

	December 31,
(In thousands)	2017			2016
Assets
Cash	$	14,563		$	10,330
Interest-earning deposits		515			515
Total cash and cash equivalents		15,078			10,845
Investment in subsidiary		469,622			361,262
Other assets		2,551			1,303
Total assets	$	487,251		$	373,410
Liabilities
Subordinated debt	$	83,024		$	48,764
Other liabilities		549			436
Total liabilities		83,573			49,200
Shareholders’ equity
Common stock		15,858			14,717
Surplus		283,552			238,708
Treasury stock		(8,988	)		(8,988	)
Retained earnings		114,253			81,304
Accumulated other comprehensive loss		(997	)		(1,531	)
Total shareholders’ equity		403,678			324,210
Total liabilities and shareholders’ equity	$	487,251		$	373,410

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(In thousands)	2017			2016			2015
Income
Dividend from Bank	$	—		$	—		$	—
Other income		2			1			1
Total income		2			1			1
Expenses
Interest expenses		3,206			1,696			—
Other expenses		554			699			525
Total expenses		3,760			2,395			525
Loss before income tax benefit and
equity in undistributed earnings of Bank		(3,758	)		(2,394	)		(524	)
Income tax benefit		(1,313	)		(835	)		(180	)
Net loss before equity in undistributed earnings of Bank		(2,445	)		(1,559	)		(344	)
Equity in
undistributed earnings of Bank/(dividends in excess of earnings)		38,942			28,036			20,316
Net income	$	36,497		$	26,477		$	19,972
Other comprehensive income/(loss)		534			(1,152	)		(1,600	)
Comprehensive income	$	37,031		$	25,325		$	18,372

STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(In thousands)	2017			2016			2015
Cash flows from operating activities:
Net income	$	36,497		$	26,477		$	19,972
Undistributed earnings of Bank		(38,942	)		(28,036	)		(20,316	)
Amortization of subordinated debt costs		135			71			—
Increase in other assets		(1,248	)		(889	)		(194	)
Increase in other liabilities		113			114			81
Net cash used in operating activities		(3,445	)		(2,263	)		(457	)
Cash flows from investing activities:
Capital contribution to subsidiary		(60,177	)		(57,823	)		(18,000	)
Net cash used in investing activities		(60,177	)		(57,823	)		(18,000	)
Cash flows from financing activities:
Cash dividends paid on common stock		(3,548	)		(3,296	)		(3,100	)
Exercise of stock options, net of stock swaps		690			1,069			86
Proceeds from issuance of subordinated debt		34,125			48,693			—
Issuance of common shares (DRIP program)		36,588			22,461			13,648
Net cash provided by financing activities		67,855			68,927			10,634
Net increase/(decrease) in cash and cash equivalents		4,233			8,841			(7,823	)
Cash and cash equivalents at beginning of period		10,845			2,004			9,827
Cash and cash equivalents at end of period	$	15,078		$	10,845		$	2,004