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

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Statements of Condition

STATEMENTS OF CONDITION

	December 31,
(In thousands)	2020			2019
Assets
Cash	$	117,670		$	13,931
Interest-earning deposits		523			523
Total cash and cash equivalents		118,193			14,454
Investment in subsidiary		593,162			567,964
Other assets		6			4,920
Total assets	$	711,361		$	587,338
Liabilities
Subordinated debt	$	181,794		$	83,417
Other liabilities		2,445			269
Total liabilities		184,239			83,686
Shareholders’ equity
Common stock		16,958			16,733
Surplus		326,592			319,375
Treasury stock		(36,477	)		(29,990	)
Retained earnings		221,441			199,029
Accumulated other comprehensive loss		(1,392	)		(1,495	)
Total shareholders’ equity		527,122			503,652
Total liabilities and shareholders’ equity	$	711,361		$	587,338

Schedule of Condensed Statements of Income

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(In thousands)	2020			2019			2018
Income
Dividend from Bank	$	13,000		$	31,000		$	—
Other income		2			6			4
Total income		13,002			31,006			4
Expenses
Interest expense		4,992			4,895			4,887
Other expenses		948			721			480
Total expenses		5,940			5,616			5,367
Income/(loss) before income tax benefit and    equity in undistributed earnings of Bank		7,062			25,390			(5,363	)
Income tax benefit		(1,247	)		(1,178	)		(1,123	)
Net income/(loss) before equity in undistributed earnings of Bank		8,309			26,568			(4,240	)
Equity in undistributed earnings of Bank/(dividends    in excess of earnings)		17,883			20,866			48,410
Net income	$	26,192		$	47,434		$	44,170
Other comprehensive income/(loss)		103			850			(1,260	)
Comprehensive income	$	26,295		$	48,284		$	42,910

Schedule of Condensed Statements of Cash Flows

STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(In thousands)	2020			2019			2018
Cash flows from operating activities:
Net income	$	26,192		$	47,434		$	44,170
Undistributed earnings of Bank		(17,883	)		(20,866	)		(48,410	)
Amortization of subordinated debt costs		234			224			171
Decrease/(increase) in other assets		4,914			(1,186	)		(1,183	)
Increase/(decrease) in other liabilities		2,176			(24	)		(256	)
Net cash provided by/(used in) operating activities		15,633			25,582			(5,508	)
Cash flows from investing activities:
Capital contribution to subsidiary		—			—			(9,322	)
Net cash used in investing activities		—			—			(9,322	)
Cash flows from financing activities:
Cash dividends paid on common stock		(3,780	)		(3,865	)		(3,712	)
Exercise of stock options, net of stock swaps		230			251			275
Proceeds from issuance of subordinated debt		98,143			—			—
Issuance of common shares (DRIP program)		—			—			16,677
Shares repurchase		(6,487	)		(21,002	)		—
Net cash provided by/(used in) financing activities		88,106			(24,616	)		13,240
Net increase/(decrease) in cash and cash equivalents		103,739			966			(1,590	)
Cash and cash equivalents at beginning of period		14,454			13,488			15,078
Cash and cash equivalents at end of period	$	118,193		$	14,454		$	13,488