← PEAPACK GLADSTONE FINANCIAL CORP

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $26.5m $36.5m $44.2m $47.4m $26.2m $56.6m $74.2m $48.9m $33.0m $37.3m
Net Income (Loss) Available to Common Stockholders, Basic $26.5m $36.5m $44.2m $47.4m $26.2m $56.6m $74.2m $48.9m $33.0m $37.3m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest — — $44.2m $47.4m $26.2m $56.6m $74.2m $48.9m $33.0m $37.3m
Amortization of Debt Issuance Costs $71k $135k $169k $224k $224k $1.0m $286k $287k $287k $469k
Amortization of Intangible Assets $123k $321k $1.2m $1.0m $1.3m $1.6m $1.6m $1.3m $1.1m $1.1m
Depreciation $3.1m $3.3m $3.1m $3.1m $3.1m $3.2m $3.5m $3.7m $3.5m $4.1m
Amortization of premium and accretion of discount on securities, net $1.5m $1.7m $1.4m $1.8m $5.0m $5.8m $2.7m $578k $242k ($85k)
Amortization of restricted stock $2.8m $3.7m $4.4m $5.9m $6.9m $7.1m $8.4m $10.8m $5.8m $5.3m
Amortization of subordinated debt costs $71k $135k $169k $224k $224k $1.0m $286k $287k $287k $469k
Deferred Income Tax Expense (Benefit) $952k $14.1m $17.0m $10.0m $8.2m $9.5m ($6.6m) ($15.3m) ($14.3m) $7.8m
Deferred tax expense/(benefit) $952k $14.1m $17.0m $10.0m $8.2m $9.5m ($6.6m) ($15.3m) ($14.3m) $7.8m
Share-based Payment Arrangement, Noncash Expense $156k $122k $189k — — — — — — —
Payment, Tax Withholding, Share-based Payment Arrangement $554k $1.8m $1.5m $1.1m $741k $2.4m $2.9m $3.2m $877k $1.2m
Goodwill, Impairment Loss — — — $0 $0 $0 $0 $0 $0 $0
Gain (Loss) on Disposition of Property Plant Equipment — — — — — — $275k ($6k) ($102k) $304k
Gain (Loss) on Disposition of Assets — — — — — — $275k — — —
Gain (Loss) on Disposition of Assets for Financial Service Operations — — ($58k) $0 $0 $51k $0 — — —
Income Tax Expense (Benefit) $16.3m $17.8m $13.6m $18.7m $5.8m $21.0m $28.1m $18.4m $12.0m $15.0m
Right-of-use asset obtained in exchange for operating lease liabilities — — — — — — $5.9m $1.9m $32.3m $4.3m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Other Operating Assets ($945k) $10.0m $8.5m ($5.1m) $8.1m $4.9m ($5.3m) $3.3m $27.1m $15.4m
Provision for Loan, Lease, and Other Losses — — — — — — $6.4m $14.1m $4k $23.5m
Bank Owned Life Insurance Income $1.4m $1.4m $1.4m $1.3m $1.3m $1.7m $1.2m $1.3m $1.6m $1.7m
Gain (Loss) on Sales of Loans, Net — — — ($10k) $7.4m $1.1m — — $23k ($364k)
Proceeds from Stock Options Exercised $1.1m $690k $275k $251k $230k $187k $292k $42k — $0
Parent Company $3.3m $3.5m $3.7m $3.9m $3.8m $3.8m $3.6m $3.6m $3.5m $3.5m
Equity Securities, FV-NI, Unrealized Gain (Loss) — — ($105k) $117k $281k ($432k) ($1.7m) $181k $828k $418k
Foreign Currency Transaction Gain (Loss), before Tax — — $1.3m $1.2m $1.2m $1.5m $1.5m $1.2m $1.0m $1.0m
Gain (Loss) on Investments $119k — ($393k) $117k $281k ($432k) ($6.6m) — — $7k
Gain (Loss) on Termination of Lease — — — — — — — — — $875k
Goodwill $1.6m $17.1m $24.4m $30.2m $33.1m $36.2m $36.2m $36.2m $36.2m $36.2m
Financing Receivable, Credit Loss, Expense (Reversal) — — — — — — $450k — — ($83k)
Unrealized Gain (Loss) on Investments — — $232k — — — — — — —
Provision for credit losses — — — — $32.4m $6.5m $6.4m $14.1m $7.5m $23.5m
Swap valuation allowance — — — — — $2.2m $673k — — —
Valuation allowance loans held for sale — — $232k — $4.4m — — — — —
Stock-based compensation and employee stock purchase plan expense $156k $122k $189k $158k $224k $126k $145k $178k $154k $199k
Fair value adjustment for equity security — — $105k ($117k) ($281k) $432k $1.7m ($181k) ($828k) ($418k)
Gain on sale of securities, available for sale, net — — — — — — $6.6m — — ($7k)
Proceeds from sales of loans held for sale (A) $72.5m $45.8m $44.5m $73.7m $187.7m $171.3m $98.6m $41.4m $28.9m $29.2m
Loans originated for sale (A) ($70.9m) ($43.4m) ($44.1m) ($75.6m) ($194.7m) ($176.8m) ($74.9m) ($30.0m) ($29.3m) ($23.8m)
Gain on loans held for sale (A) ($1.6m) ($2.0m) ($2.0m) ($2.9m) ($5.0m) ($7.1m) ($7.2m) ($2.5m) ($1.4m) ($1.7m)
Loss/(gain) on loans held for sale at lower of cost or fair value — — — — — — — — ($23k) $364k
Loss/(gain) on disposal of fixed assets — — — — — — ($275k) ($6k) ($102k) —
Loss on disposal of fixed assets — — — — — — — $6k $102k $304k
Gain on life insurance death benefit — ($62k) ($3.0m) — — ($455k) ($27k) ($41k) ($236k) ($8k)
(Increase)/decrease in accrued interest receivable ($1.3m) ($1.3m) ($1.4m) $328k ($12.0m) $906k ($3.6m) ($5.5m) $778k ($2.1m)
Increase in other assets $945k ($10.0m) ($8.5m) $5.1m ($8.1m) ($4.9m) $5.3m ($3.3m) ($27.1m) ($15.4m)
(Decrease)/increase in accrued expenses and other liabilities $2.9m $2.3m ($929k) $12.8m ($10.7m) $226k $2.1m $6.3m $63.2m ($23.1m)
Principal repayments, maturities and calls of securities held to maturity — — — — — $234k $6.3m $4.8m $6.0m $5.7m
Principal repayments, maturities and calls of securities available for sale $68.0m $66.5m $79.3m $208.6m $217.1m $453.4m $440.7m $633.7m $661.5m $722.8m
Redemptions for FHLB & FRB stock $61.6m $40.6m $87.6m $34.4m $39.5m $807k $33.8m $115.9m $59.7m $27.1m
Sales of securities available for sale $5.5m — $19.5m $0 $0 — $119.0m — — $53.2m
Purchase of securities held to maturity — — — — — ($108.9m) — ($10.3m) — —
Purchase of securities available for sale ($187.0m) ($91.6m) ($156.9m) ($210.0m) ($448.1m) ($653.5m) ($420.2m) ($619.0m) ($899.7m) ($733.4m)
Purchase of equity securities — — — ($6.0m) ($4.0m) — — — — —
Purchase of FHLB & FRB stock ($61.4m) ($40.1m) ($92.8m) ($40.0m) ($29.1m) ($48k) ($51.5m) ($116.3m) ($41.0m) ($29.3m)
Proceeds from sale of loans held for sale at lower of cost or fair value $201.7m $109.5m $126.9m $5.0m $372.4m $66.1m — — $23k $886k
Net increase in loans, net of participations sold ($518.8m) ($505.0m) ($358.7m) ($478.1m) ($354.5m) ($503.7m) ($480.9m) ($153.1m) ($83.4m) ($768.1m)
Sales of OREO $568k $534k $1.8m $336k — $101k — $116k — —
Disposal of premises and equipment — — — — — — $277k ($6k) $428k ($237k)
Purchase of wealth management company — ($13.5m) ($3.5m) ($2.6m) ($4.2m) ($5.5m) — — — —
Proceeds from life insurance death benefit — $100k — $3.0m — $1.2m — — $154k —
Net increase in deposits $476.4m $286.5m $197.0m $348.2m $575.0m $447.7m ($61.0m) $69.0m $854.9m $460.0m
Net increase/(decrease) in short-term borrowings — — — — ($113.1m) — $379.5m $24.3m ($403.8m) $73.3m
Repayments of Paycheck Protection Program Liquidity Facility — — — — $358.8m $177.1m — — — —
Repayments of FHLB advances ($21.9m) ($23.9m) ($34.9m) ($3.0m) ($105.0m) ($15.0m) — — — —
Exercise of stock options, net of stock swaps $1.1m $690k $275k $251k $230k $187k $292k $42k $0 $0
Restricted stock repurchased on vesting to pay taxes ($554k) ($1.8m) ($1.5m) ($1.1m) ($741k) ($2.4m) ($2.9m) ($3.2m) ($877k) ($1.2m)
Issuance of restricted stock — — — — — $0 $0 $0 ($4.3m) $0
Redemption of subordinated debt — — — — — ($50.0m) — — — ($35.0m)
Issuance of shares for employee stock purchase plan $637k $797k $958k $532k $1.1m $833k $904k $1.0m $857k $1.1m
Shares repurchased — — — ($21.0m) ($6.5m) ($28.6m) ($32.7m) ($12.5m) ($7.2m) ($5.4m)
Interest $20.0m $26.5m $42.8m $60.3m $38.3m $22.4m $33.2m $141.2m $170.8m $164.0m
Income tax, net — $11.6m $3.6m $3.6m $9.8m $16.1m $25.0m $18.5m $17.7m $19.7m
Transfer of loans to loans held for sale $30.1m — $137.3m $15.1m $367.5m $57.4m — — — —
Transfer of loans to other real estate owned $534k $2.1m — $386k — — $116k — — —
Customer relationship & other intangibles — $5.5m $2.4m $3.4m $1.7m $3.5m — — — —
Net Cash Provided by (Used in) Operating Activities $42.9m $55.9m $64.2m $86.3m $36.7m $75.5m $118.9m $70.1m $71.1m $43.1m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $3.2m $2.4m $1.1m $1.7m $3.1m $3.9m $3.5m $3.3m $8.1m $14.3m
Payments to Acquire Businesses, Net of Cash Acquired — $13.5m $3.5m $2.6m $4.2m $5.5m — — — —
Gains (Losses) on Sales of Investment Real Estate $5k — $58k — — — — — — —
Net Cash Provided by (Used in) Investing Activities ($433.2m) ($435.5m) ($297.7m) ($487.0m) ($214.0m) ($753.8m) ($356.1m) ($147.5m) ($303.4m) ($735.8m)
Cash flows from financing activities:
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale $68.0m $66.5m — $208.6m $217.1m $453.4m $440.7m $633.7m $661.5m $722.8m
Proceeds from issuance of subordinated debt $48.7m $34.1m — — $98.2m — — — — —
Payments for Repurchase of Common Stock — — — $21.0m $6.5m $28.6m $32.7m $12.5m $7.2m $5.4m
Payments of Ordinary Dividends, Common Stock $3.3m $3.5m $3.7m $3.9m $3.8m $3.8m $3.6m $3.6m $3.5m $3.5m
Proceeds from (Payments to) Noncontrolling Interests — — — — — — — — — ($58k)
Dividends paid on common stock ($3.3m) ($3.5m) ($3.7m) ($3.9m) ($3.8m) ($3.8m) ($3.6m) ($3.6m) ($3.5m) ($3.5m)
Net Cash Provided by (Used in) Financing Activities $482.8m $330.3m $280.8m $448.1m $622.4m $171.8m $280.4m $75.0m $436.0m $489.1m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — — — $47.4m $445.1m ($506.5m) $43.3m ($2.4m) $203.7m ($203.5m)
Increase in cash surrender value of life insurance, net ($921k) ($818k) ($767k) ($775k) ($681k) ($618k) ($532k) ($457k) ($318k) ($48k)
Net (decrease)/increase in cash and cash equivalents $92.5m ($49.2m) $47.3m $47.4m $445.1m ($506.5m) $43.3m ($2.4m) $203.7m ($203.5m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — $208.2m $653.3m $146.8m $190.1m $187.7m $391.4m $187.8m
Cash and cash equivalents at beginning of period — $113.4m $160.8m $208.2m $653.3m $146.8m $190.1m $187.7m $391.4m $187.8m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities — $26.5m $42.8m $60.3m $38.3m $22.4m $33.2m $141.2m $170.8m $164.0m
Income Taxes Paid, Net — — — $3.6m $9.8m $16.1m $25.0m $18.5m $17.7m $19.7m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.