Peapack gladstone financial corp (PGC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
OPERATING ACTIVITIES:
Net income

47,434

44,170

36,497

26,477

19,972

14,890

9,261

9,696

12,168

7,664

7,126

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation

3,122

3,127

3,275

3,093

3,921

2,993

3,536

2,946

2,870

3,146

2,433

Amortization of premium and accretion of discount on securities, net

-1,782

-1,399

-1,697

-1,478

-1,664

-1,533

-1,887

-2,261

3,017

723

39

Amortization of restricted stock

5,909

4,445

3,741

2,836

1,621

1,475

590

549

-258

-150

0

Amortization of intangible assets

1,043

1,187

321

124

82

-

0

-

-

-

-

Amortization of subordinated debt costs

224

169

135

71

0

-

-

-

-

-

-

Provision for loan and lease losses

4,000

3,550

5,850

7,500

7,100

4,875

3,425

8,275

7,250

10,000

9,700

Deferred tax benefit

10,013

17,042

14,118

952

-4,043

-1,480

2,670

14,349

933

0

-

Valuation allowance on other real estate owned

-

232

-

-

250

400

1,010

145

-865

0

-

Stock-based compensation and employee stock purchase plan expense

158

189

122

156

319

283

319

336

362

332

343

Provision for deferred taxes

-

-

-

-

-

-

-

-

-

2,148

-539

Fair value adjustment for equity security

117

-105

-

-

527

260

840

856

-

124

-

Excess tax benefit from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-292

Impairment Charges on Securities

-

-

-

-

-

-

-

-

-

941

0

Loans originated for sale

75,588

44,075

43,381

70,874

34,734

28,985

79,291

86,198

36,827

73,306

-50,370

Loss on sale of securities, available for sale, net

-

-288

-

119

-

-

-

-

1,037

-

-

Proceeds from sales of loans held for sale

73,709

44,483

45,763

72,477

34,543

30,585

85,081

-

0

-

-

Gain on loans held for sale

2,866

1,970

1,965

1,633

535

438

-

-

-

-

-

Proceeds from sales of loans

-

-

-

-

-

-

-

-

-

74,347

51,027

Gains on security sales, available for sale

-

-

-

-

-

-

-

-

-

-

-69

Loss on loans held for sale at lower of cost or fair value

-

-

-

-

-

-

-

-

-

1,041

657

Gains on securities, held to maturity, net

-

-

-

-

-

-

-

2,954

0

0

-

Reversal of valuation allowance-deferred tax assets

-

-

-

-

-

-

-

-

2,976

-

0

Proceeds from sales of loans at fair value

-

-

-

-

-

-

-

83,773

34,488

-

-

Gains on loans held for sale at fair value

-

-

-

-

-

-

1,330

1,195

502

-

-

Loss/(gain) on sale of loans held for sale at lower of cost or fair value

-10

-4,392

412

1,233

0

166

522

0

0

-

-

Loss on sale of other real estate owned

-

-58

-

5

0

139

85

-89

-203

-

640

Gain on disposal of premises and equipment

-

-

-

-

-15

9

-49

-19

-

-

-

Gain on death benefit

-

3,000

62

-

285

-

0

-

-

-

-

Increase in cash surrender value of life insurance, net

775

767

818

921

643

752

794

-

-

-

-

Gains on sale of other real estate owned

-

-

-

-

-

-

-

-

-

-18

-16

(Gains)/loss on disposal of fixed assets

-

-

-

-

-

-

-

-

0

-

-

Loss on disposal of premises and equipment

-

-

-

-

-

-

-

-

-

0

13

Increase in cash surrender value of life insurance, net

-

-

-

-

-

-

-

796

907

782

-812

Gain on life insurance proceeds

-

-

-

-

-

-

-

-

403

0

0

Increase in accrued interest receivable

-328

1,362

1,299

1,333

1,449

1,285

222

-214

-153

-213

-327

(Increase)/decrease in other assets

-5,111

8,485

9,977

-945

476

-2,590

-5,643

14,147

-2,368

-2,556

-9,794

(Decrease)/increase in accrued expenses and other liabilities

12,799

-929

2,330

2,935

3,511

1,153

2,315

1,342

178

-736

-643

NET CASH PROVIDED BY OPERATING ACTIVITIES

86,296

64,248

55,935

42,926

30,306

27,263

32,702

17,848

22,461

21,953

7,802

INVESTING ACTIVITIES:
Calls of investment securities held to maturity

-

-

-

-

-

-

-

136

62,500

-

1,003

Maturities of investment securities held to maturity

-

-

-

-

-

-

-

-

-

23,111

20,572

Principal repayments, maturities and calls of securities available for sale

208,625

79,313

66,450

-

96,194

80,382

18,115

26,598

45,360

43,705

37,290

Maturities of investment securities held to maturity

-

-

-

-

-

-

-

45,461

39,094

0

-

Principal repayments, maturities and calls of securities available for sale

-

-

-

67,999

-

-

83,854

60,890

70,464

-

-

Redemptions of FHLB and FRB stock

34,427

87,602

40,561

61,606

48,627

29,722

8,963

16,939

-

-

-

Sales of investment securities held to maturity

-

-

-

-

-

-

-

15,989

0

48,158

-

Sales of securities available for sale

-

19,542

-

5,499

-

-

-

-

-

162,484

658

Purchase of securities available for sale

209,971

156,893

91,561

187,043

8,049

179,153

129,095

42,380

229,392

219,474

133,475

Purchase of equity securities

6,000

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of securities available for sale

-

-

-

-

46,254

35,411

54,881

35,087

64,908

10,445

1,400

Purchase of investment securities held to maturity

-

-

-

-

-

-

-

17,373

62,587

122,770

60,010

Purchase of FHLB and FRB stock

39,962

92,758

40,126

61,435

51,018

31,283

14,356

17,009

-

-

-

Proceeds from sales of loans held for sale at lower of cost or fair value

-4,984

-126,898

-109,454

201,681

0

68,022

14,271

-

-

-

-

Net (increase)/decrease in loans, net of participations sold

478,099

358,652

505,046

518,832

746,132

745,434

445,523

-

10,893

-

-

Net increase in loans

-

-

-

-

-

-

-

116,242

106,391

38,550

63,249

Purchase of Loans

-

-

-

-

-

-

-

-

-

943

0

Sales of other real estate owned

336

1,800

534

568

744

1,100

3,749

2,898

7,576

865

574

Purchase of premises and equipment

1,705

1,059

2,380

3,218

1,924

3,941

2,545

1,054

975

2,958

3,423

Disposal of premises and equipment

-

-

-

-

-

15

0

0

861

0

2

Purchase of wealth management company

2,600

3,500

13,500

-

800

-

0

-

-

-

-

Proceeds from death benefit

3,000

-

100

-

677

-

0

-

1,088

0

0

Purchase of life insurance

-

-

-

-

10,000

-

0

2,996

0

0

-

NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES

-486,965

-297,707

-435,514

-433,175

-625,427

-745,159

-407,686

6,944

-118,387

-18,827

-72,160

FINANCING ACTIVITIES:
Net increase in deposits

348,171

196,986

286,517

476,367

636,777

651,443

130,823

72,535

92,346

1,877

111,781

Net increase in overnight borrowings

128,100

-

-

-40,700

-13,900

-300

54,900

-

0

-

15,250

Proceeds from FHLB advances

-

105,000

-

-

-

9,000

-

0

-

-

-

Proceeds from Federal Home Loan Bank advances

-

-

-

-

-

-

62,692

0

0

-

-

Repayments of Federal Home Loan Bank advances

3,000

34,898

23,897

21,897

0

-

218

5,462

6,446

12,373

3,249

Redemption of preferred stock

-

-

-

-

-

-

-

14,341

-7,172

-7,172

0

Gross Proceeds from Issuance of Preferred Stock and Warrants

-

-

-

-

-

-

-

-

-

-

28,685

Repurchase of warrants

-

-

-

-

-

-

-

109

0

0

-

Issuance Costs of Preferred Stock

-

-

-

-

-

-

-

-

-

-

112

Dividends paid on preferred stock

-

-

-

-

-

-

-

112

823

1,126

1,218

Dividends paid on common stock

3,865

3,712

3,548

3,296

3,100

2,414

1,802

1,774

1,765

1,757

3,525

Tax Benefit on Stock Option Exercises

-

-

-

-

-

-

-

-

-

-

292

Exercise of Stock Options, net of stock swaps

251

275

690

1,069

86

174

30

21

0

0

1,025

Restricted stock repurchased on vesting to pay taxes

1,106

1,540

1,826

554

81

-

0

-

-

-

-

Proceeds from issuance of subordinated debt

-

-

34,125

48,693

0

-

-

-

-

-

-

Net proceeds, rights offering

-

-

-

-

-

48,358

41,100

0

0

-

-

Sale of common shares (Dividend Reinvestment Program)

-

16,677

36,588

22,461

13,648

7,429

3,248

625

-

-

-

Issuance of shares for employee’s savings and investment plan

-

1,039

889

-

0

70

130

0

-

-

-

Issuance of shares for employee stock purchase plan

532

958

797

637

644

196

0

0

-

-

-

Sales of shares (DRIP Program)

-

-

-

-

-

-

-

-

152

140

106

Purchase of treasury shares

21,002

-

-

-

-

-

-

-

0

-

-

Treasury Stock Transactions

-

-

-

-

-

-

-

-

-

-

1,094

NET CASH PROVIDED BY FINANCING ACTIVITIES

448,081

280,785

330,335

482,780

634,074

713,956

290,903

51,383

76,292

-20,411

117,441

Net increase in cash and cash equivalents

47,412

47,326

-49,244

92,531

38,953

-3,940

-84,081

76,175

-19,634

-17,285

53,083

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest

60,293

42,768

26,506

19,965

13,726

7,042

3,822

4,410

7,072

11,557

19,090

Income tax, net

3,595

3,605

11,597

14,870

15,572

7,747

1,223

7,410

2,919

5,164

5,098

Transfer of securities to available for sale from held to maturity

-

-

-

-

-

-

-

64,211

0

0

-

Transfer of loans to loans held for sale

15,064

137,317

-

182,694

286,519

67,855

0

13,749

0

0

-

Transfer of loans held for sale to loan portfolio

-

-

-

30,121

0

-

-

-

-

-

-

Transfer of loans to other real estate owned

386

-

2,090

534

233

744

3,119

2,466

13,445

4,523

347

Securities purchase settled in subsequent period

7,959

-

-

-

-

-

-

-

-

-

-

Internally financed sale of other real estate owned

-

-

-

-

-

-

-

2,975

832

0

-

Increase in capital lease

-

-

-

-

-

2,326

0

0

-

-

-

Acquisitions (Note 21)
Goodwill

5,791

7,310

15,534

-

1,010

-

0

-

-

-

-

Customer relationship & other intangibles

3,441

2,440

5,466

-

1,790

-

0

-

-

-

-

Right-of-use asset obtained in exchange for lease obligation

7,012

-

-

-

-

-

-

-

-

-

-

Acquisition of leased premises

-

-

-

-

-

-

-

-

2,813

6,097

0