Peapack gladstone financial corp (PGC)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
OPERATING ACTIVITIES:
Net income

1,373

12,233

12,226

11,550

11,425

10,729

10,724

11,910

10,807

10,369

10,206

7,940

7,982

7,308

7,116

6,564

5,489

4,343

5,383

5,238

5,008

4,212

3,864

3,783

3,031

2,395

1,964

2,009

2,893

1,058

2,832

2,723

3,083

2,527

5,332

2,168

2,141

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

771

780

819

782

741

778

789

761

799

802

770

916

787

813

761

763

756

1,513

803

807

798

788

757

721

727

1,340

737

728

731

732

733

740

741

721

717

714

718

Amortization of premium and accretion of discount on securities, net

-684

-617

-552

-362

-251

-306

-352

-373

-368

-421

-435

-442

-399

-388

-375

-371

-344

-327

-399

-439

-499

-448

-365

-341

-379

-3,386

500

480

519

-3,969

561

565

582

685

942

700

690

Amortization of restricted stock

1,541

1,535

1,509

1,475

1,390

1,143

1,172

1,154

976

1,205

865

857

814

682

725

840

589

-113

636

622

476

319

435

440

281

894

-107

-114

-83

881

-111

-110

-111

-67

-67

-182

58

Amortization of intangible assets

324

355

230

229

229

647

181

179

180

228

31

31

31

31

31

45

17

82

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of subordinated debt costs

56

56

56

56

56

55

5

54

55

37

33

33

32

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for loan and lease losses

20,000

1,950

800

1,150

100

1,500

500

300

1,250

1,650

400

2,200

1,600

1,500

2,100

2,200

1,700

1,950

1,600

2,200

1,350

1,250

1,150

1,150

1,325

1,325

750

500

850

4,525

750

1,500

1,500

1,750

1,500

2,000

2,000

Deferred tax benefit

-3,520

6,294

4,339

3,485

-4,105

13,416

2,197

1,038

391

16,205

147

-1,638

-596

-885

2,910

117

-1,190

-1,121

-1,030

-1,971

79

1,094

-2,038

-531

-5

-

-

-

-

-

-

-

-

-

-

-

-

Valuation allowance on other real estate owned

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

300

100

80

0

930

0

-

-

-

-

-

-

-

-

Stock-based compensation and employee stock purchase plan expense

41

41

42

30

45

46

31

59

53

11

32

44

35

28

29

44

55

67

80

80

92

106

71

54

52

85

65

84

85

83

84

84

85

89

61

105

107

Provision for deferred taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-817

-3,676

494

-

0

145

-145

-

-177

-478

33

Fair value adjustment for equity security

198

-45

34

69

59

46

-37

-36

-78

-

0

0

0

-

0

18

101

0

83

176

268

44

39

79

98

125

188

238

289

208

151

107

390

-

-

-

-

Loans originated for sale

30,247

35,027

18,030

12,501

10,030

8,633

10,024

14,543

10,875

15,456

14,015

9,416

4,494

17,462

25,128

20,222

8,062

8,239

5,834

7,478

13,183

8,718

3,263

8,224

8,780

12,998

9,556

29,506

27,231

18,695

34,230

16,444

16,829

14,288

6,923

25,342

-9,726

Proceeds from sales of loans held for sale

31,095

31,521

19,022

13,868

9,298

6,921

13,953

14,857

8,752

17,421

15,109

7,076

6,157

19,707

26,631

19,935

6,204

7,299

6,180

11,139

9,925

8,358

-45,804

68,031

0

70,810

0

0

14,271

-

-

-

0

-

-

-

-

Gain on loans held for sale

1,346

1,273

422

705

466

351

601

893

125

896

634

233

202

820

383

309

121

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of loans originated for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

16,644

-

-

-

-

Proceeds from sales of loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,130

5,306

8,744

Gains on security sales, available for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

669

-196

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

-3

-

-

-

-

-

-

-

-

-

-

-

-

353

256

500

124

0

0

0

0

-3

-7

176

0

0

0

0

522

0

-467

279

188

-363

116

51

196

Proceeds from sales of loans at fair value

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,455

9,124

-

-478

41,312

32,334

-

-

-

-

-

-

-

-

Gains on loans held for sale at fair value

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

102

161

148

-

86

112

112

192

277

391

470

-

-

-

-

-

-

-

-

Loss on sale of other real estate owned

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

38

7

-45

0

31

108

0

-

-

-

-

-

-

-

-

-

-

-

-

Gain on disposal of premises and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

9

-

-

-

-

-

-

-

-

-

-

-

-

Increase in cash surrender value of life insurance, net

181

188

196

190

201

172

201

201

193

206

208

218

186

265

216

224

216

158

162

161

162

186

190

193

183

191

201

207

195

201

199

198

198

214

230

690

-227

Gains on sale of other real estate owned

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-22

15

9

-

22

-27

-57

-

0

94

-47

Increase in accrued interest receivable

1,310

-1,273

165

-94

874

-35

3,647

-104

-2,146

2,649

27

-47

-1,330

1,770

-1,350

236

677

-19

388

508

572

245

268

70

702

69

45

204

-96

-176

593

-395

-236

299

-605

492

-339

(Increase)/decrease in other assets

7,528

4,570

-1,133

7,864

-16,412

12,626

355

-2,752

-1,744

18,793

27

-128

-8,715

-1,336

456

-1,233

1,168

1,942

1,442

-1,487

-1,421

2,061

118

1,080

-5,849

-1,641

-324

-850

-2,828

13,575

548

828

-804

-861

-1,183

1,682

-2,006

(Decrease)/increase in accrued expenses and other liabilities

-4,174

3,507

1,248

370

7,674

-8,334

10,572

-843

-2,324

1,357

230

-361

1,104

203

296

2,267

169

1,468

868

1,259

-84

-553

2,609

553

-1,456

-1,221

2,864

283

389

-459

1,871

-575

505

-1,664

2,126

-771

487

NET CASH PROVIDED BY OPERATING ACTIVITIES

7,384

19,153

23,135

12,122

31,886

6,832

26,059

17,275

14,082

11,328

13,313

7,786

23,508

10,474

15,913

12,875

3,664

5,371

6,938

12,721

5,276

4,643

8,873

4,224

9,523

3,245

-2,595

20,454

11,598

6,558

-837

5,239

6,888

3,123

10,335

6,752

2,251

INVESTING ACTIVITIES:
Maturities of investment securities held to maturity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,994

-

15,652

6,225

6,536

Principal repayments, maturities and calls of securities available for sale

31,037

-

-

-

49,056

-

-

-

-

-

-

-

-

-

-

-

-

81,314

0

3,880

11,000

76,382

4,000

0

0

0

0

18,000

115

3,000

8,750

-8,333

23,181

-3,636

18,676

15,141

15,179

Principal repayments, maturities and calls of securities available for sale

-

-

-

-

-

-

-

24,372

15,817

-

19,402

14,509

17,828

24,002

13,041

17,247

13,709

-

18,619

15,048

24,431

-

-3,296

41,140

11,271

20,748

23,774

18,285

21,047

-

-

-

-

-

-

-

-

Redemptions of FHLB and FRB stock

12,072

34,066

82

144

135

16,293

22,241

28,222

20,846

8,993

18,286

12,832

450

451

5,058

38,759

17,338

4,059

12,368

22,691

9,509

5,432

24,290

-12,596

12,596

-

-

-

-

-

-

-

-

-

-

-

-

Sales of securities available for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,800

-

1,755

15,005

24,995

Purchase of securities available for sale

24,852

69,434

47,950

39,104

53,483

29,058

59,288

29,635

38,912

29,756

19,626

29,744

12,435

80,519

60,199

10,766

35,559

1,575

1,164

4,759

551

115,342

31,225

23,780

8,806

28,727

47,242

36,461

16,665

-5,533

27,596

6,517

13,800

77,836

69,929

25,606

56,021

Purchase of equity securities

3,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of securities available for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,305

4,194

0

9,389

14,479

22,386

7,995

2,249

6,551

18,616

12,042

16,491

11,055

15,293

5,729

6,965

4,404

17,989

27,631

4,031

6,011

27,235

Purchase of investment securities held to maturity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,827

6,725

801

2,020

18,442

20,724

5,040

18,381

Purchase of FHLB and FRB stock

28,875

36,731

3,147

22

62

13,266

22,269

26,052

31,171

8,782

13,388

15,883

2,073

171

4,528

40,128

16,608

6,306

8,515

27,683

8,514

7,903

23,380

-15,330

15,330

-

-

-

-

-

-

-

-

-

-

-

-

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

-10,067

-

-

-

-

-

-

-

-

-

-

-

-

18,918

44,567

80,760

57,436

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

13,761

244,199

134,914

131,935

-32,949

259,663

80,600

14,538

3,851

70,597

82,179

224,429

127,841

67,731

98,710

224,221

128,170

113,893

140,507

299,685

192,047

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net increase in loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

240,715

-

131,296

106,659

30,308

56,196

-1,384

99,746

-38,316

147,527

-9,413

-11,834

-19,889

Sales of other real estate owned

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

414

154

176

0

118

982

0

821

1,236

1,505

187

386

676

618

1,218

6,338

0

0

1,238

Purchase of premises and equipment

914

608

543

381

173

312

259

242

246

446

796

609

529

961

1,785

353

119

449

491

376

608

1,128

487

734

1,592

1,308

738

369

130

316

226

230

282

149

116

426

284

Disposal of premises and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

0

5

9

0

0

0

0

-

-

-

-

-

-

-

-

Purchase of life insurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,996

0

0

0

0

NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES

-18,226

-276,202

-115,061

-124,124

28,422

-135,967

-106,654

-17,569

-37,517

-58,723

-9,165

-243,026

-124,600

-116,046

-92,283

-137,067

-87,779

-104,948

-109,448

-276,813

-134,218

-293,605

-193,640

-33,963

-223,951

-176,009

-140,843

-94,644

3,810

-25,929

15,887

9,218

7,768

-77,908

-30,668

9,581

-19,392

FINANCING ACTIVITIES:
Net increase in deposits

197,722

182,155

-34,299

176,449

23,866

236,046

136,381

-29,243

-146,198

35,657

81,444

150,609

18,807

111,777

191,021

65,461

108,108

47,925

223,799

141,414

223,639

95,274

88,251

221,872

246,046

74,687

49,637

41,822

-35,323

83,741

9,601

11,442

-32,249

46,882

35,299

-1,939

12,104

Net increase in short-term borrowings

386,900

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net increase in overnight borrowings

-

-

-

-

-

-

-32,160

-88,650

216,000

-

-87,000

52,450

34,550

0

-29,450

8,350

-19,600

40,700

-87,500

87,500

-54,600

54,600

0

-79,400

24,500

-

-

-

-

-

-

-

-22,900

-

-

0

0

Proceeds from Federal Home Loan Bank advances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

9,000

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of Federal Home Loan Bank advances

-

0

0

0

3,000

11,000

8,898

0

15,000

12,000

8,897

0

3,000

-

-

-

-

-

-

-

-

-

-

-

-

0

0

99

119

117

4,116

1,115

114

3,113

112

3,111

110

Redemption of preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

28,682

0

0

-14,341

0

0

0

-7,172

Dividends paid on preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

112

179

179

180

285

Dividends paid on common stock

949

952

973

973

967

964

950

945

853

913

893

879

863

844

834

815

803

790

779

774

757

614

609

601

590

454

451

450

447

444

443

444

443

441

442

441

441

Exercise of Stock Options, net of stock swaps

75

228

1

18

4

78

95

50

52

355

14

137

184

823

170

14

62

57

0

2

27

19

63

20

72

13

14

1

2

0

21

0

0

-

-

-

-

Restricted stock repurchased on vesting to pay taxes

601

125

0

17

964

114

23

66

1,337

411

0

92

1,323

58

1

43

452

27

0

31

23

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Sale of common shares (Dividend Reinvestment Program)

-

-

-

-

-

1,802

2,142

2,114

10,619

10,511

9,604

7,634

8,839

6,929

5,387

5,760

4,385

5,524

4,312

1,691

2,121

1,515

2,257

1,941

1,716

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of shares for employee’s savings and investment plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-494

188

155

151

0

0

0

70

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of shares for employee stock purchase plan

-

0

0

238

294

207

222

308

221

178

211

237

171

81

199

183

174

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sales of shares (DRIP Program)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

708

501

528

-

46

42

40

30

42

40

40

Purchase of treasury shares

6,487

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-130

0

0

-

-

-

-

-

-

-

-

NET CASH PROVIDED BY FINANCING ACTIVITIES

576,660

238,121

15,012

175,715

19,233

166,904

136,809

-86,432

63,504

67,502

-4,628

210,096

57,365

108,708

154,595

127,603

91,874

93,539

140,020

229,957

170,558

199,348

89,962

143,832

280,814

168,396

116,091

41,775

-35,359

83,679

5,107

-13,084

-24,319

43,179

34,608

-5,631

4,136

Net increase in cash and cash equivalents

565,818

-18,928

-76,914

63,713

79,541

37,769

56,214

-86,726

40,069

20,107

-480

-25,144

-43,727

3,136

78,225

3,411

7,759

-6,038

37,510

-34,135

41,616

-89,614

-94,805

114,093

66,386

-4,368

-27,347

-32,415

-19,951

64,308

20,157

1,373

-9,663

-31,606

14,275

10,702

-13,005

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

12,424

15,796

14,543

16,961

12,993

14,154

10,528

11,169

6,917

8,104

6,374

6,977

5,051

6,473

5,565

3,623

4,304

8,004

0

3,259

2,463

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,067

Income tax, net

206

2,548

204

578

265

1,036

1,605

435

529

3,490

7,910

-552

749

3,990

1,530

3,550

5,800

11,374

0

2,348

1,850

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5

Transfer of loans to loans held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

22,890

44,141

102,485

13,178

286,519

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transfer of loans to other real estate owned

-

-

-

-

-

-

-

-

-

1,953

0

0

137

0

0

236

298

233

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,444

Securities purchase settled in subsequent period

10,885

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions (Note 21)
Other real estate owned internally financed loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0