form11k-109054_pgfc.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 11-K


ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2009

OR

o TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number:  001-16197
 
A.
Full title of the plan and address of the plan, if different from that of the issuer named below:
 
Peapack Gladstone Bank Employee Savings and Investment Plan
 
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:


PEAPACK-GLADSTONE FINANCIAL CORPORATION
500 Hills Drive, Suite 300
Bedminster, New Jersey 07921-1538
 
 
 
 

Table of Contents

Report of Independent Registered Public Accounting Firm
3
   
Financial Statements:
  
   
Statements of Net Assets Available for Benefits as of December 31, 2009 and 2008
6
   
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2009
7
   
Notes to Financial Statements
8
   
Supplemental Schedule:
  
   
Form 5500, Schedule H, Part IV, Line 4i-Schedule of Assets (Held at End of Year) as of December 31, 2009
17
   
Signature Page
20
   
Exhibit Index
21

All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

 
 
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Trust Committee
Peapack-Gladstone Financial Corporation
Bedminster, New Jersey

We have audited the accompanying statements of net assets available for benefits of Peapack-Gladstone Bank Employees’ Savings and Investment Plan as of December 31, 2009 and 2008, and the related statement of changes in net assets available for benefits for the year ended December 31, 2009.  These financial statements are the responsibility of the Plan's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the year ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.
 
 
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental Schedule H, line 4i – Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  The supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic 2009 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 2009 financial statements taken as a whole.

Crowe Horwath LLP
Livingston, New Jersey
June 29, 2010

 
 
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND
INVESTMENT PLAN

FINANCIAL STATEMENTS
December 31, 2009 and 2008

 
4.
 

FINANCIAL STATEMENTS
December 31, 2009 and 2008

CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  
1
     
     
FINANCIAL STATEMENTS
    
     
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS –
    
DECEMBER 31, 2009 AND 2008
  
2
     
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS –
    
YEAR ENDED DECEMBER 31, 2009
  
3
     
NOTES TO FINANCIAL STATEMENTS
  
4
     
     
SUPPLEMENTAL SCHEDULE
    
     
SCHEDULE H, LINE 4(i) – SCHEDULE OF ASSETS (HELD AT END OF YEAR)
  
13


See accompanying notes to financial statements.

 
5.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2009 and 2008



   
2009
    
2008
  
ASSETS
            
             
Investments at fair value: (Note 4)
            
Cash
   $ 217     $ 72  
Mutual funds
     10,071,389       6,300,979  
Investment contract with insurance company
     2,160,629       2,050,721  
Participant loans
     217,895       175,269  
Peapack-Gladstone Financial Corporation common stock
     1,675,898       3,281,598  
Total investments, at fair value
     14,126,028       11,808,639  
                 
Receivables – employer contribution receivable
     1,165,569       975,746  
                 
TOTAL ASSETS AND NET ASSETS
                
AVAILABLE FOR BENEFITS
   $ 15,291,597     $ 12,784,385  


See accompanying notes to financial statements.

 
6.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2009


Additions to net assets attributed to:
      
Contributions
      
Participant contributions
   $ 1,156,922  
Employer contributions
     1,618,340  
Employee rollovers
     31,952  
     
2,807,214
  
         
Dividend Income
     425,575  
Interest Income
     19,206  
Net appreciation in fair value of investments (Note 4)
     436,574  
         
Total additions
     3,688,569  
         
Deductions from net assets attributable to:
        
Miscellaneous fees
     2,372  
Benefits paid to participants
     1,178,985  
         
Total deductions
     1,181,357  
         
Net increase in net assets available for benefits
     2,507,212  
         
Total assets and net assets available for benefits
        
Beginning of year
     12,784,385  
         
End of year
   $ 15,291,597  


See accompanying notes to financial statements.

 
7.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
 
NOTE 1 - DESCRIPTION OF PLAN

The following description of the Peapack-Gladstone Bank Employees’ Savings and Investment Plan (“the Plan”) provides only general information.  Participants should refer to the plan agreement for a more complete description of the Plan’s provisions.

General:  The Plan is a participant-directed, defined contribution plan covering all full-time employees of the Peapack-Gladstone Bank (“the Bank”) who are 21 years or older and have completed 1,000 hours of service, as defined.  It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Contributions:  Each year, participants may contribute up to 100% of base compensation, as defined in the Plan, up to the Internal Revenue Service (IRS) limit of $16,500 and $15,500 for 2009 and 2008, respectively.  Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans.  The Bank contributes 3% for each employee regardless of the employees’ contributions as well as matching 50% of employee contributions to a maximum of 6% of salary.  In addition, the Bank is contributing an enhanced benefit to certain employees who meet certain age and service requirements.  The Bank may also make discretionary profit-sharing contributions.  All employer non-matching contributions are invested solely in Peapack-Gladstone Financial Corporation’s common stock (“Peapack-Gladstone Financial Corporation Common Stock Fund”), for which participants may reallocate to other investment options subsequent to the contribution.  Contributions are subject to certain limitations.  A participant may direct employee and employer match contributions in 1% increments in any of the funds, including the Peapack-Gladstone Financial Corporation Common Stock Fund.

Participant Accounts:  Each participant’s account is credited with the participant’s contribution and allocation of (a) the Bank’s contribution, (b) Plan earnings or losses, and (c) forfeitures of employer discretionary contributions.  Allocations are based on participant base compensation or account balances, as defined.  The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.  Forfeitures are also allocated to participant accounts on the last day of the plan year.

Vesting:  Participants are immediately vested in their contributions and the Bank’s matching contribution plus actual earnings or losses thereon.  Vesting in the non-matching contribution portion of their account plus actual earnings or losses thereon is based on years of continuous service, as defined.  A participant is 100% vested after three years of continuous service.


(Continued)

 
8.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
 
NOTE 1 - DESCRIPTION OF PLAN (Continued)

Payment of Benefits:  On termination of service due to death, disability, or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, or equal periodic installments.  For termination of service due to other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution.

Forfeitures:  Forfeitures arising from the termination of participants who were not fully vested shall be reallocated to participants who are employed on the last day of the plan year.  Nonvested portions of the Bank’s non-matching contribution accounts are considered to be forfeited as of the last day of the plan year in which the later of the one-year break-in-service or distribution occurs.  Total forfeitures reallocated to remaining participants were $10,754 for 2009 and $9,316 for 2008, which represented the balances in the forfeiture account at December 31, 2009 and 2008, respectively.

Management of Trust Funds:  The assets of the Plan are managed by Prudential Insurance Company of America (“Prudential”) through its Prudential Investment Management Services unit and PGB Trust and Investments, a division of Peapack-Gladstone Financial Corporation (“the Corporation”).  PGB Trust & Investments performs certain administrative functions for the Plan.

Loan Provisions:  Participants may borrow from their fund accounts up to maximum equal to the lesser of $50,000 or 50% of their vested account balance.  Loan transactions are treated as a transfer to (from) the investment funds from (to) the loan fund.  Loan terms range from one to five years or longer for the purchase of a primary residence.  The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates as determined quarterly by the plan administrator.  Principal and interest is paid ratably through monthly payroll deductions.


(Continued)

 
9.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting:  The accompanying financial statements of the Plan have been prepared using the accrual basis of accounting and present the net assets available for benefits and the changes in those net assets.

Investment Valuation and Income Recognition:  The Plan’s investments are reported at fair value.  Purchases and sales of securities are recorded on a trade-date basis.  Interest income is recorded on the accrual basis.  Dividends are recorded on the ex-dividend date.

Fair value is the price that would be received by the Plan for an asset or paid by the Plan to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the Plan’s principal or most advantageous market for the asset or liability.  The effect of a change in valuation technique or its application on a fair value estimate is accounted for prospectively as a change in accounting estimate. When evaluating indications of fair value resulting from the use of multiple valuation techniques, the Plan is to select the point within the resulting range of reasonable estimates of fair value that is most representative of fair value under current market conditions.  Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs.  The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (level 1 measurements) and gives the lowest priority to unobservable inputs (level 3 measurements).  The three levels of inputs within the fair value hierarchy are defined as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect the Plan’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The following are descriptions of the valuation methods and assumptions used by the Plan to estimate the fair values of its investments.

Mutual funds:  The fair values of mutual fund investments are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs).

Company common stock:  The fair value of company common stock investment is determined by obtaining quoted prices on nationally recognized stock exchanges (level 1 inputs).


(Continued)

 
10.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
 
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investment contract:  The fair values of the investment contract have been determined to approximate contract value, based upon the lack of contractual maturity, the frequency of the re-setting of contractual interest rate to market rate, the credit quality of the issuer, no withdrawal penalties or redemption premiums, and the liquidity of the contract (level 3 inputs).

Participant loans:  Participant loans are reported at amortized cost, as the fair value of the loans is not practicable to estimate due to restrictions placed on the transferability of the loans.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.


Investments measured at fair value on a recurring basis are summarized below:

   
Fair Value Measurements
  
   
at December 31, 2009 Using
  
   
Quoted Prices in
    
Significant
        
   
Active Markets
    
Other
    
Significant
  
   
for Identical
    
Observable
    
Unobservable
  
   
Assets
    
Inputs
    
Inputs
  
   
(Level 1)
    
(Level 2)
    
(Level 3)
  
Investments (other than participant loans):
                  
Peapack-Gladstone Financial Corporation
                  
Common stock
   $ 1,675,898     $ -     $ -  
Mutual Funds – Fixed Income
     2,292,015       -       -  
Mutual Funds – Domestic Equity
     3,746,667       -       -  
Mutual Funds – International Equity
     1,271,523       -       -  
Mutual Funds – Small/MidCap Equity
     1,977,142       -       -  
Mutual Funds – Large Cap Equity
     784,042       -       -  
Investment Contract with Insurance Company
     -       -       2,160,629  


(Continued)

 
11.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

   
Fair Value Measurements
  
   
at December 31, 2008 Using
  
   
Quoted Prices in
    
Significant
        
   
Active Markets
    
Other
    
Significant
  
   
for Identical
    
Observable
    
Unobservable
  
   
Assets
    
Inputs
    
Inputs
  
   
(Level 1)
    
(Level 2)
    
(Level 3)
  
Investments (other than participant loans):
                  
Peapack-Gladstone Financial Corporation
                  
Common stock
   $ 3,281,598     $ -     $ -  
Mutual Funds – Fixed Income
     1,375,636       -       -  
Mutual Funds – Domestic Equity
     2,033,064       -       -  
Mutual Funds – International Equity
     1,223,959       -       -  
Mutual Funds – Small/MidCap Equity
     1,157,496       -       -  
Mutual Funds – Large Cap Equity
     510,824       -       -  
Investment Contract with Insurance Company
     -       -       2,050,721  

The table below presents a reconciliation of Plan investments measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the year ended December 31, 2009, including the reporting classifications for the applicable gains and losses included in the statement of changes in net assets available for benefits:

   
Fair Value Measurements Using Significant
  
   
Unobservable Inputs (Level 3)
  
   
Investment Contracts
  
       
Beginning balance, January 1, 2009
   $ 2,050,721  
Total realized and unrealized gains or losses included in change in net assets available for benefits:
        
Interest income
     67,991  
Net realized and unrealized appreciation (depreciation)
     -  
Purchases, sales, issuances and settlements (net)
     41,917  
         
Ending balance, December 31, 2009
   $ 2,160,629  


(Continued)

 
12.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fully Benefit-Responsive Investment Contracts: While Plan investments are presented at fair value in the statement of net assets available for benefits, any material difference between the fair value of the Plan’s direct and indirect interests in fully benefit-responsive investment contracts and their contract value is presented as an adjustment line in the statement of net assets available for benefits, because contract value is the relevant measurement attribute for that portion of the Plan’s net assets available for benefits.  Contract value represents contributions made to a contract, plus earnings, less participant withdrawals and administrative expenses. Participants in fully benefit-responsive contracts may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.  The Plan holds a direct interest in a fully benefit-responsive contract.  No adjustments from fair value to contract value are presented in the statements of net assets available for benefits, as the amounts of the adjustments have been determined to be immaterial.

Administrative Expenses:  The majority of the administrative expenses are paid by the Bank.

Estimates:  The preparation of financial statements in conformity with U.S generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures, and actual results could differ from these estimates.

Risks and Uncertainties: The Plan holds various investment securities.  Investment securities are exposed to various risks such as interest rate, market, liquidity and credit risks.  Due to the level of risk associated with certain investment securities and the sensitivity of certain fair value estimates to changes in valuation assumptions, it is at least reasonably possible that changes in the fair values of investment securities will occur in the near term and that such changes could materially affect participants account balances and the amount reported in the statement of net assets available for benefits

Concentration of Credit Risk:  At December 31, 2009 and 2008, approximately 11.9% and 27.8% of the Plan’s investments were invested in Peapack-Gladstone Financial Corporation common stock.


NOTE 3 – RIGHTS UPON PLAN TERMINATION

Although the Corporation has not expressed intent to terminate the Plan, it may do so at any time by action of its board of directors subject to the provisions of ERISA.  If the Plan were terminated, however, all participants of the Plan would automatically become 100% vested in their fund balances.
 
(Continued)

 
13.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
 
NOTE 4 - INVESTMENTS

The following presents investments that represent 5% or more of the Plan’s net assets available for benefits at December 31, 2009 or 2008:

   
2009
    
2008
  
Mutual Funds:
            
American Funds Europacific Fund
   $ 1,271,523     $ 737,848  
American Funds Growth Fund of America
     1,884,266       1,223,958  
Pimco Total Return Fund
     1,948,435       1,167,740  
Van Kampen Comstock
     1,228,958       767,085  
                 
Investment Contract:
                
Guaranteed Income Fund
     2,160,629       2,050,721  
                 
Corporate Stock:
                
Peapack-Gladstone Financial Corporation
                
(the plan sponsor) Common Stock
     1,675,898       3,281,598  

The net  appreciation (depreciation) in fair value of investments  (including gains and losses on investments bought and sold, as well as held during the year) for the year ended December 31, 2009 is as follows:

   
Year ended
  
   
December 31, 2009
  
       
Mutual Funds
   $ 2,170,479  
Peapack-Gladstone Financial Corporation Common Stock
     (1,733,905 )
         
    $ 436,574  
 
(Continued)

 
14.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
 
NOTE 5 - INVESTMENT CONTRACT WITH INSURANCE COMPANY

In 2006, the Plan entered into a fully benefit-responsive group annuity contract with Prudential Retirement Insurance & Annuity Company (“PRIAC”) by investing in the PRIAC Guaranteed Income Fund.  Prudential Retirement Insurance & Annuity Company maintains the contributions in its general account.  The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses.  Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investments at contract value.  Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses.  There are no reserves against contract value for credit risk of the Issuer or otherwise.

The Plan’s investment contract specifies that generally there are not any events that could limit the ability of the plan to transact at contract value paid within 90 days or in rare circumstances, contract value paid over time.  There are not any events that allow the issuer to terminate the contract and which require the plan sponsor to settle at an amount different than contract value paid either within 90 days or over time.  Currently, management believes that the occurrence of an event that would cause the Plan to transact contract distributions at less that contract value is not probable.

The crediting interest rate of the contract is based on an agreed-upon formula with PRIAC, as defined in the contract agreement, but cannot be less than 1.5%.  Such interest rates are reviewed on a semiannual basis for resetting.  The key factors that influence future interest crediting rates could include the following:  current economic and market conditions; the level of market interest rates; and both the expected and actual experience of a reference portfolio within PRIAC’s general account.  The resulting gain or loss in the fair value of the investment contract relative to its contract value, if any, is reflected in the Statement of Net Assets Available for Benefits as adjustment from fair value to contract value for fully benefit-responsive investment contracts.  No adjustment amount is being reported as management has determined that there is no material difference between contract value and fair value of the contract as of December 31, 2009 and 2008.

   
2009
    
2008
  
Average yields:
            
Based on annualized earnings (1)
     2.50 %     3.35 %
Based on interest rate credited to participants (2)
     2.50       3.35  

 
(1)
Computed by dividing the annualized one-day actual earnings of the contract on the last day of the Plan year by the fair value of the contract investments on the same date.
 
(2)
Computed by dividing the annualized one-day earnings credited to participants on the last day of the Plan year by the fair value of the contract investments on the same date.
 
(Continued)

 
15.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008

NOTE 6 - TAX STATUS

The Plan was designed under the Prudential Insurance Company of America Prototype Plan and Trust.  The Prototype Plan received a favorable tax opinion letter dated June 3, 2004.  The plan administrator believes that the Plan has been designed to be a qualified plan as described in Section 401(a) of the Internal Revenue Code (“IRC”), and thereunder exempt from payment of federal income taxes under provisions of Section 501(a) of the IRC.  The Plan has been amended since the opinion letter was received.  However, the plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.


NOTE 7 - PARTY-IN-INTEREST TRANSACTIONS

Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others.  The Plan holds a guaranteed investment contract with Prudential Retirement Insurance & Annuity Company, which is also the custodian of the Plan. The Plan also holds shares of Peapack-Gladstone Financial Corporation Common Stock, for which the number of shares and fair values were 132,169 and $1,675,898, and 123,183 and $3,281,598 as of December 31, 2009 and 2008.  The Plan recognized dividend income of $167,397 during 2009 from this related-party investment.  Participant loans held by the Plan also reflect party-in-interest transactions.

Certain administrative functions are performed by officers or employees of the Bank.  No such officer or employee receives compensation from the Plan.  Some administrative expenses of the Plan are paid directly by the Bank.

 
16.
 

SUPPLEMENTAL SCHEDULE

 
17.
 

PEAPACK-GLADSTONE BANK
EMPLOYEES’ SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4(i) – SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2009
 
Plan Sponsor:  Peapack–Gladstone Financial Corporation
Employer Identification Number:  22-2491488
Plan Number:  002

     
(c)
            
     
Description of Investment,
            
   
(b)
Including Maturity Date,
        
(e)
  
   
Identity of Issuer, Borrower,
Rate of Interest,
  
(d)
    
Current
  
(a)
  
Lessor, or Similar Party
Par, or Maturity Value
  
Cost
    
Value
  
                   
                   
*  
Peapack-Gladstone Financial Corporation
Common stock
     #     $ 1,675,898  
     
132,168 shares
                
                       
   
Cash-interest bearing
       #       217  
                       
   
Mutual funds
                  
   
Alger
Alger Mid-Cap Growth Institutional
                
     
59,997 shares
     #       715,763  
   
American Funds
American Funds Europacific Fund
                
     
33,745 shares
     #       1,271,523  
   
American Funds
American Funds Growth Fund
                
     
of America
                
     
69,969 shares
     #       1,884,266  
   
Davis
Davis Opportunity Fund Class - A
                
     
2,029 shares
     #       40,738  
   
Davis
Davis New York Venture Class - A
                
     
23,993 shares
     #       743,304  
   
Dryden
Dryden Stock Index Fund Class - Z
                
     
1,016 shares
     #       24,881  
   
Goldman Sachs
Goldman Sachs High Yield
                
     
49,579 shares
     #       343,581  
   
Goldman Sachs
Goldman Sachs Mid-Cap Value
                
     
4,362 shares
     #       126,411  
   
Goldman Sachs
Goldman Sachs Small-Cap Value
                
     
19,719 shares
     #       619,964  
   
Legg Mason
Legg Mason Small Cap Growth
                
     
15,817 shares
     #       216,845  
   
Oppenheimer
Oppenheimer Small & Mid-Cap Value
                
     
11,217 shares
     #       298,158  
   
Pacific Investment Management Co.
Pimco Total Return Fund
                
     
180,411 shares
     #       1,948,435  

 
18.
 

SCHEDULE H, LINE 4(i) – SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2009
 


Plan Sponsor:  Peapack–Gladstone Financial Corporation
Employer Identification Number:  22-2491488
Plan Number:  002

     
(c)
              
     
Description of Investment,
              
   
(b)
Including Maturity Date,
          
(e)
  
   
Identity of Issuer, Borrower,
Rate of Interest,
    
(d)
    
Current
  
(a)
  
Lessor, or Similar Party
Par, or Maturity Value
    
Cost
    
Value
  
                     
   
Mutual funds (continued)
                
   
Van Kampen
Van Kampen Comstock
              
     
88,990 shares
       #     $ 1,228,958  
   
Van Kampen
Van Kampen Equity & Income
                  
     
77,722 shares
       #       608,562  
                      10,071,389  
                         
   
Investment contract
                    
*  
Prudential Insurance Co. of America
Guaranteed Income Fund
                  
      0.62%       #       2,160,629  
                         
                         
   
Participant loans
                    
*  
Participant Loan Fund
5.00% to 9.25%
       #       217,895  
                         
   
Total
               $ 14,126,028  

*
A party-in-interest, as defined by ERISA.
#
Investments are participant directed and therefore cost information is not presented.

 
19.
 

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunder duly authorized.


 
Peapack Gladstone Bank Employee Savings and Investment Plan
   
 
Dated:
June 30, 2010
  
     
 
By:
    
   
/s/ Craig C. Spengeman
  
     

 
20.
 

 Exhibit Index

Exhibit Number
  
Document
     
Exhibit 23.1
  
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
21.