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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | 12 Months Ended
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Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY Condensed financial information pertaining only to the Parent, Berkshire Hills Bancorp, is as follows. Investment in subsidiaries at December 31, 2016 includes $35 million of intercompany subordinated notes. CONDENSED BALANCE SHEETS
|  | December 31,
(In thousands) |  | 2016 |  | 2015
Assets |  |  |  |  |  |
Cash due from Berkshire Bank |  | $ | 43,018 |  |  | $ | 36,082 |
Investment in subsidiaries |  | 1,127,706 |  |  | 931,171 |
Securities available for sale, at fair value |  | 23,651 |  |  | 726 |
Other assets |  | 1,372 |  |  | 10,179 |
Total assets |  | $ | 1,195,747 |  |  | $ | 978,158 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |
Short term debt |  | $ | 10,000 |  |  | $ | — |
Subordinated notes |  | 89,161 |  |  | 88,983 |
Accrued expenses |  | 3,288 |  |  | 1,986 |
Shareholders’ equity |  | 1,093,298 |  |  | 887,189 |
Total liabilities and shareholders’ equity |  | $ | 1,195,747 |  |  | $ | 978,158 |
CONDENSED STATEMENTS OF INCOME
|  | Years Ended December 31,
(In thousands) |  | 2016 |  | 2015 |  | 2014
Income: |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 33,000 |  |  | $ | 34,000 |  |  | $ | 12,000 |
Other |  | 4,072 |  |  | 2,763 |  |  | 2,317 |
Total income |  | 37,072 |  |  | 36,763 |  |  | 14,317 |
Interest expense |  | 5,743 |  |  | 5,674 |  |  | 5,847 |
Non-interest expenses |  | 3,740 |  |  | 3,670 |  |  | 2,286 |
Total expense |  | 9,483 |  |  | 9,344 |  |  | 8,133 |
Income before income taxes and equity in undistributed income of subsidiaries |  | 27,589 |  |  | 27,419 |  |  | 6,184 |
Income tax benefit |  | (2,123 | ) |  | (2,518 | ) |  | (2,330 | )
Income before equity in undistributed income of subsidiaries |  | 29,712 |  |  | 29,937 |  |  | 8,514 |
Equity in undistributed income of subsidiaries |  | 28,958 |  |  | 19,581 |  |  | 25,230 |
Net income |  | $ | 58,670 |  |  | $ | 49,518 |  |  | $ | 33,744 |
CONDENSED STATEMENTS OF CASH FLOWS
|  | Years Ended December 31,
(In thousands) |  | 2016 |  | 2015 |  | 2014
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 58,670 |  |  | $ | 49,518 |  |  | $ | 33,744 |
Adjustments to reconcile net income to net cash (used) provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiaries |  | (28,958 | ) |  | (19,581 | ) |  | (25,230 | )
Other, net |  | 1,988 |  |  | 10,904 |  |  | 3,247 |
Net cash provided by operating activities |  | 31,700 |  |  | 40,841 |  |  | 11,761 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Acquisitions, net of cash paid |  | — |  |  | (3,293 | ) |  | — |
Purchase of securities |  | (18,016 | ) |  | (18 | ) |  | — |
Other, net |  | 9,728 |  |  | — |  |  | — |
Net cash (used) provided by investing activities |  | (8,288 | ) |  | (3,311 | ) |  | — |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceed from issuance of short term debt |  | 9,349 |  |  | (9,935 | ) |  | — |
Net proceeds from common stock |  | 3,712 |  |  | — |  |  | — |
Net proceeds from reissuance of treasury stock |  | — |  |  | 240 |  |  | 1,064 |
Payment to repurchase common stock |  | (4,632 | ) |  | (550 | ) |  | (2,468 | )
Common stock cash dividends paid |  | (24,916 | ) |  | (21,903 | ) |  | (18,075 | )
Other, net |  | 11 |  |  | 167 |  |  | (1,903 | )
Net cash provided (used) by financing activities |  | (16,476 | ) |  | (31,981 | ) |  | (21,382 | )
Net change in cash and cash equivalents |  | 6,936 |  |  | 5,549 |  |  | (9,621 | )
Cash and cash equivalents at beginning of year |  | 36,082 |  |  | 30,533 |  |  | 40,154 |
Cash and cash equivalents at end of year |  | $ | 43,018 |  |  | $ | 36,082 |  |  | $ | 30,533 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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