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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
 12 Months Ended
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