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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information 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. During 2018, the Company converted a $35 million intercompany subordinated note from the Bank into equity at the Bank.

CONDENSED BALANCE SHEETS
 
 
December 31,
(In thousands)
 
2019
 
2018
Assets
 
 

 
 

Cash due from Berkshire Bank
 
$
74,153

 
$
69,320

Investment in subsidiaries
 
1,777,717

 
1,571,018

Marketable equity securities, at fair value
 
4,840

 
3,914

Other assets
 
438

 
398

Total assets
 
$
1,857,148

 
$
1,644,650

 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 

 
 

Subordinated notes
 
$
97,049

 
$
89,518

Accrued expenses
 
1,535

 
2,214

Shareholders’ equity
 
1,758,564

 
1,552,918

Total liabilities and shareholders’ equity
 
$
1,857,148

 
$
1,644,650


 
CONDENSED STATEMENTS OF INCOME
 
 
Years Ended December 31,
(In thousands)
 
2019
 
2018
 
2017
Income:
 
 

 
 

 
 

Dividends from subsidiaries
 
$
104,700

 
$
48,500

 
$
39,000

Other
 
1,258

 
506

 
5,864

Total income
 
105,958

 
49,006

 
44,864

Interest expense
 
5,335

 
5,335

 
5,338

Non-interest expenses
 
4,129

 
3,034

 
6,042

Total expense
 
9,464

 
8,369

 
11,380

Income before income taxes and equity in undistributed income of subsidiaries
 
96,494

 
40,637

 
33,484

Income tax benefit
 
(2,054
)
 
(1,068
)
 
(1,783
)
Income before equity in undistributed income of subsidiaries
 
98,548

 
41,705

 
35,267

Equity in undistributed results of operations of subsidiaries
 
(1,098
)
 
64,060

 
19,980

Net income
 
97,450

 
105,765

 
55,247

Preferred stock dividend
 
960

 
918

 
219

Income available to common shareholders
 
$
96,490

 
$
104,847

 
$
55,028

 
 
 
 
 
 
 
Comprehensive income
 
$
122,912

 
$
88,133

 
$
49,643

 
CONDENSED STATEMENTS OF CASH FLOWS
 
 
Years Ended December 31,
(In thousands) 
 
2019
 
2018
 
2017
Cash flows from operating activities:
 
 

 
 

 
 

Net income
 
$
97,450

 
$
105,765

 
$
55,247

Adjustments to reconcile net income to net cash (used) provided by operating activities:
 
 

 
 

 
 

Equity in undistributed results of operations of subsidiaries
 
1,098

 
(64,060
)
 
(19,980
)
Other, net
 
(4,457
)
 
20,916

 
(7,964
)
Net cash provided by operating activities
 
94,091

 
62,621

 
27,303

 
 
 
 
 
 
 
Cash flows from investing activities:
 
 

 
 

 
 

Advances to subsidiaries
 
—

 
(85,000
)
 
(100,000
)
Purchase of securities
 
—

 
(128
)
 
(1,057
)
Sale of securities
 
6,989

 
13,550

 
2,101

Other, net
 
987

 
—

 
1,508

Net cash (used) in investing activities
 
7,976

 
(71,578
)
 
(97,448
)
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 

 
 

 
 

Proceed from issuance of short term debt
 
431

 
178

 
—

Proceed from repayment of long term debt
 
—

 
35,000

 
—

Repayment of short term debt
 
—

 
—

 
(9,822
)
Net proceeds from common stock
 
—

 
325

 
153,313

Payment to repurchase common stock
 
(52,746
)
 
—

 
—

Common stock cash dividends paid
 
(44,147
)
 
(39,966
)
 
(33,022
)
Preferred stock cash dividends paid
 
(960
)
 
(918
)
 
(219
)
Other, net
 
188

 
278

 
257

Net cash provided provided/(used) by financing activities
 
(97,234
)
 
(5,103
)
 
110,507

 
 
 
 
 
 
 
Net change in cash and cash equivalents
 
4,833

 
(14,060
)
 
40,362

 
 
 
 
 
 
 
Cash and cash equivalents at beginning of year
 
69,320

 
83,380

 
43,018

 
 
 
 
 
 
 
Cash and cash equivalents at end of year
 
$
74,153

 
$
69,320

 
$
83,380