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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
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
Schedule of Condensed Statements of Income
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
Schedule of Condensed Statements of Cash Flows
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