XML 60 R30.htm IDEA: XBRL DOCUMENT
v3.22.4

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | 12 Months Ended
--- | ---
Dec. 31, 2022
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. CONDENSED BALANCE SHEETS
|  | December 31,
(In thousands) |  | 2022 |  | 2021
Assets |  |  |  |
Cash due from Berkshire Bank |  | $ | 90,022 |  |  | $ | 108,946 |
Investment in subsidiaries |  | 986,805 |  |  | 1,172,439 |
Other assets |  | 1,445 |  |  | 213 |
Total assets |  | $ | 1,078,272 |  |  | $ | 1,281,598 |
Liabilities and Shareholders’ Equity |  |  |  |
Subordinated notes |  | $ | 121,064 |  |  | $ | 97,513 |
Accrued expenses |  | 3,146 |  |  | 1,650 |
Shareholders’ equity |  | 954,062 |  |  | 1,182,435 |
Total liabilities and shareholders’ equity |  | $ | 1,078,272 |  |  | $ | 1,281,598 |
CONDENSED STATEMENTS OF OPERATIONS
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 108,000 |  |  | $ | 118,000 |  |  | $ | 46,300 |
Other |  | 23 |  |  | 31 |  |  | (2,185) |
Total income |  | 108,023 |  |  | 118,031 |  |  | 44,115 |
Interest expense |  | 7,044 |  |  | 5,393 |  |  | 5,335 |
Non-interest expenses |  | 2,754 |  |  | 2,719 |  |  | 2,866 |
Total expense |  | 9,798 |  |  | 8,112 |  |  | 8,201 |
Income before income taxes and equity in undistributed income of subsidiaries |  | 98,225 |  |  | 109,919 |  |  | 35,914 |
Income tax (benefit) |  | (2,586) |  |  | (2,136) |  |  | (2,719) |
Income before equity in undistributed income of subsidiaries |  | 100,811 |  |  | 112,055 |  |  | 38,633 |
Equity in undistributed results of operations of subsidiaries |  | (8,278) |  |  | 6,609 |  |  | (571,650) |
Net income/(loss) |  | 92,533 |  |  | 118,664 |  |  | (533,017) |
Preferred stock dividend |  | — |  |  | — |  |  | 313 |
Income/(loss) available to common shareholders |  | $ | 92,533 |  |  | $ | 118,664 |  |  | $ | (533,330) |
Comprehensive (loss)/income |  | $ | (85,276) |  |  | $ | 84,550 |  |  | $ | (514,139) |
CONDENSED STATEMENTS OF CASH FLOWS
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Cash flows from operating activities: |  |  |  |  |  |
Net income/(loss) |  | $ | 92,533 |  |  | $ | 118,664 |  |  | $ | (533,017) |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: |  |  |  |  |  |
Equity in undistributed results of operations of subsidiaries |  | 8,278 |  |  | (6,609) |  |  | 571,650 |
Other, net |  | 5,998 |  |  | 5,816 |  |  | 2,603 |
Net cash provided by operating activities |  | 106,809 |  |  | 117,871 |  |  | 41,236 |
Cash flows from investing activities: |  |  |  |  |  |
Advances to subsidiaries |  | — |  |  | — |  |  | — |
Purchase of securities |  | — |  |  | — |  |  | (489) |
Sale of securities |  | — |  |  | 167 |  |  | 4,658 |
Other, net |  | — |  |  | — |  |  | — |
Net cash provided by investing activities |  | — |  |  | 167 |  |  | 4,169 |
Cash flows from financing activities: |  |  |  |  |  |
Proceeds from issuance of short term debt |  | — |  |  | 232 |  |  | 231 |
Proceeds from issuance of long term debt |  | 98,032 |  |  | — |  |  | — |
Repayment of long term debt |  | (75,000) |  |  | — |  |  | — |
Net proceeds from common stock |  | — |  |  | — |  |  | — |
Payment to repurchase common stock |  | (124,519) |  |  | (68,712) |  |  | (473) |
Common stock cash dividends paid |  | (24,527) |  |  | (24,553) |  |  | (36,251) |
Preferred stock cash dividends paid |  | — |  |  | — |  |  | (313) |
Other, net |  | 281 |  |  | 431 |  |  | 758 |
Net cash (used) in financing activities |  | (125,733) |  |  | (92,602) |  |  | (36,048) |
Net change in cash and cash equivalents |  | (18,924) |  |  | 25,436 |  |  | 9,357 |
Cash and cash equivalents at beginning of year |  | 108,946 |  |  | 83,510 |  |  | 74,153 |
Cash and cash equivalents at end of year |  | $ | 90,022 |  |  | $ | 108,946 |  |  | $ | 83,510 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration