XML 82 R52.htm IDEA: XBRL DOCUMENT
v3.22.4

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Schedule of CONDENSED BALANCE SHEETS | 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 |
Schedule of CONDENSED STATEMENTS OF OPERATIONS | 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) |
Schedule of CONDENSED STATEMENTS OF CASH FLOWS | 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 Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration