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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)20222021
Assets  
Cash due from Berkshire Bank$90,022 $108,946 
Investment in subsidiaries986,805 1,172,439 
Other assets1,445 213 
Total assets$1,078,272 $1,281,598 
Liabilities and Shareholders’ Equity  
Subordinated notes$121,064 $97,513 
Accrued expenses3,146 1,650 
Shareholders’ equity954,062 1,182,435 
Total liabilities and shareholders’ equity$1,078,272 $1,281,598 
 
CONDENSED STATEMENTS OF OPERATIONS
 Years Ended December 31,
(In thousands)202220212020
Income:   
Dividends from subsidiaries$108,000 $118,000 $46,300 
Other23 31 (2,185)
Total income108,023 118,031 44,115 
Interest expense7,044 5,393 5,335 
Non-interest expenses2,754 2,719 2,866 
Total expense9,798 8,112 8,201 
Income before income taxes and equity in undistributed income of subsidiaries98,225 109,919 35,914 
Income tax (benefit)(2,586)(2,136)(2,719)
Income before equity in undistributed income of subsidiaries100,811 112,055 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) 202220212020
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 subsidiaries8,278 (6,609)571,650 
Other, net5,998 5,816 2,603 
Net cash provided by operating activities106,809 117,871 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 debt98,032 — — 
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, net281 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 year108,946 83,510 74,153 
Cash and cash equivalents at end of year$90,022 $108,946 $83,510