CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2014

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Schedule of condensed balance sheets

	December 31,
(In thousands)	2014		2013
Assets
Cash due from Berkshire Bank	$	30,533	$	40,154
Investment in subsidiaries	736,908		698,943
Other assets	43,023		41,489
Total assets	$	810,464	$	780,586
Liabilities and Stockholders’ Equity
Short term debt	$	10,000	$	10,000
Subordinated notes	89,748		89,680
Accrued expenses	1,429		2,844
Stockholders’ equity	709,287		678,062
Total liabilities and stockholders’ equity	$	810,464	$	780,586

Schedule of condensed statements of income

	Years Ended December 31,
(In thousands)	2014			2013			2012
Income:
Dividends from subsidiaries	$	12,000		$	29,500		$	17,000
Other	2,317			2,317			481
Total income	14,317			31,817			17,481
Interest expense	5,847			6,199			2,260
Operating expenses	2,286			2,346			3,988
Total expense	8,133			8,545			6,248
Income before income taxes and equity in undistributed income of subsidiaries	6,184			23,272			11,233
Income tax benefit	(2,330		)	(2,457		)	(2,277		)
Income before equity in undistributed income of subsidiaries	8,514			25,729			13,510
Equity in undistributed income of subsidiaries	25,230			15,414			19,678
Net income	$	33,744		$	41,143		$	33,188

Schedule of condensed statements of cash flows

	Years Ended December 31,
(In thousands)	2014			2013			2012
Cash flows from operating activities:
Net income	$	33,744		$	41,143		$	33,188
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Equity in undistributed income of subsidiaries	(25,230		)	(15,414		)	(19,678		)
Other, net	3,247			763			1,897
Net cash provided by operating activities	11,761			26,492			15,407
Cash flows from investing activities:
Acquisitions, net of cash paid	—			—			(64,230		)
Purchase of securities	—			(770		)	—
Other, net	—			588			1,000
Net cash (used) provided by investing activities	—			(182		)	(63,230		)
Cash flows from financing activities:
Proceeed from issuance of short term debt	—			—			10,000
Proceeed from issuance of long term debt	—			—			74,153
Net proceeds from common stock	—			3,045			—
Net proceeds from reissuance of treasury stock	1,064			—			3,044
Payment to repurchase common stock	(2,468		)	(12,249		)
Common stock cash dividends paid	(18,075		)	(18,118		)	(15,634		)
Other, net	(1,903		)	1,513			—
Net cash provided (used) by financing activities	(21,382		)	(25,809		)	71,563
Net change in cash and cash equivalents	(9,621		)	501			23,740
Cash and cash equivalents at beginning of year	40,154			39,653			15,913
Cash and cash equivalents at end of year	$	30,533		$	40,154		$	39,653