CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2023

Condensed financial information pertaining only to the Parent, Berkshire Hills Bancorp, is as follows.

CONDENSED BALANCE SHEETS


	December 31,
(In thousands)	2023		2022
Assets
Cash due from Berkshire Bank	$	98,452	$	90,022
Investment in subsidiaries	1,038,039		986,805

Other assets	399		1,445
Total assets	$	1,136,890	$	1,078,272

Liabilities and Shareholders’ Equity

Subordinated notes	$	121,363	$	121,064
Accrued expenses	3,306		3,146
Shareholders’ equity	1,012,221		954,062
Total liabilities and shareholders’ equity	$	1,136,890	$	1,078,272

CONDENSED STATEMENTS OF INCOME


	Years Ended December 31,
(In thousands)	2023		2022		2021
Income:
Dividends from subsidiaries	$	62,000	$	108,000	$	118,000
Other	50		23		31
Total income	62,050		108,023		118,031
Interest expense	5,697		7,044		5,393
Non-interest expenses	3,702		2,754		2,719
Total expense	9,399		9,798		8,112
Income before income taxes and equity in undistributed income of subsidiaries	52,651		98,225		109,919
Income tax (benefit)	(2,500)		(2,586)		(2,136)
Income before equity in undistributed income of subsidiaries	55,151		100,811		112,055
Equity in undistributed results of operations of subsidiaries	14,447		(8,278)		6,609

Net income	69,598		92,533		118,664



Comprehensive income/(loss)	$	107,634	$	(85,276)	$	84,550

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(In thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	69,598	$	92,533	$	118,664
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed results of operations of subsidiaries	(14,447)		8,278		(6,609)
Other, net	8,688		5,998		5,816
Net cash provided by operating activities	63,839		106,809		117,871

Cash flows from investing activities:



Sale of securities	—		—		167

Net cash provided by investing activities	—		—		167

Cash flows from financing activities:
Proceeds from issuance of short term debt	—		—		232
Proceeds from issuance of long term debt	—		98,032		—
Repayment of long term debt	—		(75,000)		—




Payment to repurchase common stock	(23,844)		(124,519)		(68,712)
Common stock cash dividends paid	(31,707)		(24,527)		(24,553)

Other, net	142		281		431
Net cash (used) in financing activities	(55,409)		(125,733)		(92,602)

Net change in cash and cash equivalents	8,430		(18,924)		25,436

Cash and cash equivalents at beginning of year	90,022		108,946		83,510

Cash and cash equivalents at end of year	$	98,452	$	90,022	$	108,946