CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2024

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

CONDENSED BALANCE SHEETS


	December 31,
(In thousands)	2024		2023
Assets
Cash due from Berkshire Bank	$	163,605	$	98,452
Investment in subsidiaries	1,134,014		1,038,039

Other assets	218		399
Total assets	$	1,297,837	$	1,136,890

Liabilities and Shareholders’ Equity

Subordinated notes	$	121,612	$	121,363
Accrued expenses	8,801		3,306
Shareholders’ equity	1,167,424		1,012,221
Total liabilities and shareholders’ equity	$	1,297,837	$	1,136,890

CONDENSED STATEMENTS OF INCOME


	Years Ended December 31,
(In thousands)	2024		2023		2022
Income:
Dividends from subsidiaries	$	14,000	$	62,000	$	108,000
Other	53		50		23
Total income	14,053		62,050		108,023
Interest expense	5,697		5,697		7,044
Non-interest expenses	9,121		3,702		2,754
Total expense	14,818		9,399		9,798
Income before income taxes and equity in undistributed income of subsidiaries	(765)		52,651		98,225
Income tax (benefit)	(2,463)		(2,500)		(2,586)
Income before equity in undistributed income of subsidiaries	1,698		55,151		100,811
Equity in undistributed results of operations of subsidiaries	59,305		14,447		(8,278)

Net income	61,003		69,598		92,533



Comprehensive income/(loss)	$	97,676	$	107,634	$	(85,276)

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(In thousands)	2024		2023		2022
Cash flows from operating activities:
Net income	$	61,003	$	69,598	$	92,533
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed results of operations of subsidiaries	(59,305)		(14,447)		8,278
Other, net	11,569		8,688		5,998
Net cash provided by operating activities	13,267		63,839		106,809

Cash flows from investing activities:



Sale of securities	—		—		—

Net cash provided by investing activities	—		—		—

Cash flows from financing activities:

Proceeds from issuance of long term debt	—		—		98,032
Repayment of long term debt	—		—		(75,000)

Net proceeds from common stock	100,000		—		—


Payment to repurchase common stock	(17,536)		(23,844)		(124,519)
Common stock cash dividends paid	(30,940)		(31,707)		(24,527)

Other, net	362		142		281
Net cash (used) in financing activities	51,886		(55,409)		(125,733)

Net change in cash and cash equivalents	65,153		8,430		(18,924)

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

Cash and cash equivalents at end of year	$	163,605	$	98,452	$	90,022