Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 67

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 67
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 non-GAAP financial measures For the Year Ended(in thousands, except ratio)20242023Core net income (loss)Net income (loss)$(144,344)$(27,508)Adjustments (tax effected)Loss on loan sale67,058 — Merger related expenses2,674 1,170 Loss on debt extinguishment353 — Goodwill impairment charge— 34,622 Deferred tax valuation allowance53,310 — Total$(20,949)$8,284 Core net income (loss) per fully diluted shareFully diluted shares18,857,392 18,783,005 Computed amount$(1.11)$0.44 Return on average tangible equity  - CoreAverage shareholders' equity$530,360 $552,234 Less: Average goodwill and other intangibles(8,476)(25,695)Average tangible equity$521,884 $526,539 Core net income $(20,949)$8,284 Adjustments (tax effected):Amortization on core deposit intangibles1,950 2,302 Tangible income applicable to shareholders$(18,999)$10,586 Ratio(3.6)%2.0 %Return on average equity  - CoreAverage shareholders' equity (per above)$530,360 $552,234 Core net income (loss) (per above)(20,949)8,284 Ratio(3.9)%1.5 %Efficiency ratioNoninterest expenseTotal$196,214 $241,872 Adjustments:Merger related expenses(3,428)(1,500)Loss on debt extinguishment(452)— Goodwill Impairment charge— (39,857)State of Washington taxes(1,510)(994)Adjusted total$190,824 $199,521 Total revenuesNet interest income$120,087 $166,753 Noninterest income(44,385)41,921 Loss on loan sale88,818 — Total$164,520 $208,674 Ratio116.0 %95.6 %Return on Average assets  - CoreAverage Assets$9,259,233 $9,469,170 Core net income (loss) - per above(20,949)8,284 Ratio(0.23)%0.09 %Effective tax rate used in computations above (1)22.0