Company: MCHB
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001518715-25-000110
Chunk: 16

Company: Mechanics Bancorp
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 16
---
 beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The adoption of ASU 2024-03 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.

NOTE 2–INVESTMENT SECURITIES:

The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): At June 30, 2025(in thousands)AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueAFSMortgage backed securities ("MBS"):Residential$164,411 $201 $(4,652)$159,960 Commercial54,248 — (5,405)48,843 Collateralized mortgage obligations ("CMOs"):Residential325,145 44 (24,475)300,714 Commercial56,190 — (3,945)52,245 Municipal bonds426,258 107 (54,783)371,582 Corporate debt securities31,121 — (5,575)25,546 U.S. Treasury securities22,129 — (1,631)20,498 Agency debentures9,448 — (735)8,713 Total$1,088,950 $352 $(101,201)$988,101 HTM   Municipal bonds$2,265 $— $(12)$2,253 At December 31, 2024(in thousands)AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueAFSMBS:Residential$174,887 $229 $(7,654)$167,462 Commercial54,620 — (6,978)47,642 CMOs:Residential349,348 36 (31,940)317,444 Commercial59,725 14 (4,794)54,945  Municipal bonds433,162 95 (54,998)378,259  Corporate debt securities31,136 — (6,192)24,944  U.S. Treasury securities22,306 — (2,319)19,987