Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 234

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 234
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 on the 18,920,807.6 shares of HomeStreet common stock outstanding as of 3/27/2025, 151,927 unvested HomeStreet restricted stock units and 243,096 unvested HomeStreet performance stock units as of 3/27/2025, the product of (i) the Class A exchange ratio and (ii) 64,230.0724 Mechanics common shares outstanding at 3/27/2025 and 134.73 restricted stock units of Mechanics as of 3/27/2025. |

| (2) | Market capitalization as of 3/27/2025. Based on 18,920,807.6 HomeStreet common shares outstanding as of 3/27/2025 and 64,230.0724 Mechanics common shares outstanding at 3/27/2025 and calculated based on publicly available information regarding the price of HomeStreet common stock and Mechanics common stock. |

| (3) | Adjusted tangible book value per share based on 12/31/2024 balance sheet and 12/31/2024 fair value marks as disclosed in HomeStreet’s 2024 10-K filing and Mechanics’ 2024 Annual Report. |

| (4) | Based on core net income after taxes and before extraordinary items, excluding gain on the sale of available for sale securities, amortization of intangibles, goodwill and nonrecurring items as defined by S&P Global. |

| (5) | HomeStreet excludes deferred tax valuation allowance and loss on multifamily loan sale, assumes 24.5% tax rate. |

| (6) | Estimated earnings per Mechanics management and HomeStreet management, respectively. HomeStreet’s management estimates are shown on a tax effected basis. Using consensus estimates for HomeStreet in 2025 and 2026, the contribution of HomeStreet would be 2.9% and 7.9%, respectively. |

| (7) | Omitted as not meaningful (“NM”) because the Mechanics number was positive and the HomeStreet number was negative. |

Pro Forma Financial Impact Analysis. KBW performed a pro forma financial impact analysis that combined projected income statement and balance sheet information of Mechanics and HomeStreet. Using (i) closing balance sheet estimates assumed as of September 30, 2025 for Mechanics and HomeStreet taken from Mechanics and HomeStreet management estimates, respectively, (ii) earnings projections for Mechanics and HomeStreet provided by Mechanics management and HomeStreet