Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 53

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 53
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 use of proceeds from the sale of multifamily loans. 

Investment Securities

The fair values of our investment securities available for sale ("AFS") are as follows:

 At December 31,20242023(in thousands)Fair ValueFair ValueInvestment securities AFS:Mortgage-backed securities:Residential$167,462 $183,798 Commercial47,642 47,756 Collateralized mortgage obligations:Residential317,444 439,738 Commercial54,945 57,397 Municipal bonds378,259 404,874 Corporate debt securities24,944 38,547 U.S. Treasury securities19,987 20,184 Agency debentures9,276 58,905 Total$1,019,959 $1,251,199 

26

Loans

The following table details the composition of our LHFI portfolio by dollar amount: 

 At December 31,(in thousands)20242023CRE Non-owner occupied CRE$570,750 $641,885 Multifamily2,992,675 3,940,189 Construction/land development472,740 565,916 Total4,036,165 5,147,990 Commercial and industrial loansOwner occupied CRE361,997 391,285 Commercial business312,004 359,049 Total674,001 750,334 Consumer loansSingle family 1,109,095 1,140,279 Home equity and other412,535 384,301 Total (1)1,521,630 1,524,580 Total LHFI6,231,796 7,422,904 ACL(38,743)(40,500)Total LHFI less ACL$6,193,053 $7,382,404 

(1)Includes $1.3 million of loans at December 31, 2024 and 2023, where a fair value option election was made at the time of origination and therefore, are carried at fair value with changes recognized in the consolidated income statements. 

The following tables show the contractual maturity of our loan portfolio by loan type:

 December 31, 2024Loans due after one yearby rate characteristic(in thousands)Within one yearAfter one year throughfive yearsAfterfiveyearsTotalFixed-rateAdjustable-rateCRENon-owner occupied CRE$100,463 $123,856 $346,