Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 56

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 56
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061 Loans sold Single family loans404,952 335,751 Commercial and industrial and CRE loans (1)1,103,742 26,839 Net gain (loss) on loan origination and sale activities Single family loans$9,573 $8,500 Commercial and industrial and CRE loans (2)(86,463)846 Total$(76,890)$9,346 

(1)     May include loans originated as held for investment. 2024 amount includes sale of $990 million of multifamily loans in the fourth quarter.

(2)  May include loans originated as held for investment. 2024 amount includes loss of $88.8 million on sale of $990 million of multifamily loans in the fourth quarter.

Capitalized Mortgage Servicing Rights ("MSRs")

 Years Ended December 31,(in thousands)20242023Single Family MSRsBeginning balance$74,249 $76,617 Additions and amortization:Originations3,409 3,136 Purchases— 460 Amortization (1)(6,500)(6,378)Net additions and amortization(3,091)(2,782)Change in fair value due to assumptions (2)1,743 414 Ending balance$72,901 $74,249 Ratio to related loans serviced for others1.41 %1.40 %Multifamily and SBA MSRsBeginning balance$29,987 $35,256 Originations2,190 509 Amortization(5,612)(5,778)Ending balance$26,565 $29,987 Ratio to related loans serviced for others1.38 %1.58 %

(1)  Represents changes due to collection/realization of expected cash flows and curtailments.  

(2)  Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest  rates. 

29

Deposits

Deposit balances and weighted average rates were as follows for the periods indicated:

At December 31,20242023(in thousands)AmountWeighted Average RateAmountWeighted Average RateDeposits by product:Noninterest-bearing demand deposits$1,195,781 — %$1,306,503 — %Interest-bearing:Interest-bearing demand deposits323,112 0.35 %344,748 0.25