Company: MCHB
Filing Date: 2025-04-15
Form Type: ARS
Source: 0001518715-25-000069
Chunk: 29

Company: Mechanics Bancorp
Filing Date: 2025-04-15
Form: ARS
Chunk 29
---
 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 intangibles 1,950 2,302 Tangible income applicable to shareholders $ (18,999) $ 10,586 Ratio (3.6) % 2.0 % Return on average equity - Core Average shareholders' equity (per above) $ 530,360 $ 552,234 Core net income (loss) (per above) (20,949) 8,284 Ratio (3.9) % 1.5 % Efficiency ratio Noninterest expense Total $ 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 revenues Net interest income $ 120,087 $ 166,753 Noninterest income (44,385) 41,921 Loss on loan sale 88,818 — Total $ 164,520 $ 208,674 Ratio 116.0 % 95.6 % Return on Average assets - Core Average 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 % 22.0 % 25

As of December 31, (in thousands, except share data) 2024 2023 Tangible book value per share Shareholders' equity $ 396,997 $ 538,387 Less: other intangibles (7,141) (9,641) Tangible shareholder's equity $ 389,856 $ 528,746 Common shares outstanding 18,857,565 18,810,055 Computed amount $ 20.67 $ 28.11 Tangible common equity to tangible assets Tangible shareholder's equity (per above) $ 389,856 $ 528,746 Tangible assets Total assets $ 8,123,698 $ 9,392,450 Less: Other