Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 48

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 48
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One to two years18,006 Two to three years1,567 Three to four years1,245 Four to five years1,468 Thereafter2 Total$2,816,698 

The aggregate amount of certificate of deposits in denominations of more than the FDIC limit of $250 thousand at March 31, 2025 and December 31, 2024 were $288 million and $265 million, respectively. 

27

NOTE 5–DERIVATIVES AND HEDGING ACTIVITIES:

To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as single family mortgage LHFS and MSRs, the Company utilizes derivatives as economic hedges. The notional amounts and fair values for derivatives, all of which are economic hedges are included in other assets or accounts payable and other liabilities on the consolidated balance sheet, consist of the following: At March 31, 2025Notional amountFair value derivatives(in thousands) AssetLiabilityForward sale commitments$67,496 $50 $(185)Interest rate lock commitments27,842 556 — Interest rate swaps214,617 8,301 (8,301)Futures11,000 2 — Options3,000 9 — Total derivatives before netting$323,955 8,918 (8,486)Netting adjustment/Cash collateral (1)(8,186)(91)Carrying value on consolidated balance sheet$732 $(8,577)At December 31, 2024Notional amountFair value derivatives(in thousands) AssetLiabilityForward sale commitments$87,912 $237 $(402)Interest rate lock commitments16,757 175 (49)Interest rate swaps222,917 10,250 (10,250)Futures5,200 1 — Options5,800 3 — Total derivatives before netting$338,586 10,666 (10,701)Netting adjustment/Cash collateral (1)(10,388)219 Carrying value on consolidated balance sheet$278 $(10,482)(1)    Includes net cash collateral received of $8.3 million and $10.2 million at March 31, 2025 and December 31, 2024, respectively. The following table presents gross fair value and net carrying value information for derivative