Company: MCHB
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001518715-25-000181
Chunk: 9

Company: Mechanics Bancorp
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
ITEM 1.  FINANCIAL STATEMENTS

MECHANICS BANCORP AND SUBSIDIARIES

 CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except shares)September 30, 2025December 31, 2024ASSETSCash and cash equivalents $1,442,647$999,711Trading securities50,357—Securities available-for-sale, at fair value 3,490,4783,065,251Securities held-to-maturity, at amortized cost (fair value of $1,186,260 and $1,196,000 at September 30, 2025 and December 31, 2024, respectively)1,363,6361,440,494Loans held for sale (includes $21,397 carried at fair value at September 30, 2025)54,985543Loan and lease receivables14,568,7959,643,497Allowance for credit losses on loans and leases(168,959)(88,558)Net loan and lease receivables14,399,8369,554,939Mortgage servicing rights (includes $59,536 carried at fair value at September 30, 2025)88,595—Other real estate owned1,67515,600Federal Home Loan Bank stock, at cost17,29417,250Premises and equipment, net143,917117,362Bank-owned life insurance169,16383,741Goodwill843,305843,305Other intangible assets, net143,26438,744Right-of-use asset85,65753,545Interest receivable and other assets414,011259,627TOTAL ASSETS$22,708,820$16,490,112LIABILITIES AND SHAREHOLDERS' EQUITYLIABILITIESNoninterest-bearing demand deposits$6,748,479$5,616,116Interest-bearing transaction accounts7,918,6706,138,909Savings and time deposits4,785,6702,186,779Total deposits19,452,81913,941,804Long-term debt190,123—Operating lease liability90,79656,094Interest payable and other liabilities200,948190,346TOTAL LIABILITIES19,934,68614,188,244SHAREHOLDERS’ EQUITYCommon stock, Class A, no par value, Authorized —1,897,500,000 shares, Issued