Company: MCHB
Filing Date: 2025-04-15
Form Type: ARS
Source: 0001518715-25-000069
Chunk: 43

Company: Mechanics Bancorp
Filing Date: 2025-04-15
Form: ARS
Chunk 43
---
 1,170 2,507 Ginnie Mae loans derecognized with the right to repurchase, net 506 1,301 New investments in low income housing tax credit partnerships ("LIHTC") — 15,000 LIHTC amortization 5,684 4,732 Repurchase of common stock - award shares 134 316 Acquisition: Loans acquired — 21,197 Premises and equipment and other assets — 5,845 Liabilities assumed — 377,412 Goodwill and other intangibles — 22,469 Years Ended December 31, (in thousands) 2024 2023 See accompanying notes to consolidated financial statements. 38

HomeStreet, Inc. and Subsidiaries Notes to Consolidated Financial Statements NOTE 1–SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Business HomeStreet, Inc., a State of Washington corporation organized in 1921 (the "Corporation"), is a Washington-based diversified financial services holding company whose operations are primarily conducted through its wholly owned subsidiaries (collectively the "Company") HomeStreet Statutory Trusts and HomeStreet Bank (the "Bank"), and the Bank's subsidiaries, Continental Escrow Company, HS Properties, Inc., HS Evergreen Corporate Center LLC, and Union Street Holdings LLC. The Company is principally engaged in commercial banking, mortgage banking and consumer/retail banking activities serving customers primarily in the Western United States. The Bank, the Company’s principal operating subsidiary, was incorporated in the State of Washington in 1986, and, as a state- chartered non-member commercial bank, is subject to examination by the State of Washington Department of Financial Institutions and the Federal Deposit Insurance Corporation ("FDIC"). Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates. Segments Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as one single operating and reportable segment at the consolidated level. Accordingly,