Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 54

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 54
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, the total unpaid principal balance of loans sold under this program was $1.8 billion. The Company's reserve liability related to this arrangement totaled $0.6 million and $0.7 million at March 31, 2025 and December 31, 2024, respectively. There were no actual losses incurred under this arrangement during the quarters ended March 31, 2025 and 2024.In the ordinary course of business, the Company sells residential mortgage loans to GSEs and other entities. Under the terms of these sales agreements, the Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $5.1 billion and $5.2 billion as of March 31, 2025 and December 31, 2024, respectively. At March 31, 2025 and December 31, 2024, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated balance sheets of $1.0 million.

NOTE 8–EARNINGS PER SHARE:

The following table summarizes the calculation of earnings (loss) per share:  Quarter Ended March 31,(in thousands, except share and per share data)20252024Net income (loss)$(4,465)$(7,497)Weighted average shares: Basic weighted-average number of common shares outstanding18,920,808 18,856,870 Dilutive effect of outstanding common stock equivalents — — Diluted weighted-average number of common shares outstanding18,920,808 18,856,870 Net income (loss) per share:Basic earnings per share$(0.24)$(0.40)Diluted earnings per share (1)(0.24)(0.40)

(1)  Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the quarters ended March 31, 2025 and 2024 were certain unvested RSUs and PSUs. On a weighted average basis 395,023 and 561,610 un