Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 127

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 127
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Weighted Average RateAmountWeighted Average RateWithin one year$450,000 4.56 %$745,000 4.75 %One to three years550,000 4.35 %450,000 4.56 %Three through five years— — %550,000 4.35 %Total$1,000,000 4.44 %$1,745,000 4.58 %At December 31, 2024 and 2023 the Bank had available borrowing capacity of $1.3 billion and $2.1 billion, respectively, from the FHLB, and $1.6 billion and $710 million, respectively, from the FRBSF. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily and as of December 31, 2024 and 2023, there were no balances outstanding.

As of December 31, 2024 and 2023, the Company held $50.7 million and $55.3 million, respectively, of FHLB stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

NOTE 7–LONG-TERM DEBT:

At December 31, 2024 and 2023, the Company had outstanding $99 million and $98 million respectively, of subordinated notes (the “Notes”) which have a face amount of $100 million, have a maturity date of January 30, 2032 and bear interest at a rate of 3.5% per annum until January 30, 2027. From January 30, 2027, until the maturity date or the date of earlier redemption, the Notes will bear interest equal to the three-month term Secured Overnight Financing Rate ("SOFR") plus 215 basis points.At December 31, 2024 and 2023, the Company had outstanding $65 million of Senior Notes which have a face amount of $65 million, have a maturity date of June 1, 2026 and bear interest at a rate of 6.50% per annum. The Company issued trust preferred securities ("TRUPS") during the period from 2005 through 2007, resulting in a debt balance of $62 million outstanding at December 31, 2024 and 2023. In connection with the issuance of trust