Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 127

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 127
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 net income (loss) (per above)(2,866)(5,140)(5,469)Ratio(2.9)%(3.9)%(4.1)%Efficiency ratioNoninterest expenseTotal$49,108 $43,953 $52,164 Adjustments:Merger related expenses or recoveries(2,050)3,249 (2,600)Loss on debt extinguishment— (452)— State of Washington taxes(386)(157)(452)Adjusted total$46,672 $46,593 $49,112 

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For the Quarter Ended(in thousands, except ratio, rate and share data)March 31, 2025December 31, 2024March 31, 2024Total revenuesNet interest income$33,221 $29,616 $32,151 Noninterest income12,136 (78,124)9,454 Loss on loan sale— 88,818 — Total$45,357 $40,310 $41,605 Ratio102.9 %115.6 %118.0 %Return on Average assets (annualized)  - CoreAverage Assets$7,870,934 $9,127,103 $9,502,189 Core net income (loss) - per above(2,866)(5,140)(5,469)Ratio(0.15)%(0.22)%(0.23)%Effective tax rate used in computations above (1)22.0 %22.0 %22.0 %

(1)     Effective tax rate indicated is used for all adjustments except the loss on loan sale. The gross effective tax rate of 24.5% was used for the loss on loan sale due to the large size of the loss in relation to permanent differences that could impact our gross effective rate. 

 As of(in thousands, except ratio, rate and share data)March 31, 2025December 31, 2024Tangible book value per shareShareholders' equity$400,751 $396,997 Less: Intangible assets(6,662)(7,141)Tangible shareholder's equity$394,089 $389,856 Common shares outstanding18,920,808 18,857,565 Computed amount$20.83 $20.67 Tangible common equity to tangible assets