Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 128

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 128
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 preferred securities, HomeStreet, Inc. issued to HomeStreet Statutory Trust, Junior Subordinated Deferrable Interest Debentures. The sole assets of the HomeStreet Statutory Trust are the Subordinated Debt Securities I, II, III, and IV.The TRUPS outstanding as of December 31, 2024 and 2023 are as follows: HomeStreet Statutory Trust(dollars in thousands)IIIIIIIVDate issuedJune 2005September 2005February 2006March 2007Amount$5,155$20,619$20,619$15,464Interest rate (1)3 MO SOFR + 1.96%3 MO SOFR + 1.76%3 MO SOFR + 1.63%3 MO SOFR + 1.94%Maturity dateJune 2035December 2035March 2036June 2037Call option (2)QuarterlyQuarterlyQuarterlyQuarterly(1)   These rates reflect the floating rates as of December 31, 2024.(2)   Call options are exercisable at par and are callable, without penalty, on a quarterly basis.

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NOTE 8–DERIVATIVES AND HEDGING ACTIVITIES:

To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as single family mortgage LHFS and MSRs, the Company utilizes derivatives as economic hedges. The notional amounts and fair values for derivatives, all of which are economic hedges, are included in other assets or accounts payable and other liabilities on the consolidated balance sheets, consist of the following:At December 31, 2024Notional amountFair value derivatives(in thousands) AssetLiabilityForward sale commitments$87,912 $237 $(402)Interest rate lock commitments16,757 175 (49)Interest rate swaps222,917 10,250 (10,250)Futures5,200 1 — Options5,800 3 — Total derivatives before netting$338,586 10,666 (10,701)Netting adjustment/Cash collateral (1)(10,388)219 Carrying value on consolidated balance sheet$278 $(10,482)At December 31, 2023Notional amountFair value derivatives(in thousands) AssetLiabilityForward sale commitments$87,509 $151 $(288)Interest rate lock commitments21,