Company: MCHB
Filing Date: 2025-04-15
Form Type: ARS
Source: 0001518715-25-000069
Chunk: 106

Company: Mechanics Bancorp
Filing Date: 2025-04-15
Form: ARS
Chunk 106
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,273 — 2,273 — LHFI 6,191,766 5,864,426 — — 5,864,426 Mortgage servicing rights – multifamily and SBA 26,565 32,361 — — 32,361 Federal Home Loan Bank stock 50,676 50,676 — 50,676 — Other assets - GNMA EBO loans 5,111 5,111 — — 5,111 Liabilities: Certificates of deposit $ 3,267,772 $ 3,262,350 $ — $ 3,262,350 $ — Borrowings 1,000,000 1,001,873 — 1,001,873 — Long-term debt 225,131 184,124 — 184,124 — At December 31, 2023 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 215,664 $ 215,664 $ 215,664 $ — $ — Investment securities HTM 2,371 2,331 — 2,331 — LHFI 7,381,124 7,002,028 — — 7,002,028 LHFS multifamily and other 6,788 6,871 — 6,871 — Mortgage servicing rights – multifamily and SBA 29,987 35,292 — — 35,292 Federal Home Loan Bank stock 55,293 55,293 — 55,293 — Other assets - GNMA EBO loans 5,617 5,617 — — 5,617 Liabilities: Certificates of deposit $ 3,227,954 $ 3,216,665 $ — $ 3,216,665 $ — Borrowings 1,745,000 1,750,023 — 1,750,023 — Long-term debt 224,766 132,996 — 132,996 — Fair Value Option Single family loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are recognized in net gain on mortgage loan origination and sale activities within noninterest income. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in fair value of the related servicing asset, resulting in revaluations adjustments to the