Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 223

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 223
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 incomplete view of the process underlying its analyses and opinion. Mechanics Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Mechanics to 9 selected major exchange-traded banks headquartered in the Western region of the United States (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington, and Wyoming) with total assets between $9.5 billion and $30 billion. Merger targets, ethnic-focused banks, online banks (Axos Financial, Inc. and LendingClub Corporation) and WaFd, Inc., a legacy thrift, were excluded from the selected companies. The selected companies were as follows (shown by column in descending order of total assets):

| First Interstate BancSystem, Inc. |     | Banner Corporation                 |
| Glacier Bancorp, Inc.             |     | CVB Financial Corp.                |
| First Hawaiian, Inc.              |     | National Bank Holdings Corporation |
| Bank of Hawaii Corporation        |     | TriCo Bancshares                   |
| Pacific Premier Bancorp, Inc.     |     |                                    |

To perform this analysis, KBW used profitability and other financial information as of or for the latest twelve months (“LTM”) or most recent completed fiscal quarter ended December 31, 2024 (“MRQ”) and closing market price information as of March 27, 2025. KBW also used 2025 and 2026 EPS estimates taken from publicly available consensus “street estimates” for the selected companies. Where consolidated holding company level financial data for the selected companies was unreported, subsidiary bank level data was utilized to calculate ratios. Certain financial data presented in the tables below may not correspond to the data presented in Mechanics’ historical financial statements as a result of the different periods, assumptions and methods used to compute the financial data presented. KBW’s analysis showed the following concerning the financial performance of Mechanics and the selected companies:

|                                                      |     |           |     | Selected Companies |     |         |     |        |     |            |
|                                                      |     | Mechanics |     | 75th               
 Percentile         |     | Average |     | Median |     | 25th       
 Percentile |
| MRQ Core Return on Average Assets(1)                 |     | 1.31%     |     | 1.23%              |     | 1.06%   |     | 1.17%  |     | 0.85