Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 152

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 152
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%3.50%Maturities of lease liabilities and obligations under leases classified as nonlease components were as follows:Lease Liabilities(in thousands)Operating LeasesFinance LeasesNonlease ComponentsYear ended December 31,2025$10,079 $37 $3,723 20268,721 — 3,785 20277,683 — 3,841 20282,750 — 125 20291,678 — — 2030 and thereafter2,874 — — Total lease payments33,785 37 $11,474 Less imputed interest2,792 — Total$30,993 $37 

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NOTE 17–SHARE-BASED COMPENSATION PLANS:

In May 2014, the shareholders approved the Company's 2014 Equity Incentive Plan (the "2014 EIP Plan") that provided for the grant of stock options, shares of restricted stock, RSUs, PSUs, stock bonus awards, stock appreciation rights, performance share awards and performance compensation awards and unrestricted stock (collectively, "Equity Incentive Awards") to the Company’s executive officers, other key employees and directors. This plan was amended in May 2017 and allowed the grant of up to 1,875,000 shares of the Company’s common stock. For 2024 and 2023, the Company recognized stock-based compensation cost of $3.3 million and $3.1 million, respectively. In March 2024, this plan expired, therefore we are no longer granting shares from this plan, or any other plan.  RSUs generally vest over a three year period with the fair market value of the awards determined at the grant date based on the Company's stock price. PSUs vest at the end of a three year period with the fair market value of the awards determined using a Monte Carlo simulation technique. A summary of the status of the combined RSUs and PSUs is as follows:NumberWeighted AverageGrant Date Fair ValueOutstanding at December 31, 2023230,986$34.08 Granted417,65910.79 Cancelled or forfeited(86,505)24.37 Vested(44,651)34.93 Outstanding at December 31, 2024517,489 $16.83 The assumptions used in the Monte Carlo simulations used to determine fair market value of the PS