Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 87

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 87
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 measures also facilitate a comparison of our performance to prior periods. We believe these measures are frequently used by securities analysts, investors and other parties in the evaluation of companies in our industry. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP. In the information below, we have provided reconciliations of, where applicable, the most comparable GAAP financial measures to the non-GAAP measures used in this Form 10-Q, or a computation of the measure.

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Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures or the computation of the measure:

 For the Quarter Ended(in thousands, except ratio, rate and share data)March 31, 2025December 31, 2024March 31, 2024Core net income (loss)Net income (loss)$(4,465)$(123,327)$(7,497)Adjustments (tax effected)Loss on loan sale— 67,058 — Merger related expenses (recoveries)1,599 (2,534)2,028 Loss on debt extinguishment— 353 — Deferred tax asset valuation allowance— 53,310 — Total$(2,866)$(5,140)$(5,469)Core net income (loss) per fully diluted shareFully diluted shares18,920,808 18,857,565 18,856,870 Computed amount$(0.15)$(0.27)$(0.29)Return on average tangible equity (annualized)Average shareholders' equity$404,800 $529,299 $537,627 Less: Average intangibles(6,976)(7,542)(9,403)Average tangible equity397,824 521,757 528,224 Net income (loss)$(4,465)$(123,327)$(7,497)Adjustments (tax effected)Amortization of core deposit intangibles374 487 488 Tangible income applicable to shareholders$(4,091)$(122,840)$(7,009)Ratio(4.2)%(93.7)%(5.3)%Return on average tangible equity (annualized) - CoreAverage tangible equity$397,824 $521,757 $528,224 Core net income (loss) (per above)$(2,866)