Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 105

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 105
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 and has determined that the decline in value is temporary and is related to the change in market interest rates since purchase. The decline in value is not related to any issuer- or industry-specific credit event. The Company has not identified any expected credit losses on its debt securities as of December 31, 2024 and 2023. The Company bases this conclusion in part on its periodic review of the credit ratings of the AFS securities or reviews of the financial condition of the issuers. In addition, as of December 31, 2024 and 2023, the Company had 

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not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis. The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield. At December 31, 2024 Within one yearAfter one yearthrough five yearsAfter five yearsthrough ten yearsAfterten yearsTotal(dollars in thousands)FairValueWeightedAverageYieldFairValueWeightedAverageYieldFairValueWeightedAverageYieldFairValueWeightedAverageYieldFairValueWeightedAverageYieldAFSMunicipal bonds$— — %$15,531 3.88 %$70,678 2.92 %$292,050 2.93 %$378,259 2.97 %Corporate debt securities— — %2,735 2.08 %22,209 4.27 %— — %24,944 4.03 %U.S. Treasury securities— — %19,987 1.15 %— — %— — %19,987 1.15 %Agency debentures— — %1,770 2.13 %4,442 2.17 %3,064 2.14 %9,276 2.15 %Total $— — %$40,023 2.32 %$97,329 3.19 %$295,114 2.92 %$432,466 2.93 %HTMMunicipal bonds$2,273 2.29 %$— — %$— — %$— — %$