Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 122

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 122
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 SBA of $11.3 million and $12.4 million at December 31, 2024 and 2023, respectively. (2)FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.(3)Includes $1.3 million of loans at December 31, 2024 and 2023, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes in fair value recognized in our consolidated income statements. 

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Loan ModificationsThe Company provides MBFDs which may include delays in payment of amounts due, extension of the terms of the notes or reduction in the interest rates on the notes. In certain instances, the Company may grant more than one type of modification. The granting of modifications for the years ended December 31, 2024 and 2023 did not have a material impact on the ACL. The following tables provide information related to MBFDs for years ended December 31, 2024 and 2023 disaggregated by class of financing receivable and type of concession granted:Significant Payment DelayYears Ended December 31,20242023(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableMultifamily$1,915 0.06 %$— — %Commercial business1,446 0.46 %839 0.23 %Single family85 0.01 %1,082 0.09 %Term ExtensionYears Ended December 31,20242023(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableCommercial business$1,536 0.49 %$9,850 2.74 %Single family— — %273 0.02 %Interest Rate Reduction and Significant Payment DelayYears Ended December 31,20242023(in thousands, except percentages)Amortized Cost Basis at Period End% of Total Class of Financing ReceivableAmortized Cost Basis at Period End% of Total Class of Financing ReceivableCommercial business$4,420 1.42 %$— —