Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 404

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 404
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 were utilized to determine fair value of loan and lease receivables, net. Derivative instruments: Valuation for the swaps is calculated using key valuation inputs, including the SOFR swap curve, volatility curve, reset rates and updates to swap notional amounts. These instruments are classified as Level 2 in the fair value hierarchy. Deposits: The fair value of fixed rate certificates of deposit have been estimated by discounting all future cash flows of certificates using the current rate at which similar certificates are being offered to depositors for the same average life of the portfolio. All other deposits are either noninterest-bearing or are tied to competitive money market deposit rates and are assumed to be due or able to be repriced on demand. For these deposits, the carrying amount is a reasonable estimate of fair value. Level 1 inputs for deposits were $13.1 billion and $13.0 billion as of March 31, 2025 and December 31, 2024, respectively. There were no Level 2 inputs for deposits as of March 31, 2025 and December 31, 2024. Level 3 inputs for deposits were $930.5 million and $970.1 million as of March 31, 2025 and December 31, 2024, respectively. Accrued interest receivable: The carrying value is a reasonable approximation of fair value. Level 1 inputs for accrued interest receivable were $0 as of March 31, 2025 and December 31, 2024. Level 2 inputs for accrued interest receivable were $19.1 million and $16.3 million as of March 31, 2025 and December 31, 2024, respectively. Level 3 inputs for accrued interest receivable were $32.7 million and $33.6 million as of March 31, 2025 and December 31, 2024, respectively. Accrued interest payable: The carrying value is a reasonable approximation of fair value. Level 1 inputs for accrued interest payable were $595 and $499 thousand as of March 31, 2025 and December 31, 2024, respectively. Level 2 inputs for accrued interest payable were $0 as of March 31, 2025 and December 31, 2024. Level 3 inputs for accrued interest payable were $3.6 million and $5.5 million as of March 31, 2025 and December 31, 2024,