Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 62

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 62
---
 presents assets classified as Level 3 that had changes in their recorded fair value for the periods indicated and what we still held at the end of the respective reporting period: (in thousands)Fair Value (1)Total Gains (Losses)At or for the Quarter Ended March 31, 2025      LHFI $1,546 $698 At or for the Quarter Ended March 31, 2024LHFI$423 $(50)(1)  Represents the carrying value of loans for which adjustments are based on the fair value of the collateral.Fair Value of Financial InstrumentsThe following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company's financial instruments other than assets and liabilities measured at fair value on a recurring basis:  At March 31, 2025(in thousands)CarryingValueFairValueLevel 1Level 2Level 3Assets:Cash and cash equivalents$252,162 $252,162 $252,162 $— $— Investment securities HTM2,283 2,266 — 2,266 — LHFI6,022,334 5,758,436 — — 5,758,436 LHFS – multifamily and other12,822 12,822 — 12,822 — Mortgage servicing rights – multifamily and SBA25,674 31,468 — — 31,468 Federal Home Loan Bank stock49,920 49,920 — 49,920 — Other assets - GNMA EBO loans6,786 6,786 — — 6,786 Liabilities:Certificates of deposit$2,816,698 $2,811,546 $— $2,811,546 $— Borrowings1,000,000 1,005,485 — 1,005,485 — Long-term debt225,223 180,069 — 180,069 —   At December 31, 2024(in thousands)CarryingValueFairValueLevel 1Level 2Level 3Assets:Cash and cash equivalents $406,600 $406,600 $406,600 $— $— Investment securities HTM2,301 2,273 — 2,273 — L