Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 26

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 26
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 beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The adoption of ASU 2024-03 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.

NOTE 2–INVESTMENT SECURITIES:

The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and held-to-maturity ("HTM"): At March 31, 2025(in thousands)AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueAFSMortgage backed securities ("MBS"):Residential$169,540 $199 $(5,487)$164,252 Commercial54,431 — (5,969)48,462 Collateralized mortgage obligations ("CMOs"):Residential338,735 41 (26,944)311,832 Commercial57,206 — (4,051)53,155 Municipal bonds430,754 99 (56,862)373,991 Corporate debt securities31,129 — (5,539)25,590 U.S. Treasury securities22,218 — (1,901)20,317 Agency debentures9,966 — (838)9,128 Total$1,113,979 $339 $(107,591)$1,006,727 HTM   Municipal bonds$2,283 $— $(17)$2,266 At December 31, 2024(in thousands)AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueAFSMBS:Residential$174,887 $229 $(7,654)$167,462 Commercial54,620 — (6,978)47,642 CMOs:Residential349,348 36 (31,940)317,444 Commercial59,725 14 (4,794)54,945  Municipal bonds433,162 95 (54,998)378,259  Corporate debt securities31,136 — (6,192)24,944  U.S. Treasury securities22,306 — (2,319)19,