Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 227

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 227
---
. Accordingly, KBW believes that its analyses and the summary of its analyses must be considered as a whole and that selecting portions of its analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. Mechanics Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Mechanics to 9 selected major exchange-traded banks headquartered in the Western region of the United States (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington, and Wyoming) with total assets between $9.5 billion and $30 billion. Merger targets, ethnic-focused banks, online banks (Axos Financial, Inc. and LendingClub Corporation) and WaFd, Inc., a legacy thrift, were excluded from the selected companies. The selected companies were as follows (shown by column in descending order of total assets):

| First Interstate BancSystem, Inc. |     | Banner Corporation                 |
| Glacier Bancorp, Inc.             |     | CVB Financial Corp.                |
| First Hawaiian, Inc.              |     | National Bank Holdings Corporation |
| Bank of Hawaii Corporation        |     | TriCo Bancshares                   |
| Pacific Premier Bancorp, Inc.     |     |                                    |

To perform this analysis, KBW used profitability and other financial information as of or for the latest twelve months (“LTM”) or most recent completed fiscal quarter ended December 31, 2024 (“MRQ”) and closing market price information as of March 27, 2025. KBW also used 2025 and 2026 EPS estimates taken from publicly available consensus “street estimates” for the selected companies. Where consolidated holding company level financial data for the selected companies was unreported, subsidiary bank level data was utilized to calculate ratios. Certain financial data presented in the tables below may not correspond to the data presented in Mechanics’ historical financial statements as a result of the different periods, assumptions and methods used to compute the financial data presented. KBW’s analysis showed the following concerning the financial performance of Mechanics and the selected companies:

|                                                      |     |           |     | Selected Companies |     |         |     |        |     |            |
|                                                      |     | Mechanics |     | 75th               
 Percentile         |