Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 46

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 46
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 the monthly payment amounts to the borrowers.Single familyAdded a weighted average 7.3 years to the life of loans, which reduced the monthly payment amounts to the borrowers.Added a weighted average 1.9 years to the life of loans, which reduced the monthly payment amounts to the borrowers.Upon determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

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The following table depicts the payment status of loans that were classified as MBFDs on or after January 1, 2024 through December 31, 2024:Payment Status (Amortized Cost Basis) at March 31, 2025(in thousands)Current30-89 Days Past Due90+ Days Past DueNon-owner occupied CRE$19,211 $— $— Multifamily— — 1,915 Construction/land development— — 3,796 Owner occupied CRE254 — — Commercial business2,835 — 5,541 Single family2,773 177 567 Total$25,073 $177 $11,819 The following table depicts the payment status of loans that were classified as MBFDs on or after January 1, 2023 through December 31, 2023:Payment Status (Amortized Cost Basis) at March 31, 2024(in thousands)Current30-89 Days Past Due90+ Days Past DueNon-owner occupied CRE$16,240 $— $— Construction/land development3,824 — — Commercial business8,663 — — Single family2,367 1,109 342 Total$31,094 $1,109 $342 The following table provides the amortized cost basis as of March 31, 2025 of MBFDs on or after January 1, 2024 through December 31, 2024 and subsequently had a payment default: Amortized Cost Basis of Modified Loans That Subsequently Defaulted Quarter Ended March 31, 2025(in thousands)Significant Payment DelayTerm ExtensionInterest Rate Reduction and Term ExtensionSignificant Payment Delay and Term ExtensionInterest Rate Reduction, Significant Payment Delay and Term ExtensionSingle family$—