Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 153

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 153
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 Year Ended December 31, 
                    2024 |     |    2023 |     |    2022 |
|:------------------------------------------|:----|------------------------:|:----|--------:|:----|--------:|
| Noninterest income (loss)                 |     |                         |     |         |     |         |
| Service charges on deposit accounts       |     |                 $23,650 |     | $24,955 |     | $25,791 |
| Trust fees and commissions                |     |                  12,319 |     |   9,644 |     |   9,710 |
| ATM network fee income                    |     |                  12,158 |     |  12,192 |     |  12,286 |
| Loan servicing income                     |     |                     968 |     |   1,671 |     |   2,827 |
| Net loss on sale of investment securities |     |                -207,203 |     |       — |     | -11,230 |
| Income from bank-owned life insurance     |     |                   2,600 |     |   8,990 |     |   2,226 |
| Other                                     |     |                  16,388 |     |  16,775 |     |  22,123 |
| Total noninterest income (loss)           |     |              $(139,120) |     | $74,227 |     | $63,733 |

Noninterest income in 2024 decreased from 2023 primarily due to the $207.2 million loss on the sale of lower yielding AFS investment securities as part of a balance sheet restructure, partially offset by an increase in trust fees. The increase in trust fees primarily relates to increases in assets under management/custody of $572.8 million in 2024. Noninterest income in 2023 increased from 2022 primarily due to a loss on the sale of investment securities in 2022, partially offset by a decrease in other noninterest income due to lower wire transfer fees and foreign exchange fee income.

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Noninterest expense consisted of the following:

| (in thousands)                       |     | Year Ended December 31, 
                    2024 |     |     2023 |     |     2022 |
|:-------------------------------------|:----|------------------------:|:----|---------:|:----|