Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 165

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 165
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Noninterest income in the first quarter of 2025 decreased $3.6 million from the fourth quarter of 2024 primarily due to a decrease in other noninterest income as the fourth quarter included a $2.8 million gain as a result of a pension risk transfer that transferred Mechanics’ pension liabilities to a third party. Noninterest income in the first quarter of 2025 increased $206.0 million from the first quarter of 2024 primarily due to losses on the sales of investment securities in the first quarter of 2024. Noninterest expense consisted of the following:

| (in thousands)                       |     |  Quarter Ended 
 March 31, 2025 |     | December 31, 2024 |     | March 31, 2024 |
|:-------------------------------------|:----|---------------:|:----|------------------:|:----|---------------:|
| Noninterest expense                  |     |                |     |                   |     |                |
| Salaries and employee benefits       |     |        $48,851 |     |           $43,456 |     |        $51,522 |
| Occupancy                            |     |          7,972 |     |             8,200 |     |          8,121 |
| Equipment                            |     |          5,869 |     |             5,771 |     |          5,942 |
| Professional services                |     |          5,266 |     |             5,975 |     |          4,475 |
| FDIC assessments and regulatory fees |     |          2,213 |     |             5,946 |     |          2,873 |
| Amortization of intangible assets    |     |          2,738 |     |             2,743 |     |          3,760 |
| Data processing                      |     |          1,350 |     |             2,167 |     |          2,208 |

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| (in thousands)                  |     |  Quarter Ended 
 March 31, 2025 |     | December 31, 2024 |     | March 31, 2024 |
|:--------------------------------|:----|---------------:|:----|------------------:|:----|---------------:|
| Loan related                    |     |          1,577 |     |             1,559 |     |