Company: MCHB
Filing Date: 2025-04-15
Form Type: ARS
Source: 0001518715-25-000069
Chunk: 86

Company: Mechanics Bancorp
Filing Date: 2025-04-15
Form: ARS
Chunk 86
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,067 Three to four years 1,136 Four to five years 1,517 Total $ 3,267,772 The aggregate amount of time deposits in denominations of more than the FDIC limit of $250,000 at December 31, 2024 and 2023 was $265 million and $194 million, respectively. 69

NOTE 6– BORROWINGS: The Company regularly borrows funds through advances from the Des Moines FHLB. During 2024 and 2023, the Company borrowed funds from the Federal Reserve Bank ("FRB") under the Bank Term Funding Program ("BTFP") which was phased out in 2024. At December 31, 2023 the Company had $645 million outstanding under the FRB BTFP. The balances, maturity and rate of the outstanding borrowings from the FHLB and the FRB BTFP were as follows: At December 31, 2024 2023 (dollars in thousands) Amount Weighted Average Rate Amount Weighted Average Rate Within one year $ 450,000 4.56 % $ 745,000 4.75 % One to three years 550,000 4.35 % 450,000 4.56 % Three through five years — — % 550,000 4.35 % Total $ 1,000,000 4.44 % $ 1,745,000 4.58 % At December 31, 2024 and 2023 the Bank had available borrowing capacity of $1.3 billion and $2.1 billion, respectively, from the FHLB, and $1.6 billion and $710 million, respectively, from the FRBSF. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily and as of December 31, 2024 and 2023, there were no balances outstanding. As of December 31, 2024 and 2023, the Company held $50.7 million and $55.3 million, respectively, of FHLB stock. NOTE 7–LONG-TERM DEBT: At December 31, 2024 and 2023, the Company had outstanding $99 million and $98 million respectively, of subordinated notes (the “Notes”) which have a face amount of $