Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 80

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 80
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 held for investment. As of March 31, 2025, our ratio of nonperforming assets to total assets was 0.75% as compared to 0.71% at December 31, 2024, and our ratio of total loans delinquent over 30 days, including nonaccrual loans, to total loans was 1.09% as compared to 1.06% at December 31, 2024. During the first quarter of 2025, we increased the specific reserves for a syndicated commercial loan by $3.9 million based on updated analysis of the collateral support for this loan.

Management considers the current level of the ACL to be appropriate to cover estimated lifetime losses within our LHFI portfolio. The following table presents the ACL by product type:

 At March 31, 2025At December 31, 2024(dollars in thousands)AmountRate (1)AmountRate (1)CRENon-owner occupied CRE$1,658 0.30 %$1,739 0.30 %Multifamily13,287 0.45 %14,909 0.50 %Construction/land developmentMultifamily construction468 0.72 %849 0.86 %CRE construction73 0.66 %66 0.60 %Single family construction5,704 1.74 %6,737 2.10 %Single family construction to permanent140 0.45 %184 0.44 %Total 21,330 0.55 %24,484 0.61 %Commercial and industrial loansOwner occupied CRE598 0.18 %576 0.16 %Commercial business10,648 3.61 %6,886 2.23 %Total 11,246 1.77 %7,462 1.12 %Consumer loansSingle family3,702 0.37 %3,610 0.35 %Home equity and other3,356 0.80 %3,187 0.77 %Total 7,058 0.50 %6,797 0.47 %Total ACL $39,634 0.66 %$38,743 0.63 %

(1)   The ACL rate is calculated excluding balances related to loans that are insured by the FHA or guaranteed by the