Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 126

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 126
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 At December 31,20242023(dollars in thousands)AmountWeighted Average RateAmountWeighted Average RateNoninterest-bearing demand deposits$1,195,781 — %$1,306,503 — %Interest bearing:Interest-bearing demand deposits323,112 0.35 %344,748 0.25 %Savings229,659 0.06 %261,508 0.06 %Money market1,396,697 1.72 %1,622,665 1.79 %Certificates of depositBrokered deposits751,406 4.61 %1,218,008 5.36 %Other2,516,366 4.37 %2,009,946 3.95 %Total interest bearing deposits5,217,240 3.31 %5,456,875 3.19 %Total deposits$6,413,021 2.65 %$6,763,378 2.58 %There were $315 million and $255 million in public funds included in deposits at December 31, 2024 and 2023, respectively.Certificates of deposit outstanding mature as follows: (in thousands)December 31, 2024Within one year$3,157,293 One to two years105,759 Two to three years2,067 Three to four years1,136 Four to five years1,517 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. 

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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 31,20242023(dollars in thousands)Amount