Company: MCHB
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001518715-25-000110
Chunk: 58

Company: Mechanics Bancorp
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 58
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 investment using a proportional amortization method. The current balances of these investments, which are included in other assets in the consolidated balance sheets, were $34.5 million and $37.3 million as of June 30, 2025 and December 31, 2024, respectively. The following table presents other information related to the Company’s LIHTC investments for the periods indicated:Quarter Ended June 30,Six Months Ended June 30,(in thousands)2025202420252024Tax credits and other tax benefits recognized$1,126 $1,019 $2,823 $2,687 LIHTC amortization expense1,405 1,367 2,810 2,734 

NOTE 11–SUBSEQUENT EVENTS:

On July 16, 2025, the Company entered into an agreement to sell its Government National Mortgage Association (“Ginnie Mae”) mortgage servicing portfolio to an entity experienced in servicing loans, including Ginnie Mae loans. The principal balance of the loans in the Ginnie Mae servicing portfolio sold under the purchase agreement was $797 million and the value of the related mortgage servicing rights was $15.7 million on June 30, 2025. The sale closed on August 1, 2025 and no gain or loss was recognized. 

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ITEM 2     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Consolidated Financial Statements and Notes presented elsewhere in this report and in HomeStreet, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report on Form 10-K"). 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Generally, forward-looking statements include the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will,” and “would” and similar expressions (or the negative of these terms) and include statements relating to achievement of earnings growth, profitability and timing of such achievement, timing for the closing of the pending Merger ("defined below"), expectations with respect to income tax expense and reductions in short-term interest rates