Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 102

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 102
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 disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The adoption of ASU 

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2024-03 will not have an impact on the Company's financial position or results of operation as it impacts disclosures only. We are assessing the impact on our disclosures.

NOTE 2–INVESTMENT SECURITIES:

The following tables set forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and HTM:At December 31, 2024(in thousands)AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueAFSMortgage-backed securities ("MBS"):Residential$174,887 $229 $(7,654)$167,462 Commercial54,620 — (6,978)47,642 Collateralized mortgage obligations ("CMOs")Residential349,348 36 (31,940)317,444 Commercial59,725 14 (4,794)54,945 Municipal bonds433,162 95 (54,998)378,259 Corporate debt securities31,136 — (6,192)24,944 U.S. Treasury securities22,306 — (2,319)19,987 Agency debentures10,320 — (1,044)9,276 Total$1,135,504 $374 $(115,919)$1,019,959 HTM   Municipal bonds $2,301 $— $(28)$2,273 At December 31, 2023(in thousands)AmortizedcostGrossunrealizedgainsGrossunrealizedlossesFairvalueAFSMBS:Residential$194,141 $117 $(10,460)$183,798 Commercial55,235 — (7,479)47,756 CMOs:Residential473,269 8 (33,539)439,738 Commercial63,456 — (6,059)57,397 Municipal bonds452,057 670 (47,853)404,874 Corporate debt securities45