Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 60

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 60
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261 $38,976 $53,518 $7,369,386 $7,422,904 %0.08 %0.05 %0.06 %0.53 %0.72 %99.28 %100.00 %

(1)Includes loans whose repayments are insured by the FHA or guaranteed by the VA or SBA of $12.4 million. 

(2)FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss.

(3)Includes $1.3 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in our consolidated income statements. 

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:

 December 31, 2024December 31, 2023(in thousands)BalanceRate (1)BalanceRate (1)CRENon-owner occupied CRE$1,739 0.30 %$2,610 0.41 %Multifamily14,909 0.50 %13,093 0.33 %Construction/land developmentMultifamily construction849 0.86 %3,983 2.37 %CRE construction66 0.60 %189 1.02 %Single family construction6,737 2.10 %7,365 2.69 %Single family construction to permanent184 0.44 %672 0.64 %Total 24,484 0.61 %27,912 0.54 %Commercial and industrial loansOwner occupied CRE576 0.16 %899 0.23 %Commercial business6,886 2.23 %2,950 0.83 %Total 7,462 1.12 %3,849 0.52 %Consumer loansSingle family3,610 0.35 %5,287 0.51 %Home equity and other3,187 0.77 %3,452 0.90 %Total 6,797 0.47 %8,739 0.61 %Total ACL $