Company: MCHB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001518715-25-000083
Chunk: 111

Company: Mechanics Bancorp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 111
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$9,127,103 Liabilities and shareholders' equity:Interest-bearing deposits: (2)Demand deposits$312,762 $287 0.37 %$314,040 $250 0.32 %Money market and savings 1,645,604 6,874 1.68 %1,663,526 7,067 1.68 %Certificates of deposit2,919,241 31,076 4.32 %3,171,161 36,784 4.61 %Total 4,877,607 38,237 3.18 %5,148,727 44,101 3.40 %Borrowings:Borrowings1,011,111 11,364 4.50 %1,875,616 22,316 4.66 %Long-term debt225,178 2,943 5.23 %225,086 3,039 5.36 %Total interest-bearing liabilities6,113,896 52,544 3.47 %7,249,429 69,456 3.79 %Noninterest-bearing liabilities:Demand deposits (2)1,265,701 1,253,516 Other liabilities86,537 94,859 Total liabilities7,466,134 8,597,804 Shareholders' equity404,800 529,299 Total liabilities and shareholders' equity$7,870,934 $9,127,103 Net interest income $34,243 $30,668 Net interest rate spread1.18 %0.74 %Net interest margin1.82 %1.38 %

(1)    Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities of $1.0 million and $1.1 million for quarters ended March 31, 2025 and December 31, 2024. The estimated federal statutory tax rate was 21% for the periods presented.

(2)    Cost of all deposits, including noninterest-bearing demand deposits was 2.52% and 2.74% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

Our net interest income in the first quarter of 2025 was $3.6 million higher than the fourth quarter of 2024