M
Mechanics Bancorp
Period
FY 2025
Revenue
$49.73M
Net Income
$265.74M
Total Assets
$22.35B
Equity
$2.86B
Shares Out
18.92M
Op. Cash Flow
$193.59M
Business
Mechanics Bancorp is a financial holding company that operates through Mechanics Bank, a 121-year-old California state-chartered commercial bank with 166 branches across California, Washington, Oregon and Hawaii. The bank provides consumer and business banking, commercial lending, cash management, private banking, and wealth management and trust services. Following the September 2025 merger with HomeStreet Bank, the combined entity offers a full range of retail and commercial lending products, deposit products and treasury management services to customers throughout its Western regional footprint.
Summary from 10-K filed 2026-03-17
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loans interest and fees | 572 | 529 | 341 | 267 | 222 | |
| Investment securities | 179 | 132 | 50 | 34 | 22 | |
| Interest-bearing cash and other | 60 | 75 | 9 | 4 | 569,000 | |
| Total interest income | 812 | 736 | 400 | 304 | 244 | |
| Deposits | 220 | 189 | 138 | 32 | 11 | |
| Borrowings | 124,000 | 26 | 95 | 39 | 6 | |
| Long-term debt | 6 | 862,000 | — | — | — | |
| Total interest expense | 226 | 217 | 233 | — | — | |
| Net interest income | 586 | 519 | 167 | 233 | 227 | |
| Provision (reversal of provision) for credit losses on loans | 21 | −2 | — | — | — | |
| Ending balance | −987,000 | 52,000 | — | — | — | |
| Net interest income after provision for credit losses | 566 | 521 | 167 | 239 | 242 | |
| Noninterest income | 50 | 48 | — | — | — | |
| Loan servicing income | 3 | 968,000 | 13 | 12 | 7 | |
| Net gain (loss) on sales and calls of investment securities | 5 | −207 | — | — | — | |
| Income from bank owned life insurance | 5 | 3 | — | — | — | |
| Bargain purchase gain | 145 | 0 | — | — | — | |
| Other | 15 | 16 | 10 | 13 | 12 | |
| Total noninterest income (loss) | 223 | −139 | 42 | 52 | 120 | |
| Salaries and employee benefits | 219 | 191 | 111 | 116 | 132 | |
| Occupancy | 38 | 32 | 22 | 25 | 24 | |
| Equipment | 29 | 23 | — | — | — | |
| Professional services | 23 | 21 | — | — | — | |
| FDIC assessments and regulatory fees | 9 | 15 | — | — | — | |
| Amortization of intangible assets | 17 | 13 | — | — | — | |
| Data processing | 12 | 9 | — | — | — | |
| Loan related | 13 | 7 | — | — | — | |
| Marketing and advertising | 3 | 3 | — | — | — | |
| Other real estate owned related | 2 | 3 | — | — | — | |
| Acquisition and integration costs | 73 | 0 | — | — | — | |
| Other | 30 | 28 | — | — | — | |
| Total noninterest expense | 470 | 346 | 242 | 205 | 215 | |
| Income before income tax expense | 320 | 36 | −33 | 85 | 147 | |
| INCOME TAX EXPENSE | 54 | 7 | −5 | 18 | 31 | |
| NET INCOME | 266 | 29 | −28 | 67 | 115 | |
| Basic (in dollars per share) | 1.27 | 0.14 | −1.46 | 3.51 | 5.53 | |
| Diluted earnings per share (in dollars per share) | 1.27 | 0.14 | −1.46 | 3.49 | 5.46 | |
| Basic (in shares) | 209 | 202 | 19 | 19 | 21 | |
| Diluted (in shares) | 209 | 202 | 19 | 19 | 21 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-09-30 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1,030 | — | 1,000 | 216 | 73 | |
| Trading securities | 50 | — | 0 | — | — | |
| Securities available-for-sale, at fair value | 3,993 | — | 3,065 | — | — | |
| Securities held-to-maturity, at amortized cost (fair value of $1,170,818 and $1,196,000 at December 31, 2025 and 2024, respectively) | 1,337 | — | 1,440 | — | — | |
| Loans held for sale (includes $5,967 and zero carried at fair value at December 31, 2025 and 2024, respectively) | 6 | — | 543,000 | 20 | 17 | |
| Loan receivables | 14,177 | 14,569 | 9,643 | — | — | |
| Allowance for credit losses on loans | −153 | — | −89 | −134 | 42 | |
| Net loan receivables | 14,024 | — | 9,555 | 7,382 | 7,385 | |
| Mortgage servicing rights (includes $58,095 and zero carried at fair value at December 31, 2025 and 2024, respectively) | 86 | — | 0 | 104 | 112 | |
| Other real estate owned | 5 | — | 16 | 4 | 2 | |
| Federal Home Loan Bank stock, at cost | 17 | — | 17 | — | — | |
| Premises and equipment, net | 144 | — | 117 | 54 | 51 | |
| Bank owned life insurance | 170 | — | 84 | — | — | |
| Goodwill | 843 | — | 843 | — | — | |
| Other intangible assets, net | 212 | — | 39 | — | — | |
| Operating leases | 82 | — | 54 | — | — | |
| Interest receivable and other assets | 352 | 414 | 260 | — | — | |
| TOTAL ASSETS | 22,351 | 22,709 | 16,490 | 9,392 | 9,365 | |
| Noninterest-bearing demand deposits | 6,744 | — | 5,616 | — | — | |
| Interest-bearing transaction accounts | 8,129 | — | 6,139 | — | — | |
| Savings and time deposits | 4,152 | — | 2,187 | — | — | |
| Total deposits | 19,025 | — | 13,942 | 6,763 | 7,452 | |
| Long-term debt | 192 | — | 0 | 225 | 224 | |
| Operating lease liability | 87 | — | 56 | — | — | |
| Interest payable and other liabilities | 185 | — | 190 | 121 | 110 | |
| TOTAL LIABILITIES | 19,489 | — | 14,188 | 8,854 | 8,803 | |
| Commitments and contingencies (Note 15) | — | — | — | — | — | |
| Common stock, Class A, no par value, Authorized 1,897,500,000 shares, Issued and outstanding, 220,190,561 shares and 200,884,880 shares at December 31, 2025 and 2024, respectively; Class B, no par value, Authorized 2,500,000 shares, Issued and outstanding, 1,114,448 shares at December 31, 2025 and 2024 | 2,402 | — | 2,122 | 230 | 227 | |
| Retained earnings | 457 | 381 | 240 | 395 | 435 | |
| Accumulated other comprehensive income (loss), net of tax | 3 | — | −60 | −87 | −100 | |
| TOTAL SHAREHOLDERS EQUITY | 2,862 | 2,774 | 2,302 | 2,236 | 562 | |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 22,351 | 22,709 | 16,490 | 9,392 | 9,365 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Provision (reversal of provision) for credit losses on loans | 21 | −2 | — | — | — | |
| Originations of loans held for sale and principal collections, net | −122 | −6 | — | — | — | |
| Proceeds from sales of loans held for sale | 158 | 6 | — | — | — | |
| Net fair value adjustment and gain on sale of loans held for sale | −2 | −54,000 | — | — | — | |
| Amortization of premiums and discounts on investment securities | 1 | 7 | — | — | — | |
| Depreciation of premises and equipment | 11 | 9 | — | — | — | |
| Amortization of premiums and discounts on debt and deposits | 2 | 35,000 | — | — | — | |
| Net loss on debt extinguishment | 835,000 | 0 | 0 | 0 | 0 | |
| Share-based compensation expense | 6 | 5 | 4 | 4 | 3 | |
| Increase in cash surrender value of bank-owned life insurance | −4 | −2 | — | — | — | |
| Net loss on sale, disposal and write-down of other real estate owned | 2 | 1 | — | — | — | |
| Net loss (gain) on sale and disposal of premises and equipment | 100,000 | −804,000 | — | — | — | |
| Deferred income tax expense | 11 | 9 | — | — | — | |
| Amortization of deferred loan fees and costs | 12 | 19 | −1 | −1 | −9 | |
| Amortization of premiums and discounts on purchased loans | −23 | −4 | — | — | — | |
| Origination, amortization and change in fair value of MSRs, net | 4 | 0 | — | — | — | |
| Net decrease in trading securities | 593,000 | 0 | −6 | −19 | 0 | |
| Interest receivable and other assets | 77 | −9 | — | — | — | |
| Interest payable and other liabilities | −94 | 10 | — | — | — | |
| Net cash provided by operating activities | 194 | 292 | 8 | 218 | 173 | |
| Purchases | −1,208 | −2,659 | −53 | −760 | −179 | |
| Sales | 932 | 1,629 | — | — | — | |
| Maturities, calls and paydowns | 416 | 332 | — | — | — | |
| Maturities, calls and paydowns | 104 | 100 | — | — | — | |
| Loan originations and principal collections, net | 1,075 | 1,200 | — | — | — | |
| Purchases of loans | −46 | −143 | — | 0 | 0 | |
| Recoveries of loans charged-off | 13 | 16 | — | — | — | |
| Proceeds from sales of loans | 39 | 0 | — | — | — | |
| Proceeds from the settlement of bank-owned life insurance | 7 | 2 | — | — | — | |
| Proceeds from sales of other real estate owned | 13 | 2 | — | — | — | |
| Proceeds from sales of premises and equipment | 887,000 | 3 | — | 0 | 0 | |
| Purchases of premises and equipment | −7 | −6 | −4 | −7 | −3 | |
| Proceeds from sale of Federal Home Loan Bank stock | 50 | 0 | 223 | 147 | 109 | |
| Net cash acquired in Merger | 157 | 0 | — | — | — | |
| Net cash provided by investing activities | 1,546 | 476 | 484 | −2,654 | −126 | |
| Net decrease in deposits | −660 | −356 | −1,065 | 1,473 | 348 | |
| Repayment of long-term FHLB advances | −1,000 | 0 | — | — | — | |
| Net decrease in bank term funding | 0 | −750 | — | — | — | |
| Repayment of subordinated debt | 0 | −25 | — | — | — | |
| Cash dividends paid | −49 | −95 | −12 | −27 | −21 | |
| Net cash used by financing activities | −1,709 | −1,226 | −349 | 2,443 | −40 | |
| Net increase (decrease) in cash and cash equivalents | 30 | −458 | 143 | 8 | 7 | |
| Interest paid | 221 | 217 | 217 | 66 | 17 | |
| Income taxes paid, net of refunds | 31 | 4 | −5 | 5 | 34 | |
| Transfer from loans to other real estate owned | 3 | 2 | — | — | — | |
| Stock awards reclassified from liability to equity-based | 14 | 0 | — | — | — | |
| Stock consideration | 266 | 0 | — | — | — | |
| Fair value of assets acquired | 7,286 | 0 | — | — | — | |
| Fair value of liabilities assumed | 7,032 | 0 | — | — | — |
Filings
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Frequently asked questions
What is Mechanics Bancorp's CIK number?
Mechanics Bancorp's SEC CIK number is 0001518715 (1518715). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Mechanics Bancorp's SEC filings?
All of Mechanics Bancorp's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Mechanics Bancorp last report earnings?
Mechanics Bancorp (MCHB) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001518715-26-000041). This is Mechanics Bancorp's most recent earnings filing of record — not a forecast of its next earnings date.
What is Mechanics Bancorp's most recent earnings 8-K?
Mechanics Bancorp's latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001518715-26-000041. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Mechanics Bancorp's latest earnings 8-K →
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