Mechanics Bancorp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Mechanics Bancorp reported net income of $265.7M (+284.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Loans interest and fees | $572.3M | $346.7M | $341.3M | $266.8M |
| Investment securities | $179.4M | $39.6M | $49.6M | $33.8M |
| Interest-bearing cash and other | $60.1M | $16.3M | $8.9M | $3.6M |
| Total interest income | $811.8M | $402.6M | $399.7M | $304.3M |
| Deposits | $219.6M | $174.3M | $137.9M | $32.0M |
| Borrowings | $124.0K | $108.2M | $95.1M | $39.0M |
| Long-term debt | $6.3M | — | — | — |
| Total interest expense | $226.0M | $282.5M | $233.0M | $71.0M |
| Net interest income | $585.7M | $120.1M | $166.8M | $233.3M |
| Provision (reversal of provision) for credit losses on loans | $20.5M | — | — | — |
| Ending balance | ($987.0K) | — | — | — |
| Net interest income after provision for credit losses | $566.2M | $120.1M | $167.2M | $238.5M |
| Noninterest income | $49.7M | — | — | — |
| Loan servicing income | $2.9M | $12.5M | $12.6M | $12.4M |
| Net gain (loss) on sales and calls of investment securities | $4.6M | — | — | — |
| Income from bank owned life insurance | $4.8M | — | — | — |
| Bargain purchase gain | $145.5M | — | — | — |
| Other | $15.4M | $11.2M | $9.8M | $12.6M |
| Total noninterest income (loss) | $222.9M | ($44.4M) | $41.9M | $51.6M |
| Salaries and employee benefits | $219.3M | $107.4M | $111.1M | $115.5M |
| Occupancy | $37.8M | $21.7M | $22.2M | $24.5M |
| Equipment | $29.3M | — | — | — |
| Professional services | $23.2M | — | — | — |
| FDIC assessments and regulatory fees | $9.0M | — | — | — |
| Amortization of intangible assets | $17.1M | — | — | — |
| Data processing | $11.7M | — | — | — |
| Loan related | $13.0M | — | — | — |
| Marketing and advertising | $3.1M | — | — | — |
| Other real estate owned related | $2.5M | — | — | — |
| Acquisition and integration costs | $73.4M | — | — | — |
| Other | $30.1M | — | — | — |
| Total noninterest expense | $469.6M | $196.2M | $241.9M | $205.4M |
| Income before income tax expense | $319.6M | ($120.5M) | ($32.8M) | $84.7M |
| INCOME TAX EXPENSE | $53.8M | $23.8M | ($5.2M) | $18.1M |
| NET INCOME | $265.7M | ($144.3M) | ($27.5M) | $66.5M |
| Basic (in dollars per share) | $1.27 | -$7.65 | -$1.46 | $3.51 |
| Diluted earnings per share (in dollars per share) | $1.27 | -$7.65 | -$1.46 | $3.49 |
| Basic (in shares) | 208.6M | 18.9M | 18.8M | 18.9M |
| Diluted (in shares) | 208.7M | 18.9M | 18.8M | 19.0M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Loans interest and fees | $178.2M | $181.2M | $141.8M | $71.8M |
| Investment securities | $53.1M | $53.1M | $40.3M | $8.6M |
| Interest-bearing cash and other | $6.7M | $7.7M | $22.8M | $2.6M |
| Total interest income | $237.9M | $241.9M | $204.9M | $83.0M |
| Deposits | $56.5M | $58.3M | $57.5M | $34.5M |
| Borrowed funds | $1.1M | $228.0K | $124.0K | $14.7M |
| Long-term debt | $3.2M | $4.3M | $1.6M | — |
| Total interest expense | $60.8M | $62.9M | $59.2M | $49.2M |
| Net interest income | $177.2M | $179.0M | $145.7M | $33.9M |
| Provision (reversal of provision) for credit losses on loans | ($904.0K) | $7.6M | $46.1M | — |
| Provision (reversal of provision) for credit losses on unfunded lending commitments | ($1.9M) | $174.0K | $960.0K | — |
| Net interest income after provision for credit losses | $179.9M | $171.3M | $98.7M | $27.9M |
| Noninterest income | $13.6M | $13.0M | $12.4M | — |
| Loan servicing income | $1.6M | $1.9M | $680.0K | $7.5M |
| Net gain on sales and calls of investment securities | $31.0K | $52.0K | $155.0K | — |
| Income from bank owned life insurance | $1.3M | $1.2M | $2.1M | — |
| Other | $7.2M | $4.9M | $4.0M | $2.2M |
| Total noninterest income | $23.8M | $21.0M | $109.8M | $15.1M |
| Salaries and employee benefits | $63.1M | $68.5M | $54.2M | $26.0M |
| Occupancy | $11.9M | $12.4M | $9.6M | $4.9M |
| Equipment | $8.7M | $9.6M | $7.3M | — |
| Professional services | $7.4M | $6.1M | $5.6M | — |
| FDIC assessments and regulatory fees | $3.0M | $3.0M | $2.7M | — |
| Amortization of intangible assets | $7.2M | $7.2M | $4.3M | — |
| Data processing | $2.5M | $3.9M | $3.3M | — |
| Loan related | $3.6M | $3.5M | $4.4M | — |
| Marketing and advertising | $696.0K | $907.0K | $680.0K | — |
| Other real estate owned related | $47.0K | $384.0K | ($103.0K) | — |
| Acquisition and integration costs | $5.9M | $4.8M | $63.9M | — |
| Other | $10.4M | $10.1M | $7.6M | — |
| Total noninterest expense | $124.5M | $130.4M | $163.3M | $47.8M |
| Income before income tax expense | $79.3M | $61.9M | $45.1M | ($4.8M) |
| INCOME TAX EXPENSE | $21.6M | $17.8M | ($10.1M) | ($369.0K) |
| NET INCOME | $57.7M | $44.1M | $55.2M | ($4.4M) |
| Basic (in dollars per share) | $0.26 | $0.20 | $0.26 | -$0.23 |
| Diluted (in dollars per share) | $0.26 | $0.20 | $0.26 | -$0.23 |
| Basic (in shares) | 222.3M | 222.2M | 208.3M | 18.9M |
| Diluted (in shares) | 222.5M | 222.3M | 208.4M | 18.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $1.0B | $406.6M | $215.7M | $72.8M |
| Trading securities | $49.5M | — | — | — |
| Securities available-for-sale, at fair value | $4.0B | — | — | — |
| Securities held-to-maturity, at amortized cost (fair value of $1,170,818 and $1,196,000 at December 31, 2025 and 2024, respectively) | $1.3B | — | — | — |
| Loans held for sale (includes $5,967 and zero carried at fair value at December 31, 2025 and 2024, respectively) | $6.0M | $20.3M | $19.6M | $17.3M |
| Loan receivables | $14.2B | — | — | — |
| Allowance for credit losses on loans | ($153.3M) | — | — | — |
| Net loan receivables | $14.0B | $6.2B | $7.4B | $7.4B |
| Mortgage servicing rights (includes $58,095 and zero carried at fair value at December 31, 2025 and 2024, respectively) | $85.8M | $99.5M | $104.2M | $111.9M |
| Other real estate owned | $5.0M | $2.8M | $3.7M | $1.8M |
| Federal Home Loan Bank stock, at cost | $17.3M | — | — | — |
| Premises and equipment, net | $143.9M | $47.2M | $53.6M | $51.2M |
| Bank owned life insurance | $170.3M | — | — | — |
| Goodwill | $843.3M | — | — | — |
| Other intangible assets, net | $212.5M | — | — | — |
| Operating leases | $82.1M | — | — | — |
| Interest receivable and other assets | $352.2M | — | — | — |
| TOTAL ASSETS | $22.4B | $8.1B | $9.4B | $9.4B |
| Noninterest-bearing demand deposits | $6.7B | — | — | — |
| Interest-bearing transaction accounts | $8.1B | — | — | — |
| Savings and time deposits | $4.2B | — | — | — |
| Total deposits | $19.0B | $6.4B | $6.8B | $7.5B |
| Long-term debt | $192.0M | $225.1M | $224.8M | $224.4M |
| Operating lease liability | $86.8M | — | — | — |
| Interest payable and other liabilities | $185.3M | $88.5M | $120.9M | $110.3M |
| TOTAL LIABILITIES | $19.5B | $7.7B | $8.9B | $8.8B |
| 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 | 2.4B | 233.2M | 229.9M | 226.6M |
| Retained earnings | $456.7M | $251.0M | $395.4M | $435.1M |
| Accumulated other comprehensive income (loss), net of tax | $3.5M | ($87.2M) | ($86.9M) | ($99.5M) |
| TOTAL SHAREHOLDERS’ EQUITY | $2.9B | $397.0M | $538.4M | $562.1M |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $22.4B | $8.1B | $9.4B | $9.4B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $553.9M | $483.5M | $1.4B | $201.1M |
| Trading securities | $46.6M | $49.5M | $50.4M | — |
| Securities available-for-sale, at fair value | $4.1B | $3.9B | $3.5B | — |
| Securities held-to-maturity, at amortized cost (fair value of $1,120,088 and $1,170,818 at June 30, 2026 and December 31, 2025, respectively) | $1.3B | $1.3B | $1.4B | — |
| Loans held for sale (includes $5,345 and $5,967 carried at fair value at June 30, 2026 and December 31, 2025, respectively) | $5.3M | $4.7M | $55.0M | $48.8M |
| Loan receivables | $13.6B | $13.9B | $14.6B | — |
| Allowance for credit losses on loans | ($152.6M) | ($156.8M) | ($169.0M) | — |
| Net loan receivables | $13.4B | $13.7B | $14.4B | $5.9B |
| Mortgage servicing rights (includes $58,836 and $58,095 carried at fair value at June 30, 2026 and December 31, 2025, respectively) | $59.1M | $84.0M | $88.6M | $100.5M |
| Other real estate owned | $4.3M | $4.7M | $1.7M | $2.8M |
| Federal Home Loan Bank stock, at cost | $17.3M | $17.3M | $17.3M | — |
| Premises and equipment, net | $141.6M | $143.2M | $143.9M | $44.3M |
| Bank owned life insurance | $173.0M | $171.7M | $169.2M | — |
| Goodwill | $843.3M | $843.3M | $843.3M | — |
| Other intangible assets, net | $97.9M | $205.3M | $143.3M | — |
| Right-of-use asset | $74.6M | $78.0M | $85.7M | — |
| Interest receivable and other assets | $384.2M | $361.3M | $414.0M | — |
| TOTAL ASSETS | $21.2B | $21.4B | $22.7B | $7.6B |
| Noninterest-bearing demand deposits | $6.4B | $6.5B | $6.7B | — |
| Interest-bearing transaction accounts | $8.4B | $8.2B | $7.9B | — |
| Savings and time deposits | $3.3B | $3.5B | $4.8B | — |
| Total deposits | $18.1B | $18.2B | $19.5B | $5.9B |
| Borrowings | $80.0M | — | — | $1.0B |
| Long-term debt | $130.4M | $128.8M | $190.1M | $225.3M |
| Operating lease liability | $78.2M | $82.4M | $90.8M | — |
| Interest payable and other liabilities | $162.9M | $143.6M | $200.9M | $83.7M |
| TOTAL LIABILITIES | $18.5B | $18.6B | $19.9B | $7.2B |
| Common stock, Class A, no par value, Authorized —1,897,500,000 shares, Issued and outstanding, 220,311,021 shares and 220,190,561 shares at June 30, 2026 and December 31, 2025, respectively; Class B, no par value, Authorized — 2,500,000 shares, Issued and outstanding, 1,114,448 shares at June 30, 2026 and December 31, 2025 | 2.4B | 2.4B | 2.4B | 234.0M |
| Retained earnings | $303.0M | $407.9M | $381.0M | $242.1M |
| Accumulated other comprehensive income (loss), net of tax | ($18.1M) | ($19.5M) | ($8.8M) | ($73.2M) |
| TOTAL SHAREHOLDERS’ EQUITY | $2.7B | $2.8B | $2.8B | $403.0M |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $21.2B | $21.4B | $22.7B | $7.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $265.7M | ($144.3M) | ($27.5M) | $66.5M |
| Provision (reversal of provision) for credit losses on loans | $20.5M | — | — | — |
| Originations of loans held for sale and principal collections, net | ($121.9M) | — | — | — |
| Proceeds from sales of loans held for sale | $158.4M | — | — | — |
| Net fair value adjustment and gain on sale of loans held for sale | ($2.3M) | — | — | — |
| Ending balance | ($987.0K) | — | — | — |
| Amortization of premiums and discounts on investment securities | $1.4M | — | — | — |
| Depreciation of premises and equipment | $10.6M | — | — | — |
| Amortization of intangible assets | $17.1M | $2.5M | $3.0M | $963.0K |
| Amortization of premiums and discounts on debt and deposits | $2.4M | — | — | — |
| Net loss on debt extinguishment | $835.0K | $452.0K | — | $0 |
| Share-based compensation expense | $5.6M | $3.4M | $3.6M | $4.1M |
| Increase in cash surrender value of bank-owned life insurance | ($4.4M) | — | — | — |
| Net (gain) loss on sales and calls of investment securities | ($4.6M) | — | — | — |
| Net loss on sale, disposal and write-down of other real estate owned | $2.3M | — | — | — |
| Net loss (gain) on sale and disposal of premises and equipment | $100.0K | — | — | — |
| Deferred income tax expense | $11.0M | — | — | — |
| Amortization of deferred loan fees and costs | $12.1M | ($287.0K) | ($1.0M) | ($1.2M) |
| Amortization of premiums and discounts on purchased loans | ($22.7M) | — | — | — |
| Origination, amortization and change in fair value of MSRs, net | $3.7M | — | — | — |
| Net decrease in trading securities | $593.0K | ($10.0M) | ($5.7M) | ($19.0M) |
| Bargain purchase gain | ($145.5M) | — | — | — |
| Interest receivable and other assets | $77.3M | — | — | — |
| Interest payable and other liabilities | ($93.8M) | — | — | — |
| Net cash provided by operating activities | $193.6M | ($45.9M) | $8.0M | $218.3M |
| Purchases | ($1.2B) | $0 | ($53.2M) | ($759.5M) |
| Sales | $931.8M | — | — | — |
| Maturities, calls and paydowns | $415.7M | — | — | — |
| Maturities, calls and paydowns | $104.3M | — | — | — |
| Loan originations and principal collections, net | $1.1B | — | — | — |
| Purchases of loans | ($46.2M) | — | — | $0 |
| Recoveries of loans charged-off | $12.5M | — | — | — |
| Proceeds from sales of loans | $39.2M | — | — | — |
| Proceeds from the settlement of bank-owned life insurance | $6.8M | — | — | — |
| Proceeds from sales of other real estate owned | $13.3M | — | — | — |
| Proceeds from sales of premises and equipment | $887.0K | — | — | $0 |
| Purchases of premises and equipment | ($6.5M) | ($490.0K) | ($3.8M) | ($6.8M) |
| Proceeds from sale of Federal Home Loan Bank stock | $49.9M | $305.1M | $222.8M | $147.5M |
| Net cash acquired in Merger | $156.9M | — | — | — |
| Net cash provided by investing activities | $1.5B | $1.3B | $484.0M | ($2.7B) |
| Net decrease in deposits | ($660.4M) | ($351.0M) | ($1.1B) | $1.5B |
| Repayment of long-term FHLB advances | ($1.0B) | — | — | — |
| Net decrease in bank term funding | $0 | — | — | — |
| Repayment of subordinated debt | $0 | — | — | — |
| Cash dividends paid | ($48.6M) | $0 | ($12.3M) | ($26.8M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $101.8M | $44.1M | $141.4M | ($8.9M) |
| Provision (reversal of provision) for credit losses on loans | $6.7M | $7.6M | $42.7M | — |
| Originations of loans held for sale and principal collections, net | ($84.7M) | ($52.6M) | ($61.3M) | — |
| Proceeds from sales of loans held for sale | $89.0M | $55.1M | $47.0M | — |
| Net fair value adjustment and gain on sale of loans held for sale | ($3.6M) | ($1.1M) | ($659.0K) | — |
| Provision (reversal of provision) for credit losses on unfunded lending commitments | ($1.7M) | $174.0K | $329.0K | — |
| Amortization (accretion) of premiums and discounts on investment securities | ($4.0M) | ($2.0M) | $3.2M | — |
| Depreciation of premises and equipment | $6.7M | $3.4M | $7.1M | — |
| Amortization of intangible assets | $14.4M | $7.2M | $9.7M | $957.0K |
| Amortization of premiums and discounts on debt and deposits | $3.1M | $1.7M | $700.0K | — |
| Share-based compensation expense | $2.8M | $1.3M | $785.0K | $1.2M |
| Increase in cash surrender value of bank-owned life insurance | ($2.6M) | ($1.3M) | ($3.2M) | — |
| Net gain on sales and calls of investment securities | ($83.0K) | ($52.0K) | ($4.3M) | — |
| Net loss on sale, disposal and write-down of other real estate owned | $336.0K | $332.0K | $3.4M | — |
| Net loss on sale and disposal of premises and equipment | $587.0K | — | $100.0K | — |
| Deferred income tax expense (benefit) | ($21.6M) | $8.7M | ($3.8M) | — |
| Amortization of deferred loan fees and costs | $4.0M | $2.1M | $9.9M | ($845.0K) |
| Amortization (accretion) of premiums and discounts on purchased loans | ($25.8M) | ($12.8M) | — | — |
| Gain on sale of DUS business line | ($911.0K) | — | — | — |
| Origination, amortization and change in fair value of MSRs, net | $1.4M | $1.8M | $1.1M | — |
| Net decrease in trading securities | $3.4M | ($724.0K) | ($98.0K) | ($5.9M) |
| Interest receivable and other assets | $1.3M | ($6.8M) | $53.6M | — |
| Interest payable and other liabilities | ($26.4M) | ($44.6M) | ($70.5M) | — |
| Net cash provided by operating activities | $64.2M | $11.4M | $79.7M | ($32.3M) |
| Purchases | ($491.8M) | ($141.6M) | ($561.1M) | — |
| Sales | $0 | — | $930.1M | — |
| Maturities, calls and paydowns | $341.2M | $172.0M | $252.2M | — |
| Maturities, calls and paydowns | $49.0M | $22.7M | $77.7M | — |
| Loan originations and principal collections, net | $606.0M | $324.1M | $835.5M | — |
| Purchases of loans | ($6.6M) | ($3.5M) | ($172.3M) | — |
| Recoveries of loans charged-off | $6.1M | $3.1M | $9.2M | — |
| Proceeds from sales of loans | $7.5M | $7.5M | — | — |
| Proceeds from sales of other real estate owned | $2.4M | — | $13.3M | — |
| Proceeds from sales of premises and equipment | $730.0K | — | $887.0K | — |
| Purchases of premises and equipment | ($5.8M) | ($2.6M) | ($3.0M) | ($149.0K) |
| Proceeds from sale of DUS business line | $125.8M | — | — | — |
| Redemptions of Federal Home Loan Bank stock | $5.0K | $3.0K | $49.9M | $55.3M |
| Net cash provided by investing activities | $634.6M | $381.8M | $1.6B | $342.6M |
| Net increase (decrease) in deposits | ($935.3M) | ($782.1M) | ($232.8M) | ($555.8M) |
| Repayment of Senior Notes | ($65.0M) | ($65.0M) | — | — |
| Net change in short-term borrowings | $80.0M | — | — | — |
| Cash dividends paid | ($254.6M) | ($92.6M) | $0 | — |
| Net cash provided by (used in) financing activities | ($1.2B) | ($939.7M) | ($1.2B) | ($515.8M) |
| Net increase (decrease) in cash and cash equivalents | ($476.1M) | ($546.5M) | $442.9M | ($205.5M) |
| Cash and cash equivalents at beginning of period | $1.0B | $1.0B | $999.7M | $406.6M |
Mechanics Bancorp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.