Form 8-K
8-K — Mechanics Bancorp
Accession: 0001518715-26-000070
Filed: 2026-10-28
Period: 2026-10-28
CIK: 0001518715
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — hmst-20261028.htm (Primary)
EX-99.1 — EX-99.1 Q3 2026 EARNINGS RELEASE (a3q2026earningsrelease.htm)
EX-99.2 — EX-99.2 Q3 2026 INVESTOR PRESENTATION (mchb-investorpresentatio.htm)
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8-K
8-K (Primary)
Filename: hmst-20261028.htm · Sequence: 1
hmst-20261028
0001518715false00015187152026-10-282026-10-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 8-K
_______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 2026
________________________________
MECHANICS BANCORP
________________________________
(Exact name of registrant as specified in its charter)
Washington 001-35424 91-0186600
(State or other jurisdiction
of incorporation) (Commission
File Number) (IRS Employer
Identification No.)
1111 Civic Drive, Walnut Creek, CA 94596
(Address of principal executive offices) (Zip Code)
(925) 482-8000
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, No Par Value MCHB The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 28, 2026, Mechanics Bancorp issued a press release reporting results of operations for the third quarter of 2026. A copy of the earnings release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
Mechanics Bancorp is hereby furnishing a third quarter of 2026 slide presentation that executive management intends to use in meetings with institutional investors and industry analysts, including in a webcast on October 29, 2026, at 11:00 a.m. (eastern time). The slide presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and will be available on Mechanics Bancorp's investor relations web site at http://ir.mechanicsbank.com.
In accordance with General Instruction B.2 of Form 8-K, the information contained in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
Exhibit 99.1
Earnings Release dated October 28, 2026.
Exhibit 99.2
Investor Presentation, Third Quarter 2026.
Exhibit 104 Cover Page Interactive Data File (embedded within with Inline XBRL)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 28, 2026
MECHANICS BANCORP
By: /s/ Nathan Duda
Nathan Duda
Executive Vice President and Chief Financial Officer
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EX-99.1 — EX-99.1 Q3 2026 EARNINGS RELEASE
EX-99.1
Filename: a3q2026earningsrelease.htm · Sequence: 2
Document
Mechanics Bancorp Reports Third Quarter 2026 Results
Third Quarter Highlights
$20.9 billion
Total Assets
$46.0 million
Net Income
14.73%
CET1 Ratio (1)
$11.59
Book Value Per Share
$7.05
Tangible Book Value Per Share (2)
Walnut Creek, CA – October 28, 2026 – (BUSINESS WIRE) – Mechanics Bancorp (Nasdaq: MCHB) (“Mechanics” or the “Company”), the financial holding company of Mechanics Bank, today announced its financial results for the quarter ended September 30, 2026. Mechanics reported net income of $46.0 million, or $0.20 per diluted share (3), for the third quarter of 2026, compared to $57.7 million, or $0.25 per diluted share, for the second quarter of 2026. For the nine months ended September 30, 2026, Mechanics reported net income of $147.8 million, or $0.64 per diluted share, compared to $154.6 million, or $0.72 per diluted share, for the nine months ended September 30, 2025.(4)
Third Quarter 2026 Highlights:
•Total assets of $20.9 billion at September 30, 2026, compared with $21.2 billion at June 30, 2026.
•Total loans of $13.0 billion at September 30, 2026, compared with $13.6 billion at June 30, 2026.
•Total deposits of $18.0 billion at September 30, 2026, compared with $18.1 billion at June 30, 2026, and noninterest-bearing deposits of $6.3 billion at September 30, 2026, compared with $6.4 billion at June 30, 2026.
•Loans-to-deposits ratio of 72% at September 30, 2026, compared with 75% at June 30, 2026.
•Total cost of deposits was 1.33% for the third quarter of 2026 and 1.25% for the second quarter of 2026.
•Noninterest expense was $114.2 million for the third quarter of 2026, compared with $124.5 million for the second quarter of 2026, reflecting lower acquisition and integration costs and salaries and employee benefits expense.
•Dividends paid in the third quarter of 2026 were $0.25 per share of Class A common stock and $2.50 per share of Class B common stock.
•Strong capital ratios (1), including an estimated 16.98% Total risk-based capital ratio, 14.73% Tier 1 capital ratio, 14.73% CET1 capital ratio and 8.74% Tier 1 leverage ratio at September 30, 2026.
•Allowance for credit losses (“ACL”) to total loans of 1.03%, down from 1.12% at the prior quarter-end.
•Total delinquent loans decreased to $67.5 million, from $95.4 million at June 30, 2026, representing 0.52% of total loans at September 30, 2026, compared to 0.70% at June 30, 2026.
•Completed the sale of $417 million of performing indirect auto loans, resulting in a $10.3 million loss on sale, as we further optimized the balance sheet by accelerating the exit from a non-core business line.
•Completed a $308 million securities portfolio restructuring, selling low-yielding AFS securities and reinvesting the proceeds in MBS at then current market rates, resulting in a $32.3 million loss on sale.
•Gain on other equity investments of $5.1 million for the third quarter of 2026 as a result of valuation updates.
•Non-recurring acquisition and integration costs of $0.6 million for the third quarter of 2026, compared to $5.9 million in the prior quarter.
(1)Regulatory capital ratios at September 30, 2026 are preliminary.
(2)Non-GAAP measure. Refer to section “Non-GAAP Financial Measures and Reconciliations” below.
(3)Unless otherwise specified, refers to diluted earnings per share for Class A common stock.
(4)Mechanics’ financial results for the quarter and nine months ended September 30, 2025 were recast to reflect the adoption of ASU 2025-08. Refer to “Adoption of Purchased Seasoned Loans Accounting Standard” for additional discussion.
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C.J. Johnson, President and CEO of Mechanics, said, “Our third quarter results reflect the continued execution of our strategic priorities. With the HomeStreet integration behind us, we move forward from a position of strength, focused on building long-term shareholder value through prudent growth and expense management, strong credit quality, and returning capital to shareholders via a market-leading dividend yield.”
Nathan Duda, CFO of Mechanics, added, “Third quarter financial results reflect our continued focus on balance sheet optimization and efficient capital deployment. During the quarter, we completed a $308 million securities portfolio restructuring, reinvesting the proceeds at significantly higher yields, and sold substantially all of our runoff auto loan portfolio, reducing servicing expenses going forward. Taken together, these actions further enhance our earnings profile and position us well for the future. At the same time, our credit performance remained strong, supported by a reduction in delinquent loans, disciplined underwriting practices and ongoing portfolio monitoring. Looking ahead, we remain focused on maintaining our credit discipline, prudent expense management, and preserving financial flexibility as we navigate a challenging interest rate environment.”
Presentation of Results – HomeStreet Bank Merger
On September 2, 2025, the merger of HomeStreet Bank, the wholly owned subsidiary of Mechanics Bancorp (formerly known as HomeStreet, Inc.) with and into Mechanics Bank, was completed. Mechanics Bank is the accounting acquirer (legal acquiree), HomeStreet Bank is the accounting acquiree and Mechanics Bancorp is the legal acquirer. Mechanics’ financial results for all periods ended prior to September 2, 2025 reflect Mechanics Bank’s historical financial results on a standalone basis and results of the combined company beginning September 2, 2025. In addition, for periods prior to September 2, 2025, the number of shares issued and outstanding, earnings per share, and all references to share quantities or metrics of Mechanics have been retrospectively restated to reflect the equivalent number of shares issued in the merger since the merger was accounted for as a reverse acquisition. As the accounting acquirer, Mechanics Bank remeasured the identifiable assets acquired and liabilities assumed in the merger as of September 2, 2025 at their acquisition date fair values.
Adoption of Purchased Seasoned Loans Accounting Standard
The Company early adopted Accounting Standards Update (“ASU”) 2025-08, “Financial Instruments–Credit Losses (Topic 326): Purchased Loans,” during the fourth quarter of 2025. This new standard, which the Company elected to early adopt as of January 1, 2025, requires acquired loans that meet certain criteria at acquisition (purchased seasoned loans) to be recognized at their purchase price plus the amount of the allowance for expected credit losses (gross-up approach). As a result, for purchased seasoned loans acquired in the HomeStreet merger, the Company established an allowance for credit losses of $20.3 million at the date of acquisition for these loans and reversed the provision for credit losses recorded in the third quarter of 2025, and recorded it as part of the acquired loans initial amortized cost basis. Required disclosures regarding the impact of the adoption were presented when the Company filed its annual report on Form 10-K for the year ended December 31, 2025. In addition, third quarter 2025 results will be retrospectively adjusted when the Company files its quarterly report on Form 10-Q for the quarter ended September 30, 2026.
The impact of the adoption is reflected in the comparative prior period results presented in this earnings release for the quarter and nine months ended September 30, 2025 and as of September 30, 2025.
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INCOME STATEMENT HIGHLIGHTS
Summary Income Statement
Quarter Ended Nine Months Ended
(in thousands) September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Total interest income (1)
$ 239,156 $ 237,942 $ 203,371 $ 719,034 $ 555,109
Total interest expense 64,254 60,770 59,218 187,915 152,373
Net interest income (1)
174,902 177,172 144,153 531,119 402,736
Provision (reversal of provision) for credit losses on loans (1)
(14,681) (904) 25,806 (7,992) 22,411
Provision (reversal of provision) for credit losses on unfunded lending commitments (503) (1,863) 960 (2,192) 329
Total provision (reversal of provision) for credit losses (1)
(15,184) (2,767) 26,766 (10,184) 22,740
Net gain (loss) on sales of loans (9,843) 2,477 659 (6,223) 659
Net gain (loss) on sales and calls of investment securities (32,269) 31 155 (32,186) 4,292
Bargain purchase gain 2,871 — 90,363 2,871 90,363
Other noninterest income 25,807 21,288 18,601 66,920 49,070
Total noninterest income (loss) (13,434) 23,796 109,778 31,382 144,384
Acquisition and integration costs 559 5,923 63,869 11,276 69,858
Other noninterest expense 113,634 118,550 99,460 357,817 270,189
Total noninterest expense 114,193 124,473 163,329 369,093 340,047
Income before income tax expense (benefit) (1)
62,459 79,262 63,836 203,592 184,333
Income tax expense (benefit) (1)
16,467 21,561 (4,440) 55,809 29,781
Net income (1)
$ 45,992 $ 57,701 $ 68,276 $ 147,783 $ 154,552
(1)Prior period comparative disclosures for the quarter and nine months ended September 30, 2025 reflect the impact of adoption of ASU 2025-08.
Net Interest Income
Third Quarter of 2026 vs. Second Quarter of 2026
Net interest income in the third quarter of 2026 was $2.3 million lower than the second quarter of 2026 primarily as a result of higher deposit costs and a $133.1 million decrease in average interest earning assets. Mechanics’ net interest margin decreased from 3.62% to 3.55% primarily due to higher deposit costs, partially offset by higher investment securities interest income from the partial quarter benefit of the AFS securities restructuring.
Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025
Net interest income for the nine months ended September 30, 2026 increased $128.4 million as compared to the nine months ended September 30, 2025 due primarily to an increase of $3.9 billion in average interest-earning assets, as well as an increase in net interest margin from 3.40% in the nine months ended September 30, 2025 to 3.59% in the nine months ended September 30, 2026, as a result of the HomeStreet merger.
Provision for Credit Losses
Third Quarter of 2026 vs. Second Quarter of 2026
The reversal of provision for credit losses in the third quarter of 2026, which consists of the provision for loans and unfunded commitments, was $15.2 million, compared to a reversal of provision of $2.8 million for the second
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quarter of 2026. The reversal of provision for the third quarter was primarily driven by decreases in expected losses on our multifamily and CRE investor loans, corresponding decreases in qualitative factors and the auto loan portfolio sale.
Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025
The reversal of provision for credit losses was $10.2 million for the nine months ended September 30, 2026, compared to a provision of $22.7 million for the nine months ended September 30, 2025. The decrease in provision for the nine months ended September 30, 2026 was driven primarily by the auto portfolio sale, lower qualitative adjustments, lower balances and lower unfunded commitments reserves.
Noninterest Income (Loss)
Third Quarter of 2026 vs. Second Quarter of 2026
Noninterest income (loss) in the third quarter of 2026 decreased $37.2 million from the second quarter of 2026 primarily due to the losses on the sales of auto loans and AFS securities during the quarter, partially offset by the increase in other noninterest income from a gain on other equity investments. In addition, noninterest income decreased in the third quarter of 2026 relative to the second quarter of 2026 due to the gain on sale of the Fannie Mae Multifamily Delegated Underwriting and Servicing (“DUS®”) business line in other noninterest income and a mortgage servicing rights valuation adjustment in net gain (loss) on sales of loans in the prior quarter.
Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025
Noninterest income for the nine months ended September 30, 2026 decreased $113.0 million from the nine months ended September 30, 2025 primarily due to the losses on the sales of auto loans and AFS securities during 2026 and the bargain purchase gain from the HomeStreet merger recognized in 2025. The decrease was partially offset by an increase in noninterest income that resulted from a gain on other equity investments and gain on sale of the DUS business line in other noninterest income and a mortgage servicing rights valuation adjustment in net gain (loss) on sales of loans in 2026.
Noninterest Expense
Third Quarter of 2026 vs. Second Quarter of 2026
Noninterest expense decreased $10.3 million in the third quarter of 2026 compared to the second quarter of 2026, primarily due to lower acquisition and integration related costs, and lower salaries and employee benefits expense due to headcount reductions as a result of continued integration following the HomeStreet merger.
Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025
Noninterest expense increased $29.0 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to higher salaries and employee benefits expense, occupancy costs, equipment expense, and amortization of intangibles, partially offset by lower acquisition and integration related costs from the HomeStreet merger.
Income Taxes
Third Quarter of 2026 vs. Second Quarter of 2026
Our effective tax rate during the third quarter of 2026 was 26.4% as compared to 27.2% in the second quarter of 2026 and our federal statutory rate was 21.0%. The effective tax rate decreased compared to the prior quarter as a result of tax benefits related to stock awards that vested in the third quarter.
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Nine Months Ended September 30, 2026 vs. Nine Months Ended September 30, 2025
Our effective tax rate for the nine months ended September 30, 2026 was 27.4% as compared to 16.2% for the nine months ended September 30, 2025 and our federal statutory rate was 21.0%. The effective tax rate increased compared to the nine months ended September 30, 2025 as a result of a non-taxable $90.4 million bargain purchase gain from the HomeStreet merger in 2025 and a $1.7 million remeasurement of deferred tax assets in 2026.
BALANCE SHEET HIGHLIGHTS
Selected Balance Sheet Items
(in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Cash and cash equivalents $ 602,455 $ 553,915 $ 483,513 $ 1,029,983 $ 1,442,647
Trading securities 46,099 46,595 49,463 49,518 50,357
Securities available-for-sale 4,292,236 4,119,215 3,933,705 3,993,385 3,490,478
Securities held-to-maturity 1,259,501 1,286,813 1,313,520 1,336,632 1,363,636
Loans held for investment (before ACL) (1)
13,012,998 13,576,196 13,852,209 14,176,936 14,587,530
Total assets (1)
20,944,704 21,230,839 21,388,955 22,351,475 22,721,935
Noninterest-bearing demand deposits $ 6,297,519 $ 6,420,746 $ 6,511,998 $ 6,744,082 $ 6,748,479
Total deposits 18,019,474 18,089,437 18,242,769 19,024,997 19,452,819
Borrowings — 80,000 — — —
Long-term debt 131,992 130,420 128,815 192,014 190,123
Total liabilities 18,377,218 18,540,908 18,597,563 19,489,100 19,934,686
Total shareholders’ equity (1)
2,567,486 2,689,931 2,791,392 2,862,375 2,787,249
(1)Prior period comparative disclosures for September 30, 2025 reflect the impact of adoption of ASU 2025-08.
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Investment Securities
Trading securities totaled $46.1 million and $46.6 million at September 30, 2026 and June 30, 2026. Securities available-for-sale increased by $173.0 million during the third quarter of 2026 to $4.3 billion at September 30, 2026, primarily due to purchases, partially offset by sales and paydowns during the quarter. The Company performed a restructuring of the balance sheet through the sale of low-yielding AFS securities and reinvestment in MBS at then current market rates near the end of July 2026. Securities held-to-maturity decreased by $27.3 million in the third quarter of 2026, primarily due to paydowns, and totaled $1.3 billion at September 30, 2026.
Loans
Total loans at September 30, 2026 were $13.0 billion, a decrease of $563.2 million from $13.6 billion at June 30, 2026, due primarily to the sale of auto loans and loan repayments during the quarter, partially offset by originations and advances.
Deposits
Total deposits decreased by $70.0 million during the third quarter of 2026 to $18.0 billion at September 30, 2026. The decrease was due to the runoff of $66.1 million of certificates of deposit and a $3.9 million decrease in core deposits.
Noninterest-bearing demand deposits totaled $6.3 billion and represented 35% of total deposits at September 30, 2026, compared to $6.4 billion, or 35% of total deposits, at June 30, 2026.
Borrowings
Total borrowings were zero at September 30, 2026, compared to $80.0 million at June 30, 2026. The decrease was due to payoff of short-term Federal Reserve Discount Window borrowings during the third quarter.
Equity
During the third quarter of 2026, total shareholders’ equity decreased by $122.4 million to $2.6 billion and tangible common equity (1) decreased by $115.5 million to $1.6 billion. The decrease in total shareholders’ equity for the third quarter of 2026 primarily resulted from a net decrease in retained earnings from net income, less dividends paid to common shareholders, and an increase in accumulated other comprehensive loss due to changes in fair value of securities available for sale from higher interest rates.
At September 30, 2026, book value per common share decreased to $11.59, compared to $12.15 at June 30, 2026. At September 30, 2026, tangible book value per common share (1) decreased to $7.05, compared to $7.56 at June 30, 2026.
(1)Non-GAAP measure. Refer to section “Non-GAAP Financial Measures and Reconciliations” below.
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CAPITAL AND LIQUIDITY
Capital ratios remain strong with Total risk-based capital ratio at 16.98% and a Tier 1 leverage ratio of 8.74% at September 30, 2026. The following table presents our regulatory capital ratios as of the dates indicated:
September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Mechanics Bancorp (1)
Tier 1 leverage capital (to average assets) 8.74 % 8.71 % 8.66 % 8.65 % 10.34 %
Common equity Tier 1 capital (to risk-weighted assets) 14.73 % 14.39 % 13.92 % 14.09 % 13.42 %
Tier 1 risk-based capital (to risk-weighted assets) 14.73 % 14.39 % 13.92 % 14.09 % 13.42 %
Total risk-based capital (to risk-weighted assets) 16.98 % 16.70 % 16.16 % 16.27 % 15.57 %
Mechanics Bank (1)
Tier 1 leverage capital (to average assets) 9.37 % 9.38 % 9.31 % 9.58 % 11.46 %
Common equity Tier 1 capital (to risk-weighted assets) 15.81 % 15.48 % 14.96 % 15.59 % 14.87 %
Tier 1 risk-based capital (to risk-weighted assets) 15.81 % 15.48 % 14.96 % 15.59 % 14.87 %
Total risk-based capital (to risk-weighted assets) 16.96 % 16.74 % 16.21 % 16.81 % 16.13 %
(1)Regulatory capital ratios at September 30, 2026 are preliminary.
At September 30, 2026, Mechanics had available borrowing capacity of $5.8 billion from the FHLB, $4.2 billion from the Federal Reserve and $5.0 billion under borrowing lines established with other financial institutions.
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CREDIT QUALITY
Asset Quality Information and Ratios
(dollars in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Delinquent loans held for investment:
30-89 days past due (1)
$ 25,936 $ 54,529 $ 43,556 $ 58,459 $ 55,899
90+ days past due 41,594 40,888 33,447 34,686 38,316
Total delinquent loans $ 67,530 $ 95,417 $ 77,003 $ 93,145 $ 94,215
Total delinquent loans to loans held for investment 0.52 % 0.70 % 0.56 % 0.66 % 0.65 %
Nonperforming assets:
Nonaccrual loans $ 49,014 $ 48,557 $ 44,379 $ 42,863 $ 60,586
90+ days past due and accruing 5,569 6,543 4,098 3,943 2,653
Total nonperforming loans 54,583 55,100 48,477 46,806 63,239
Foreclosed assets 5,081 4,262 4,658 4,990 1,675
Total nonperforming assets $ 59,664 $ 59,362 $ 53,135 $ 51,796 $ 64,914
Allowance for credit losses on loans $ 133,621 $ 152,601 $ 156,796 $ 153,319 $ 168,959
Allowance for credit losses on loans to total loans held for investment 1.03 % 1.12 % 1.13 % 1.08 % 1.16 %
Allowance for credit losses on loans to nonaccrual loans 272.62 % 314.27 % 353.31 % 357.70 % 278.88 %
Nonaccrual loans to total loans held for investment 0.38 % 0.36 % 0.32 % 0.30 % 0.42 %
Nonperforming assets to total assets 0.28 % 0.28 % 0.25 % 0.23 % 0.29 %
(1)Prior period comparative disclosures for September 30, 2025 reflect the impact of adoption of ASU 2025-08.
At September 30, 2026, total delinquent loans were $67.5 million, compared to $95.4 million at June 30, 2026. The decrease was primarily due to the auto portfolio sale and two matured commercial real estate loans that were extended and brought current during the quarter. Total delinquent loans as a percentage of total loans were 0.52% at September 30, 2026, as compared to 0.70% at June 30, 2026.
At September 30, 2026, nonperforming assets were $59.7 million, compared to $59.4 million at June 30, 2026. Nonperforming assets as a percentage of total assets was 0.28% at both September 30, 2026 and June 30, 2026.
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Allowance for Credit Losses
Quarter Ended Nine Months Ended
(dollars in thousands) September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Allowance for credit losses on loans:
Beginning balance $ 152,601 $ 156,796 $ 68,334 $ 153,319 $ 88,558
Initial allowance on acquired purchased credit deteriorated loans — — 63,494 — 63,494
Initial allowance on acquired purchased seasoned loans (1)
— — 20,252 — 20,252
Provision (reversal of provision) for credit losses (14,681) (904) 25,806 (7,992) 22,411
Loans charged off (6,139) (6,308) (12,803) (19,652) (34,969)
Recoveries 1,840 3,017 3,876 7,946 9,213
Ending balance $ 133,621 $ 152,601 $ 168,959 $ 133,621 $ 168,959
Allowance for credit losses on unfunded lending commitments:
Beginning balance $ 5,426 $ 7,289 $ 3,735 $ 7,115 $ 4,366
Initial allowance for credit losses — — 3,736 — 3,736
Provision (reversal of provision) for credit losses (503) (1,863) 960 (2,192) 329
Ending balance $ 4,923 $ 5,426 $ 8,431 $ 4,923 $ 8,431
Net charge-offs to average loans (2)
0.13 % 0.10 % 0.32 % 0.11% 0.35%
(1)The Company early adopted ASU 2025-08 in the fourth quarter of 2025. As a result, for purchased seasoned loans acquired in the HomeStreet merger, the Company established an allowance for credit losses of $20.3 million at the date of acquisition for these loans.
(2)Ratios are annualized.
The allowance for credit losses on loans totaled $133.6 million, or 1.03% of total loans at September 30, 2026, compared to $152.6 million, or 1.12% of total loans at June 30, 2026. The decrease in allowance was primarily the result of lower expected losses on multifamily and CRE investor loans, corresponding decreases in qualitative factors and the auto portfolio sale.
Conference Call
The Company will host a conference call and webcast to discuss its third quarter 2026 financial results at 11:00 a.m. Eastern Time (ET) on Thursday, October 29, 2026. Investors and analysts interested in participating in the call are invited to dial 1-833-461-5787 (international callers please dial 1-585-542-9983) approximately 10 minutes prior to the start of the call. The pin to access the call is 210985311. A live audio webcast of the conference call will be available on the Company’s website at https://ir.mechanicsbank.com. The earnings presentation for the call will also be available on the Company’s Investor Relations website prior to the call.
A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed through the News & Events tab of the Company’s website as well as through the webcast link: https://events.q4inc.com/attendee/210985311.
9
About Mechanics Bancorp
Mechanics Bancorp is headquartered in Walnut Creek, Calif., and is the financial holding company of Mechanics Bank, a full-service, FDIC-insured bank with $20.9 billion in assets as of September 30, 2026, and 166 branches across California, Oregon, Washington and Hawaii. Founded in 1905 to help families, businesses and communities prosper, Mechanics Bank offers a wide range of products and services in consumer and business banking, commercial lending, cash management services, private banking, and comprehensive wealth management and trust services.
To learn more, visit www.MechanicsBank.com.
Cautionary Note
The information contained herein is preliminary and based on Company data available at the time of this earnings release. It speaks only as of the particular date or dates included in the earnings release. Except as required by law, Mechanics does not undertake an obligation to, and disclaims any duty to, update any of the information herein.
Forward-Looking Statements
This earnings release, including information incorporated by reference herein, contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements, other than statements of historical fact, contained or incorporated by reference in this earnings release, including statements regarding our plans, objectives, expectations, strategies, beliefs, or future performance or events, are forward-looking statements. Generally, forward-looking statements include the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “look,” “may,” “optimistic,” “plan,” “potential,” “projection,” “should,” “will,” and “would” and similar expressions (or the negative of these terms), although not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates, and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. Furthermore, the following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this earnings release:
•substantial non-recurring and integration costs, which may be greater than anticipated due to unexpected events;
•failure to realize the anticipated benefits of the HomeStreet merger;
•our ability to effectively manage our expanded operations;
•negative developments and events impacting the financial services industry;
•the soundness of other financial institutions;
•our ability to maintain sufficient liquidity, or an increase in the cost of liquidity;
•unpredictable economic, market and business conditions;
•interest rate risk, and fluctuations in interest rates;
•inflationary pressures and rising prices;
•adverse changes in real estate market values;
•the impact of climate change, including indirectly through impacts on our customers;
•the adequacy of our allowances for credit losses for loans and debt securities;
•incurring losses in our loan portfolio despite strict adherence to our underwriting practices;
•fluctuations in our mortgage origination business based upon seasonal and other factors;
•our geographic concentration, which may magnify the adverse effects and consequences of any regional or local economic downturn;
•the accuracy of independent appraisals to determine the value of the real estate that secures a substantial portion of our loans;
•the ability of our small- to medium-sized borrowers to weather adverse business developments;
10
•our ability to fully identify and mitigate exposure to the various risks that we face, including interest rate, credit, liquidity and market risk;
•our ability to mitigate our exposure to interest rate risk;
•negative publicity regarding us, or financial institutions in general;
•environmental liability risk associated with our lending activities;
•our ability to manage risks associated with new lines of business, products, product enhancements and services;
•our ability to adapt our services to changes in the marketplace related to mortgage servicing or origination, technology or in changes in the requirements of governmental authorities and customers;
•our ability to develop, implement and maintain an effective system of internal control over financial reporting;
•the potential that we may identify material weaknesses in our internal control over financial reporting in the future, which may result in material misstatements of our financial statements;
•the potential that we may write off goodwill and other intangible assets resulting from business combinations;
•dependence on our management team;
•exposure to fraudulent and negligent acts by our customers and the parties they do business with, as well as from employees, contractors and vendors;
•legal claims and litigation, including potential securities law liabilities;
•employee class action lawsuits or other legal proceedings;
•our ability to raise additional capital, if needed;
•competition from other financial institutions and financial service companies;
•regulatory restrictions that may delay, impede or prohibit our ability to consider certain acquisitions and opportunities;
•extensive supervision and regulation that could restrict our activities and impose financial requirements or limitations on the conduct of our business and limit our ability to generate income;
•our ability to comply with stringent capital requirements;
•the impact of federal and state regulators’ examination of our business;
•our ability to comply with the Bank Secrecy Act and other anti-money laundering statutes and regulations;
•our reliance on dividends from Mechanics Bank;
•our ability to raise debt or capital to pay off our debts upon maturity;
•our level of indebtedness following the completion of the HomeStreet merger;
•increasing and continually evolving cybersecurity and other technological risks;
•our ability to adapt to rapid technological change;
•our ability to effectively implement new technological solutions or enhancements to existing systems or platforms;
•our ability to manage risks and challenges relating to the development and use of artificial intelligence;
•our dependence on our computer and communications systems;
•our ability to effectively manage and aggregate data;
•Ford Financial Funds and their controlled affiliates control approximately 77% of the voting power of Mechanics Bancorp, and have the ability to elect all of our directors and control most other matters submitted to our shareholders for approval;
•we are a “controlled company” within the meaning of the rules of Nasdaq and, as a result, we qualify for, and rely on, exemptions from certain corporate governance standards;
•future sales of shares by existing shareholders could cause our stock price to decline;
•our reliance on certain entities affiliated with the Ford Financial Funds for services;
•reduced disclosure requirements as a smaller reporting company; and
•certain of our shareholders have registration rights, the exercise of which could adversely affect the trading price of our common stock.
A discussion of the factors, risks and uncertainties that could affect our financial results, business goals and operational and financial objectives is also contained in Item 1A “Risk Factors” included in our 2025 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”). We strongly recommend readers review those disclosures in conjunction with the discussions herein. Forward-looking statements are
11
inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and should not be relied upon as a prediction of actual results or future events.
Forward-looking statements in this earnings release are based on management’s expectations at the time such statements are made and speak only as of the date made. We do not assume any obligation or undertake to update any forward-looking statements after the date of this earnings release as a result of new information, future events or developments, except as required by federal securities or other applicable laws, although we may do so from time to time.
All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and factors that we currently deem immaterial may become material, and it is impossible for us to predict these events or how they may affect us.
Investor Relations Inquiries
Contact: Mechanics Bancorp
Nathan Duda
Executive Vice President and Chief Financial Officer
ir@mechanicsbank.com
12
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
ASSETS
Cash and cash equivalents $ 602,455 $ 553,915 $ 483,513 $ 1,029,983 $ 1,442,647
Trading securities 46,099 46,595 49,463 49,518 50,357
Securities available-for-sale 4,292,236 4,119,215 3,933,705 3,993,385 3,490,478
Securities held-to-maturity 1,259,501 1,286,813 1,313,520 1,336,632 1,363,636
Loans held for sale 7,737 5,345 4,692 5,967 54,985
Loan receivables (1)
13,012,998 13,576,196 13,852,209 14,176,936 14,587,530
Allowance for credit losses on loans (133,621) (152,601) (156,796) (153,319) (168,959)
Net loan receivables (1)
12,879,377 13,423,595 13,695,413 14,023,617 14,418,571
Mortgage servicing rights 60,971 59,142 84,000 85,832 88,595
Other real estate owned 5,081 4,262 4,658 4,990 1,675
Federal Home Loan Bank stock, at cost 17,283 17,287 17,289 17,292 17,294
Premises and equipment, net 141,068 141,615 143,157 143,895 143,917
Bank-owned life insurance 173,809 172,980 171,674 170,339 169,163
Goodwill 843,305 843,305 843,305 843,305 843,305
Other intangible assets, net 90,937 97,906 205,269 212,491 143,264
Right-of-use asset 75,210 74,623 78,046 82,076 85,657
Interest receivable and other assets (1)
449,635 384,241 361,251 352,153 408,391
TOTAL ASSETS (1)
$ 20,944,704 $ 21,230,839 $ 21,388,955 $ 22,351,475 $ 22,721,935
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Noninterest-bearing demand deposits $ 6,297,519 $ 6,420,746 $ 6,511,998 $ 6,744,082 $ 6,748,479
Interest-bearing transaction accounts 8,537,615 8,394,708 8,222,964 8,128,832 7,918,670
Savings and time deposits 3,184,340 3,273,983 3,507,807 4,152,083 4,785,670
Total deposits 18,019,474 18,089,437 18,242,769 19,024,997 19,452,819
Borrowings — 80,000 — — —
Long-term debt 131,992 130,420 128,815 192,014 190,123
Operating lease liability 78,289 78,174 82,403 86,794 90,796
Interest payable and other liabilities 147,463 162,877 143,576 185,295 200,948
TOTAL LIABILITIES 18,377,218 18,540,908 18,597,563 19,489,100 19,934,686
SHAREHOLDERS’ EQUITY
Common stock 2,406,270 2,404,941 2,402,968 2,402,193 2,401,989
Retained earnings (1)
290,969 303,046 407,908 456,695 394,069
Accumulated other comprehensive income (loss), net of tax (129,753) (18,056) (19,484) 3,487 (8,809)
TOTAL SHAREHOLDERS’ EQUITY (1)
2,567,486 2,689,931 2,791,392 2,862,375 2,787,249
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (1)
$ 20,944,704 $ 21,230,839 $ 21,388,955 $ 22,351,475 $ 22,721,935
Common shares outstanding-Class A and B 221,474,752 221,425,469 221,400,590 221,305,009 221,203,135
(1)Prior period comparative disclosures for September 30, 2025 reflect the impact of adoption of ASU 2025-08.
13
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
Quarter Ended Nine Months Ended
(dollars in thousands, except per share amounts) September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
INTEREST INCOME
Loans interest and fees (1)
$ 175,387 $ 178,170 $ 140,256 $ 534,747 $ 378,164
Investment securities 58,481 53,062 40,266 164,617 129,864
Interest-bearing cash and other 5,288 6,710 22,849 19,670 47,081
Total interest income (1)
239,156 237,942 203,371 719,034 555,109
INTEREST EXPENSE
Deposits 60,489 56,544 57,496 175,356 150,651
Borrowed funds 477 1,055 124 1,760 124
Long-term debt 3,288 3,171 1,598 10,799 1,598
Total interest expense 64,254 60,770 59,218 187,915 152,373
Net interest income (1)
174,902 177,172 144,153 531,119 402,736
Provision (reversal of provision) for credit losses on loans (1)
(14,681) (904) 25,806 (7,992) 22,411
Provision (reversal of provision) for credit losses on unfunded lending commitments (503) (1,863) 960 (2,192) 329
Net interest income after provision for credit losses (1)
190,086 179,939 117,387 541,303 379,996
NONINTEREST INCOME (LOSS)
Service charges on deposit accounts 6,320 6,027 5,875 18,390 16,861
Trust fees and commissions 3,406 3,476 3,117 9,952 9,452
ATM network fee income 3,558 4,109 3,425 11,571 9,353
Loan servicing income 1,660 1,582 680 5,169 1,025
Net gain (loss) on sales of loans (9,843) 2,477 659 (6,223) 659
Net gain (loss) on sales and calls of investment securities (32,269) 31 155 (32,186) 4,292
Income from bank-owned life insurance 1,723 1,327 2,120 4,215 3,149
Bargain purchase gain 2,871 — 90,363 2,871 90,363
Other 9,140 4,767 3,384 17,623 9,230
Total noninterest income (loss) (13,434) 23,796 109,778 31,382 144,384
NONINTEREST EXPENSE
Salaries and employee benefits 60,319 63,090 54,168 191,959 150,753
Occupancy 12,090 11,851 9,566 36,370 25,875
Equipment 8,501 8,724 7,288 26,840 19,445
Professional services 6,605 7,435 5,560 20,111 16,383
FDIC assessments and regulatory fees 2,932 2,990 2,722 8,912 7,148
Amortization of intangible assets 6,969 7,207 4,251 21,398 9,655
Data processing 2,966 2,468 3,315 9,307 6,865
Loan related 2,697 3,616 4,439 9,819 9,236
Marketing and advertising 798 696 680 2,401 2,008
Other real estate owned related 25 47 (103) 456 2,685
Acquisition and integration costs 559 5,923 63,869 11,276 69,858
Other 9,732 10,426 7,574 30,244 20,136
Total noninterest expense 114,193 124,473 163,329 369,093 340,047
Income before income tax expense (benefit) (1)
62,459 79,262 63,836 203,592 184,333
INCOME TAX EXPENSE (BENEFIT) (1)
16,467 21,561 (4,440) 55,809 29,781
NET INCOME (1)
$ 45,992 $ 57,701 $ 68,276 $ 147,783 $ 154,552
Basic earnings per share (1)
Class A common stock $ 0.20 $ 0.25 $ 0.31 $ 0.64 $ 0.72
Class B common stock $ 1.99 $ 2.51 $ 3.13 $ 6.41 $ 7.22
Diluted earnings per share (1)
Class A common stock $ 0.20 $ 0.25 $ 0.31 $ 0.64 $ 0.72
Class B common stock $ 1.99 $ 2.51 $ 3.13 $ 6.41 $ 7.22
Basic weighted-average shares outstanding
Class A common stock 221,182,860 221,148,246 207,189,764 221,126,798 203,012,384
Class B common stock 1,114,448 1,114,448 1,114,448 1,114,448 1,114,448
Diluted weighted-average shares outstanding
Class A common stock 221,502,583 221,338,344 207,258,678 221,348,568 203,075,003
Class B common stock 1,114,448 1,114,448 1,114,448 1,114,448 1,114,448
(1)Prior period comparative disclosures for the quarter and nine months ended September 30, 2025 reflect the impact of adoption of ASU 2025-08.
14
LOANS HELD FOR INVESTMENT (1)
(in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Commercial and industrial $ 439,332 $ 439,814 $ 460,081 $ 482,170 $ 550,176
Commercial real estate
Multifamily 5,189,514 5,223,356 5,291,597 5,355,252 5,450,206
Non-owner occupied 1,482,817 1,614,883 1,711,611 1,740,277 1,866,119
Owner occupied 492,756 512,474 586,698 689,079 710,638
Construction and land development 344,976 360,668 399,546 493,992 538,754
Residential real estate 4,171,423 4,107,867 4,017,120 3,970,803 3,914,675
Auto (2)
9,915 510,232 639,825 791,012 954,617
Other consumer 882,265 806,902 745,731 654,351 602,345
Total LHFI $ 13,012,998 $ 13,576,196 $ 13,852,209 $ 14,176,936 $ 14,587,530
(1)Prior period comparative disclosures for September 30, 2025 reflect the impact of adoption of ASU 2025-08.
(2)On September 16, 2026, Mechanics Bank completed the sale of $417 million of its remaining performing indirect auto loans to Bank of America, N.A. and retained $13 million of runoff auto loans.
COMPOSITION OF DEPOSITS
(in thousands) September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Deposits by product:
Noninterest-bearing demand deposits $ 6,297,519 $ 6,420,746 $ 6,511,998 $ 6,744,082 $ 6,748,479
Interest-bearing:
Interest-bearing demand deposits 1,619,183 1,671,232 1,767,403 1,878,468 1,733,215
Savings 1,304,923 1,328,503 1,363,137 1,367,475 1,398,430
Money market 6,918,432 6,723,476 6,455,561 6,250,364 6,185,455
Certificates of deposit 1,879,417 1,945,480 2,144,670 2,784,608 3,387,240
Total interest-bearing deposits 11,721,955 11,668,691 11,730,771 12,280,915 12,704,340
Total deposits $ 18,019,474 $ 18,089,437 $ 18,242,769 $ 19,024,997 $ 19,452,819
15
SUMMARY FINANCIAL DATA
Quarter Ended Nine Months Ended
September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Select performance ratios: (1)
Return on average equity (2)
6.86 % 8.48 % 10.66 % 7.19 % 8.53 %
Return on average tangible equity (2),(3)
11.75 % 14.42 % 17.37 % 12.41 % 14.11 %
Return on average assets (2)
0.86 % 1.09 % 1.46 % 0.92 % 1.20 %
Efficiency ratio
70.7 % 61.9 % 64.3 % 65.6 % 62.2 %
Efficiency ratio (non-GAAP) (3)
66.4 % 58.4 % 62.6 % 61.8 % 60.4 %
Net interest margin (2)
3.55 % 3.62 % 3.33 % 3.59 % 3.40 %
Cash dividends declared per share:
Class A common stock $ 0.25 $ 0.70 $ — $ 1.35 $ —
Class B common stock $ 2.50 $ 7.00 $ — $ 13.50 $ —
As of
September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Other data:
Book value per share (4)
$ 11.59 $ 12.15 $ 12.61 $ 12.93 $ 12.60
Tangible book value per share (3), (4)
$ 7.05 $ 7.56 $ 7.53 $ 7.81 $ 7.79
Common equity ratio (4)
12.26 % 12.67 % 13.05 % 12.81 % 12.27 %
Tangible common equity ratio (3), (4)
8.16 % 8.62 % 8.57 % 8.48 % 8.28 %
Loans to deposit ratio (4)
72.22 % 75.05 % 75.93 % 74.52 % 74.99 %
Full time equivalent employees 1,768 1,756 1,890 1,921 2,036
(1)Prior period comparative disclosures for the quarter and nine months ended September 30, 2025 reflect the impact of adoption of ASU 2025-08.
(2)Ratios are annualized.
(3)Return on average tangible equity, efficiency ratio (excluding the impact of intangible amortization), tangible book value per share, and tangible common equity ratio are non-GAAP financial measures. For a reconciliation of these measures to the comparable GAAP financial measure or the computation of the measure, see “Non-GAAP Financial Measures and Reconciliations” below.
(4)Prior period comparative disclosures for September 30, 2025 reflect the impact of adoption of ASU 2025-08.
16
NET INTEREST MARGIN
Quarter Ended
September 30, 2026 June 30, 2026 September 30, 2025
(dollars in thousands) Average
Balance Interest
Average
Yield/
Cost (1)
Average
Balance Interest
Average
Yield/
Cost (1)
Average
Balance Interest
Average
Yield/
Cost (1)
Assets:
Interest-earning assets:
Cash and cash equivalents $ 428,244 $ 3,277 3.04 % $ 459,729 $ 3,520 3.07 % $ 1,851,414 $ 19,858 4.26 %
Investment securities 5,517,088 58,481 4.21 % 5,355,011 53,062 3.97 % 4,248,163 40,266 3.76 %
Loans (2),(3)
13,430,196 175,387 5.18 % 13,694,264 178,170 5.22 % 10,959,795 140,256 5.08 %
FHLB stock and other investments 147,964 2,011 5.39 % 147,538 3,190 8.67 % 119,880 2,991 9.90 %
Total interest-earning assets (3)
19,523,492 239,156 4.86 % 19,656,542 237,942 4.86 % 17,179,252 203,371 4.70 %
Noninterest-earning assets 1,638,586 1,661,711 1,418,197
Total assets $ 21,162,078 $ 21,318,253 $ 18,597,449
Liabilities and shareholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Demand deposits $ 1,625,027 $ 1,700 0.42 % $ 1,707,751 $ 1,839 0.43 % $ 1,480,835 $ 1,196 0.32 %
Money market and savings 8,222,792 46,796 2.26 % 7,900,995 42,287 2.15 % 6,701,690 42,382 2.51 %
Certificates of deposit 1,897,016 11,993 2.51 % 2,036,264 12,418 2.45 % 1,758,659 13,918 3.14 %
Total 11,744,835 60,489 2.04 % 11,645,010 56,544 1.95 % 9,941,184 57,496 2.29 %
Borrowings:
Borrowings 49,787 477 3.81 % 114,121 1,055 3.71 % 10,939 124 4.48 %
Long-term debt 130,958 3,288 9.96 % 129,369 3,171 9.83 % 63,034 1,598 10.06 %
Total interest-bearing liabilities 11,925,580 64,254 2.14 % 11,888,500 60,770 2.05 % 10,015,157 59,218 2.35 %
Noninterest-bearing liabilities:
Demand deposits (4)
6,321,146 6,440,279 5,823,539
Other liabilities 253,723 260,515 216,836
Total liabilities 18,500,449 18,589,294 16,055,532
Shareholders’ equity 2,661,629 2,728,959 2,541,917
Total liabilities and shareholders’ equity $ 21,162,078 $ 21,318,253 $ 18,597,449
Net interest income (3)
$ 174,902 $ 177,172 $ 144,153
Net interest rate spread (3)
2.72 % 2.81 % 2.35 %
Net interest margin (3)
3.55 % 3.62 % 3.33 %
(1)Ratios are annualized.
(2)Includes loans held for sale.
(3)Prior period comparative disclosures for the quarter ended September 30, 2025 reflect the impact of adoption of ASU 2025-08.
(4)Cost of all deposits, including noninterest-bearing demand deposits, was 1.33%, 1.25% and 1.45% for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
17
Nine Months Ended
September 30, 2026 September 30, 2025
(dollars in thousands) Average
Balance Interest
Average
Yield/Cost (1)
Average
Balance Interest
Average
Yield/Cost (1)
Assets:
Interest-earning assets:
Cash and cash equivalents $ 478,812 $ 10,958 3.06 % $ 1,329,525 $ 41,713 4.19 %
Investment securities 5,432,936 164,617 4.05 % 4,455,585 129,864 3.90 %
Loans (2),(3)
13,706,945 534,747 5.22 % 9,935,183 378,164 5.09 %
FHLB stock and other investments 147,430 8,712 7.90 % 108,261 5,368 6.63 %
Total interest-earning assets (3)
19,766,123 719,034 4.86 % 15,828,554 555,109 4.69 %
Noninterest-earning assets 1,665,769 1,338,126
Total assets $ 21,431,892 $ 17,166,680
Liabilities and shareholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Demand deposits $ 1,711,776 $ 5,715 0.45 % $ 1,409,713 $ 3,539 0.34 %
Money market and savings 7,956,680 128,143 2.15 % 6,330,840 121,478 2.57 %
Certificates of deposit 2,133,126 41,498 2.60 % 1,222,456 25,634 2.80 %
Total 11,801,582 175,356 1.99 % 8,963,009 150,651 2.25 %
Borrowings:
Borrowings 62,950 1,760 3.74 % 3,691 124 4.48 %
Long-term debt 143,625 10,799 10.05 % 21,242 1,598 10.06 %
Total interest-bearing liabilities 12,008,157 187,915 2.09 % 8,987,942 152,373 2.27 %
Noninterest-bearing liabilities:
Demand deposits (4)
6,402,707 5,541,719
Other liabilities 271,396 215,971
Total liabilities 18,682,260 14,745,632
Shareholders’ equity 2,749,632 2,421,048
Total liabilities and shareholders’ equity $ 21,431,892 $ 17,166,680
Net interest income (3)
$ 531,119 $ 402,736
Net interest spread (3)
2.77 % 2.42 %
Net interest margin (3)
3.59 % 3.40 %
(1)Ratios are annualized.
(2)Includes loans held for sale.
(3)Prior period comparative disclosures for the nine months ended September 30, 2025 reflect the impact of adoption of ASU 2025-08.
(4)Cost of all deposits, including noninterest-bearing demand deposits, was 1.29% and 1.39% for the nine months ended September 30, 2026 and 2025, respectively.
18
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
This document contains non-GAAP financial measures of our financial performance, including tangible common equity, return on average tangible equity, efficiency ratio (excluding the impact of intangible amortization), tangible book value per share and tangible common equity ratio. We believe that these non-GAAP financial measures provide useful information because they are used by management to evaluate our operating performance, without the impact of goodwill and other intangible assets. However, these financial measures are not intended to be considered in isolation of or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an alternative to, our GAAP results. The non-GAAP financial measures Mechanics presents may differ from similarly captioned measures presented by other companies. The following tables present the calculations of our non-GAAP financial measures.
(dollars in thousands, except per share amounts) Quarter Ended Nine Months Ended
Return on Average Equity and Return on Average Tangible Equity (1)
Ref. September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Net income
(a) $ 45,992 $ 57,701 $ 68,276 $ 147,783 $ 154,552
Add: intangibles amortization, net of tax (2)
5,070 5,243 3,040 15,567 6,904
Net income, excluding the impact of intangible amortization, net of tax (b) $ 51,062 $ 62,944 $ 71,316 $ 163,350 $ 161,456
Average shareholders’ equity (c) $ 2,661,629 $ 2,728,959 $ 2,541,917 $ 2,749,632 $ 2,421,048
Less: average goodwill and other intangible assets 938,086 978,184 912,679 989,164 890,677
Average tangible shareholders’ equity (d) $ 1,723,543 $ 1,750,775 $ 1,629,238 $ 1,760,468 $ 1,530,371
Return on average equity (3)
(a) / (c) 6.86 % 8.48 % 10.66 % 7.19 % 8.53 %
Return on average tangible equity (non-GAAP) (3)
(b) / (d) 11.75 % 14.42 % 17.37 % 12.41 % 14.11 %
Quarter Ended Nine Months Ended
Efficiency Ratio (1)
Ref. September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025
Noninterest expense (e) $ 114,193 $ 124,473 $ 163,329 $ 369,093 $ 340,047
Less: intangibles amortization 6,969 7,207 4,251 21,398 9,655
Noninterest expense, excluding the impact of intangible amortization (f) $ 107,224 $ 117,266 $ 159,078 $ 347,695 $ 330,392
Net interest income (g) $ 174,902 $ 177,172 $ 144,153 $ 531,119 $ 402,736
Noninterest income (loss) (h) $ (13,434) $ 23,796 $ 109,778 $ 31,382 $ 144,384
Efficiency ratio (e) / (g+h) 70.7 % 61.9 % 64.3 % 65.6 % 62.2 %
Efficiency ratio (non-GAAP) (f) / (g+h) 66.4 % 58.4 % 62.6 % 61.8 % 60.4 %
(1)Prior period comparative disclosures for the quarter and nine months ended September 30, 2025 reflect the impact of adoption of ASU 2025-08.
(2)Estimated statutory tax rate of 27.25%, 27.25% and 28.50% for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively and 27.25% and 28.50% for the nine months ended September 30, 2026 and 2025, respectively.
(3)Ratios are annualized.
19
(dollars in thousands, except per share amounts) As of
Book Value per Share and Tangible Book Value per Share (4)
Ref. September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Total shareholders’ equity (i) $ 2,567,486 $ 2,689,931 $ 2,791,392 $ 2,862,375 $ 2,787,249
Less: goodwill and other intangible assets 934,242 941,211 1,048,574 1,055,796 986,569
Total tangible shareholders’ equity (j) $ 1,633,244 $ 1,748,720 $ 1,742,818 $ 1,806,579 $ 1,800,680
Common shares outstanding-Class A and B (k) 221,474,752 221,425,469 221,400,590 221,305,009 221,203,135
Common shares outstanding-Class A 220,360,304 220,311,021 220,286,142 220,190,561 220,088,687
Common shares outstanding-Class B-adjusted 11,144,480 11,144,480 11,144,480 11,144,480 11,144,480
Shares outstanding at period end-adjusted (5)
(l) 231,504,784 231,455,501 231,430,622 231,335,041 231,233,167
Book value per share (i) / (k) $ 11.59 $ 12.15 $ 12.61 $ 12.93 $ 12.60
Tangible book value per share (non-GAAP)
(j) / (l) $ 7.05 $ 7.56 $ 7.53 $ 7.81 $ 7.79
As of
Common Equity Ratio and Tangible Common Equity Ratio (4)
Ref. September 30,
2026 June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025
Total shareholders’ equity (m) $ 2,567,486 $ 2,689,931 $ 2,791,392 $ 2,862,375 $ 2,787,249
Less: goodwill and other intangible assets 934,242 941,211 1,048,574 1,055,796 986,569
Total tangible shareholders’ equity (n) $ 1,633,244 $ 1,748,720 $ 1,742,818 $ 1,806,579 $ 1,800,680
Total assets (o) $ 20,944,704 $ 21,230,839 $ 21,388,955 $ 22,351,475 $ 22,721,935
Less: goodwill and other intangible assets 934,242 941,211 1,048,574 1,055,796 986,569
Total tangible assets (p) $ 20,010,462 $ 20,289,628 $ 20,340,381 $ 21,295,679 $ 21,735,366
Common equity ratio (m) / (o) 12.26 % 12.67 % 13.05 % 12.81 % 12.27 %
Tangible common equity ratio (non-GAAP)
(n) / (p) 8.16 % 8.62 % 8.57 % 8.48 % 8.28 %
(4)Prior period comparative disclosures for September 30, 2025 reflect the impact of adoption of ASU 2025-08.
(5)Includes 11,144,480 Class A Shares issuable upon the conversion of 1,114,448 Class B Shares outstanding. Class B Shares also are treated as if such share had been converted into ten Class A Shares for purposes of calculating the economic rights of the Class B Shares, including upon liquidation of the Company or the declaration of dividends or distributions by the Company.
20
EX-99.2 — EX-99.2 Q3 2026 INVESTOR PRESENTATION
EX-99.2
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97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Mechanics Bancorp Third Quarter Earnings Presentation October 28, 2026 Seattle, WA San Francisco, CA Los Angeles, CA 1
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 FORWARD-LOOKING STATEMENTS AND OTHER This presentation and statements made by representatives of Mechanics Bancorp (“Mechanics” or the “Company”) during the course of this presentation include “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such statements. Such forward-looking statements include, but are not limited to, statements concerning such things as the Company’s outlook, business strategy, financial condition, efforts to make strategic acquisitions, integration activities and outlook, liquidity and sources of funding, market trends, operations and business, stock repurchases, dividend payments, and the Company’s other plans, objectives, strategies, expectations and intentions and other statements that are not statements of historical fact, and may be identified by words such as “anticipates,” “believes,” “building,” “continue,” “could,” “drive,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plan,” “probable,” “projects,” “seeks,” “should,” “track,” “target,” “view” or “would” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: substantial non-recurring and integration costs, which may be greater than anticipated due to unexpected events; failure to realize the anticipated benefits of the HomeStreet merger; our ability to effectively manage our expanded operations; negative developments and events impacting the financial services industry; the soundness of other financial institutions; our ability to maintain sufficient liquidity, or an increase in the cost of liquidity; unpredictable economic, market and business conditions; interest rate risk, and fluctuations in interest rates; inflationary pressures and rising prices; adverse changes in real estate market values; the impact of climate change, including indirectly through impacts on our customers; the adequacy of our allowances for credit losses for loans and debt securities; incurring losses in our loan portfolio despite strict adherence to our underwriting practices; fluctuations in our mortgage origination business based upon seasonal and other factors; our geographic concentration, which may magnify the adverse effects and consequences of any regional or local economic downturn; the accuracy of independent appraisals to determine the value of the real estate that secures a substantial portion of our loans; the ability of our small- to medium-sized borrowers to weather adverse business developments; our ability to fully identify and mitigate exposure to the various risks that we face, including interest rate, credit, liquidity and market risk; our ability to mitigate our exposure to interest rate risk; negative publicity regarding us, or financial institutions in general; environmental liability risk associated with our lending activities; our ability to manage risks associated with new lines of business, products, product enhancements and services; our ability to adapt our services to changes in the marketplace related to mortgage servicing or origination, technology or in changes in the requirements of governmental authorities and customers; our ability to develop, implement and maintain an effective system of internal control over financial reporting; the potential that we may identify material weaknesses in our internal control over financial reporting in the future, which may result in material misstatements of our financial statements; the potential that we may write off goodwill and other intangible assets resulting from business combinations; dependence on our management team; exposure to fraudulent and negligent acts by our customers and the parties they do business with, as well as from employees, contractors and vendors; legal claims and litigation, including potential securities law liabilities; employee class action lawsuits or other legal proceedings; our ability to raise additional capital, if needed; competition from other financial institutions and financial service companies; regulatory restrictions that may delay, impede or prohibit our ability to consider certain acquisitions and opportunities; extensive supervision and regulation that could restrict our activities and impose financial requirements or limitations on the conduct of our business and limit our ability to generate income; our ability to comply with stringent capital requirements; the impact of federal and state regulators’ examination of our business; our ability to comply with the Bank Secrecy Act and other anti-money laundering statutes and regulations; our reliance on dividends from Mechanics Bank; our ability to raise debt or capital to pay off our debts upon maturity; our level of indebtedness following the completion of the HomeStreet merger; increasing and continually evolving cybersecurity and other technological risks; our ability to adapt to rapid technological change; our ability to effectively implement new technological solutions or enhancements to existing systems or platforms; our ability to manage risks and challenges relating to the development and use of artificial intelligence; our dependence on our computer and communications systems; our ability to effectively manage and aggregate data; Ford Financial Funds and their controlled affiliates control approximately 77% of the voting power of Mechanics, and have the ability to elect all of our directors and control most other matters submitted to our shareholders for approval; we are a “controlled company” within the meaning of the rules of Nasdaq, and, as a result, we qualify for, and rely on, exemptions from certain corporate governance standards; future sales of shares by existing shareholders could cause our stock price to decline; our reliance on certain entities affiliated with the Ford Financial Funds for services; reduced disclosure requirements as a smaller reporting company; and certain of our shareholders have registration rights, the exercise of which could adversely affect the trading price of our common stock. Disclaimer 2
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Disclaimer (cont’d) FORWARD-LOOKING STATEMENTS AND OTHER (cont’d) For further discussion of such factors, see the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and other reports that we have filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement. The information contained herein is preliminary and based on Company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Except as required by law, Mechanics does not undertake an obligation to, and disclaims any duty to, update any of the information herein. Included in this presentation are certain non-GAAP financial measures, such as Core Net Income, Return on Average Tangible Equity, Core Return on Average Tangible Equity, Efficiency Ratio, Core Efficiency Ratio, Tangible Book Value per Share and Tangible Common Equity Ratio, which are designed to complement the financial information presented in accordance with U.S. GAAP as management believes such measures are useful to investors to assess use of equity and financial performance. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the “Non-GAAP Financial Measures and Reconciliations” section of the appendix of this presentation for additional detail including reconciliations of non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Presentation of Results – HomeStreet Bank Merger On September 2, 2025, the merger of HomeStreet Bank, the wholly owned subsidiary of Mechanics Bancorp (formerly known as HomeStreet, Inc.) with and into Mechanics Bank, was completed. Mechanics Bank is the accounting acquirer (legal acquiree), HomeStreet Bank is the accounting acquiree and Mechanics Bancorp is the legal acquirer. Mechanics’ financial results for all periods ended prior to September 2, 2025 reflect Mechanics Bank’s historical financial results on a standalone basis and results of the combined company beginning September 2, 2025. In addition, for periods prior to September 2, 2025, the number of shares issued and outstanding, earnings per share, and all references to share quantities or metrics of Mechanics have been retrospectively restated to reflect the equivalent number of shares issued in the merger since the merger was accounted for as a reverse acquisition. As the accounting acquirer, Mechanics Bank remeasured the identifiable assets acquired and liabilities assumed in the merger as of September 2, 2025 at their acquisition date fair values. Adoption of Purchased Seasoned Loans Accounting Standard The Company early adopted Accounting Standards Update (“ASU”) 2025-08, “Financial Instruments–Credit Losses (Topic 326): Purchased Loans,” during the fourth quarter of 2025. This new standard, which the Company elected to early adopt as of January 1, 2025, requires acquired loans that meet certain criteria at acquisition (purchased seasoned loans) to be recognized at their purchase price plus the amount of the allowance for expected credit losses (gross-up approach). As a result, for purchased seasoned loans acquired in the HomeStreet merger, the Company established an allowance for credit losses of $20.3 million at the date of acquisition for these loans and reversed the provision for credit losses recorded in the third quarter of 2025, and recorded it as part of the acquired loans initial amortized cost basis. Required disclosures regarding the impact of the adoption were presented when the Company filed its Annual Report on Form 10-K for the year ended December 31, 2025. In addition, third quarter 2025 results will be retrospectively adjusted when the Company files its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. The impact of the adoption is reflected in the respective comparative prior period results presented in this presentation for the third and fourth quarter of 2025. General Note The sum of the amounts in tables and charts may not equal the total amounts presented due to rounding. 3
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 ▪ Mechanics Bancorp reported net income of $46.0mm in Q3’26 ▪ Fully diluted EPS of $0.20, BVPS of $11.59 and TBVPS of $7.051 ▪ ROAA of 0.86% and ROATCE of 11.8%1 ▪ $0.25 per share of dividends paid in Q3’26 (Class A) and $1.35 per share of dividends paid YTD (Class A) ▪ As anticipated, Q3’26 was noisy, with several non-core items: ▪ ($32.3mm) loss on AFS securities restructuring ▪ $15.2mm reversal of provision, with $3.2mm related to sale of $417mm of run-off auto loans ▪ ($10.3mm) loss on sale of run-off auto loans ▪ $5.1mm gain on other equity investments, $2.9mm additional bargain purchase gain from the HomeStreet merger and ($0.6mm) of merger expenses ▪ $60.6mm of core net income (core ROAA of 1.14% and core ROATCE of 15.1%)1 ▪ Total assets of $20.9bn, total net loans of $12.9bn, total deposits of $18.0bn and tangible common equity of $1.63bn1 ▪ Core Efficiency Ratio of 54.4%, down from 56.0% in Q2’26 ▪ AOCI decreased $112mm in Q3’26, driven by the sharp increase in interest rates during the quarter ▪ 1.33% cost of deposits in Q3’26 and 1.36% spot cost at 9/30/26 ▪ 3.55% NIM in Q3’26 with 72% L/D ratio ▪ 4bps ($1.4mm) of non-auto NCOs ▪ ACL equal to 1.03% of total loans; 2.24x ACL / NPAs ▪ 14.7% CET1 ratio and 8.7% Tier 1 Leverage ratio Mechanics Bancorp 3rd Quarter 2026 Financial Highlights 4 1 Non-GAAP measure. Refer to section “Non-GAAP Financial Measures and Reconciliations” in the back of this presentation 2 Class A 3rd Quarter 2026 Financial Highlights Condensed Balance Sheet ($ in millions, except per share data) Q3 '26 Q2 '26 Q1 '26 Cash & Investments 6,200$ 6,007$ 5,780$ Net Loans, including HFS 12,887 13,429 13,700 Goodwill & Intangible Assets 934 941 1,049 Other Assets 923 854 860 Total Assets 20,945$ 21,231$ 21,389$ Total Deposits 18,019$ 18,089$ 18,243$ Long-Term Debt and Other Borrowings 132 210 129 Other Liabilities 226 241 226 Total Shareholders' Equity 2,567 2,690 2,791 Total Liabilities & Equity 20,945$ 21,231$ 21,389$ Book value per share 11.59$ 12.15$ 12.61$ Tangible book value per share 1 7.05$ 7.56$ 7.53$ Condensed Income Statement (in thousands, except per share data) Q3 '26 Q2 '26 Q1 '26 Net Interest Income 174,901$ 177,173$ 179,045$ Provision / (Reversal of Provision) (15,183) (2,767) 7,767 Non-Interest Income (13,433) 23,796 21,020 Non-Interest Expense 114,192 124,474 130,427 Pre-Tax Income 62,459$ 79,262$ 61,871$ Taxes 16,468 21,561 17,781 Net Income 45,992$ 57,701$ 44,090$ Diluted weighted-average shares outstanding 2 221,503 221,338 221,203 Diluted earnings per share 2 0.20$ 0.25$ 0.19$ Financial Ratios Q3 '26 Q2 '26 Q1 '26 ROAA 0.86% 1.09% 0.82% ROATCE 1 11.8% 14.4% 11.1% Core ROATCE 1 15.1% 14.7% 13.2% Net Interest Margin 3.55% 3.62% 3.61% Core Efficiency Ratio 1 54.4% 56.0% 59.2% Ending FTE 1,768 1,756 1,890 Loans to Deposits 72% 75% 76% Cost of Deposits 1.33% 1.25% 1.28% Common Equity Tier 1 Ratio 14.7% 14.4% 13.9%
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Mechanics Bancorp Strategic Update 5 ➢ We had a very noisy third quarter, with several non-core items: ➢ At the end of July, we sold $308mm of AFS securities yielding 1.78% at a $32.3mm pre-tax loss and re-invested the net proceeds in mortgage-backed securities yielding 5.50%, with an expected earnback of 4-5 years ➢ In mid-September, we sold nearly all ($417mm of $429mm) of our run-off auto loans at a price close to par (~$7mm pre-tax loss net of provision release), resulting in the successful acceleration of the exit of a non-core business line ➢ The transaction improved our CET1 Ratio by reducing risk-weighted assets and is expected to modestly enhance profitability moving forward as lower servicing expense will more than offset lost NIM ➢ We now expect ~$420mm of core, annualized NIE (ex. CDI amortization) in Q4’26 ➢ We had $15.2mm of provision release in Q3’26, with $3.2mm related to the sale of our run-off auto loans. The other $12.0mm of negative provision was primarily due to lower expected loss rates on multifamily and CRE loans ➢ We recorded a $5.1mm gain on other equity investments and an additional $2.9mm in bargain purchase gain from the HomeStreet merger (tax-related). We also had $0.6mm of merger-related expenses ➢ Core Net Income grew to $60.6mm from $59.0mm quarter-over-quarter, as expense efficiencies more than offset modest NIM compression from deposit cost increases and the sale of our run-off auto loans ➢ Deposit pressures will persist in this elevated interest rate environment and we expect a relatively flat near-term NIM as we expect to absorb three additional Fed Funds rate increases over the next twelve months. Long-run, we continue to have NIM tailwinds as legacy low-yielding earning assets cash flow and are re-invested at much higher market rates ➢ We have substantial excess capital and expect to pay a ~$100mm dividend, or ~$0.43 per share (Class A), in Q4, subject to Board and regulatory approval. If approved, we will have paid ~$400mm, or ~$1.78 per share (Class A) in dividends to investors in 2026 ➢ We expect a ~17% ROATCE and ~1.2% ROAA in 2027 with a long-run ROATCE target of 18%+ ➢ 2027E Dividend Yield of ~8%
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Key Stats vs. $10–100bn public U.S. banks Mechanics Bancorp Overview Source: S&P Global Market Intelligence; Note: Projections per Mechanics management; Financial data as of September 30, 2026, unless otherwise specified; market data as of 10/19/2026 1 Includes banks headquartered in California, Oregon and Washington with less than $250bn in total assets CoD: 1.33% U.S. banks: 1.78% #13 of 81 NIB: 35% U.S. banks: 25% #5 of 81 Dividend yield: ~8% U.S. banks: 3% #1 of 81 ROATCE: ~17% U.S. banks: 14.6% #12 of 81 As of MRQ: CET1: 14.7% U.S. banks: 12.2% #12 of 81 RWA / assets: 57% U.S. banks: 78% #2 of 81 $20.9bn Total assets 166 Branches #4 / #4 CA / West Coast market share by deposits1 Mechanics Bancorp Overview 6 As of MRQ: As of MRQ: As of MRQ: 2027E: 2027E: San Francisco Oakland 880 680 680 90 5 5 Santa Barbara Bakersfield CA OR WA 8 10 40 15 5 5 90 82 182 84 105 405 210 Palm Springs San Diego Los Angeles Santa Maria Santa Barbara Bakersfield Fresno Salinas San Francisco Sacramento Yuba City Chico Redding Seattle Seattle Everett Tacoma Olympia Vancouver Portland 705 Hilo Legend Mechanics (166) HI Honolulu 15% 40% 32% 7% $13.0bn CRE C&I 1-4 Family Cons. / Other 35% 47% 7% 10% $18.0bn Noninterest- bearing Interest-bearing transaction Savings Time Loans Multifamily C&D Deposits 3% 3%
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Low-Cost Deposits Deliver Superior Returns Despite Low-Risk Assets 7 Low-cost deposits, clean credit and enterprise efficiency drives market-leading risk-adjusted returns 57% RWA / Assets of $10–100bn U.S. public banks Cost of Deposits of $10–100bn U.S. public banks Rank: #2 of 81 LOW-RISK ASSET STRATEGY LOW-COST DEPOSIT BASE 1.33% Rank: #13 of 81 17% 2027E ROATCE of $10–100bn U.S. public banks Rank: #12 of 81 SUPERIOR PROFITABILITY 8% 2027E Dividend Yield of $10–100bn U.S. public banks Rank: #1 of 81 MARKET-LEADING DIVIDEND YIELD Source: S&P Global Market Intelligence Note: Projections per Mechanics Management; Financial data as of most recent quarter available; market data as of 10/19/2026
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Premier community bank in attractive West Coast markets (#4 CA and #4 West Coast bank by deposits¹) Superior profitability (~17% 2027E ROATCE) despite low-risk assets (57% RWA / Assets) Simple and efficient business model – straightforward asset strategy powered by great deposits Core-funded franchise with an exceptional track record of credit outperformance Strongly capitalized and highly liquid balance sheet Capital efficient with market-leading dividend yield (2027E dividend yield of ~8%) Strong alignment between public investors and Ford Financial Fund (74% economic ownership) Experienced management team with strong operating and M&A backgrounds Compelling Investment Thesis ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Note: Projections per Mechanics management ¹ Includes banks headquartered in California, Oregon, and Washington with less than $250bn total assets 8
Third Quarter 2026 Financial Drivers 26 9
Net Interest Income & Margin Average Earning Assets and NIM Trends 1 Key Highlights 10 Average Earning Assets Mix Trend ($ in billions) ➢ Q3‘26 net interest income decreased $2.3 million, or 1.3%, to $174.9 million from $177.2 million for Q2‘26 ➢ Net interest margin decreased 7 bps during the third quarter, driven primarily by an 8 bps increase in the cost of deposits ➢ Q3’26 interest income included $11.4 million of discount accretion on the loans acquired in the HomeStreet acquisition (~$125 million of remaining discount on acquired HomeStreet loans at 9/30/2026) ➢ Dividend income, which includes dividends from FHLB stock, CRA and other investments, was $2.0 million in Q3’26, down from $3.2 million in Q2’26 * Investments includes Securities and FHLB stock and other investments 1 Prior period comparative disclosure for the third and fourth quarter of 2025 have been adjusted to reflect the impact of the adoption of ASU 2025-08 $17.2 $20.7 $20.1 $19.7 $19.5 3.33% 3.50% 3.61% 3.62% 3.55% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Average Earning Assets NIM 64% 69% 70% 70% 69% 25% 25% 28% 28% 29% 11% 5% 3% 2% 2% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Loans Investments Cash
Low-Yielding Legacy Earning Asset Re-Pricing 11 ➢ Legacy earning asset repricing remains a key driver of net interest income growth as ~$4.7 billion of low-yielding, COVID-era assets (weighted average roll-off yield of 3.25%) run off or reset and adjust to current market rates Notes: Management estimates based on contractual cash flows and internal asset-liability modeling prepay assumptions. Assumes static forward rate environment Q4 '26 2027 2028 2029 2030 2031 2032 2033 & Later Total Principal Cash Flows HTM Securities $25 $91 $92 $106 $244 $220 $79 $402 $1,258 SFR Loans 28 120 126 131 119 114 110 871 1,620 Multifamily Loans 127 448 466 304 201 133 135 8 1,823 Total Principal Cash Flows $180 $659 $684 $541 $564 $467 $324 $1,281 $4,701 Cumulative Principal Cash Flows 180 839 1,524 2,065 2,629 3,096 3,420 4,701 4,701 Cumulative Principal Cash Flows / Total 4% 18% 32% 44% 56% 66% 73% 100% 100% Roll-Off Yields HTM Securities 1.79% 1.74% 1.71% 1.67% 1.39% 1.59% 1.69% 1.71% 1.62% SFR Loans 3.66% 3.77% 3.81% 3.85% 3.86% 3.87% 3.88% 3.83% 3.83% Multifamily Loans 4.37% 3.75% 3.58% 3.87% 3.81% 3.96% 4.40% 4.94% 3.85% Total Roll-Off Yields 3.90% 3.48% 3.37% 3.44% 2.77% 2.82% 3.56% 3.17% 3.25% Replacement/Reset Yields Securities 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% 6.10% SFR Loans 6.65% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% 6.75% Multifamily Loans 6.46% 6.65% 6.65% 6.65% 6.65% 6.65% 6.65% 6.65% 6.64% Total Replacement Yields 6.44% 6.59% 6.59% 6.57% 6.43% 6.42% 6.55% 6.55% 6.53% Earnings Pickup Annual Run-Rate Pre-tax Income Pickup $4.6 $20.5 $22.1 $16.9 $20.7 $16.8 $9.7 $43.2 $154.4 Cumulative Annual Run-Rate Pre-tax Income Pickup $4.6 $25.1 $47.2 $64.1 $84.8 $101.5 $111.2 $154.4 $154.4 Tax Effect (@ 26.5%) 1.2 6.7 12.5 17.0 22.5 26.9 29.5 40.9 40.9 Cumulative Annual Run-Rate Net Income Pickup $3.4 $18.5 $34.7 $47.1 $62.3 $74.6 $81.7 $113.5 $113.5
Net Interest Income Analysis – Variable Assets / Deposits 12 ➢ Net interest income remains sensitive to changes in short-term interest rates, as we have ~$4.6 billion in greater balances of rate sensitive deposits than we do floating rate assets ➢ Our deposit beta was ~30% last Fed hiking cycle and we expect it to be modestly higher this time around Notes: Illustrative example based on management’s internal estimates of how variable assets and deposits will re-price based on changes to short- term interest rates. Rate sensitive deposits includes CDs. Floating rate loans reflect balances that amortize, mature, or re-price within the next 3 months As of 09/30/26 Rates Up and Down Monthly NII Increase / (Decrease) $ in thousands Balance Spot Rate Monthly Interest -50 bps -25 bps 0 bps +25 bps +50 bps -50 bps -25 bps 0 bps +25 bps +50 bps Fed Cash 400,341 3.90% 1,301 3.40% 3.65% 3.90% 4.15% 4.40% (167) (83) - 83 167 Floating Rate Securities 827,861 4.89% 3,371 4.39% 4.64% 4.89% 5.14% 5.39% (345) (172) - 172 345 Floating Rate Loans 2,654,207 5.80% 12,830 5.30% 5.55% 5.80% 6.05% 6.30% (1,106) (553) - 553 1,106 Total Floating Assets 3,882,409 5.41% 17,502 4.91% 5.16% 5.41% 5.66% 5.91% (1,618) (809) - 809 1,618 Rate Sensitive Deposits 8,522,147 2.87% 20,374 2.52% 2.69% 2.87% 3.04% 3.22% (2,487) (1,243) - 1,243 2,487 Non-Rate Sensitive Deposits 9,497,327 0.01% 57 0.01% 0.01% 0.01% 0.01% 0.01% - - - - - Total Deposits 18,019,474 1.36% 20,431 1.19% 1.28% 1.36% 1.44% 1.53% (2,487) (1,243) - 1,243 2,487 Monthly Net Interest Income - Increase / (Decrease) 869 435 - (435) (869) Annual Net Interest Income - Increase / (Decrease) 10,430 5,215 - (5,215) (10,430)
Non-Interest Income Non-Interest Income Trend Core Non-Interest Income Mix 1 Key Highlights 13 ($ in millions) ➢ Q3’26 non-interest income decreased $37.2 million, or 157%, to a net loss of $13.4 million from income of $23.8 million in Q2’26 ➢ Q3’26 included $34.6 million of non-recurring items: • ($32.3) million loss from AFS securities restructure • ($10.3) million loss on sale of auto loans • $5.1 million gain on other equity investments • $2.9 million bargain purchase gain adjustment in connection with HomeStreet acquisition ➢ Excluding non-core items, non-interest income decreased from $21.6 million to $21.2 million primarily due to lower ATM Network Fee Income (-$0.6 million) and Bankcard Royalty Income (-$0.4 million), partially offset by higher Bank Owned Life Insurance income ($0.4 million) ➢ Q3’25, Q4’25 and Q2’26 non-core income was $90.4, $55.1 and $2.2 million, respectively, which consisted mostly of bargain purchase gain related to the HomeStreet acquisition. The total bargain purchase gain was $148.3 million, which reflects a final adjustment of $2.9 million in Q3’26. 1 Core non-interest income mix excludes non-core income * Other includes income from bank-owned life insurance and other income 30% 27% 29% 28% 30% 16% 15% 15% 16% 16% 4% 8% 9% 7% 8% 18% 18% 19% 19% 17% 33% 32% 29% 30% 29% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Deposit Charges Trust Fees Servicing Income ATM Network Fees Other * $19.4 $23.4 $21.0 $21.6 $21.2 $90.4 $55.1 $2.2 $(34.6) $109.8 $78.5 $21.0 $23.8 $(13.4) Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Core Non-Interest Income Non-Core Income
Non-Interest Expense Non-Interest Expense Trend 1, 2 Core Non-Interest Expense Mix 3 Key Highlights 14 ($ in millions) ➢ Q3’26 non-interest expense decreased $10.3 million, or 8.3%, to $114.2 million from $124.5 million in Q2’26 ➢ Merger-related costs during Q3‘26 were $0.6 million compared to $5.9 million in Q2’26, primarily comprised of consulting and professional service fees ➢ Excluding merger-related costs, non-interest expense decreased $4.9 million during Q3’26 primarily due to staffing and core conversion synergies realized during the quarter ➢ Q3’26 Core Efficiency Ratio decreased to 54.4%, compared to 56.0% in Q2’26 ➢ $427 million of annualized core non-interest expense in Q3’26 (excluding CDI amortization and non-core expense) ➢ $7.0 million of CDI amortization in Q3’26 (reduces GAAP net income but increases regulatory capital) 1 Core Efficiency Ratio is a Non-GAAP measure. Refer to section “Non-GAAP Financial Measures and Reconciliations” in the back of this presentation 2 Prior period comparative disclosure for the third and fourth quarter of 2025 have been adjusted to reflect the impact of the adoption of ASU 2025-08 3 Core non-interest expense excludes merger related costs and other non-core expenses * Other includes FDIC assessments and regulatory fees, data processing, loan-related, marketing and advertising, other real estate owned and other expense $98.9 $126.0 $125.6 $118.6 $113.6 $64.4 $3.5 $4.8 $5.9 $0.6 $163.3 $129.5 $130.4 $124.5 $114.2 57.9% 57.4% 59.2% 56.0% 54.4% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Core NIE Non-Core NIE Core Efficiency Ratio 54% 54% 55% 53% 53% 17% 17% 18% 17% 18% 6% 5% 5% 6% 6% 4% 6% 6% 6% 6% 19% 17% 17% 17% 17% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Salaries & Benefits Occupancy & Equipment Professional Services Amortization of Intangibles Other *
Loan Portfolio Overview Loan Balance and Yield Trends 1 Key Highlights Quarter-over-Quarter Loan Metrics 1 15 ($ in billions) ($ in millions) ➢ Q3‘26 loan interest income decreased $2.8 million, or 1.6%, to $175.4 million from $178.2 million in Q2‘26 ➢ Loan yields decreased 4 bps in Q3‘26, driven by slightly lower purchase discount accretion ➢ Multifamily loan yield decreased by 12 bps due to lower discount accretion, lower contractual yields, and lower prepay/late fees, while SFR loan yield increased by 10 bps due to higher discount accretion and higher contractual yields ➢ C&I yields decreased due to lower discount accretion ➢ The Bank’s CRE concentration ratio decreased to 340% in Q3‘26 from 342% at the end of the Q2’26 ➢ The Bank originated $568 million of loan commitments predominantly in SFR and Life Insurance CSV-Backed loans (Inclined – loans against the cash surrender value of whole life insurance policies) ➢ The Bank sold $429 million of loans during the quarter ($417 million of Auto and $13 million of SFR) 1 Prior period comparative disclosure for the third and fourth quarter of 2025 have been adjusted to reflect the impact of the adoption of ASU 2025-08 Q2 '26 Q3 '26 Balance Avg Yield Balance Avg Yield Loans HFS 5 6.07% 8 6.23% Commercial and Industrial 440 7.08% 439 6.60% Multifamily 5,223 4.95% 5,190 4.83% CRE Non-Owner Occupied 1,615 5.04% 1,483 5.13% CRE Owner Occupied 512 5.89% 493 5.74% Construction and Land 361 6.87% 345 7.22% SFR 3,560 4.63% 3,621 4.73% HELOC 547 7.25% 550 7.21% Auto 510 6.47% 10 6.59% Life Insurance CSV-Backed 757 5.23% 837 5.34% Other Consumer 50 7.29% 46 7.07% Total Loans 13,582 5.22% 13,021 5.18% 14.6 14.2 13.9 13.6 13.0 11.0 14.4 14.0 13.7 13.4 5.08% 5.34% 5.25% 5.22% 5.18% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Loans Avg Loans Loan Yield
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Granular, Low-Risk Commercial Lending with a Multifamily Focus ✓ Mechanics Bank’s commercial lending is highly granular and well-diversified across both collateral types and geography ✓ Focus on multifamily lending, with an emphasis on Southern California (53% of total multifamily) ▪ Average multifamily loan size of $4.0 million, with average LTV¹ of 55% and average DCR² of 1.54x ✓ Modest CRE concentrations in retail and office ▪ Average size of CRE retail and office loans are $3.1 and $1.9 million, respectively ▪ Average CRE retail LTV¹ of 47% and DCR² of 1.95x; average CRE office LTV¹ of 49% and DCR² of 1.73x ▪ CRE office decreased by $27 million, or 5%, in Q3’26 ✓ Total CRE3 of ~$7.2bn, with 72% in lower risk-profile multifamily loans ▪ CRE concentration of 340% as of September 30, 2026; 92% ex-multifamily ▪ Seven CRE office loans totaling $35 million in central business districts of Los Angeles, Oakland, San Francisco and Seattle ✓ Continued focus on reducing HomeStreet syndicated loans over time (~$142 million in UPB at 9/30/25, ~$64 million at 09/30/26) ✓ No loans to non-depository financial institutions (NDFI). Technology-related exposure <1% of C&I Portfolio ✓ Realized a ~$7 million net charge off on a Legacy HomeStreet syndicated C&I credit in Q4’25 (identified during due diligence and fully reserved for). Other Legacy HomeStreet Commercial NCO since merger totals ~$100K CRE composition: Q3’26C&I breakdown: Q3’26 CRE geography: Q3’26 16 Note: Financial data as of September 30, 2026; ¹ LTV defined as current loan balance divided by most recent appraisal; CRE LTV does not include multifamily; ² DCRs based on most recent review (origination in instances where loan is below review threshold); CRE DCRs exclude owner-user loans; 3 Total CRE excludes construction and land development; 4 No Industry <1% of balance Oregon, 5% Other4, 15% Retail, 6% Gov’t & Education, 5% Comm’l Serv, 2% Manufacture, 3% Utilities, 9% Real Estate Activities, 15% Equipment & Machinery, 5% Entertainment & Recreation, 7% Construction / Contractor, 20% Pharmaceuticals / Healthcare, 12% ~$0.4bn Multifamily, 72% Retail, 8% Office, 7% Industrial, 7% Special Purpose, 3% Hotel, 1% Mixed use, 1% ~$7.2bn Los Angeles, 33% Central Valley, 5% East Bay, 7% Central Coast, 7% San Diego, 5% Inland Empire, 6% South Bay, 5% North Bay, 3% Sacramento, 3% San Francisco, 2% Other States, 6% Orange, 4% Northern California, 2% ~$7.2bn Washington, 10%
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 High-Quality, Low-Risk Consumer Lending HELOC TrendSFR Trend 1 Life Insurance CSV-Backed Loan Trend 17 Note: Financial data as of September 30, 2026 1 SFR trend includes loans held for sale ✓ Mechanics Bank’s SFR Mortgage and HELOC lending efficiently generates high-quality, low-risk loans with strong risk-adjusted returns ✓ SFR product offerings include Agency, Government, Bond, Correspondent and Portfolio lending ✓ $4.1 billion SFR Servicing Portfolio for others that provides a stable revenue stream, especially in an elevated interest rate environment ✓ Recent on balance sheet SFR Portfolio lending focus is on Intermediate ARM loans to reduce interest rate risk ▪ SFR Portfolio product mix at 9/30/2026: 5/1 ARM (4%), 7/1 ARM (32%), 10/1 ARM (10%), 15-year fixed (3%), 30-year fixed (50%), Other (1%) ▪ 90% of 2026 year-to-date SFR Portfolio originations by dollar volume have been Intermediate ARMs, which will help reduce interest rate risk ✓ Key SFR Portfolio statistics ($3.6 billion outstanding at 9/30/2026 with 4.73% MRQ yield): ▪ Average FICO of 793, average loan size of $598 thousand, average LTV of 49%, geographic mix: 76% CA, 21% WA, 2% OR, 1% Other States ✓ Key HELOC Portfolio statistics ($550 million outstanding at 9/30/2026 with 7.21% MRQ yield): ▪ Average FICO of 786, average loan size of $77 thousand, geographic mix: 47% WA, 43% CA, 7% OR, 3% Other States ✓ Since 2020, Mechanics Bank has partnered with Inclined, a fast-growing financial technology company, to originate high-quality, low-risk floating rate loans secured by the cash surrender value (“CSV”) of whole life insurance policies ✓ Inclined has built an innovative technology platform that connects whole life policyowners with bank partners in a unique marketplace that maximizes efficiency, lowers barriers to access, improves the customer experience and fosters competitive rates for borrowers with attractive risk-adjusted returns for the bank partners ✓ We are Inclined’s first and largest bank partner with $837mm in drawn CSV-backed loans outstanding (47% utilization) and a small ownership stake in the company ✓ Zero net charge offs since program inception and no loans over 30-days past due; floating rate loans limit interest rate risk and help balance loan portfolio duration ✓ Key Life Insurance Policy Loans Portfolio statistics ($837 million outstanding at 9/30/2026 with 5.34% MRQ yield and nominal servicing expense): ▪ Average FICO of 774, average loan size of $141 thousand, geographic mix: 14% CA, 13% NY, 10% FL, 9% TX, 54% Other States $3,439 $3,474 $3,508 $3,566 $3,629 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 $497 $502 $514 $547 $550 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 $54 $199 $371 $599 $837 2022 2023 2024 2025 Q3 '26
Asset Quality NCOs / Average Loans Loan Loss Reserves / NPAs NPAs / Assets Loan Loss Reserves / Loans HFI 18 * Ratios are annualized 2.60x 2.96x 2.95x 2.57x 2.24x Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Loan Loss Reserves / NPAs 1.16% 1.08% 1.13% 1.12% 1.03% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Loan Loss Reserves / Loans HFI 0.04% 0.23% 0.01% 0.04% 0.28% 0.15% 0.12% 0.09% 0.09% 0.32% 0.38% 0.12% 0.10% 0.13% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Non-Auto NCOs / Avg Loans Auto NCOs / Avg Loans 0.26% 0.21% 0.23% 0.26% 0.28% 0.02% 0.02% 0.02% 0.02% 0.01% 0.29% 0.23% 0.25% 0.28% 0.28% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Non-Auto NPAs / Assets Auto NPAs / Assets
Securities Portfolio Securities Balance and Yield Trends Quarter-over-Quarter Loan Metrics Key Highlights Quarte -over-Quarte Securities Metrics 19 ($ in billions) ($ in millions) ➢ Executed a $308 million securities restructure in Q3’26 to convert low-yielding AFS securities into current market-rate MBS • Resulted in a $32.3 million pre-tax loss, with an estimated earn-back period of 4-5 years ➢ Average yields increased from 3.97% in Q2’26 to 4.21% in Q3’26, primarily due to the partial-quarter impact of the AFS securities restructure ➢ Q3‘26 securities interest income increased $5.4mm, or 10.2%, to $58.5mm, due to higher yields and average balances ➢ The ending securities portfolio increased $145 million during the quarter 4.9 5.4 5.3 5.5 5.6 4.2 5.1 5.4 5.4 5.5 3.76% 3.86% 3.97% 3.97% 4.21% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Securities Avg Securities Securities Yield Q2 '26 Q3 '26 Balance Avg Yield Balance Avg Yield Agency MBS/CMO 3,964 4.08% 4,239 4.34% Agency CMBS 664 2.62% 575 2.70% Municipals 476 4.21% 436 4.23% Corporates 45 6.58% 46 7.14% CLOs 231 5.08% 231 5.13% Treasuries 67 3.92% 66 4.17% Agency Debentures 6 5.23% 6 5.06% Total Securities 5,453 3.97% 5,598 4.21%
Deposits Overview Deposit Balance and Cost Trends Quarter-over-Quarter Loan Metrics Key Highlights Quarter-over-Quarter Deposit Metrics 20 ($ in billions) ($ in millions) ➢ Q3‘26 deposit interest expense increased $3.9 million, or 7%, to $60.5 million from $56.5 million for Q2’26 ➢ Cost of deposits increased 8 bps in Q3’26, driven primarily by higher average rates and a shift in mix ➢ Non-maturity deposits decreased $3.9 million in Q3’26, but the mix shifted into money market accounts ➢ Deposit balances decreased $70 million during the third quarter, with $66 million of the decline in time deposits ➢ Spot cost of deposits at 9/30/2026 was 1.36% (see next page for a detailed stratification) Q2 '26 Q3 '26 Balance Avg Cost Balance Avg Cost Noninterest-bearing Demand 6,421 - 6,298 - Savings 1,329 0.02% 1,305 0.03% Interest-bearing Demand 1,671 0.43% 1,619 0.42% Money Market 6,723 2.58% 6,918 2.68% Time Deposits 1,945 2.45% 1,879 2.51% Total Deposits 18,089 1.25% 18,019 1.33% 19.5 19.0 18.2 18.1 18.0 15.8 19.2 18.5 18.1 18.1 1.45% 1.43% 1.28% 1.25% 1.33% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Deposits Avg Deposits Deposits Rate
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Mechanics Bank Deposit Stratification at 9/30/2026 21Note: Financial data as of September 30, 2026; ¹ Represents spot rate as of September 30, 2026 Mechanics Bank Deposits ($ in millions, except account data) Segment Number of Accounts Deposit Balance ($) Deposit Balance (%) Avg Account Size ($) Median Account Size ($) Relationship Weighted Age (yrs) Cost1 (%) Consumer 338,968 8,864 49% 26,149 2,737 20.2 1.31% Business 67,002 7,927 44% 118,316 11,159 16.5 1.21% Public 1,160 1,228 7% 1,058,869 28,043 28.6 2.65% Total 407,130 18,019$ 100% 44,260$ 3,448$ 19.1 1.36%
➢ Mechanics Bancorp’s capital ratios exceed minimums to be “well-capitalized” and meet all regulatory capital requirements and internal policy limits ➢ Available liquidity totaled approximately $15.8 billion at 9/30/26, a decrease of $0.1 billion relative to 6/30/26 Capital and Liquidity Update Capital Ratios Trend (%) 1 Quarter-over-Quarter Loan Metrics Key Highlights Av ilable Funding Capacity Trend 22 ($ in billions) 1 Regulatory capital ratios at September 30, 2026 are preliminary Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Excess Reserves at FRB 1.2 0.8 0.3 0.3 0.4 FHLB, FRB & Other borrowing lines 13.2 15.8 15.4 15.3 15.0 Other Unencumbered Securities 0.4 0.4 0.6 0.3 0.4 Total 14.8$ 17.0$ 16.3$ 15.9$ 15.8$ 10.3 8.7 8.7 8.7 8.7 13.4 14.1 13.9 14.4 14.7 15.6 16.3 16.2 16.7 17.0 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Tier 1 Leverage Tier 1 Risk-based Total Risk-based
Appendix 26 23
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Details on Mechanics Bank Standalone CRE Portfolio 24 Source: Mechanics Bank management; Note: Financial data as of September 30, 2026 1 LTV defined as current loan balance divided by most recent appraisal
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Details on Mechanics Bank Standalone CRE Portfolio (cont’d) 25 Source: Mechanics Bank management; Note: Financial data as of September 30, 2026
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Non-GAAP Financial Measures and Reconciliations 26 1 Estimated statutory tax rate of 27.25% 2 Ratios are annualized 3 Non-core adjustments and core net income reflect estimated FY 2026 book tax rate of 26.50% Return on Average Equity and Return on Average Tangible Equity ($ in thousands) Return on Average Equity and September 30, June 30, March 31, Return on Average Tangible Equity Ref 2026 2026 2026 Net Income (a) 45,992$ 57,701$ 44,090$ Add: intangibles amortization, net of tax 1 (b) 5,070 5,243 5,254 Net income, excluding the impact of intangible amortization, net of tax (c) 51,062$ 62,945$ 49,344$ Average shareholders' equity (d) 2,661,629$ 2,728,959$ 2,860,494$ Less: average goodwill and other intangible assets 938,086 978,184 1,052,479 Average tangible shareholders' equity (e) 1,723,543$ 1,750,775$ 1,808,015$ Return on average equity 2 (a)/(d) 6.9% 8.5% 6.3% Return on average tangible equity (non-GAAP) 2 (c)/(e) 11.8% 14.4% 11.1% Pre-tax income - as reported (f) 62,459$ 79,262$ 61,871$ Non-core provision (g) (15,183)$ (2,767)$ 6,530$ Non-core income (h) (34,603)$ 2,184$ -$ Non-core expense (i) 559 5,923 4,794 Core return on average tangible equity (non-GAAP) 2,3 ((f+g-h+i)*73.5%+b)/(e) 15.1% 14.7% 13.2% Quarter Ended
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Non-GAAP Financial Measures and Reconciliations (cont’d) 27 Efficiency Ratio and Core Efficiency Ratio (Non-GAAP) ($ in thousands) 1 Prior period comparative disclosures for the third and fourth quarter of 2025 have been adjusted to reflect the impact of the adoption of ASU 2025-08 2 Non-core expense reflects merger related expenses and other non-recurring items 3 Non-core non-interest income reflects bargain purchase gain and other non-recurring items September 30, June 30, March 31, December 31, September 30, Efficiency Ratio 1 Ref 2026 2026 2026 2025 2025 Noninterest expense (a) 114,192$ 124,474$ 130,427$ 129,510$ 163,329$ Less: intangibles amortization 6,969 7,207 7,222 7,480 4,251 Noninterest expense, excluding the impact of intangible amortization (b) 107,222$ 117,266$ 123,206$ 122,031$ 159,078$ Net interest income (c) 174,901 177,173 179,045 182,982 144,154 Noninterest income (d) (13,433) 23,796 21,020 78,520 109,779 Efficiency ratio (unadjusted) (a)/(c+d) 70.7% 61.9% 65.2% 49.5% 64.3% Efficiency ratio (non-GAAP) (b)/(c+d) 66.4% 58.4% 61.6% 46.7% 62.6% Non-core expense 2 (e) 559$ 5,923$ 4,794$ 3,506$ 64,385$ Non-core non-interest income 3 (f) (34,603) 2,184 - 55,097 90,363 Core Efficiency ratio (non-GAAP) (b-e)/(c+d-f) 54.4% 56.0% 59.2% 57.4% 57.9% Quarter Ended
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Non-GAAP Financial Measures and Reconciliations (cont’d) 28 1 Includes 11,144,480 Class A Shares issuable upon the conversion of 1,114,448 Class B Shares outstanding. Class B Shares also are treated as if such share had been converted into ten Class A Shares for purposes of calculating the economic rights of the Class B Shares, including upon liquidation of the Company or the declaration of dividends or distributions by the Company Book Value and Tangible Book Value Per Share ($ in thousands, except shares and per share data) As of September 30, June 30, March 31, Book Value and Tangible Book Value Per Share Ref 2026 2026 2026 Total shareholders’ equity (a) 2,567,486$ 2,689,931$ 2,791,392$ Less: goodwill and other intangible assets 934,241 941,211 1,048,574 Total tangible shareholders’ equity (b) 1,633,245$ 1,748,720$ 1,742,818$ Common shares outstanding-Class A and B (c) 221,474,752 221,425,469 221,400,590 Common shares outstanding-Class A 220,360,304 220,311,021 220,286,142 Common shares outstanding-Class B-adjusted 11,144,480 11,144,480 11,144,480 Shares outstanding at period end-adjusted 1 (d) 231,504,784 231,455,501 231,430,622 Book value per share (a)/(c) 11.59$ 12.15$ 12.61$ Tangible book value per share (non-GAAP) (b)/(d) 7.05$ 7.56$ 7.53$
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Non-GAAP Financial Measures and Reconciliations (cont’d) Common Equity Ratio and Tangible Common Equity Ratio 29 ($ in thousands) As of Common Equity Ratio and September 30, June 30, March 31, Tangible Common Equity Ratio Ref 2026 2026 2026 Total shareholders’ equity (a) 2,567,486$ 2,689,931$ 2,791,392$ Less: goodwill and other intangible assets 934,241 941,211 1,048,574 Total tangible shareholders’ equity (b) 1,633,245$ 1,748,720$ 1,742,818$ Total assets (c) 20,944,704$ 21,230,839$ 21,388,955$ Less: goodwill and other intangible assets 934,241 941,211 1,048,574 Total tangible assets (d) 20,010,462$ 20,289,628$ 20,340,382$ Common equity ratio (a)/(c) 12.26% 12.67% 13.05% Tangible common equity ratio (non-GAAP) (b)/(d) 8.16% 8.62% 8.57%
97 22 45 215 163 54 197 103 52 228 191 138 205 192 183 70 97 131 0 32 96 51 63 80 Non-GAAP Financial Measures and Reconciliations (cont’d) Core Net Income 30 ($ in thousands) 1 $15.2mm provision release 2 $34.6mm non-core net loss (refer to Non-Interest Income slide) 3 $0.6mm non-core expenses 4 Non-core adjustments and core net income reflect estimated FY 2026 book tax rate of 26.50% 5 Ratios are annualized As Non-Core Core Core Net Income Ref Reported Adjustments Net Income Net Interest Income before Provision 174,901$ -$ 174,901$ Provision / (Reversal of Provision) 1 (15,183) (15,183) - Net Interest Income After Provision 190,084 15,183 174,901 Non-Interest Income 2 (13,433) (34,603) 21,169 Non-Interest Expense 3 114,192 559 113,632 Pre-Tax Income 62,459 (19,979) 82,438 Taxes 4 16,468 21,846 Net Income (a) 45,992$ 60,592$ Add: intangibles amortization, net of tax 5,070 5,070 Net income, excluding the impact of intangible amortization, net of tax (b) 51,062 65,662 Average Assets (c) 21,162,078 21,162,078 Average tangible shareholders' equity (d) 1,723,543 1,723,543 Return on average assets 5 (a)/(c) 0.86% 1.14% Return on average tangible equity (non-GAAP) 5 (b)/(d) 11.8% 15.1% Quarter Ended September 30, 2026
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Cover
Oct. 28, 2026
Cover [Abstract]
Document Type
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Document Period End Date
Oct. 28, 2026
Entity Registrant Name
MECHANICS BANCORP
Entity Incorporation, State or Country Code
WA
Entity File Number
001-35424
Entity Tax Identification Number
91-0186600
Entity Address, Address Line One
1111 Civic Drive
Entity Address, City or Town
Walnut Creek
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CA
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925
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