Mechanics Bancorp-A 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934For the quarterly period ended:September30, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934For the transition period from _____ to _____Commission file number:001-35424________________________________ MECHANICS BANCORP Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smallerreportingcompany☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of outstanding shares of the registrant's Class A common stock as ofNovember12, 2025was220,099,202andClass B common stock was1,114,448. Table of Contents PART I – FINANCIAL INFORMATION4ITEM 1.FINANCIAL STATEMENTS5Consolidated Balance Sheets at September 30, 2025 and December 31, 2024 (Unaudited)5Consolidated Income Statements for the Quarters and Nine Months Ended September 30, 2025 and 2024 Page(Unaudited)6Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months EndedSeptember 30, 2025 and 2024 (Unaudited)7Consolidated Statements of Changes in Shareholders’ Equity for the Quarters and Nine Months EndedSeptember 30, 2025 and 2024 (Unaudited)8Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024(Unaudited)9Notes to Consolidated Financial Statements (Unaudited)11ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS58ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK81ITEM 4.CONTROLS AND PROCEDURES83PART II – OTHER INFORMATION84ITEM1.LEGAL PROCEEDINGS84ITEM1A.RISK FACTORS84ITEM2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS84ITEM3.DEFAULTS UPON SENIOR SECURITIES84ITEM4.MINE SAFETY DISCLOSURES84ITEM5.OTHER INFORMATION84ITEM6.EXHIBITSSIGNATURES86 Introductory Note Presentation of Results - HomeStreet Bank Merger On September 2, 2025, the Merger of HomeStreet Bank, the wholly-owned subsidiary of Mechanics Bancorp (formerlyknown 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 astandalone basis. In addition, Mechanics’ reported financial results for the quarter and nine months ended September 30,2025 reflect Mechanics Bank’s financial results on a standalone basis until the closing of the Merger on September 2, 2025and results of the combined company from September 2, 2025 through September 30, 2025. The number of shares issuedand outstanding, earnings per share, and all references to share quantities or metrics of Mechanics have beenretrospectively restated to reflect the equivalent number of shares issued in the Merger since the Merger was accounted foras a reverse acquisition. As the accounting acquirer, Mechanics Bank remeasured the identifiable assets acquired andliabilities assumed in the Merger as of September 2, 2025 at their acquisition date fair values. The estimates of fair valuewere recorded based on initial valuations at the Merger date. These estimates are considered preliminary as of September30, 2025, are subject to change for up to one year after the Merger date, and any changes could be material. Unless we state otherwise or the content otherwise requires, references in this Form 10-Q to “Mechanics,” “we,” “our,”“us” or the “Company” refer collectively to Mechanics Bancorp, Mechanics Bank (Bank) and other direct and indirectsub