Earnings ·
Reports Q3 net income of $46.0 million, or $0.20 per diluted share
MCHBMechanics Bancorp
Mechanics Bancorp reported third-quarter 2026 net income of $46.0 million, or $0.20 per diluted share, compared to $57.7 million in the prior quarter. The decline was driven by a $32.3 million loss on an AFS securities portfolio restructuring and a $10.3 million loss on the sale of $417 million in auto loans. These charges were partially offset by a $15.2 million reversal of credit loss provisions and lower noninterest expenses. Total assets stood at $20.9 billion, with a CET1 ratio of 14.73% and book value per share of $11.59. The company operates as a financial holding company for Mechanics Bank, providing consumer and commercial banking services across the West Coast.