Mechanics Bancorp

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the quarterly period ended: September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the transition period from _____ to _____

Commission file number:001-35424

MECHANICS BANCORP

(Exact Name of Registrant as Specified in its Charter)

(925)482-8000

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required

to 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 be

submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such

shorter 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, a

smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated

filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

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. ☐

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 of November 12, 2025 was 220,099,202 and

Class B common stock was 1,114,448.

Table of Contents

Introductory Note

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. 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, 2025

and results of the combined company from September 2, 2025 through September 30, 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. The estimates of fair value

were recorded based on initial valuations at the Merger date. These estimates are considered preliminary as of September

30, 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 indirect

subsidiaries of Mechanics Bancorp, following completion of the Merger. In some instances, we refer to Mechanics Bank

prior to the effective time of the Merger as “legacy Mechanics Bank,” HomeStreet Bank prior to the effective time of the

Merger as “legacy HomeStreet Bank,” and HomeStreet, Inc. prior to the effective time of the Merger as “legacy

HomeStreet, Inc.”