Mechanics Bancorp filed its Form 10-Q for the quarterly period ended June 30, 2026 with the Securities and Exchange Commission on August 7, 2026, reporting consolidated financial results following the September 2, 2025 merger of HomeStreet Bank with and into Mechanics Bank.

Key Highlights

  • Total assets: The company reported total assets of $21,230,839 thousand at June 30, 2026, compared with $22,351,475 thousand at December 31, 2025.
  • Total deposits: Total deposits were $18,089,437 thousand at June 30, 2026, down from $19,024,997 thousand at December 31, 2025.
  • Net loan receivables: Net loan receivables stood at $13,423,595 thousand at June 30, 2026, against $14,023,617 thousand at December 31, 2025.
  • Allowance for credit losses on loans: The allowance was $152,601 thousand at June 30, 2026, compared with $153,319 thousand at December 31, 2025.
  • Goodwill: Goodwill remained at $843,305 thousand at both June 30, 2026 and December 31, 2025.
  • Shares outstanding: As of August 3, 2026, there were 220,312,061 shares of Class A common stock and 1,114,448 shares of Class B common stock outstanding.
  • Merger accounting note: Fair value estimates recorded at the September 2, 2025 merger date are described as preliminary and "subject to change for up to one year after the Merger date," with any changes noted as potentially material.

Mechanics Bancorp Balance Sheet and Merger Context After Combined First Full Year

According to the filing, Mechanics Bancorp (Nasdaq Global Select Market: MCHB) submitted its quarterly report covering the period ended June 30, 2026. The company disclosed that on September 2, 2025, HomeStreet Bank merged with and into Mechanics Bank, with Mechanics Bank as the surviving bank. The filing states that Mechanics Bank is the accounting acquirer and HomeStreet Bank is the accounting acquiree, while Mechanics Bancorp is the legal acquirer. Financial results for periods prior to September 2, 2025 reflect Mechanics Bank's standalone results, and results from that date forward reflect the combined company.

The consolidated balance sheet disclosed total assets of $21,230,839 thousand at June 30, 2026, a decline from $22,351,475 thousand at December 31, 2025. Cash and cash equivalents fell to $553,915 thousand from $1,029,983 thousand over the same period. Loan receivables decreased to $13,576,196 thousand from $14,176,936 thousand, while securities available-for-sale increased to $4,119,215 thousand from $3,993,385 thousand. Other intangible assets, net, declined to $97,906 thousand from $212,491 thousand. Total liabilities were $18,540,908 thousand at June 30, 2026, down from $19,489,100 thousand at December 31, 2025, with total deposits declining from $19,024,997 thousand to $18,089,437 thousand.

The filing also noted that the share count, earnings per share, and all share-related metrics of Mechanics Bancorp have been retrospectively restated to reflect the equivalent number of shares issued in the merger, given that the transaction was accounted for as a reverse acquisition. The company cautioned that fair value estimates recorded at the merger date "are considered preliminary as of June 30, 2026, are subject to change for up to one year after the Merger date, and any changes could be material," according to the filing.

What Was Disclosed

Mechanics Bancorp disclosed its unaudited consolidated balance sheet and related financial information for the quarter ended June 30, 2026, reflecting the combined company following the September 2, 2025 HomeStreet Bank merger, including asset, deposit, loan, and equity figures.