Mechanics Bancorp MCHB
Mechanics Bancorp, a Washington corporation, is a financial holding company and primarily operates through 121-year-
old Mechanics Bank, its wholly-owned subsidiary. Mechanics Bank is a full-service community bank with 166 branches
throughout California, Washington, Oregon and Hawaii. Following the strategic Merger of HomeStreet Bank with and into
Mechanics Bank on September 2, 2025, with Mechanics Bank surviving the Merger as a wholly-owned subsidiary of the
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.7M | $48.1M | $399.7M | $304.3M | $244.3M | $252.0M | $277.6M | $251.5M | $212.3M | $209.5M |
| SG&A | — | $37.2M | $38.8M | $35.4M | $31.6M | $33.5M | $32.5M | $34.3M | $37.8M | $63.2M |
| Interest expense | $585.7M | $519.2M | $166.8M | $71.0M | $17.2M | $43.4M | $88.2M | $61.5M | $37.8M | $29.5M |
| Pre-tax income | $319.6M | $35.7M | -$32.8M | $84.7M | $146.7M | $101.9M | $48.7M | $28.3M | $25.8M | $90.8M |
| Income tax | $53.8M | $6.7M | $5.2M | $18.1M | $31.3M | $21.9M | $8.0M | $2.0M | $16.9M | $32.6M |
| Net income | $265.7M | -$144.3M | -$27.5M | $66.5M | $115.4M | $80.0M | $17.5M | $40.0M | $68.9M | $58.2M |
| EPS, basic | 1.27 | 0.14 | -1.46 | 3.51 | 5.53 | 3.50 | 0.66 | 1.48 | 2.57 | 2.36 |
| EPS, diluted | 1.27 | 0.14 | -1.46 | 3.49 | 5.46 | 3.47 | 0.65 | 1.47 | 2.54 | 2.34 |
| Shares, diluted (wtd. avg.) | $208.7M | $202.1M | $18.8M | $19.0M | $21.1M | $23.1M | $25.8M | $27.2M | $27.1M | $24.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.03B | $999.7M | $1.46B | $72.8M | $65.2M | $58.0M | $57.9M | $58.6M | $73.9M | $56.4M |
| Property, plant and equipment | $143.9M | $117.4M | $53.6M | $51.2M | $58.2M | $65.1M | $77.0M | $88.1M | $104.7M | $77.6M |
| Goodwill | $843.3M | $843.3M | $0 | $27.9M | — | — | $28.5M | $22.6M | $22.6M | $22.2M |
| Other intangibles | $212.5M | $38.7M | — | — | — | — | — | — | — | — |
| Total assets | $22.71B | $16.49B | $9.39B | $9.36B | $7.20B | $7.24B | $6.81B | $7.04B | $6.74B | $6.24B |
| Short-term debt | — | $1.00B | $1.75B | $1.02B | $41.0M | $322.8M | $471.6M | — | — | — |
| Long-term debt | $192.0M | $0 | $224.8M | $224.4M | $126.0M | $125.8M | $125.7M | $125.5M | $125.3M | $125.1M |
| Total liabilities | $19.49B | $14.19B | $8.85B | $8.80B | $6.49B | $6.52B | $6.13B | $6.30B | $6.04B | $5.61B |
| Retained earnings | $381.0M | $239.5M | $395.4M | $435.1M | $444.3M | $403.9M | $374.7M | $412.0M | $372.0M | $303.0M |
| Total equity | $2.77B | $2.30B | $2.24B | $562.1M | $715.3M | $717.8M | $679.7M | $739.5M | $704.4M | $629.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $193.6M | $292.3M | $8.0M | $218.3M | $173.0M | -$25.5M | $258.8M | $286.0M | $159.3M | -$44.8M |
| Depreciation and amortisation | $10.6M | $9.4M | $7.1M | $9.7M | $9.9M | $9.4M | $10.8M | $13.0M | $13.5M | $11.4M |
| Stock-based compensation | $5.6M | $4.6M | $3.6M | $4.1M | $3.4M | $2.7M | -$163.0K | $3.4M | $2.9M | $2.1M |
| Capital expenditure | $6.5M | $6.4M | $3.8M | $6.8M | $2.9M | $3.3M | $2.3M | $9.7M | $42.3M | $24.5M |
| Investing cash flow | $1.55B | $476.2M | $484.0M | -$2.65B | -$125.6M | -$232.6M | $107.0M | -$564.1M | -$556.2M | -$819.3M |
| Financing cash flow | -$1.71B | -$1.23B | -$349.2M | $2.44B | -$40.2M | $258.3M | -$366.6M | $262.7M | $414.4M | $885.3M |
| Dividends paid | $48.6M | $95.0M | $12.3M | $26.8M | $21.3M | $13.9M | $0 | $0 | — | $0 |
| Buybacks | — | — | $0 | $75.0M | $84.2M | $58.0M | $98.5M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001518715-26-000038.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |