Mechanics Bancorp Q1 FY26 net income drops to $44.1 million; CET1 ratio slips to 13.91%

• Mechanics Bancorp posted first-quarter 2026 net income of $44.1 million, down 60.34%.
• Net interest income slipped to $179 million as net interest margin widened 11 basis points to 3.61%.
• Total deposits declined to $18.2 billion as total assets fell to $21.4 billion.
• Allowance for credit losses rose to 1.13% of total loans as provision for credit losses totaled $7.8 million.
• Management said it completed conversion of all Legacy HomeStreet customers to Mechanics Bank’s core platform in late March, targeting substantial completion of merger integration in second quarter with expectations for additional expense synergies.

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