Mechanics Bancorp Q3 2026 net income falls 33% year-on-year to $45.99 million
Bitget2026/10/28 20:28- Mechanics Bancorp’s third-quarter 2026 net income fell 33% from a year earlier to $45.99 million.
- Net interest income declined from the second quarter to $174.9 million, primarily due to higher deposit costs and lower average interest-earning assets.
- Noninterest income swung to a $13.43 million loss from the second quarter, primarily due to auto-loan and securities sale losses.
- Noninterest expense dropped 8% from the second quarter to $114.19 million, primarily on lower integration costs and salaries and benefits.
- During the quarter, the bank sold $417 million of performing indirect auto loans and completed a $308 million securities portfolio restructuring.
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