Mechanics Bancorp Q2 net income $57.7M, EPS $0.25, up from Q1 $44.1M

Mechanics Bancorp

Net income $57.7M ($0.25 diluted EPS) vs Q1 $44.1M ($0.19); six-month net income $101.8M vs $86.3M YoY.
Total assets $21.2B, loans $13.6B, deposits $18.1B; cost of deposits 1.25%.
CET1 ratio 14.39%, total risk-based capital 16.70%; ACL to loans 1.12%.
Dividends of $0.70 per Class A share and $7.00 per Class B share paid in Q2.
Non-recurring acquisition and integration costs $5.9M in Q2 vs $4.8M in Q1.

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