Mechanics Bank Mortgage Rates, Fees & Info
Walnut Creek, CALEI: 549300TF1E42EUFBSL45
Tax ID: 94-0672780
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Review & Overview
Mechanics Bank is a smaller bank specializing in Refi and Home Purchase loans. Mechanics Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, San Jose, Napa, and San Diego among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Mechanics Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mechanics Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 5.74% | 12/16/24 |
| 30 Year Conventional Refi | 5.85% | 12/16/24 |
| 30 Year Cash-out Refi | 6.06% | 12/16/24 |
| 15 Year Conventional Purchase | 5.27% | 12/16/24 |
| 15 Year Conventional Refi | 5.43% | 12/16/24 |
| 15 Year Cash-out Refi | 5.43% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Mechanics Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
71Origination Dollar Volume (All Markets)
$192,455,000Employee count
1,036Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 20 | $86,790,000 | $4,339,500 | $2,967 | 4.42% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 25 | $23,005,000 | $920,200 | $4,146 | 4.59% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 6 | $20,270,000 | $3,378,333 | $3,255 | 4.70% |
| NAPA, CA (FHA|USDA|VA) | 4 | $18,110,000 | $4,527,500 | $8,143 | 4.42% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $15,860,000 | $7,930,000 | $0 | 4.60% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $10,805,000 | $10,805,000 | $0 | 4.15% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $5,155,000 | $5,155,000 | $0 | 4.67% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $3,690,000 | $1,845,000 | $2,792 | 4.14% |
| REDDING, CA (FHA|USDA|VA) | 2 | $3,510,000 | $1,755,000 | $0 | 5.32% |
| CHICO, CA (FHA|USDA|VA) | 1 | $2,855,000 | $2,855,000 | $0 | 4.85% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $3,720 | 3.00% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $2,744 | 3.78% |
| Outside of Metro Areas | 1 | $615,000 | $615,000 | $14,748 | 3.88% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $164 | 8.24% |
Similar Lenders
We use machine learning to identify the top lenders compared against Mechanics Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 71 | $192,455,000 | $2,710,634 | $4,742 | 4.51% |
For 2018, Mechanics Bank's most frequently originated type of loan was Conventional, with 71 originations.
Loan Reason
For 2018, Mechanics Bank's most frequently cited loan purpose was Refi, with 39 originations. The 2nd most popular reason was Home Purchase, with 29 originations.
Loan Duration/Length
For 2018, Mechanics Bank's most frequently cited loan duration was 15 Year, with 40 originations. The 2nd most popular length was 5 Year, with 14 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 8 | $6,730,000 | $841,250 |
| $<1k | 1 | $55,000 | $55,000 |
Mechanics Bank's average total fees were $5,930, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 39 | $136,575,000 | $3,501,923 |
| 3-4% | 12 | $11,540,000 | $961,667 |
| 5-6% | 5 | $43,095,000 | $8,619,000 |
| 2.5-3% | 1 | $1,005,000 | $1,005,000 |
| Over 8% | 1 | $55,000 | $55,000 |
During 2018, Mechanics Bank's average interest rate for loans was 3.75%, while their most frequently originated rate bucket for loans was 4-5%, with 39 originations.
Loan Sizing
2018 saw Mechanics Bank place emphasis on $1MM+ loans with 44 originations, totaling $185,340,000 in origination value.
Applicant Income
Mechanics Bank lent most frequently to those with incomes in the $250k+ range, with 8 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
Mechanics Bank lent most frequently to those with DTI ratios of <20%, with 5 originations. The next most common DTI ratio? 42%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.16%
Mechanics Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.51%
Mechanics Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 71 | $192,455,000 | $2,710,634 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Mechanics Bank | 100 N Crescent Dr #125 Beverly Hills, CA 90210 | Full Service B&M | $45,325 |
| Mechanics Bank | 1015 Adams Street Saint Helena, CA 94574 | Full Service B&M | $54,059 |
| Mechanics Bank | 1111 Civic Drive Walnut Creek, CA 94596 | Full Service B&M | $0 |
| Mechanics Bank | 1170 Concord Avenue Ste 160 Concord, CA 94520 | Full Service B&M | $57,886 |
| Mechanics Bank | 11906 Main Street Fort Jones, CA 96032 | Full Service B&M | $21,047 |
| Mechanics Bank | 123 Ne Third Avenue, Suite 308 Portland, OR 97232 | Full Service B&M | $2,405 |
| Mechanics Bank | 1345 Poplar Drive Medford, OR 97504 | Full Service B&M | $29,130 |
| Mechanics Bank | 1350 North Main Street Walnut Creek, CA 94596 | Full Service B&M | $545,661 |
| Mechanics Bank | 1355 Moraga Way Moraga, CA 94556 | Full Service Retail | $29,727 |
| Mechanics Bank | 142 Morgan Way Mount Shasta, CA 96067 | Full Service B&M | $61,542 |
| Mechanics Bank | 1600 Palos Verdes Mall Walnut Creek, CA 94596 | Full Service B&M | $26,304 |
| Mechanics Bank | 1801 Solano Avenue Berkeley, CA 94707 | Full Service B&M | $140,209 |
| Mechanics Bank | 18400 Von Karmen Ave, Ste 1100 Irvine, CA 92612 | Full Service B&M | $942,236 |
| Mechanics Bank | 185 Hartnell Avenue Redding, CA 96002 | Full Service B&M | $52,927 |
| Mechanics Bank | 1999 Harrison Street, Suite 100 Oakland, CA 94612 | Full Service B&M | $88,077 |
| Mechanics Bank | 20 San Pablo Towne Center San Pablo, CA 94806 | Full Service B&M | $61,652 |
| Mechanics Bank | 2001 Gateway Place, Ste. 135e San Jose, CA 95110 | Full Service B&M | $33,994 |
| Mechanics Bank | 2301 Shattuck Avenue Berkeley, CA 94704 | Full Service B&M | $185,258 |
| Mechanics Bank | 2690 Pinole Valley Road Pinole, CA 94564 | Full Service B&M | $180,535 |
| Mechanics Bank | 279 Arlington Avenue Kensington, CA 94707 | Full Service B&M | $118,828 |
| Mechanics Bank | 3190 Klose Way Richmond, CA 94806 | Full Service B&M | $432,387 |
| Mechanics Bank | 3350 California Blvd Ste C Napa, CA 94558 | Full Service B&M | $14,199 |
| Mechanics Bank | 343 Sansome Street Suite 100 San Francisco, CA 94104 | Full Service B&M | $84,903 |
| Mechanics Bank | 345 Railroad Avenue Danville, CA 94526 | Full Service Retail | $38,015 |
| Mechanics Bank | 3640 Mt Diablo Blvd Lafayette, CA 94549 | Full Service B&M | $63,877 |
| Mechanics Bank | 375 South Weed Boulevard Weed, CA 96094 | Full Service B&M | $25,873 |
| Mechanics Bank | 3884 San Pablo Dam Road El Sobrante, CA 94803 | Full Service B&M | $87,619 |
| Mechanics Bank | 4 West Richmond Avenue Point Richmond, CA 94801 | Full Service B&M | $90,389 |
| Mechanics Bank | 4100 Macdonald Avenue Richmond, CA 94805 | Full Service B&M | $87,385 |
| Mechanics Bank | 424 Main Street Etna, CA 96027 | Full Service B&M | $41,071 |
| Mechanics Bank | 433 Soscol Avenue, Suite B-161 Napa, CA 94559 | Full Service B&M | $30,865 |
| Mechanics Bank | 4354 Town Center Blvd El Dorado Hills, CA 95762 | Full Service B&M | $46,720 |
| Mechanics Bank | 515 South Broadway Yreka, CA 96097 | Full Service B&M | $100,662 |
| Mechanics Bank | 590 Ygnacio Valley Road, Suite 101 Walnut Creek, CA 94596 | Full Service B&M | $278,136 |
| Mechanics Bank | 610 Newport Center Drive, Suite 100 Newport Beach, CA 92660 | Full Service B&M | $22,723 |
| Mechanics Bank | 63729 Hwy 96 Happy Camp, CA 96039 | Full Service B&M | $51,831 |
| Mechanics Bank | 683 Parker Avenue Rodeo, CA 94572 | Full Service B&M | $46,929 |
| Mechanics Bank | 695 Railroad Avenue Pittsburg, CA 94565 | Full Service B&M | $30,187 |
| Mechanics Bank | 721 Pleasant Grove Boulevard Ste 100 Roseville, CA 95678 | Full Service B&M | $46,081 |
| Mechanics Bank | 755 Hearst Avenue Berkeley, CA 94710 | Full Service B&M | $48,455 |
| Mechanics Bank | 77 Moraga Way Orinda, CA 94563 | Full Service B&M | $49,170 |
| Mechanics Bank | 801 San Pablo Avenue Albany, CA 94706 | Full Service B&M | $141,748 |
| Mechanics Bank | 875 S Westlake Blvd., Suite 101 Westlake Village, CA 91361 | Full Service B&M | $38,393 |
| Mechanics Bank | 904 4th Street San Rafael, CA 94901 | Full Service B&M | $22,419 |
| Mechanics Bank | 9333 Genesee Avenue, Suite 1100 San Diego, CA 92121 | Full Service B&M | $74 |
| Mechanics Bank | 9996 San Pablo Avenue El Cerrito, CA 94530 | Full Service B&M | $225,552 |
For 2018, Mechanics Bank had 46 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $256,657 |
| Net interest income | $235,299 |
| Total noninterest income | $43,180 |
| Gross Fiduciary activities income | $6,385 |
| Service charges on deposit accounts | $5,490 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $31,305 |
| Pre-tax net operating income | $72,142 |
| Securities gains (or losses, -) | $37 |
| Income before extraordinary items | $52,008 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $52,008 |
| Minority interest net income | $0 |
| Net income | $52,008 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $51,978 |
Mechanics Bank's gross interest income from loans was $256,657,000.
Mechanics Bank's net interest income from loans was $235,299,000.
Mechanics Bank's fee based income from loans was $5,490,000.
Mechanics Bank's net income from loans was $52,008,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $21,358 |
| Provision for credit losses | $22,520 |
| Total noninterest expense | $183,817 |
| Salaries and employee benefits | $104,462 |
| Premises and equipment expense | $26,486 |
| Additional noninterest expense | $52,869 |
| Applicable income taxes | $20,171 |
| Net charge-offs | $19,080 |
| Cash dividends | $0 |
Mechanics Bank's interest expense for loans was $21,358,000.
Mechanics Bank's payroll and benefits expense were $104,462,000.
Mechanics Bank's property, plant and equipment expenses $26,486,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 0.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $4,694,831 |
| Deposits held in domestic offices | $4,694,831 |
| Deposits by Individuals, partnerships, and corporations | $4,448,410 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $246,420 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $234,506 |
| Demand deposits | $216,430 |
| Nontransaction accounts | $4,460,324 |
| Money market deposit accounts (MMDAs) | $3,470,035 |
| Other savings deposits (excluding MMDAs) | $496,110 |
| Total time deposits | $494,177 |
| Total time and savings deposits | $4,478,400 |
| Noninterest-bearing deposits | $2,074,120 |
| Interest-bearing deposits | $2,620,711 |
| Retail deposits | $4,445,387 |
| IRAs and Keogh plan accounts | $55,239 |
| Brokered deposits | $71,578 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $6,032,147 |
| Cash & Balances due from depository institutions | $183,044 |
| Interest-bearing balances | $118,377 |
| Total securities | $758,941 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $4,522,590 |
| Loan and leases loss allowance | $26,440 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $59,243 |
| Other real estate owned | $2,685 |
| Goodwill and other intangibles | $378,701 |
| All other assets | $126,943 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $6,032,147 |
| Total Liabilities | $5,179,264 |
| Total deposits | $4,694,831 |
| Interest-bearing deposits | $2,620,711 |
| Deposits held in domestic offices | $4,694,831 |
| % insured (estimated) | $54 |
| Federal funds purchased and repurchase agreements | $20,654 |
| Trading liabilities | $0 |
| Other borrowed funds | $365,000 |
| Subordinated debt | $24,767 |
| All other liabilities | $74,012 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $4,522,590 |
| Loan and leases loss allowance | $26,440 |
| Total loans and leases (domestic) | $4,549,030 |
| All real estate loans | $2,659,408 |
| Real estate loans in domestic offices | $2,659,408 |
| Construction and development loans | $137,364 |
| Residential 1-4 family construction | $28,083 |
| Other construction, all land development and other land | $109,281 |
| Loans secured by nonfarm nonresidential properties | $1,011,792 |
| Nonfarm nonresidential secured by owner-occupied properties | $189,750 |
| Commercial real estate & other non-farm, non-residential | $822,042 |
| Multifamily residential real estate | $847,178 |
| 1-4 family residential loans | $648,408 |
| Farmland loans | $14,666 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,168 |
| Commercial and industrial loans | $418,532 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,420,665 |
| Credit card loans | $0 |
| Related Plans | $8,661 |
| Consumer Auto Loans | $1,267,496 |
| Other loans to individuals | $144,508 |
| All other loans & leases | $49,257 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $39,881 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $136,996 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $597 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Mechanics Bank had $4,522,590,000 of loans outstanding in 2018. $2,659,408,000 of loans were in real estate loans. $137,364,000 of loans were in development loans. $847,178,000 of loans were in multifamily mortgage loans. $648,408,000 of loans were in 1-4 family mortgage loans. $1,168,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,267,496,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 333 | $130,334 | $391,393 |
| Nonfarm, nonresidential loans - <$100k | 20 | $925 | $46,250 |
| Nonfarm, nonresidential loans - $100-250k | 74 | $11,149 | $150,662 |
| Nonfarm, nonresidential loans - $250k-1MM | 239 | $118,260 | $494,812 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,048 | $89,486 | $85,387 |
| Commercial & Industrial, US addressed loans - <$100k | 697 | $17,268 | $24,775 |
| Commercial & Industrial, US addressed loans - $100-250k | 162 | $17,003 | $104,957 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 189 | $55,215 | $292,143 |
| Farmland loans - <$1MM | 2 | $482 | $241,000 |
| Farmland loans - $250k-1MM | 2 | $482 | $241,000 |
| Agriculture operations loans - <$1MM | 24 | $1,168 | $48,667 |
| Agriculture operations loans - <$100k | 15 | $346 | $23,067 |
| Agriculture operations loans - $100-250k | 7 | $415 | $59,286 |
| Agriculture operations loans - $250k-1MM | 2 | $407 | $203,500 |