HWFG

AcronymDefinition
HWFGHarrington West Financial Group
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By the end of the June 2008 quarter, HWFG sold all of its CMBS securities and related CMBS total rate of return swaps and hedges as spreads tightened by early June.
In the Schedules of Assets and Liabilities filed by HWFG along with the Chapter 11 petition, HWFG reported that its total assets as of the petition date were approximately $579,282, plus a potential tax refund of an unknown amount.
Given the higher volatility and uncertainty of these cash flows, HWFG enhanced its impairment methodology to isolate these excess spread dependent and credit leveraged securities and to remove these later year cash flows from the analysis.
HWFG operates 14 full service banking offices on the central coast of California and the Phoenix Metro, Arizona.
However, with the recent law passed by Congress regarding Federal Net Operating Losses (NOL's), HWFG will be able to carry back these losses up to five years (instead of two years) and obtain refunds for taxes paid in applicable years.
HWFG operates 17 full service banking offices on the central coast of California, Scottsdale, Arizona, and the Kansas City metro.
Given the deteriorating economy and housing markets, recent appraisals of classified loans, the results of a safety and soundness exam completed June 30, 2009, HWFG added $11.
HWFG operates 11 full service banking offices on the central coast of California, 3 in the Phoenix metro and currently 3 in the Kansas City metro.
In the March 2009 quarter, HWFG implemented FSP FAS 115-2, which requires the credit component of the impairment to be recorded in earnings, while the liquidity component of the fair value loss remains in equity.
As previously announced on December 30, 2008, HWFG completed the second closing of its $10.
This Second Closing follows an original closing on September 29, 2008 and was contingent upon HWFG's receipt of shareholder approval of the Second Closing and Concordia's agreement with the Office of Thrift Supervision on its Rebuttal of Control application concerning its investment in HWFG.
For the first nine months of 2008, HWFG reported a net loss of $6.