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.
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.
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
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.
operates 17 full service banking offices on the central coast of California, the Phoenix, Arizona metro, and the Kansas City metro.
For the first nine months of 2008, HWFG
reported a net loss of $6.
An additional 57,000 shares of the preferred stock were purchased today by other accredited investors and HWFG
Board members for $1.