Harrington West Financial Group Inc. in Solvang, Calif., said Monday that it swung to a loss $3.2 million, or 52 cents per diluted share, in the third quarter from a profit of $498,000 a year earlier.
The $1.2 billion-asset company attributed the loss to a $3.5 million other-than-temporary impairment charge on securities available for sale and $1.2 million it set aside for troubled loans.
Citing weak real estate conditions in its markets, Harrington said that it had $10.3 million of nonaccruing loans at Sept. 30, down slightly from three months earlier but up 368% from a year earlier.
