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Tuesday, Jun 6, 2023

Net Flat at Beverly Hills Bancorp

Beverly Hills Bancorp Inc. reported net income was flat for the three months ended June 30 at $3.3 million or $0.15 per diluted share, reflecting a decline in net interest income. Bank officials noted that loan originations decreased substantially in the first quarter to $63.2 million compared to $121.7 million in the year-ago period due to higher interest rates, which reduced refinancings and “increased competitiveness in loan pricing.” Deposits as of the end of the second quarter totaled $703.5 million, up from $565.2 million for the same period last year. Beverly Hills Bancorp, the parent of First Bank of Beverly Hills in Calabasas, said assets at the bank rose to $1.5 billion versus $1.4 billion for the comparable period a year ago.

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