Beverly Hills Bancorp Inc. today reported its net income declined to $2.5 million, or $0.12 per diluted share, for the first quarter ended March 31, versus $3.5 million, or $0.16 per diluted share, for the comparable period a year ago. Calabasas-based BHBC, the parent of First Bank of Beverly Hills, said the decline was due to a decline in interest income and $1 million in legal expenses associated with arbitration related to claims brought against the bank by a former officer. The arbitrator in February dismissed one claim against the bank for $10 million in damages and is expected to rule on the other claims by the second quarter of the year. The bank’s loan originations rose to $60.4 million in the quarter, up from $26.4 million for the comparable period a year ago. Deposits rose to $684 million versus $549.8 million in the year ago period.
Net Plummets at Beverly Hills Bank