Beverly Hills Bancorp Inc. today reported net income of $2.6 million or $0.13 per diluted share in the third quarter of 2006, down more than 40 percent from $4.4 million or $0.21 per share in the like period a year ago. The company attributed the decline to a decrease in net interest income totaling $2.5 million, a $500,000 decrease in other income and “slight increases” in provisions for losses and other operating expenses. The bank’s net interest margin declined to 2.28 percent compared to 3.08 percent for the Sept. 2005 quarter. Beverly Hills Bancorp, the parent of First Bank of Beverly Hills based in Calabasas, also said that it completed the sale of its Beverly Hills branch to First Bank on Nov. 3. As of Sept. 30, the bank’s assets totaled $1.5 billion, compared with assets of $1.4 billion in the same period a year ago.
