Beverly Hills Bancorp Inc. told shareholders that it is considering selling the Calabasas-based banking company. In a filing with the Securities and Exchange Commission, the bank, which operates First Bank of Beverly Hills, said it engaged Hovde Financial Inc. as its financial advisor to review strategic alternatives. Bank directors said “there is no assurance that the Board of Directors” will pursue any alternative strategy.” Beverly Hills Bancorp reported net income rose to $2.6 million or $0.14 per share for the first quarter ended March 31, compared to earnings of $2.5 million or $0.12 per share for the comparable period a year ago. The bank attributed the increase to a decrease in other expenses offset by a decrease in net interest income and, to a lesser extent, an increase in provisions for loan losses. Although the bank’s loan originations increased sharply in the first quarter, its interest income and total deposits declined.
