Beverly Hills Bancorp Restates

Beverly Hills Bancorp Inc. said it plans to restate its full year, 2004 and other quarterly financials as a result of an error in computing net operating losses and the subsequent tax liability. The Calabasas-based bank said it overstated net income for the quarter and year ended Dec. 31, 2004 by about $1.6 million. Assets and stockholders’ equity for the fourth quarter of 2004 as well as the first, second and third quarters of 2005 were overstated as well, the company said. The error resulted from the amount of net operating losses the bank used in computing taxes.