Beverly Hills Bancorp Inc. today reported net income of $15.1 million or $0.70 per diluted share for the full year ended Dec. 31, versus net income from continuing operations of $13.8 million or $0.65 per share in 2004. Including proceeds on the sale of its former loan servicing subsidiary, BHBC earned $26.7 million or $1.25 per share in 2004. BHBC, the parent corporation of Calabasas-based First Bank of Beverly Hills, said its net interest income for the full year ended Dec. 31 was $39.1 million, up from $33.5 million in the 2004 year, due mainly to the bank’s higher loan volume in 2004. However, bank officials noted that loan originations and purchases in 2005 were down dramatically from the prior year due to fewer refinancings as a result of increasing interest rates and a more competitive loan pricing environment. First Bank originated and purchased $261.8 million in commercial real estate and multifamily mortgage loans for the year ended Dec., 2005, down from $439 million for the 2004 year. Deposits rose $45.6 million over 2004 to $625.6 million.
