Beverly Hills Bancorp has reported a net loss of $6.6 million for the fourth quarter ended December 31, 2007, compared to net earnings of $6.4 million for the corresponding quarter of 2006.
The company said that the board of directors has determined not to declare a cash dividend for the first quarter of 2008, due to the net loss for the quarter and the company’s intention of maintaining strong capital levels.
Although the payment of future cash dividends will be evaluated and determined on a quarterly basis, dividend payments are not currently contemplated for 2008.
For the full-year period ended December 31, 2007, net earnings were $496,000 compared to $14.8 million in 2006. The decline in net earnings in 2007 was primarily due to a $13.4 million increase in the provision for loan losses, a $3.1 million goodwill impairment charge and a $2.2 million decline in net interest income.