Beverly Hills Bancorp Inc. in Calabasas, Calif., said it will restate its 2004 earnings, because it incorrectly calculated its tax benefits for that year. The $1.4 billion-asset Beverly Hills said late Monday that it had overstated its deferred-tax asset by about $1.6 million. As a result, the company said, it overstated its net income, assets, and stockholders' equity by the same amount.
Beverly Hills will include the revised financial statements in its 2005 annual report, slated to be released this month. It had previously said that its 2004 net income more than tripled from the previous year, to $25.6 million.
Also late Monday, Beverly Hills said it had overstated its deferred-tax asset for the first three quarters of last year; that overstatement affected assets and stockholders' equity, but not net income. The corrected figures will be reflected on its yearend balance sheet.
