Gibraltar Financial Corp.: The Beverly Hills parent...

Gibraltar Financial Corp.: The Beverly Hills parent of Gibraltar Savings reported a $45.9-million loss for the fourth quarter of 1988, a worse-than-expected showing that drove the full-year loss to $100.5 million. That left the regulatory capital of Gibraltar Savings at $383 million, or $10 million below the required regulatory level as of Dec. 31, the company said. Gibraltar blamed the surprisingly high losses on “the discovery by management” of “incorrect data input” on some zero coupon liabilities, causing a sharp increase in interest expense.