Circle Bank reports third quarter profit
By Jenna V. Loceff, Business Journal Staff Reporter
NOVATO — Circle Bancorp, parent company of Circle Bank, today reported net income of $382,000 for the third quarter of 2009.
“Despite an extremely difficult economic environment, we continue to provide services and programs that help our customers, business and consumer, to meet their financial goals,” said Kim Kaselionis, president and chief executive officer of the Bank.
Total assets as of at Sept. 30 were $255 million. Loans were reported at $230 million, up $5 million from the same time last year. Deposits were $183 million, up $7 million from the year before.
Net income for the third quarter compared to $467,000 in the same period last year. Nonperforming assets as of Sept. 30 totaled $1.7 million as compared to $0.8 million at the same time last year.
“While we are not in the position to declare that the local economy has turned around, we are comfortable with our own growth plans,” Ms. Kaselionis said. The Federal Deposit Insurance Corp. approved a full service seven-day a week branch in the Noe Valley area of San Francisco.
“We expect this branch to be open around March of 2010,” she said. “In addition deposits in our existing four-branch network continue to grow as we increase our market share among individuals and small businesses in our marketplace.”
When calculating the profit a bank makes, one must use the industry standard banking fomula, 2X = X x 2, you will see that twice the profit can be realized when your profits double. In this case, yoo would just substitute 38% where you need to and can easily see where the profit comes from. Congrads to the Circle Bank.
by Ed Circusitch