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North Bay Business Journal

Monday, October 24, 2011, 3:35 pm

Circle Bank posts 49th consecutive profitable quarter

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    NOVATO — Novato-based Circle Bank posted its 49th-consecutive profitable quarter this week, surpassing its net income in the second quarter by 51.8 percent.

    The bank’s parent company, Circle Bancorp, reported a net income applicable to common shareholders of $215,000 from July through September, a 3.8 percent increase in income compared to Q3 2010.

    That income equates to $0.19 diluted earnings per share, up 2 cents from the same quarter last year.

    Circle Bank lowered its percentage of nonperforming assets compared to one year ago from 2.47 percent to 1.79 percent, according to the bank’s release.

    The bank had $317 million in assets at the end of September. Net loans also decreased, by $269,000, to $243.8 million. Total equity increased by $484,000, to $15.99 million. The net interest margin remained stable, 4.7 percent compared to 4.6 percent at the same point last year.

    In the release, Circle Bancorp noted several accomplishments for the period, including the Women’s Initiative loan program that has helped fund four entrepreneurial businesses. Progress has continued on the bank’s headquarters at 999 Grant Ave. in Novato, and the bank was named one of the North Bay’s “Best Places to Work” by the North Bay Business Journal for the fifth consecutive year.

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