NOVATO – Circle Bancorp, parent company of Circle Bank, reported a net income of $590,000, up 41 percent compared to the same quarter a year earlier.

The bank reported net income of $1.6 million for the year, down slightly from the $1.7 million in 2008.

In 2009 the bank focused on its SBA lending program and plans to continue to expand the program in 2010.

β€œIn 2009 we were able to widen our interest margin and to keep nonperforming assets to a lower level that the majority of our peers,” said Kim Kaselionis, president and chief executive officer of the bank.

Loans totaled $233 million for the year, up $5 million from the previous year.

Deposits were reported at $203 million for 2009, an increase of $27 million from 2008.

Total assets as of Dec. 31, 2009 were $263 million, up $9 million for the year.

The bank has broken ground on a new branch in the Noe Valley district of San Francisco, with the anticipation of opening in the spring, and is looking to acquire a new facility in Novato for the main branch and corporate headquarters, said Ms. Kaselionis.