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.
“In 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.