SANTA ROSA – Circle Bancorp, parent company of Circle Bank, reported first quarter net income of $461,000 million, up 26.7 percent from the same quarter last year.
Total loans were reported at $231 million, the same as last year. Loan loss provision for the first quarter was 1.45 percent up from the 1.08 percent for the same period last year.
Circle Bank has assets of $280 million, up 14.8 percent the same time last year.
Total deposits were $214 million up 28.8 percent from the year before.
“We started the year strongly in our key performance areas despite the local economy which still has not returned to robust levels,” said Kim Kaselionis, president and chief executive officer of the bank.
The bank’s net income for the first quarter was $461,000 up 26.7 percent from the same period a year ago.
Total risk-based capital is 12.25 percent, above the 10.0 percent that is standard for a well capitalized institution.
The bank’s San Francisco branch is set to open May 1 in Noe Valley, said Ms. Kaselionis.