NOVATO -- Circle Bancorp, the privately-held parent company of Circle Bank, reported second quarter 2010 consolidated net income of $279,000, up from the $263,000 for the same period last year.
Total assets were $307.6 million, up from $226 million the prior year.
"We are very pleased with our performance during the quarter and also our growth year over year,” said Kim Kaselionis president and chief executive officer of Circle Bank. “In the past 12 months, we have grown our employee base by nearly a third [and] opened a very successful branch in San Francisco.”
“While we see signs of stabilization in local economies, we also continue to be faced with legislative and regulatory conditions which are not beneficial to the overall growth of small business,” she said “Our message is clear: we are actively lending and providing innovative solutions within existing SBA programs. But the government has to make more capital available to community banks in order for us to provide those funds to businesses which create local jobs and build local economies.”
Deposits totaled $226 million, up from $188 million last year. Loans were $247 million with a loan loss provision of $423,000, compared to $232 million and a loan loss provision of $300,000 last year.