Circle Bank reports profitable quarter, year

IPO still planned for early 2011NOVATO -- Circle Bancorp, parent company of Circle Bank, reported fourth-quarter net income of $720,000, compared with $431,000 in the prior quarter and $718,000 in the fourth quarter of 2009.

Kim Kaselionis, chief executive officer and chairman of Circle Bank, said performance in the fourth quarter and full year was pleasing.

"We achieved many of our strategic goals for the period, including expanding our market presence while maintaining solid earnings and minimal loan losses," she said.

Circle Bancorp's net interest income was $3.66 million in the fourth quarter, or the end of calendar 2010. That was an increase from $3.46 million in the prior quarter and $3.14 million at the end of 2009.

The provision for loan losses was $275,000 for the fourth quarter 2010, up from $113,000 in the prior quarter and $215,000 in the fourth quarter of 2009.


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