Circle Bank Has 46th Consecutive Profitable Quarter

Circle Bancorp, parent company of Novato-based, recently recorded its 46th consecutive profitable quarter but earnings were slightly down over the same quarter a year ago, the bank said in a statement.

Fourth-quarter 2010 net income applicable to common equity was listed as $421,000, or $0.37 diluted earnings per share, in the most recent earnings report. The bank earned $206,000 in the prior quarter and $589,000 in the fourth quarter of 2009.

For the full fiscal year 2010, net income applicable to common equity was $1.26 million, or $1.10 earnings per share, compared to $1.6 million or $1.36 EPS in 2009. Circle Bank’s full year 2010 net income was $2.24 million, as compared to $2.05 million in 2009.

Kim Kaselionis, CEO/chairman of Circle Bank, said she was pleased with the latest report and the bank’s performance over the past year.  “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 bank has opened a branch in San Francisco’s Noe Valley, acquired downtown Novato property for a new corporate headquarters and seen 64 percent increase in non-interest deposits in 2010.

Circle Bancorp’s net interest income was $3.66 million for the fourth quarter 2010, up from $3.46 million for the prior quarter and $3.14 million for the fourth quarter 2009.

Circle Bank had total net assets of $301 million as Dec. 31, 2010, and has branches in Novato, Corte Madera, San Rafael, Petaluma, Santa Rosa and San Francisco.