Newton Centre’s First Commons Bank has reported its first quarterly profit after less than 15 months of operations, due principally to a one-time investment gain.

First Commons Bank reported net income of $28,415 for the quarter ended Sept. 30, compared to a net loss of $1.3 million for the same period a year ago. This is also up from last quarter, when the bank reported a net loss of $646,104.

The bank’s one-time investment gain, resulting from the sale of mortgage-backed securities, totaled $505,000, according to a statement.

Additionally, its assets have grown to more than $105 million during its fifth quarter of operations, ended Sept. 30, 2010.

"I am pleased that we can report our first profitable quarter after less than 15 months of operations. Although the third quarter profit was primarily due to a one-time investment gain, we believe that it demonstrates our attention to detail in every aspect of the bank as we work toward sustained profitability with continued growth," said Tony Nuzzo, chairman, president and CEO.

"We are pleased that with nearly 7,800 FDIC-insured banks in the U.S. filing second quarter reports, First Commons Bank assets have now surpassed more than 2,800 banks, or almost 37 percent," Nuzzo said.

He noted that the bank expects it will not achieve sustained profitability for at least the next several quarters.