Newton-based First Commons Bank said it finished 2011 with $168 million in assets, an increase of $58 million over the same time a year ago as it continues its efforts to achieve consistent profitability.
The fourth quarter of 2011 was First Commons’ 10th quarter of operation.
It reported net loans of $132 million, compared to $69 million a year prior. Net loans stood at $105 million at the end of the third quarter.
First Commons Chairman, President and CEO Tony Nuzzo said while the bank is pleased with its asset and loan growth, "we remain focused on achieving sustained profitability."
The bank lost $302,000 in the fourth quarter compared to a loss of $973,000 in the same period a year ago. It took in non-interest income of $20,000 during the quarter compared to $10,000 a year ago.
The provision for loan losses shrank to $106,000 at the end of the year compared to $204,000 at the end of 2010, and First Commons’ return on assets was -0.76 percent compared to -3.61 percent a year ago.
