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First Commons Bank Grows To $200M In 38 Months

Nov 1, 2012 | Reprints | Unlock Link | Print

First Commons Bank of Newton has grown to more than $200 million in total assets after 38 months of operation. Total assets have grown by $48 million, or 31 percent, for the year ended Sept. 30, and net loans increased by $60 million, or 57 percent, for the same period.

Net income for the nine-month period ended Sept. 30, is $3.1 million, compared to a loss of $2.2 million for the nine months ended Sept. 30, 2011.

This year’s "net income has been positively impacted by the recognition of a deferred tax asset credit of $2.75 million, which was recorded in the six month period ended June 30, 2012," Tony Nuzzo, chairman, president and CEO of First Commons Bank, said in a statement. "However, we are pleased that, as a new bank, net operating income has been positive for every month since December 2011."

Banking & Lending