Newton-based First Commons Bank reported net income of $2.88 million for the second quarter as well as strong growth in net assets, which rose 45 percent to $194 million compared to $136 million at this time last year.  

The boost in net income was driven largely by the recognition of a $2.75 million deferred tax asset after the bank experienced seven consecutive months of sustained operating profitability.

 "I am delighted to report that we achieved net operating income in every month since December 2011-allowing us to recognize a deferred tax asset of $2.75 million this quarter," said Tony Nuzzo, chairman, president and CEO of First Commons Bank in a statement.

"Although it has been only three years since we received our national bank charter, we have already grown to be a $194 million bank while delivering sustained profitability," he said.

The bank reported net loans grew to $160 million, compared to $94 million for Q2 2011, up 70 percent. The bank’s net interest margin increased to 3.45 percent, compared to 3.01 percent at this time last year.