First Commons Bank of Newton said it had net income for the 12-month period ended Dec. 31, 2012, of $3.1 million, compared with a loss of $2.5 million for the 12 months ended Dec. 31, 2011.

Assets totaled $210.4 million after only 41 months of operation, the bank said. Total assets grew by $40 million, or 24 percent, for the 12-month period ended Dec. 31, 2012. Net loans increased by $49 million, or 37 percent, for the same 12-month period.

Tony Nuzzo, chairman, president and CEO of First Commons Bank, said in a statement that 2012 net income was "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. However, we are pleased that, as a new bank, net operating income was positive every quarter in 2012."

Nuzzo also reported that Director Georgia Murray resigned from the board. "Georgia has been with First Commons Bank since pre-formation and we thank her for her significant contributions to our success," he said.