First Commons Bank in Newton posted record profits for the quarter ended June 30, with profits rising to $348,000 from $340,000 in the first quarter. The bank also celebrated its fifth anniversary of operations on Tuesday.

Net income for the six months ended June 30 totaled $688,000, a 31.5 percent increase from $523,000 in the corresponding period last year. Last year’s net income results were impacted by a $262,000 gain on the sales of securities, while this year’s results are all from banking operations.

"We are particularly pleased with our continued improvement in the bank’s core earnings since earnings from bank operations have grown over 150 percent – from $261,000 to $688,000 – for the first half of 2014 compared to the first half of 2013," Tony Nuzzo, chairman, president and CEO, said in a statement. "We are also pleased with the improvement in our Tier 1 Capital Ratio, which principally resulted from the reduction of non-relationship certificates of deposit."

The bank’s return on average assets for the first half of 2014 totaled 0.53 percent, compared with 0.48 percent for the six-month period ended June 30, 2013. The bank’s Tier 1 Regulatory Capital Ratio also improved to 9.37 percent on June 30 from the 8.34 percent on March 31, as a result of total assets decreasing to $237 million from $267 million over that time period.

Year-over-year, total interest income increased approximately $810,000 for the six-month period ended June 30. Interest expense increased approximately $285,000 for that same period. Noninterest operating expenses increased by approximately $144,000 for the six-month period ended June 30.