Newton-based First Commons Bank has recorded its first quarterly profit.

The $121,000 in net income for the first quarter includes $15,000 of operating profit and a $106,000 one-time investment gain on the sale of mortgage-backed securities, the bank said. That is compared to a $468,000 loss in the first quarter of 2011.

First Commons was founded in 2009 and has been in business for 11 quarters.

Total assets stood at $182 million at the end of the quarter, a 52 percent increase compared to the $120 million reported for the same quarter a year ago.

Net loans grew to $148 million from $76 million a year ago and $133 million in the fourth quarter of 2011.

The bank’s net interest margin increased to 3.46 percent from 2.85 percent a year prior and from 3.32 percent in the previous quarter.