Newton-based First Commons Bank posted triple-digit increases in net income and boosted assets more than 20 percent in the first quarter this year.

The bank posted net income of $455,000 for the quarter ended March 31, representing a 120 percent increase over $206,000 in the year-ago period and a 25 percent increase over $364,000 in the prior quarter.

“We are very pleased with our net income results this quarter,” Chairman, President and CEO Tony Nuzzo said in a statement. “These results reflect our second consecutive quarter of strong and improving earnings – which are now more than double that which we earned in the same quarter last year. Additionally, our credit quality remains excellent.”

Total assets increased 23 percent year-over-year to $333 million. Total deposits increased 26 percent to $290 million over that period. Net loans increased 15 percent to $258 million.

First Commons Bank’s efficiency ratio improved to 75 percent from 84 percent a year ago, Nuzzo said.

Tangible book value was $10.26 per share with approximately $32 million in equity and a Tier 1 capital ratio to average assets for the quarter of 9.86 percent.