Boston-based First Trade Union Bank posted a 73 percent increase in net income for the first quarter of 2013.

For the quarter ended March 31, net income increased to $439,000 compared with $254,000 for the same time last year, an increase the bank attributed partly to strong growth in its commercial loan portfolio.

Total assets also increased over the first quarter of 2012, to $599 million from $588 million.

The loan portfolio, net of reserves, increased about 23 percent, to $466 million from $379 million for the same period last year.

"We continue to see growth among all of our business lines," President and CEO Michael Butler said in a statement. "Loan demand has remained steady, and we’ve expanded the portfolio across all of our niche areas, including SBA, medallion, commercial real estate, yacht and mortgage financing."

Deposits also increased a little less than 4 percent, to $477 million from $459 million last year, and the bank opened about 668 new personal checking accounts during that time frame.