First Commons Bank Grows to a $210 Million Institution in 41 Months; Net Loans Increased by 37% in 2012

NEWTON, Mass., Jan. 31, 2013 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $210,421,000 as of December 31, 2012, after only 41 months of operation. Total assets grew by $40 million, or 24 percent, for the 12-month period ended December 31, 2012. Net loans increased by $49 million, or 37 percent, for the same 12-month period.

Net income for the 12-month period ended December 31, 2012, is $3.1 million, compared to a loss of $2.5 million for the 12 months ended December 31, 2011.

Tony Nuzzo, Chairman, President and CEO of First Commons Bank, said, "2012 Net Income was positively impacted by the recognition of a Deferred Tax Asset credit of $2,750,000, 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."

First Commons Bank's assets have now surpassed the assets of more than 4,100 other banks — or more than 58 percent of the 7,100 FDIC-insured banks which filed FDIC call reports for the period ending September 30, 2012.

The Bank's Net Interest Margin for the 12-month period ended December 31, 2012, was 3.48 percent compared to 3.16 percent for the 12-month period ended December 31, 2011.

Mr. 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.

First Commons Bank's financial results are available on the FDIC's Web site at: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=58923&date=12312012.

About First Commons Bank

First Commons Bank, N.A., is a nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank, which opened for business on July 22, 2009, reported total assets of $210,421,000 as of December 31, 2012 — after only 41 months of operation and making it larger than 58 percent of all FDIC-insured banks in the U.S.

First Commons Bank provides clients with superior, personalized service and the highest quality banking through its onsite management team, experienced staff members, a unique and welcoming branch environment, and advanced banking technologies. Of note: Tony Nuzzo, Chairman, President, and CEO, was named Financial Services Executive of the Year in the prestigious 2010 American Business Awards. First Commons Bank locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 161 Linden St., Linden Square, in Wellesley, Mass.

Visit First Commons Bank on the Web at http://www.firstcommonsbank.com. Follow the bank on Facebook at http://facebook.com/firstcommonsbank and on Twitter at http://twitter.com/firstcommonsbnk.

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SOURCE First Commons Bank