First Commons Bank Grows to a $200 Million Institution in 38 Months

NEWTON, Mass., Oct. 31, 2012 /PRNewswire/ -- First Commons Bank of Newton, Mass., today reported that it achieved a Total Asset level of $200,435,000 as of September 30, 2012, after only 38 months of operation. Total assets have grown by $48 million, or 31%, for the 12 month period ended September 30, 2012. Net loans increased by $60 million, or 57%, for the same 12 month period.

Net income for the nine month period ended September 30, 2012 is $3.1 million, compared to a loss of $2.2 million for the nine months ended September 30, 2011.

Tony Nuzzo, Chairman, President and CEO of First Commons Bank said, "2012 Net Income has been 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 has been positive for every month since December 2011."

First Commons Bank's assets have now surpassed the assets of more than 4,100 other banks -- or more than 57% of the 7,200 FDIC-insured banks which filed FDIC call reports for the period ending June 30, 2012.

The Bank's Net Interest Margin for the nine month period ended September 30, 2012, was 3.50% compared to 3.00% for the nine month period ended September 30, 2011.

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=09302012.

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 $200,435,000 as of September 30, 2012 -- after only 38 months of operation and making it larger than 57% 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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Tony Nuzzo
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SOURCE First Commons Bank, N.A.

First Commons Bank Selected Balance Sheet Items
	September 2012	September 2011
Total Assets	$200,435,000	$152,272,000
Net Loans	$166,496,000	$105,614,000
Deposits	$176,905,000	$132,965,000
First Commons Bank Selected Performance Metrics
	Nine Months Ended September 30, 2012	Nine Months Ended September 30, 2011
Net Income	$3,100,000
Interest Rate Spread	3.36%	2.82%
Net Interest Margin	3.50%	3.00%