First Commons Bank in Newton posted an 11 percent year-over-year increase in earnings for the fourth quarter of 2014.

Net income for the fourth quarter totaled $282,000, over $253,000 in the same period in 2013. For the full year, net income totaled $1.26 million, representing a 42 percent increase in earnings over $884,000 in 2013.

"We are pleased that we earned $1.2 million in 2014, the first time the bank has earned more than $1 million," Chairman, President and CEO Tony Nuzzo said in a statement. "We are also especially pleased with the capital raise which totaled $6.7 million at a price which was accretive to book value. We are confident that this capital raise will give us the ability to substantially grow in both size and profitability."

Interest income for the year totaled $10.9 million, representing an increase of $742,000, or 7.3 percent, over 2013. Interest expenses also increased $257,000, or 13.1 percent, year-over-year, to $2.2 million. Noninterest operating expenses increased approximately $344, 000, or 5.4 percent, for the year ended Dec. 31, 2014, compared with 2013.

Total assets stood at $254.9 million at year-end 2014, compared with $262.5 million in 2013.

The bank raised $4.9 million, before expenses, in new common equity capital during 2014 at a price of $11 per share. The new capital will be used to fund further growth and strengthen the bank’s capital ratios. Book value of its common stock was $9.71 per share as of Dec. 31, 2014, compared with $9 at the same time in 2013. First Commons continued raising capital through Jan. 21 and reached a total of $6.7 million, with an additional $1.8 million raised in 2015.

The bank’s return on average assets for the year ended Dec. 31, 2014 was 0.5 percent, compared with 0.39 percent for the same time in 2013. The bank’s Tier 1 Capital to Asset Ratio also improved from the 8.5 percent reported at Dec. 31, 2013 to 11.42 percent in 2014. The bank attributed that boost to both earnings and the capital it raised last year.